Total production in Q2 2026 was 156,061 boe/d, a 16% increase compared to Q1 2026, and a 32% increase compared to Q2 2025, of which 20% represented organic growth and the remaining 12% the consolidation of the 25.1% working interest in Bandurria Sur and 35% working interest in Bajo del Toro as of May 2026. Oil production in Q2 2026 was 135,427 bbl/d, a 33% increase y-o-y.

In Q2 2026, average realized crude oil price was 89.4 $/bbl, a 49% increase compared to Q1 2026, and a 44% increase compared to Q2 2025, in both cases driven by higher Brent crude oil and improved differentials. ⁽¹⁾

Realized natural gas price for Q2 2026 was 3.0 $/MMBtu, a 7% increase y-o-y, mainly driven by higher gas prices in the industrial sector.

Total revenues in Q2 2026 were 1,154.4 $MM, 66% above Q1 2026 and 89% above Q2 2025, mainly driven by oil production growth and higher oil prices. Total net revenues during the quarter were 1,103.7 $MM. Net oil revenues from sales at export parity prices, combining both international and domestic markets, were 100% of total net oil revenues. Net revenues from oil and gas exports were 737.7 $MM, representing 67% of total net revenues. ⁽¹⁾

Lifting cost in Q2 2026 was 4.5 $/boe, 4% below Q2 2025, driven by the dilution of fixed costs due to production growth and focus on cost control.

Selling expenses in Q2 2026 were 4.1 $/boe, an 8% increase y-o-y, driven by higher oil prices impacting Turnover Tax. ⁽²⁾

Adjusted EBITDA for Q2 2026 was 805.2 $MM, a 99% increase y-o-y, mainly driven by an 89% increase in total revenue and flat operating unit costs. Adjusted EBITDA margin was 70%, 5 p.p. above Q1 2026 and 3 p.p. above Q2 2025. ⁽²⁾

Net income in Q2 2026 was 321.7 $MM, an increase of 199% compared to the previous quarter and an increase of 37% compared to 235.3 $MM in Q2 2025, reflecting a higher Profit before income tax, partially offset by higher Income tax expense. Excluding the gain recognized from the acquisition of La Amarga Chica in Q2 2025 (202.5 $MM), net income expanded by more than 9 times year-over-year. Adjusted net income during Q2 2026 totaled 259.6 $MM, compared to 56.9 $MM in Q2 2025. EPS was 3.0 $/share in Q2 2026, compared to 2.3 $/share in Q2 2025. Adjusted EPS was 2.4 $/share in Q2 2026, compared to 0.5 $/share in Q2 2025.

Capex during Q2 2026 was 466.8 $MM. The Company invested 421.4 $MM in drilling, completion and workover of Vaca Muerta wells, mainly in connection with the drilling of 27 net wells, the completion of 24 net wells and the tie-in of 27 net new wells during the quarter. Additionally, the Company invested 22.5 $MM in development facilities, and 22.9 $MM in G&G studies, IT and other projects.

In Q2 2026, the Company recorded a free cash flow of 99.1 $MM. Free cash flow was 491.0 $MM excluding the payments related to the Equinor Transaction.

Cash flow generated by operating activities was 985.1 $MM, reflecting a decrease in working capital of 274.2 $MM and income tax payments of 53.1 $MM.

Cash flow used in investing activities reached 886.0 $MM for the quarter, reflecting accrued capex of 466.8 $MM, payments related to the Equinor Transaction of 391.9 $MM and an increase in capex-related working capital of 21.5 $MM.

Cash flow from financing activities totaled -109.8 $MM, mainly driven by the repayment of borrowings’ principal of 809.7 $MM and the payment of borrowings’ interests for 87.9 $MM, partially offset by proceeds from borrowings of 855.7 $MM. ⁽³⁾

Revenues were 1,212 $MM in Q2 2026 and 865 $MM in Q1 2026. For comparison purposes, revenues and avg. realized oil prices are net of Commodity risk management contracts and Sea freight selling expenses. Commodity risk management contracts were 5.6 $MM in Q2 2026 and -150.7 $MM in Q1 2026. Sea freight selling expenses were 63.1 $MM in Q2 2026 and 20.0 $MM in Q1 2026, which were collected as revenues and incurred by our trading subsidiary VEISA.

