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 ☐

YPF Sociedad Anónima

TABLE OF CONTENT

ITEM 1 YPF S.A.’s Condensed Interim Consolidated Financial Statements as of June 30, 2026 and Comparative Information (Unaudited) (US$).

ITEM 2 YPF S.A.’s Condensed Interim Consolidated Financial Statements as of June 30, 2026 and Comparative Information (Unaudited) (AR$).

 

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF JUNE 30, 2026

AND COMPARATIVE INFORMATION

YPF SOCIEDAD ANONIMA CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2026 AND COMPARATIVE INFORMATION

CONTENT

 

Note		Description		Page
		Glossary of terms		1
		Legal information		2
		Condensed interim consolidated statements of financial position		3
		Condensed interim consolidated statements of comprehensive income		4
		Condensed interim consolidated statements of changes in shareholders’ equity		5
		Condensed interim consolidated statements of cash flows		7
		Notes to the condensed interim consolidated financial statements:
1		General information, structure and organization of the Group’s business		8
2		Basis of preparation of the condensed interim consolidated financial statements		9
3		Seasonality of operations		10
4		Acquisitions and disposals		10
5		Financial risk management		11
6		Business segment information		11
7		Financial instruments by category		15
8		Intangible assets		15
9		Property, plant and equipment		16
10		Right-of-use assets		19
11		Investments in associates and joint ventures		19
12		Assets held for sale and associated liabilities		20
13		Inventories		22
14		Other receivables		22
15		Trade receivables		23
16		Investments in financial assets		23
17		Cash and cash equivalents		24
18		Provisions		24
19		Income tax		24
20		Taxes payable		25
21		Salaries and social security		25
22		Lease liabilities		25
23		Loans		26
24		Other liabilities		28
25		Accounts payable		28
26		Revenues		28
27		Costs		30
28		Expenses by nature		31
29		Other net operating results		32
30		Net financial results		32
31		Investments in joint operations and consortiums		32
32		Shareholders’ equity		33
33		Earnings per share		33
34		Contingent assets and liabilities		33
35		Contractual commitments		35
36		Main regulations		35
37		Balances and transactions with related parties		37
38		Employee benefit plans and similar obligations		39
39		Subsequent events		40

		1
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2026 AND COMPARATIVE INFORMATION

GLOSSARY OF TERMS

 

Term		Definition
ADR		American Depositary Receipt
ADS		American Depositary Share
AESA		A-Evangelista S.A.
AFIP		Argentine Tax Authority (Administración Federal de Ingresos Públicos)
ANSES		National Administration of Social Security (Administración Nacional de la Seguridad Social)
ARCA		Collection Customs and Control Agency (Agencia de Recaudación y Control Aduanero) (formerly “AFIP”)
Argentina LNG		Argentina LNG S.A.U.
Associate		Company over which YPF has significant influence as provided for in IAS 28 “Investments in associates and joint ventures”
BCRA		Central Bank of the Argentine Republic (Banco Central de la República Argentina)
BNA		Bank of the Argentine Nation (Banco de la Nación Argentina)
BO		Official Gazette of the Argentine Republic (Boletín Oficial de la República Argentina)
CAMMESA		Compañía Administradora del Mercado Mayorista Eléctrico S.A.
CAN		Northern Argentine basin (cuenca Argentina Norte)
CDS		Central Dock Sud S.A.
CENCH		Hydrocarbon Unconventional Exploitation Concessions
CGU		Cash-generating unit
CNDC		Argentine Antitrust Authority (Comisión Nacional de Defensa de la Competencia)
CNV		Argentine Securities Commission (Comisión Nacional de Valores)
CSJN		Argentine Supreme Court of Justice (Corte Suprema de Justicia de la Nación Argentina)
CT Barragán		CT Barragán S.A.
Eleran		Eleran Inversiones 2011 S.A.U.
ENARGAS		Argentine Gas Regulator (Ente Nacional Regulador del Gas)
ENARSA		Energía Argentina S.A. (formerly Integración Energética Argentina S.A., “IEASA”)
ENRE		National Electricity Regulatory Agency
FOB		Free on board
Gas Austral		Gas Austral S.A.
GPA		Gasoducto del Pacífico (Argentina) S.A.
Group		YPF and its subsidiaries
IAS		International Accounting Standard
IASB		International Accounting Standards Board
IFRIC		IFRS Interpretations Committee
IFRS		IFRS Accounting Standards
INDEC		National Institute of Statistics and Census (Instituto Nacional de Estadística y Censos)
IPC		Consumer Price Index (Índice de Precios al Consumidor) published by INDEC
JO		Joint operation (Unión Transitoria)
Joint venture		Company jointly owned by YPF as provided for in IFRS 11 “Joint arrangements”
LGS		General Corporations Law (Ley General de Sociedades) No. 19,550
LNG		Liquefied natural gas
LPG		Liquefied petroleum gas
MEGA		Compañía Mega S.A.
Metroenergía		Metroenergía S.A.
Metrogas		Metrogas S.A.
MINEM		Ministry of Energy and Mining (Ministerio de Energía y Minería)
MLO		West Malvinas basin (cuenca Malvinas Oeste)
MTN		Medium-term note
NO		Negotiable obligations
OLCLP		Oleoducto Loma Campana - Lago Pellegrini S.A.U.
Oldelval		Oleoductos del Valle S.A.
OPESSA		Operadora de Estaciones de Servicios S.A.
OTA		Oleoducto Trasandino (Argentina) S.A.
OTAMERICA		OTAMERICA Ebytem S.A.
OTC		Oleoducto Trasandino (Chile) S.A.
PEN		National Executive Branch (Poder Ejecutivo Nacional)
Peso		Argentine peso
PIST		Transportation system entry point (Punto de ingreso al sistema de transporte)
Profertil		Profertil S.A.
PSAR		Performance stock appreciation rights
Refinor		Refinería del Norte S.A.
RQT		Quinquennial Tariff Review (Revisión Quinquenal Tarifaria)
RTI		Integral Tariff Review (Revisión Tarifaria Integral)
RTT		Transitional Tariff Regime (Régimen Tarifario de Transición)
SC Gas		SC Gas S.A.U.
SE		Secretariat of Energy (Secretaría de Energía) (formerly “MINEM” and “SGE”)
SEC		U.S. Securities and Exchange Commission
SEE		Secretariat of Electric Energy (Secretaría de Energía Eléctrica)
SGE		Government Secretariat of Energy (Secretaría de Gobierno de Energía)
SRH		Hydrocarbon Resources Secretariat (Secretaría de Recursos Hidrocarburíferos)
SSHyC		Under-Secretariat of Hydrocarbons and Fuels (Subsecretaría de Hidrocarburos y Combustibles)
Subsidiary		Company controlled by YPF as provided for in IFRS 10 “Consolidated financial statements”
Sur Inversiones Energéticas		Sur Inversiones Energéticas S.A.U.
Sustentator		Sustentator S.A.
Termap		Terminales Marítimas Patagónicas S.A.
Turnover tax		Impuesto a los ingresos brutos
U.S. dollar		United States dollar
UNG		Unaccounted natural gas
US$		United States dollar
US$/bbl		U.S. dollar per barrel
UVA		Unit of Purchasing Power
VAT		Value added tax
VMI		Vaca Muerta Inversiones S.A.
VMOS		VMOS S.A.
WEM		Wholesale Electricity Market
YPF Chile		YPF Chile S.A.
YPF EE		YPF Energía Eléctrica S.A.
YPF Gas		YPF Gas S.A.
YPF or the Company		YPF S.A.
YPF Ventures		YPF Ventures S.A.U.
Y-TEC		YPF Tecnología S.A.
Y-LUZ		Y-LUZ Inversora S.A.U. controlled by YPF EE

