Exhibit 1

 

LOGO

VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated financial statements as of September 30, 2026 and

December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025


VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

TABLE OF CONTENTS

 

  •  

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the nine-month periods ended September 30, 2026 and 2025

 

  •  

Unaudited interim condensed consolidated statements of financial position as of September 30, 2026 and December 31, 2025

 

  •  

Unaudited interim condensed consolidated statements of changes in equity for the nine-month periods ended September 30, 2026 and 2025

 

  •  

Unaudited interim condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2026 and 2025

 

  •  

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

 

2


VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars)

 

     Notes    Period from
January 1,
through
September 30,
2026
    Period from
January 1,
through
September 30,
2025
    Period from
July 1,
through
September 30,
2026
    Period from
July 1,
through
September 30,
2025
 

Revenue from contracts with customers

   4      3,394,884       1,755,133       1,294,970       706,135  

Cost of sales:

           

Operating costs

   5.1      (192,126 )      (136,140 )      (75,018 )      (51,786 ) 

Crude oil stock fluctuation

   5.2      9,376       4,241       (882 )      1,415  

Royalties and others

   5.3      (484,479 )      (251,068 )      (198,303 )      (98,523 ) 

Purchases of crude oil

        (31,129 )      —        (15,758 )      —   

Depreciation, depletion and amortization

   11/12/13      (796,109 )      (513,808 )      (293,200 )      (210,891 ) 

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

   15      (10,725 )      (24,018 )      (2,804 )      (9,159 ) 
     

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

        1,889,692       834,340       709,005       337,191  
     

 

 

   

 

 

   

 

 

   

 

 

 

Selling expenses

   6      (286,250 )      (136,289 )      (97,980 )      (48,816 ) 

General and administrative expenses

   7      (139,978 )      (95,090 )      (54,195 )      (37,347 ) 

Exploration expenses

        —        (488 )      —        (144 ) 

Other operating income

   8.1      48,859       504,284       45,536       289,802  

Other operating expenses

   8.2      (9,461 )      (30,434 )      (5,782 )      (5,273 ) 

Commodity risk management contracts

   2.4.3      (134,429 )      —        10,685       —   

Impairment of long-lived assets

   2.4.1      —        (38,252 )      —        —   

Remeasurement of contingent consideration

   24      (16,168 )      —        (16,168 )      —   
     

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

        1,352,265       1,038,071       591,101       535,413  
     

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investments in associates

   17      3,471       (3,746 )      3,103       (2,767 ) 

Interest income

   9.1      11,502       8,933       3,321       7,603  

Interest expense

   9.2      (183,372 )      (113,260 )      (63,992 )      (48,873 ) 

Other financial income (expense)

   9.3      (69,788 )      (63,721 )      (15,908 )      (53,872 ) 
     

 

 

   

 

 

   

 

 

   

 

 

 

Financial income (expense), net

        (241,658 )      (168,048 )      (76,579 )      (95,142 ) 
     

 

 

   

 

 

   

 

 

   

 

 

 

Profit before income tax

        1,114,078       866,277       517,625       437,504  
     

 

 

   

 

 

   

 

 

   

 

 

 

Current income tax (expense)

   14      (493,169 )      (149,727 )      (251,785 )      (3,119 ) 

Deferred income tax benefit (expenses)

   14      118,104       (83,182 )      32,474       (119,099 ) 
     

 

 

   

 

 

   

 

 

   

 

 

 

Income tax (expense)

        (375,065 )      (232,909 )      (219,311 )      (122,218 ) 
     

 

 

   

 

 

   

 

 

   

 

 

 

Profit for the period, net

        739,013       633,368       298,314       315,286  
     

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income

           

Other comprehensive income that shall not be reclassified to profit (loss) in subsequent periods

           

- (Loss) from actuarial remeasurement related to employee benefits

   25      (4,479 )      (1,901 )      (47 )      (47 ) 

- Deferred income tax benefit

   14      1,569       665       17       16  
     

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income for the period

        (2,910 )      (1,236 )      (30 )      (31 ) 
     

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive profit for the period

        736,103       632,132       298,284       315,255  
     

 

 

   

 

 

   

 

 

