# EDGAR Filing Document

**Accession Number:** 0000904851
**File Stem:** 0001193125-25-272507
**Filing Date:** 2025-11
**Character Count:** 67302
**Document Hash:** 2e8484fbc97b21615171bbc39dec427d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-272507.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-272507

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20251107

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** YPF SOCIEDAD ANONIMA
- **CENTRAL INDEX KEY:** 0000904851
- **STANDARD INDUSTRIAL CLASSIFICATION:** PETROLEUM REFINING [2911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 521612271
- **STATE OF INCORPORATION:** C1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12102
- **FILM NUMBER:** 251463294

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** AVENIDA PTE R SAENZ 777-8 PISO
- **CITY:** BUENOS AIRES 1364 AR
- **PROVINCE COUNTRY:** C1
- **BUSINESS PHONE:** 5413267265

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** AVENIDA PTE R SAENZ 777-8 PISO
- **CITY:** BUENOS AIRES
- **PROVINCE COUNTRY:** C1
- **ZIP:** 1107

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13A-16 OR 15D-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of November 2025** 

**Commission File Number: 001-12102**

## YPF Sociedad Anónima
**(Exact name of registrant as specified in its charter)** 

**Macacha Güemes 515** 

**C1106BKK Buenos Aires, Argentina** 

**(Address of principal executive office)** 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

------

**YPF Sociedad Anónima** 

**TABLE OF CONTENT** 

**ITEM 1** Translation of letter to the Argentine Securities Commission dated November 7, 2025.

------

![LOGO](g66804dsp003.jpg)

------

![LOGO](g66804dsp008a.jpg)

**MAIN HIGHLIGHTS OF 3Q25** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **KPI** | **3Q25** | **2Q25** | **Q/Q** Δ | **3Q24** | **Y/Y** Δ | **9M25** | **9M24** | Δ |
|  Financial |  |  |  |  |  |  |  |  |
|  Revenues | **4643** | 4641 | 0% | 5297 | -12% | **13892** | 14542 | -4% |
|  Adjusted EBITDA | **1357** | 1124 | 21% | 1366 | -1% | **3726** | 3815 | -2% |
|  Net Result | **(198)** | 58 | N/A | 1485 | N/<br>A | **(150)** | 2677 | N/A |
|  CAPEX | **1017** | 1160 | -12% | 1353 | -25% | **3391** | 3722 | -9% |
|  FCF | **(759)** | (365) | 108% | (173) | 339% | **(2081)** | (824) | 153% |
|  Net Debt | **9595** | 8833 | 9% | 7506 | 28% | **9595** | 7506 | 28% |
|  Net Leverage Ratio (x) | **2.1** | 1.9 | 9% | 1.5 | 37% | **2.1** | 1.5 | 37% |
|  Upstream |  |  |  |  |  |  |  |  |
|  Hydrocarbon Production (Kboe/d) | **523.1** | 545.7 | -4% | 558.7 | -6% | **540.2** | 541.3 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Crude Oil (Kbbl/d)* | **239.8** | 247.9 | -3% | 255.8 | -6% | **252.4** | 253.4 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Natural Gas (Mm3/d)* | **38.4** | 39.7 | -3% | 40.3 | -5% | **38.5** | 38.5 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *NGL (Kbbl/d)* | **41.9** | 48.0 | -13% | 49.5 | -15% | **45.7** | 45.8 | 0% |
|  Crude Oil Price (US$/bbl) | **60.0** | 59.5 | 1% | 68.3 | -12% | **62.6** | 69.1 | -9% |
|  Natural Gas Price (US$/MBTU) | **4.3** | 4.1 | 6% | 4.5 | -3% | **3.8** | 3.8 | -1% |
|  Crude Oil Exports (Kbbl/d) | **38.3** | 43.6 | -12% | 41.3 | -7% | **39.5** | 33.0 | 20% |
|  Shale Oil Production (Kbbl/d) | **170.0** | 145.1 | 17% | 125.7 | 35% | **154.2** | 117.1 | 32% |
|  Total Lifting Cost (US$/boe) | **8.8** | 12.3 | -28% | 16.1 | -45% | **12.2** | 15.1 | -19% |
|  Core-Hub Lifting Cost (US$/boe) | **4.6** | 4.9 | -7% | 4.6 | 0% | **4.7** | 4.2 | 12% |
|  Midstream & Dw |  |  |  |  |  |  |  |  |
|  Crude Processed (Kbbl/d) | **326.2** | 301.4 | 8% | 298.3 | 9% | **315.2** | 299.5 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Refineries' Utilization Rate (%)* | **97%** | 89% | 8% | 88% | 9% | **93%** | 89% | 5% |
|  Local Fuels Volume Sold (Km3) | **3655** | 3532 | 3% | 3449 | 6% | **10591** | 10370 | 2% |
|  Local Fuels Net Price (US$/m3) | **608** | 641 | -5% | 716 | -15% | **648** | 706 | -8% |
|  Imported Fuels (Km3) | **50** | 95 | -48% | 123 | -60% | **222** | 265 | -16% |
|  R&M Adj. EBITDA (US$/bbl) | **5.9** | 11.9 | -50% | 13.1 | -55% | **10.6** | 14.3 | -26% |

---

In US$ million, unless noted otherwise. EBITDA = Operating income + Depreciation of PP&E + Depreciation of the right of use assets + Amortization of intangible assets + Unproductive exploratory drillings + (Reversal) / Deterioration of PP&E. Adjusted EBITDA = EBITDA that excludes IFRS 16 effects +/- one-off items. Net Leverage Ratio = Net Debt / LTM Adj. EBITDA. FCF = Cash flow from Operations less CAPEX (Investing activities), M&A (Investing activities), and interest and leasing payments (Financing activities). Fuels = diesel + gasoline. R&M is refining and marketing business, it excludes petrochemicals and agro products.

**Adj. EBITDA** totaled US$1,357 million (+21% q/q), mainly driven by higher shale oil production, lower lifting costs related to the divestment of mature fields, higher seasonal sales of natural gas, in addition to record processing level at our refineries, partially offset by a slight contraction in local fuel prices based on a very volatile environment.

On a y/y basis, EBITDA remained essentially flat, despite a 13% interannual contraction in Brent's price. The lower fuels prices were almost offset by higher shale oil production and lower lifting costs on the back of reduced exposure to mature fields. Moreover, processing levels stood 9% above last year.

**CAPEX** amounted to US$1,017 million, 12% below the previous quarter, mostly driven by lower cost in USD terms, from which 70% was allocated to the unconventional business, reaffirming our focus on Vaca Muerta.

**Shale oil production** continued delivering an **impressive growth rate of 35% y/y** averaging 170 kbbl/d (+17% q/q), representing 71% of our total oil production (2Q25: 59% and 3Q24: 49%), almost offsetting the decline in mature fields. Excluding the effect of the sale of Aguada del Chañar block, **shale oil production would have increased by 43% y/y.**

**Lifting costs** significantly dropped to 8.8 US$/boe (-28% q/q and -45% y/y), as the result of the successful exit strategy from conventional mature fields and increased shale production.

**Processing levels at our refineries** averaged 326 kbbl/d, record high since 2009, representing 97% of refineries' utilization rate, mainly driven by higher processing levels at La Plata refinery that was awarded as the Refinery of the Year in Latin America by LARTC.

**Progress on our main projects:** 

• **VMOS**: (construction progress ~35% as of Sep-25) during the
quarter, works related to the oil pipeline routes and trench excavation were completed, on track with the plan. Moreover, in early Nov-25 welding works for the 440 km oil pipeline were completed.

• **Argentina LNG**: in Oct-25 YPF and ENI signed the technical FID for
Phase 3 (~12 MTPA, expandable to ~18 MTPA). Moreover, in Nov-25, ADNOC, through XRG, its investment subsidiary, signed a preliminary framework agreement with YPF and ENI, aiming to join the Argentina LNG
Project.

**Free cash flow** totaled a negative US$759 million in 3Q25, as expected, mostly explained by the extraordinary effects related to the recent acquisition of shale assets (US$523 million) and the impact of the mature fields exit strategy. As a result, net debt increased to 9.6 billion dollars, pushing our **net leverage ratio** up to 2.1x. Excluding the recent acquisition of shale assets, the net leverage ratio proforma would have amounted to 1.9x.

On the **financial front**, in October, YPF reopened the syndicated corporate cross-border loan market for US$700 million and retaped the 2031 international bond for US$500 million at 8.25% yield.

Page 2/14

------

![LOGO](g66804dsp008a.jpg)

**Buenos Aires, Nov 7, 2025 – YPF** (BYMA: YPFD \| NYSE: YPF<sup>1</sup>). Information based on financial statements (FS) prepared according to IFRS in force in Argentina. The sum of the parts of certain figures is subject to rounding. The Company's functional currency is US$.

