6-K 1 MainDocument.htm 6-K

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

 

 

 

 

FORM 6-K 

 

 

 

 

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2026

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 ☐ 

 

 

 

 

Graphics

 

1

2Q26

YPF

YPF

2Q26

 

MAIN HIGHLIGHTS OF 2Q26

 

 

KPI

 

2Q26

 

1Q26

 

Q/Q Δ

 

2Q25

 

Y/Y Δ

 

1H26

 

1H25

 

Δ

Financial

Revenues

 

6,574

 

4,946

 

33%

 

4,641

 

42%

 

11,520

 

9,249

 

25%

Adjusted EBITDA

 

2,804

 

1,594

 

76%

 

1,124

 

149%

 

4,398

 

2,369

 

86%

Net Result

 

1,205

 

409

 

195%

 

58

 

N/A

 

1,614

 

48

 

N/A

CAPEX

 

1,340

 

980

 

37%

 

1,160

 

16%

 

2,321

 

2,374

 

-2%

FCF

 

824

 

871

 

-5%

 

(365)

 

N/A

 

1,695

 

(1,322)

 

N/A

Net Debt

 

7,654

 

8,425

 

-9%

 

8,833

 

-13%

 

7,654

 

8,833

 

-13%

Net Leverage Ratio (x)

 

1.09

 

1.57

 

-31%

 

1.93

 

-44%

 

1.09

 

1.93

 

-44%

Upstream

Hydrocarbon Production (Kboe/d) (1)

 

544.4

 

525.0

 

4%

 

545.7

 

0%

 

534.8

 

548.9

 

-3%

Crude Oil (Kbbl/d)

 

265.5

 

271.0

 

-2%

 

247.9

 

7%

 

268.2

 

258.8

 

4%

Natural Gas (Mm3/d)

 

37.3

 

32.8

 

14%

 

39.7

 

-6%

 

35.0

 

38.5

 

-9%

NGL (Kbbl/d)

 

44.6

 

47.7

 

-6%

 

48.0

 

-7%

 

46.2

 

47.7

 

-3%

Crude Oil Price (US$/bbl)

 

91.1

 

68.4

 

33%

 

59.5

 

53%

 

79.7

 

63.9

 

25%

Natural Gas Price (US$/MBTU)

 

4.2

 

2.9

 

44%

 

4.1

 

3%

 

3.6

 

3.5

 

2%

Crude Oil Exports (Kbbl/d)

 

33.8

 

38.3

 

-12%

 

43.6

 

-23%

 

36.0

 

40.0

 

-10%

Shale Oil Production (Kbbl/d)

 

212.7

 

205.4

 

4%

 

145.1

 

47%

 

209.1

 

146.2

 

43%

Total Lifting Cost (US$/boe) (2)

 

8.4

 

8.7

 

-3%

 

12.3

 

-31%

 

8.6

 

13.8

 

-38%

Lifting cost shale oil hub  (US$/boe) (2)

 

4.0

 

3.7

 

9%

 

4.6

 

-12%

 

3.9

 

4.5

 

-14%

Midstream & Dw

Crude Processed (Kbbl/d)

 

350.8

 

344.3

 

2%

 

301.4

 

16%

 

347.6

 

309.6

 

12%

Refineries' Utilization Rate (%)

 

104%

 

102%

 

2%

 

89%

 

16%

 

103%

 

92%

 

12%

Local Fuels Volume Sold (Km3) (3)

 

3,869

 

3,631

 

7%

 

3,532

 

10%

 

7,501

 

6,937

 

8%

Local Fuels Net Price (US$/m3)

 

920

 

717

 

28%

 

641

 

43%

 

821

 

669

 

23%

Imported Fuels (Km3) (3)

 

-

 

-

 

N/A

 

95

 

N/A

 

-

 

173

 

N/A

R&M Adj. EBITDA (US$/bbl)

 

23.2

 

14.9

 

56%

 

13.0

 

79%

 

19.1

 

14.3

 

34%


In US$ million, unless noted otherwise. EBITDA = Operating income + Depreciation of PP&E + Depreciation of the right of use assets + Amortization of intangible assets + Unproductive exploratory drillings + (Reversal) / Deterioration of PP&E. Adjusted EBITDA = EBITDA that excludes IFRS 16 effects +/- one-off items. Net Leverage Ratio = Net Debt / LTM Adj. EBITDA. FCF = Cash flow from Operations less CAPEX (Investing activities), M&A (Investing activities), and interest and leasing payments (Financing activities). Fuels = diesel + gasoline. R&M is refining and marketing business, it excludes petrochemicals and agro products. 2025 figures for R&M Adj. EBITDA have been restated due to a reallocation of credits and debits taxes from Midstream & Downstream to Corporate & Others segment.
(1) Includes additional 4.9% production of Bandurria Sur block, not consolidated in YPF balance sheet. (2) Underlying lifting costs (total and shale oil hub, respectively) excludes specific well servicing costs. Including this impact, lifting costs in US$/BOE would have been 8.7 and 4.5 in 2Q26; 8.8 and 4.0 in 1Q26; 12.3 and 4.7 in 2Q25; 8.7 y 4.3 in 1H26; and 13.8 and 4.6 in 1H25. (3) Local fuel volume sold and Fuel imports include Refinor for the 1H26 (31km3 in Diesel, 42km3 in Gasoline, zero fuel imports), 2Q26 (20km3 in Diesel, 21km3 in Gasoline, zero fuel imports), 1Q26 (11km3 in Diesel, 21km3 in Gasoline, zero fuel imports) and 4Q25 (zero fuel volume sold, zero fuel imports). YPF owns 100% of Refinor as from Oct-25.

 

Adj. EBITDA reached a record US$2,804 million (+76% q/q and +149% y/y), marking the highest quarterly EBITDA in YPF history. EBITDA margin rose to 43% (vs. 32% in 1Q26 and 24% in 2Q25), the strongest level of the past 20 years.  Sequential rise was primarily driven by higher shale production, record processing level, the rally in international prices (also reflecting a higher valuation of crude oil and refined product inventories) and peak seasonal sales of natural gas, slightly offset by higher costs in real terms. Interannual growth was mostly due to the 30% reduction in lifting costs and 16% higher processing level with zero imports and stronger demand, besides greater international prices impact.

 

2

2Q26

YPF

YPF

2Q26

 

CAPEX reached US$1,340 million (37% q/q and +16% y/y), allocating 77% to unconventional operations. The increase was mainly due to the accrual of the signing bonus for five unconventional blocks for Argentina LNG Project, with investments will be deployed over the coming years, besides upstream facilities at La Angostura Sur and Norte. We expect a further acceleration of shale investments in 2H26.

 

Shale oil production averaged 213 kbbl/d (+4% q/q and +47% y/y), representing 80% of our total oil production (vs. 76% in 1Q26 and 59% in 2Q25). We expect production ramp-up to accelerate in 2H26, remaining on track to meet our full-year guidance of 215 kbbl/d and the exit rate of 250 kbbl/d.

 

In May-26, YPF submitted LLL Oil Project under RIGI regime, as the country’s largest upstream oil export initiative. The project encompasses five unconventional blocks, 100% developed by YPF, with more than 1,150 well inventory and CAPEX estimated at US$25 billion over 15 years, targeting a production plateau of ~240 kbbl/d in 2032 onwards, fully exported through VMOS. Given the scale of the project, approval may be structured through separate SPVs.

 

Processing levels at our refineries reached a new record-high of 351 kbbl/d (+2% q/q and +16% y/y), while also setting record production of gasoline and middle distillates, allowing us to avoid imports and meet domestic demand, as well as supply local refiners and expand exports, partially offset by programmed maintenance at Luján de Cuyo refinery in Apr-26. The y/y increase is mainly explained by programmed maintenance shutdown at La Plata refinery in 2Q25.

 

Free Cash Flow ended again in positive territory at US$824 million (-US$47 million q/q and +US$1.2 billion y/y), the third largest free cash flow generation in our history. This was supported by all-time high EBITDA, mainly driven by upward trend in international prices and outstanding operational performance. As a result, our net leverage ratio decreased to 1.1x, nearly half the level reported in 3Q25 (2.1x), while reaching the lowest level of the last 11 years.

 

Progress on our main projects:

         Andes II: we completed the exit from Manantiales Behr in May-26. In Aug-26, we signed the sale of 2 clusters in the provinces of Mendoza and La Pampa (~17 kbbl/d): Chachahuen and Mendoza Non-Operated, for a total sale price of ~US$405 million (subject to closing). Excluding divested assets, ~95% of our oil production would come from shale.

         VMOS: remains on track to reach COD by the end of Q4 this year, with a progress of ~80% as of Jul-26, expecting first oil by early 2027.

