SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of August 2023

Commission File Number: 001-12102

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

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

Form 20-F  ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes  ☐            No  ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes  ☐            No  ☒

YPF Sociedad Anónima

TABLE OF CONTENT

ITEM 1 YPF S.A.’s second quarter 2023 consolidated results.

CONTENT

1. MAIN HIGHLIGHTS	2
2. ANALYSIS OF CONSOLIDATED RESULTS	4
3. EBITDA AND ADJUSTED EBITDA RECONCILIATION	7
4. ANALYSIS OF RESULTS BY BUSINESS SEGMENT	10
4.1. UPSTREAM	10
4.2. INDUSTRIALIZATION	14
4.3. COMMERCIALIZATION	17
4.4. GAS AND POWER	20
4.5. CORPORATE AND OTHER	22
5. LIQUIDITY AND SOURCES OF CAPITAL	23
5.1. CASH FLOW SUMMARY	23
5.2. NET DEBT	24
6. TABLES AND NOTES	26
6.1. CONSOLIDATED INCOME STATEMENT	26
6.2. CONSOLIDATED BALANCE SHEET	27
6.3. CONSOLIDATED CASH FLOW STATEMENT	28
6.4. MAIN PHYSICAL MAGNITUDES	30

Basis of Presentation

As of 4Q2022, the financial information in this document is expressed, unless otherwise indicated, in US dollars corresponding to the functional currency of YPF S.A. The information is based on the financial statements prepared in accordance with IFRS in force in Argentina. On the other hand, the financial information of previous periods is restated in US dollars corresponding to the functional currency of YPF S.A (in replacement of the individual financial results of YPF S.A. expressed in Argentine pesos divided by the average exchange rate for the period).

Summary Consolidated Financials Unaudited Figures, in US$ million	2Q22		1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22		1H23			Y/Y Δ
Revenues		4,995		4,238			4,375			-12.4	%		3.2	%		8,755		8,613			-1.6	%
EBITDA		1,576		1,116			1,075			-31.8	%		-3.7	%		2,636		2,191			-16.9	%
Adjusted EBITDA		1,513		1,044			1,005			-33.5	%		-3.8	%		2,508		2,050			-18.3	%
Operating income before impairment of assets		885		335			221			-75.0	%		-34.0	%		1,289		556			-56.9	%
Operating income		885		335			221			-75.0	%		-34.0	%		1,289		556			-56.9	%
Net income before impairment of assets		810		341			380			-53.1	%		11.4	%		1,077		721			-33.1	%
Net income		810		341			380			-53.1	%		11.4	%		1,077		721			-33.1	%
EPS		2.04		0.87			0.86			-57.8	%		-1.1	%		2.72		1.73			-36.4	%
Capex		904		1,298			1,374			51.9	%		5.8	%		1,634		2,672			63.5	%
FCF		321		(17	)		(284	)		N/A			1570.6	%		700		(301	)		N/A
Cash and cash equivalents		1,242		1,296			1,470			18.4	%		13.4	%		1,242		1,470			18.4	%
Total debt		7,086		7,339			7,782			9.8	%		6.0	%		7,086		7,782			9.8	%

EBITDA = Operating income + Depreciation of PP&E + Depreciation of the right of use assets + Amortization of intangible assets + Unproductive exploratory drillings + (Reversal) / Deterioration of PP&E. Adjusted EBITDA = EBITDA that excludes IFRS 16 effects +/- one-off items.

Cash and cash equivalents: Include current investment in financial assets.

EPS attributable to shareholders of the parent company (basic and diluted).

FCF = Cash flow from Operations less CAPEX (Investing activities), M&A (Investing activities), and interest and leasing payments (Financing activities).

1. MAIN HIGHLIGHTS

• Adjusted EBITDA reached US$1,005 million, decreasing 4% sequentially mainly driven by a slight decline in domestic fuel prices in dollars and further cost pressures, mostly offset by seasonal higher natural gas sales.

• Total hydrocarbon production averaged 513 Kboe/d, remaining essentially flat compared to the previous quarter, while increasing 2% on a year-on-year basis, mainly boosted by a solid expansion of 7% in our crude oil production.

• Shale oil production continued delivering an impressive growth rate of 28% y/y, while shale gas production increased 10% y/y.

• Structural Medanito oil exports were resumed after 18 years, as the trans-andean pipeline was successfully put back in operation during the second quarter, allowing the evacuating of crude oil to Chile.

• Dispatched volumes of fuels in the domestic market increased 3% sequentially and remained almost flat versus the same period of 2022, mainly driven by higher gasoline demand mainly offset by lower diesel demand.

2

• Processing capacity at our refineries continued with high record levels, reaching 305 Kbbl/d in the quarter, sequentially flat and 6% above a year ago.

• Total OPEX increased 13% q/q and 21% y/y, on the back of a negative evolution of macroeconomic variables such as inflation, wages, and currency devaluation, coupled with higher pulling and maintenance activity recorded during the period.

• CAPEX activity totaled US$1,374 million, increasing 6% q/q and 52% y/y, being on track to fully deploy our targets for the year.

• Free cash flow totaled a negative US$284 million during the second quarter, primarily driven by the Maxus settlement agreement signed in April, taking our net debt to US$6,312 million and increasing the net leverage ratio to 1.4x. Excluding the negative impact of this agreement, the free cash flow would have been flat during the quarter.

3

2. ANALYSIS OF CONSOLIDATED RESULTS

Consolidated Revenues Breakdown Unaudited Figures, in US$ million	2Q22		1Q23		2Q23		Y/Y Δ			Q/Q Δ			1H22		1H23		Y/Y Δ
Diesel		1,771		1,620		1,640		-7.4	%		1.3	%		3,053		3,260		6.8	%
Gasoline		880		892		833		-5.3	%		-6.6	%		1,696		1,726		1.8	%
Natural gas as producers (third parties)		413		270		386		-6.7	%		42.9	%		724		656		-9.4	%
Other		1,229		977		1,122		-8.7	%		14.8	%		2,112		2,100		-0.6	%
Total Domestic Market		4,293		3,759		3,982		-7.3	%		5.9	%		7,585		7,741		2.1	%
Jet fuel		128		162		107		-16.6	%		-33.9	%		214		268		25.2	%
Grain and flours		302		5		46		-84.7	%		846.8	%		415		51		-87.7	%
Crude oil		0		12		46		N/A			277.6	%		5		58		1026.3	%
Petchem & Other		272		300		195		-28.4	%		-35.2	%		536		495		-7.7	%
Total Export Market		702		479		393		-43.9	%		-17.8	%		1,170		872		-25.5	%
Total Revenues		4,995		4,238		4,375		-12.4	%		3.2	%		8,755		8,613		-1.6	%

During 2Q23, revenues totaled US$4,375 million, increasing by 3.2% q/q and decreasing by 12.4% y/y. On a sequential basis, revenues increased primarily as the result of higher natural gas sales on the back of the seasonal price adjustments within the Plan Gas contracts, and higher seasonal demand of fertilizers, grain and flours, partially offset by a slight decline in domestic fuel prices in dollars terms and other refined products, aligned to a downward trend in international prices.

When analyzing 2Q23 revenues, it is worth highlighting:

• Diesel sales in the domestic market (retail and wholesale) – 37.5% of total revenues – increased 1.3% q/q driven by a growth in volumes dispatched of 8.6% partially offset by a 6.7% contraction in prices. The increase in volumes was mainly due to the higher diesel demand in power generation and agro business sectors, the latest still affected by the severe drought recorded in Argentina in 1Q23.

• Gasoline sales in the local market – 19.0% of total revenues – decreased by 6.6% q/q, primarily driven by lower volumes dispatched of 5.5% due to the higher summer seasonal sales of the first quarter, and lower average prices of 1.2%.

• Natural gas sales as producers sold to third parties in the domestic market - representing 8.8% of total revenues – went up 42.9% q/q mainly due to higher average realization prices of 37.3% driven by the seasonality factor included in the Plan GasAR between May and September, while volumes rose by 4.1%.

• Other domestic sales increased by 14.8% q/q mainly due to higher seasonal sales of natural gas to the retail distribution segment – through our subsidiary Metrogas S.A. (“Metrogas”) –, fertilizers, grain and flours.

• Export revenues decreased by 17.8% q/q, primarily due to lower prices of our refined products, which declined more sharply than Brent prices, as well as lower seasonal demand of jet fuel and diesel for cruise ships, partially offset by higher seasonal sales of grain and flours. Furthermore, crude oil exports expanded in the second quarter as the company resumed structural Medanito oil exports after 18 years, as the trans-andean pipeline was successfully put back in operation during the second quarter, allowing the evacuation of crude oil to Chile.