Selling expenses were 121.0 $MM in Q2 2026 and 66.2 $MM in Q1 2026. For comparison purposes, Selling expenses are net of 63.1 $MM of Sea freight selling expenses incurred by our trading subsidiary VEISA in Q2 2026, equivalent to 4.4 $/boe, which were also collected as revenues, and 20.0 $MM equivalent to 1.6 $/boe in Q1 2026.

Q2 2026 Cash flow from financing activities is the sum of: (i) cash flow used in financing activities for 83.4 $MM; (ii) effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents for -5.1 $MM; (iii) the variation in Argentine government bonds for 0.3 $MM; and (iv) Other investments for -21.5 $MM.

Total (boe/d)

Oil (bbl/d)

Natural Gas (MMm³/d)

NGL (boe/d)

Total WI production per concession

Aguada Federal

Águila Mora

Bajada del Palo Este

Bajada del Palo Oeste

Bandurria Norte

Bajada del Palo Este

Bajada del Palo Oeste

Coirón Amargo Norte

CS-01 (México) ⁽¹⁾

Total operated production

La Amarga Chica

Bandurria Sur ⁽²⁾

Bajo del Toro ⁽²⁾

25 de Mayo-Medanito ⁽³⁾

Acambuco

Agua Amarga ⁽³⁾

Entre Lomas ⁽³⁾

Jagüel de los Machos ⁽³⁾

Total non-operated production

Total shale production

Total conventional production

On November 6, 2025, the Company submitted a notice of irrevocable relinquishment of the CS-01 block to the Mexican Secretariat of Energy (“SENER” by its acronym in Spanish), which is pending confirmation to the date of issuance of this earnings release.

Bandurria Sur and Bajo del Toro consolidated as of May 1, 2026. Working interest production of both assets averaged 21.2 Mboe/d in May and June 2026.

Transferred Conventional Assets operated by Tango, effective March 1, 2023. Under the latest amendment to the agreement, entered into in September 2025, Vista is entitled to 20% of crude oil production and reserves, and 100% of natural gas and LPG and condensates production and reserves of the Transferred Conventional Assets.

Revenues per product - in $MM

Revenues

Commodity risk management contracts

Sea freight selling expenses

Revenues, net of the above

Export Duties

Net Revenues

Oil

Export market

Domestic market

Domestic market at export parity

Natural Gas

Export market

Domestic market

NGL

Product

Oil ($/bbl) ⁽¹⁾

Export market ⁽¹⁾

Domestic market

Domestic market at export parity

Natural Gas ($/MMBTU)

Export market

Domestic market

NGL ($/tn)

Product

Oil (MMbbl)

Export market

Domestic market

Domestic market at export parity

Natural Gas (millions of MMBTU)

Export market

Domestic market

NGL (Mtn)

For comparison purposes, avg. realized oil prices are net of Commodity risk management contracts and Sea freight selling expenses, which were collected as revenues and incurred by VEISA, in Q2 2026 and Q1 2026.

Reflects inventory build-up of 0.44 MMbbl and sales of crude oil from third parties of 0.07 MMbbl, leading to quarterly oil production of 12.32 MMbbl and sales of 11.95 MMbbl.

During Q4 2025, Vista Energy International S.A. (“VEISA”), the Company’s dedicated trading arm, started operations. VEISA is a company fully owned by Vista. Although VEISA sells mostly on a CIF (Cost, Insurance and Freight), CFR (Cost and Freight) or DAP (Delivered At Place) basis, for consistency purposes we will continue to report sales and realized prices on a FOB (Free On Board) equivalent basis.