         Argentina LNG: Eni and XRG joined the upstream development (5 shale gas blocks in Vaca Muerta: Meseta Buena Esperanza I & II, Las Tacanas I & II, and Aguada Villanueva Grande), each holding 32% stake, while YPF will remain the operator with 36% stake.

 

Buenos Aires, 08/10/2026 – YPF (ByMA: YPFD | NYSE: YPF1). Information based on financial statements (FS) prepared according to IFRS in force in Argentina. The sum of the parts of certain figures is subject to rounding. The Company’s functional currency is US$.

 

1. ANALYSIS OF CONSOLIDATED RESULTS OF 2Q26

 

Consolidated Revenues Breakdown

 

2Q26

 

1Q26

 

2Q25

 

Q/Q  ∆

 

Y/Y  ∆

 

1H26

 

1H25

 

Y/Y  ∆

Unaudited Figures, in US$ million

 

 

 

 

 

 

 

 

Diesel

 

2,430

 

1,662

 

1,526

 

46.2%

 

59.2%

 

4,093

 

3,047

 

34.3%

Gasoline

 

1,332

 

1,130

 

923

 

17.9%

 

44.2%

 

2,462

 

1,960

 

25.6%

Natural gas as producers (third parties)

 

456

 

283

 

447

 

61.1%

 

2.2%

 

740

 

753

 

-1.7%

Other

 

1,257

 

998

 

1,025

 

25.9%

 

22.5%

 

2,254

 

2,014

 

12.0%

Total Domestic Market

 

5,475

 

4,073

 

3,922

 

34.4%

 

39.6%

 

9,548

 

7,774

 

22.8%

Jet fuel

 

184

 

158

 

73

 

16.2%

 

152.9%

 

342

 

167

 

105.0%

Grain and flours

 

216

 

143

 

172

 

50.8%

 

25.9%

 

359

 

305

 

17.9%

Crude oil

 

304

 

256

 

254

 

18.8%

 

19.8%

 

560

 

494

 

13.3%

Petchem & Other

 

395

 

316

 

221

 

25.3%

 

78.8%

 

711

 

510

 

39.5%

Total Export Market

 

1,099

 

873

 

719

 

25.9%

 

52.8%

 

1,972

 

1,475

 

33.7%

Total Revenues

 

6,574

 

4,946

 

4,641

 

32.9%

 

41.7%

 

11,520

 

9,249

 

24.6%

 

 

1 1 ADR = 1 share. Total issued capital stock amounted to 393,312,793 shares as of June-2026 (51% Argentina Government; 28% NYSE and 21% ByMA). As of August 4th, 2026, 1-10 stock split took place, increasing total issued capital stock to ~3,933.1 million shares, while par value decreased from AR$10/share to AR$1/share.

 

3

2Q26

YPF

YPF

2Q26

 

Net Revenues amounted to US$6,574 million (+33% q/q), mainly driven by the impact of higher local and international prices of diesel, gasoline, jet fuel, crude oil, petrochemicals, and other refined products, coupled with peak seasonal demand for diesel, natural gas, and grain and flour, supported by record processing levels. These effects were partially offset by lower local seasonal gasoline demand (soften by higher gasoline exports).

 

 

2Q26

 

1Q26

 

2Q25

 

Q/Q  ∆

 

Y/Y  ∆

 

1H26

 

1H25

 

Y/Y  ∆

Unaudited Figures, in US$ million

 

 

 

 

 

 

 

 

Lifting cost

 

(427)

 

(417)

 

(611)

 

2.5%

 

-30.1%

 

(844)

 

(1,369)

 

-38.4%

Other Upstream

 

(112)

 

(88)

 

(158)

 

28.0%

 

-29.0%

 

(200)

 

(305)

 

-34.5%

OPEX Downstream

 

(556)

 

(484)

 

(527)

 

14.9%

 

5.5%

 

(1,040)

 

(1,057)

 

-1.6%

Other Midstream & Downstream

 

(165)

 

(199)

 

(123)

 

-17.1%

 

34.0%

 

(364)

 

(238)

 

53.2%

LNG & IG, New Energies, Corp. & Other

 

(207)

 

(206)

 

(109)

 

0.5%

 

89.9%

 

(414)

 

(304)

 

36.2%

Total OPEX

 

(1,468)

 

(1,394)

 

(1,529)

 

5.3%

 

-4.0%

 

(2,862)

 

(3,273)

 

-12.6%

Depreciation & Amortization

 

(878)

 

(743)

 

(788)

 

18.2%

 

11.4%

 

(1,621)

 

(1,594)

 

1.7%

Royalties

 

(359)

 

(254)

 

(243)

 

41.4%

 

47.8%

 

(613)

 

(508)

 

20.6%

Other costs

 

(382)

 

(325)

 

(312)

 

17.5%

 

22.4%

 

(707)

 

(631)

 

12.1%

Total Other Costs

 

(1,619)

 

(1,322)

 

(1,343)

 

22.5%

 

20.6%

 

(2,941)

 

(2,733)

 

7.6%

Fuels imports (including jet fuel)

 

(4)

 

(3)

 

(53)

 

63.6%

 

-92.2%

 

(7)

 

(112)

 

-94.1%

Crude oil purchases to third parties

 

(878)

 

(671)

 

(442)

 

30.9%

 

98.7%

 

(1,548)

 

(927)

 

67.0%

Biofuel purchases

 

(305)

 

(281)

 

(244)

 

8.4%

 

25.0%

 

(587)

 

(470)

 

24.9%

Agro products purchases

 

(263)

 

(125)

 

(224)

 

110.6%

 

17.7%

 

(388)

 

(342)

 

13.4%

Other purchases

 

(191)

 

(199)

 

(246)

 

-3.8%

 

-22.4%

 

(389)

 

(385)

 

0.9%

Stock variations

 

178

 

5

 

(132)

 

N/A

 

N/A

 

183

 

(63)

 

N/A

Total Purchases & Stock Variations

 

(1,463)

 

(1,272)

 

(1,340)

 

14.9%

 

9.2%

 

(2,735)

 

(2,299)

 

19.0%

Other operating results, net

 

(203)

 

(80)

 

(26)

 

153.8%

 

680.8%

 

(283)

 

(349)

 

-18.9%

Inventories write-down and reversal of impairment losses of property, plant and equipment

 

(8)

 

-

 

9

 

N/A

 

N/A

 

(8)

 

9

 

N/A

Operating Costs + Purchases + Impairment of Assets

 

(4,761)

 

(4,068)

 

(4,229)

 

17.0%

 

12.6%

 

(8,829)

 

(8,645)

 

2.1%

 

Stock variations include price effects by US$ 219 million in 2Q26, (US$23) million for 1Q26, (US$96) million for 2Q25, US$ 196 million for 1H26 and (US$ 91) million for 1H25.

 

OPEX totaled US$1,468 million, up 5% q/q, primarily reflecting higher costs in real terms across all business units. Upstream costs increased due to greater well maintenance activity and higher natural gas production. In the M&D segment, OPEX rose on higher logistics costs associated with increased domestic and export sales. Other Costs reached US$1,619 million, up 22% q/q, mainly driven by higher depreciation and amortization at La Angostura Sur I and II following the commissioning of new wells. The increase also reflected higher royalties, supported by stronger oil prices and seasonal gas sales, as well as higher revenue-related taxes.

 

Purchases & Stock Variations amounted to US$1,463 million, up 15% q/q. Purchases increased sequentially, mainly due to higher prices for crude oil purchased from third parties, the seasonal peak in agricultural product purchases and higher biodiesel volumes to support stronger diesel sales. Notably, 2Q26 marked another quarter with no diesel or gasoline imports. Stock Variations were positive by US$178 million, compared with US$5 million in 1Q26, primarily reflecting a higher valuation of crude oil and refined product inventories due to rising international prices. This was partially offset by inventory drawdowns resulting from increased crude processing and diesel consumption to meet stronger seasonal demand.

 

Other operating net results were negative at US$203 million (vs. a negative US$80 million in 1Q26), primarily due to one-off results related to conventional assets’ divestment. While in 2Q26 we recorded negative results associated to the fair value of assets held for sale (Manantiales Behr) and commitment reassessment mostly related to mature fields, in 1Q26 we accrued a negative provision for operating optimizations.