**1. ANALYSIS OF CONSOLIDATED RESULTS OF 3Q25** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Revenues Breakdown**<br> **Unaudited Figures, in US$ million** | **3Q25** | **2Q25** | **3Q24** | **Q/Q** Δ | **Q/Q** Δ | **Y/Y** Δ | **Y/Y** Δ | **9M25** | **9M24** | **Y/Y** Δ | **Y/Y** Δ |
|  Diesel | **1467** | 1526 | 1646 | | *-3.9 %* | | *-10.9 %* | **4514** | 4873 | | *-7.4 %* |
|  Gasoline | **929** | 923 | 1023 | | *0.6 %* | | *-9.1 %* | **2890** | 2991 | | *-3.4 %* |
|  Natural gas as producers (third parties) | **523** | 447 | 514 | | *17.2 %* | | *1.7 %* | **1276** | 1211 | | *5.4 %* |
|  Other | **1067** | 1025 | 1366 | | *4.0 %* | | *-21.9 %* | **3080** | 3317 | | *-7.2 %* |
|  **Total Domestic Market** | **3986** | **3922** | **4549** | **** | ***1.6*** *%*** | **** | ***-12.4*** *%*** | **11760** | **12393** | **** | ***-5.1*** *%*** |
|  Jet fuel | **87** | 73 | 125 | | *19.7 %* | | *-30.4 %* | **254** | 399 | | *-36.4 %* |
|  Grain and flours | **139** | 172 | 99 | | *-19.0 %* | | *41.0 %* | **444** | 255 | | *73.8 %* |
|  Crude oil | **238** | 254 | 285 | | *-6.2 %* | | *-16.5 %* | **732** | 700 | | *4.5 %* |
|  Petchem & Other | **193** | 221 | 240 | | *-12.7 %* | | *-19.4 %* | **703** | 795 | | *-11.6 %* |
|  **Total Export Market** | **657** | **719** | **748** | **** | ***-8.6*** *%*** | **** | ***-12.2*** *%*** | **2132** | **2149** | **** | ***-0.8*** *%*** |
|  **Total Revenues** | **4643** | **4641** | **5297** | **** | ***0.0*** *%*** | **** | ***-12.3*** *%*** | **13892** | **14542** | **** | ***-4.5*** *%*** |

---

**Net Revenues** amounted to US$4,643 million, flat against 2Q25, mainly due to increased fuel demand and peak natural gas sales during the winter, offset by lower gasoline and diesel prices. Moreover, Medanito oil exports volumes increased by 14% q/q, partially compensated by the extraordinary export of Escalante oil in 2Q25. Finally, grain and flour sales declined in 3Q25 due to lower seasonal demand.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Unaudited Figures, in US$ million** | **3Q25** | **2Q25** | **3Q24** | **Q/Q** Δ | **Q/Q** Δ |  | **Y/Y** Δ | **Y/Y** Δ | **9M25** | **9M24** | **Y/Y** Δ | **Y/Y** Δ |  |
|  Lifting cost | **(426)** | (611) | (827) | | *-30.3* | *%* | | *-48.5 %* | **(1795)** | (2238) | | *-19.8* | *%* |
|  Other Upstream | **(184)** | (158) | (199) | | *16.2* | *%* | | *-7.7 %* | **(489)** | (473) | | *3.5* | *%* |
|  OPEX Downstream | **(520)** | (527) | (572) | | *-1.3* | *%* | | *-9.1 %* | **(1582)** | (1570) | | *0.8* | *%* |
|  Others Midstream & Downstream | **(80)** | (71) | (64) | | *12.2* | *%* | | *25.2 %* | **(206)** | (169) | | *22.1* | *%* |
|  LNG & IG, New Energies, Corp. & Other | **(146)** | (161) | (300) | | *-9.3* | *%* | | *-51.2 %* | **(556)** | (735) | | *-24.3* | *%* |
|  **Total OPEX** | **(1356)** | **(1529)** | **(1962)** | **** | ***-11.3*** | *%*** | **** | ***-30.9*** *%*** | **(4629)** | **(5184)** | **** | ***-10.7*** | *%*** |
|  Depreciation & Amortization | **(836)** | (788) | (674) | | *6.1* | *%* | | *24.0 %* | **(2430)** | (1964) | | *23.7* | *%* |
|  Royalties | **(238)** | (243) | (294) | | *-1.9* | *%* | | *-19.1 %* | **(746)** | (834) | | *-10.5* | *%* |
|  Other costs | **(284)** | (312) | (338) | | *-9.1* | *%* | | *-15.9 %* | **(915)** | (993) | | *-7.9* | *%* |
|  **Total Other Costs** | **(1358)** | **(1343)** | **(1306)** | **** | ***1.1*** | *%*** | **** | ***4.0*** *%*** | **(4091)** | **(3791)** |  | **7.9** | **%** |
|  Fuels imports (including jet fuel) | **(35)** | (53) | (98) | | *-33.2* | *%* | | *-64.0 %* | **(147)** | (197) | | *-25.3* | *%* |
|  Crude oil purchases to third parties | **(688)** | (442) | (471) | | *55.9* | *%* | | *46.2 %* | **(1615)** | (1315) | | *22.9* | *%* |
|  Biofuel purchases | **(208)** | (244) | (233) | | *-14.8* | *%* | | *-10.9 %* | **(678)** | (698) | | *-3.0* | *%* |
|  Agro products purchases | **(226)** | (224) | (208) | | *0.9* | *%* | | *8.3 %* | **(568)** | (469) | | *21.1* | *%* |
|  Other purchases | **(221)** | (246) | (352) | | *-10.2* | *%* | | *-37.3 %* | **(606)** | (832) | | *-27.2* | *%* |
|  Stock variations | **54** | (132) | 157 | | *N/A* | | | *-65.6 %* | **(9)** | 30 | | *N/A* | |
|  **Total Purchases & Stock Variations** | **(1324)** | **(1340)** | **(1206)** | **** | ***-1.2*** | *%*** | **** | ***9.8*** *%*** | **(3623)** | **(3481)** |  | **4.1** | **%** |
|  Other operating results, net | **(48)** | (26) | (48) | | *84.6* | *%* | | *0.0 %* | **(397)** | (50) | | *694.0* | *%* |
|  Reversal / (Impairment) of PP&E and inventories write-down | **(5)** | 9 | (21) | | *N/A* | | | *-76.2 %* | **4** | (26) | | *N/A* | |
|  **Operating Costs + Purchases + Impairment of Assets** | **(4091)** | **(4229)** | **(4543)** | **** | ***-3.3*** | *%*** | **** | ***-9.9*** *%*** | **(12736)** | **(12532)** |  | **1.6** | **%** |

---

Stock variations include price effects by (US$4) million in 3Q25, (US$96) million for 2Q25, US$94 million for 3Q24, (US$96) million for 9M25 and (US$64) million for 9M24

**OPEX** totaled US$1,356 million (-11% q/q), mainly derived from savings associated with the reduced exposure to conventional mature fields, significant ramp-up in efficient shale production and lower costs in dollar terms, partially offset by higher non-cash environmental provisions recorded in Other Upstream costs.

**Total Other Costs** reached US$1,358 million (+1% q/q), primarily explained by higher depreciation and amortization related to increased shale activity, partially offset by lower oil export duties and royalties from mature fields.

**Purchases & Stock Variations** amounted to US$1,324 million (-1% q/q). **Purchases** increased q/q, mostly driven by higher oil purchases to third parties as the result of the reduced exposure to mature fields and higher processing levels at refineries. **Stock variations** reached a positive charge of US$54 million in 3Q25 (compared to a negative US$132 million in 2Q25), primarily on the back of higher crude oil purchases to third parties to restock inventories and compensate the inventory drawdown recorded in 2Q25.

**Other operating net results** totaled negative US$48 million (vs. a loss of US$26 million in 2Q25). In 2Q25, the provision of losses related to mature fields were partially offset by the positive result from the sale of mature fields and 49% of Aguada del Chañar block, as well as revaluation of companies. In 3Q25, we recorded lower provision of losses from mature fields.

<sup>1</sup> 1 ADR = 1 share. Total issued capital stock amounted to 393,312,793 shares as of Sep-25 (51% Argentina Government; 27% NYSE and 22% ByMA). 

Page 3/14

------

![LOGO](g66804dsp008a.jpg)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Net Income Breakdown**<br> **Unaudited Figures, in US$ million** | **3Q25** | **2Q25** | **3Q24** | **Q/Q** Δ | **Q/Q** Δ |  | **Y/Y** Δ | **Y/Y** Δ |  | **9M25** | **9M24** | **Y/Y** Δ | **Y/Y** Δ |  |
|  **Operating income / (loss)** | **552** | **412** | **754** | **** | ***34.0*** | *%*** | **** | ***-26.8*** | *%*** | **1156** | **2010** | | *-42.5* | *%* |
|  Result from equity interests in associates and joint ventures | **32** | (6) | 107 | | *N/A* | | | *-70.1* | *%* | **107** | 263 | | *-59.3* | *%* |
|  Financial results, net | **(245)** | (256) | (210) | | *-4.5* | *%* | | *16.8* | *%* | **(746)** | (753) | | *-0.9* | *%* |
|  **Net result before tax** | **339** | **150** | **651** | **** | ***126.6*** | *%*** | **** | ***-47.9*** | *%*** | **517** | **1520** | | *-66.0* | *%* |
|  Income tax | **(537)** | (92) | 834 | | *486.0* | *%* | | *N/A* | | **(667)** | 1157 | | *N/A* | |
|  **Net result** | **(198)** | **58** | **1485** | **** | ***N/A*** | **** | **** | ***N/A*** | **** | **(150)** | **2677** | | *N/A* | |
|  **Net Income before impairment of assets** | **328** | **131** | **1499** | **** | ***151.0*** | *%*** | **** | ***-78.1*** | *%*** | **467** | **2694** | | *-82.6* | *%* |

---

**Financial net results** recorded a loss of US$245 million, 4.5% below the previous quarter, primarily explained by a decrease in the mark-to-market valuation of sovereign bonds within the cash position, offset by a lower abandonment provision following the exit from mature fields.