4

Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Lifting cost		(610	)		(669	)		(746	)		22.4	%		11.5	%		(1,143	)		(1,415	)		23.8	%
Other Upstream		(111	)		(116	)		(124	)		11.5	%		6.8	%		(193	)		(241	)		24.5	%
Industrialization cost		(376	)		(415	)		(446	)		18.8	%		7.6	%		(693	)		(861	)		24.1	%
Commercialization, G&P, Corp. & Other		(211	)		(206	)		(271	)		28.6	%		32.0	%		(375	)		(477	)		27.3	%
Total OPEX		(1,308	)		(1,406	)		(1,588	)		21.4	%		12.9	%		(2,405	)		(2,994	)		24.5	%
Depreciation & Amortization		(689	)		(775	)		(854	)		23.9	%		10.2	%		(1,340	)		(1,629	)		21.6	%
Royalties		(241	)		(236	)		(247	)		2.4	%		4.4	%		(456	)		(483	)		5.8	%
Other costs		(336	)		(249	)		(260	)		-22.6	%		4.6	%		(581	)		(509	)		-12.3	%
Total Other Costs		(1,266	)		(1,260	)		(1,361	)		7.5	%		8.0	%		(2,377	)		(2,621	)		10.3	%
Fuels imports		(353	)		(400	)		(192	)		-45.6	%		-52.0	%		(690	)		(592	)		-14.2	%
Crude oil purchases to third parties		(309	)		(386	)		(323	)		4.5	%		-16.2	%		(565	)		(710	)		25.7	%
Biofuel purchases		(250	)		(230	)		(230	)		-8.1	%		0.0	%		(417	)		(459	)		10.2	%
Non-oil agro purchases		(503	)		(114	)		(253	)		-49.7	%		121.2	%		(693	)		(367	)		-47.0	%
Other purchases		(323	)		(224	)		(244	)		-24.4	%		8.8	%		(512	)		(468	)		-8.6	%
Stock variations		213			126			25			-88.3	%		-80.2	%		214			151			-29.4	%
Total Purchases & Stock Variations		(1,525	)		(1,228	)		(1,217	)		-20.2	%		-0.9	%		(2,662	)		(2,445	)		-8.2	%
Other operating results, net		(11	)		(9	)		12			N/A			N/A			(22	)		3			N/A
Operating Costs + Purchases + Impairment of Assets		(4,110	)		(3,903	)		(4,154	)		1.1	%		6.4	%		(7,466	)		(8,057	)		7.9	%

Stock variations include price effects by US$ 130 million in 2Q22, US$(29) million for 1Q23 and US$(36) million for 2Q23.

In terms of costs, operating expenses (“OPEX”) in 2Q23 totaled US$1,588 million, increasing by 12.9% compared to 1Q23. This expansion was mainly due to a negative evolution of macroeconomic variables such as inflation, wages, and currency devaluation, coupled with higher pulling and maintenance activity, and non-recurrent charges recorded during the period. In the same line, when compared to the same period of last year, total OPEX increased by 21.4%, driven by the inflationary macroeconomic environment previously described, coupled with an overall activity increase across all our businesses, on the back of higher O&G production, and higher processing levels. As a consequence, unit OPEX per barrel of hydrocarbon produced, increased by 11.2% q/q and 19.2% y/y.

Total Purchases and Stock Variations, a category highly correlated with demand levels for refined and non-oil agro products and inventory valuation, decreased by 0.9% q/q and 20.2% y/y.

When analyzing 2Q23 purchases, it is worth highlighting:

• Gasoline and diesel imports decreased by 53.6% q/q, driven by 45.2% lower imported volumes and a contraction in prices of 15.2%. The decline in both gasoline and diesel imports volumes, which represented 6.4% of total fuels sales, can be explained through higher inventory restock recorded in 1Q against 2Q.

• Crude oil purchases decreased by 16.2% q/q, led by a decrease in volumes of 11.3% due to lower processing levels and inventory consumption, as well as lower prices of 5.6%, aligned with the downward trend of fuels prices recorded in 2Q23.

• Biofuel purchases remained flat q/q, where purchases of biodiesel grew by 3.1%, and purchases of bioethanol dropped 2.8%. Biodiesel variation was aligned with higher diesel demand coupled with a higher blending rate; the latter driven by greater availability of biodiesel in the local market, while bioethanol purchases decreased mainly as a result of lower gasoline demand.

• Non-oil agro purchases increased by 121.2% sequentially, mainly due to higher seasonal demand of fertilizers, grains and flours, both from local and export markets, noted above.

5

In terms of our inventories, a positive stock variation of US$25 million was recorded during 2Q23, mainly driven by higher inventories of agro products, partially offset by lower replacement costs of our inventories; in comparison with a positive stock variation of US$126 million during 1Q23.

Consolidated Net Income Breakdown Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Operating income		885			335			221			-75.0	%		-34.0	%		1,289			556			-56.9	%
Interests in companies and joint ventures		132			89			94			-28.8	%		5.6	%		247			183			-25.9	%
Financial results, net		(22	)		2			140			N/A			6900.0	%		(77	)		142			N/A
Earnings before tax		995			426			455			-54.3	%		6.8	%		1,459			881			-39.6	%
Income tax		(185	)		(85	)		(75	)		-59.5	%		-11.8	%		(382	)		(160	)		-58.1	%
Net Income		810			341			380			-53.1	%		11.4	%		1,077			721			-33.1	%
Net Income before impairment of assets		810			341			380			-53.1	%		11.4	%		1,077			721			-33.1	%

Net financial results for 2Q23 represented a US$140 million gain compared to the gain of US$2 million in 1Q23. This was primarily as a result of the higher devaluation of the Argentinian currency resulting in an increase of net FX gains.

As a result of the operating and financial evolution, earnings before taxes in 2Q23 reached a positive mark of US$455 million, increasing by 6.8% q/q, while net income for the quarter resulted in a gain of US$380 million, compared to the gain of US$341 million in 1Q23.

6

3. EBITDA AND ADJUSTED EBITDA RECONCILIATION

Adjusted EBITDA for 2Q23 reached a quarterly mark of US$1,005 million, decreasing 3.8% when compared to 1Q23. This variation was mainly due to a slight decline in fuels prices, aligned with a downward trend in international prices, and higher OPEX, mostly offset by higher natural gas sales.

The tables displayed below show the reconciliation between EBITDA and Adjusted EBITDA for the quarter:

Reconciliation of Adjusted EBITDA Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Q/Q Δ
Net Income		810			341			380			-53.1	%		11.4	%		1,077			721			-33.1	%
Financial results, net		22			(2	)		(140	)		N/A			6900.0	%		77			(142	)		N/A
Interests in companies and joint ventures		(132	)		(89	)		(94	)		-28.8	%		5.6	%		(247	)		(183	)		-25.9	%
Income tax		185			85			75			-59.5	%		-11.8	%		382			160			-58.1	%
Unproductive exploratory drillings		2			6			—			N/A			N/A			7			6			-14.3	%
Depreciation & amortization		689			775			854			23.9	%		10.2	%		1,340			1,629			21.6	%
Impairment of assets		—			—			—			N/A			N/A			—			—			N/A
EBITDA		1,576			1,116			1,075			-31.8	%		-3.7	%		2,636			2,191			-16.9	%
Leasing		(63	)		(72	)		(70	)		10.2	%		-2.3	%		(128	)		(141	)		10.3	%
Adjusted EBITDA		1,513			1,044			1,005			-33.5	%		-3.8	%		2,508			2,050			-18.3	%

EBITDA breadkdown by segment Unaudited Figures, in US$ million	Upstream			Industrialization			Commercialization		Gas & Power			Corporate & Other			Consolid. Adjustments		Total
Operating income		75			155			46		22			(90	)		13		221
Depreciation & amortization		668			126			12		31			17			0		854
Unproductive exploratory drillings		—			—			—		—			—			—		—
Impairment of assets		—			—			—		—			—			—		—
EBITDA		743			281			57		53			(73	)		13		1,075
Leasing		(39	)		(20	)		2		(12	)		—			—		(70	)
Other adjustments		—			—			—		—			—			—		—
Adjusted EBITDA		704			261			59		42			(73	)		13		1,005

7

The main causes of the sequential variations in Adjusted EBITDA between 2Q23 and 1Q23 are displayed in the following chart:

• Upstream (-US$6 million): The negative variation was driven by higher OPEX and lower crude oil prices; partially offset by a 1.0% growth in oil production and higher natural gas prices.

• Industrialization (-US$57 million): The EBITDA decrease was mainly due to higher OPEX, lower local fuels prices of 5% and a contraction of 9% in other-refined-products basket prices, partially offset by lower fuels imports.

• Commercialization (-US$21 million): The EBITDA contraction was primarily due to higher OPEX, lower prices of local fuels and other-refined-products of 5% and 9%, respectively.

• Gas & Power (+US$53 million): The EBITDA increase was primarily due to higher seasonal sales of natural gas of our subsidiary Metrogas, coupled with price adjustments implemented in retail segments, as well as higher regasification activity.

• Corporate & Eliminations (-US$8 million): The EBITDA decrease is mainly explained by higher OPEX recorded in the second quarter.

8

The main causes of the y/y variations in Adjusted EBITDA between 2Q23 and 2Q22, are described in the chart below:

• Upstream (-US$117 million): The negative variation was driven by higher OPEX and lower prices of crude oil, partially offset by the 1.9% expansion in hydrocarbon production.

