Vista Energy Sab De Cv Class A · BMV:VISTA/A
Vista Energy Sab De Cv Class A — Investor Day (November 2025)
32 slides from Vista Energy Sab De Cv Class A's investor day presentation, Nov 12, 2025
Slide 1: The next phase of Vaca Muerta-driven growth
The next phase of Vaca Muerta-driven growth VISTA ENERGY INVESTOR DAY NOVEMBER 12th, 2025
Slide 2: About projections and forward-looking statements
02 About projections and forward-looking statements Additional information about Vista Energy, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized under the laws of Mexico (the “Company” or “Vista”) can be found in the “Investors” section on the website at www.vistaenergy.com.
Slide 3: Agenda
Agenda 00 Welcome 03 Delivering superior total Alejandro Cherñacov – Co-founder and Strategic shareholder returns Planning & Investor Relations Officer Pablo Vera Pinto – Co-founder and Chief Financial Officer Alejandro Cherñacov 01 Our unique playbook for value creation 04 2030 vision Miguel Galucc
Slide 4: Our unique playbook for value creation
Our unique playbook for value creation
Slide 5: Vista's unique profitable growth story continues
05 Vista’s unique Achieved remarkable Entering a new phase Building a profitable growth growth since 2021 of self-funded growth cash-generating machine story continues ~3x 2.8 $Bn 1.5 $Bn p.a. production 2028F Adj. EBITDA recurring FCF ~4x >20% Adj. EBITDA 2026-28F ROACE +200 180 114 Production Mboe
Slide 6: Vista's remarkable journey
06 Vista’s remarkable journey Significantly increased scale Became the largest independent oil producer Achieved industry-leading and largest oil exporter in Argentina profitability metrics Production Share in Argentina oil production (1) Mboe/d % NETBACK ~3x 114 IOC rank #3 #2 #2 #2 #1 13% 40 $/boe
Slide 7: De-risked next phase of growth
07 De-risked next phase of growth Current Variation since 2023 Total inventory 1,653 wells +503 wells D&C equipment (operated) 4 drilling rigs & 2 frac sets 2x Oil treatment capacity 178 Mbbl/d +108 Mbbl/d Firm oil pipeline capacity 194 Mbbl/d +126 Mbbl/d Oil volume export share 62 % +10 p.p. FREE C
Slide 8: Our growth strategy is fully aligned with global energy dynamics
08 Our growth Key drivers shaping the global energy landscape strategy is fully aligned with global Robust growth of Forecasted oil Constructive view energy dynamics total energy and crude oil demand + supply gap driven by continuous on mid & long-term oil prices driven by development under-investme
Slide 9: Our playbook has proven to deliver profitable growth and high margins
09 Our playbook has proven to deliver profitable growth and high margins Large, short-cycle, Our Industry-leading low-cost asset base Vista Way TSR strategy ~11 $/boe We are a team, Proven capital Unit cost (1) relentless to achieve results, allocation track record committed to our people; ~1,300 we
Slide 10: Future proofing total shareholder returns
10 Future proofing total shareholder returns Production Adj. EBITDA Free cash flow Entering the 1.5 Mboe/d $Bn next phase of 58% 75% $Bn profitable 180 2.8 2026-2028F cumulative growth and total 114 1.6 shareholder 1.4 value creation 85 Provides flexibility to 2025E 2028F 2025E 2028F return cash to
Slide 11: We have built a high-standard company fit for the future
11 We have built a high-standard company fit for the future Strong safety track record Low emissions intensity (1) Proactive local Norway 6 community engagement Total TRIR <1 Vista 7.5 -77% Qatar 4.5 $MM 13 UAE 14 Saudi Arabia 14 United States 22 voluntary social investment since 2020 Global average
Slide 12: Doubling down on efficient growth
Doubling down on efficient growth
Slide 13: Delivered strong production growth
13 Delivered strong production growth Production P1 Reserves Mboe/d MMboe 2.2x 1.6x 114 519 319 51 Material growth in production and P1 reserves since 2023 Investor Day 2023A 2025E YE-23A YE-24A driven by organic growth and pro forma (1) accretive acquisition (1) Pro forma values calculated as if PE
Slide 14: Sustained peer-leading well productivity
14 Sustained peer-leading well productivity Vaca Muerta well productivity Cumulative oil Mbbl (1) 350 ~120 days Vaca Muerta peers Vista Permian Peers 300 Vaca Muerta time-to-market peers average 250 200 Permian peers average ~2 years capex payback 150 100 50 Short-cycle provides a competitive advant
Slide 15: Scaled-up and high-graded well inventory underpins profitable long-term growth
15 Scaled-up and high-graded well inventory underpins profitable long-term growth Number of wells 180 1,653 323 178 Existing inventory provides 10-year 176 2 1,150 runway of wells 147 with breakeven 1,318 Wells ready to below 45 $/bbl be drilled 964 Further inventory upside on the back of additional
Slide 16: Successful pilot in structural faults area unlocked new wells of inventory
