# EDGAR Filing Document

**Accession Number:** 0001762506
**File Stem:** 0001193125-26-071646
**Filing Date:** 2026-2
**Character Count:** 80398
**Document Hash:** f475fd69855cc16c9d2dba47a073f65d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-071646.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001193125-26-071646

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20260225

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vista Energy, S.A.B. de C.V.
- **CENTRAL INDEX KEY:** 0001762506
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** O5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39000
- **FILM NUMBER:** 26678849

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** TORRE MAPFRE
- **STREET 2:** 243 PASEO DE LA REFORMA AV, 18 FL
- **CITY:** MEXICO CITY
- **NON US STATE TERRITORY:** CUAUHTEMOC ALCALDIA CUAUHTEMOC
- **PROVINCE COUNTRY:** O5
- **ZIP:** 06500
- **BUSINESS PHONE:** 52-55-9177-2038

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** TORRE MAPFRE
- **STREET 2:** 243 PASEO DE LA REFORMA AV, 18 FL
- **CITY:** MEXICO CITY
- **NON US STATE TERRITORY:** CUAUHTEMOC ALCALDIA CUAUHTEMOC
- **PROVINCE COUNTRY:** O5
- **ZIP:** 06500

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Vista Oil & Gas, S.A.B. de C.V.
- **DATE OF NAME CHANGE:** 20181219

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K**

**REPORT OF FOREIGN ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER SECURITIES EXCHANGE ACT OF 1934** 

**For the month of February 2026** 

**Commission File No. 001-39000**

## Vista Energy, S.A.B. de C.V.
**(Exact Name of the Registrant as Specified in the Charter)** 

**N.A.** 

**(Translation of Registrant's Name into English)** 

**Torre Mapfre,** 

**243 Paseo de la Reforma Avenue, 18th Floor** 

**Cuauhtémoc, Alcaldía Cuauhtémoc** 

**06500, Mexico City** 

**Mexico** 

**(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 ☐

------

![LOGO](g946648g0224033945528.jpg)

**Contents of this Form 6-K** 

This Form 6-K for Vista Energy, S.A.B. de C.V. ("Vista" or the "Company") contains the following exhibit:

<u>[**Exhibit 1**: Full Year and Fourth Quarter of 2025 Results.](d946648dex1.htm)</u> 

**Forward-Looking Statements** 

Any statements contained herein or in the attachments hereto regarding Vista that are not historical or current facts are forward-looking statements. These forward-looking statements convey Vista's current expectations or forecasts of future events. Vista undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated events. Forward-looking statements regarding Vista involve known and unknown risks, uncertainties and other factors that may cause Vista's actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the "Risk Factors," "Forward-Looking Statements" and other applicable sections of Vista's annual report filed with the SEC on Form 20-F and other applicable filings with the SEC and Vista's latest annual report available on the Mexican Stock Exchange's (*Bolsa Mexicana de Valores, S.A.B. de C.V.*) website: www.bmv.com.mx, the Mexican National Banking and Securities Commission's (*Comisión Nacional Bancaria y de Valores*) website: www.gob.mx/cnbv and our website: www.vistaenergy.com.

**Enquiries:** 

Investor Relations:

ir@vistaenergy.com

Argentina: +54 11 3754 8500

Mexico: + 52 55 1555 7104

------

**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.

Date: February 25, 2026

---

| | |
|:---|:---|
| **VISTA ENERGY, S.A.B. DE C.V.** | **VISTA ENERGY, S.A.B. DE C.V.** |
| By: | /s/ Alejandro Cherñacov |
| Name: | Alejandro Cherñacov |
| Title: | Strategic Planning and Investor Relations Officer |

---

## Ex-1

**Exhibit 1**![LOGO](g946648dsp008.jpg)

2025 Full Year and 4th Quarter Results Mexico City, February 25, 2026 NYSE: VIST BMV: VISTA

------

![LOGO](g946648dsp9a.jpg)

**February 25, 2026, Mexico City, Mexico** 

Vista Energy, S.A.B. de C.V. ("Vista" or the "Company") (NYSE: VIST; BMV: VISTA) reported today its financial and operational results corresponding to Q4 2025 and full year 2025.

**Q4 2025 highlights:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total production in Q4 2025 was 135,414 boe/d, a 7% increase q-o-q, driven by strong performance in operated and non-operated blocks, and a 59% increase compared to Q4 2024, mainly driven by the acquisition of a 50% working
interest in La Amarga Chica block in April 2025. Oil production in Q4 2025 was 118,285 bbl/d, an 8% sequential increase and a 61% increase y-o-y.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Q4 2025, the average realized crude oil price was 58.9 $/bbl, a 9% decrease compared to the average realized
crude oil price in Q3 2025, and a 12% decrease compared to Q4 2024, in both cases mainly driven by lower Brent. <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The realized natural gas price for Q4 2025 was 1.8 $/MMBtu, a 23% decrease y-o-y, mainly driven by lower gas prices in the industrial sector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenues in Q4 2025 were 689.2 $MM, 46% above Q4 2024, mainly driven by oil production growth, and
partially offset by lower oil prices. Total revenues were 2% below Q3 2025, as oil production growth was offset by lower oil prices. Net revenues during the quarter were 669.6 $MM. Net oil revenues from sales at export parity prices, combining both
international and domestic markets, were 100% of total net oil revenues. Net revenues from oil and gas exports were 421.2 $MM, representing 63% of total net revenues. <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lifting cost in Q4 2025 was 4.1 $/boe, 8% below the previous quarter, driven by the dilution of fixed costs due
to production growth and the focus on cost control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selling expenses in Q4 2025 were 4.2 $/boe, 48% below Q4 2024, driven by the elimination of trucking as of the
end of Q1 2025, as the Oldelval Duplicar pipeline became online. <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA for Q4 2025 was 444.0 $MM, a 62% increase y-o-y, mainly driven by 59% production growth, combining organic growth and the consolidation of 50% working interest in La Amarga Chica block. Adjusted EBITDA margin was 64%, 8 p.p. above Q4 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income in Q4 2025 was 85.7 $MM, compared to 93.8 $MM in Q4 2024, reflecting a higher Profit before income
tax, offset by higher Income tax expense. Adjusted net income during Q4 2025 totaled 51.5 $MM, compared to 22.1 $MM in Q4 2024. EPS was 0.8 $/share in Q4 2025, compared to 1.0 $/share in Q4 2024. Adjusted EPS was 0.5 $/share in Q4 2025, compared to
0.2 $/share in Q4 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capex during Q4 2025 was 355.1 $MM. The Company invested 301.3 $MM in drilling, completion and workover of Vaca
Muerta wells, mainly in connection with the drilling of 22 wells, the completion of 18 wells and the tie-in of 16 new wells during the quarter. Additionally, the Company invested 23.7 $MM in development
facilities, and 30.0 $MM in G&G studies, IT and other projects. The average D&C cost for wells tied-in in Bajada del Palo Oeste during the second semester of 2025, normalized at 2,800 meters of lateral length and 47 stages, was 12.1 $MM per
well.

------

![LOGO](g946648dsp9a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Q4 2025, the Company recorded a free cash flow of 75.6 $MM. Cash flow generated by operating activities was
435.3 $MM, reflecting income tax payments of 32.3 $MM and an increase in working capital of 15.5 $MM. Cash flow used in investing activities reached 359.7 $MM for the quarter, reflecting accrued capex of 355.1 $MM and a 15.9 $MM decrease in
capex-related working capital. Cash flow from financing activities totaled 143.1 $MM, mainly driven by proceeds from borrowings of 618.3 $MM, partially offset by the repayment of borrowings' capital for 367.6 $MM and the payment of
borrowings' interests of 74.6 $MM. <sup>(2)</sup>

(1) Revenues for Q4 2025 as filed and reported were 719 $MM. For comparison purposes, revenues, avg. realized oil
price and selling expenses exclude 29.8 $MM of Sea freight selling expenses, collected as revenues and incurred by our trading subsidiary VEISA in Q4 2025.

(2) Q4 2025 Cash flow from financing activities is the sum of: (i) cash flow generated by financing activities
for 141.8 $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for -5.9 $MM; (iii) the variation in Government bonds for 1.7
$MM; and (iv) Other investments for 5.6 $MM.

