YPF Sociedad Anónima : Earnings Webcast Presentation 3Q25

3Q25 EARNINGS WEBCAST

Documento: YPF-Privado

NOV 10, 2025 - 9:00 AM EST / 11:00 AM BAT

3Q25

MAIN HIGHLIGHTS

REVENUES

US$

ADJ. EBITDA

US$

(2)

1.4 BUS$ QUARTERLY ADJ. EBITDA

45% Y/Y LIFTING COST SAVING, EXITING MATURE FIELDS

35% Y/Y SHALE OIL PRODUCTION

3Q25: ~165 KBBL/D IN LINE WITH 2025 TARGET

OCT-25E: ~190 KBBL/D (1)

RECORD HIGH PROCESSING LEVEL - 97% UTILIZATION RATE

LA PLATA AWARDED: 'REFINERY OF THE YEAR' BY LARTC

SOLOMON BENCHMARKING: LA PLATA 1ST QUARTILE KPIs

ARGENTINA LNG

4,643 mn

+0% Q/Q

-12% Y/Y

CAPEX

US$

1,017 mn

-143 mn Q/Q

-336 mn Y/Y

FCF (3)

PRO FORMA FCF (4)

1,357 mn

+21% Q/Q

-1% Y/Y

SHALE OIL

KBBL/D

170

+17% Q/Q

+35% Y/Y

NET LEVERAGE

PRO FORMA NET LVG (4)

TECHNICAL FID SIGNED WITH ENI (PHASE 3) + ADNOC AS POTENTIAL NEW PARTNER

US$

-172 mn

1.9x

500 MUS$ @8.25% YIELD - RETAP 2031 INT'L BOND

Notes: (1) Preliminary figures as of October 2025. (2) Adjusted EBITDA = EBITDA that excludes IFRS 16 and IAS 29 effects +/- one-off items.

1. FCF = Cash flow from Operations less capex (investing activities), M&A (investing activities), and interest and leasing payments (financing activities).

2. It excludes the M&A transaction for Rincón la Ceniza & La Escalonada blocks & one-off items related to mature fields.

-759 mn

-394 mn Q/Q

-586 mn Y/Y

2.1x

+9% Q/Q

+37% Y/Y

3Q25 / UPSTREAM OPERATING PERFORMANCE

SHALE PRODUCTION OUTPUT AT 70%, LARGELY REPLACING UNPROFITABLE CONVENTIONAL PRODUCTION

TOTAL PRODUCTION

KBOE/D

NGL Natural Gas Crude Oil

55%

62%

70%

559 546 523

256

253

49

250

48

241

42

248

240

3Q24 2Q25 3Q25

SHALE/ TOTAL

Conventional + Tight Shale

CRUDE OIL PRODUCTION

KBBL/D

76 46 14

MATURE FIELDS

126

130

103

256 248 240

170

70

145

3Q24 2Q25 3Q25

MM3/D

NATURAL GAS PRODUCTION

Conventional + Tight Shale

12.1

14.7

40.3 39.7 38.4

68.3

Crude Oil (US$/BBL) Natural Gas (US$/MBTU)

UPSTREAM O&G AVERAGE REALIZATION PRICES

59.5 60.0

23.4

16.9

26.3

25.0

4.5 4.1 4.3

Documento: YPF-Privado

3Q24 2Q25 3Q25 3Q24 2Q25 3Q25

3Q25 / NET SHALE OIL PRODUCTION

KBBL/D

NET SHALE OIL PRODUCTION EVOLUTION

+70%

~55%

ADCH BLOCK (1)

49% PROD. DIVESTED

170

~190 +190

IMPRESSIVE SHALE OIL PRODUCTION GROWTH AS A RESULT OF THE CONTINUOUS FOCUS ON PILLAR #1

OF THE 4X4 PLAN

TARGET 2025

OTHERS

110 112 113

NORTH-HUB

SOUTH-HUB

126

138 147 145

AVERAGE

~165 KBBL/D

EXIT POINT

+190 KBBL/D

ON TRACK

CORE-HUB

Nov-23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Oct-25 E Dec-25E

Documento: YPF-Privado

Notes: (1) ADCH: Aguada del Chañar block 100% 51% as from April 1, 2025 (~7 kbbl/d). 49% divested to CGC represents ~6 kbbl/d.

