YPF (YPF) Q2 2026 earnings summary

Executive summary

• Achieved record adjusted EBITDA of $2.8 billion (+76% q/q, +149% y/y), the highest in company history, with a 43% margin, driven by higher shale production, record refinery processing, and strong international prices.

• Net income reached $1.2 billion (+194% q/q, +1,978% y/y), the second-best ever, supported by robust operating results and lower financial losses.

• Free cash flow was $824 million, with liquidity at a record $2.5 billion and net leverage at 1.09x, the lowest in 11 years.

• Shale oil production reached 213,000 bpd, now 80% of total oil output, confirming the shift to unconventional assets and Vaca Muerta as the main growth driver.

• Major milestones included the launch of the Loma La Lata Oil project, divestment of conventional assets, and progress on Argentina LNG and VMOS projects.

Financial highlights

• Revenues reached $6.6 billion (+33% q/q, +42% y/y), driven by higher prices, refinery throughput, and seasonal demand.

• Adjusted EBITDA margin hit 43%, the highest in 20 years.

• Operating income was $1.8 billion (+107% q/q, +340% y/y), a new record, and net income was $1.2 billion.

• CapEx was $1.34 billion (+37% q/q, +16% y/y), with 77% allocated to unconventional operations.

• Free cash flow, excluding M&A, would have been $1 billion.

Outlook and guidance

• Raised 2026 adjusted EBITDA guidance to $8 billion (from $6 billion), assuming an average Brent price of $82/bbl.

• Full-year CapEx guidance increased to $5.8–$6.2 billion, with 70% for shale; positive free cash flow of ~$2 billion expected.

• Shale oil production target of 215,000 bpd average for 2026, with an exit rate of 250,000 bpd; acceleration of shale investments anticipated in 2H26.

• VMOS pipeline project on track for completion by end of Q4 2026, with first oil expected in early 2027.

• Net leverage expected to decline to nearly 1x by year-end.