Company: VIST
Filing Date: 2025-04-16
Form Type: 6-K
Source: 0001193125-25-082223
Chunk: 6

Company: Vista Energy, S.A.B. de C.V.
Filing Date: 2025-04-16
Form: 6-K
Chunk 6
---
permanent reductions in our workforce derived from our business combinations, and that restructuring and reorganization expenses and transaction expenses are not normal, recurring operating expenses. We believe that by excluding restructuring and
reorganization expenses and transaction gains/costs related to business combinations and gain from asset disposals, we are able to provide supplemental information for our management and investors to analyze our core operating performance on a
consistent basis from period to period. In addition, the (reversal) impairment of long-lived assets was excluded from the determination of our Adjusted EBITDA because it corresponds to an adjustment to the valuation of our fixed assets which charge
is similar in nature to the depreciation of property, plant and equipment. This metric allows management and investors to analyze our operating performance on a consistent basis from period to period. In this regard, the elimination of these costs
and expenses does not result in a reduction of operating expenses necessary to conduct our business. In light of the foregoing factors, our management excludes restructuring and reorganization expenses, transaction gains/costs related to business
combinations and gain from asset disposals, gain related to the transfer of conventional assets and other non-cash costs related to the transfer of conventional assets and (reversal) impairment of long-lived
assets from our Adjusted EBITDA to facilitate reviews of operational performance and as a basis for strategic planning. Our management believes that excluding such items will allow investors to supplement their understanding of our short-term and
long-term financial trends.

We define the “” as the ratio of Adjusted EBITDA to revenue from
contracts with customers plus Gain from Exports Increase Program. With effect for periods beginning on or after January 1, 2023, the Company has adjusted the definition of Adjusted EBITDA Margin compared to prior annual reports to add Gains
from Exports Increase Program (in the denominator, as it believes this better represents the Company’s margins given that it is accounted for in Adjusted EBITDA, which is the numerator, making the ratio consistent by having the impact both the
numerator and denominator. As the Exports Increase Program was established in October 2023, a revision for prior periods was not necessary.

We define return on average capital employed (“”) as (i) Adjusted EBITDA plus depreciation, depletion and
amortization; gain related to the transfer of conventional assets and other non-cash costs related to the transfer of conventional assets; divided by (ii) the sum of average total debt and average total
equ