**Income tax** recorded a negative charge of US$537 million, versus a negative charge of US$92 million in 2Q25, mostly reflecting higher non-cash deferred income tax. Consequently, **net result** totaled a loss of US$198 million.

**2. ADJ. EBITDA & CAPEX** 

**2.1 ADJ. EBITDA RECONCILIATION** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reconciliation of Adjusted EBITDA**<br> **Unaudited Figures, in US$ million** | **3Q25** | **2Q25** | **3Q24** | **Q/Q** Δ | **Q/Q** Δ |  | **Y/Y** Δ | **Y/Y** Δ |  | **9M25** | **9M24** | **Y/Y** Δ | **Y/Y** Δ |  |
|  Net result | **(198)** | 58 | 1485 | | *N/A* | | | *N/A* | | **(150)** | 2677 | | *N/A* | |
|  Financial results, net | **245** | 256 | 210 | | *-4.5* | *%* | | *16.8* | *%* | **746** | 753 | | *-0.9* | *%* |
|  Result from equity interests in associates and joint ventures | **(32)** | 6 | (107) | | *N/A* | | | *-70.1* | *%* | **(107)** | (263) | | *-59.3* | *%* |
|  Income tax | **537** | 92 | (834) | | *486.0* | *%* | | *N/A* | | **667** | (1157) | | *N/A* | |
|  Unproductive exploratory drillings | **—** | 1 | 1 | | *N/A* | | | *N/A* | | **1** | 56 | | *-98.2* | *%* |
|  Depreciation & amortization | **836** | 788 | 674 | | *6.1* | *%* | | *24.0* | *%* | **2430** | 1964 | | *23.7* | *%* |
|  Reversal / (Impairment) of PP&E and inventories write-down | **5** | (9) | 21 | | *N/A* | | | *-76.2* | *%* | **(4)** | 26 | | *N/A* | |
|  **EBITDA** | **1393** | **1192** | **1450** | **** | ***16.9*** | *%*** | **** | ***-3.9*** | *%*** | **3583** | **4056** | | *-11.7* | *%* |
|  Leasing | **(88)** | (82) | (84) | | *8.4* | *%* | | *5.7* | *%* | **(255)** | (241) | | *5.8* | *%* |
|  Provision for operating optimizations | **76** | 30 |  | | *150.5* | *%* | | *N/A* | | **106** |  | | *N/A* | |
|  Result from sale of assets | **(17)** | (168) |  | | *-90.0* | *%* | | *N/A* | | **(199)** |  | | *N/A* | |
|  Result from changes in fair value of assets held for sale | **(4)** | 44 |  | | *-110.1* | *%* | | *N/A* | | **240** |  | | *N/A* | |
|  Provision for severance indemnities | **2** | 0 |  | | *N/A* | | | *N/A* | | **28** |  | | *N/A* | |
|  Provision for obsolescence of materials and equipment | **(11)** | 123 |  | | *N/A* | | | *N/A* | | **248** |  | | *N/A* | |
|  Result from revaluation of companies | **0** | (45) |  | | *N/A* | | | *N/A* | | **(44)** |  | | *N/A* | |
|  Miscellaneous – Mature Fields | **6** | 29 |  | | *-79.2* | *%* | | *N/A* | | **19** |  | | *N/A* | |
|  **Adjusted EBITDA** | **1357** | **1124** | **1366** | **** | ***20.8*** | *%*** | **** | ***-0.7*** | *%*** | **3725** | **3815** | | *-2.3* | *%* |

---

**2.2 ADJ. EBITDA & CAPEX BY SEGMENT** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **By Segment** | **3Q25** | **2Q25** | **Q/Q** Δ | **3Q24** | **Y/Y** Δ | **9M25** | **9M24** | Δ |
|  Adj. EBITDA |  |  |  |  |  |  |  |  |
|  Upstream | **1042** | 770 | 35% | 784 | 33% | **2578** | 2430 | 6% |
|  Midstream & Downstream | **354** | 439 | -19% | 476 | -26% | **1298** | 1442 | -10% |
|  LNG & IG | **(4)** | (0) | 6623% | 10 | N/A | **(9)** | (44) | -80% |
|  New Energies | **52** | 26 | 101% | 91 | -43% | **116** | 122 | -5% |
|  Corp | **(57)** | (42) | 36% | (53) | 8% | **(135)** | (107) | 26% |
|  Eliminations & Others | **(30)** | (68) | -56% | 58 | N/A | **(122)** | (29) | 329% |
|  **Total Adj. EBITDA** | **1357** | 1124 | 21% | 1366 | -1% | **3726** | 3815 | -2% |
|  CAPEX |  |  |  |  |  |  |  |  |
|  Upstream | **751** | 864 | -13% | 983 | -24% | **2595** | 2781 | -7% |
|  Midstream & Downstream | **218** | 246 | -11% | 328 | -33% | **668** | 837 | -20% |
|  LNG & IG | **9** | 14 | -36% | 3 | 171% | **26** | 8 | 212% |
|  New Energies | **7** | 8 | -7% | 13 | -40% | **26** | 25 | 5% |
|  Corp | **31** | 28 | 13% | 26 | 20% | **77** | 70 | 9% |
|  Eliminations |  |  | N/A |  | N/A |  |  | N/A |
|  **Total CAPEX** | **1017** | 1160 | -12% | 1353 | -25% | **3391** | 3722 | -9% |

---

Page 4/14

------

![LOGO](g66804dsp008a.jpg)

**3. ANALYSIS OF RESULTS BY SEGMENT** 

**3.1 UPSTREAM** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Upstream Financials**<br> **Unaudited Figures, in US$ million** | **3Q25** | **2Q25** | **3Q24** | **Q/Q** Δ | **Q/Q** Δ |  | **Y/Y** Δ | **Y/Y** Δ |  | **9M25** | **9M24** | **Y/Y** Δ | **Y/Y** Δ |  |
|  Crude oil | **1323** | 1324 | 1599 | | *-0.1* | *%* | | *-17.3* | *%* | **4294** | 4726 | | *-9.2* | *%* |
|  Natural gas | **611** | 541 | 616 | | *12.9* | *%* | | *-0.8* | *%* | **1546** | 1480 | | *4.4* | *%* |
|  Other | **33** | 29 | 31 | | *11.6* | *%* | | *5.6* | *%* | **90** | 100 | | *-10.0* | *%* |
|  **Revenues** | **1967** | **1895** | **2246** | **** | ***3.8*** | *%*** | **** | ***-12.4*** | *%*** | **5929** | **6306** | | *-6.0* | *%* |
|  Depreciation & amortization | **(615)** | (588) | (475) | | *4.6* | *%* | | *29.6* | *%* | **(1805)** | (1397) | | *29.2* | *%* |
|  Lifting cost | **(426)** | (611) | (827) | | *-30.3* | *%* | | *-48.5* | *%* | **(1795)** | (2238) | | *-19.8* | *%* |
|  Royalties | **(237)** | (241) | (291) | | *-1.6* | *%* | | *-18.6* | *%* | **(740)** | (825) | | *-10.3* | *%* |
|  Other costs | **(274)** | (279) | (299) | | *-1.7* | *%* | | *-8.2* | *%* | **(1117)** | (730) | | *53.0* | *%* |
|  **Operating income before impairment of assets** | **415** | **176** | **354** | **** | ***135.8*** | *%*** | **** | ***17.2*** | *%*** | **472** | **1116** | | *-57.7* | *%* |
|  Reversal / (Impairment) of PP&E and inventories write-down | **—** |  | (21) | | *N/A* | | | *N/A* | | **—** | (21) | | *N/A* | |
|  **Operating income / (loss)** | **415** | **176** | **333** | **** | ***135.8*** | *%*** | **** | ***24.6*** | *%*** | **472** | **1095** | | *-56.9* | *%* |
|  Depreciation & amortization | **615** | 588 | 475 | | *4.6* | *%* | | *29.6* | *%* | **1805** | 1397 | | *29.2* | *%* |
|  Unproductive exploratory drillings | **—** | 1 | 1 | | *N/A* | | | *N/A* | | **1** | 56 | | *-98.2* | *%* |
|  Reversal / (Impairment) of PP&E and inventories write-down | **—** |  | 21 | | *N/A* | | | *N/A* | | **—** | 21 | | *N/A* | |
|  **EBITDA** | **1030** | **765** | **830** | **** | ***34.7*** | *%*** | **** | ***24.1*** | *%*** | **2278** | **2569** | | *-11.3* | *%* |
|  Leasing | **(42)** | (51) | (45) | | *-19.2* | *%* | | *-8.4* | *%* | **(142)** | (139) | | *2.3* | *%* |
|  Provision for operating optimizations | **76** | 30 |  | | *150.5* | *%* | | *N/A* | | **106** |  | | *N/A* | |
|  Result from sale of assets | **(16)** | (168) |  | | *-90.6* | *%* | | *N/A* | | **(197)** |  | | *N/A* | |
|  Result from changes in fair value of assets held for sale | **—** | 44 |  | | *N/A* | | | *N/A* | | **244** |  | | *N/A* | |
|  Provision for severance indemnities | **2** |  |  | | *N/A* | | | *N/A* | | **28** |  | | *N/A* | |
|  Provision for obsolescence of materials and equipment | **(11)** | 123 |  | | *N/A* | | | *N/A* | | **248** |  | | *N/A* | |
|  Miscellaneous – Mature Fields | **2** | 29 |  | | *-92.1* | *%* | | *N/A* | | **15** |  | | *N/A* | |
|  **Adjusted EBITDA** | **1042** | **771** | **784** | **** | ***35.1*** | *%*** | **** | ***32.9*** | *%*** | **2580** | **2430** | | *6.1* | *%* |
|  **CAPEX** | **751** | **864** | **983** | **** | ***13.1*** | *%*** | **** | ***-23.6*** | *%*** | **2595** | **2781** | | *-6.7* | *%* |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Unit Cash Costs**<br> **Unaudited Figures, in US$/boe** | **3Q25** | **2Q25** | **3Q24** | **Q/Q** Δ | **Q/Q** Δ | **Y/Y**Δ | **Y/Y**Δ | **9M25** | **9M24** | **Y/Y** Δ | **Y/Y** Δ |
|  Lifting Cost | **8.8** | 12.3 | 16.1 | | *-28.1 %* | | *-45.0 %* | **12.2** | 15.1 | | *-19.3 %* |
|  Royalties and other taxes | **6.0** | 6.2 | 7.0 | | *-2.8 %* | | *-14.4 %* | **6.2** | 6.9 | | *-9.9 %* |
|  Other Costs | **4.0** | 3.4 | 4.1 | | *17.8 %* | | *-1.9 %* | **3.6** | 3.4 | | *6.6 %* |
|  **Total Cash Costs (US$/boe)** | **18.8** | **21.8** | **27.1** | **** | ***-13.9*** *%*** | **** | ***-30.7*** *%*** | **22.0** | **25.4** | | *-13.3 %* |