		2
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2026 AND COMPARATIVE INFORMATION

 

LEGAL INFORMATION

Legal address

Macacha Güemes 515 - Ciudad Autónoma de Buenos Aires, Argentina.

Fiscal year

No. 50 beginning on January 1, 2026.

Main business of the Company

The Company’s purpose shall be to perform, on its own, through third parties or in association with third parties, the survey, exploration and exploitation of liquid and/or gaseous hydrocarbon fields and other minerals, as well as the industrialization, transportation and commercialization of these products and their direct and indirect by-products, including petrochemical products, chemical products, whether derived from hydrocarbons or not, and non-fossil fuels, biofuels and their components, as well as the generation of electrical energy through the use of hydrocarbons, to which effect it may manufacture, use, purchase, sell, exchange, import or export them. It shall also be the Company’s purpose the rendering, on its own, through a controlled company or in association with third parties, of telecommunications services in all forms and modalities authorized by the legislation in force after applying for the relevant licenses as required by the regulatory framework, as well as the production, industrialization, processing, commercialization, conditioning, transportation and stockpiling of grains and products derived from grains, as well as any other activity complementary to its industrial and commercial business or any activity which may be necessary to attain its object. To better achieve these purposes, it may set up, become associated with or have an interest in any public or private entity domiciled in Argentina or abroad, within the limits set forth in the Bylaws.

Filing with the Public Registry of Commerce

Bylaws filed on February 5, 1991, under No. 404 of the Book 108 of Corporations, Volume A, with the Public Registry of Commerce of the Autonomous City of Buenos Aires, in charge of the Argentine Registry of Companies (Inspección General de Justicia); and Bylaws in substitution of previous Bylaws, filed on June 15, 1993, under No. 5,109 of the Book 113 of Corporations, Volume A, with the above mentioned Public Registry.

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

April 30, 2026, registered with the Public Registry of Commerce of the Autonomous City of Buenos Aires in charge of the Argentine Registry of Companies (Inspección General de Justicia) on July 15, 2026, under No. 12,932, Book 127 of Corporations.

Capital structure

3,933,127,930 shares of common stock, $ 1 par value and 1 vote per share (see Note 32).

Subscribed, paid-in and authorized for stock exchange listing (in pesos)

3,933,127,930.