• Industrialization (-US$181 million): The EBITDA decrease was mainly due to higher OPEX, lower local fuels prices of 8% and a significant reduction of 27% in other-refined-products prices, partially offset by an expansion in processing levels of 6% and lower fuels imports.

• Commercialization (-US$42 million): The EBITDA contraction was primarily due to higher OPEX and lower prices of local fuels and other-refined-products of 8% and 27%, respectively.

• Gas & Power (-US$3 million): The EBITDA contraction can be explained mainly due to a growth in OPEX and lower LPG prices, partially offset by higher Metrogas results.

• Corporate & Eliminations (-US$164 million): The negative variation is mainly explained by higher OPEX and a contraction in the replacement cost of our oil inventories, vis-à-vis higher inventory costs recorded in the same period of last year.

9

4. ANALYSIS OF RESULTS BY BUSINESS SEGMENT

4.1. UPSTREAM

Upstream Operating data Unaudited Figures	2Q22		1Q23		2Q23		Y/Y Δ			Q/Q Δ			1H22		1H23		Y/Y Δ
Net Production Breakdown
Crude Production (Kbbld)		225.3		238.5		240.9		6.9	%		1.0	%		223.8		239.7		7.1	%
Conventional		148.3		143.3		143.6		-3.1	%		0.2	%		148.5		143.5		-3.4	%
Shale		73.9		92.5		94.6		28.1	%		2.3	%		72.1		93.5		29.7	%
Tight		3.2		2.7		2.7		-14.6	%		1.9	%		3.1		2.7		-13.6	%
NGL Production (Kbbld)		41.7		42.9		42.7		2.5	%		-0.3	%		43.0		42.8		-0.3	%
Conventional		16.8		12.5		12.6		-25.1	%		0.8	%		16.3		12.5		-23.1	%
Shale		23.7		29.3		28.8		21.7	%		-1.4	%		25.3		29.0		14.9	%
Tight		1.3		1.2		1.3		6.8	%		15.2	%		1.4		1.3		-10.7	%
Gas Production (Mm3d)		37.6		36.5		36.5		-3.0	%		0.1	%		37.8		36.5		-3.6	%
Conventional		15.2		14.3		13.8		-9.3	%		-3.6	%		15.3		14.0		-8.5	%
Shale		15.5		16.7		17.0		10.2	%		1.8	%		15.4		16.9		9.8	%
Tight		7.0		5.4		5.7		-18.8	%		4.2	%		7.1		5.6		-22.2	%
Total Production (Kboed)		503.7		510.6		513.1		1.9	%		0.5	%		504.7		511.9		1.4	%
Conventional		260.6		245.7		242.9		-6.8	%		-1.1	%		261.3		244.3		-6.5	%
Shale		194.7		226.9		230.5		18.4	%		1.6	%		194.0		228.7		17.9	%
Tight		48.3		38.1		39.7		-17.8	%		4.4	%		49.4		38.9		-21.3	%
Average realization prices
Crude Oil (USD/bbl)		65.0		66.9		63.4		-2.5	%		-5.2	%		61.9		65.1		5.2	%
Natural Gas (USD/MMBTU)		3.9		3.0		3.9		1.3	%		30.8	%		3.4		3.5		0.9	%

Total hydrocarbon production totaled 513.1 Kboe/d during 2Q23, increasing 0.5% sequentially and 1.9% y/y. Crude oil production recorded a new sequential expansion of 1.0% while achieving a strong inter-annual increase of 6.9%. On the natural gas and NGLs side, production remained almost flat sequentially.

Shale production continued expanding strongly during the quarter, where shale oil and shale gas increased, on a year over year basis, 28.1% and 10.2%, respectively, highlighting the new sequential increase of 1.6% in our total shale production. In that sense, shale production represented 44.9% of our total consolidated production in 2Q23, growing from 38.7% a year ago.

Average daily crude oil production increased by 1.0% sequentially, on the back of the increasing shale oil production previously mentioned, while conventional production remained sequentially stable, driven by our strategy of continuing to advance tertiary recovery techniques. In that sense, tertiary production recorded an expansion of 17% compared to the previous quarter and 32% against the same quarter of 2022, highlighting Manantiales Behr block, where we are currently operating nine Polymer Injection Units and its tertiary production represents around 30% of its total production, as well as Chachahuen, El Trebol and Los Perales blocks, where we continue obtaining promising results.

10

On the natural gas side, average daily production remained almost flat q/q, where higher shale gas production of 1.8% was compensated by a 3.6% decrease in conventional production. In a year over year comparison, natural gas production decreased by 3.0%, affected by lower demand and the natural decline of our conventional fields.

In 2Q23, total segment revenues reached US$1.896 million, increasing by 3.7% compared to 1Q23 and 4.8% y/y.

• Crude oil revenues declined by 3.0% q/q, mainly led by lower prices of 5.2%, partially offset by an increase of 2.3% in volumes sold.

• Natural gas revenues went up by 32.2% q/q, mainly due to the seasonal price increase previously mentioned of 30.8% and higher volumes sold of 1.1%.

Upstream Financials Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Crude oil		1,261			1,406			1,363			8.1	%		-3.0	%		2,411			2,769			14.9	%
Natural gas		484			358			473			-2.3	%		32.2	%		871			830			-4.7	%
Other		65			65			60			-8.1	%		-7.4	%		126			125			-1.0	%
Revenues		1,810			1,828			1,896			4.8	%		3.7	%		3,408			3,724			9.3	%
Depreciation & amortization		(507	)		(602	)		(668	)		31.7	%		11.0	%		(984	)		(1,270	)		29.0	%
Lifting cost		(610	)		(669	)		(746	)		22.4	%		11.5	%		(1,143	)		(1,415	)		23.8	%
Royalties		(238	)		(233	)		(244	)		2.4	%		4.7	%		(450	)		(476	)		5.7	%
Exploration expenses		(14	)		(18	)		(8	)		-42.9	%		-55.6	%		(24	)		(26	)		8.3	%
Other		(91	)		(162	)		(155	)		69.9	%		-4.5	%		(224	)		(317	)		41.7	%
Operating income before impairment of assets		350			144			75			-78.6	%		-47.9	%		582			219			-62.4	%
Impairment of assets		—			—			—			N/A			N/A			—			—			N/A
Operating income		350			144			75			-78.6	%		-47.9	%		582			219			-62.4	%
Depreciation & amortization		507			602			668			31.7	%		11.0	%		984			1,270			29.0	%
Unproductive exploratory drillings		2			6			—			N/A			N/A			7			6			-14.3	%
Impairment of assets		—			—			—			N/A			N/A			—			—			N/A
EBITDA		859			752			743			-13.5	%		-1.2	%		1,573			1,495			-5.0	%
Leasing		(39	)		(42	)		(39	)		1.2	%		-6.1	%		(76	)		(81	)		6.2	%
Adjusted EBITDA		821			710			704			-14.3	%		-0.9	%		1,497			1,414			-5.6	%
Capex		712			1,015			1,017			42.8	%		0.2	%		1,311			2,032			55.0	%
Unit Cash Costs Unaudited Figures, in US$/boe	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Lifting Cost		13.3			14.6			16.0			20.1	%		9.5	%		12.5			15.3			22.1	%
Royalties and other taxes		6.5			6.5			6.5			1.1	%		0.9	%		6.2			6.5			5.3	%
Other Costs		2.7			2.7			2.9			9.7	%		7.1	%		2.4			2.8			19.5	%
Total Cash Costs (US$/boe)		22.5			23.8			25.5			13.4	%		6.9	%		21.1			24.6			16.9	%

In terms of our cost structure per unit basis, total cash costs increased by 6.9% sequentially and 13.4% y/y due to the following:

• Lifting cost increased by 9.5% q/q. When breaking down our lifting costs by type of operation in 2Q23, our unconventional activities averaged 5.5 US$/BOE, jumping 13.3% q/q due to higher activity and energy costs that overrun the expanded production during the quarter, while our conventional activities averaged 25.7 US$/BOE, a rise of 8.7% q/q. Lifting cost within our shale core hub averaged 4.1 US$/BOE in 2Q23, remaining almost flat versus the previous quarter.

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• Royalties within the upstream segment and other taxes increased by 0.9% sequentially, where natural gas royalties jumped by 32.0% and crude oil royalties decreased by 3.9%, mainly due to variations in realization prices.

• The sequential increase in Other costs is driven by non-recurrent charges recorded in 2Q23.

In summary, Adjusted EBITDA for the upstream segment reached US$704 million in the quarter, decreasing by 0.9% q/q and 14.3% y/y.

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CAPEX:

Upstream CAPEX totaled US$1,017 million in 2Q23, remaining almost flat sequentially and increasing by 42.8% y/y, where 65.6% was allocated to drilling and workover activities, 28.5% to new facilities or the expansion of existing ones, and the remaining 5.9% to exploration and other upstream activities.

During 2Q23, drilling and workover activities showed a positive trend, completing a total of 90 new wells in our operated blocks, including 41 new wells completed in our unconventional operated blocks, 34 of shale oil and 7 of shale gas.