 

Consolidated Net Income Breakdown

 

2Q26

 

1Q26

 

2Q25

 

Q/Q  ∆

 

Y/Y  ∆

 

1H26

 

1H25

 

Y/Y  ∆

Unaudited Figures, in US$ million

 

 

 

 

 

 

 

 

Operating income / (loss)

 

1,813

 

878

 

412

 

106.5%

 

340.0%

 

2,691

 

604

 

345.5%

Result from equity interests in associates and joint ventures

 

115

 

101

 

(6)

 

13.9%

 

N/A

 

216

 

75

 

188.0%

Financial results, net

 

(130)

 

(327)

 

(256)

 

-60.2%

 

-49.3%

 

(457)

 

(501)

 

-8.8%

Net result before tax

 

1,798

 

652

 

150

 

175.8%

 

1101.3%

 

2,450

 

178

 

1277.6%

Income tax

 

(593)

 

(243)

 

(92)

 

144.0%

 

546.9%

 

(836)

 

(130)

 

543.8%

Net result

 

1,205

 

409

 

58

 

194.6%

 

1977.6%

 

1,614

 

48

 

3262.5%

Net Income before impairment of assets

 

1,210

 

409

 

52

 

195.9%

 

2220.6%

 

1,619

 

42

 

3741.5%

 

4

2Q26

YPF

YPF

2Q26

 

Financial net results posted a loss of US$130 million, mainly explained by interest expenses, partially offset by gains in dollar terms from our cash management. This represents a significant improvement from the US$327 million loss recorded in 1Q26, mainly reflecting the positive impact of the lower value of short-term trade payables denominated in local currency.

 

The income tax recorded a charge of US$593 million (compared to a charge of US$243 million in 1Q26), reflecting higher operating results for the period. Consequently, the net result totaled a gain of US$1,205 million, compared to the US$409 million gain recorded in 1Q26.

 

Finally, as part of initiatives to enhance market accessibility, YPF successfully completed a 1-for-10 stock Split in ByMA, which became effective on August 4, 2026, adjusting the ADR-share ratio, from 1:1 to 1:10. Importantly, the split does not affect shareholders’ economic interests, ownership percentages, or voting rights.

 

2. ADJ. EBITDA & CAPEX

 

2.1 ADJ. EBITDA RECONCILIATION

 

Reconciliation of Adjusted EBITDA

 

2Q26

 

1Q26

 

2Q25

 

Q/Q  ∆

 

Y/Y  ∆

 

1H26

 

1H25

 

Y/Y  ∆

Unaudited Figures, in US$ million

 

 

 

 

 

 

 

 

Net result

 

1,205

 

409

 

58

 

194.6%

 

N/A

 

1,614

 

48

 

N/A

Financial results, net

 

130

 

327

 

256

 

-60.2%

 

-49.3%

 

457

 

501

 

-8.8%

Result from equity interests in associates and joint ventures

 

(115)

 

(101)

 

6

 

13.9%

 

N/A

 

(216)

 

(75)

 

188.0%

Income tax

 

593

 

243

 

92

 

144.0%

 

546.9%

 

836

 

130

 

543.8%

Unproductive exploratory drillings

 

3

 

9

 

1

 

-66.7%

 

200.0%

 

12

 

1

 

N/A

Depreciation & amortization

 

878

 

743

 

788

 

18.2%

 

11.4%

 

1,621

 

1,594

 

1.7%

Inventories write-down and (reversal) of impairment losses of property, plant and equipment

 

8

 

-

 

(9)

 

N/A

 

N/A

 

8

 

(9)

 

N/A

EBITDA

 

2,702

 

1,630

 

1,192

 

65.8%

 

126.7%

 

4,332

 

2,190

 

97.8%

Leasing

 

(94)

 

(86)

 

(82)

 

9.9%

 

15.6%

 

(180)

 

(167)

 

8.1%

Provision for operating optimizations

 

(13)

 

70

 

30

 

N/A

 

N/A

 

57

 

30

 

90.0%

Result from sale of assets

 

-

 

(4)

 

(168)

 

N/A

 

N/A

 

(4)

 

(182)

 

-97.8%

Result from changes in fair value of assets held for sale

 

147

 

(14)

 

44

 

N/A

 

234.1%

 

133

 

244

 

-45.5%

Provision for severance indemnities

 

(6)

 

-

 

-

 

N/A

 

N/A

 

(6)

 

26

 

N/A

Provision for obsolescence of materials and equipment

 

(11)

 

(9)

 

123

 

22.2%

 

N/A

 

(20)

 

259

 

N/A

Result from revaluation of companies

 

-

 

-

 

(45)

 

N/A

 

N/A

 

-

 

(45)

 

N/A

Result from liabilities for agreements

 

82

 

-

 

-

 

N/A

 

N/A

 

82

 

-

 

N/A

Miscellaneous – Mature Fields & Others

 

(3)

 

7

 

29

 

N/A

 

N/A

 

4

 

13

 

-71.9%

Adjusted EBITDA

 

2,804

 

1,594

 

1,124

 

75.9%

 

149.5%

 

4,398

 

2,368

 

85.7%

 

2.2 ADJ. EBITDA & CAPEX BY SEGMENT

 

 

By Segment

 

2Q26

 

1Q26

 

Q/Q Δ

 

2Q25

 

Y/Y Δ

 

1H26

 

1H25

 

Δ

Adj. EBITDA

Upstream

 

1,725

 

1,148

 

50%

 

786

 

119%

 

2,873

 

1,568

 

83%

Midstream & Downstream

 

967

 

598

 

62%

 

468

 

107%

 

1,565

 

1,014

 

54%

LNG & IG

 

(2)

 

-

 

N/A

 

(0)

 

338%

 

(2)

 

(5)

 

-60%

New Energies

 

39

 

27

 

45%

 

26

 

51%

 

66

 

64

 

4%

Corp

 

(154)

 

(147)

 

4%

 

(90)

 

72%

 

(301)

 

(181)

 

67%

Eliminations & Others

 

228

 

(32)

 

N/A

 

(66)

 

N/A

 

196

 

(92)

 

N/A

Total Adj. EBITDA

 

2,804

 

1,594

 

76%

 

1,124

 

149%

 

4,398

 

2,369

 

86%

CAPEX

Upstream

 

1,066

 

783

 

36%

 

864

 

23%

 

1,849

 

1,843

 

0%

Midstream & Downstream

 

213

 

151

 

41%

 

246

 

-13%

 

363

 

450

 

-19%

LNG & IG

 

23

 

18

 

28%

 

14

 

64%

 

41

 

17

 

141%

New Energies

 

8

 

9

 

-11%

 

8

 

0%

 

17

 

19

 

-8%

Corp

 

31

 

19

 

61%

 

28

 

12%

 

50

 

46

 

10%

Total CAPEX

 

1,340

 

980

 

37%

 

1,160

 

16%

 

2,321

 

2,374

 

-2%

 

Note: Midstream & Dw Adjusted EBITDA excludes inventories prices effect of oil products, which are included in Eliminations & Other.

 

CAPEX new definition: During 2Q26, the criteria to define “Investments” was revised. Additions to PP&E and intangible assets, excluding well abandonment costs and consumption of the period in the Operating Costs, among other adjustments, are now reported excluding acquisitions, due to M&A, impacting on 2Q26 only. It should be noted that this new definition does not imply any change to the Company’s accounting standards.

 

5

2Q26

YPF

YPF

2Q26

 

3. ANALYSIS OF RESULTS BY SEGMENT

 

3.1 UPSTREAM

 

Upstream Financials

 

2Q26

 

1Q26

 

2Q25

 

Q/Q  ∆

 

Y/Y  ∆

 

1H26

 

1H25

 

Y/Y  ∆

Unaudited Figures, in US$ million

 

 

 

 

 

 

 

 

Crude oil

 

2,179

 

1,644

 

1,323

 

32.5%

 

64.6%

 

3,823

 

2,969

 

28.7%

Natural gas

 

537

 

346

 

541

 

55.3%

 

-0.7%

 

884

 

935

 

-5.5%

Other

 

25

 

31

 

31

 

-20.0%

 

-19.2%

 

55

 

58

 

-4.1%

Revenues

 

2,741

 

2,021

 

1,895

 

35.6%

 

44.6%

 

4,762

 

3,962

 

20.2%

Depreciation & amortization

 

(632)

 

(522)

 

(588)

 

21.1%

 

7.5%

 

(1,154)

 

(1,190)

 

-3.0%

Lifting cost

 

(427)

 

(417)

 

(611)

 

2.5%

 

-30.1%

 

(844)

 

(1,369)

 

-38.4%

Royalties

 

(356)

 

(253)

 

(242)

 

41.1%

 

47.0%

 

(609)

 

(505)

 

20.7%

Other costs

 

(371)

 

(214)

 

(262)

 

73.4%

 

41.3%

 

(584)

 

(810)

 

-27.9%

Operating income before impairment of assets

 

955

 

616

 

191

 

55.0%

 

400.0%

 

1,571

 

88

 