------

![LOGO](g946648dsp9a.jpg)

**Full year 2025 highlights:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During 2025, the Company completed and tied-in 74 new shale oil net
wells. Nine pads were tied-in in Bajada del Palo Oeste (BPO-31 to BPO-39), which added 36 new wells on production; three pads
were tied-in in Bajada del Palo Este (BPE-8 to BPE-10), which added 9 new wells on production; one 4-well pad was tied-in in Aguada Federal (AF-9); and 25 net wells were tied-in in La Amarga Chica. Total shale production
averaged 110,666 boe/d in 2025. The number of cumulative shale wells tied-in increased to 153 in Bajada del Palo Oeste, 153 in La Amarga Chica (reflecting Vista's 50% working interest), 26 in Bajada del
Palo Este, 17 in Aguada Federal and 2 in Águila Mora, for a total of 351 net cumulative shale wells tied-in in Vaca Muerta by year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total proved reserves as of December 31, 2025, totaled 588.1 MMboe, a 57% increase compared to 375.2 MMboe
as of December 31, 2024. The increase was mainly driven by solid progress in the Vaca Muerta development hub and the acquisition of 50% working interest in La Amarga Chica block in April 2025. The implied reserve replacement ratio was 605%,
while the organic reserve replacement ratio (excluding acquisitions) was 260%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During 2025, total production was 115,479 boe/d, composed of 100,104 bbl/d of oil, representing 86.7% of the
total production, 2.36 MMm3/d of natural gas, representing 12.9% of the total production, and 534 boe/d of NGL, representing the remaining 0.4%. Total production in 2025 increased 66% vis-à -vis 2024. The Company exported 22.2 MMbbl of oil, a 109% increase y-o-y, which represented 61% of oil sales volumes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During 2025, the average realized crude oil price was 62.9 $/bbl, a 9% decrease compared to 2024. The average
realized natural gas price during 2025 was 2.6 $/MMBtu, an 18% decrease compared to 2024. <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenues during 2025 were 2,444 $MM, a 48% increase compared to 1,648 $MM during 2024, mainly driven by oil
production growth. Net oil revenues from sales at export parity prices, combining both international and domestic markets, were 2,241 $MM, or 98% of total net oil revenues. Net revenues from oil and gas exports were 1,403 $MM in 2025, an 83%
increase y-o-y and representing 59% of total net revenues. <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lifting cost in 2025 was 4.4 $/boe, down from 4.6 $/boe in 2024, reflecting the benefits of a larger scale and
continuous focus on efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selling expenses in 2025 were 4.5 $/boe, 19% below 2024, mainly driven by the elimination of trucking as of the
end of Q1 2025, as the Oldelval Duplicar pipeline became online.<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During 2025, the Company reduced scope 1 and 2 GHG emissions intensity by 23% vis-à-vis 2024, from 8.8 kg
CO2e/boe to 6.8 kg CO2e/boe.

------

![LOGO](g946648dsp9a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA during 2025 was 1,596 $MM, resulting in an Adjusted EBITDA margin of 65%, and a 46% increase
compared to an Adjusted EBITDA of 1,092 $MM during 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income during 2025 totaled 719 $MM, compared to 478 $MM in 2024, mainly impacted by higher Profit before
income tax (including the gain from the Acquisition of La Amarga Chica of 491 $MM), partially offset by a higher Income tax expense. Adjusted net income during 2025 totaled 340 $MM, compared to 194 $MM during 2024. EPS was 7.0 $/share in 2025,
compared to 5.0 $/share in 2024. Adjusted EPS was 3.3 $/share in 2025, compared to 2.0 $/share in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total capex for 2025 was 1,331 $MM, of which 1,141 $MM were invested in the Company's shale oil wells
(including La Amarga Chica), 114 $MM in development facilities, and 76 $MM in G&G studies, IT and other projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2025, the Company recorded a negative free cash flow of 1,553 $MM. Cash flow generated by operating activities
was 796 $MM, while cash flow used in investing activities reached 2,349 $MM for the year (including 842 $MM used in La Amarga Chica Acquisition, net of cash). Cash flow generated by financing activities totaled 1,327 $MM, mainly driven by proceeds
from borrowings of 2,838 $MM, partially offset by payment of borrowings' principal of 1,174 $MM, payment of borrowings' interests of 148 $MM and the repurchase of shares of 50 $MM. <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash at the end of 2025 was 538 $MM. Gross debt totaled 3,154 $MM as of year-end, resulting in a net debt of 2,616 $MM. At year-end 2025, net leverage ratio was 1.5x on a pro forma basis and 1.6x on a non-pro forma basis. <sup>(3)</sup>

(1) Revenues for 2025 as filed and reported were 2,474 $MM. For comparison purposes, revenues, avg. realized oil
price and selling expenses exclude 29.8 $MM of Sea freight selling expenses, collected as revenues and incurred by our trading subsidiary VEISA in Q4 2025.

(2) 2025 Cash flow from financing activities is the sum of: (i) cash flow generated by financing activities
for 1,328 $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for -4 $MM; (iii) the variation in Government bonds for -2 $MM; and (iv) Other investments for 6 $MM.

(3) Pro forma values calculated as if La Amarga Chica Acquisition had occurred on January 1, 2024. Pro forma
Net Leverage Ratio (1.5x) = (Gross financial debt (3,154 $MM) – Cash, bank balances and other short-term investments (538 $MM)) / Pro forma LTM Adj. EBITDA (1,752 $MM).

------

![LOGO](g946648dsp9a.jpg)

**Vista FY 2025 and Q4 2025 results** 

**P1 Reserves** 

Proved ("P1") reserves as of December 31, 2025, were 588.1 MMboe, an interannual increase of 57% or 212.9 MMboe. Including acquisitions, additions to P1 reserves totaled 255.1 MMboe, implying a reserves replacement ratio of 605%. Vista's organic reserve replacement ratio (excluding acquisitions) was 260%. <sup>(1)</sup>

The Company has booked 698 proved net well locations, of which 357 were booked as Proved developed and 341 were booked as Proved undeveloped. The table below shows the certified P1 reserves breakdown:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Proved reserves breakdown by type (MMboe)** | **2025** | **2024** | **∆ y (MMboe)** | **∆ y/y (%)** |
|  **Proved developed reserves** | **232.5** | **129.2** | **103.2** | **80%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil | 208.4 | 109.1 | 99.3 | 91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas | 24.1 | 20.1 | 3.9 | 20% |
|  **Proved undeveloped reserves** | **355.7** | **246.0** | **109.7** | **45%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil | 314.7 | 213.5 | 101.2 | 47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas | 41.0 | 32.5 | 8.5 | 26% |
|  **Total proved reserves** | **588.1** | **375.2** | **212.9** | **57%** |

---

Considering a total production of 42.1 MMboe for 2025, the implied reserve replacement ratio was 605% and the implied P1 reserves life was 14.0 years. Vista's organic reserve replacement ratio (excluding acquisitions) was 260%.

---

| | | | |
|:---|:---|:---|:---|
| **Reserves replacement ratio** | **Oil (MMbbl)** | **Natural Gas (MMboe)** | **Total (MMboe)** |
|  Proved reserves YE 2024 | 322.6 | 52.7 | 375.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (-) Production | (36.7) | (5.4) | (42.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Total additions | 237.2 | 17.8 | 255.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions <sup>(2)</sup> | 131.9 | 13.3 | 145.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organic additions | 105.3 | 4.5 | 109.8 |
|  **Proved reserves YE 2025** | **523.0** | **65.1** | **588.1** |
|  **Reserves replacement ratio <sup>(3)</sup>** | **646%** | **329%** | **605%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organic reserve replacement ratio <sup>(4)</sup> | 287% | 83% | 260% |
|  **Reserves life (years)** | **14.2** | **12.0** | **14.0** |

---

(1) Excludes the acquisition of 100% of the capital stock of Petronas E&P Argentina S.A., which holds 50%
working interest in La Amarga Chica unconventional concession ("La Amarga Chica Acquisition", see Glossary), and the assignment of Trafigura's interest in 10 pads in Bajada del Palo Oeste to Vista Argentina (the "Trafigura
Agreement", see Glossary).

(2) Acquisitions include 139.2 MMboe from La Amarga Chica Acquisition and 6.1 MMboe from the Trafigura Agreement

(3) Reserve replacement ratio is calculated as Total additions divided by Production

(4) Organic reserve replacement ratio is calculated as Organic additions (i.e. Total additions minus Acquisitions)
divided by Production

------

![LOGO](g946648dsp9a.jpg)

The table below shows the certified P1 reserves breakdown by concession:

---

| | | | |
|:---|:---|:---|:---|
| **Proved net reserves by concession** | **Oil (MMbbl)** | **Natural Gas (MMboe)** | **Total (MMboe)** |
|  Bajada del Palo Oeste | 248.4 | 36.9 | 285.3 |
|  La Amarga Chica | 138.9 | 12.4 | 151.3 |
|  Bajada del Palo Este | 91.6 | 6.6 | 98.3 |
|  Aguada Federal | 42.4 | 6.6 | 49.0 |
|  Conventional Assets <sup>(1)</sup> | 1.6 | 2.5 | 4.1 |
|  Aguila Mora | 0.1 | 0.0 | 0.2 |
|  Coirón Amargo Norte | 0.0 | 0.0 | 0.0 |
|  Bandurria Norte | 0.0 | 0.0 | 0.0 |
|  **Total** | **523.0** | **65.1** | **588.1** |

---

(1) Conventional Assets include Acambuco, CS-01 and Transferred
Conventional Assets. The latter are operated by Tango Energy S.A. ("Tango", formerly Petrolera Aconcagua Energía S. A.) as of March 1, 2023. Under the agreement, as amended and restated from time to time, Vista is entitled to
20% of crude oil production and reserves and 100% of natural gas and LPG and condensates production and reserves of the Transferred Conventional Assets.

