YPF (YPF) investor relations material

Executive summary

• Revenues rose 9% quarter-over-quarter (q/q) and 7% year-over-year (y/y) to $4,946 million, driven by higher international prices and increased export volumes, partially offset by lower local fuel demand.

• Adjusted EBITDA reached $1,594 million (+24% q/q, +28% y/y), with a margin of 32%, supported by improved pricing, higher shale production, and lower lifting costs.

• Net income was $409 million, reversing a loss of $649 million in 4Q25, reflecting strong operational performance and lower extraordinary tax charges.

• Free cash flow was $871 million, bolstered by $500 million in M&A proceeds and robust operations.

Financial highlights

• Gross profit increased 31% q/q and 35% y/y to $1,758 million.

• Operating income rose 50% q/q and 357% y/y to $878 million.

• Net debt decreased 10% q/q to $8,425 million, with a net leverage ratio of 1.57x (down from 1.87x in 4Q25).

• Cash and short-term investments grew to $1,692 million, up $497 million during the quarter.

• CAPEX was $980 million, down 10% q/q and 19% y/y, with 97% allocated to unconventional assets.

Outlook and guidance

• CAPEX guidance for 2026 reaffirmed at $5.5–$5.8 billion, with acceleration of shale investments expected in 2H26.

• Shale oil production expected to ramp up to ~250 kbbl/d by December 2026.

• VMOS pipeline project ~62% complete, with first oil export expected by early 2027 and full operations by 2H27.