N/A

Operating income / (loss)

 

955

 

616

 

191

 

55.0%

 

400.0%

 

1,571

 

88

 

N/A

Depreciation & amortization

 

632

 

522

 

588

 

21.1%

 

7.5%

 

1,154

 

1,190

 

-3.0%

Unproductive exploratory drillings

 

-

 

9

 

1

 

N/A

 

N/A

 

9

 

1

 

800.0%

EBITDA

 

1,587

 

1,147

 

780

 

38.4%

 

103.5%

 

2,734

 

1,279

 

113.8%

Leasing

 

(55)

 

(49)

 

(51)

 

14.2%

 

7.9%

 

(104)

 

(100)

 

3.9%

Provision for operating optimizations

 

(13)

 

70

 

30

 

N/A

 

N/A

 

57

 

30

 

90.0%

Result from sale of assets

 

-

 

(4)

 

(168)

 

N/A

 

N/A

 

(4)

 

(182)

 

-97.8%

Result from changes in fair value of assets held for sale

 

147

 

(14)

 

44

 

N/A

 

234.1%

 

133

 

244

 

-45.5%

Provision for severance indemnities

 

(6)

 

-

 

-

 

N/A

 

N/A

 

(6)

 

26

 

N/A

Provision for obsolescence of materials and equipment

 

(11)

 

(9)

 

123

 

22.2%

 

N/A

 

(20)

 

259

 

N/A

Result from liabilities for agreements

 

82

 

-

 

-

 

N/A

 

N/A

 

82

 

-

 

N/A

Miscellaneous – Mature Fields

 

(5)

 

7

 

29

 

N/A

 

N/A

 

1

 

12

 

-89.0%

Adjusted EBITDA

 

1,725

 

1148

 

786

 

50.3%

 

119.4%

 

2,873

 

1,568

 

83.2%

CAPEX

 

1,066

 

783

 

864

 

36.0%

 

23.3%

 

1,849

 

1,843

 

0.3%

 

Unit Cash Costs

 

2Q26

 

1Q26

 

2Q25

 

Q/Q  ∆

 

Y/Y  ∆

 

1H26

 

1H25

 

Y/Y  ∆

Unaudited Figures, in US$/boe

 

 

 

 

 

 

 

 

Lifting Cost (*)

 

8.4

 

8.7

 

12.3

 

-3.0%

 

-31.4%

 

8.6

 

13.8

 

-37.8%

Royalties and other taxes

 

8.5

 

6.3

 

6.2

 

34.6%

 

38.5%

 

7.4

 

6.4

 

16.5%

Other Costs

 

2.5

 

2.2

 

3.4

 

16.3%

 

-25.9%

 

2.3

 

3.4

 

-31.4%

Total Cash Costs (US$/boe)

 

19.7

 

17.3

 

21.8

 

13.8%

 

-9.9%

 

18.5

 

23.6

 

-21.5%

 

(*) Underlying lifting cost excludes specific well servicing costs. Including this impact, lifting cost in US$/BOE would have been 8.7 in 2Q26; 8.8 in 1Q26; 12.3 in 2Q25; 8.7  in 1H26; and 13.8 in 1H25.

 

Revenues totaled US$2.7 billion (+36% q/q), primarily driven by higher crude oil prices (+33% q/q), and seasonal peak sales of natural gas (+43% price and +8% volume), supported by shale gas expansion. These effects were slightly offset by lower oil volume sold (-1% q/q), as the expansion in shale oil production did not compensate for the divesting program in the conventional business.

 

Depreciation and amortization amounted to US$632 million (+21% q/q), mainly explained by higher activity at La Angostura Sur I and II.

 

Lifting costs reached US$8.4/BOE (-3% q/q), primarily driven by higher seasonal natural gas production and divestment of the conventional Manantiales Behr block in May-26, partially offset by higher costs in real terms. Conventional lifting costs amounted to US$23.6/BOE (+8% q/q). It is worth noting that interannually, lifting costs reflected a strong reduction of 31%, mostly on the back of the exit program from mature fields.

 

Zooming into the lifting cost in our shale oil hub2 (at 100% stake), it continued at a very competitive level of US$4.0/BOE.

 

2 Five shale oil blocks operated by YPF: La Angostura Sur I and II (YPF owns 100%), Loma Campana (50%), La Amarga Chica (50%), Bandurria Sur (40% as of 1Q26, and 44.9% as from May-26) and Aguada del Chañar (51%). La Angostura Sur is south-hub block and the rest core-hub blocks.

Underlying lifting costs (total and shale oil hub, respectively) excludes specific well servicing costs. Including this impact, lifting costs in US$/BOE would have been 8.7 and 4.5 in 2Q26; 8.8 and 4.0 in 1Q26; 12.3 and 4.7 in 2Q25; 8.7 y 4.3 in 1H26; and 13.8 and 4.6 in 1H25.

 

6

2Q26

YPF

YPF

2Q26

 

Royalties and other taxes averaged US$8.5/BOE (+35% q/q), mainly reflecting higher realized oil prices and seasonally stronger natural gas prices. Other costs amounted to US$371 million (+73% q/q), mainly explained by higher one-off costs related to the divestment of conventional assets, and to a lesser extent, increased taxes related to revenues.

 

Adj. EBITDA totaled US$1,725 million (+50% q/q), mainly supported by higher realized oil prices, following the upward trend in international prices, as well as stronger seasonal natural gas sales during the winter peak demand period, partially offset by higher royalties and taxes associated with revenues.

 

CAPEX amounted to US$1,066 million (+36% q/q), with more than 95% deployed on unconventional areas (primarily drilling and workover activities). The sequential increase is mainly explained by the accrual of the signing bonus for the unconventional concessions of the 5 blocks that will be fully dedicated to Argentina LNG Project. Total CAPEX is expected to increase during 2H26 to support the shale production growth plan.

 

Gross unconventional horizontal oil wells recorded outstanding metrics in 2Q26:

 

         Drilled wells increased 22% q/q, recording 56 wells (66% average working interest or “avg. WI”) vs. 46 wells (56% avg. WI) in 1Q26, all of them drilled in blocks operated by YPF;

         Completed wells followed the same upward trend, increasing 30% q/q to 61 wells (53% avg. WI) vs. 47 wells (59% avg. WI) in 1Q26, being 11 and 1 wells non-operated by YPF, respectively; and

         Tied‑in wells strongly increased 51% q/q to 65 wells (53% avg. WI) vs. 43 wells in 1Q26 (60% avg. WI), being 11 and 1 non‑operated by YPF, respectively.

 

It is worth highlighting that we achieved a new operational record in Vaca Muerta, completing 203 consecutive hours of hydraulic fracking (more than 8.5 days of uninterrupted activity) at Bandurria Sur block. This milestone was monitored by the Real Time Intelligence Center (RTIC), reflecting a fully remote and autonomous fracking operation, fully completed without incidents.

 

In terms of efficiencies within our unconventional operations, during 1H26 we delivered strong drilling and fracking performance. We averaged 354 meters/day of drilling in our shale oil hub blocks, and reached 11.4 stages/set/day on unconventional fracking (equivalent to 302 stages per set per month), supported with 19.2 pumping hours per day.

 

Upstream Operating data

 

2Q26

 

1Q26

 

2Q25

 

Q/Q  ∆

 

Y/Y  ∆

 

1H26

 

1H25

 

Y/Y  ∆

Unaudited Figures

 

 

 

 

 

 

 

 

Net Production Breakdown

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crude Production (Kbbld)

 

265.5

 

271.0

 

247.9

 

-2.0%

 

7.1%

 

268.2

 

258.8

 

3.6%

Conventional

 

52.0

 

64.9

 

101.7

 

-19.9%

 

-48.8%

 

58.5

 

111.4

 

-47.5%

Shale

 

212.7

 

205.4

 

145.1

 

3.6%

 

46.6%

 

209.1

 

146.2

 

43.0%

Tight

 

0.7

 

0.7

 

1.0

 

-0.6%

 

-30.4%

 

0.7

 

1.2

 

-40.7%

NGL Production (Kbbld)

 

44.6

 

47.7

 

48.0

 

-6.4%

 

-7.1%

 

46.2

 

47.7

 

-3.2%

Conventional

 

6.6

 

6.8

 

12.5

 

-3.7%

 

-47.4%

 

6.7

 

12.7

 

-47.0%

Shale

 

37.9

 

40.7

 

35.1

 

-6.8%

 

8.0%

 

39.3

 

34.5

 

14.0%

Tight

 

0.1

 

0.2

 

0.4

 

-34.7%

 

-68.1%

 

0.2

 

0.6

 

-69.7%

Gas Production (Mm3d)

 