---

**Revenues** totaled US$1,967 million (+4% q/q), mainly driven by higher seasonal sales of natural gas (+6% price and +6% volume) coupled with increased shale production, partially counterbalanced by lower conventional production.

**Lifting costs** dropped to US$8.8/BOE (-28% q/q), reflecting the considerable progress in the divestment of mature fields, coupled by shale oil ramp-up. When breaking down our lifting costs by type of operation in 3Q25, our unconventional activities averaged 4.2 US$/BOE, remaining almost flat q/q, while our conventional operations averaged 20.8 US$/BOE, representing a sequential decrease of 23% mainly driven by the evolution of the divestment in mature fields. Lifting cost gross within our shale core hub averaged 4.6 US$/BOE in 3Q25, decreasing 7% q/q, as 2Q25 was affected by higher pulling and maintenance costs.

**Royalties** amounted to US$237 million (-2% q/q), primarily driven by lower mature fields production, partially offset by shale production ramp-up and higher natural gas prices.

**Other costs** amounted to US$274 million (-2% q/q), mainly explained by lower one-off costs related to mature fields in 3Q25, partially compensated by the positive results from sale of 49% of Aguada del Chañar booked in 2Q25.

**Adj. EBITDA** totaled US$1,042 million (+35% q/q), mostly boosted by better lifting costs (exiting mature fields and expanding shale) and higher seasonal sales of natural gas, and to a minor extent, lower operating costs in dollar terms.

**CAPEX** amounted to US$751 million, from which 94% was allocated to unconventional assets, mostly destined to drilling and workover activities. The sequential 13% decrease is the result of lower costs in dollar terms.

Page 5/14

------

![LOGO](g66804dsp008a.jpg)

**Unconventional horizontal oil wells** recorded again strong metrics, particularly tied-in activities:

![LOGO](g66804dsp008b.jpg)

In terms of **efficiencies within our unconventional operations**, we achieved solid operational metrics in terms of drilling and fracking activities. In this sense, we averaged 337 meters/day of drilling speed in our core-hub blocks (+2% q/q), and 279 stages/set-month of fracking speed (+8% q/q).

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Upstream Operating data**<br> **Unaudited Figures** | **3Q25** | **2Q25** | **3Q24** | **Q/Q** Δ | **Y/Y** Δ | **9M25** | **9M24** | **Y/Y** Δ | **Y/Y** Δ |
|  **Net Production Breakdown** | **Net Production Breakdown** | **Net Production Breakdown** |  |  |  |  |  |  |  |
|  **Crude Production (Kbbld)** | **239.8** | **247.9** | **255.8** | **-3.2%** | **-6.3%** | **252.4** | **253.4** | **** | ***-0.4*** *%*** |
|  Conventional | **69.0** | 101.7 | 127.7 | -32.2% | -46.0% | **97.1** | 133.8 | | *-27.4 %* |
|  Shale | **170.0** | 145.1 | 125.7 | 17.1% | 35.2% | **154.2** | 117.1 | | *31.7 %* |
|  Tight | **0.9** | 1 | 2.5 | -10.9% | -64.4% | **1.1** | 2.4 | | *-55.0 %* |
|  **NGL Production (Kbbld)** | **41.9** | **48.0** | **49.5** | **-12.7%** | **-15.3%** | **45.7** | **45.8** | **** | ***-0.1*** *%*** |
|  Conventional | **11.3** | 12.5 | 12 | -10.0% | -6.3% | **12.2** | 11 | | *10.5 %* |
|  Shale | **30.4** | 35.1 | 36.5 | -13.4% | -16.7% | **33.1** | 33.7 | | *-1.7 %* |
|  Tight | **0.3** | 0.4 | 1 | -38.4% | -72.9% | **0.5** | 1.1 | | *-58.9 %* |
|  **Gas Production (Mm3d)** | **38.4** | **39.7** | **40.3** | **-3.4%** | **-4.8%** | **38.5** | **38.5** | **** | ***-0.1*** *%*** |
|  Conventional | **8.7** | 11.1 | 12.2 | -21.0% | -28.1% | **10.4** | 12.7 | | *-18.0 %* |
|  Shale | **26.3** | 25 | 23.4 | 4.9% | 12.2% | **24.5** | 20.8 | | *17.7 %* |
|  Tight | **3.4** | 3.6 | 4.7 | -7.1% | -29.1% | **3.5** | 5 | | *-28.7 %* |
|  **Total Production (Kboed)** | **523.1** | **545.7** | **558.7** | **-4.1%** | **-6.4%** | **540.2** | **541.3** | **** | ***-0.2*** *%*** |
|  Conventional | **135.2** | 183.9 | 216.1 | -26.5% | -37.4% | **174.8** | 224.7 | | *-22.2 %* |
|  Shale | **365.6** | 337.7 | 309.5 | 8.3% | 18.2% | **341.6** | 281.9 | | *21.2 %* |
|  Tight | **22.2** | 24.1 | 33.2 | -7.8% | -33.0% | **23.8** | 34.8 | | *-31.5 %* |
|  **Average realization prices** |  |  |  |  |  |  |  |  |  |
|  Crude Oil (USD/bbl) | **60.0** | 59.5 | 68.3 | 0.9% | -12.1% | **62.6** | 69.1 | | *-9.4 %* |
|  Natural Gas (USD/MMBTU) | **4.3** | 4.1 | 4.5 | 6.4% | -3.0% | **3.8** | 3.8 | | *-1.2 %* |

---

**Crude oil production** averaged 240 kbbl/d (-3% q/q), mainly explained by lower conventional production from mature fields, mostly replaced by the notable ramp-up in shale oil production (+17% q/q), highlighting the increased shale oil production within our core-hub blocks (+12%) and La Angostura Sur (+37%), among others. On an interannual basis, shale oil production recorded an impressive growth rate of 35%, and when excluding the effect of the sale of Aguada del Chañar block, **shale oil production would have increased by 43% y/y.**

**Natural gas production** contracted by -3% q/q, primarily explained by lower output from mature fields, slightly offset by increased shale gas production, especially in La Calera and Aguada de la Arena wet gas blocks.

**NGLs production** also dropped -13% q/q, primarily due to operational issues at La Calera block (normalized in October), and lower contribution from mature fields.

Page 6/14

------

![LOGO](g66804dsp008a.jpg)