 

HORACIO DANIEL MARÍN

President     

		3
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2026 AND DECEMBER 31, 2025

(Amounts expressed in millions of United States dollars)

 

		Notes		June 30, 2026				December 31, 2025
ASSETS
Non-current assets
Intangible assets		8			1,079				1,068
Property, plant and equipment		9			20,433				19,085
Right-of-use assets		10			689				537
Investments in associates and joint ventures		11			2,056				1,610
Deferred income tax assets, net		19			24				9
Other receivables		14			797				648
Trade receivables		15			6				5
Total non-current assets					25,084				22,962
Current assets
Assets held for sale		12			432				1,019
Inventories		13			1,643				1,447
Contract assets		26			7				3
Other receivables		14			666				1,159
Trade receivables		15			2,087				1,654
Investments in financial assets		16			1,156				262
Cash and cash equivalents		17			1,318				933
Total current assets					7,309				6,477
TOTAL ASSETS					32,393				29,439
SHAREHOLDERS’ EQUITY
Capital					3,916				3,921
Treasury shares					17				12
Share-based benefit plans					14				7
Acquisition cost of treasury shares					(62)				(35)
Share trading premiums					(44)				(44)
Issuance premiums					640				640
Legal reserve					787				787
Reserve for investments					5,802				6,587
Reserve for purchase of treasury shares					27				33
Other comprehensive income					(211)				(338)
Unappropriated retained earnings and losses					1,640				(756)
Shareholders’ equity attributable to shareholders of the parent company					12,526				10,814
Non-controlling interest					269				230
TOTAL SHAREHOLDERS’ EQUITY					12,795				11,044
LIABILITIES
Non-current liabilities
Provisions		18			661				610
Contract liabilities		26			236				180
Deferred income tax liabilities, net		19			446				373
Income tax liability					801				830
Taxes payable		20			12				18
Salaries and social security		21			134				63
Lease liabilities		22			410				273
Loans		23			8,521				8,226
Other liabilities		24			547				373
Accounts payable		25			5				6
Total non-current liabilities					11,773				10,952
Current liabilities
Liabilities directly associated with assets held for sale		12			981				1,181
Provisions		18			236				229
Contract liabilities		26			192				117
Income tax liability					781				73
Taxes payable		20			401				217
Salaries and social security		21			300				336
Lease liabilities		22			304				298
Loans		23			1,607				2,355
Other liabilities		24			737				399
Accounts payable		25			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

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

 

HORACIO DANIEL MARÍN

President     

		4
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE SIX AND THREE-MONTH PERIODS ENDED JUNE 30, 2026 AND 2025

(Amounts expressed in millions of United States dollars, except per share information expressed in United States dollars)

 

						For the six-month periods ended June 30,								For the three-month periods ended June 30,
		Notes				2026				2025				2026				2025
Net income
Revenues			26				11,520				9,249				6,574				4,641
Costs			27				(6,797)				(6,756)				(3,609)				(3,448)
Gross profit							4,723				2,493				2,965				1,193
Selling expenses			28				(1,090)				(1,007)				(601)				(510)
Administrative expenses			28				(614)				(491)				(323)				(233)
Exploration expenses			28				(37)				(51)				(17)				(21)
Inventories write-down and reversal of impairment losses of property, plant and equipment			27				(8)				9				(8)				9
Other net operating results			29				(283)				(349)				(203)				(26)
Operating profit							2,691				604				1,813				412
Income from equity interests in associates and joint ventures			11				216				75				115				(6)
Financial income			30				95				44				63				28
Financial costs			30				(616)				(564)				(312)				(279)
Other financial results			30				64				19				119				(5)
Net financial results			30				(457)				(501)				(130)				(256)
Net profit before income tax							2,450				178				1,798				150
Income tax			19				(836)				(130)				(593)				(92)
Net profit for the period							1,614				48				1,205				58
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures							(16)				(122)				(67)				(84)
Result from net monetary position in subsidiaries, associates and joint ventures (1)							173				123				45				39
Other comprehensive income for the period							157				1				(22)				(45)
Total comprehensive income for the period							1,771				49				1,183				13
Net profit for the period attributable to:
Shareholders of the parent company							1,605				34				1,201				50
Non-controlling interest							9				14				4				8
Other comprehensive income for the period attributable to:
Shareholders of the parent company							127				3				(18)				(34)
Non-controlling interest							30				(2)				(4)				(11)
Total comprehensive income for the period attributable to:
Shareholders of the parent company							1,732				37				1,183				16
Non-controlling interest							39				12				-				(3)
Earnings per share attributable to shareholders of the parent company:
Basic and diluted (2)			33				0.41				0.01				0.31				0.01

 

(1)	Results generated by subsidiaries, associates and joint ventures with the peso as functional currency, see Note 2.b.1) to the annual consolidated financial statements.

(2)	In accordance with IAS 33 “Earnings per share”, the calculation of basic and diluted earnings per share was adjusted retrospectively to include the effect of the stock split, see Note 32 “Stock split on YPF’s ordinary shares” section.