37.3

 

32.8

 

39.7

 

13.6%

 

-6.2%

 

35.0

 

38.5

 

-9.1%

Conventional

 

6.9

 

7.3

 

11.1

 

-5.3%

 

-37.3%

 

7.1

 

11.3

 

-36.6%

Shale

 

27.5

 

22.8

 

25.0

 

20.7%

 

9.7%

 

25.1

 

23.6

 

6.3%

Tight

 

2.8

 

2.7

 

3.6

 

4.8%

 

-21.3%

 

2.8

 

3.6

 

-23.8%

Total Production (Kboed)

 

544.4

 

525.0

 

545.7

 

3.7%

 

-0.2%

 

534.8

 

548.9

 

-2.6%

Conventional

 

102.3

 

117.8

 

183.9

 

-13.2%

 

-44.4%

 

110.0

 

194.9

 

-43.5%

Shale

 

423.4

 

389.2

 

337.7

 

8.8%

 

25.4%

 

406.4

 

329.4

 

23.4%

Tight

 

18.7

 

18.0

 

24.1

 

4.1%

 

-22.5%

 

18.3

 

24.6

 

-25.7%

Average realization prices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crude Oil (USD/bbl)

 

91.1

 

68.4

 

59.5

 

33.4%

 

53.2%

 

79.7

 

63.9

 

24.8%

Natural Gas (USD/MMBTU)

 

4.2

 

2.9

 

4.1

 

43.7%

 

3.1%

 

3.6

 

3.5

 

2.0%

 

Crude oil production recorded 265 kbbl/d (-2% q/q), primarily reflecting the divestment of conventional assets, partially offset by continued shale oil growth, boosted by the strong performance of La Angostura Sur block. As a result, shale oil accounts for 80% of total crude oil production.

 

7

2Q26

YPF

YPF

2Q26

 

Natural gas production expanded by +14% q/q to 37.3 mm3/d, mainly driven by higher shale gas output (+21% q/q), led by La Calera, Rincón del Mangrullo, Aguada Pichana Oeste and Aguada de la Arena blocks. This effect was partially offset by slightly lower conventional output, as we keep divesting in our conventional mature fields.

 

NGLs production slightly decreased by -6% q/q to 44.6 kbbl/d, mostly explained by operating maintenance activities and marginal production restrictions, slightly offset by the increase in the capacity and better performance in Mega treatment plant.

 

3.2 MIDSTREAM & DOWNSTREAM

 

Midstream & Downstream Financials

 

2Q26

 

1Q26

 

2Q25

 

Q/Q  ∆

 

Y/Y  ∆

 

1H26

 

1H25

 

Y/Y  ∆

Unaudited Figures, in US$ million

 

 

 

 

 

 

 

 

Diesel (third parties)

 

2,430

 

1,662

 

1,526

 

46.2%

 

59.2%

 

4,093

 

3,047

 

34.3%

Gasoline (third parties)

 

1,332

 

1,130

 

923

 

17.9%

 

44.2%

 

2,462

 

1,960

 

25.6%

Other domestic market

 

854

 

619

 

622

 

37.8%

 

37.2%

 

1,473

 

1,275

 

15.5%

Export market

 

1,066

 

846

 

680

 

26.1%

 

56.8%

 

1,912

 

1,399

 

36.6%

Revenues

 

5,682

 

4,257

 

3,752

 

33.5%

 

51.4%

 

9,939

 

7,682

 

29.4%

Depreciation & amortization

 

(182)

 

(176)

 

(162)

 

3.4%

 

12.3%

 

(358)

 

(327)

 

9.5%

OPEX Downstream

 

(556)

 

(484)

 

(527)

 

14.9%

 

5.5%

 

(1,040)

 

(1,057)

 

-1.6%

Fuels imports (including jet fuel - third parties)

 

(4)

 

(3)

 

(53)

 

63.6%

 

-92.2%

 

(7)

 

(112)

 

-94.1%

Crude oil purchases (intersegment + third parties)

 

(3,042)

 

(2,306)

 

(1,765)

 

31.9%

 

72.4%

 

(5,348)

 

(3,896)

 

37.3%

Biofuel purchases (third parties)

 

(305)

 

(281)

 

(244)

 

8.4%

 

25.0%

 

(587)

 

(470)

 

24.9%

Agro products purchases (third parties)

 

(263)

 

(125)

 

(224)

 

110.6%

 

17.7%

 

(388)

 

(342)

 

13.4%

Stock variations

 

(156)

 

668

 

(114)

 

N/A

 

37.3%

 

512

 

(10)

 

N/A

Other

 

(458)

 

(466)

 

(347)

 

-1.5%

 

32.2%

 

(924)

 

(728)

 

26.8%

Operating income / (loss) before impairment of assets

 

715

 

1,085

 

317

 

-34.1%

 

125.8%

 

1,800

 

739

 

143.5%

Inventories write-down and reversal of impairment losses of property, plant and equipment

 

(8)

 

-

 

-

 

N/A

 

N/A

 

(8)

 

-

 

N/A

Operating income / (loss)

 

707

 

1,085

 

317

 

-34.8%

 

123.2%

 

1,792

 

739

 

142.4%

Depreciation & amortization

 

182

 

176

 

162

 

3.4%

 

12.3%

 

358

 

327

 

9.5%

Inventories write-down and reversal of impairment losses of property, plant and equipment

 

8

 

-

 

-

 

N/A

 

N/A

 

8

 

-

 

N/A

EBITDA

 

897

 

1,261

 

479

 

-28.9%

 

87.4%

 

2,158

 

1,066

 

102.4%

Leasing

 

(38)

 

(30)

 

(29)

 

26.8%

 

31.7%

 

(68)

 

(64)

 

5.2%

Result from revaluation of companies

 

-

 

-

 

(44)

 

N/A

 

N/A

 

-

 

(44)

 

N/A

Adjusted EBITDA

 

859

 

1,231

 

406

 

-30.2%

 

111.5%

 

2,090

 

958

 

118.2%

Inventories price effect of oil products

 

(108)

 

633

 

(61)

 

N/A

 

75.8%

 

525

 

(56)

 

N/A

Adjusted EBITDA excl. inventories price effect of oil products

 

967

 

598

 

468

 

61.8%

 

106.8%

 

1,564

 

1,014

 

54.3%

CAPEX

 

213

 

151

 

246

 

41.3%

 

-13.4%

 

363

 

450

 

-19.2%

 

Stock variations include price effects by (US$101) million for 2Q26, US$636 million for 1Q26, (US$60) million in 2Q25, US$ 535 million for 1H26 and (US$ 52) million for 1H25.

 

Revenues totaled US$5.682 million (+33% q/q), mostly driven by higher local and international prices of diesel, gasoline, jet fuel, crude oil, petrochemicals and other refined products. Moreover, we recorded seasonally stronger diesel and grain and flour demand and higher gasoline exports, partially offset by local off-peak gasoline demand.

 

OPEX Downstream amounted to US$556 million (+15% q/q), mainly due to higher costs in real terms, as well as increased transportation costs on the back of higher sales and operating activity, partially offset by further efficiency gains across Industrial Operations and Logistics, including optimized maintenance turnaround schedules, the improved fuel supply for fracturing operations, and improved land transportation contracts.

 

8

2Q26

YPF

YPF

2Q26

 

Fuel imports rose US$1 million q/q, explained by higher jet fuel prices. Excluding jet fuel, fuel imports represented 0% of total fuel sales, in line with 1Q26.

 

Crude oil purchases (intersegment + third parties) totaled US$3,042 million (+32% q/q), primarily on the back of higher crude oil prices, partially offset by a decline in purchased volumes due to inventory consumption, despite lower total oil production. Biofuel purchases rose 8% q/q, driven by a 9% increase in biodiesel (+5% in volume, +4% in price) reflecting higher blending levels to meet seasonal diesel demand, and 8% growth in bioethanol (+9% in volume, -1% in price), due to higher regulated blending levels, increasing from 12% to 15% under Resolution 79/2026 of the Secretary of Energy. Agri product purchases grew by 111% q/q, in line with higher seasonal sales of fertilizers, grains and flour.

 

Stock variations were negative at US$156 million (vs. a positive US$668 million in 1Q26), reflecting the mark-to-market effect of lower reference prices by the end of June on inventory valuation and, to a minor extent, inventory drawdown to address higher diesel demand. In contrast, 1Q26 was impacted by higher reference prices and inventory restocking.

 

Adj. EBITDA, excluding inventories price effect of oil products, reached US$967 million in 2Q26 (+62% q/q), mostly explained by the rally in international prices, boosted by strong crack spreads, largely incorporated into local fuel prices, coupled with record high processing levels.