**P1 reserves valuation** 

The estimate of future net cash flows attributable to Vista's interests in the certified P1 reserves as of December 31, 2025, evaluated in accordance with the regulations of the SEC and discounted at 10% per annum, amounted to 6,607 $MM in 2025.

The information included herein regarding estimated quantities of proved reserves is derived from (i) estimates of the proved reserves as of December 31, 2025, from the reports dated January 20, 2026, prepared by DeGolyer and MacNaughton for Vista's concessions located in Argentina and Mexico, and (ii) estimates of the proved reserves as of April 15, 2025, from the report dated May 22, 2025, prepared by DeGolyer and MacNaughton for Vista's working interest in La Amarga Chica.

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![LOGO](g946648dsp9a.jpg)

**Production** 

<u>Average net daily production</u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q4-25** | **Q3-25** | **Q4-24** | **∆ y/y** | **∆ q/q** | **2025** | **2024** | **∆ y/y** |
|  **Total (boe/d)** | **135414** | **126752** | **85276** | **59%** | **7%** | **115479** | **69660** | **66%** |
|  Oil (bbl/d) | 118285 | 109677 | 73491 | 61% | 8% | 100104 | 60418 | 66% |
|  Natural Gas (MMm<sup>3</sup>/d) | 2.62 | 2.65 | 1.81 | 45% | (1)% | 2.36 | 1.42 | 66% |
|  NGL (boe/d) | 666 | 416 | 432 | 54% | 60% | 534 | 300 | 78% |

---

Total production in Q4 2025 was 135,414 boe/d, a 7% increase q-o-q, driven by strong performance in operated and non-operated blocks, and a 59% increase compared to Q4 2024, mainly driven by the acquisition of a 50% working interest in La Amarga Chica block in April 2025. Oil production in Q4 2025 was 118,285 bbl/d, an 8% sequential increase and a 61% increase y-o-y, driven by the tie-in of 40 net wells during Q3 2025 and Q4 2025. Natural gas production during Q4 2025 was 2.62 MMm3/d, a 1% decrease compared to the previous quarter. NGL production in Q4 2025 was 666 boe/d.

<u>Q4 2025 Average net daily production by asset</u> 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Target** | **Interest** | **Oil**<br>**(bbl/d)** | **Oil**<br>**(bbl/d)** | **Natural Gas**<br>**(MMm3/d)** | **Natural Gas**<br>**(MMm3/d)** | **NGL**<br>**(boe/d)** | **NGL**<br>**(boe/d)** | **Total**<br>**(boe/d)** | **Total**<br>**(boe/d)** |  |
|  **Total WI production per concession** |  |  |  | **118285** |  | **2.62** |  | **666** |  | **135414** |  |
|  Aguada Federal | Shale | 100% |  | 6517 |  | 0.13 |  | 28 |  | 7371 |  |
|  Águila Mora | Shale | 90% |  | 333 |  | 0.01 |  |  |  | 418 |  |
|  Bajada del Palo Este | Shale | 100% |  | 12778 |  | 0.16 |  | 15 |  | 13821 |  |
|  Bajada del Palo Oeste | Shale | 100% |  | 53806 |  | 1.20 |  | 78 |  | 61445 |  |
|  Bandurria Norte | Shale | 100% |  |  |  |  |  |  |  |  |  |
|  Bajada del Palo Este | Conventional | 100% |  |  |  |  |  |  |  |  |  |
|  Bajada del Palo Oeste | Conventional | 100% |  |  |  | 0.03 |  |  |  | 173 |  |
|  Coirón Amargo Norte | Conventional | 84.6% |  |  |  |  |  |  |  |  |  |
|  CS-01 (Mexico) <sup>(1)</sup> | Conventional | 100% |  | 154 |  | 0.00 |  |  |  | 158 |  |
|  **Total operated production** |  |  |  | **73588** |  | **1.54** |  | **121** |  | **83385** |  |
|  La Amarga Chica | Shale | 50% |  | 43446 |  | 0.83 |  |  |  | 48643 |  |
|  25 de Mayo-Medanito SE <sup>(2)</sup> | Conventional |  |  | 311 |  | 0.01 |  |  |  | 397 |  |
|  Acambuco | Conventional | 1.5% |  | 14 |  | 0.02 |  |  |  | 139 |  |
|  Agua Amarga <sup>(2)</sup> | Conventional |  |  | 39 |  | 0.02 |  | 35 |  | 179 |  |
|  Entre Lomas <sup>(2)</sup> | Conventional |  |  | 597 |  | 0.13 |  | 511 |  | 1903 |  |
|  Jagüel de los Machos <sup>(2)</sup> | Conventional |  |  | 288 |  | 0.08 |  |  |  | 769 |  |
|  **Total non-operated production** |  |  |  | **44697** |  | **1.08** |  | **545** |  | **52030** |  |
|  *Total shale production* |  |  | | *116880* | | *2.34* | | *121* | | *131696* | |
|  *Total conventional production* |  |  | | *1405* | | *0.28* | | *545* | | *3718* | |

---

(1) On November 6, 2025, the Company submitted a notice of irrevocable relinquishment of the CS-01 block to the Mexican Secretariat of Energy ("SENER" by its acronym in Spanish), which is pending confirmation to the date of issuance of this earnings release.

(2) Transferred Conventional Assets operated by Aconcagua, effective March 1, 2023. Under the latest amendment
to the agreement, entered into in September 2025, Vista is entitled to 20% of crude oil production and reserves, and 100% of natural gas and LPG and condensates production and reserves of the Transferred Conventional Assets.

------

![LOGO](g946648dsp9a.jpg)

**Revenues** 

<u>Total revenues per product</u> 

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Revenues per product—in $MM** | **Q4-25** | **Q4-25** | **Q3-25** | **Q3-25** | **Q4-24** | **Q4-24** | **∆ y/y** | **∆ y/y** | **∆ q/q** | **∆ q/q** | **2025** | **2025** | **2024** | **2024** | **∆ y/y** | **∆ y/y** |
|  **Revenues** |  | **719.1** |  | **706.1** |  | **471.3** |  | **53%** |  | **2%** |  | **2474.2** |  | **1647.8** |  | **50%** |
|  Sea freight selling expenses |  | (29.8) |  |  |  |  |  |  |  |  |  | (29.8) |  |  |  |  |
|  **Revenues, net of sea freight exp.** |  | **689.2** |  | **706.1** |  | **471.3** |  | **46%** |  | **(2)%** |  | **2444.4** |  | **1647.8** |  | **48%** |
|  Export Duties |  | (19.7) |  | (18.8) |  | (19.3) |  | 2% |  | 4% |  | (73.7) |  | (59.5) |  | 24% |
|  **Net Revenues** |  | **669.6** |  | **687.3** |  | **451.9** |  | 48% |  | (3)% |  | **2370.7** |  | **1588.2** |  | 49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil |  | 651.8 |  | 657.5 |  | 435.4 |  | 50% |  | (1)% |  | 2281.4 |  | 1513.5 |  | 51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Export market* | | *418.7* | | *411.0* | | *242.8* | | *72 %* | | *2 %* | | *1391.0* | | *748.0* | | *86 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Domestic market* | | *233.1* | | *246.6* | | *192.6* | | *21 %* | | *(5)%* | | *890.4* | | *765.5* | | *16 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Domestic market at export parity* | | *233.1* | | *246.6* | | *73.3* | | *218 %* | | *(5)%* | | *850.1* | | *310.1* | | *174 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas |  | 16.1 |  | 28.6 |  | 15.2 |  | 6% |  | (44)% |  | 83.1 |  | 71.8 |  | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Export market* | | *2.4* | | *3.4* | | *3.9* | | *(37)%* | | *(29)%* | | *11.9* | | *19.9* | | *(40)%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Domestic market* | | *13.6* | | *25.2* | | *11.3* | | *20 %* | | *(46)%* | | *71.2* | | *51.9* | | *37 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGL |  | 1.7 |  | 1.1 |  | 1.4 |  | 26% |  | 51% |  | 6.2 |  | 2.9 |  | 110% |