Regarding our shale operations, during 2Q23 we made progress in the following developments:

• In May, the company signed an agreement with a local upstream company to drill, by the end of the year, the first exploratory well in Palermo Aike shale formation, which total recoverable resources are estimated in the order of 10 billion of barrels equivalent.

• With respect to our investments in facilities required to unlock shale production, in May we put in operations a natural gas separation and treatment facility, located at Rincón del Mangrullo block, expanding its production capacity by 2 Mm3 per day.

• In June, a fracture set supplied 100% with natural gas was put in place in Loma Campana block, the first of its class in Argentina, achieving a reduction of around 60 m3 per month of diesel consumption, aligned with our energy transition path.

On the conventional side, our operations maintained their focus on sustainability related activities aiming to further reduce the priority risks in our facilities. Moreover, tertiary recovery activities continued being highly relevant in Manantiales Behr, Chachahuen and El Trébol blocks.

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4.2. INDUSTRIALIZATION

Industrialization Operating data Unaudited Figures	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Crude processed (Kbbld)		287.6			307.2			305.1			6.1	%		-0.7	%		284.7			306.1			7.5	%
Refinery utilization (%)		88	%		94	%		93	%		535bps			-63bps			87	%		93	%		653bps

Nominal capacity at 328.1 Kbbl/d since 1Q21.

Crude oil processed during the quarter stood at 305.1 Kbbl/d, which represented a decrease of 0.7% q/q and an increase of 6.1% y/y. In a sequential basis, the slight contraction was driven by a programmed shutdown of the hydrotreating and platforming units in Luján de Cuyo refinery, whereas La Plata and Plaza Huincul refineries managed to increase its processing levels. Besides, during the first half of the year, the company achieved a record high of crude oil processed since 2010 and the highest gasoline and middle distillates production since 2007 through the maximization of the refinery’s conversion levels.

Industrialization Financials Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Revenues		3,267			3,104			2,894			-11.4	%		-6.8	%		5,831			5,998			2.9	%
Depreciation & amortization		(111	)		(124	)		(126	)		13.5	%		1.6	%		(219	)		(250	)		14.2	%
Industrialization cost		(376	)		(415	)		(446	)		18.8	%		7.6	%		(693	)		(861	)		24.1	%
Fuels imports (third parties)		(309	)		(344	)		(158	)		-48.9	%		-54.0	%		(613	)		(502	)		-18.2	%
Crude oil purchases (intersegment + third parties)		(1,590	)		(1,802	)		(1,662	)		4.5	%		-7.8	%		(3,010	)		(3,463	)		15.1	%
Biofuel purchases (third parties)		(250	)		(230	)		(230	)		-8.1	%		0.0	%		(417	)		(459	)		10.2	%
Stock variations		46			91			(25	)		N/A			N/A			133			66			-50.3	%
Other		(152	)		(94	)		(92	)		-39.4	%		-1.5	%		(267	)		(186	)		-30.2	%
Operating income before impairment of assets		525			188			155			-70.5	%		-17.6	%		745			343			-54.0	%
Impairment of assets		—			—			—			N/A			N/A			—			—			N/A
Operating income		525			188			155			-70.5	%		-17.6	%		745			343			-54.0	%
Depreciation & amortization		111			124			126			13.5	%		1.6	%		219			250			14.2	%
EBITDA		636			312			281			-55.8	%		-9.9	%		964			593			-38.5	%
Leasing		(1	)		(20	)		(20	)		1289.2	%		0.3	%		(4	)		(41	)		853.4	%
Adjusted EBITDA		635			292			261			-58.9	%		-10.6	%		960			553			-42.4	%
Inventories price effect of oil products		171			(48	)		(22	)		N/A			-54.6	%		223			(70	)		N/A
Adjusted EBITDA excl. inventories price effect of oil products		463			340			283			-39.0	%		-16.9	%		737			623			-15.5	%
Capex		146			202			253			72.8	%		25.0	%		243			455			86.9	%

Stock variations include price effects by US$171 million in 2Q22, US$(48) million for 1Q23 and US$(22) million for 2Q23.

Revenues – mainly intersegment revenues with Commercialization segment - totaled US$2,894 million in 2Q23, a decrease of 6.8% compared to 1Q23, mainly due to lower prices of local fuels and other refined products coupled with lower volumes dispatched of gasoline and jet fuel, partially offset by higher seasonal volumes of diesel.

OPEX for this segment went up by 7.6% q/q, mainly driven by the programmed shutdown in Luján de Cuyo refinery described above and higher energy costs.

Separately, gasoline and diesel imports decreased by 53.6% q/q, driven by 45.2% lower imported volumes and a drop in prices of 15.2%. The sequential contraction of both gasoline and diesel imports volumes can be explained by higher inventory restock recorded in 1Q23 against 2Q23.

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Crude oil purchases (including intersegment purchases to our Upstream operations) dropped by 7.8% q/q, as a result of a 5.2% decrease in prices and a 2.7% decline in volumes, due to a slight decrease in processing levels and inventory consumption in 2Q.

Biofuel purchases remained flat q/q, where purchases of biodiesel grew by 3.1%, and purchases of bioethanol dropped by 2.8%. Biodiesel purchases variation was mainly the result of the increase in diesel demand coupled with a higher blending rate, the latter due to a greater availability of biodiesel in local market, while bioethanol purchases decreased mainly as a result of lower gasoline demand.

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CAPEX:

In 2Q23, Industrialization CAPEX totaled US$253 million, setting a 25.0% increase compared to 1Q23 and a rise of 72.8% y/y. Out of the total, 56.8% was allocated to refining, 28.2% to Midstream Oil, 14.8% to logistics and the remaining 0.3% to others.

During 2Q23, we continued with the execution of the new fuel specifications project, including the construction of a new diesel hydrotreatment unit at the Luján de Cuyo refinery and a gasoline hydrotreatment and revamping of existing gasoline units in La Plata industrial complex. The purpose of these works is to comply with the new fuel specifications established by Resolutions No. 576/2019 and 492/2023, which will come into force in 2025. In addition, the revamping of the Topping D Unit of the La Plata refinery, which will allow to process greater shale oil, is at the final stage of construction and is expected to be ready by the end of 2023. In the same line, in the Luján de Cuyo Industrial Complex, the engineering and purchase of equipment for the revamping of Topping III continues, while in Plaza Huincul Refinery we keep progressing on the revamping of the Topping Unit.

In terms of midstream oil investments, we continued with a steady progress in the main projects aimed at unlocking the evacuation capacity of the Neuquina basin:

• Regarding the expansion of the existing system to the Atlantic, our subsidiary Oldelval has been making steady progress on its second stage of expansion, aiming at adding about 20 Kbbl/d of evacuation capacity during the second half of 2023. In addition, OTE continued moving forward in the construction of two new storage facilities of 50 Km3 each and the revamping of the offshore terminal at Puerto Rosales.

• Regarding the evacuation to the Pacific, in May the trans-andean pipeline of the OTA/OTC system was successfully put back in operation after 18 years of inactivity, allowing the company to resume structural Medanito oil exports. Moreover, during the 2Q23 we reached a 75% progress in the construction of the Vaca Muerta North pipeline, which is expected to start operations between September and October 2023. On that regard, we signed agreements with four strategic partners that joined our project by financing part of the pipeline construction, either through equity or through ship-or-pay pre-paid contracts.

• Finally, regarding the Vaca Muerta South project, we have achieved solid progress on the engineering process for the new pipeline and export terminal and on the environmental impact studies required for the full project.

Lastly, during this quarter, we continued improving safety conditions for our people and facilities, complying with the current environmental regulations in refining and logistics operations.

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4.3. COMMERCIALIZATION

Commercialization Operating data Unaudited Figures	2Q22		1Q23		2Q23		Y/Y Δ			Q/Q Δ			1H22		1H23		Y/Y Δ
Sales volume to third parties
Sales of refined products (Km3)		4,782		4,790		4,873		1.9	%		1.7	%		9,347		9,663		3.4	%
Total domestic market (*)		4,455		4,346		4,483		0.6	%		3.1	%		8,664		8,830		1.9	%
of which Gasoline		1,364		1,515		1,431		5.0	%		-5.5	%		2,774		2,946		6.2	%
of which Diesel		2,284		2,052		2,227		-2.5	%		8.6	%		4,314		4,279		-0.8	%
Total export market		327		444		390		19.3	%		-12.1	%		682		834		22.2	%
Sales of petrochemical products (Ktn)		139		141		122		-12.3	%		-14.0	%		267		263		-1.7	%
Domestic market		111		83		70		-36.9	%		-15.8	%		210		153		-27.1	%
Export market		27		58		51		87.8	%		-11.3	%		57		109		92.0	%
Sales of Natural Gas (Mm3)		3,162		2,845		2,983		-5.7	%		4.8	%		6,313		5,828		-7.7	%
Domestic market		3,081		2,649		2,883		-6.4	%		8.8	%		6,019		5,533		-8.1	%
Export market		81		196		100		23.0	%		-49.1	%		294		295		0.6	%
Sales of fertilizers, grain, and flours (Ktn)		683		215		448		-34.4	%		107.9	%		1,058		663		-37.3	%
Domestic market		205		206		345		68.3	%		67.5	%		317		551		74.2	%
Export market		478		9		103		-78.5	%		1001.8	%		742		112		-84.9	%
Net average prices
Gasoline (USD/m3) (domestic market)		589		536		526		-10.8	%		-1.9	%		562		531		-5.6	%
Diesel (USD/m3) (domestic market)		738		745		692		-6.3	%		-7.1	%		670		718		7.2	%
Other refined products (USD/bbl) (including exports)		106		86		78		-26.7	%		-8.9	%		95		82		-14.5	%

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

(*) Includes volumes sold by Industrialization

Domestic gasoline sales volumes decreased by 5.5% compared to 1Q23 due to the higher seasonal summer demand of the first quarter, while domestic diesel volumes jumped 8.6% q/q due to higher diesel demand in power generation and agro business sectors. In terms of market share of our fuels, Argentina’s total market decreased by 5.0% q/q for gasoline and grew by 7.8% q/q for diesel, resulting in a minor reduction in gasoline market share and a slight increase in diesel market share.