 

Adj. EBITDA of the Refining & Marketing business, in unit terms, expanded to US$23.2/bbl, compared to US$14.9/bbl in 1Q26, reflecting the effects mentioned above.

 

CAPEX stood at US$213 million (+41% q/q), mainly driven by maintenance and integrity activities, the completion of diesel hydrotreating unit at Luján de Cuyo refinery, and accelerated execution of midstream gas projects. The composition was: 39% midstream oil and gas, 38% refining, 16% logistics and 7% commercial and others.

 

In our refineries, during 2Q26 CAPEX was mainly allocated to the following projects:

 

         New fuel specifications project, in line with Resolution No. 492/2023 (Secretary of Energy), we completed the works related to the new diesel hydrotreating unit at the Luján de Cuyo refinery, operational since July, enabling full compliance with new diesel specifications. Moreover, following the completion of the Extended Basic Engineering phase, in May-26, the company approved the FID for the new hydrotreating units at La Plata and Plaza Huincul. Once completed, YPF’s refining system will be fully compliant with diesel specifications.

         Revamping of topping units, at Luján de Cuyo refinery, enabling 100% shale oil processing.

 

In our midstream oil business unit, we continued moving forward in our main projects:

 

         VMOS (Allen – Punta Colorada, ~440-km oil export dedicated pipeline, YPF: 30%): ~80% complete (Jul-26), expecting first oil export by early 2027 (~180 kbbl/d capacity), growing to ~550 kbbl/d in 2H27.

         La Angostura Sur Evacuation Project: the construction of a new pipeline connecting our new flagship shale oil block and South Hub to LLL–Centenario pipeline, reached more than 60% progress and is expected to be operational in 3Q26.

         Oldelval completed the latest phase of its expansion project in Aug-26, adding ~150 kbbl/d through pumping station upgrades and polymers. As a result, total transportation capacity increased to ~690 kbbl/d.

 

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

 

         Loma La Lata gas treatment plant, during 2Q26 we completed the revamping work to expand current capacity and improve the treatment of associated gas.

         South Hub gathering project, progress continues with the gas evacuation infrastructure in the Puesto López–LLL gas pipelines, different pipeline sections expected to be completed between 3Q26 and 1Q27.

         North Hub gathering project, after completing the construction of a new gas pipeline connecting Narambuena and Bajo del Toro blocks with El Portón Industrial Complex, we continued making progress on gas treatment facilities, expected to be operational in 1Q27.

 

In logistics, we moved forward with:

 

         Revamping of Luján de Cuyo – Monte Cristo product pipeline (including the new Río Tercero pumping station). completed in 2Q26, further increasing the product evacuation capacity from the Luján de Cuyo refinery.

 

9

2Q26

YPF

YPF

2Q26

 

Midstream & Downstream Operating data

 

2Q26

 

1Q26

 

2Q25

 

Q/Q  ∆

 

Y/Y  ∆

 

1H26

 

1H25

 

Y/Y  ∆

Unaudited Figures

 

 

 

 

 

 

 

 

Crude processed (Kbbld)

 

350.8

 

344.3

 

301.4

 

1.9%

 

16.4%

 

347.6

 

309.6

 

12.3%

Refinery utilization (%)

 

103.8%

 

101.9%

 

89.2%

 

191bps

 

1463bps

 

102.8%

 

91.6%

 

1124bps

Sales volume to third parties (YPF stand alone)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of refined products (Km3)

 

5,193

 

5,023

 

4,614

 

3.4%

 

12.5%

 

10,217

 

9,294

 

9.9%

Total domestic market

 

4,565

 

4,275

 

4,221

 

6.8%

 

8.1%

 

8,840

 

8,327

 

6.2%

   of which Gasoline

 

1,500

 

1,577

 

1,413

 

-4.9%

 

6.2%

 

3,077

 

2,893

 

6.4%

   of which Diesel

 

2,360

 

2,052

 

2,119

 

15.0%

 

11.4%

 

4,411

 

4,044

 

9.1%

Total export market

 

628

 

749

 

393

 

-16.1%

 

60.0%

 

1,377

 

967

 

42.5%

Sales of petrochemical products (Ktn)

 

236

 

201

 

209

 

17.1%

 

12.6%

 

437

 

382

 

14.3%

Domestic market

 

138

 

120

 

111

 

15.3%

 

24.1%

 

258

 

228

 

13.0%

Export market

 

98

 

82

 

98

 

19.6%

 

-0.5%

 

179

 

154

 

16.2%

Sales of fertilizers, grain and flours (Ktn)

 

601

 

385

 

559

 

55.9%

 

7.6%

 

986

 

954

 

3.4%

Domestic market

 

118

 

83

 

124

 

42.1%

 

-4.8%

 

201

 

206

 

-2.5%

Export market

 

483

 

302

 

434

 

59.7%

 

11.1%

 

785

 

748

 

5.0%

Net average prices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gasoline (USD/m3) (domestic market)

 

824

 

659

 

595

 

25.0%

 

38.5%

 

739

 

618

 

19.7%

Diesel (USD/m3) (domestic market)

 

981

 

761

 

673

 

28.9%

 

45.7%

 

878

 

706

 

24.4%

 

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

 

Crude oil processed averaged 351 kbbl/d (+2% q/q), setting another record-high, with a refining utilization of 104%, supported by strong operational performance across our refineries, partially offset by programmed maintenance shutdown at the Luján de Cuyo refinery (Apr-26). It was combined with record production of gasoline and middle distillates, enabling us to meet local demand, avoid fuel imports, while also supplying local refiners and expand exports. Interannually, processing rose 16% as 2Q25 was impacted by maintenance stoppage at La Plata refinery.

 

Domestic fuels sales volumes (YPF stand alone) reached 3,860 thousand m3, increasing by 6% q/q, driven by higher seasonal diesel demand (+15% q/q), partially offset by off-peak gasoline demand (-5% q/q). Also, lower LPG exports were mostly offset by local LPG sales.

 

Petrochemicals sales volumes rose 17% q/q, driven by stronger local demand for propylene and methanol and higher demand for aromatics in the export market. Fertilizers’ sales volume (100% local) rose 42% q/q, while grain and flour sales volumes (94% exports in 2Q26 and 1Q26) increased by 59% q/q, both mainly explained by higher seasonality.

 

Net average fuel price in local market measured in dollar terms grew by 28% q/q, reflecting the surge in international reference prices that began in March, which were largely passed through to prices at the pump. As a result, net average fuel price in local market was US$920/m3, while import parity was US$1,015/m3.

 

3.3 LNG & INTEGRATED GAS

 

LNG & Integrated Gas

 

2Q26

 

1Q26

 

2Q25

 

Q/Q  ∆

 

Y/Y  ∆

 

1H26

 

1H25

 

Y/Y  ∆

Unaudited Figures, in US$ million

 

 

 

 

 

 

 

 

Natural gas (intersegment + third parties)

 

552

 

349

 

539

 

58.0%

 

2.4%

 

902

 

922

 

-2.2%

Other

 

30

 

22

 

25

 

36.7%

 

18.8%

 

52

 

43

 

21.6%

Revenues

 

582

 

371

 

565

 

56.8%

 

3.1%

 

953

 

965

 

-1.2%

Depreciation & amortization

 

(33)

 

(1)

 

-

 

N/A

 

N/A

 

(34)

 

(1)

 

N/A

Natural gas purchases (intersegment + third parties)

 

(550)

 

(343)

 

(532)

 

60.3%

 

3.4%

 

(893)

 

(937)

 

-4.7%

Operating cost & Other

 

(34)

 

(28)

 

(33)

 

21.5%

 

3.2%

 

(62)

 

(32)

 

94.8%

Operating profit or loss before impairment of assets

 

(35)

 

(1)

 

(0)

 

N/A

 

N/A

 

(36)

 

(5)

 

610.3%

Operating profit or loss

 

(35)

 

(1)

 

(0)

 

N/A

 

N/A

 

(36)

 

(5)

 

610.3%

Depreciation & amortization

 

33

 

1

 

-

 

N/A

 

N/A

 

34

 

1

 

N/A

EBITDA

 

(2)

 

0

 

(0)

 

N/A

 

363.8%

 

(2)

 

(5)

 

-62.1%

Leasing

 

-

 

-

 

(0)

 

N/A

 

N/A

 

-

 

(1)

 

N/A

Adjusted EBITDA

 

(2)

 

0

 

(0)

 

N/A

 

114.9%

 

(2)

 

(5)

 

-69.4%

CAPEX

 

23

 

18

 

14

 

27.8%

 

64.3%

 

41

 

17

 

141.2%

 

10

2Q26

YPF

YPF

2Q26

 

Adj. EBITDA was negative at US$ 2 million (vs. neutral in 1Q26), mainly due to higher natural gas purchases and operating costs in real terms, partially offset by increased natural gas sales (price and volume) in line with peak winter demand, particularly from gas distribution companies, to address residential demand.