Lifting Cost ($MM)

Lifting cost ($/boe)

Selling expenses ($MM)

Selling expenses ($/boe)

Adjusted EBITDA reconciliation ($MM)

Profit for the period, net

(+) Income tax expense / (benefit)

(+) Financial income (expense), net

(+) Income (loss) from investment in associates

Operating profit

(+) Depreciation, depletion and amortization

(+) Restructuring expenses

(+) Impairment of long-lived assets

(+) Other non-cash costs related to the transfer of conventional assets

(+) Gain from business combination

Adjusted EBITDA ⁽¹⁾

Adjusted EBITDA Margin (%) ⁽²⁾

Adj. EBITDA = Profit for the period, net + Income tax (expense) / benefit + Financial income (expense), net + Depreciation, depletion and amortization + Income (loss) from investments in associates + Impairment of long-lived assets + Gain from business combination + Gain from asset disposals + Restructuring expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets.

Adj. EBITDA Margin = Adj. EBITDA / (Total Revenues + Gain from Exports Increase Program – Sea freight selling expenses + Commodity risk management contracts). Gain from Exports Increase Program is zero as of Q2 2025. Adj. EBITDA Margin for Q2 2026 (70%) = Adj. EBITDA (805.2 $MM) / (Total Revenues (1,211.9 $MM) + Gain from Exports Increase Program (0.0 $MM) – Sea freight selling expenses (63.1 $MM) + Commodity risk management contracts (5.6 $MM)).

Adjusted Net Income reconciliation ($MM)

Profit for the period, net

Adjustments:

(+) Deferred Income tax

(+) Impairment of long-lived assets

(+) Other non-cash costs related to the transfer of conventional assets

(+) Gain from business combination

Adjustments to Net Income/Loss

Adjusted Net Income/Loss

Adjusted EPS ($/share) ⁽¹⁾

EPS ($/share) ⁽¹⁾

EPS (Earnings per share): Profit for the period, net divided by weighted average number of ordinary shares. Adjusted EPS (Earnings per share): Adjusted Net Income divided by weighted average number of ordinary shares. The weighted average number of ordinary shares for Q2 2026, Q1 2026, and Q2 2025 were 108,909,959, 104,615,383, and 104,263,344, respectively.

Concession

Well name

Pad number

Landing zone

Lateral length (mts)

Q2 2026 Cash flow from financing activities is the sum of: (i) cash flow used in financing activities for 83.4 $MM; (ii) effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents for -5.1 $MM; (iii) the variation in Argentine government bonds for 0.3 $MM; and (iv) Other investments for -21.5 $MM.

Pro forma values calculated as if Bandurria Sur and Bajo del Toro had been acquired on May 1, 2025. Pro forma Net Leverage Ratio (1.25x) = (Gross financial debt (3,661 $MM) – Cash, bank balances and other short-term investments (605 $MM)) / Pro forma LTM Adj. EBITDA (2,444 $MM).

Total Revenues

Oil

Natural gas

NGL and others

Cost of Sales

Operating costs

Crude oil stock fluctuation

Royalties and others

Purchases of crude oil

Depreciation, depletion and amortization

Other non-cash costs related to the transfer of conventional assets

Gross profit

Selling expenses

General and administrative expenses

Exploration expenses

Other operating income

Other operating expenses

Impairment of long-lived assets

Commodity risk management contracts

Operating profit

Income (loss) from investments in associates

Interest income

Interest expense

Other financial income (expense)

Other financial income (expense), net

Profit before income tax

Current income tax (expense)/benefit

Deferred income tax (expense)/benefit

Income tax (expense)/benefit

Profit for the period, net

Results shown in this table are adjusted to exclude YPF S.A.’s 16.3% non-controlling interest in Bandurria Sur Participaciones S.A. (formerly Equinor Argentina S.A.U.). Bandurria Sur Participaciones holds a 30.0% non-operated working interest in the Bandurria Sur block, of which 25.1% is attributable to Vista and 4.9% to YPF. For further details, see the table on page 14.