**3.2 MIDSTREAM & DOWNSTREAM** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Midstream & Downstream Financials Unaudited Figures, in US$ million** | **3Q25** | **2Q25** | **3Q24** | **Q/Q** Δ | **Q/Q** Δ |  | **Y/Y** Δ | **Y/Y** Δ |  | **9M25** | **9M24** | **9M24** | **Y/Y** Δ | **Y/Y** Δ |  |
|  Diesel (third parties) | **1467** | 1526 | 1646 | | *-3.9* | *%* | | *-10.9* | *%* | **4514** | | *4873* | | *-7.4* | *%* |
|  Gasoline (third parties) | **929** | 923 | 1023 | | *0.6* | *%* | | *-9.1* | *%* | **2890** | | *2991* | | *-3.4* | *%* |
|  Other domestic market | **706** | 611 | 794 | | *15.6* | *%* | | *-11.0* | *%* | **1958** | | *2060* | | *-5.0* | *%* |
|  Export market | **619** | 680 | 705 | | *-9.0* | *%* | | *-12.2* | *%* | **2019** | | *2027* | | *-0.4* | *%* |
|  **Revenues** | **3721** | **3741** | **4168** | **** | ***-0.5*** | *%*** | **** | ***-10.7*** | *%*** | **11380** | **** | ***11952*** | **** | ***-4.8*** | *%*** |
|  Depreciation & amortization | **(185)** | (162) | (164) | | *14.1* | *%* | | *12.8* | *%* | **(512)** | | *(469* | | *9.1* | *%* |
|  OPEX Downstream | **(520)** | (527) | (572) | | *-1.3* | *%* | | *-9.1* | *%* | **(1582)** | | *(1570* | | *0.8* | *%* |
|  Fuels imports (including jet fuel - third parties) | **(35)** | (53) | (98) | | *-33.2* | *%* | | *-64.0* | *%* | **(147)** | | *(197* | | *-25.3* | *%* |
|  Crude oil purchases (intersegment + third parties) | **(2012)** | (1765) | (2070) | | *14.0* | *%* | | *-2.8* | *%* | **(5908)** | | *(6041* | | *-2.2* | *%* |
|  Biofuel purchases (third parties) | **(208)** | (244) | (233) | | *-14.8* | *%* | | *-10.9* | *%* | **(678)** | | *(698* | | *-3.0* | *%* |
|  Agro products purchases (third parties) | **(226)** | (224) | (208) | | *0.9* | *%* | | *8.3* | *%* | **(568)** | | *(469* | | *21.1* | *%* |
|  Stock variations | **35** | (114) | 17 | | *N/A* | | | *104.0* | *%* | **25** | | *125* | | *-80.4* | *%* |
|  Other | **(412)** | (366) | (544) | | *12.5* | *%* | | *-24.3* | *%* | **(1184)** | | *(1477* | | *-19.8* | *%* |
|  **Operating income / (loss) before impairment of assets** | **158** | **286** | **295** | **** | ***-44.8*** | *%*** | **** | ***-46.4*** | *%*** | **826** | **** | ***1156*** | **** | ***-28.5*** | *%*** |
|  Reversal / (Impairment) of PP&E | **—** |  |  | | *N/A* | | | *N/A* | | **—** | | *—* | | *N/A* | |
|  **Operating income / (loss)** | **158** | **286** | **295** | **** | ***-44.8*** | *%*** | **** | ***-46.4*** | *%*** | **826** | **** | ***1156*** | **** | ***-28.5*** | *%*** |
|  Depreciation & amortization | **185** | 162 | 164 | | *14.1* | *%* | | *12.8* | *%* | **512** | | *469* | | *9.1* | *%* |
|  Reversal / (Impairment) of PP&E | **—** |  |  | | *N/A* | | | *N/A* | | **—** | | *—* | | *N/A* | |
|  **EBITDA** | **343** | **448** | **459** | **** | ***-23.5*** | *%*** | **** | ***-25.3*** | *%*** | **1338** | **** | ***1625*** | **** | ***-17.7*** | *%*** |
|  Leasing | **(46)** | (29) | (38) | | *58.9* | *%* | | *19.2* | *%* | **(110)** | | *(102* | | *7.4* | *%* |
|  Result from revaluation of compañíes | **—** | (44) |  | | *N/A* | | | *N/A* | | **(44)** | | *—* | | *N/A* | |
|  **Adjusted EBITDA** | **296** | **376** | **421** | **** | ***-21.2*** | *%*** | **** | ***-29.6*** | *%*** | **1184** | **** | ***1523*** | **** | ***-22.2*** | *%*** |
|  Inventories price effect of oil products | **(58)** | (63) | (55) | | *-7.5* | *%* | | *5.0* | *%* | **(114)** | | *80* | | *N/A* | |
|  **Adjusted EBITDA excl. inventories price effect of oil products** | **354** | **439** | **476** | **** | ***-19.2*** | *%*** | **** | ***-25.6*** | *%*** | **1298** | **** | ***1442*** | **** | ***-10.0*** | *%*** |
|  **CAPEX** | **218** | **246** | **328** | **** | ***-11.3*** | *%*** | **** | ***-33.5*** | *%*** | **668** | **** | ***837*** | **** | ***-20.2*** | *%*** |

---

Stock variations include price effects by (US$54) million in 3Q24, (US$48) million for 3Q25, (US$60) million for 2Q25, (US$100) million for 9M25 and US$86 million for 9M24.

**Revenues** totaled US$3.7 billion (-1% q/q) mainly as a result of lower prices of local fuels and the basket of refined products other than gasoline and diesel partially compensated by an increase in volumes dispatched of diesel and gasoline in the local market, higher exports of gasoline and jet fuel to neighboring countries and greater demand of fertilizers in the local market.

**OPEX Downstream** amounted to US$520 million (-1% q/q), mainly due to lower costs in dollar terms and lower maintenance costs as the 2Q25 was affected by programmed stoppage in La Plata refinery.

**Fuel imports** reached US$35 million (-33% q/q), driven by higher production of gasoline and diesel in our refineries. In that sense, in 3Q25, fuel imports remained at very low levels, representing only 1% of total fuel sales, compared to 3% in 2Q25 and 4% in 3Q24.

**Crude oil purchases** (intersegment + third parties) amounted to US$2,012 million (+14% q/q), driven by increased processing levels, given the record achieved in 3Q25, while 2Q25 was affected by the maintenance stoppage at La Plata Refinery.

**Biofuel purchases** decreased by 15% q/q, where purchases of biodiesel declined 22%, and purchases of bioethanol dropped 6%. Biodiesel purchases contraction was mainly the result of the lower blend in diesel sales, the latter due to supply constraints in the local market, while bioethanol purchases decreased mainly as a result of lower prices, partially offset by higher volumes aligned to greater gasoline demand.

**Agro products purchases** (+1% q/q): mostly in line with higher local sales of fertilizers, partially offset by lower exports of grain and flour.

**Stock variations** totaled a positive charge of US$35 million (vs. a negative charge of US$114 million in 2Q25), primarily on the back of higher crude oil purchases to third parties to restock inventories and compensate the inventory drawdown recorded in 2Q25.

**Other costs** increased by +12% q/q, mostly due to the positive result from the revaluation of Loma Campana – Lago Pellegrini pipeline booked in 2Q25 after completing its acquisition, slightly offset by lower costs in dollar terms.

Page 7/14

------

![LOGO](g66804dsp008a.jpg)

**Adj. EBITDA,** excluding inventories price effect of oil products, totaled US$354 million (-19% q/q), mainly driven by lower local fuel prices, partially offset by higher processing levels and lower fuel imports.

**Adj. EBITDA of the Refining & Marketing** business, in unit terms, amounted to US$5.9/bbl, below the Adjusted EBITDA recorded in 2Q25 of US$11.9/bbl.

**CAPEX** amounted to US$218 million in 3Q25, where 68% was allocated to refining, 14% to midstream (O&G), 13% to logistics and 5% others. The sequential drop of 11% is mostly driven by lower costs in dollar terms.

In our **refineries,** CAPEX was mostly allocated to the following main projects:

• **New fuel specifications project**, to comply with the Resolution No. 492/2023 of the Secretary of
Energy. In that sense, the construction of a new diesel oil hydrotreatment unit at Luján de Cuyo refinery continued making progress, expecting to be operational by June 2026.

• **Revamping of topping units** at Luján de Cuyo refinery. We continue making progress in the
reconditioning of the refinery to process lighter Vaca Muerta's shale oil, expected to be in place in 1H26.

In our **midstream oil** business unit, our affiliate VMOS continued moving forward with its project:

• **VMOS**: (construction progress ~35% as of Sep-25) during the
quarter, works related to the oil pipeline routes and trench excavation were completed, on track with the plan. Moreover, in early Nov-25 welding works for the 440 km oil pipeline were completed.

In our **midstream gas** business unit, we also continued making progress on our main projects:

• Fully Revamping of the natural **gas treatment plant at Loma La Lata**, increasing its current
capacity, and improving the treatment of associated gas. The revamping is expected to be operational in 1Q26.

• **South Hub gathering project** to expand gas processing capacity at Sierra Barrosa treatment plants. The
first phase was completed in 2024, while second phase is expected to be completed in 2027.