16 Successful pilot in structural faults area unlocked 180 new wells of inventory De-risked 18k acres in BPO Bajada del Palo Este after testing a new area with structural faults Bajada del Palo Oeste by drilling and completing a 2-well pilot Added 25 wells Robust well productivity BPO-37 (2-well pil
Slide 17: Achieved Vaca Muerta-leading well cost through innovation
17 Achieved Vaca Muerta-leading well cost through commercial, supply chain and technological innovation Drilling & completion cost (1) Key cost reduction drivers $MM per well -23% Implemented Planned for 2026 14.2 12.3 ✓ Bulk transportation of wet sand ✓ In-field sand plant sourced with 11.7 11.3 11
Slide 18: Innovation at scale with world-class execution
18 Innovation at scale with world-class execution Evolution of frac sand logistics to reduce costs H1 2025 H2 2025 2026+ SAND SAND Use of wet Sand plant MINE MINE 15 km 15 km sand eliminates relocated to core SAND WASHING SAND WASHING drying process development hub, PLANT PLANT and optimizes allowin
Slide 19: Distinctive rock stimulation know-how leveraged with AI technology
19 Distinctive rock stimulation know-how leveraged with AI technology Vista’s proprietary AI-driven monitoring tool Proprietary monitoring tool Delivering tangible real-time results ✓ Implemented since March 2025 Hz ✓ Enable real-time decision making on 1 Comp ✓ completion design Optimize hydraulic
Slide 20: Pursuing a new phase of de-risked production growth
20 Pursuing a new phase of de-risked production growth Production Mboe/d ACTIVITY 58% 80-90 wells p.a. 180 during 2026-2028F 160 140 CAPEX 114 1.5-1.6 $Bn p.a. during 2026-2028F 100 85 CAPACITY Rigs, frac set, crews, treatment, transportation and export capacity in place to deliver plan 2025E 2026F
Slide 21: Delivering superior total shareholder returns
Delivering superior total shareholder returns
Slide 22: Export-driven growth underpins total shareholder returns
22 Export-driven growth underpins total shareholder returns Total revenues $Bn Planning to double export ~60% ~65% ~70% ~75% Share of oil export volumes revenues in 72% next 3 years 4.3 3.7 Domestic oil, 3.0 gas and NGL 2.5 3.2 Oil exports 2.7 2.0 1.5 2025E 2026F 2027F 2028F Note: assumes a Brent of
Slide 23: Resilient to down-cycles and highly profitable in up-cycles
23 Resilient to down-cycles and highly profitable in up-cycles Cash cost breakdown $/boe 6 Brent discount + export duties 9 Royalties 6 8 11 Unit cost (1) 5 54 $/boe 7 11 5 46 $/boe 15 Maintenance capex (2) 5 11 38 $/boe 15 4 10 Financial interest Netback 29 $/boe 15 4 10 Income tax 15 8 4 5 4 24 FC
Slide 24: Plan expected to deliver robust financial metrics
24 Plan expected to deliver robust financial metrics Adj. EBITDA ADJ. EBITDA MARGIN $Bn 75% ~65% 2.8 average 2026-2028F 2.5 ROACE 1.9 1.6 >20% average 2026-2028F FREE CASH FLOW 1.5 $Bn cumulative 2026-2028F 2025E 2026F 2027F 2028F Note: assumes a Brent of 65 $/bbl in 2026 and 70 $/bbl in 2027+, in r
Slide 25: Balance sheet strength supported by self-funded growth plan
25 Balance sheet strength supported by self-funded growth plan Debt maturity schedule (1) $MM Organic growth Banks and others 1.5x <1.0x Net leverage Local bonds International bonds Gross debt (4) 2.9 $Bn Q3-25A (2) 2028F ratio 2.6 469 Net debt (4) $Bn 320 328 306 4.5 262 210 234 Avg. debt life (4)
Slide 26: Our business model is resilient to oil price volatility
26 Our business model is resilient to oil price volatility Uses of cash flow from operating activities Free Cash Flow $Bn, cumulative 2026-28 $Bn 0.8 0.5 Cash BoP 0.2 0.2 2026F 2027F 2028F Cash flow from 4.7 investing Sensitivity to crude oil realized price Cash flow activities $Bn, cumulative free
Slide 27: We plan to deploy FCF through our proven capital allocation framework
27 We plan to deploy FCF through our proven capital allocation framework Return cash to Selectively shareholders pursue M&A via share buybacks Flexibility Invest in selected and synergetic or dividends M&A opportunities focused on the to drive total oil window of Vaca Muerta shareholder returns Main
Slide 28: 2030 Vision
VISTA 2030 Vision
Slide 29: Building a cash flow generating machine
29 Building a cash flow generating machine Production Mboe/d +12% CAGR +200 180 2030 recurring 114 FCF generation 2025E 2028F 2030F 1.5 $Bn annually 2030 vision is +33% above forecast provided in Sep-23 Investor Day Note: assumes a Brent of 70 $/bbl in real terms of January 2026
Slide 30: Closing remarks
30 Closing remarks Materially Our growth transformed the strategy company since the continues to be last Investor Day fully aligned with through increased global energy scale and profitability dynamics De-risked the next Updated plan generates phase of growth by double-digit annual adding inventory,
Slide 31: Q&A
Q&A
Slide 32: Glossary
32 Glossary ▪ $: U.S. Dollars ▪ GHG emissions: Scope 1 & 2 GHG emissions from our operated assets in ▪ $MM: Million U.S. Dollars Argentina at 100% working interest ▪ $Bn: Billion U.S. Dollars ▪ LACh: La Amarga Chica ▪ $/bbl: U.S. Dollars per barrel of oil ▪ Lifting cost includes production, transpor