YPF

YPF Sociedad Anónima: Q2 2026 Financial Summary

Business Context and Reporting Period

This Form 6-K filing presents the unaudited condensed interim consolidated financial statements for YPF Sociedad Anónima for the six-month period ended June 30, 2026. YPF is Argentina's leading integrated energy group, operating across Upstream, Midstream, Downstream, LNG, Integrated Gas, and New Energies segments. The financial statements are presented in U.S. dollars (US$) and Argentine pesos (AR$), with the U.S. dollar serving as the functional currency.

Key Financial Metrics (Six Months Ended June 30, 2026)

Material Changes vs. Prior Period

• Profitability Surge: Net profit increased dramatically from $48 million in H1 2025 to $1,614 million in H1 2026. This was driven by a 24.5% increase in revenues and a significant improvement in operating profit, which rose from $604 million to $2,691 million.
• Segment Performance: The Upstream segment generated an operating profit of $1,571 million, and the Midstream and Downstream segment contributed $1,792 million. In contrast, the Central Administration and Others segment recorded a loss of $347 million.
• Asset Optimization: The company continued its "Optimization plan of the conventional Upstream portfolio." Assets held for sale decreased from $1,019 million to $432 million, reflecting the disposal of mature fields (e.g., Manantiales Behr).
• Acquisitions: YPF completed an asset exchange with Pluspetrol, acquiring 100% of rights in specific concessions. Additionally, YPF acquired a 16.3% interest in Bandurria Sur Participaciones and a 15% interest in the "Bajo del Toro" blocks from Vista Energy.
• Capital Structure: A stock split was approved and effective August 4, 2026, changing the par value from $10 to $1 per share, increasing the number of shares outstanding to approximately 3.93 billion.

Guidance, Outlook, and Risks

• Argentina LNG Project: YPF signed agreements with Eni and XRG to incorporate them into the Argentina LNG Project. YPF will retain a 36% stake while Eni and XRG acquire 32% each. The project aims to supply LNG to international markets using Vaca Muerta resources.
• Regulatory Environment: New regulations were published regarding the "Export operations registry" for hydrocarbons and a "Reconfiguration of the Natural Gas Transportation System." The company is subject to seasonal fluctuations, particularly in natural gas sales during winter.
• Legal Contingencies: The Argentine Supreme Court (CSJN) dismissed a lawsuit filed by ASSUPA regarding Neuquina basin concessions. However, proceedings related to Petersen Energía and Eton Park Capital Management remain active, though recent appellate court decisions have affirmed YPF has no contractual liability in certain aspects.
• Subsequent Events: In August 2026, the Board approved the sale of 70% of Metrogas and 5% of Metroenergía to EDENOR for $780 million. The company also issued additional Negotiable Obligations (NO) for $171 million.

Investor Verification Checklist

• Currency Impact: Verify the impact of Argentine peso inflation and exchange rate fluctuations on the translation of local operations to U.S. dollars, as noted in the "Result from net monetary position" line items.
• Asset Disposal Timeline: Monitor the closing conditions for the "Optimization plan of the conventional Upstream portfolio," specifically the pending transfers of Cerro Fortunoso and Valle del Río Grande concessions.
• LNG Project Execution: Track the Final Investment Decision (FID) and regulatory approvals required for the Argentina LNG Project partnership with Eni and XRG.
• Debt Covenants: Confirm continued compliance with financial covenants related to leverage ratios and interest coverage, particularly given the high volume of Negotiable Obligations (NO) maturing between 2026 and 2047.
• Regulatory Changes: Assess the operational impact of the new "Export operations registry" and natural gas transportation reconfiguration on downstream margins and export volumes.