• **North Hub gathering project**, consistent in the construction of a new gas pipeline connecting Narambuena
and Bajo del Toro blocks with El Portón Industrial Complex. Early start-up is expected by 2Q26 to become fully operational in 2027.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Midstream & Downstream Operating data Unaudited Figures** | **3Q25** | **2Q25** | **3Q24** | **Q/Q** Δ | **Q/Q** Δ |  | **Y/Y** Δ | **Y/Y** Δ |  | **9M25** | **9M24** | **Y/Y** Δ | **Y/Y** Δ |  |
|  Crude processed (Kbbld) | **326.2** | 301.4 | 298.3 | | *8.2* | *%* | | *9.3* | *%* | **315.2** | 299.5 | | *5.2* | *%* |
|  Refinery utilization (%) | **96.5%** | 89.2% | 88.3% | | *735bps* | | | *824bps* | | **93.3%** | 88.6% | | *464bps* | |
|  Nominal capacity at 337.94 Kbbl/d since 1Q24. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Sales volume to third parties (YPF stand alone)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Sales of refined products (Km3)** | **4930** | **4727** | **4772** | **** | ***4.3*** | *%*** | **** | ***3.3*** | *%*** | **14448** | **14097** | **** | ***2.5*** | *%*** |
|  Total domestic market | **4513** | 4328 | 4294 | | *4.3* | *%* | | *5.1* | *%* | **13053** | 12600 | | *3.6* | *%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of which Gasoline | **1501** | 1413 | 1421 | | *6.3* | *%* | | *5.7* | *%* | **4394** | 4282 | | *2.6* | *%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of which Diesel | **2154** | 2119 | 2029 | | *1.6* | *%* | | *6.1* | *%* | **6198** | 6088 | | *1.8* | *%* |
|  Total export market | **417** | 398 | 478 | | *4.6* | *%* | | *-12.7* | *%* | **1395** | 1497 | | *-6.8* | *%* |
|  **Sales of petrochemical products (Ktn)** | **131** | **145** | **168** | **** | ***-9.8*** | *%*** | **** | ***-22.3*** | *%*** | **385** | **471** | **** | ***-18.2*** | *%*** |
|  Domestic market | **65** | 52 | 91 | | *24.5* | *%* | | *-27.9* | *%* | **176** | 231 | | *-23.5* | *%* |
|  Export market | **65** | 92 | 78 | | *-29.2* | *%* | | *-15.7* | *%* | **209** | 240 | | *-13.1* | *%* |
|  **Sales of fertilizers, grain and flours (Ktn)** | **535** | **559** | **535** | **** | ***-4.2*** | *%*** | **** | ***0.0*** | *%*** | **1489** | **1214** | **** | ***22.7*** | *%*** |
|  Domestic market | **196** | 124 | 327 | | *58.3* | *%* | | *-40.0* | *%* | **403** | 664 | | *-39.3* | *%* |
|  Export market | **339** | 434 | 208 | | *-22.1* | *%* | | *62.9* | *%* | **1086** | 549 | | *97.8* | *%* |
|  **Net average prices** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Gasoline (USD/m3) *(domestic market)* | **567** | 596 | 657 |  | -4.8 | % |  | -13.6 | % | **601** | 639 |  | -6.0 | % |
|  Diesel (USD/m3) *(domestic market)* | **637** | 672 | 758 |  | -5.3 | % |  | -16.0 | % | **682** | 755 |  | -9.7 | % |
|  Petrochemical & others refined products (USD/bbl) | **81** | 72 | 70 |  | 11.3 | % |  | 16.0 | % | **76** | 71 |  | 7.0 | % |

---

Net Average domestic prices for gasoline and diesel are net of taxes, commissions, commercial bonuses and freights.

**Crude oil processed** averaged 326 kbbl/d (+8% q/q), reaching a record-high since 2009 coupled with an utilization rate of 97%, mainly boosted by the solid performance recorded in La Plata refinery in 3Q25, which processed 196 kbbl/d (+14% q/q), while 2Q25 was affected by programmed maintenances.

Page 8/14

------

![LOGO](g66804dsp008a.jpg)

**Domestic fuels sales volumes** reached 3,655 km3, growing +3% q/q (gasoline +6% and diesel +2%), on the back of higher market share in the retail and industrial segments, slightly offset by lower seasonal diesel sales to the agricultural segment.

**Petrochemicals sales volumes** decreased by 10% q/q, mainly due to lower exports of methanol, partially offset by higher local demand. **Fertilizers' local sales volume** grew by 64% q/q, primary on the back of increased market share and presales. While **grain and flour sales volumes** dropped 22% q/q, mostly due to lower seasonal exports, but continued boosted by the temporary elimination of export duties until Oct-25.

**Net average fuels prices in local market measured in dollar terms** dropped 5% q/q, mainly due to a very volatile local scenario, representing a temporary gap against import parity of around 10%, which started normalizing during October.

**Prices for petrochemical & other refined products** increased by 11% q/q, mainly due to upward trend in international prices of petrochemical and certain refined products, primarily lubricant bases and coal.

**3.3 LNG & INTEGRATED GAS** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **LNG & Integrated Gas Unaudited Figures, in US$ million** | **3Q25** | **2Q25** | **3Q24** | **Q/Q** Δ | **Q/Q** Δ |  | **Y/Y** Δ | **Y/Y** Δ |  | **9M25** | **9M24** | **Y/Y** Δ | **Y/Y** Δ |  |
|  Natural gas (intersegment + third parties) | **634** | 539 | 635 | | *17.5* | *%* | | *-0.2* | *%* | **1556** | 1511 | | *3.0* | *%* |
|  Other | **28** | 26 | 18 | | *10.8* | *%* | | *56.5* | *%* | **71** | 55 | | *27.9* | *%* |
|  **Revenues** | **662** | **565** | **653** | **** | ***17.2*** | *%*** | **** | ***1.4*** | *%*** | **1627** | **1566** | **** | ***3.9*** | *%*** |
|  Depreciation & amortization | **(2)** | (0) | (0) | | *476.3* | *%* | | *574.6* | *%* | **(3)** | (1) | | *228.0* | *%* |
|  Natural gas purchases (intersegment + third parties) | **(624)** | (532) | (624) | | *17.3* | *%* | | *-0.1* | *%* | **(1561)** | (1494) | | *4.5* | *%* |
|  Operating cost & Other | **(42)** | (33) | (18) | | *28.4* | *%* | | *129.8* | *%* | **(74)** | (116) | | *-36.5* | *%* |
|  **Operating income before impairment of assets** | **(6)** | **—** | **10** | **** | ***N/A*** | **** | **** | ***N/A*** | **** | **(11)** | **(45)** | **** | ***-75.6*** | *%*** |
|  Reversal / (Impairment) of PP&E | **—** | **—** | **—** | | *N/A* | | | *N/A* | | **—** | **—** | | *N/A* | |
|  **Operating income** | **(6)** | **—** | **10** | **** | ***N/A*** | **** | **** | ***N/A*** | **** | **(11)** | **(45)** | **** | ***-75.6*** | *%*** |
|  Depreciation & amortization | **2** | 0 | 0 | | *476.3* | *%* | | *574.6* | *%* | **3** | 1 | | *228.0* | *%* |
|  **EBITDA** | **(4)** | **0** | **10** | **** | ***N/A*** | **** | **** | ***N/A*** | **** | **(8)** | **(44)** | **** | ***-82.5*** | *%*** |
|  Leasing | **(0)** | (0) | **—** | | *-33.3* | *%* | | *N/A* | | **(1)** | **—** | | *N/A* | |
|  **Adjusted EBITDA** | **(4)** | **(0)** | **10** | **** | ***6623.1*** | *%*** | **** | ***N/A*** | **** | **(9)** | **(44)** | **** | ***-79.6*** | *%*** |
|  **CAPEX** | **9** | **14** | **3** | **** | ***-35.7*** | *%*** | **** | ***171.1*** | *%*** | **26** | **8** | **** | ***212.5*** | *%*** |

---

**Adj. EBITDA** totaled negative US$4 million, compared to slightly negative US$0.1 million in 2Q25. In 3Q25 natural gas sales grew sequentially due to higher winter seasonal demand, in line with the increase in natural gas purchases. However, operating costs increased against the previous quarter mostly driven by higher activity related to Argentina LNG Project.

**CAPEX** amounted to US$9 million in 3Q25, mostly allocated to the Argentina LNG Project, which continued progressing during the quarter throughout its 3 phases. Regarding phase 3, in October, YPF and ENI signed a technical FID, targeting a project with a total capacity of ~12 MTPA, expandable to ~18 MTPA, and in November, ADNOC signed a preliminary framework agreement with YPF and ENI, aiming to join the Argentina LNG Project.

**3.4 NEW ENERGIES** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **New Energies Unaudited Figures, in US$ million** | **3Q25** | **2Q25** | **3Q24** | **Q/Q** Δ | **Q/Q** Δ |  | **Y/Y**Δ | **Y/Y**Δ |  | **9M25** | **9M24** | **Y/Y**Δ | **Y/Y**Δ |  |
|  Natural gas retail (third parties) | **201** | 188 | 299 | | *7.2* | *%* | | *-32.8* | *%* | **536** | 591 | | *-9.3* | *%* |
|  Other | **33** | 41 | 55 | | *-20.4* | *%* | | *-40.0* | *%* | **119** | 106 | | *12.3* | *%* |
|  **Revenues** | **234** | **229** | **354** | **** | ***2.2*** | *%*** | **** | ***-33.9*** | *%*** | **655** | **697** | **** | ***-6.0*** | *%*** |
|  Depreciation & amortization | **(9)** | (11) | (12) | | *-16.9* | *%* | | *-24.2* | *%* | **(34)** | (34) | | *-0.1* | *%* |
|  Natural gas purchases (intersegment + third parties) | **(105)** | (103) | (161) | | *2.8* | *%* | | *-34.4* | *%* | **(265)** | (320) | | *-17.2* | *%* |
|  Operating cost & Other | **(77)** | (101) | (103) | | *-23.9* | *%* | | *-25.3* | *%* | **(274)** | (254) | | *7.6* | *%* |
|  **Operating income before impairment of assets** | **43** | **15** | **79** | **** | ***186.7*** | *%*** | **** | ***-45.6*** | *%*** | **82** | **88** | **** | ***-6.8*** | *%*** |
|  Reversal / (Impairment) of PP&E and inventories write-down | **(5)** | 9 |  | | *N/A* | | | *N/A* | | **4** | (5) | | *N/A* | |
|  **Operating income** | **38** | **24** | **79** | **** | ***58.3*** | *%*** | **** | ***-51.9*** | *%*** | **86** | **83** | **** | ***3.6*** | *%*** |
|  Depreciation & amortization | **9** | 11 | 12 | | *-16.9* | *%* | | *-24.2* | *%* | **34** | 34 | | *-0.1* | *%* |
|  Reversal / (Impairment) of PP&E and inventories write-down | **5** | (9) |  | | *N/A* | | | *N/A* | | **(4)** | 5 | | *N/A* | |
|  **EBITDA** | **52** | **26** | **91** | **** | ***101.3*** | *%*** | **** | ***-42.8*** | *%*** | **116** | **122** | **** | ***-4.9*** | *%*** |
|  Leasing | **—** |  |  | | *N/A* | | | *N/A* | | **—** |  | | *N/A* | |
|  **Adjusted EBITDA** | **52** | **26** | **91** | **** | ***101.3*** | *%*** | **** | ***-42.8*** | *%*** | **116** | **122** | **** | ***-4.9*** | *%*** |
|  **CAPEX** | **7** | **8** | **13** | **** | ***-6.7*** | *%*** | **** | ***-40.2*** | *%*** | **26** | **25** | **** | ***4.5*** | *%*** |

---

Page 9/14

------

![LOGO](g66804dsp008a.jpg)

**Adj. EBITDA** totaled US$52 million, an improvement of $27 million sequentially, almost entirely attributable to Metrogas subsidiary, as a result of higher sales to residential customers due to increased winter demand, partially offset by lower price in dollar terms.

