YPF Sociedad Anónima Q4 FY2025 earnings call

• 2025 was transformational with exceptional operating performance, exit from mature fields, and progress on LNG project. • Achieved record EBITDA despite price volatility, driven by shale oil production growth. • Progress on BEAMOS project, reduced lifting costs. • Strong M&A activity, including acquisitions and asset swaps. • High refinery utilization and operational efficiency in midstream and downstream. • Inaugurated real-time intelligence centers for optimized decision-making.

In 2025, YPF achieved a record high EBITDA of $5 billion. Shale oil production grew by 42% in December 2025, with 204,000 barrels per day produced. Refinery utilization rate reached almost 100% in Q4. Upstream lifting costs decreased. Reserves expanded. M&A activity was active. Midstream and downstream segments had strong operational efficiency. For example, shale oil production was a key driver, with record growth and high utilization in refineries.

• Targets shale oil production of roughly 215,000 barrels per day in 2026. • Plans to invest between $5.5 and $5.8 billion in CAPEX in 2026, with nearly 70% allocated to shale operation. • Estimates neutral to slightly negative free cash flow for 2026, with net leverage ratio expected to be 1.6 - 1.7 times. • Argentina LNG project has FID targeted for 2026, with commercial operation for first floating LNG unit expected by 2030 and second by 2031, and evaluation to expand for additional capacity by 2027 - 2028.

Q: On production, expected quarterly pace and operational bottlenecks; A: Horacio mentioned half - year delivery between 200 - 210 barrels per day, with incremental increase later.

Q: On free cash flow profile, Capex, MetroGas sale, and shale hub cost; A: Pedro discussed EBITDA, Capex, interest, taxes, and contributions, with MetroGas sale expected this year.

Q: On conventional assets and lifting costs; A: Horacio stated goal to be 100% shell - exposed by year - end, with lifting costs expected to go down.

Q: On drilling locations and RIGI impact; A: Mentioned 16.3k gross drilling locations, 10k net, and RIGI positive for industry development.

Q: On LNG project new partners; A: YPF, ENI, and XRC have binding signature, and can develop with three partners.

Q: On refining side and LNG structure; A: Discussed price management in refining and LNG structure commitments and sensitivities