---

<u>Average realized prices per product</u> 

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product** | **Q4-25** | **Q4-25** | **Q3-25** | **Q3-25** | **Q4-24** | **Q4-24** | **∆ y/y** | **∆ y/y** | **∆ q/q** | **∆ q/q** | **2025** | **2025** | **2024** | **2024** | **∆ y/y** | **∆ y/y** |
|  Oil ($/bbl) |  | 58.9 |  | 64.6 |  | 67.1 |  | (12)% |  | (9)% |  | 62.9 |  | 69.2 |  | (9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Export market* | | *59.0* | | *64.8* | | *66.6* | | *(11)%* | | *(9)%* | | *62.5* | | *70.3* | | *(11)%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Domestic market* | | *58.7* | | *64.4* | | *67.8* | | *(13)%* | | *(9)%* | | *63.5* | | *68.1* | | *(7)%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Domestic market at export parity* | | *58.7* | | *64.4* | | *68.1* | | *(14)%* | | *(9)%* | | *63.5* | | *74.8* | | *(15)%* |
|  Natural Gas ($/MMBTU) |  | 1.8 |  | 3.3 |  | 2.3 |  | (23)% |  | (46)% |  | 2.6 |  | 3.2 |  | (18)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Export market* | | *5.0* | | *5.9* | | *6.5* | | *(23)%* | | *(16)%* | | *5.6* | | *7.1* | | *(21)%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Domestic market* | | *1.6* | | *3.1* | | *1.9* | | *(15)%* | | *(49)%* | | *2.4* | | *2.6* | | *(9)%* |
|  NGL ($/tn) |  | 344 |  | 365 |  | 360 |  | (4)% |  | (6)% |  | 395 |  | 324 |  | 22% |

---

<u>Total sales volumes per product</u> 

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product** | **Q4-25** | **Q4-25** |  | **Q3-25** | **Q3-25** | **Q4-24** | **Q4-24** | **∆ y/y** | **∆ y/y** | **∆ q/q** | **∆ q/q** | **2025** | **2025** | **2024** | **2024** | **∆ y/y** | **∆ y/y** |
|  Oil (MMbbl) |  | 11.1 | <sup>(1)</sup> |  | 10.2 |  | 6.5 |  | 71% |  | 9% |  | 36.3 |  | 21.9 |  | 66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Export market* | | *7.1* | | | *6.3* | | *3.6* | | *95 %* | | *12 %* | | *22.2* | | *10.6* | | *109 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Domestic market* | | *4.0* | | | *3.8* | | *2.8* | | *40 %* | | *4 %* | | *14.0* | | *11.2* | | *25 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Domestic market at export parity* | | *4.0* | | | *3.8* | | *1.1* | | *269 %* | | *4 %* | | *13.4* | | *4.1* | | *224 %* |
|  Natural Gas (millions of MMBTU) |  | 9.1 |  |  | 8.7 |  | 6.6 |  | 37% |  | 4% |  | 32.1 |  | 22.8 |  | 41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Export market* | | *0.5* | | | *0.6* | | *0.6* | | *(18)%* | | *(15)%* | | *2.1* | | *2.8* | | *(24)%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Domestic market* | | *8.6* | | | *8.2* | | *6.0* | | *42 %* | | *5 %* | | *29.9* | | *19.9* | | *50 %* |
|  NGL (Mtn) |  | 5.0 |  |  | 3.1 |  | 3.8 |  | 32% |  | 60% |  | 15.6 |  | 9.1 |  | 72% |

---

(1) Inventory withdrawal of 0.19 MMbbl, resulting from a production of 10.88 MMbbl and sales of 11.07 MMbbl.

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![LOGO](g946648dsp9a.jpg)

During Q4 2025, Vista Energy International S.A. ("VEISA"), the Company's dedicated trading arm, started operations. VEISA is a company fully owned by Vista. Although VEISA sells mostly on a CIF (Cost, Insurance and Freight), CFR (Cost and Freight) or DAP (Delivered At Place) basis, for consistency purposes we will continue to report sales and realized prices on a FOB (Free On Board) equivalent basis.

During Q4 2025, total revenues were 719.1 $MM. Excluding Sea freight selling expenses, total revenues were 689.2 $MM, 46% above Q4 2024, mainly driven by oil production growth, and partially offset by lower oil prices. Total revenues were 2% below Q3 2025, as oil production growth was offset by lower oil prices. Net revenues were 669.6 $MM. Net revenues from oil and gas exports were 421.2 $MM, representing 63% of total net revenues.

Crude oil net revenues in Q4 2025 totaled 651.8 $MM, representing 97.3% of total net revenues and a 50% increase compared to Q4 2024, driven by oil production growth and partially offset by lower realized oil prices. On a sequential basis, oil net revenues decreased by 1%, as lower oil prices offset a 7% production increase. Average realized oil price during the quarter was 58.9 $/bbl, 12% below Q4 2024 and 9% below Q3 2025. Net oil revenues from sales at export parity prices, combining both international and domestic markets, were 100% of total net oil revenues.

During Q4 2025, the Company exported 64% of crude oil sales volumes at a realized price of 59.0 $/bbl. Net revenues from the oil export market accounted for 64% of net oil revenues, reaching 418.7 $MM.

Natural gas net revenues in Q4 2025 were 16.1 $MM, representing 2.4% of total net revenues. The average realized natural gas price for the quarter was 1.8 $/MMBtu, a 23% decrease compared to Q4 2024. Plan GasAr represented 38% of total natural gas sales volume, with an average realized price of 2.5 $/MMBtu during the quarter. Sales to industrial clients represented 57% of total natural gas sales volume at an average realized price of 1.0 $/MMBtu. The remaining 5% of total natural gas sales volume was exported at an average realized price of 5.0 $/MMBtu, a 23% price decrease compared to Q4 2024.

NGL net revenues were 1.7 $MM during Q4 2025, representing 0.3% of total net revenues. NGL average price was 344 $/tn.

**Lifting Cost** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q4-25** | **Q4-25** | **Q3-25** | **Q3-25** | **Q4-24** | **Q4-24** | **∆ y/y** | **∆ y/y** | **∆ q/q** | **∆ q/q** | **2025** | **2024** | **∆ y/y** |
|  **Lifting Cost ($MM)** |  | **50.8** |  | **51.8** |  | **36.6** |  | **39%** |  | **(2)%** | **186.9** | **116.5** | **60%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Lifting cost ($/boe)* | | *4.1* | | *4.4* | | *4.7* | | *(12)%* | | *(8)%* | 4.4 | 4.6 | **(3)%** |

---

Lifting cost during Q4 2025 was 50.8 $MM, a 2% decrease q-o-q. On a per-unit basis, lifting cost in Q4 2025 was 4.1 $/boe, 8% below the previous quarter and 12% below Q4 2024, reflecting the dilution of fixed costs due to production growth and focus on cost control.

------

![LOGO](g946648dsp9a.jpg)

**Selling Expenses** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q4-25** | **Q4-25** | **Q3-25** | **Q3-25** | **Q4-24** | **Q4-24** | **∆ y/y** | **∆ y/y** | **∆ q/q** | **∆ q/q** | **2025** | **2024** | **∆ y/y** |
|  **Selling expenses ($MM)** |  | **51.9** |  | **48.8** |  | **62.5** |  | **(17)%** |  | **6%** | **188.2** | **140.3** | **34%** |
|  *Selling expenses ($/boe)* | | *4.2* | | *4.2* | | *8.0* | | *(48)%* | | *(0)%* | 4.5 | 5.5 | (19)% |

---

Selling expenses as filed and reported were 81.8 $MM in Q4 2025 and 218.1 $MM in 2025. For comparison purposes, figures shown in this section exclude 29.8 $MM of Sea freight selling expenses incurred by VEISA, leading to selling expenses of 51.9 $MM in Q4 2025 and 188.2 $MM in 2025. On a per unit basis, selling expenses in Q4 2025 were 4.2 $/boe, a 48% decrease y-o-y, driven by the elimination of trucking as of the end of Q1 2025, as the Oldelval Duplicar pipeline became online.