**4.** **LIQUIDITY AND SOURCES OF CAPITAL** 

**4.1 CASH FLOW SUMMARY** 

Despite 3Q25 adjusted EBITDA surpassed CAPEX deployment and regular interest payment, **free cash flow** reached a negative US$759 million, mainly due to the acquisition of shale assets from Total Austral S.A. for -US$523 million and a negative working capital of -US$359 million mostly associated with the discontinued operations in our mature fields, income tax payment from our subsidiaries and longer collection days from natural gas clients and Plan Gas program that started to normalize during October.

Excluding the M&A transaction with Total and one-off items related to mature fields, negative free cash flow proforma would have been -US$172 million.

In terms of liquidity, our **cash and short-term investments** slightly increased to US$1,016 million by the end of September 2025 (+0.5% q/q).

![LOGO](g66804dsp012.jpg)

Notes: (1) Approximation of cash flow evolution, highlighting key figures. Cash & equivalents include Argentine sovereign bonds and Treasury notes. (2) Refers to the acquisition of La Escalonada & Rincón la Ceniza blocks. (3) Others mainly include mature fields one-off items for a total of (-13): operating optimizations (-11), severance indemnities (-3), additions of assets held for sale (-3), and +4 of collections for sale of assets. Moreover, considers payment of leasing, dividend collections & contribution to affiliates. (4) Others include mainly FX differences and net collection for sale of financial assets.

**4.2 NET DEBT** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Net debt breakdown**<br> **Unaudited Figures, in US$ million** | **3Q25** | **3Q25** | **2Q25** | **2Q25** | **3Q24** | **3Q24** | **Q/Q** Δ | **Q/Q** Δ |
|  Short-term debt |  | **2653** |  | 2252 |  | 1832 | | *17.8 %* |
|  Long-term debt |  | **7958** |  | 7592 |  | 6869 | | *4.8 %* |
|  **Total debt** |  | **10611** |  | **9844** |  | **8701** | **** | ***7.8*** *%*** |
|  *Avg. Interest rate for US$-debt* | **** | ***6.7*** *%*** | | *6.6 %* | | *6.5 %* |  |  |
|  *% of debt in USD* | **** | ***98.7*** *%*** | | *99.7 %* | | *99.3 %* |  |  |
|  **Cash + short term investments** |  | **1016** |  | **1011** |  | **1195** | **** | ***0.5*** *%*** |
|  *% of liquidity dollarized* | **** | ***70.5*** *%*** | | *67.2 %* | | *81.8 %* |  |  |
|  **Net debt** |  | **9595** |  | **8833** |  | **7506** | **** | ***8.6*** *%*** |

---

Average interest rates for US$ debt refer to YPF on a stand-alone basis.

Page 10/14

------

![LOGO](g66804dsp008a.jpg)

As of September 30, 2025, YPF's **consolidated net debt** totaled US$9,595 million, increasing by US$762 million q/q. The higher net debt resulted in an increase in the **net leverage ratio** from 1.9x in 2Q25 to 2.1x in 3Q25, mainly due to the financing of shale blocks acquired from Total. Excluding this M&A transaction, the net leverage ratio proforma would have amounted to 1.9x.

In terms of **financing**, during 3Q25 YPF tapped the local capital market, issuing three new bonds:

1) US$-MEP bond for US$250 million, with a 2-year tenor at 7.5% rate 

2) US$-MEP bond for US$51 million with a 3-year tenor at 7.5% rate 

3) US$-Cable bond for US$225 million with a 5-year tenor (initial issuance of US$167 million at 8.75% rate, followed by a reopening of US$58 million at 8.25% yield) 

In addition, by the end of September, YPF secured a US$300 million international bridge loan, which, combined with the US$-Cable issuances, allowed to finance the recent acquisition of Total's shale assets.

After 3Q25, we issued in the local market a US$-MEP bond for US$99 million, with a 15-months tenor at 6%. Moreover, in October, we reopened the syndicated cross-border loan market by signing a US$700 million export-backed facility with 10 international banks. The loan has a 3-year tenor and was structured as a prefunding strategy for refinancing local maturities coming due in 1Q26. Lastly, in late October, we successfully returned to the international capital market by re-opening our 2031 international bond for US$500 million at 8.25% yield. The proceeds will be used to fully repay the bridge loan for the acquisition of Total Austral's shale assets and to finance YPF's investment plan.

Additionally, during July, YPF's credit rating was upgraded by Moody's credit agency, after the upgrade in sovereign ratings, from Caa1 to B2, maintaining stable outlook.

Regarding our **maturity profile**, for the last quarter of 2025, the Company faces US$479 million of manageable maturities, mostly local: US$365 million of short-term trade facilities with local banks; US$60 million of export-backed bond amortizations; and US$54 million of local bank loans. In addition, the Company decided to fully redeem in Nov-25 the last two amortizations of the Secured notes due 2026 (a total of US$120 million).

The following chart shows our consolidated principal debt maturity profile as of September 30, 2025:

![LOGO](g66804dsp013.jpg)

Page 11/14

------

![LOGO](g66804dsp008a.jpg)

**5. TABLES** 

**5.1 CONSOLIDATED BALANCE SHEET** 

---

| | | |
|:---|:---|:---|
| **Consolidated Balance Sheet**<br> **Unaudited Figures** | **30-Sep-25** | **31-Dec-24** |
|  **Non-current Assets** |  |  |
|  Intangible assets | **1056** | 491 |
|  Properties, plant and equipment | **19627** | 18736 |
|  Right-of-use assets | **588** | 743 |
|  Investments in associates and joint ventures | **1917** | 1960 |
|  Deferred income tax assets, net | **4** | 330 |
|  Other receivables | **774** | 337 |
|  Trade receivables | **1** | 1 |
|  **Total Non-current Assets** | **23967** | **22598** |
|  **Current Assets** | **Current Assets** |  |
|  Assets held for disposal | **489** | 1537 |
|  Inventories | **1529** | 1546 |
|  Contract assets | **7** | 30 |
|  Other receivables | **671** | 552 |
|  Trade receivables | **1890** | 1620 |
|  Investment in financial assets | **217** | 390 |
|  Cash and cash equivalents | **799** | 1118 |
|  **Total Current Assets** | **5602** | **6793** |
|  **Total Assets** | **29569** | **29391** |
|  **Total Shareholders´ Equity** | **11634** | **11870** |
|  **Non-current Liabilities** | **Non-current Liabilities** | **Non-current Liabilities** |
|  Provisions | **1123** | 1084 |
|  Deferred income tax liabilities, net | **389** | 90 |
|  Contract liabilities | **166** | 114 |
|  Income tax liability | **1** | 2 |
|  Salaries and social security | **26** | 34 |
|  Lease liabilities | **314** | 406 |
|  Loans | **7958** | 7035 |
|  Other liabilities | **452** | 74 |
|  Accounts payable | **6** | 6 |
|  **Total non-current Liabilities** | **10435** | **8845** |
|  **Current Liabilities** | **Current Liabilities** |  |
|  Liabilities directly associated with assets held for sale | **914** | 2136 |
|  Provisions | **132** | 116 |
|  Contract liabilities | **117** | 73 |
|  Income tax liability | **20** | 126 |
|  Taxes payable | **248** | 247 |
|  Salaries and social security | **326** | 412 |
|  Lease liabilities | **311** | 370 |
|  Loans | **2653** | 1907 |
|  Other liabilities | **372** | 410 |
|  Accounts payable | **2407** | 2879 |
|  **Total Current Liabilities** | **7500** | **8676** |
|  **Total Liabilities** | **17935** | **17521** |
|  **Total Liabilities and Shareholders' Equity** | **29569** | **29391** |

---

Note: Information reported in accordance with International Financial Reporting Standards (IFRS).