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

 

HORACIO DANIEL MARÍN

President     

		5
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND 2025
(Amounts expressed in millions of United States dollars)

 

		For the six-month period ended June 30, 2026
		Shareholders’ contributions																								Retained earnings (4)																								Equity attributable to
		Capital				Treasury shares				Share- based benefit plans				Acquisition cost of treasury shares (2)				Share trading premiums				Issuance premiums				Legal reserve				Reserve for investments				Reserve for purchase of treasury shares				Other comprehensive income								Unappropriated retained earnings and losses				Shareholders of the parent company				Non- controlling interest				Total shareholders’ equity
Balance at the beginning of the fiscal year			3,921				12				7				(35)				(44)				640				787				6,587				33				(338)								(756)				10,814				230				11,044
Accrual of share- based benefit plans (3)			-				-				7				-				-				-				-				-				-				-								-				7				-				7
Repurchase of treasury shares			(5)				5				-				(27)				-				-				-				-				-				-								-				(27)								(27)
Release of reserves (5)			-				-				-				-				-				-				-				(6,587)				(33)				-								6,620				-				-				-
Appropriation to reserves (5)			-				-				-				-				-				-				-				5,802				27				-								(5,829)				-				-				-
Other comprehensive income			-				-				-				-				-				-				-				-				-				127								-				127				30				157
Net profit for the period			-				-				-				-				-				-				-				-				-				-								1,605				1,605				9				1,614
Balance as of June 30, 2026			3,916				17				14				(62)				(44)				640				787				5,802				27				(211)				(1)				1,640				12,526				269				12,795

 

(1)

Includes (2,367) related to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar, and 2,156 related to the recognition of the result from net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency. See Note 2.b.1) to the annual consolidated financial statements.

(2)	Net of employees’ income tax withholding related to the share-based benefit plans.

(3)	See Note 38.

(4)	Includes 62 restricted to the distribution of retained earnings as of June 30, 2026 and December 31, 2025, respectively. See Note 31 to the annual consolidated financial statements.

(5)	As decided in the Shareholders’ Meeting on April 30, 2026.

 

HORACIO DANIEL MARÍN

President     

		6
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND 2025 (cont.)
(Amounts expressed in millions of United States dollars)

 

		For the six-month period ended June 30, 2025
		Shareholders’ contributions																								Retained earnings (4)																				Equity attributable to
		Capital				Treasury shares				Share- based benefit plans				Acquisition cost of treasury shares (2)				Share trading premiums				Issuance premiums				Legal reserve				Reserve for investments				Reserve for purchase of treasury shares				Other comprehensive income				Unappropriated retained earnings and losses				Shareholders of the parent company				Non- controlling interest				Total shareholders’ equity
Balance at the beginning of the fiscal year			3,922				11				3				(28)				(42)				640				787				4,236				36				(331)				2,418				11,652				218				11,870
Accrual of share-based benefit plans (3)			-				-				5				-				-				-				-				-				-				-				-				5				-				5
Repurchase of treasury shares			-				-				-				-				-				-				-				-				-				-				-				-				-				-
Release of reserves (5)			-				-				-				-				-				-				-				(4,236)				(36)				-				4,272				-				-				-
Appropriation to reserves (5)			-				-				-				-				-				-				-				6,587				33				-				(6,620)				-				-				-
Other comprehensive income			-				-				-				-				-				-				-				-				-				3				-				3				(2)				1
Net profit for the period			-				-				-				-				-				-				-				-				-				-				34				34				14				48
Balance as of June 30, 2025			3,922				11				8				(28)				(42)				640				787				6,587				33				(328)				104				11,694				230				11,924

 

(1)

Includes (2,098) related to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar, and 1,770 related to the recognition of the result from net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency. See Note 2.b.1) to the annual consolidated financial statements.

(2)	Net of employees’ income tax withholding related to the share-based benefit plans.

(3)	See Note 38.

(4)	Includes 70 restricted to the distribution of retained earnings as of June 30, 2025 and December 31, 2024, respectively. See Note 31 to the annual consolidated financial statements.

(5)	As decided in the Shareholders’ Meeting on April 30, 2025.

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

 

 

 

HORACIO DANIEL MARÍN

President     

		7
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND 2025
(Amounts expressed in millions of United States dollars)

 

		For the six-month periods ended June 30,
		2026				2025
Cash flows from operating activities
Net profit			1,614				48
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures			(216)				(75)
Depreciation of property, plant and equipment			1,441				1,422
Amortization of intangible assets			31				31
Depreciation of right-of-use assets			149				141
Retirement of property, plant and equipment and intangible assets and consumption of materials			148				199
Charge on income tax			836				130
Net increase in provisions			177				508
Inventories write-down and reversal of impairment losses of property, plant and equipment			8				(9)
Effect of changes in exchange rates, interest and others			336				511
Share-based benefit plans			7				5
Result from sale of assets			(4)				(182)
Result from changes in fair value of assets held for sale			133				244
Result from revaluation of companies			-				(45)
Result from liabilities for agreements			82				-
Other insurance income			(8)				-
Changes in assets and liabilities:
Trade receivables			(388)				(285)
Other receivables			116				(244)
Inventories			(205)				63
Accounts payable			(325)				(86)
Taxes payable			182				53
Salaries and social security			40				(84)
Other liabilities			(24)				(392)
Decrease in provisions due to payment/use			(58)				(100)
Contract assets			(4)				5
Contract liabilities			134				80
Dividends received			68				165
Proceeds from collection of profit loss insurance			1				5
Income tax payments			(34)				(112)
Net cash flows from operating activities (1) (2)			4,237				1,996
Investing activities: (3)
Acquisition of property, plant and equipment and intangible assets			(2,217)				(2,509)
Additions of assets held for sale			(8)				(42)
Contributions and acquisitions of interests in associates and joint ventures			(236)				(82)
Acquisitions from business combinations net of cash and cash equivalents			-				(230)
(Payments) / proceeds net from the purchase and sale of financial assets			(849)				148
Interests received from financial assets			2				3
Proceeds from concessions, assignment agreements and sale of assets			568				71
Net cash flows used in investing activities			(2,740)				(2,641)
Financing activities: (3)
Payments of loans			(1,573)				(1,381)
Payments of interests			(372)				(321)
Proceeds from loans			1,110				2,281
Account overdrafts, net			(3)				-
Repurchase of treasury shares			(27)				-
Payments of leases			(194)				(204)
Payments of interests in relation to income tax			(56)				(1)
Net cash flows (used in) / from financing activities			(1,115)				374
Effect of changes in exchange rates on cash and cash equivalents			3				(73)
Increase / (Decrease) in cash and cash equivalents			385				(344)
Cash and cash equivalents at the beginning of the fiscal year			933				1,118
Cash and cash equivalents at the end of the period			1,318				774
Increase / (Decrease) in cash and cash equivalents			385				(344)

