YPF (YPF) Q2 2026 earnings summary

Executive summary

• Achieved record adjusted EBITDA of $2.804 billion (+76% q/q, +149% y/y), the highest in company history, with a 43% margin, driven by strong shale oil growth and record refinery utilization.

• Net income reached $1.205 billion, the second-best quarterly result ever, supported by robust operating results and lower financial losses.

• Free cash flow was $824 million, among the top three in company history, with cash and short-term investments at a record $2.474 billion.

• Shale oil accounted for 80% of oil output, with production up 47% year-over-year to 213,000 bpd, confirming the shift to unconventional assets.

• Major milestones included the Loma La Lata Oil RIGI application, sale of non-core assets, and progress on Argentina LNG and VMOS projects.

Financial highlights

• Revenues totaled $6.574 billion (+33% q/q, +42% y/y), driven by higher prices, refinery utilization, and seasonal demand.

• Adjusted EBITDA margin reached 43%, the highest in two decades.

• CapEx for the quarter was $1.34 billion, with 77% allocated to unconventional operations.

• Net leverage ratio improved to 1.09x, the lowest in 11 years, reflecting strong cash generation and debt reduction.

• Free cash flow of $824 million in Q2, with cash and equivalents at $2.474 billion.

Outlook and guidance

• Raised 2026 adjusted EBITDA guidance to $8 billion, up 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 operations.

• Shale oil production expected to average 215,000 bpd in 2026, with an exit rate of 250,000 bpd.

• Year-end net leverage expected to decline to nearly 1x.

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