Total Revenues

Oil

Natural gas

NGL and others

Cost of Sales

Operating costs

Crude oil stock fluctuation

Royalties and others

Purchases of crude oil

Depreciation, depletion and amortization

Other non-cash costs related to the transfer of conventional assets

Gross profit

Selling expenses

General and administrative expenses

Exploration expenses

Other operating income

Other operating expenses

Impairment of long-lived assets

Commodity risk management contracts

Operating profit

Income (loss) from investments in associates

Interest income

Interest expense

Other financial income (expense)

Other financial income (expense), net

Profit before income tax

Current income tax (expense)/benefit

Deferred income tax (expense)/benefit

Income tax (expense)/benefit

Profit for the period, net

Property, plant and equipment

Goodwill

Other intangible assets

Right-of-use assets

Biological assets

Investments in associates

Trade and other receivables

Deferred income tax assets

Total noncurrent assets

Inventories

Trade and other receivables

Cash, bank balances and other short-term investments

Total current assets

Total assets

Deferred income tax liabilities

Lease liabilities

Provisions

Borrowings

Employee benefits

Income tax liability

Trade and other payables

Total noncurrent liabilities

Provisions

Lease liabilities

Borrowings

Salaries and payroll taxes

Income tax liability

Other taxes and royalties

Trade and other payables

Total current liabilities

Total liabilities

Equity attributable to shareholders of the parent company

Equity attributable to non-controlling interests

Total equity

Total equity and liabilities

Revenue from contracts with customers

Revenues from crude oil sales

Revenues from natural gas sales

Revenues from LPG sales

Cost of sales

Operating costs

Crude oil stock fluctuation

Royalties and others

Purchases of crude oil

Depreciation, depletion and amortization

Other non-cash costs related to the transfer of conventional assets

Gross profit

Selling expenses

General and administrative expenses

Exploration expenses

Other operating income

Other operating expenses

Commodity risk management contracts

Impairment of long-lived assets

Operating profit

Income (loss) from investments in associates

Interest income

Interest expense

Other financial income (expense)

Financial income (expense), net

Profit before income tax

Current income tax (expense)

Deferred income tax benefit

Income tax (expense)

Profit for the period, net

Other comprehensive income for the period

Total comprehensive profit for the period

Profit for the period, net attributable to:

Shareholders of the parent company

Non-controlling interests

Total comprehensive income for the period attributable to:

Shareholders of the parent company

Non-controlling interests

Cash flows from operating activities

Profit for the period, net

Adjustments to reconcile net cash flows

Items related to operating activities:

Allowance for expected credit losses

Share-based payments

Net increase in provisions

Net changes in foreign exchange rate

Discount of assets and liabilities at present value

Discount for well plugging and abandonment

Income tax expense

Other non-cash costs related to the transfer of conventional assets

Employee benefits

Items related to investing activities:

Gain from Business Combination

Interest income

Changes in the fair value of financial assets

Depreciation and depletion

Amortization of intangible assets

Impairment of long-lived assets

Income (loss) from investment in associates

Items related to financing activities:

Interest expense

Amortized cost

Interest expense on lease liabilities

Other taxes interest

Other financial income (expense)

Changes in working capital:

Trade and other receivables

Inventories

Trade and other payables

Payments of employee benefits

Salaries and payroll taxes

Other taxes and royalties

Provisions

Income tax payment

Net cash flows provided by operating activities

Cash flows from investing activities:

Payments for acquisitions of property, plant and equipment and biological assets

Payment for Business Combination, net of cash acquired

Proceeds from BSP and Bajo del Toro Sale

Payments for acquisitions of other intangible assets

Proceeds from the transfer of conventional assets

Payments for acquisitions of investments in associates

Interest received

Net cash flows (used in) investing activities

Cash flows from financing activities:

Proceeds from borrowings

Payment of borrowings principal

Payment of borrowings interest

Payment of borrowings cost

Payments of other taxes interest

Payments of other financial income (expense)

Payment of lease

Net cash flow provided by (used in) financing activities