Vista Energy (VISTAA) Investor presentation summary

Production base and operating performance

• Q3-26 production was 169.0 Mboe/d, including 147.1 Mbbl/d of oil; 73% of oil sales volumes were exported, with all volumes sold at export parity.

• Vaca Muerta acreage totals 256.5k net acres, with 1,954 net well locations, including 1,468 ready to drill and 486 wells on production.

• YE-25 proved reserves were 588.1 MMboe, or 654.9 MMboe pro forma for the Bandurria Sur and Bajo del Toro interests.

• LTM lifting cost was $4.4/boe, down 68% since 2018; Q3-26 adjusted EBITDA was $841.5MM, up 78% YoY, with a 68% margin.

Growth plans and financial targets

• Planned activity is 100–110 wells p.a. during 2026-28, with capacity in place to deliver the production plan.

• Adjusted EBITDA targets are $1.9Bn in 2026, $2.5Bn in 2027 and $2.8Bn in 2028; projected average adjusted EBITDA margin is ~67% for 2026-28.

• Targeted cumulative FCF is $2.8Bn and average ROACE is >25% for 2026-28; assumptions include Brent of $85/bbl in Q2-Q4 2026, $80/bbl in 2027 and $75/bbl in 2028.

• 2030 vision is production above 250 Mboe/d and recurring FCF of $2.0Bn annually, assuming Brent of $75/bbl in January 2026 real terms.

Assets and development

• The May 2026 Equinor transaction added non-operated interests of 25.1% in Bandurria Sur and 35% in Bajo del Toro; pro forma reserves were 655 MMboe and Sep-26 production was 176.2 Mboe/d.

• A two-well pilot in a structural-fault area de-risked 18k acres in Bajada del Palo Oeste and unlocked 180 inventory locations; pilot wells averaged 55 Mbbl cumulative oil after 45 days.

• Drilling and completion cost was $11.7MM per normalized well in 2H-25, down 23% from 2024; the YE-28 forecast is $11.0MM per well.

• Average Vaca Muerta well time-to-market is ~120 days, versus ~2 years for Permian peers; the presentation cites this short cycle as an advantage in volatile markets.