Slide 1: Investor Presentation November 2025
INVESTOR PRESENTATION NOVEMBER 2025 Documento: YPF-Privado
Slide 2: Important Notice
IMPORTANT NOTICE 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 presentation does not constitute an offer to sell or the solicitation of any offer to
Slide 3: Agenda
AGENDA 01. COMPANY OVERVIEW 02. UPSTREAM 03. DOWNSTREAM 04. LATEST FINANCIAL RESULTS Documento: YPF-Privado
Slide 4: YPF Key Financial Figures
LARGEST AND LEADING COMPANY IN ARGENTINA YPF KEY FINANCIAL FIGURES (1) Source: YPF’s Earnings Releases, Financial Statements and Presentations. In billion US$, unless noted otherwise., LTM as of 3Q25. (2) According to new definition set in 2Q24 Earnings Release. (3) Since 2024, “Downstream” is renam
Slide 5: Integrated across the entire value chain
INTEGRATED YPF IR DAY ACROSS THE ENTIRE VALUE CHAIN CRUDE UPSTREAM DOMESTIC REFINING PRODUCTION MARKET DOMESTIC 82% Domestic prices aligned OIL 312 MARKET to IP (gasoline and diesel) 83% 257 90% 18% International prices (jet fuel, kerosene, fuel oil, LPG and other) EXPORTS Kbbl/d Kbbl/d 17% EXPORTS
Slide 6: ESG Performance
ESG PERFORMANCE DEEPENING THE PATH TO LOW-CARBON ENERGY PRODUCTION AS WE CONTINUE FOCUSING ON OUR SHALE OPERATIONS AND GROWING OUR RENEWABLE PORTFOLIO BREAKDOWN OF GHG INTENSITY OF SCOPE 1+2 GHG EMISSIONS UPSTREAM (2) EMISSIONS BY BUSINESS (1) 5% Target 2030 <10 kgCO2e/BOE KgCO2e/ BOE UPSTREAM + MID
Slide 7: Profitability of Our Main Affiliates
PROFITABILITY OF OUR MAIN AFFILIATES EQUITY STAKE EQUITY STAKE EQUITY STAKE EQUITY STAKE EQUITY STAKE 50% 38% 75% 37% 70% EBITDA (US$) (1) EBITDA (US$) (1) EBITDA (US$) (1) EBITDA (US$) (1) EBITDA (US$) (1) 235 mn 185 mn 410 mn 173 mn 198 mn One of the leading Fractionating plant General Levalle win
Slide 8: Agenda
AGENDA 01. COMPANY OVERVIEW 02. UPSTREAM 03. DOWNSTREAM 04. LATEST FINANCIAL RESULTS Documento: YPF-Privado
Slide 9: Operations in All Productive Basins
LARGEST YPF IR DAYHYDROCARBON PRODUCER IN THE COUNTRY UPSTREAM PORTFOLIO (1) PRODUCTION (2) Market share breakdown (%) DOMINANT A NOROESTE TOTAL OTHERS UPSTREAM PRODUCTION: 30% 3.3 mm boe POSITION WITH % LIQUIDS: 11% % GAS: 89% A OPERATIONS IN http://prensanetnoticias.com.ar/wp/wp-content/uploads/20
Slide 10: Operational Performance
OPERATIONAL PERFORMANCE NGL Natural Gas Crude Oil TOTAL PRODUCTION NET SHALE PRODUCTION % Shale / Total Shale Oil Shale Gas KBOE/D KBBL/D & KBOE/D LARGEST +6% +2.0x +1.5x O&G PRODUCER WITH SHALE 40% 46% 53% 61% 70% 170165 LEADING 514 536 535 523 150146 503 FUTURE GROWTH 101 108 122129 97 77 2022 202
Slide 11: YPF in Vaca Muerta
YPF IN VACA MUERTA (1) OIL GAS SHALE OIL VACA MUERTA´S TOTAL ACREAGE OPERATOR 5-Y WE ARE STILL PLAN AND YPF´S SHARE 3.0 NON-OPERATOR AT AN EARLY MILLION ACRES 2.6 STAGE OF EXPLORATION 1.5 1.4 CORE HUB DEVELOPMENT VM ACREAGE 1.0 0.8 NORTH HUB NORTH HUB WITHIN OUR GROSS SOUTH-HUB NET CONDENSATE & OTHE
Slide 12: Upstream P1 Reserves
UPSTREAM P1 RESERVES TOTAL P1 RESERVES GREW BY 2% DRIVEN BY THE EXTENSIONS IN OUR SHALE ASSETS, MORE THAN OFFSETING CONVENTIONAL DECREASE EVOLUTION OF HYDROCARBON PROVED RESERVES Vaca Muerta EVOLUTION OF HYDROCARBON PROVED RESERVES Developed Other Undeveloped Million BOE Million BOE +2% (196) 1,096
Slide 13: Agenda
AGENDA 01. COMPANY OVERVIEW 02. UPSTREAM 03. DOWNSTREAM 04. LATEST FINANCIAL RESULTS Documento: YPF-Privado
Slide 14: Downstream Portfolio
LEADING YPF IR DAYDOWNSTREAM PLAYER IN ARGENTINA REFINING DOWNSTREAM PORTFOLIO A LUJÁN DE CUYO Over 50% of Argentina’s refining capacity, CAPACITY: operating 3 wholly-owned refineries with 114 Kbbl/d 337.9 Kbbl/d capacity (1)(2). D B LA PLATA CAPACITY: High level of conversion and complexity. 199 Kb