Petrochemical volumes dropped 14.0% q/q and 12.3% y/y mainly due to lower domestic demand during 2Q23 affected by programmed stoppages in some of our industrial customers.

Natural gas sales volumes increased 4.8% q/q driven by the higher seasonal demand, but still below 2022’s demand on the back of higher temperatures y/y and limited availability of transportation lines for power generation demand.

Fertilizers, grain and flours sales volumes increased by 107.9% q/q, as a result of higher seasonal demand, although still affected by the severe drought recorded in Argentina since 1Q23 that led an interanual contraction of 34.4%.

Net average diesel prices in the domestic market measured in U.S. dollar terms decreased by 7.1% q/q, while net average gasoline prices decreased by 1.9% q/q, as a result of our continuous strategy of adjusting prices of local fuels in a way to mitigate, to the largest possible extent, the effect of the depreciation of the currency, while reducing or avoid extending, the gap between the pricing of local fuels against international

17

parities. Moreover, the average price for “Other refined products” declined by 8.9% q/q, on the back of the downward trend in international prices recorded in 2Q23.

Commercialization Financials Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Diesel (third parties)		1,771			1,610			1,600			-9.6	%		-0.6	%		3,038			3,210			5.7	%
Gasoline (third parties)		880			889			828			-5.9	%		-6.9	%		1,696			1,717			1.2	%
Natural gas as producers (intersegment + third parties)		491			355			479			-2.3	%		34.8	%		880			835			-5.1	%
Other domestic market		886			725			781			-11.9	%		7.7	%		1,555			1,505			-3.2	%
Export market		686			437			368			-46.4	%		-15.9	%		1,121			805			-28.1	%
Revenues		4,713			4,016			4,056			-13.9	%		1.0	%		8,290			8,072			-2.6	%
Depreciation & amortization		(28	)		(19	)		(12	)		-58.9	%		-39.0	%		(54	)		(31	)		-43.6	%
Refined & petrochemicals Products purchases (intersegment)		(3,091	)		(2,868	)		(2,681	)		-13.3	%		-6.5	%		(5,500	)		(5,549	)		0.9	%
Non-oil agro purchases (third parties)		(503	)		(114	)		(253	)		-49.7	%		121.2	%		(693	)		(367	)		-47.0	%
Natural gas purchases (intersegment + third parties)		(493	)		(359	)		(481	)		-2.3	%		33.9	%		(887	)		(841	)		-5.2	%
Stock variations		164			4			42			-74.6	%		897.7	%		179			46			-74.4	%
Commercialization cost & Other		(643	)		(589	)		(625	)		-2.8	%		6.1	%		(1,112	)		(1,214	)		9.2	%
Operating income before impairment of assets		120			70			46			-61.7	%		-34.3	%		223			116			-48.0	%
Impairment of assets		—			—			—			N/A			N/A			—			—			N/A
Operating income		120			70			46			-61.7	%		-34.3	%		223			116			-48.0	%
Depreciation & amortization		28			19			12			-58.9	%		-39.0	%		54			31			-43.6	%
EBITDA		148			89			57			-61.3	%		-35.6	%		277			146			-47.2	%
Leasing		(17	)		(10	)		2			N/A			N/A			(34	)		(8	)		-75.5	%
Adjusted EBITDA		131			79			59			-55.0	%		-25.7	%		243			138			-43.3	%
Inventories price effect of oil products		20			(10	)		(9	)		N/A			-3.3	%		20			(19	)		N/A
Adjusted EBITDA excl. inventories price effect of oil products		111			89			68			-38.2	%		-23.2	%		223			157			-29.4	%
Capex		20			12			28			42.5	%		133.3	%		26			40			56.0	%

Stock variations include price effects by US$38 million in 2Q22, US$(25) million for 1Q23 and US$(35) million for 1Q23.

Sales of natural gas as producers include domestic and external markets

Revenues during 2Q23 totaled US$4,056 million, an increase of 1.0% compared to 1Q23, mainly as a result of higher natural gas prices due to the seasonal adjustments within the Plan Gas contracts, higher seasonal demand of fertilizers, grain and flours; partially offset by lower prices of local fuels and other refined products coupled with lower volumes dispatched of gasoline and jet fuel.

Refined & Petrochemicals Products purchases (intersegment) to Industrialization segment, decreased by 6.5% q/q, mainly due to lower prices and lower volumes dispatched of gasoline and jet fuel.

Non-oil agro purchases increased by 121.2% q/q, aligned with the expansion in volumes sales.

Finally, combining the results of the Industrialization and Commercialization segments, excluding petrochemicals and non-oil agro business, the Adjusted EBITDA of the Refining & Marketing business during the 2Q23 reached US$10.3 per barrel.

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CAPEX:

In 2Q23, Commercialization CAPEX totaled US$28 million, setting a 133.3% increase compared to 1Q23 and a 42.5% rise y/y.

Besides the regular investments related to maintaining commercial facilities and improving safety conditions to comply with the environmental regulations for the dispatch of oil products, during the 2Q23 we continued with the construction of the agro commercial facility in Tres Arroyos. Moreover, the remodeling works of the Echeverría gas station were completed, which we expect to inaugurate during the third quarter of 2023.

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4.4. GAS AND POWER

GAS & POWER Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Natural gas retail (third parties)		157			65			145			-7.6	%		122.2	%		229			210			-8.3	%
Midstream Gas Revenues (intersegment + third parties)		53			54			48			-9.5	%		-10.6	%		103			102			-1.9	%
Other		59			26			71			20.4	%		171.9	%		85			97			13.9	%
Revenues		269			145			264			-1.9	%		82.1	%		418			409			-2.2	%
Depreciation & amortization		(19	)		(15	)		(31	)		65.5	%		105.8	%		(42	)		(46	)		10.8	%
Natural gas retail purchases (intersegment + third parties)		(99	)		(50	)		(98	)		-1.6	%		94.4	%		(141	)		(148	)		4.9	%
Midstream Gas purchases (intersegment)		(16	)		(19	)		(14	)		-9.9	%		-25.5	%		(32	)		(33	)		3.5	%
Operating cost & Other		(103	)		(88	)		(99	)		-4.1	%		12.8	%		(175	)		(187	)		6.6	%
Operating income before impairment of assets		32			(27	)		22			-31.3	%		N/A			28			(5	)		N/A
Impairment of assets		—			—			—			N/A			N/A			—			—			N/A
Operating income		32			(27	)		22			-31.3	%		N/A			28			(5	)		N/A
Depreciation & amortization		19			15			31			65.5	%		105.8	%		42			46			10.8	%
EBITDA		51			(12	)		53			4.6	%		N/A			70			41			-40.7	%
Leasing		(6	)		—			(12	)		99.8	%		N/A			(14	)		(12	)		-15.0	%
Adjusted EBITDA		45			(12	)		42			-7.7	%		N/A			56			30			-47.0	%
Capex		11			52			45			324.9	%		-13.5	%		16			97			522.2	%

Revenues during 2Q23 totaled US$264 million, increasing by 82.1% compared to 1Q23, mainly due to a strong increase of 122.2% of natural gas sales from our controlled subsidiary Metrogas to the retail distribution segment (residential customers and small businesses) and to large customers (power plants and industries), driven by a 85.6% higher natural gas volumes dispatched, on the back of the winter seasonality; coupled with an increase of 24.5% in average prices.

Other sales expanded 171.9% q/q, driven mainly by higher seasonal LNG regasification revenues, while Midstream sales (propane, butane and gasolines) decreased by 10.6%.

Natural gas retail purchases increased by 94.4% q/q, in line with the increasing sales. Moreover, Operating costs & Other jumped 12.8% q/q, mainly led by higher OPEX from our subsidiary Metrogas and from Midstream Gas business.

As a whole, Adjusted EBITDA recorded a gain of US$42 million during 2Q23, compared to a loss of US$12 million in 1Q23, mainly driven by the positive impact of our subsidiary Metrogas.