**Adjusted EBITDA** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted EBITDA reconciliation**<br> **($MM)** | **Q4-25** | **Q3-25** | **Q4-24** | **∆ y** | **∆ q** | **2025** | **2024** | **∆ y** |
|  **Profit for the period, net** | **85.7** | **315.3** | **93.8** | **(8.1)** | **(229.6** | **719.1** | **477.5** | **241.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Income tax expense / (benefit) | 52.7 | 122.2 | 30.9 | 21.8 | (69.5) | 285.6 | 113.3 | 172.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Financial income (expense), net | 72.9 | 95.1 | 4.7 | 68.2 | (22.2) | 240.9 | 34.6 | 206.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Income (loss) from investment in associates | 1.5 | 2.8 |  | 1.5 | (1.3) | 5.2 |  | 5.2 |
|  **Operating profit** | **212.8** | **535.4** | **129.4** | **83.3** | **(322.7** | **1250.8** | **625.4** | **625.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Depreciation, depletion and amortization | 225.1 | 210.9 | 139.6 | 85.5 | 14.2 | 738.9 | 437.7 | 301.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Restructuring and Reorganization expenses | 1.2 | 5.0 |  | 1.2 | (3.8) | 29.9 |  | 29.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Impairment of long-lived assets |  |  | (4.2) | 4.2 |  | 38.3 | (4.2) | 42.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Gain related to the transfer of conventional assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Other non-cash costs related to the transfer of conventional assets | 5.0 | 9.2 | 8.5 | (3.5) | (4.2) | 29.0 | 33.6 | (4.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Gain from business combination |  | (288.1) |  |  | 288.1 | (490.5) |  | (490.5) |
|  **Adjusted EBITDA <sup>(1)</sup>** | **444.0** | **472.4** | **273.3** | **170.7** | **(28.4** | **1596.3** | **1092.5** | **503.9** |
|  *Adjusted EBITDA Margin (%) <sup>(2)</sup>* | 64% | 67% | 57% | +8p.p. | (2) | 65% | 65% | (0) |

---

(1) Adj. EBITDA = Profit for the period, net + Income tax (expense) / benefit + Financial income (expense), net +
Depreciation, depletion and amortization + Transaction costs related to business combinations + Restructuring and reorganization expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment of long-lived assets + Gain from business combination.

(2) Adj. EBITDA Margin = Adj. EBITDA / (Total Revenues + Gain from Exports Increase Program – Sea freight
selling expenses). Gain from Exports Increase Program is zero as of Q2-25. Adj. EBITDA Margin for Q4-25 (64%) = Adj. EBITDA (444.0 $MM) / (Total Revenues (719.1 $MM) +
Gain from Exports Increase Program (0.0 $MM) – Sea freight selling expenses (-29.8 $MM)).

------

![LOGO](g946648dsp9a.jpg)

Adjusted EBITDA was 444.0 $MM in Q4 2025, a 62% increase compared to 273.3 $MM in Q4 2024, mainly driven by production growth, combining organic growth and the consolidation of 50% working interest in La Amarga Chica.

On a sequential basis, Adjusted EBITDA decreased by 6% in Q4 2025, driven by lower oil and gas prices, which offset production growth. Adjusted EBITDA margin was 64%, 8 p.p. above Q4 2024.

**Net Income and Adjusted Net Income** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted Net Income reconciliation**<br> **($MM)** | **Q4-25** | **Q4-25** | **Q3-25** | **Q3-25** | **Q4-24** | **Q4-24** | **∆ y** | **∆ q** | **2025** | **2024** | **∆ y** |
|  **Profit for the period, net** |  | **85.7** |  | **315.3** |  | **93.8** | **(8.1)** | **(229.6)** | **719.1** | **477.5** | **241.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Deferred Income tax |  | (39.2) |  | 119.1 |  | (76.0) | 36.8 | (158.3) | 44.0 | (313.0) | 356.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Changes in the fair value of Warrants |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Impairment of long-lived assets |  |  |  |  |  | (4.2) | 4.2 |  | 38.3 | (4.2) | 42.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Gain related to the transfer of conventional assets |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Other non-cash costs related to the transfer of conventional assets |  | 5.0 |  | 9.2 |  | 8.5 | (3.5) | (4.2) | 29.0 | 33.6 | (4.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Gain from Business Combination |  |  |  | (288.1) |  |  |  | 288.1 | (490.5) |  | (490.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Adjustments to Net Income** |  | **(34.2** |  | **(159.8** |  | **(71.7** | **37.4** | **125.6** | **(379.3)** | **(283.6)** | **(95.7)** |
|  **Adjusted Net Income** |  | **51.5** |  | **155.5** |  | **22.1** | **29.4** | **(104.0)** | **339.8** | **193.9** | **145.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Adjusted EPS ($/share) <sup>(1)</sup>* | | *0.49* | | *1.48* | | *0.23* | 0.26 | (0.99) | 3.31 | 2.02 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *EPS ($/share) <sup>(1)</sup>* | | *0.82* | | *3.01* | | *0.98* | (0.16) | (2.18) | 7.02 | 4.98 | 2.0 |

---

Net income in Q4 2025 was 85.7 $MM, compared to 93.8 $MM in Q4 2024, mainly driven by (a) higher Adjusted EBITDA of 444.0 $MM in Q4 2025 compared to 273.3 $MM in Q4 2024, partially offset by (b) higher Depreciation, depletion and amortization of 225.1 $MM in Q4 2025 compared to 139.6 $MM in Q4 2024, (c) higher Financial expense, net of 72.9 $MM in Q4 2025 compared to 4.7 $MM in Q4 2024, and (d) higher Income tax expense of 52.7 $MM in Q4 2025, compared to 30.9 $MM in Q4 2024.

Adjusted Net Income in Q4 2025 was 51.5 $MM, compared to an Adjusted Net Income of 22.1 $MM in Q4 2024, mainly driven by (a) higher Adjusted EBITDA and (b) a lower Current income tax expense of 91.9 $MM in Q4 2025 compared to 106.9 $MM in Q4 2024, partially offset by (c) higher Depreciation, depletion and amortization, and (d) higher Financial expense, net (as explained above).

EPS was 0.82 $/share in Q4 2025, compared to 0.98 $/share in Q4 2024 and 3.01 $/share in Q3 2025. Adjusted EPS was 0.49 $/share in Q4 2025, compared to 0.23 $/share in Q4 2024 and 1.48 $/share in Q3 2025. <sup>(1)</sup>

(1) EPS (Earnings per share): Profit for the period, net divided by weighted average number of ordinary shares.
Adjusted EPS (Earnings per share): Adjusted Net Income divided by weighted average number of ordinary shares. The weighted average number of ordinary shares for Q4 2025, Q3 2025, Q4 2024, 2025 and 2024 were 104,269,588, 104,896,801, 95,223,600,
102,499,637 and 95,906,449 respectively.

------

![LOGO](g946648dsp9a.jpg)

**Capex** 

Capex during Q4 2025 was 355.1 $MM. The Company invested 301.3 $MM in drilling, completion and workover of Vaca Muerta wells, mainly in connection with the drilling of 22 wells, the completion of 18 wells and the tie-in of 16 new wells during the quarter. Additionally, the Company invested 23.7 $MM in development facilities, and 30.0 $MM in G&G studies, IT and other projects. The average D&C cost for wells tied-in in Bajada del Palo Oeste during the second semester of 2025, normalized at 2,800 meters of lateral length and 47 stages, was 12.1 $MM per well.

<u>Wells tied-in during Q4 2025</u> 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Concession** | **Well name** | **Pad number** | **Landing zone** | **Lateral length (mts)** | **Total frac stages** |
|  Bajada del Palo Oeste | 2840 | BPO-38 | La Cocina | 2451 | 42 |
|  Bajada del Palo Oeste | 2842 | BPO-38 | La Cocina | 2657 | 43 |
|  Bajada del Palo Oeste | 2843 | BPO-38 | Organic | 2641 | 46 |
|  Bajada del Palo Oeste | 2844 | BPO-38 | La Cocina | 2833 | 47 |
|  Bajada del Palo Oeste | 2845 | BPO-38 | La Cocina | 2948 | 49 |
|  Bajada del Palo Oeste | 2631 | BPO-39 | La Cocina | 2871 | 50 |
|  Bajada del Palo Oeste | 2632 | BPO-39 | Organic | 2871 | 50 |
|  Bajada del Palo Oeste | 2633 | BPO-39 | La Cocina | 2871 | 50 |
|  Bajada del Palo Oeste | 2634 | BPO-39 | Organic | 2813 | 49 |
|  Bajada del Palo Este | 2193 | BPE-10 | La Cocina | 2813 | 49 |
|  Bajada del Palo Este | 2194 | BPE-10 | La Cocina | 2698 | 47 |
|  Bajada del Palo Este | 2195 | BPE-10 | La Cocina | 3158 | 55 |

---

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![LOGO](g946648dsp9a.jpg)

**Financial overview** 

During Q4 2025, Vista maintained a solid balance sheet, with a cash position at the end of the quarter of 538.4 $MM. Cash flow generated by operating activities was 435.3 $MM, reflecting the decrease in Adj. EBITDA compared to the previous quarter, income tax payments of 32.3 $MM, and an increase in working capital of 15.5 $MM. Cash flow used in investing activities reached 359.7 $MM for the quarter, reflecting accrued capex of 355.1 $MM and a 15.9 $MM decrease in capex-related working capital. In Q4 2025, the Company recorded a free cash flow of 75.6 $MM.

