YPF - ADR

Record financial performance & margin expansion - Adjusted EBITDA: $2.8bn in Q2 ( +76% QoQ and 2.5x YoY ), the best quarter in YPF history. - Adjusted EBITDA margin: 43%, highest in ~2 decades, supported by stronger prices, seasonality, and execution/efficiency. - Operating result: $1.8bn (record). Net result: $1.2bn (2nd best ever). - Cash generation: Free cash flow (FCF) $824m, top 3 in history. - Balance sheet improvement: Liquidity $2.5bn (highest ever); net leverage down to 1.1x (lowest in >10 years).

Upstream transformation: shale dominates and keeps scaling - Shale oil production: 213k bpd ( +4% QoQ, +47% YoY ); shale now 80% of total oil. - Conventional production declining due to divestments: conventional down 49% YoY (shale scaling is offsetting). - Rig count in Vaca Muerta oil window: 16 rigs currently vs 12 rigs by Dec 2025; target 21 rigs by early 2027. - Cost trend: lifting costs $8.4/BOE, -31% YoY (structural improvement); shale hub costs ~$4/BOE (best-in-class).

Major opportunity: Loma La Lata Oil under RIGI (transformational export plan) - YPF submitted RIGI application for Loma La Lata Oil (100% owned), described as the largest Argentina oil export program and largest RIGI project submitted so far. - Estimated CapEx: ~$25bn over 15 years. - Expected plateau (post-2032): ~240k bpd (100% export-dedicated) and ~10m m³/day gas to local market. - Lifetime export value: > $100bn oil export revenue (company estimate). - Execution structure: possible multiple SPVs due to scale (approval process may be phased).