20

CAPEX:

Gas & Power CAPEX totaled US$45 million in 2Q23, decreasing by 13.5% q/q. During the quarter, investments were mainly focused on the construction of new midstream gas facilities aiming at de-bottlenecking the potential of the Vaca Muerta formation. In that sense, in the quarter we achieved 82% progress in the revamping of the NGLs facility “Tex Loma La Lata”, which is expected to start operations during the second half of 2023, increasing the processing capacity up to 6 Mm3/d of natural gas and 600 tons/d of NGLs in the core hub blocks. In addition, we continued working in the Rincón del Mangrullo gas pipeline expansion project, which will allow to transport a maximum of 19 Mm3/d, 70% higher compared with the current capacity; and is expected to be completed by the end of the year.

21

4.5. CORPORATE AND OTHER

Corporate & Other Financials Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Revenues		258			310			335			29.7	%		8.1	%		465			645			38.6	%
Operating costs and other		(340	)		(374	)		(425	)		24.9	%		13.7	%		(603	)		(799	)		32.5	%
Operating income before impairment of assets		(82	)		(64	)		(90	)		9.7	%		40.6	%		(138	)		(154	)		11.6	%
Impairment of assets		—			—			—			N/A			N/A			—			—			N/A
Operating income		(82	)		(64	)		(90	)		9.7	%		40.6	%		(138	)		(154	)		11.6	%
Depreciation & amortization		26			15			17			-34.0	%		13.3	%		44			32			-26.9	%
EBITDA		(56	)		(49	)		(73	)		29.8	%		49.0	%		(94	)		(122	)		29.4	%
Leasing		—			—			—			N/A			N/A			—			—			N/A
Adjusted EBITDA		(56	)		(49	)		(73	)		29.8	%		49.0	%		(94	)		(122	)		29.4	%
Capex		15			17			31			100.5	%		82.4	%		38			48			24.8	%

This business segment involves mainly corporate costs and other activities that are not reported in any of the previously mentioned business segments.

Corporate and Other Adjusted EBITDA represented a loss of US$73 million in 2Q23, compared to a loss of US$49 million in 1Q23.

The negative variation is mainly explained by an increase in corporate OPEX due to the overall accelerated inflationary environment previously mentioned, and higher activity in marketing and technology areas.

22

5. LIQUIDITY AND SOURCES OF CAPITAL

5.1. CASH FLOW SUMMARY

Summary Consolidated Cash Flow Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Cash BoP		795			773			1,014			27.5	%		31.2	%		611			773			26.5	%
Net cash flow from operating activities		1,351			1,497			1,309			-3.1	%		-12.6	%		2,780			2,806			0.9	%
Net cash flow from investing activities		(1,037	)		(1,189	)		(1,259	)		21.4	%		5.9	%		(1,880	)		(2,448	)		30.2	%
Net cash flow from financing activities		(372	)		17			214			N/A			1158.8	%		(737	)		231			N/A
FX adjustments & other		(70	)		(84	)		(111	)		58.6	%		32.1	%		(107	)		(195	)		82.2	%
Cash EoP		667			1,014			1,167			75.0	%		15.1	%		667			1,167			75.0	%
Investment in financial assets		575			282			303			-47.3	%		7.4	%		575			303			-47.3	%
Cash + short-term investments EoP		1,242			1,296			1,470			18.4	%		13.4	%		1,242			1,470			18.4	%
FCF		321			(17	)		(284	)		N/A			1570.6	%		700			(301	)		N/A

In 2Q23 our cash flow from operations reached US$1,309 million, decreasing 12.6% sequentially, due to lower EBITDA levels and the Maxus settlement agreement signed in April, partially offset by other positive working capital variations, such as dividends collected from our subsidiaries and the monetization of a tax credit for income tax prepaid in 4Q22.

Net cash flow from investing activities was negative US$1,259 million, compared to negative US$1,189 million in 1Q23. This variation was mainly driven by the expansion in our investment activity partially offset by higher sales and maturities of financial assets. In 2Q22, net cash flow from investing activities was negative US$1,037 million, below the 2Q23, mainly driven by the expansion in our CAPEX plan.

Net cash flow from financing activities amounted to positive US$214 million in 2Q23 against a positive cash flow of US$17 million in 1Q23 as the company continued progressing on its financial plan by securing several trade-related loans from relationship banks and tapping the local capital markets.

As a result, the free cash flow for the period was negative by U$S284 million. However, excluding the impact of the Maxus settlement agreement, operating cash flow from operations would have covered not only the investment activities, but also interest payments and other expenses, resulting in a free cash flow of US$3 million.

In terms of liquidity, our cash and short-term investments stood at US$1,470 million by the end of June 2023, an increase of US$174 million when compared to the previous quarter.

In terms of cash management, during the quarter we continued with an active asset management approach to minimize FX exposure, considering the regulations in force that prevent us from holding a larger portion of our liquidity in foreign currency. In that sense, in a context of limited available dollarized instruments in the local market and given the high level of liquidity recorded during this quarter, we ended up with a consolidated net FX exposure of 12.7% of total liquidity.

23

5.2. NET DEBT

Net debt breakdown Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Q/Q Δ
Short-term debt		766			1,108			1,483			33.8	%
Long-term debt		6,320			6,231			6,299			1.1	%
Total debt		7,086			7,339			7,782			6.0	%
Avg. Interest rate for AR$-debt		42.4	%		73.6	%		87.5	%
Avg. Interest rate for US$-debt		7.9	%		7.5	%		7.1	%
% of debt in AR$		3.0	%		2.8	%		2.6	%
Cash + short term investments		1,242			1,296			1,470			13.4	%
Net debt		5,844			6,043			6,312			4.5	%

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

As of June 30, 2023, YPF’s consolidated net debt totaled US$6,312 million, increasing by US$269 million q/q and US$468 million y/y. The higher net debt and the lower 12-month rolling Adjusted EBITDA resulted in an increase in the net leverage ratio up to 1.4x.

In terms of financing, during the second quarter the company continued progressing on its financial plan by securing several trade-related loans from relationship banks and tapping the local capital markets several times. In April 2023, the company issued a dollar-linked 4-year bond, with a 1% coupon, for a total amount of US$37 million, a dollar-linked 2-year bond, with an implied yield to maturity of -5.2%, for a total amount of US$147 million, and a re-opening of a peso-denominated bond with variable interest rate for a total amount equivalent to US$15 million. Moreover, in June 2023, the company issued a 3-years hard-dollar denominated bond for a total amount of US$ 263 million with a 5% coupon.

Regarding our maturity profile, the Company faces debt maturities for the next six months of 2023 totaling an amount of US$616 million, mainly consisting in international bonds amortizations (US$162 million for the amortizations of Notes due 2026 and Notes due March 2025), local bonds amortization (mainly US$137 million for the maturity of Notes due December 2023), amortizations of the A/B Loan with CAF (US$75 million), and the remaining in short term trade facilities.

24

The following chart shows the consolidated principal debt maturity profile of the company as of June 30, 2023, expressed in millions of dollars:

25

6. TABLES AND NOTES

6.1. CONSOLIDATED INCOME STATEMENT

Income Statement Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Revenues		4,995			4,238			4,375			-12.4	%		3.2	%		8,755			8,613			-1.6	%
Costs		(3,408	)		(3,299	)		(3,509	)		3.0	%		6.4	%		(6,229	)		(6,808	)		9.3	%
Gross profit		1,587			939			866			-45.4	%		-7.8	%		2,526			1,805			-28.5	%
Selling expenses		(522	)		(420	)		(482	)		-7.7	%		14.8	%		(899	)		(902	)		0.3	%
Administrative expenses		(155	)		(157	)		(167	)		7.7	%		6.4	%		(292	)		(324	)		11.0	%
Exploration expenses		(14	)		(18	)		(8	)		-42.9	%		-55.6	%		(24	)		(26	)		8.3	%
Impairment of property, plant and equipment and intangible assets		—			—			—			N/A			N/A			—			—			N/A
Other operating results, net		(11	)		(9	)		12			N/A			N/A			(22	)		3			N/A
Operating income		885			335			221			-75.0	%		-34.0	%		1,289			556			-56.9	%
Income of interests in companies and joint ventures		132			89			94			-28.8	%		5.6	%		247			183			-25.9	%
Financial Income		445			601			792			78.0	%		31.8	%		742			1,393			87.7	%
Financial Cost		(509	)		(710	)		(842	)		65.4	%		18.6	%		(919	)		(1,552	)		68.9	%
Other financial results		42			111			190			352.4	%		71.2	%		100			301			201.0	%
Financial results, net		(22	)		2			140			N/A			6900.0	%		(77	)		142			N/A
Net profit before income tax		995			426			455			-54.3	%		6.8	%		1,459			881			-39.6	%
Income tax		(185	)		(85	)		(75	)		-59.5	%		-11.8	%		(382	)		(160	)		-58.1	%
Net profit for the period		810			341			380			-53.1	%		11.4	%		1,077			721			-33.1	%
Net profit for shareholders of the parent company		802			341			335			-58.2	%		-1.8	%		1,071			676			-36.9	%
Net profits for non-controlling interest		8			—			45			462.5	%		N/A			6			45			650.0	%
Earnings per share attributable to shareholders of the parent company (basic and diluted)		2.04			0.87			0.86			-57.8	%		-1.1	%		2.72			1.73			-36.4	%