In Q4 2025, cash flow from financing activities totaled 143.1 $MM, mainly driven by proceeds from borrowings of 618.3 $MM, partially offset by the repayment of borrowings' principal of 367.6 $MM and the payment of borrowings' interests for 74.6 $MM. <sup>(1)</sup>

Gross debt totaled 3,154.1 $MM as of quarter end, resulting in a net debt of 2,615.7 $MM. At the end of Q4 2025, net leverage ratio was 1.5x on a pro forma basis and 1.6x on a non-pro forma basis, compared to 1.5x on pro forma basis by quarter end Q3 2025. <sup>(2)</sup>

(1) Q4 2025 Cash flow from financing activities is the sum of: (i) cash flow generated by financing activities
for 141.8 $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for -5.9 $MM; (iii) the variation in Government bonds for 1.7 $MM; and (iv) Other investments for
5.6 $MM.

(2) Pro forma values calculated as if La Amarga Chica Acquisition had occurred on January 1, 2024. Pro forma
Net Leverage Ratio (1.5x) = (Gross financial debt (3,154.1 $MM) – Cash, bank balances and other short-term investments (538.4 $MM)) / Pro forma LTM Adj. EBITDA (1,752.0 $MM).

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![LOGO](g946648dsp9a.jpg)

**Vista Energy S.A.B. de C.V.** 

**Profit for the period** 

(Amounts expressed in thousand U.S. Dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
|  **Total Revenues <sup>(1)</sup>** | **719064** | **706135** | **471318** | **2474197** | **1647768** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil | 701318 | 676363 | 454703 | 2384912 | 1573069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas | 16036 | 28641 | 15257 | 83104 | 71756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGL and others | 1710 | 1131 | 1358 | 6181 | 2943 |
|  **Cost of Sales** | **(378374)** | **(368944)** | **(254678)** | **(1299167)** | **(830025)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating costs | (50805) | (51786) | (36556) | (186945) | (116526) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude oil stock fluctuation | (3195) | 1415 | 3913 | 1046 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalties and others | (94281) | (98523) | (73896) | (345349) | (243950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, depletion and amortization | (225095) | (210891) | (139618) | (738903) | (437699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-cash costs related to the transfer of conventional assets | (4998) | (9159) | (8521) | (29016) | (33570) |
|  **Gross profit** | **340690** | **337191** | **216640** | **1175030** | **817743** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling expenses <sup>(1)</sup> | (81783) | (48816) | (62527) | (218072) | (140334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses | (52619) | (37347) | (35207) | (147709) | (108954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration expenses | (90) | (144) | (102) | (578) | (138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income | 8509 | 289802 | 6467 | 512793 | 54127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses | (1948) | (5273) | (64) | (32382) | (1261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets |  |  | 4207 | (38252) | 4207 |
|  **Operating profit** | **212759** | **535413** | **129414** | **1250830** | **625390** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) from investments in associates | (1468) | (2767) | **—** | (5214) | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1661 | 7603 | 1375 | 10594 | 4535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (50096) | (48873) | (25361) | (163356) | (62499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial income (expense) | (24462) | (53872) | 19259 | (88183) | 23401 |
|  **Other financial income (expense), net** | **(72897)** | **(95142)** | **(4727)** | **(240945)** | **(34563)** |
|  **Profit before income tax** | **138394** | **437504** | **124687** | **1004671** | **590827** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current income tax (expense)/benefit | (91930) | (3119) | (106897) | (241657) | (426288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax (expense)/benefit | 39231 | (119099) | 75981 | (43951) | 312982 |
|  **Income tax (expense)/benefit** | **(52699)** | **(122218)** | **(30916)** | **(285608)** | **(113306)** |
|  **Profit for the period, net** | **85695** | **315286** | **93771** | **719063** | **477521** |

---

(1) Includes 29.8 $MM of Sea freight selling expenses, collected as revenues and incurred by our trading subsidiary
VEISA in Q4 2025.

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![LOGO](g946648dsp9a.jpg)

**Vista Energy S.A.B. de C.V.** 

**Consolidated Balance Sheet** 

(Amounts expressed in thousand U.S. Dollars)

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2024** |
|  Property, plant and equipment | 5543032 | 2805983 |
|  Goodwill | 22576 | 22576 |
|  Other intangible assets | 18485 | 15443 |
|  Right-of-use assets | 153283 | 105333 |
|  Biological assets | 15855 | 10027 |
|  Investments in associates | 54542 | 11906 |
|  Trade and other receivables | 373026 | 205268 |
|  Deferred income tax assets | 36514 | 3565 |
|  **Total noncurrent assets** | **6217313** | **3180101** |
|  Inventories | 9457 | 6469 |
|  Trade and other receivables | 347681 | 281495 |
|  Cash, bank balances and other short-term investments | 538402 | 764307 |
|  **Total current assets** | **895540** | **1052271** |
|  **Total assets** | **7112853** | **4232372** |
|  Deferred income tax liabilities | 298664 | 64398 |
|  Lease liabilities | 88451 | 37638 |
|  Provisions | 51513 | 33058 |
|  Borrowings | 2803982 | 1402343 |
|  Employee benefits | 16226 | 15968 |
|  Income tax liability | 13964 |  |
|  Trade and other payables | 292236 |  |
|  **Total noncurrent liabilities** | **3565036** | **1553405** |
|  Provisions | 10800 | 3910 |
|  Lease liabilities | 55452 | 58022 |
|  Borrowings | 350095 | 46224 |
|  Salaries and payroll taxes | 35891 | 32656 |
|  Income tax liability | 120910 | 382041 |
|  Other taxes and royalties | 43945 | 47715 |
|  Trade and other payables | 419130 | 487186 |
|  **Total current liabilities** | **1036223** | **1057754** |
|  **Total liabilities** | **4601259** | **2611159** |
|  **Total equity** | **2511594** | **1621213** |
|  **Total equity and liabilities** | **7112853** | **4232372** |

---

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![LOGO](g946648dsp9a.jpg)

**Vista Energy S.A.B. de C.V.** 

**Consolidated Income Statement** 

(Amounts expressed in thousand U.S. Dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the period from<br>October 1st to<br>December 31, 2025** | **For the period from<br>October 1st to<br>December 31, 2024** | **For the year**<br>**2025** | **For the year**<br>**2024** |
|  **Revenue from contracts with customers** | **719064** | **471318** | **2474197** | **1647768** |
|  Revenues from crude oil sales | 701318 | 454703 | 2384912 | 1573069 |
|  Revenues from natural gas sales | 16036 | 15257 | 83104 | 71756 |
|  Revenues from LPG sales | 1710 | 1358 | 6181 | 2943 |
|  **Cost of sales** | **(378374)** | **(254678)** | **(1299167)** | **(830025)** |
|  Operating costs | (50805) | (36556) | (186945) | (116526) |
|  Crude oil stock fluctuation | (3195) | 3913 | 1046 | 1720 |
|  Royalties and others | (94281) | (73896) | (345349) | (243950) |
|  Depreciation, depletion and amortization | (225095) | (139618) | (738903) | (437699) |
|  Other non-cash costs related to the transfer of conventional assets | (4998) | (8521) | (29016) | (33570) |
|  **Gross profit** | **340690** | **216640** | **1175030** | **817743** |
|  Selling expenses | (81783) | (62527) | (218072) | (140334) |
|  General and administrative expenses | (52619) | (35207) | (147709) | (108954) |
|  Exploration expenses | (90) | (102) | (578) | (138) |
|  Other operating income | 8509 | 6467 | 512793 | 54127 |
|  Other operating expenses | (1948) | (64) | (32382) | (1261) |
|  Reversal (impairment) of long-lived assets |  | 4207 | (38252) | 4207 |
|  **Operating profit** | **212759** | **129414** | **1250830** | **625390** |
|  Income (loss) from investments in associates | (1468) |  | (5214) |  |
|  Interest income | 1661 | 1375 | 10594 | 4535 |
|  Interest expense | (50096) | (25361) | (163356) | (62499) |
|  Other financial income (expense) | (24462) | 19259 | (88183) | 23401 |
|  **Financial income (expense), net** | **(72897)** | **(4727)** | **(240945)** | **(34563)** |
|  **Profit before income tax** | **138394** | **124687** | **1004671** | **590827** |
|  Current income tax (expense) | (91930) | (106897) | (241657) | (426288) |
|  Deferred income tax benefit (expense) | 39231 | 75981 | (43951) | 312982 |
|  **Income tax (expense)** | **(52699)** | **(30916)** | **(285608)** | **(113306)** |
|  **Profit for the year/ period, net** | **85695** | **93771** | **719063** | **477521** |
|  Other comprehensive income for the year/ period | 1259 | 3044 | 23 | (6630) |
|  **Total comprehensive profit for the year/ period** | **86954** | **96815** | **719086** | **470891** |

---

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![LOGO](g946648dsp9a.jpg)