 

(1)	Does not include the effect of changes in exchange rates generated by cash and cash equivalents, which is disclosed separately in this statement.

(2)	Includes 37 and 33 for the six-month periods ended June 30, 2026 and 2025, respectively, for payments of short-term leases and payments of the variable charge of leases related to the underlying asset use or performance.

(3)	The main investing and financing transactions that have not affected cash and cash equivalents correspond to:

 

		For the six-month periods ended June 30,
		2026				2025
Unpaid acquisitions of property, plant and equipment and intangible assets			830				565
Unpaid additions of assets held for sale			1				2
Additions of right-of-use assets			362				166
Capitalization of depreciation of right-of-use assets			18				32
Capitalization of financial accretion for lease liabilities			2				5
Capitalization in associates and joint ventures			-				12
Liabilities arising from company acquisitions			87				14
Unpaid receivables from the sale of assets			554				428
Liabilities arising from asset exchange			232				-

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

 

HORACIO DANIEL MARÍN

President     

		8
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2026 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

 

 

1.	GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE GROUP’S BUSINESS

General information

YPF S.A. (“YPF” or the “Company”) is a stock corporation (sociedad anónima) incorporated under the Argentine laws, with a registered office at Macacha Güemes 515, in the Autonomous City of Buenos Aires.

YPF and its subsidiaries (the “Group”) form the leading energy group in Argentina, which operates a fully integrated oil and gas chain with leading positions in the local market for Upstream, Midstream, Downstream, LNG, Integrated Gas and New Energies businesses in Argentina.

Structure and organization of the Group’s business

As of June 30, 2026, the Group carries out its operations in accordance with the following structure:

 

-

Upstream

-

Midstream and Downstream

-

LNG and Integrated Gas

-

New Energies

-

Central Administration and Others

Activities covered by each business segment are detailed in Note 6. The following table presents the main companies of the Group as of June 30, 2026, by business segment:

 

Entity		Country		Main business		% of ownership of capital stock (1)		Relationship
Upstream
SC Gas		Argentina		Hydrocarbon exploitation		100%		Subsidiary
VMI		Argentina		Hydrocarbon exploitation		100%		Subsidiary
Bandurria Sur Participaciones (5)		Argentina		Hydrocarbon exploitation		16.30%		Associate
Midstream and Downstream
OPESSA		Argentina		Gas stations		99.99%		Subsidiary
Refinor		Argentina		Industrialization and commercialization of hydrocarbons		100%		Subsidiary
OTA		Argentina		Hydrocarbon transportation		36%		Joint venture
OTC		Chile		Hydrocarbon transportation		36%		Joint venture
Oldelval		Argentina		Hydrocarbon transportation		37%		Associate
OTAMERICA		Argentina		Hydrocarbon transportation		30%		Associate
Termap		Argentina		Hydrocarbon transportation		33.15%		Associate
VMOS (3)		Argentina		Hydrocarbon transportation		29.82%		Associate
YPF Gas		Argentina		Commercialization of LPG		33.99%		Associate
LNG and Integrated Gas
YPF Chile		Chile		Commercialization of natural gas		100%		Subsidiary
Argentina LNG		Argentina		Industrialization and commercialization of LNG		100%		Subsidiary
Sur Inversiones Energéticas		Argentina		Industrialization and commercialization of LNG through Southern Energy S.A. associate.		100%		Subsidiary
MEGA		Argentina		Separation of natural gas liquids and their fractionation		38%		Joint venture
New Energies
Metrogas (2)		Argentina		Distribution of natural gas		70%		Subsidiary
Metroenergía		Argentina		Commercialization of natural gas		71.50%		Subsidiary
Y-TEC		Argentina		Research and development of technology		51%		Subsidiary
YPF EE		Argentina		Generation of electric power		75%		Joint venture
CT Barragán		Argentina		Generation of electric power		50%		Joint venture
CDS (4)		Argentina		Generation of electric power		10.25%		Associate
Central Administration and Others
AESA		Argentina		Engineering and construction services		100%		Subsidiary
YPF Digital		Argentina		Digital development services and solutions		100%		Subsidiary

 

(1)	Held directly by YPF and indirectly through its subsidiaries.