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

Income Statement Unaudited Figures, in AR$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Revenues		595,970			820,325			1,036,763			74.0	%		26.4	%		997,421			1,857,088			86.2	%
Costs		(410,626	)		(646,516	)		(848,400	)		106.6	%		31.2	%		(713,768	)		(1,494,916	)		109.4	%
Gross profit		185,344			173,809			188,363			1.6	%		8.4	%		283,653			362,172			27.7	%
Selling expenses		(62,847	)		(82,750	)		(115,705	)		84.1	%		39.8	%		(103,353	)		(198,455	)		92.0	%
Administrative expenses		(19,218	)		(30,970	)		(41,214	)		114.5	%		33.1	%		(33,992	)		(72,184	)		112.4	%
Exploration expenses		(1,553	)		(3,698	)		(1,847	)		18.9	%		-50.1	%		(2,676	)		(5,545	)		107.2	%
Impairment of property, plant and equipment and intangible assets		—			—			—			N/A			N/A			—			—			N/A
Other operating results, net		(1,370	)		(1,435	)		3,696			N/A			N/A			(2,827	)		2,261			N/A
Operating income		100,356			54,956			33,293			-66.8	%		-39.4	%		140,805			88,249			-37.3	%
Income of interests in companies and joint ventures		15,465			16,946			21,850			41.3	%		28.9	%		27,694			38,796			40.1	%
Financial Income		53,736			116,187			186,110			246.3	%		60.2	%		85,846			302,297			252.1	%
Financial Cost		(60,960	)		(135,742	)		(196,265	)		222.0	%		44.6	%		(103,997	)		(332,007	)		219.2	%
Other financial results		7,017			24,007			58,771			737.6	%		144.8	%		13,349			82,778			520.1	%
Financial results, net		(207	)		4,452			48,616			N/A			992.0	%		(4,802	)		53,068			N/A
Net profit before income tax		115,614			76,354			103,759			-10.3	%		35.9	%		163,697			180,113			10.0	%
Income tax		(21,551	)		(17,754	)		(18,561	)		-13.9	%		4.5	%		(43,217	)		(36,315	)		-16.0	%
Net profit for the period		94,063			58,600			85,198			-9.4	%		45.4	%		120,480			143,798			19.4	%
Net profit for shareholders of the parent company		93,087			58,566			73,727			-20.8	%		25.9	%		119,690			132,293			10.5	%
Net profits for non-controlling interest		976			34			11,471			1075.3	%		33638.2	%		790			11,505			1356.3	%
Earnings per share attributable to shareholders of the parent company (basic and diluted)		236.84			149.60			188.32			-20.5	%		25.9	%		304.53			337.92			11.0	%

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

26

6.2. CONSOLIDATED BALANCE SHEET

Consolidated Balance Sheet	In US$ million				In AR$ million
Unaudited Figures	31-Dec-22		30-Jun-23		31-Dec-22		30-Jun-23
Non-current Assets
Intangible assets		384		375		68,052		96,242
Properties, plant and equipment		17,510		18,558		3,100,306		4,760,179
Assets for leasing		541		508		95,748		130,281
Investments in companies and joint ventures		1,905		1,807		337,175		463,530
Deferred tax assets, net		17		16		3,010		4,104
Other receivables		205		212		36,468		54,359
Trade receivables		6		5		1,027		1,247
Investment in financial assets		201		65		35,664		16,633
Total Non-current Assets		20,769		21,546		3,677,450		5,526,575
Current Assets
Assets held for disposal		0		0		0		0
Inventories		1,738		1,892		307,766		485,335
Contract assets		1		6		148		1,623
Other receivables		808		730		143,231		187,259
Trade receivables		1,504		1,361		266,201		349,007
Investment in financial assets		319		303		56,489		77,677
Cash and cash equivalents		773		1,167		136,874		299,188
Total Current Assets		5,143		5,459		910,709		1,400,089
Total Assets		25,912		27,005		4,588,159		6,926,664
Total Shareholders´ Equity		10,552		11,284		1,868,304		2,894,385
Non-current Liabilities
Provisions		2,571		2,157		455,213		553,280
Deferred tax liabilities, net		1,733		1,384		306,708		354,894
Income tax payable		26		16		4,588		4,048
Other taxes payable		1		1		185		163
Salaries and social security		1		0		215		3
Liabilities from leasing		272		245		48,224		62,767
Loans		5,948		6,299		1,053,196		1,615,652
Other liabilities		19		104		3,302		26,643
Accounts payable		6		6		1,319		1,721
Total non-current Liabilities		10,577		10,212		1,872,950		2,619,171
Current Liabilities
Provisions		199		495		34,981		126,971
Contract liabilities		77		166		13,577		42,535
Income tax payable		27		31		4,711		7,917
Other taxes payable		173		179		30,660		46,024
Salaries and social security		297		218		52,622		55,987
Liabilities from leasing		294		291		52,061		74,595
Loans		1,140		1,483		201,808		380,424
Other liabilities		12		91		2,359		23,335
Accounts payable		2,564		2,555		454,126		655,320
Total Current Liabilities		4,783		5,509		846,905		1,413,108
Total Liabilities		15,360		15,721		2,719,855		4,032,279
Total Liabilities and Shareholders’ Equity		25,912		27,005		4,588,159		6,926,664

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

27

6.3. CONSOLIDATED CASH FLOW STATEMENT

Cash Flow Statement Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Operating activities
Net income		810			341			380			-53.1	%		11.4	%		1,077			721			-33.1	%
Income from equity interests in associates and joint ventures		(132	)		(89	)		(94	)		-28.8	%		5.6	%		(247	)		(183	)		-25.9	%
Depreciation of property, plant and equipment		629			709			791			25.8	%		11.6	%		1,218			1,500			23.2	%
Depreciation of the right-of-use assets		49			56			54			10.2	%		-3.6	%		100			110			10.0	%
Amortization of intangible assets		11			10			9			-18.2	%		-10.0	%		22			19			-13.6	%
Losses of property, plant and equipment and intangible assets and		101			84			79			-21.8	%		-6.0	%		188			163			-13.3	%
Income tax charge		185			85			75			-59.5	%		-11.8	%		382			160			-58.1	%
Net increase in provisions		107			99			98			-8.4	%		-1.0	%		177			197			11.3	%
Impairment of property, plant and equipment and intangible assets		—			—			—			N/A			N/A			—			—			N/A
Stock compensation plans		1			4			8			700.0	%		100.0	%		1			12			1100.0	%
Changes in Assets and Liabilities & Others		(410	)		198			(91	)		-77.8	%		N/A			(138	)		107			N/A
Net cash flow from operating activities		1,351			1,497			1,309			-3.1	%		-12.6	%		2,780			2,806			0.9	%
Investing activities
Acquisitions of property, plant and equipment and intangible assets		(828	)		(1,262	)		(1,366	)		65.0	%		8.2	%		(1,625	)		(2,628	)		61.7	%
Contributions and acquisitions of interests in companies and joint ventures		—			(2	)		(2	)		N/A			0.0	%		—			(4	)		N/A
Loans with related parties, net		—			—			—			N/A			N/A			—			—			N/A
Proceeds from sales of financial assets		192			128			199			3.6	%		55.5	%		230			327			42.2	%
Payments for the acquisition of financial assets		(419	)		(82	)		(121	)		-71.1	%		47.6	%		(505	)		(203	)		-59.8	%
Interest received from financial assets		18			27			21			16.7	%		-22.2	%		18			48			166.7	%
Collection for participation in areas and sale of assets		-			2			10			N/A			400.0	%		2			12			500.0	%
Net cash flow from investing activities		(1,037	)		(1,189	)		(1,259	)		21.4	%		5.9	%		(1,880	)		(2,448	)		30.2	%
Financing activities
Payment of loans		(223	)		(133	)		(371	)		66.4	%		178.9	%		(670	)		(504	)		-24.8	%
Payment of interests		(120	)		(157	)		(144	)		20.0	%		-8.3	%		(293	)		(301	)		2.7	%
Proceeds from loans		2			472			820			40900.0	%		73.7	%		347			1,292			272.3	%
Account overdraft, net		51			(70	)		-			N/A			N/A			43			(70	)		N/A
Acquisition of own shares		-			-			-			N/A			N/A			—			—			N/A
Payment of leasing		(79	)		(92	)		(89	)		12.7	%		-3.3	%		(161	)		(181	)		12.4	%
Payment of interests related to income tax		(3	)		(3	)		(2	)		-33.3	%		-33.3	%		(3	)		(5	)		66.7	%
Net cash flow from financing activities		(372	)		17			214			N/A			1158.8	%		(737	)		231			N/A
Effect of changes in exchange rates on cash and cash equivalents		(70	)		(84	)		(111	)		58.6	%		32.1	%		(107	)		(195	)		82.2	%
Translation adjustments		—			—			—			N/A			N/A			—			—			N/A
Increase (decrease) in cash and cash equivalents		(128	)		241			153			N/A			-36.5	%		56			394			603.6	%
Cash and cash equivalents at the beginning of the period		795			773			1,014			27.5	%		31.2	%		611			773			26.5	%
Cash and cash equivalents at the end of the period		667			1,014			1,167			75.0	%		15.1	%		667			1,167			75.0	%