**Vista Energy S.A.B. de C.V.** 

**Consolidated Statement of Cash Flows** 

(Amounts expressed in thousand U.S. Dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the period from<br>October 1st to<br>December 31, 2025** | **For the period from<br>October 1st to<br>December 31, 2024** | **For the year**<br>**2025** | **For the year**<br>**2024** |
|  **Cash flows from operating activities** |  |  |  |  |
|  Profit for the year / period, net | 85695 | 93771 | 719063 | 477521 |
|  **Adjustments to reconcile net cash flows** |  |  |  |  |
|  **Items related to operating activities:** |  |  |  |  |
|  Allowance for expected credit losses |  |  | 44 |  |
|  Share-based payments | 18071 | 6285 | 55989 | 34923 |
|  Net increase in provisions | 794 | 64 | 2507 | 1261 |
|  Net changes in foreign exchange rate | 15006 | (1852) | 144 | 453 |
|  Discount of assets and liabilities at present value | 9833 | (1341) | 23652 | (933) |
|  Discount for well plugging and abandonment | 691 | 449 | 2434 | 1312 |
|  Income tax expense | 52699 | 30916 | 285608 | 113306 |
|  Other non-cash costs related to the transfer of conventional assets | 4998 | 8521 | 29016 | 33570 |
|  Employee benefits | 196 | 266 | 788 | 489 |
|  **Items related to investing activities:** |  |  |  |  |
|  Impairment of long-lived assets |  | (4207) | 38252 | (4207) |
|  Gain from Business Combination |  |  | (490530) |  |
|  Interest income | (1661) | (1375) | (10594) | (4535) |
|  Changes in the fair value of financial assets | (4364) | (7103) | (18471) | (14120) |
|  Depreciation and depletion | 222815 | 137824 | 730248 | 431788 |
|  Amortization of intangible assets | 2280 | 1794 | 8655 | 5911 |
|  Income (loss) from investment in associates | 1468 |  | 5214 |  |
|  **Items related to financing activities:** |  |  |  |  |
|  Interest expense | 50096 | 25361 | 163356 | 62499 |
|  Amortized cost | 54 | 589 | 7880 | 1649 |
|  Interest expense on lease liabilities | 755 | 835 | 3320 | 3093 |
|  Other taxes interest | 1974 |  | 55101 |  |
|  Other financial income (expense) | 513 | (10836) | 14123 | (14855) |
|  **Changes in working capital:** |  |  |  |  |
|  Trade and other receivables | 9304 | 16238 | (221134) | (210622) |
|  Inventories | 3195 | (3913) | (1046) | (1720) |
|  Trade and other payables | (14402) | 81622 | (39172) | 112380 |
|  Payments of employee benefits | (106) | (133) | (494) | (424) |
|  Salaries and payroll taxes | 10339 | 4581 | (109852) | (16247) |
|  Other taxes and royalties | (1716) | (2770) | (24660) | (23396) |
|  Provisions | (962) | 284 | (1600) | (751) |
|  Income tax payment | (32269) | (6385) | (431650) | (29319) |
|  **Net cash flows provided by operating activities** | **435296** | **369485** | **796191** | **959026** |

---

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![LOGO](g946648dsp9a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Cash flows from investing activities:** | | | |  |
|  Payments for acquisitions of property, plant and equipment and biological assets | (339162) | (306486) | (1455411) | (1052530) |
|  Interest received | 1661 | 1375 | 10594 | 4535 |
|  Payments for acquisitions of other intangible assets | (7958) | (6190) | (11720) | (11328) |
|  Proceeds from the transfer of conventional assets |  |  | 5734 | 10734 |
|  Payments for investments in associates | (14198) | (1076) | (56706) | (3287) |
|  Payment for Business Combination, net of cash acquired |  |  | (841555) |  |
|  **Net cash flows (used in) investing activities** | **(359657)** | **(312377)** | **(2349064)** | **(1051876)** |
|  **Cash flows from financing activities:** |  |  |  |  |
|  Proceeds from borrowings | 618256 | 835880 | 2838173 | 1320897 |
|  Payment of borrowings principal | (367591) | (339704) | (1173623) | (470351) |
|  Payment of borrowings interest | (74633) | (33183) | (148310) | (53897) |
|  Payment of borrowings cost | (47) | (6194) | (17935) | (7631) |
|  Payments of other taxes interest | (970) |  | (22045) |  |
|  Payments of other financial results | (513) | 14649 | (7948) | 8680 |
|  Payment of lease | (32737) | (23792) | (90772) | (56641) |
|  Share repurchase |  |  | (50000) | (99846) |
|  **Net cash flow provided by (used in) financing activities** | **141765** | **447656** | **1327540** | **641211** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the period from<br>October 1st to**<br> **December 31, 2025** | **For the period from**<br> **October 1st to**<br> **December 31, 2024** | **For the year<br>2025** | **For the year<br>2024** |
|  **Net increase (decrease) in cash and cash equivalents** | **217404** | **504764** | **(225333)** | **548361** |
|  Cash and cash equivalents at beginning of year / period | 314700 | 249062 | 755610 | 209516 |
|  Effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents | (5920) | 1784 | (4093) | (2267) |
|  Net (decrease) increase in cash and cash equivalents | 217404 | 504764 | (225333) | 548361 |
|  **Cash and cash equivalents at end of year / period** | **526184** | **755610** | **526184** | **755610** |

---

**<u>Note</u>**: Vista's historical operational and financial information is available on the Company's website (<u>https://www.vistaenergy.com/en/investors</u>) in spreadsheet format.

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![LOGO](g946648dsp9a.jpg)

**Glossary, currency and definitions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  **<u>Note</u>** : Amounts are expressed in U.S. Dollars, unless otherwise stated, and in accordance with
International Financial Reporting Standards ("IFRS"). Some of the amounts are unaudited. Amounts may not match with totals due to rounding up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conversion metrics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1 cubic meter of oil = 6.2898 barrels of oil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1,000 cubic meters of gas = 6.2898 barrels of oil equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1 million British thermal units = 27.096 cubic meters of gas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ∆ q/q: Represents the percentage variation quarter on quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ∆ y/y: Represents the percentage variation year on year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ∆ q: Represents the variation in million U.S. Dollars quarter on quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ∆ y: Represents the variation in million U.S. Dollars year on year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $MM: Million U.S. Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $M: Thousand U.S. Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $/bbl: U.S. Dollars per barrel of oil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $/boe: U.S. Dollars per barrel of oil equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $/MMBtu: U.S. Dollars per million British thermal unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $/tn: U.S. Dollars per metric ton.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adj. EBITDA / Adjusted EBITDA: Profit for the period, net + Income tax (expense) / benefit + Financial income
(expense), net + Depreciation, depletion and amortization + Transaction costs related to business combinations + Restructuring and reorganization expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment (reversal) of long-lived assets + Gain from business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA margin: Adjusted EBITDA divided by Total Revenues plus Gain from Exports Increase Program plus
Sea freight selling expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EPS (Earnings per share): Adjusted Net Income divided by weighted average number of ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Net Income: Profit for the year, net + Deferred Income Tax (expense) + Changes in the fair value of the
warrants + Impairment (reversal) of long-lived assets + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Gain from business
combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• boe: Barrels of oil equivalent (see conversion metrics above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• boe/d: Barrels of oil equivalent per day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bbl/d: Barrels of oil per day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CNBV: Mexican National Banking and Securities Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conventional Assets Transaction: assets transferred to Aconcagua, effective on March 1st, 2023. Under the latest
amendment to the agreement, Vista is entitled to 20% of crude oil production and reserves and 100% of natural gas and LPG and condensates production and reserves of the Transferred Conventional Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CO2<sub>e</sub>: Carbon dioxide equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• D&M: DeGolyer and MacNaughton.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EPS (Earnings per share): Net Income/Loss divided by weighted average number of ordinary shares.