3Q25 / LA ANGOSTURA SUR BLOCK PERFORMANCE

OR

OPERATOR NON-OPERAT EXPLORATION

LA ANGOSTURA SUR: A FLAGSHIP SOUTH-HUB BLOCK 100% YPF THAT IMMEDIATELY SHOWED STRONG PRODUCTION RAMP-UP

KBBL/D

SHALE OIL PRODUCTION EVOLUTION SINCE OCT-24

31

~35

CONDENSATE

NORTH HUB

CORE HUB NORTH HUB SOUTH-HUB

2 6 8

18 19 20

14

10

23 25 28

OIL WINDOW

GAS WINDOW

oct-24 nov-24 dic-24 ene-25 feb-25 mar-25 abr-25 may-25 jun-25 jul-25 ago-25 sep-25 oct-25 E

CORE HUB

✓ +80 KBBL/D

OIL PLATEAU PRODUCTION

• < 40 US$/BBL

  BREAKEVEN PRICE

  • <15% DEVELOPMENT (

    2)

    N

    OIL WELLS DRILLED

  • ~350

TOTAL WELL INVENTORY

LAS II

LAS I BG

SOUTH HUB

• ~1.3 MBOE(1)

  EUR PER WELL

• 100% STAKE

  • 2059

UNCONVENTIONAL CONCESSIO

Documento: YPF-Privado

✓ +500 MUS$(3)

Note: (1) For a well of 3,000m of lateral length. (2) As of September 30, 2025. (3) Annual pro-forma

EBITDA assuming realized price of US$60/bbl, 14% of royalties over realized price, average lifting cost of US$5/bbl and shale oil production of 30 kbbl/d.

OWNED BY YPF

ANNUAL EBITDA PRO-FORMA

3Q25 / UPSTREAM OPERATING PERFORMANCE

LIFTING COST CONTRACTED SIGNIFICANTLY, LARGERLY DRIVEN BY THE EXIT OF MATURE FIELDS

LIFTING COST

2023 - 3Q 2024 - 3Q 2025 - 3Q

LIFTING COST

US$/BOE

REDUCTION,

BY DIVESTING

~25

~16

~6

~31

~16

~5

~21

~9

~4

MATURE FIELDS

BUS$

~1.3

PRODUCTION KBOE/D

CONV. UNCONV. TOTAL

CONV. UNCONV. TOTAL

CONV. UNCONV. TOTAL

ANNUALIZED COST SAVING(1)

Note: (1) 523 kboe/d (377+146) x 7 US$/BOE (16-9) x

365 days.

51%

49%

42%

58%

28%

72%

265

254

237

321

146

377

Documento: YPF-Privado

CONV.

UNCONV. CONV.

UNCONV. CONV.

UNCONV.

3Q25 / UPSTREAM OPERATING PERFORMANCE

CONTINUED FOCUS ON SHALE ACTIVITY, ACHIEVING NEW RECORDS IN OPERATING EFFICIENCIES

# OF WELLS

GROSS UNCONVENTIONAL HORIZONTAL OIL WELLS

(1) Gross unconventional oil wells drilled: accumulated 9M25 145 operated - 14 non operated

Conventional Exploration & Others

BUS$

UPSTREAM CAPEX BREAKDOWN

Shale Facilities Shale drilling & fracking

2025 EST.(1) TOTAL OIL GROSS DRILLING: 205

(190 OP & 15 NON-OP)

(TOTAL NET: 55%)

DRILLED(1)

COMPLETED

TIED-IN

3.9 3.7 3.5 5%

13% 2%

158 159

3Q 54 54

186

156

63

187

155

64

35%

2%

2%

26%

23%

75

2Q 62 54 52

74

70 76

45

17%

1Q 42 51

29 53

36 47

46%

59%

70%

2024 2025 2024 2025 2024 2025

YPF 3Q % W/I

66%

58% 56%

60% 53% 59%

2023 2024 2025 3Q LTM

DRILLING SPEED

METERS/DAY - CORE-HUB

FRAC SPEED

# STAGES/SET PER MONTH - UNCONVENTIONAL

+7% +2%

+16% +8%

314

331

337

240

259

279

Documento: YPF-Privado

3Q24 2Q25 3Q25 3Q24 2Q25 3Q25

3Q25 / MIDSTREAM & DOWNSTREAM OPERATING PERFORMANCE

RECORD HIGH PROCESSING LEVELS WHILE MAINTAINING LOCAL PRICES ALMOST ALIGNED TO IMPORT PARITY

450

400

% - KBBL/D

88% 89%

REFINING UTILIZATION

97%

DOMESTIC LOCAL FUELS DEMAND

120%

KM3

+6%

Diesel Gasoline

350

100%

3,449 3,532 3,655

301

298

326

300 80%

2,154

2,119

2,029

250

60%

200

150 40%

100

50

20%

1,501

1,413

1,421

0 0%

3Q24 2Q25 3Q25

3Q24 2Q25 3Q25

4%

3%

FUEL IMPORTS/

TOTAL SALES

YPF'S FUEL

1%

MARKET SHARE

56%

55% 57%

DOMESTIC NET FUEL PRICE VS. IMPORT PARITY

1100

900

700

716 685 697

649

677

Gap % Local Fuels Import Parity

634

US$/M3 & %

+270%

+220%

+170%

4.6

US$/BBL

MIDSTREAM & DOWNSTREAM ADJ. EBITDA MARGIN

17.7

16.2

11.6

Ref. & Marketing Others

4.0

17.0

500

705

663

691

641

608 603

+120%

13.0

13.1

5.7

4.3

+70%

300

100

+2%

+3% +1%

Documento: YPF-Privado

-1% -10% -5%

+20%

5.9

11.9

-30%

(1)