Page 12/14

------

![LOGO](g66804dsp008a.jpg)

**5.2 CONSOLIDATED INCOME STATEMENT** 

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income Statement Unaudited Figures, in US$ million** | **3Q25** | **3Q25** | **2Q25** | **2Q25** | **3Q24** | **3Q24** | **Q/Q** Δ | **Q/Q** Δ |  | **Y/Y**Δ | **Y/Y**Δ |  | **9M25** | **9M25** | **9M24** | **9M24** | **Y/Y** Δ | **Y/Y** Δ |  |
|  **Revenues** |  | **4643** |  | **4641** |  | **5297** | **** | ***0.0*** | *%*** | **** | ***-12.3*** | *%*** |  | **13892** |  | **14542** | **** | ***-4.5*** | *%*** |
|  Costs |  | **(3319** |  | (3468) |  | (3678) | | *-4.3* | *%* | | *-9.8* | *%* |  | **(10116** |  | (10154) | | *-0.4* | *%* |
|  **Gross profit** |  | **1324** |  | **1173** |  | **1619** | **** | ***12.9*** | *%*** | **** | ***-18.2*** | *%*** |  | **3776** |  | **4388** | **** | ***-13.9*** | *%*** |
|  Selling expenses |  | **(495** |  | (535) |  | (552) | | *-7.5* | *%* | | *-10.3* | *%* |  | **(1558** |  | (1596) | | *-2.4* | *%* |
|  Administrative expenses |  | **(207** |  | (188) |  | (224) | | *10.1* | *%* | | *-7.6* | *%* |  | **(601** |  | (575) | | *4.5* | *%* |
|  Exploration expenses |  | **(17** |  | (21) |  | (20) | | *-19.0* | *%* | | *-15.0* | *%* |  | **(68** |  | (131) | | *-48.1* | *%* |
|  Reversal / (Impairment) of PP&E and inventories write-down |  | **(5** |  | 9 |  | (21) | | *N/A* | | | *-76.2* | *%* |  | **4** |  | (26) | | *N/A* | |
|  Other net operating results, net |  | **(48** |  | (26) |  | (48) | | *84.6* | *%* | | *0.0* | *%* |  | **(397** |  | (50) | | *694.0* | *%* |
|  **Operating income** |  | **552** |  | **412** |  | **754** | **** | ***34.0*** | *%*** | **** | ***-26.8*** | *%*** |  | **1156** |  | **2010** | **** | ***-42.5*** | *%*** |
|  Income of interests in companies and joint ventures |  | **32** |  | (6) |  | 107 | | *N/A* | | | *-70.1* | *%* |  | **107** |  | 263 | | *-59.3* | *%* |
|  *Financial Income* | **** | ***28*** | | *28* | | *19* | | *0.0* | *%* | | *47.4* | *%* | **** | ***72*** | | *87* | | *-17.2* | *%* |
|  *Financial Cost* | **** | ***(257*** | | *(279* | | *(267* | | *-7.9* | *%* | | *-3.7* | *%* | **** | ***(821*** | | *(911* | | *-9.9* | *%* |
|  *Other financial results* | **** | ***(16*** | | *(5* | | *38* | | *197.4* | *%* | | *N/A* | | **** | ***3*** | | *71* | | *-95.8* | *%* |
|  Net Financial results | **** | ***(245*** | | *(256* | | *(210* | | *-4.5* | *%* | | *16.8* | *%* | **** | ***(746*** | | *(753* | | *-0.9* | *%* |
|  **Net profit before income tax** |  | **339** |  | **150** |  | **651** | **** | ***126.6*** | *%*** | **** | ***-47.9*** | *%*** |  | **517** |  | **1520** | **** | ***-66.0*** | *%*** |
|  Income tax |  | **(537** |  | (92) |  | 834 |  | 486.0 | % |  | N/A |  |  | **(667** |  | 1157 |  | N/A |  |
|  Net (loss) / profit for the period |  | **(198** |  | 58 |  | 1485 |  | N/A |  |  | N/A |  |  | **(150** |  | 2677 |  | N/A |  |
|  Net (loss) / profit for the period attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Shareholders of the parent company |  | **(206** |  | 50 |  | 1470 | | *N/A* | | | *N/A* | |  | **(172** |  | 2638 | | *N/A* | |
|  Non-controlling interest |  | **8** |  | 8 |  | 15 | | *0.0* | *%* | | *-46.7* | *%* |  | **22** |  | 39 | | *-43.6* | *%* |
|  Earnings per share attributable to shareholders of the parent company (basic and diluted) |  | **(0.53** |  | 0.13 |  | 3.75 | | *N/A* | | | *N/A* | |  | **(0.44** |  | 6.73 | | *N/A* | |

---

**5.3 SUMMARY OF CONSOLIDATED CASHFLOW STATEMENT** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Summary Consolidated Cash Flow Unaudited Figures, in US$ million** | **3Q25** | **2Q25** | **3Q24** | **Q/Q** Δ | **Q/Q** Δ | **Y/Y** Δ | **Y/Y** Δ | **9M25** | **9M24** | **Y/Y** Δ | **Y/Y** Δ |
|  Cash BoP | **774** | 938 | 1041 |  | -17.5% |  | -25.6% | **1118** | 1123 |  | -0.4% |
|  Net cash flow from operating activities | **1225** | 1146 | 1695 |  | 6.9% |  | -27.7% | **3221** | 4206 |  | -23.4% |
|  Net cash flow from investing activities | **(1662)** | (1258) | (1439) |  | 32.1% |  | 15.5% | **(4303)** | (4111) |  | 4.7% |
|  Net cash flow from financing activities | **497** | 20 | (398) |  | 2385.0% |  | N/A | **871** | (292) |  | N/A |
|  FX adjustments & other | **(35)** | (72) | (22) |  | -51.4% |  | 61.8% | **(108)** | (49) |  | 122.1% |
|  **Cash EoP** | **799** | **774** | **877** | **** | ***3.2*** *%*** | **** | ***-8.9*** *%*** | **799** | **877** | **** | ***-8.9*** *%*** |
|  Investment in financial assets | 217 | 237 | 318 |  | -8.4% |  | -31.8% | 217 | 318 |  | -31.8% |
|  **Cash + short-term investments EoP** | **1016** | **1011** | **1195** | **** | ***0.5*** *%*** | **** | ***-15.0*** *%*** | **1016** | **1195** | **** | ***-15.0*** *%*** |
|  **FCF** | **(759)** | **(365)** | **(173)** | **** | ***107.9*** *%*** | **** | ***338.7*** *%*** | **(2081)** | **(824)** | **** | ***152.5*** *%*** |

---

**6. ABOUT YPF** 

YPF is the largest energy company in Argentina, fully integrated in the oil and gas value chain. Our main businesses are: (i) in the upstream, we produce +30% of the country's oil and gas, and we are the largest shale producer in Vaca Muerta, in process of divestment of conventional mature fields; (ii) in the downstream, we operate 4 refineries (+50% of Argentina's refining capacity) and lead the local diesel and gasoline sales (market share >55%); and (iii) in gas and power, Metrogas, our subsidiary, distributes ~25% of the country's natural gas, while YPF Luz, our affiliate, is the third largest power generation company in Argentina. The Government is the controlling shareholder with a 51% stake, and YPF is listed in the NYSE and ByMA.

**7. DISCLAIMER** 

Additional information about YPF S.A., a sociedad anónima organized under the laws of Argentina (the "Company" or "YPF") can be found in the "Investors" section on the website at <u>www.ypf.com</u>.

This document does not constitute an offer to sell or the solicitation of any offer to buy any securities of the Company, in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S. Securities Exchange Commission ("SEC"), the Comisión Nacional de Valores (Argentine National Securities and Exchange Commission, or "CNV") or an exemption from such registrations.

No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. Certain information contained in this document may have been obtained from published sources, which may not have been independently verified or audited. No representation or warranty, express or implied, is given or will be given by or on behalf of the Company, or any of its affiliates (within the meaning of Rule 405 under the Act, "Affiliates"), members, directors, officers or employees or any other person (the "Related Parties") as to the accuracy, completeness or fairness of the information or opinions contained in this document or any other material discussed verbally, and any reliance you place on them will be at your sole risk. Any opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company or any of its Related Parties in relation to such information or opinions or any other matter in connection with this document or its contents or otherwise arising in connection therewith.

This document may also include certain non-IFRS (International Financial Reporting Standards) financial measures which have not been subject to a financial audit for any period. The information and opinions contained in this document are provided as at the date of this document and are subject to verification, completion and change without notice.

This document includes "forward-looking statements" concerning the future. The words such as "believes," "thinks," "forecasts," "expects," "anticipates," "intends," "should," "seeks," "estimates," "future" or similar expressions are included with the intention of identifying statements about the future. For the avoidance of doubt, any projection, guidance, or similar estimation about the future or future results, performance or achievements is a forward-looking statement. Although the assumptions and estimates on which forward-looking statements are based are believed by our management to be reasonable and based on the best currently available information, such forward-looking statements are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control.

Page 13/14

------

![LOGO](g66804dsp008a.jpg)

Forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to release publicly any updates or revisions to any forward-looking statements contained herein because of new information, future events, or other factors. In light of these limitations, undue reliance should not be placed on forward-looking statements contained in this document. Further information concerning risks and uncertainties associated with these forward-looking statements and YPF's business can be found in YPF's public disclosures filed on EDGAR (<u>www.sec.gov</u>) or at the web page of the Argentine National Securities and Exchange Commission (<u>www.argentina.gob.ar/cnv</u>).

You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. This document is not intended to constitute and should not be construed as investment advice.

The information contained herein has been prepared to assist interested parties in making their own evaluations of YPF.

Page 14/14

------

**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **YPF Sociedad Anónima** | **YPF Sociedad Anónima** |
| Date: November 7, 2025 | By: | /s/ Margarita Chun |
|  | Name: | Margarita Chun |
|  | Title: | Market Relations Officer |

---