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![LOGO](g946648dsp9a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FY 2025: Full (calendar) year 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow is calculated as Operating activities cash flow plus Investing activities cash flow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• G&G: Geological and geophysical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• La Amarga Chica Acquisition: On April 15, 2025, the Company acquired 100% of the capital stock of Petronas
E&P Argentina S.A., which holds 50% working interest in La Amarga Chica unconventional concession, located in Vaca Muerta.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lifting cost includes production, transportation, treatment and field support services; excludes crude oil stock
fluctuations, depreciation, depletion and amortization, royalties and others, selling expenses, exploration expenses, general and administrative expenses and Other non-cash costs related to the transfer of
conventional assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mbbl: Thousands of barrels of oil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MMboe: Million barrels of oil equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MMbbl: Million barrels of oil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MMm<sup>3</sup>/d: Million cubic meters per day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mts: meters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Plan GasAr: refers to the regulation set forth by Resolution No. 391/2020 whereby Vista was allocated 0.86
MMm3/d volume at an average annual price of 3.29 $/MMBtu for a four-year term ending on December 31, 2024. Through Resolutions 860/2022 and 265/2023, Vista's allocated volume increased to 1.14 MMm3/d at the same average annual price for a
second four-year term ending on December 31, 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• p.p: percentage points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proved reserves: the information included regarding estimated quantities of proved reserves is derived from
estimates of the proved reserves as of December 31, 2025. The proved reserves estimates are derived from the reports dated January 20, 2026, prepared by D&M, for Vista's concessions located in Argentina and Mexico ("2025
Reserves Reports"). D&M is an independent reserves engineering consultant. The 2025 Reserves Reports prepared by D&M are based on information provided by Vista and presents an appraisal as of December 31, 2025 of oil and gas
reserves located in the Bajada del Palo Oeste, La Amarga Chica, Bajada del Palo Este, Aguada Federal, Entre Lomas Río Negro, Entre Lomas Neuquén, Jagüel de los Machos, 25 de Mayo—Medanito SE, Aguila Mora, Acambuco, Charco
del Palenque, Jarilla Quemada, Coirón Amargo Norte and Bandurria Norte blocks in Argentina, and CS-01 block in Mexico.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reserves life ratio: calculated as the proved reserves divided by the annual production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reserves replacement ratio: calculated as the proved reserves additions divided by the annual production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trafigura Agreement: the agreement dated December 16, 2024, pursuant to which Vista Argentina agreed to the
assignment of Trafigura's interest in 10 pads in Bajada del Palo Oeste to Vista Argentina, effective January 1, 2025, under which Vista Argentina holds rights to 100% of the production from such pads.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferred Conventional Assets: Entre Lomas Río Negro, Entre Lomas Neuquén, Jarilla Quemada,
Charco del Palenque, 25 de Mayo Medanito SE and Jagüel de los Machos concessions operated by Aconcagua, effective as of March 1, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q#: Q followed by 1, 2, 3 or 4 represents the corresponding quarter of a certain year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• q-o-q: Quarter on quarter

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC: U.S. Securities Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• y-o-y: Year on year

**DISCLAIMER** 

Additional information about Vista Energy, S.A.B. de C.V., a *sociedad anónima bursátil de capital variable* organized under the laws of Mexico (the "Company" or "Vista") can be found in the "Investors" section on the website at <u>https://www.vistaenergy.com/en/investors</u>.

This presentation does not constitute an offer to sell or a solicitation of an 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 SEC, the Mexican National Securities Registry held by the CNBV or an exemption from such registrations.

This presentation does not contain all of the Company's financial information. As a result, investors should read this presentation in conjunction with the Company's consolidated financial statements and other financial information available on the Company's website. Some of the amounts contained herein are unaudited.

*Rounding of amounts and percentages*: Certain amounts and percentages included in this presentation have been rounded for ease of presentation. Percentage figures included in this presentation have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this presentation may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this presentation may not sum due to rounding.

This presentation contains certain metrics that do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of future performance of the Company and future results may not be comparable to past performance.

No reliance should be placed for any purpose whatsoever on the information contained in this document or on its completeness. Certain information contained in this document has 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 U.S. Securities Act of 1933, as amended, "Affiliates"), members, directors, officers, employees, or any other person (the "Related Parties") as to the accuracy, completeness, or fairness of the information or opinions contained in this presentation or any other material discussed verbally, and any reliance placed 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 presentation or its contents or otherwise arising in connection therewith.

This presentation also includes certain non-IFRS financial measures, which have not been subject to a financial audit for any period. The information and opinions contained in this presentation are provided as of the date of this presentation and are subject to verification, completion, and change without notice.

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This presentation includes "forward-looking statements" concerning the future. Words such as "believes," "thinks," "forecasts," "expects," "anticipates," "intends," "should," "seeks," "estimates," and "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 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.

There will be differences between actual and projected results, and actual results may be materially greater or materially less than those contained in the projections. Projections related to production results, as well as cost estimations, are based on information as of the date of this presentation and reflect numerous assumptions, including assumptions with respect to type curves for new well designs and certain frac spacing expectations, all of which are difficult to predict and many of which are beyond our control and remain subject to several risks and uncertainties. The inclusion of the projected financial information in this document should not be regarded as an indication that we or our management considered or consider the projections to be a reliable prediction of future events. As such, no representation can be made as to the attainability of projections, guidance, or other estimations of future results, performance, or achievements. We have not warranted the accuracy, reliability, appropriateness, or completeness of the projections to anyone. Neither our management nor any of our representatives has made or makes any representation to any person regarding our future performance compared to the information contained in the projections, and none of them intends to or undertakes any obligation to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrence of future events in the event that any or all of the assumptions underlying the projections are shown to be in error. We may or may not refer back to these projections in our future periodic reports filed or furnished under the Securities Exchange Act of 1934. These expectations and projections are subject to significant known and unknown risks and uncertainties which may cause our actual results, performance or achievements, or industry results, to be materially different from any expected or projected results, performance or achievements expressed or implied by such forward-looking statements. Many important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied in our forward looking statements, including, among other things uncertainties relating to future government concessions and exploration permits; adverse outcomes in litigation that may arise in the future; general political, economic, social, demographic and business conditions in Argentina, Mexico and in other countries in which we may operate in the future; the impact of political developments and uncertainties relating to political and economic conditions in Argentina, including the policies of the current government in Argentina; significant economic or political developments in Mexico, Argentina and the United States; changes in law, rules, regulations and interpretations and enforcements thereto applicable to the Argentine and Mexican energy sectors and throughout Latin America, including changes to the regulatory environment in which we operate and changes to programs established to promote investments in the energy industry; any unexpected increases in financing costs or an inability to obtain financing and/or additional capital pursuant to attractive terms; any changes in the capital markets in general that may affect the policies or attitude in Argentina and/or Mexico, and/or Argentine and Mexican companies with respect to financings extended to or investments made in Argentina and Mexico or Argentine and Mexican companies; fines or other penalties and claims by the authorities and/or customers; restrictions on the ability to exchange Mexican or Argentine Pesos into foreign currencies or to transfer funds abroad; the imposition of import restrictions on goods that are key for the maintenance of our assets; the revocation or amendment of our respective concession agreements by the granting authority; our ability to renew certain hydrocarbon exploitation concessions; our ability to implement our capital expenditures plans or business strategy, including our ability to obtain financing when necessary and on reasonable terms; government intervention, including measures that result in changes to the Argentine and Mexican labor markets, exchange markets or tax systems; continued and/or higher rates of inflation and fluctuations in exchange rates, including the devaluation and/or appreciation of the Mexican Peso or Argentine Peso; any force majeure events, or fluctuations or reductions in the value of Argentine public debt; changes to the demand for oil and gas in particular, and energy in general,

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both in Argentina and globally; the effects of a pandemic or epidemic and any subsequent mandatory regulatory restrictions or containment measures; environmental, health and safety regulations and industry standards that are becoming more stringent; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted or material reduction in oil prices from historical averages; our relationship with our employees and our ability to retain key members of our senior management and key technical employees; the ability of our directors and officers to identify an adequate number of potential acquisition opportunities; our expectations with respect to the performance of our recently acquired businesses, including PEPASA; our expectations for future production, costs and crude oil prices used in our projections; changes to our capital expenditure plans; uncertainties inherent in making estimates of our oil and gas reserves, including recently discovered oil and gas reserves, and changes to our previous reserves estimates; increased market competition in the energy sectors in Argentina and Mexico; potential regulatory changes and modifications to free trade agreements driven by evolving U.S. trade policies and political developments in Argentina, Mexico or other Latin American countries; climate change and severe weather events; any potential adverse effects that may arise in connection with any prospective mergers, acquisitions, divestitures, or other corporate reorganizations; adverse global macroeconomic environments, including trade wars, high inflation, a global recession, and increasing market volatility, especially in relation to commodities prices; and ongoing and potential geopolitical conflicts, including, among others, those involving Russia and Ukraine; Israel, Hamas and Iran; and tensions between China and Taiwan.

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 presentation. Further information concerning risks and uncertainties associated with these forward-looking statements and Vista's business can be found in Vista's public disclosures filed on EDGAR (www.sec.gov) or at the web page of the Mexican Stock Exchange (www.bmv.com.mx).

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

<u>Other Information</u> 

Vista routinely publishes important information for investors in the Investor Relations support section on its website, <u>www.vistaenergy.com/en/investors</u>. From time to time, Vista may use its website as a channel for distributing material information. Accordingly, investors should monitor Vista's Investor Relations website, in addition to following Vista's press releases, SEC filings, public conference calls, and webcasts.

**Enquiries:** 

<u>ir@vistaenergy.com</u> 

Argentina: +54.11.3754.8500

Mexico: +52.55.1555.7104