 

CAPEX remained primarily related to engineering activities associated with Argentina LNG Project.

 

Our affiliate, Mega, a leading natural gas liquids processing company in Argentina (YPF’s equity stake: 38%), completed the Phase 1 of its liquids production capacity by adding a new fractionation train in May-26. This milestone enabled an 18% increase in MEGA's original production capacity of 4,800 t/d (capex of ~US$260 million). Moreover, the company has recently approved an expansion program to further increase the original capacity by 50%, expecting COD by 2H28. The project has recently become the first natural gas liquids production project approved under RIGI, reinforcing its strategic relevance within the Vaca Muerta value chain. Once completed, the expansion is expected to add ~1,500 ton/d of liquids production, with ~80% of the incremental volumes targeted for exports (capex of ~US$360 million). This initiative supports Mega’s development and export-oriented profile of Vaca Muerta.

 

3.4 NEW ENERGIES

 

New Energies

 

2Q26

 

1Q26

 

2Q25

 

Q/Q  ∆

 

Y/Y  ∆

 

1H26

 

1H25

 

Y/Y  ∆

Unaudited Figures, in US$ million

 

 

 

 

 

 

 

 

Natural gas retail (third parties)

 

195

 

153

 

188

 

27.7%

 

3.8%

 

347

 

335

 

3.8%

Other

 

42

 

53

 

41

 

-21.0%

 

2.1%

 

96

 

86

 

10.6%

Revenues

 

237

 

206

 

229

 

15.0%

 

3.5%

 

443

 

421

 

5.2%

Depreciation & amortization

 

(7)

 

(14)

 

(11)

 

-50.0%

 

-36.4%

 

(21)

 

(25)

 

-16.0%

Natural gas purchases (intersegment + third parties)

 

(110)

 

(81)

 

(102)

 

37.2%

 

7.7%

 

(191)

 

(160)

 

19.3%

Operating cost & Other

 

(93)

 

(98)

 

(101)

 

-6.0%

 

-7.9%

 

(191)

 

(197)

 

-3.0%

Operating income before impairment of assets

 

27

 

13

 

15

 

107.7%

 

80.0%

 

40

 

39

 

2.6%

Reversal / (impairment) of property, plant and equipment

 

-

 

-

 

9

 

N/A

 

N/A

 

-

 

9

 

N/A

Operating income

 

27

 

13

 

24

 

107.7%

 

12.5%

 

40

 

48

 

-16.7%

Depreciation & amortization

 

7

 

14

 

11

 

-50.0%

 

-36.4%

 

21

 

25

 

-16.0%

Unproductive exploratory drillings

 

3

 

-

 

-

 

N/A

 

N/A

 

3

 

-

 

N/A

Reversal / (impairment) of property, plant and equipment

 

-

 

-

 

(9)

 

N/A

 

N/A

 

-

 

(9)

 

N/A

EBITDA

 

37

 

27

 

26

 

37.0%

 

42.3%

 

64

 

64

 

0.0%

Miscellaneous - Result from sale of companies

 

2

 

-

 

-

 

N/A

 

N/A

 

2

 

-

 

N/A

Adjusted EBITDA

 

39

 

27

 

26

 

45.4%

 

51.0%

 

66

 

64

 

3.5%

CAPEX

 

8

 

9

 

8

 

-11.1%

 

-0.5%

 

17

 

19

 

-8.1%

 

Adj. EBITDA totaled US$39 million (+45% q/q), primarily explained by the performance of our subsidiary Metrogas, reflecting higher seasonal natural gas sales, partially offset by lower price in dollar terms and weaker revenues from other sales related to transportation and distribution services.

 

It is worth noting that in Jul-26, our subsidiary Metrogas distributed dividends for AR$100 billion, equivalent to ~US$67 million. As YPF holds a 70% ownership interest in Metrogas, the Company collected ~US$47 million in 3Q 2026.

 

11

2Q26

YPF

YPF

2Q26

 

4.       LIQUIDITY AND SOURCES OF CAPITAL

 

4.1 CASH FLOW SUMMARY

 

The free cash flow in 2Q26 remained at positive territory of US$824 million, primarily driven by the all-time-high EBITDA of US$2.8 billion and dividend collections (US$85 million) that largely suppressed the CAPEX of the period (-US$1.3 billion), regular interest payments (-US$115 million), M&A activity (-US$188 million) and working capital and others (-US$422 million).

 

In terms of M&A activity, the Company deployed US$188 million to acquire Equinor’s assets in Vaca Muerta (YPF added +4.9% stake in Bandurria Sur and +15% in Bajo del Toro and Bajo del Toro Norte shale blocks). Excluding this non-recurring effect, quarterly free cash flow would have reached US$1.0 billion. Moreover, negative working capital variations and others represented (-US$422 million), mainly explained by seasonality in natural gas collections and, to a minor extent, one-off items associated with the divestment of conventional assets.

 

In terms of liquidity, the strong cash generation described above drove to a significant increase in our cash and short-term investments, reaching US$2,474 million as of the end of June 2026 (+US$782 million vs. 1Q26) and marking the highest level in YPF’s history.

 

Graphics

 

Notes [*] YPF S.A. standalone. [1] Approximation of cash flow evolution, highlighting key figures. Cash & equivalents include Argentine sovereign bonds and Treasury notes. [2] Others consider higher seasonal gas sales, mature fields one-off items (-31): [operating optimizations (-21), TDF agreement (-5), severance indemnities (-10), additions of assets held for sale (-4), among others +9], Tax Normalization Plan established by ARCA Resolution No. 5.684/2025, contribution to affiliates (-75), among others. [3] Others include mainly FX differences and net collection for sale of financial assets.

 

4.2 NET DEBT

 

Net debt breakdown

 

2Q26

 

1Q26

 

2Q25

 

Q/Q  ∆

Unaudited Figures, in US$ million

 

 

 

 

Short-term debt

 

1,607

 

1,591

 

2,252

 

1.0%

Long-term debt

 

8,521

 

8,526

 

7,592

 

-0.1%

Total debt

 

10,128

 

10,117

 

9,844

 

0.1%

Avg. Interest rate for US$-debt

 

7.0%

 

7.1%

 

6.6%

 

 

% of debt in USD

 

99.5%

 

99.2%

 

99.7%

 

 

Cash + short term investments

 

2,474

 

1,692

 

1,011

 

46.2%

% of liquidity dollarized

 

67.6%

 

69.8%

 

67.2%

 

 

Net debt

 

7,654

 

8,425

 

8,833

 

-9.2%

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

 

12

2Q26

YPF

YPF

2Q26

 

As of June 30, 2026, YPF’s consolidated net debt totaled US$7,654 million (US$771 million lower q/q), reflecting robust free cash flow generation that strengthened the Company’s liquidity position.  As a result, our net leverage ratio enhanced from 1.57x in 1Q26 to 1.09x in 2Q26. Also, it represents 48% reduction from the peak in 3Q25 (2.10x).

 

In terms of financing during 2Q26, we issued a new 4-y bond in the local market for US$122 million, at a yield of 5.5%, taking advantage of favorable market conditions to secure low-cost, long-term funding. The proceeds were used to prepay a loan maturing in 2028, further strengthening our credit profile. Moreover, during April we prepaid around US$220 million of local loans and trade facilities maturing mostly in 2027 and 2028.

 

Regarding international financial debt, in 2Q26 the Company drew an additional US$400 million under the US$700 million syndicated export financing facility signed in 4Q25. The drawdown followed an agreement with lenders to extend the availability period by two months and the final maturity by one year, bringing the total outstanding amount under the facility to US$450 million.

 

After 2Q26, we successfully reopened the local bond originally issued in April, raising an additional US$170 million at a yield of 5.5%. The proceeds will be used to repurchase our US$140 million local bond maturing in Feb-27.

 

Regarding our maturity profile, for the remaining 6 months of 2026, the Company faces US$676 million of manageable maturities: US$280 million of local bonds (US$3.7 million repurchased after 2Q26); US$187 million of international bonds and the remaining in other local and international debts.

 

Additionally, during 2Q26, YPF’s credit rating was upgraded by Fitch and S&P Global, following the sovereign rating upgrade: Fitch upgraded from CCC+ to B-, with a stable outlook and S&P Global from B- to B. Furthermore, in July, Moody’s also upgraded the Company’s rating from B2 to B1, with a stable outlook. These latest updates represent the highest ratings the Company achieved since 2017 and 2018.