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

28

Cash Flow Statement Unaudited Figures, in AR$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Operating activities
Net income		94,063			58,600			85,198			-9.4	%		45.4	%		120,480			143,798			19.4	%
Income of interests in companies and joint ventures		(15,465	)		(16,946	)		(21,850	)		41.3	%		28.9	%		(27,694	)		(38,796	)		40.1	%
Depreciation of property, plant and equipment		74,560			136,950			184,335			147.2	%		34.6	%		137,369			321,285			133.9	%
Depreciation of the right-of-use assets		5,894			10,703			12,948			119.7	%		21.0	%		11,285			23,651			109.6	%
Amortization of intangible assets		1,492			1,921			2,564			71.8	%		33.5	%		2,674			4,485			67.7	%
Losses of property, plant and equipment and intangible assets and		11,738			16,090			17,082			45.5	%		6.2	%		20,841			33,172			59.2	%
Income tax charge		21,551			17,754			18,561			-13.9	%		4.5	%		43,217			36,315			-16.0	%
Net increase in provisions		12,430			20,064			21,105			69.8	%		5.2	%		20,083			41,169			105.0	%
Impairment of property, plant and equipment and intangible assets		—			—			—			N/A			N/A			—			—			N/A
Stock compensation plans		57			732			1,805			3066.7	%		146.6	%		110			2,537			2206.4	%
Changes in Assets and Liabilities & Others		-49,072			49,778			-10,065			-79.5	%		N/A			(18,486	)		39,713			N/A
Net cash flow from operating activities		157,248			295,646			311,683			98.2	%		5.4	%		309,879			607,329			96.0	%
Investing activities
Acquisitions of property, plant and equipment and intangible assets		(96,612	)		(247,158	)		(311,977	)		222.9	%		26.2	%		(180,241	)		(559,135	)		210.2	%
Contributions and acquisitions of interests in companies and joint ventures		—			(396	)		(444	)		N/A			12.1	%		—			(840	)		N/A
Loans with related parties, net		—			—			—			N/A			N/A			—			—			N/A
Proceeds from sales of financial assets		22,980			24,859			47,699			107.6	%		91.9	%		26,453			72,558			174.3	%
Payments for the acquisition of financial assets		(48,976	)		(15,871	)		(28,426	)		-42.0	%		79.1	%		(58,385	)		(44,297	)		-24.1	%
Interest received from financial assets		2,034			5,110			4,998			145.7	%		-2.2	%		2,123			10,108			376.1	%
Collection for participation in areas and sale of assets		212			367			2,416			1039.6	%		558.3	%		389			2,783			615.4	%
Net cash flow from investing activities		(120,362	)		(233,089	)		(285,734	)		137.4	%		22.6	%		(209,661	)		(518,823	)		147.5	%
Financing activities
Payment of loans		(27,381	)		(26,084	)		(80,990	)		195.8	%		210.5	%		(76,128	)		(107,074	)		40.6	%
Payment of interests		(14,894	)		(29,915	)		(34,419	)		131.1	%		15.1	%		(33,368	)		(64,334	)		92.8	%
Proceeds from loans		1,018			88,027			186,513			18221.5	%		111.9	%		38,748			274,540			608.5	%
Account overdraft, net		6,332			(12,487	)		—			N/A			N/A			5,538			(12,487	)		N/A
Acquisition of own shares		—			—			—			N/A			N/A			—			—			N/A
Payment of leasing		(9,470	)		(17,694	)		(20,987	)		121.6	%		18.6	%		(18,545	)		(38,681	)		108.6	%
Payment of interests related to income tax		(289	)		(551	)		(570	)		97.2	%		3.4	%		(336	)		(1,121	)		233.6	%
Net cash flow from financing activities		(44,684	)		1,296			49,547			N/A			3723.1	%		(84,091	)		50,843			N/A
Effect of changes in exchange rates on cash and cash equivalents		3,089			11,178			11,787			281.6	%		5.4	%		4,696			22,965			389.0	%
Increase (decrease) in cash and cash equivalents		(4,709	)		75,031			87,283			N/A			16.3	%		20,823			162,314			679.5	%
Cash and cash equivalents at the beginning of the period		88,210			136,874			211,905			140.2	%		54.8	%		62,678			136,874			118.4	%
Cash and cash equivalents at the end of the period		83,501			211,905			299,188			258.3	%		41.2	%		83,501			299,188			258.3	%

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

29

6.4. MAIN PHYSICAL MAGNITUDES

Main physical magnitudes Unaudited Figures	Unit	1Q22		2Q22		3Q22		4Q22		Cum. 2022		1Q23		2Q23		Cum. 2023
Total Production	Kboe		45,523		45,836		46,406		45,924		183,690		45,956		46,695		92,652
Crude oil production	Kbbl		19,993		20,506		20,680		21,325		82,503		21,461		21,925		43,387
NGL production	Kbbl		3,979		3,796		3,496		3,915		15,186		3,859		3,889		7,748
Gas production	Mm3		3,427		3,424		3,535		3,289		13,674		3,281		3,320		6,601
Henry Hub	USD/MMBTU		4.6		7.5		7.9		5.0		6.3		2.8		2.3		2.5
Brent	USD/bbl		97.4		111.9		97.8		88.6		98.9		82.2		78.0		80.1
Sales volume (YPF stand alone)
Sales of refined products	Km3		4,565		4,782		4,896		4,912		19,155		4,790		4,873		9,663
Domestic market	Km3		4,209		4,455		4,536		4,431		17,631		4,346		4,483		8,830
Gasoline	Km3		1,410		1,364		1,419		1,487		5,680		1,515		1,431		2,946
Diesel	Km3		2,030		2,284		2,288		2,181		8,783		2,052		2,227		4,279
Jet fuel and kerosene	Km3		124		115		129		151		519		140		131		270
Fuel Oil	Km3		4		13		21		4		42		4		13		17
LPG	Km3		243		305		298		245		1,092		230		288		518
Other (*)	Km3		398		374		379		363		1,515		407		393		800
Export market	Km3		356		327		360		482		1,524		444		390		834
Petrochemical naphtha	Km3		15		52		60		23		151		20		63		83
Jet fuel and kerosene	Km3		74		81		89		110		353		117		94		212
LPG	Km3		124		28		73		164		389		133		121		254
Bunker (Diesel and Fuel Oil)	Km3		94		67		51		91		302		95		34		129
Other (*)	Km3		49		100		87		93		329		78		78		156
Sales of petrochemical products	Ktn		129		139		115		116		498		141		122		263
Domestic market	Ktn		99		111		90		95		396		83		70		153
Methanol	Ktn		68		76		54		55		252		45		36		81
Other	Ktn		32		35		37		40		143		38		34		73
Export market	Ktn		30		27		25		21		103		58		51		109
Methanol	Ktn		6		7		4		2		20		40		30		70
Other	Ktn		23		21		20		19		83		18		21		39
Sales of gain and flours	Ktn		271		517		449		270		1,507		100		275		375
Domestic market	Ktn		7		39		50		178		275		91		172		263
Export market	Ktn		264		478		398		92		1,232		9		103		112
Fertilizers	Ktn		104		166		242		228		741		115		173		288
Domestic market	Ktn		104		166		242		228		741		115		173		288
Main products imported (YPF stand alone)
Gasolines	Km3		122		40		49		92		303		142		47		189
Jet Fuel	Km3		2		0		1		3		7		4		0		4
Diesel	Km3		318		255		448		229		1,251		288		188		476

Other (*): Principally includes sales of oil and lubricant bases, asphalt, and residual carbon, among others.

30

This document contains statements that YPF S.A. (“YPF”) believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995.

These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives as of the date hereof of YPF and its management, including statements with respect to trends affecting YPF’s future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes and reserves, as well as YPF’s plans, expectations or objectives with respect to future capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as the future price of petroleum and petroleum products, refining and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes in circumstances and other factors that may be beyond YPF’s control or may be difficult to predict.

YPF’s actual future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as the future price of petroleum and petroleum products, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to fluctuations in the price of petroleum and petroleum products, supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings made by YPF and its affiliates before the Comisión Nacional de Valores in Argentina and with the U.S. Securities and Exchange Commission, in particular, those described in “Item 3. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in YPF’s Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in this document may not occur.

Except as required by law, YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions, or events expressed or implied therein will not be realized. These materials do not constitute an offer for sale of YPF bonds, shares or ADRs in the United States or elsewhere.

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

31

SIGNATURE

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

	YPF Sociedad Anónima
Date: August 10, 2023	By:	/s/ Pedro Kearney
	Name:	Pedro Kearney
	Title:	Market Relations Officer