(2)	See Note 35.c.3) “Note from ENARGAS related to YPF’s equity interest in Metrogas” section to the annual consolidated financial statements.

(3)	See Note 34.d) to the annual consolidated financial statements.

(4)	Additionally, the Group has a 22.36% indirect holding in capital stock through YPF EE.

(5)	As of June 30, 2026, the shares of Bandurria Sur Participaciones are pledged in guarantee for the obligations assumed in relation to the contingent consideration contemplated in the agreements entered into with Vista (see Note 4).

 

HORACIO DANIEL MARÍN

President     

		9
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2026 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

 

 

2.	BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

2.a) Applicable accounting framework

The condensed interim consolidated financial statements of the Company for the six-month period ended June 30, 2026, are presented in accordance with IAS 34 “Interim financial reporting”. Therefore, they should be read together with the annual consolidated financial statements of the Company as of December 31, 2025 (“annual consolidated financial statements”) presented in U.S. dollars and in accordance with IFRS as issued by the IASB.

These condensed interim consolidated financial statements corresponding to the six-month period ended June 30, 2026, are unaudited. The Company believes they include all necessary adjustments to reasonably present the results of each period on a basis consistent with the audited annual consolidated financial statements. Net Income for the six-month period ended June 30, 2026 does not necessarily reflect the proportion of the Group’s full-year net income.

2.b) Material accounting policies

The material accounting policies are described in Note 2.b) to the annual consolidated financial statements.

The accounting policies adopted in the preparation of these condensed interim consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements, except for the valuation policy for income tax described in Note 19.

Functional currency

As mentioned in Note 2.b.1) to the annual consolidated financial statements, YPF has defined the U.S. dollar as its functional currency.

The consolidated financial statements used by YPF for statutory, legal and regulatory purposes in Argentina are those in pesos and filed with the CNV and approved by the Board of Directors and authorized to be issued on August 10, 2026.

Adoption of new standards, interpretations and amendments

The Company has adopted all standards, interpretations and amendments issued by the IASB that are relevant to its operations and are mandatory effective January 1, 2026, as described in Note 2.b.14) to the annual consolidated financial statements.

Standards and interpretations issued by the IASB during the six-month period ended June 30, 2026, whose application is not mandatory at the closing date of these condensed interim consolidated financial statements and have not been adopted by the Group

 

•

IFRS 20 “Regulatory assets and regulatory liabilities”

In May 2026, the IASB issued IFRS 20 which replaces IFRS 14 “Regulatory deferral accounts”, with the objective of providing more complete information about the effects of rate regulation on the financial performance and financial position of entities subject to a rate regulation agreement. This standard is effective for fiscal years beginning on or after January 1, 2029.

IFRS 20 establishes requirements for the recognition, measurement, presentation and disclosure of regulatory assets, liabilities, income and expense arising from differences in timing between the period in which an entity provides regulatory goods or services and the period in which the entity collects payment from customers through regulated rates.

As of the date of issuance of these condensed interim consolidated financial statements, the Group is in the process of evaluating the effects of the application of IFRS 20.

 

•

Amendments to IAS 28 - Fair value option for investments in associates and joint ventures

In June 2026, the IASB issued amendments to IAS 28, with the objective of clarifying which entities are eligible to apply the fair value measurement option for certain investments in associates and joint ventures, which are effective when an entity first applies IFRS 18 “Presentation and disclosure in financial statements”.

The amendments specify which entities are within the scope of the option provided for in IAS 28 to measure investments in associates or joint ventures at fair value through profit or loss in accordance with IFRS 9 “Financial instruments”, instead of applying the equity method, limiting this option to venture capital organizations, mutual funds, unit trusts and similar entities.

As of the date of issuance of these condensed interim consolidated financial statements, the Group anticipates that the application of these amendments will not have a significant impact on its financial statements.

 

HORACIO DANIEL MARÍN

President     

		10
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2026 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

 

 

2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (cont.)

In accordance with Article 1, Chapter III, Title IV of the CNV rules, the early application of the IFRS and/or their amendments is not permitted for issuers filing financial statements with the CNV, unless specifically admitted by such commission. Consequently, standards and interpretations issued by the IASB whose application is not mandatory at the closing date of these condensed interim consolidated financial statements have not been adopted by the Group.

2.c) Significant estimates and key sources of estimation uncertainty

In preparing the financial statements at a certain date, the Group is required to make estimates and assessments affecting the amount of assets and liabilities recorded and the contingent assets and liabilities disclosed at such date, as well as income and expenses recognized in the fiscal year or period. Actual future profit or loss might differ from the estimates and assessments made at the date of preparation of these condensed interim consolidated financial statements.

The assumptions relating to the future and other key sources of uncertainty about the estimates made for the preparation of these condensed interim consolidated financial statements are consistent with those used by the Group in the preparation of the annual consolidated financial statements, which are disclosed in Note 2.c) to the annual consolidated financial statements.

2.d) Comparative information

Amounts and other financial information corresponding to the fiscal year ended December 31, 2025 and for the six-month period ended June 30, 2025 are an integral part of these condensed interim consolidated financial statements and are intended to be read only in relation to these financial statements.