 

The following chart shows our consolidated principal debt maturity profile as of June 30, 2026:

 

Graphics

 

 

13

2Q26

YPF

YPF

2Q26

 

5.       TABLES

 

5.1 CONSOLIDATED BALANCE SHEET

 

Consolidated Balance Sheet

 

 

 

 

Unaudited Figures

 

30-Jun-26

 

31-Dec-25

Non-current Assets

 

 

 

 

Intangible assets

 

1,079

 

1,068

Properties, plant and equipment

 

20,433

 

19,085

Right-of-use assets

 

689

 

537

Investments in associates and joint ventures

 

2,056

 

1,610

Deferred income tax assets, net

 

24

 

9

Other receivables

 

797

 

648

Trade receivables

 

6

 

5

Total Non-current Assets

 

25,084

 

22,962

Current Assets

 

 

 

 

Assets held for disposal

 

432

 

1,019

Inventories

 

1,643

 

1,447

Contract assets

 

7

 

3

Other receivables

 

666

 

1,159

Trade receivables

 

2,087

 

1,654

Investment in financial assets

 

1,156

 

262

Cash and cash equivalents

 

1,318

 

933

Total Current Assets

 

7,309

 

6,477

Total Assets

 

32,393

 

29,439

Total Shareholders´ Equity

 

12,795

 

11,044

Non-current Liabilities

 

 

 

 

Provisions

 

661

 

610

Deferred income tax liabilities, net

 

446

 

373

Contract liabilities

 

236

 

180

Income tax liability

 

801

 

830

Other taxes payable

 

12

 

18

Salaries and social security

 

134

 

63

Lease liabilities

 

410

 

273

Loans

 

8,521

 

8,226

Other liabilities

 

547

 

373

Accounts payable

 

5

 

6

Total non-current Liabilities

 

11,773

 

10,952

Current Liabilities

 

 

 

 

Liabilities directly associated with assets held for sale

 

981

 

1,181

Provisions

 

236

 

229

Contract liabilities

 

192

 

117

Income tax liability

 

781

 

73

Taxes payable

 

401

 

217

Salaries and social security

 

300

 

336

Lease liabilities

 

304

 

298

Loans

 

1,607

 

2,355

Other liabilities

 

737

 

399

Accounts payable

 

2,286

 

2,238

Total Current Liabilities

 

7,825

 

7,443

Total Liabilities

 

19,598

 

18,395

Total Liabilities and Shareholders’ Equity

 

32,393

 

29,439

 

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

 

14

2Q26

YPF

YPF

2Q26

 

5.2 CONSOLIDATED INCOME STATEMENT

 

Income Statement

 

2Q26

 

1Q26

 

2Q25

 

Q/Q  ∆

 

Y/Y  ∆

 

1H26

 

1H25

 

Y/Y  ∆

Unaudited Figures, in US$ million

 

 

 

 

 

 

 

 

Revenues

 

6,574

 

4,946

 

4,641

 

32.9%

 

41.7%

 

11,520

 

9,249

 

24.6%

Costs

 

(3,609)

 

(3,188)

 

(3,447)

 

13.2%

 

4.7%

 

(6,797)

 

(6,756)

 

0.6%

Gross profit

 

2,965

 

1,758

 

1,194

 

68.7%

 

148.4%

 

4,723

 

2,493

 

89.4%

Selling expenses

 

(601)

 

(489)

 

(510)

 

22.9%

 

17.8%

 

(1,090)

 

(1,007)

 

8.3%

Administrative expenses

 

(323)

 

(291)

 

(233)

 

11.0%

 

38.3%

 

(614)

 

(492)

 

24.9%

Exploration expenses

 

(17)

 

(20)

 

(21)

 

-15.0%

 

-19.0%

 

(37)

 

(51)

 

-27.5%

Inventories write-down and reversal of impairment losses of property, plant and equipment

 

(8)

 

-

 

9

 

N/A

 

N/A

 

(8)

 

9

 

N/A

Other net operating results

 

(203)

 

(80)

 

(26)

 

153.8%

 

680.8%

 

(283)

 

(349)

 

-18.9%

Operating income

 

1,813

 

878

 

412

 

106.5%

 

340.0%

 

2,691

 

604

 

345.5%

Income from equity interests in associates and joint ventures

 

115

 

101

 

(6)

 

13.9%

 

N/A

 

216

 

75

 

188.0%

Financial Income

 

63

 

32

 

28

 

96.9%

 

125.0%

 

95

 

44

 

115.9%

Financial Cost

 

(312)

 

(304)

 

(279)

 

2.6%

 

11.8%

 

(616)

 

(564)

 

9.2%

Other financial results

 

119

 

(55)

 

(5)

 

N/A

 

N/A

 

64

 

19

 

239.5%

Net financial results

 

(130)

 

(327)

 

(256)

 

-60.2%

 

-49.3%

 

(457)

 

(501)

 

-8.8%

Net profit before income tax

 

1,798

 

652

 

150

 

175.8%

 

1101.3%

 

2,450

 

178

 

1277.6%

Income tax

 

(593)

 

(243)

 

(92)

 

144.0%

 

546.9%

 

(836)

 

(130)

 

543.8%

Net (loss) / profit for the period

 

1,205

 

409

 

58

 

194.6%

 

1977.6%

 

1,614

 

48

 

3262.5%

Net (loss) / profit for the period attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders of the parent company

 

1,201

 

404

 

50

 

197.3%

 

2302.0%

 

1,605

 

34

 

4620.6%

Non-controlling interest

 

4

 

5

 

8

 

-20.0%

 

-50.0%

 

9

 

14

 

-35.7%

Earnings per share attributable to shareholders of the parent company (basic and diluted)

 

3.07

 

1.03

 

0.13

 

198.1%

 

2261.5%

 

4.10

 

0.09

 

4455.6%

 

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

 

5.3 SUMMARY OF CONSOLIDATED CASHFLOW STATEMENT

 

Summary Consolidated Cash Flow

 

2Q26

 

1Q26

 

2Q25

 

Q/Q  ∆

 

Y/Y  ∆

 

1H26

 

1H25

 

Y/Y  ∆

Unaudited Figures, in US$ million

 

 

 

 

 

 

 

 

Cash BoP

 

1,326

 

933

 

938

 

42.1%

 

41.4%

 

933

 

1,118

 

-16.5%

Net cash flow from operating activities

 

2,372

 

1,865

 

1,146

 

27.2%

 

107.0%

 

4,237

 

1,996

 

112.3%

Net cash flow from investing activities

 

(2,031)

 

(709)

 

(1,258)

 

186.5%

 

61.4%

 

(2,740)

 

(2,641)

 

3.7%

Net cash flow from financing activities

 

(328)

 

(787)

 

20

 

-58.3%

 

N/A

 

(1,115)

 

374

 

N/A

FX adjustments & other

 

(21)

 

24

 

(72)

 

N/A

 

-70.8%

 

3

 

(73)

 

N/A

Cash EoP

 

1,318

 

1,326

 

774

 

-0.6%

 

70.3%

 

1,318

 

774

 

70.3%

Investment in financial assets

 

1,156

 

366

 

237

 

215.8%

 

387.8%

 

1,156

 

237

 

387.8%

Cash + short-term investments EoP

 

2,474

 

1,692

 

1,011

 

46.2%

 

144.7%

 

2,474

 

1,011

 

144.7%

FCF

 

824

 

871

 

(365)

 

-5.4%

 

N/A

 

1,695

 

(1,322)

 

N/A

 

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

 

15

2Q26

YPF

YPF

2Q26

 

6.       ABOUT YPF

 

YPF is the largest energy company in Argentina, fully integrated in the oil and gas value chain. Our main businesses are: (i) in the upstream, we produce ~30% of the country’s oil and gas, and we are the largest shale producer in Vaca Muerta, in process of divestment of conventional mature fields; (ii) in the downstream, we operate 3 refineries (+50% of Argentina’s refining capacity) and lead the local diesel and gasoline sales (market share >55%); and (iii) in gas and power, Metrogas, our subsidiary, distributes ~25% of the country’s natural gas, while YPF Luz, our affiliate, is the third largest power generation company in Argentina. The Government is the controlling shareholder with a 51% stake, and YPF is listed in the NYSE and ByMA.

 

7.       DISCLAIMER

 

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

 

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

 

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

 

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

 

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

 

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

 

You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. This document is not intended to constitute and should not be construed as investment advice. The information contained herein has been prepared to assist interested parties in making their own evaluations of YPF.

 

16

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, 2026

By:

 

/s/ Margarita Chun

 

 

Name:

 

Margarita Chun

 

 

Title:

 

Market Relations Officer