Slide 15: Operational Performance: Downstream
OPERATIONAL PERFORMANCE SALES OF REFINED PRODUCTS Exports Other Local PRICES Brent Medanito Fuels Jet Fuel Gasoline Mm M3 LEADING PLAYER US$/BBL Diesel IN THE LOCAL 19.8 111 DOWNSTREAM 19.2 19.0 19.3 105 99 97 SEGMENT 99 82 80 68 69 63 62 61 2022 2023 2024 LTM 2022 2023 2024 3Q25 CRUDE PROCESSED (1)
Slide 16: Agenda
AGENDA 01. COMPANY OVERVIEW 02. UPSTREAM 03. DOWNSTREAM 04. LATEST FINANCIAL RESULTS Documento: YPF-Privado
Slide 17: 3Q25 Main Highlights
REVENUES ADJ. EBITDA (2) 3Q25 MAIN HIGHLIGHTS US$ US$ 4,643 mn 1,357 mn +0% Q/Q +21% Q/Q 1.4 BUS$ QUARTERLY ADJ. EBITDA -12% Y/Y -1% Y/Y 45% Y/Y LIFTING COST SAVING, EXITING MATURE FIELDS CAPEX SHALE OIL 35% Y/Y SHALE OIL PRODUCTION 3Q25: ~165 KBBL/D IN LINE WITH 2025 TARGET US$ KBBL/D OCT-25E: ~190
Slide 18: Shale production output at 70%, replacing conventional production
3Q25 / UPSTREAM OPERATING PERFORMANCE SHALE PRODUCTION OUTPUT AT 70%, LARGELY REPLACING UNPROFITABLE CONVENTIONAL PRODUCTION TOTAL PRODUCTION KBOE/D NGL Natural Gas Crude Oil CRUDE OIL PRODUCTION KBBL/D Conventional + Tight Shale SHALE/ MATURE 55% 62% 70% TOTAL 76 46 14 FIELDS 559 546 523 256 248 24
Slide 19: Net Shale Oil Production
3Q25 / NET SHALE OIL PRODUCTION NET SHALE OIL PRODUCTION EVOLUTION IMPRESSIVE SHALE KBBL/D OIL PRODUCTION +70% GROWTH AS A RESULT OF THE CONTINUOUS FOCUS ON PILLAR #1 ~55% OF THE 4X4 PLAN ~190 +190 ADCH BLOCK (1) 170 49% PROD. DIVESTED TARGET 2025 147 145 AVERAGE 138 126 ~165 KBBL/D 110 112 113 OTHE
Slide 20: Lifting cost contracted significantly
3Q25 / UPSTREAM OPERATING PERFORMANCE LIFTING COST CONTRACTED SIGNIFICANTLY, LARGERLY DRIVEN BY THE EXIT OF MATURE FIELDS LIFTING COST 2023 – 3Q 2024 – 3Q 2025 – 3Q US$/BOE REDUCTION, LIFTING COST BY DIVESTING MATURE FIELDS ~31 ~25 ~21 ~16 ~16 ~9 BUS$ ~6 ~5 ~4 ~1.3 CONV. UNCONV. TOTAL CONV. UNCONV.
Slide 21: Continued focus on shale activity, new operating efficiency records
3Q25 / UPSTREAM OPERATING PERFORMANCE CONTINUED FOCUS ON SHALE ACTIVITY, ACHIEVING NEW RECORDS IN OPERATING EFFICIENCIES Conventional Exploration & Others GROSS UNCONVENTIONAL HORIZONTAL OIL WELLS # OF WELLS (1) Gross unconventional oil UPSTREAM CAPEX BREAKDOWN BUS$ wells drilled: accumulated 9M25 S
Slide 22: Record high processing levels, local prices near import parity
3Q25 / MIDSTREAM & DOWNSTREAM OPERATING PERFORMANCE RECORD HIGH PROCESSING LEVELS WHILE MAINTAINING LOCAL PRICES ALMOST ALIGNED TO IMPORT PARITY REFINING UTILIZATION % - KBBL/D DOMESTIC LOCAL FUELS DEMAND KM3 Diesel Gasoline +6% 450 88% 89% 97% 120% 3,655 400 3,449 3,532 100% 350 300 80% 250 2,119 2
Slide 23: Negative free cash flow as expected
3Q25 / CONSOLIDATED FINANCIAL RESULTS NEGATIVE FREE CASH FLOW AS EXPECTED, MAINLY DERIVED FROM M&A TRANSACTIONS, WHILE MAINTAINING STRONG LIQUIDITY POSITION IN MILLIONS OF US$ CASH FLOW (1) 3Q25 FCF = (-759) EX- M&A & MATURE FIELDS = (-172) EBITDA ~(51) MATURE FIELDS Gas collection seasonality Incom
Slide 24: Well advanced financing program with manageable maturities
3Q25 / CONSOLIDATED FINANCIAL RESULTS WELL ADVANCED FINANCING PROGRAM WITH MANAGEABLE SHORT-TERM MATURITIES IN MILLIONS OF US$ PRINCIPAL DEBT PROFILE International Bonds Local Bonds Other local debt Other International debt 1,980 2026: 2,365 101 239 1,403 619 101 1,134 1,047 258 102 308 699 55 685 9
Slide 25: YPF Energia Argentina Investor Center
YPF ENERGIA ARGENTINA INVESTOR CENTER