3Q24 4Q24 1Q25 2Q25 3Q25 Oct-25E

Note: (1) Preliminary figures as of October 2025

3Q24 2Q25 3Q25 Oct-25E (1)

			UPSTREAM	DOWNSTREAM
			+30 HORIZONTAL WELLS DRILLED 100% AUTONOMOUSLY SUPERVISED BY OUR RTIC	LA PLATA: "REFINERY OF THE YEAR" LATAM AWARD: SUCCESSFUL INDUSTRIAL TRANSFORMATION 1ST QUARTILE PERFORMANCE ON SEVERAL SOLOMON KPIs BENCHMARK

3Q25 / MAXIMIZE UPSTREAM AND DOWNSTREAM EFFICIENCY

EFFICIENCY

PROGRAM CONTINUE RENDERING OPERATIONAL IMPROVEMENTS AND COST SAVINGS

FRACKING IN VACA MUERTA REMOTELY & AUTONOMOUSLY USING PREDICTIVE ALGORITHMS VIA RTIC

HIGH UTILIZATION RATES STRUCTURALLY

START GENERATING A SURPLUS

OF GASOLINE & MID-DISTILLATES THAT REPLACES IMPORTS FROM YPF AND OTHER LOCAL REFINERIES

Documento: YPF-Pri

vado

3Q25 / ARGENTINA LNG PROJECT

ARGENTINA

LNG PROJECT

TOLLING SYSTEM

PHASE I ~6

MTPA

(2H27-2H28)

PAE

30%

YPF

25%

PAMPA

20%

HARBOUR

15%

GOLAR

10%

LNG TOTAL CAPACITY

~24 MTPA

NEW BUILDS

2 BAREBOAT CHARTER AGREEMENTS

EXPORT-DEDICATED GAS PIPELINE

+ OTHER FACILITIES

FID & RIGI

APPROVED

LOCATION

PROVINCE

OF RÍO NEGRO

RIGI

PHASE II

PHASE III

~6 MTPA

1 OWN FLNG

~12 MTPA

STRATEGIC PARTNER

EXPORT-DEDICATED GAS PIPELINE

+ OTHER FACILITIES

ENI STRATEGIC

PARTNER

FID: 2026

ADNOC POTENTIAL

NEW PARTNER

Source: YPF's Earnings Releases,

Presentations and Public Filings.

2 OWN FLNGs

EXPORT-DEDICATED GAS PIPELINE

Documento: YPF-Privado

+ OTHER FACILITIES

FID: 2026

3Q25 / CONSOLIDATED FINANCIAL RESULTS

NEGATIVE FREE CASH FLOW AS EXPECTED, MAINLY DERIVED FROM M&A TRANSACTIONS, WHILE MAINTAINING STRONG LIQUIDITY POSITION

EX- M&A & MATURE FIELDS = (-172)

IN MILLIONS OF US$

CASH FLOW (1)

3Q25 FCF = (-759)

1,357

EBITDA MATURE FIELDS

~(51)

Gas collection seasonality

Income Tax subsid. Mature fields exit cost

1,011

(217 )

(1,017 )

(523 )

764

1,016

(359 )

Cash & EQ End 2Q25 Adj EBITDA CAPEX Interest payment Blocks acquisition

from Total (2)

Working Capital &

Others (3)

New debt & others Cash & EQ End 3Q25

(4)

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

Documento: YPF-Privado

3Q25 / CONSOLIDATED FINANCIAL RESULTS

WELL ADVANCED FINANCING PROGRAM WITH MANAGEABLE SHORT-TERM MATURITIES

1,047

102

2026: 2,365

IN MILLIONS OF US$

PRINCIPAL DEBT PROFILE

1,980

101

239

619

1,403

101 258

International Bonds Local Bonds Other local debt Other International debt

1,134

308

479

425

325 2

699

400

169

52

293

42

1,021

656

55

771

6859

280

602

55

511 472 437 530

437

472

530

55

419

60

460

60

131

83

143

109 78 108

388

396 547 456

4Q25 1Q26 2Q26 3Q26 4Q26 2027 2028 2029 2030 2031 2032 2033 2034 … 2047

VERY ACTIVE LOCAL BOND FINANCING

IN RECENT MONTHS

(JUN-OCT)

MUS$ 625

AVERAGE TENOR 3 YEARS AVERAGE INTEREST RATE: 7.65%

NEW SYNDICATED

CROSS-BORDER LOAN

SIGNED IN OCT25

FINANCING PLAN

MUS$ 700

TENOR 3 YEARS

10 INTERNATIONAL BANKS

MUS$ 500

2031 BOND RETAP

8.25% YIELD

Documento: YPF-Privado

ISSUED AFTER 3Q25

3Q25 EARNINGS WEBCAST

QUESTIONS

AND ANSWERS

Documento: YPF-Privado

14