3. SEASONALITY OF OPERATIONS

Historically, the Group’s results have been subject to seasonal fluctuations throughout the year, particularly as a result of the increase in natural gas sales during the winter driven by the increased demand in the residential segment. Consequently, the Group is subject to seasonal fluctuations in its sales volumes and prices, with higher sales of natural gas during the winter at higher prices.

4. ACQUISITIONS AND DISPOSALS

The most relevant acquisitions and disposals of companies that took place during the six-month period ended June 30, 2026 are described below:

Asset exchange between YPF and Pluspetrol S.A. (“Pluspetrol”)

On January 22, 2026, the Company entered into an asset exchange agreement with Pluspetrol (see Note 38 to the annual consolidated financial statements). On April 30, 2026, after the fulfillment of the closing conditions, the asset exchange agreement between YPF and Pluspetrol was completed, as a result of which YPF, which owned 50% of the rights and obligations in the “Aguada Villanueva,” “Las Tacanas,” and “Meseta Buena Esperanza” exploitation concessions prior to the aforementioned exchange, is the only owner of 100% of those concessions.

Likewise, on that date, YPF and Pluspetrol signed an amendment to the agreement entered into on January 22, 2026, whereby YPF agrees, subject to the fulfillment of closing conditions, to assign 20% of the “La Escalonada” and “Rincón La Ceniza” exploitation concessions to Pluspetrol through VMI, or alternatively, to transfer 44.44% of VMI’s shares to Pluspetrol. As of the date of issuance of these condensed interim consolidated financial statements, the closing conditions have not yet been met.

Based on the aforementioned, as of June 30, 2026, YPF recognized 232 in property, plant, and equipment related to the acquisition of the interest in the “Aguada Villanueva”, “Las Tacanas”, and “Meseta Buena Esperanza” exploitation concessions, and a liability in the same amount until the closing conditions set forth in the amendment signed on April 30, 2026, are met.

In accordance with the transaction described and the expected cash flows from the exchanged assets, the closing of the transaction will not have an impact on its financial results.

 

HORACIO DANIEL MARÍN

President     

		11
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2026 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

 

 

4. ACQUISITIONS AND DISPOSALS (cont.)

Acquisition of interest in the “Bandurria Sur,” “Bajo del Toro,” and “Bajo del Toro Norte” blocks

On February 1, 2026, YPF entered into agreements with Vista Energy S.A.B. de C.V. (“Vista”) for (i) the share purchase and sale agreement in Bandurria Sur Participaciones S.A. (formerly Equinor Argentina S.A.U., hereinafter “Bandurria Sur Participaciones”), and (ii) the acquisition of a 15% interest in the “Bajo del Toro” and “Bajo del Toro Norte” exploitation concessions (see Note 38 to the consolidated annual financial statements).

On May 7, 2026, after the fulfillment of the closing conditions, the agreements entered into between YPF and Vista were completed. As of that date, YPF (i) holds a 16.3% interest in the capital stock of Bandurria Sur Participaciones, which owns a 30% interest in the “Bandurria Sur” exploitation concession, and which, combined with YPF’s current 40% interest in that concession, this results in a total direct and indirect 44.9% interest in that block; and (ii) acquired a 15% interest in the “Bajo del Toro” exploration permit and “Bajo del Toro Norte” exploitation concession, which, combined with YPF’s current 50% interest, results in a total direct 65% interest in those areas.

The total amount of both transactions was 204 in cash. In addition, the Company recognized a liability of 87 associated with the additional contingent consideration, which is subject to the fulfillment of certain contractual conditions.

Based on the closing of the aforementioned agreement, as of the transaction’s closing date, YPF recognized 218 in investments in associates related to the acquisition of the associate Bandurria Sur Participaciones, applying the equity method from the date of acquisition, and 73 in property, plant, and equipment related to the acquisition of the interest in the “Bajo del Toro” and “Bajo del Toro Norte” exploitation concessions.

5. FINANCIAL RISK MANAGEMENT

The Group’s activities expose it to a variety of financial risks: Market risk (including exchange rate risk, interest rate risk, and price risk), liquidity risk and credit risk. Within the Group, risk management functions are conducted in relation to financial risks associated to financial instruments to which the Group is exposed during a certain period or as of a specific date.

During the six-month period ended June 30, 2026, there were no significant changes in the administration or policies of risk management implemented by the Group as described in Note 4 to the annual consolidated financial statements.

 

•

Liquidity risk management

Most of the Group’s loans contain market-standard covenants for contracts of this nature, which include financial covenants mainly related to restrictions on incurring additional debt associated with the leverage ratio and the debt interest coverage ratio, restrictions on dividend payments, and events of defaults triggered by materially adverse judgements, among others. See Notes 17 and 33 to the annual consolidated financial statements and Notes 18 and 34.

The Group monitors compliance with covenants on a quarterly basis. As of June 30, 2026, the Group is in compliance with its covenants.

6. BUSINESS SEGMENT INFORMATION

The different business segments in which the Group’s organization is structured consider the different activities from which the Group can obtain revenues and incur expenses. Such organizational structure is based on the way in which the chief decision maker analyzes the main operating and financial magnitudes for making decisions about resource allocation and performance assessment, also considering the business strategy of the Group.

Business segment information is presented consistently with the manner of reporting the information used by the chief decision maker to allocate resources and assess business segment performance.

The business segments structure is organized as follows:

 

•

Upstream

It performs all activities related to the exploration and exploitation of hydrocarbon fields and production of crude oil and natural gas.

Its revenues are mainly derived from: (i) the sale of the produced crude oil to third parties and to the Midstream and Downstream business segment; (ii) the sale of the produced natural gas to third parties and to the LNG and Integrated Gas business segment; and (iii) the sale of the natural gas retained in plant to the Midstream and Downstream business segment.

It incurs all costs related to the aforementioned activities.

 

HORACIO DANIEL MARÍN

President     

		12
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2026 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

 

 

6. BUSINESS SEGMENT INFORMATION (cont.)

 

•

Midstream and Downstream

It performs activities related to: (i) the refining, transportation and commercialization of refined products; (ii) the production, transportation and commercialization of petrochemical products; (iii) the transportation and commercialization of crude oil; and (iv) the commercialization of specialties for the agribusiness industry and of grains and their by-products.

Its revenues are mainly derived from the sale of crude oil, refined and petrochemical products, and specialties for agribusiness industry and grains and their by-products, through the businesses of Retail, Commercial Networks, Industries, Transportation, Aviation, Agro, Lubricants and Specialties, LPG, Chemicals, International Trade and Transportation and Sales to Companies. In addition, it obtains revenues from midstream oil, midstream gas and natural gas storage operations and the provision of LNG regasification services.

It incurs all costs related to the aforementioned activities, including the purchase of: (i) crude oil from the Upstream business segment and third parties; (ii) natural gas to be consumed in the refinery and petrochemical industrial complexes from the LNG and Integrated Gas business segment; and (iii) natural gas retained in plant from the Upstream business segment.

 

•

LNG and Integrated Gas

It performs activities related to: (i) natural gas transportation and commercialization to third parties and to the Midstream and Downstream business segment; (ii) the separation of natural gas liquids and their fractionation, storage and transportation for the production of ethane, propane, butane and gasoline, and its commercialization, through our investment in joint venture Mega; and (iii) the development of LNG capacity.

Its revenues are mainly derived from the sale of natural gas as producers to third parties and to the Midstream and Downstream and the New Energies business segments for our subsidiary Metrogas.

It incurs all costs related to the aforementioned activities, including the purchase of natural gas from the Upstream business segment.

 

•

New Energies

It performs activities related to: (i) the definition and development of the new energy portfolio; (ii) the definition and development of sustainability and energy transitions programs; (iii) the distribution of natural gas through our subsidiary Metrogas; and (iv) the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary Y-TEC. Furthermore, through our joint ventures YPF EE and CT Barragán, this business segment performs activities related to the generation of conventional thermal electric power and renewable energy.

Its revenues are mainly derived from the sale and transportation and distribution of natural gas to third parties through our subsidiary Metrogas.

It incurs all costs related to the aforementioned activities, including the purchase of natural gas from the LNG and Integrated Gas business segment through our subsidiary Metrogas.

 

•

Central Administration and Others

It includes the remaining activities performed by the Group that do not fall within the aforementioned business segments and which are not reporting business segments, mainly comprising revenues, expenses and assets related to: (i) corporate administrative; (ii) the production of frac sand for well drilling/fracking purposes; (iii) the construction activities through our subsidiary AESA; and (iv) digital development services and solutions through our subsidiary YPF Digital.

Sales between business segments were made at internal transfer prices established by the Group, which approximately reflect domestic market prices.

Operating profit or loss and assets of each business segment have been determined after consolidation adjustments.

 

HORACIO DANIEL MARÍN

President     

		13
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2026 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

 

6.	BUSINESS SEGMENT INFORMATION (cont.)

 

		Upstream								Midstream and   Downstream				LNG and   Integrated Gas				New Energies				Central   Administration   and Others				Consolidation   adjustments (1)				Total
For the six- month period ended June 30,  2026
Revenues			52								9,836				793				436				403				-				11,520
Revenues from intersegment sales			4,710								103				160				7				558				(5,538)				-
Revenues			4,762								9,939				953				443				961				(5,538)				11,520
Operating profit or loss			1,571				(3)				1,792				(36)				40				(347)				(329)				2,691
Income from equity interests in associates and joint ventures			-								26				37				153				-				-				216
Net financial results																															(457)
Net profit before income tax																															2,450
Income tax																															(836)
Net profit for the period																															1,614
Acquisitions of property, plant and equipment			2,312								410				41				17				44				-				2,824
Acquisitions of right- of- use assets			282								80				-				-				-				-				362
Increases from business combinations			-								-				-				-				-				-				-
Other income statement items
Depreciation of property, plant and equipment (2)			1,070								278				34				17				42				-				1,441
Amortization of intangible assets			-								18				-				4				9				-				31
Depreciation of right- of- use assets			84								62				-				-				3				-				149
Inventories write- down			-								8				-				-				-				-				8
Balance as of June 30, 2026
Assets			14,142								11,932				901				2,423				3,477				(482)				32,393

 

 

HORACIO DANIEL MARÍN

President