   

 

 

 

 

3


VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars)

 

     Notes    Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Profit for the period, net attributable to:

              

Shareholders of the parent company

        722,905        633,368        293,457        315,286  

Non-controlling interests

   1.2.1      16,108        —         4,857        —   

Total comprehensive profit for the period attributable to:

              

Shareholders of the parent company

        719,995        632,132        293,427        315,255  

Non-controlling interests

   1.2.1      16,108        —         4,857        —   

Earnings per share

              

Basic (in US Dollars per share)

   10.1      6.683        6.215        2.645        3.006  

Diluted (in US Dollars per share)

   10.2      6.355        5.976        2.516        2.908  

Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.

 

4


VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of financial position as of September 30, 2026 and December 31, 2025

(Amounts expressed in thousands of US Dollars)

 

     Notes      As of September 30,
2026
    As of December 31,
2025
 

Assets

       

Noncurrent assets

       

Property, plant and equipment

     11        7,673,139       5,543,032  

Goodwill

     12        22,576       22,576  

Other intangible assets

     12        14,689       18,485  

Right-of-use assets

     13        102,614       153,283  

Biological assets

        19,451       15,855  

Investments in associates

     17        88,955       54,542  

Trade and other receivables

     15        482,778       373,026  

Deferred income tax assets

        36,514       36,514  
     

 

 

   

 

 

 

Total noncurrent assets

        8,440,716       6,217,313  
     

 

 

   

 

 

 

Current assets

       

Inventories

     18        21,513       9,457  

Trade and other receivables

     15        522,764       347,681  

Cash, bank balances and other short-term investments

     19        785,044       538,402  
     

 

 

   

 

 

 

Total current assets

        1,329,321       895,540  
     

 

 

   

 

 

 

Total assets

        9,770,037       7,112,853  
     

 

 

   

 

 

 

Equity and liabilities

       

Equity

       

Capital stock

     20.1        760,781       491,165  

Other equity instruments

        32,144       32,144  

Other equity accounts

     20.3        72,909       —   

Legal reserve

     20.2        10,560       8,233  

Share-based payments

        (43,513 )      (32,765 ) 

Share repurchase reserve

     20.2        329,324       179,324  

Other accumulated comprehensive income (losses)

        (13,944 )      (11,034 ) 

Accumulated profit (losses)

        2,415,105       1,844,527  
     

 

 

   

 

 

 

Equity attributable to shareholders of the parent company

        3,563,366       2,511,594  
     

 

 

   

 

 

 

Equity attributable to non-controlling interests

        194,847       —   
     

 

 

   

 

 

 

Total equity

        3,758,213       2,511,594  
     

 

 

   

 

 

 

Liabilities

       

Noncurrent liabilities

       

Deferred income tax liabilities

        451,604       298,664  

Lease liabilities

     13        49,188       88,451  

Provisions

     21        53,703       51,513  

Borrowings

     16.1        3,078,038       2,803,982  

Employee benefits

     25        21,017       16,226  

Income tax liability

        12,802       13,964  

Trade and other payables

     24        498,929       292,236  
     

 

 

   

 

 

 

Total noncurrent liabilities

        4,165,281       3,565,036  
     

 

 

   

 

 

 

 

5


VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of financial position as of September 30, 2026 and December 31, 2025

(Amounts expressed in thousands of US Dollars)

 

     Notes      As of September 30,
2026
     As of December 31,
2025
 

Current liabilities

        

Provisions

     21        2,034        10,800  

Lease liabilities

     13        33,909        55,452  

Borrowings

     16.1        564,217        350,095  

Salaries and payroll taxes

     22        29,891        35,891  

Income tax liability

        411,043        120,910  

Other taxes and royalties

     23        84,095        43,945  

Trade and other payables

     24        721,354        419,130  
     

 

 

    

 

 

 

Total current liabilities

        1,846,543        1,036,223  
     

 

 

    

 

 

 

Total liabilities

        6,011,824        4,601,259  
     

 

 

    

 

 

 

Total equity and liabilities

        9,770,037        7,112,853  
     

 

 

    

 

 

 

Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.

 

6


VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statement of changes in equity for the nine-month period ended September 30, 2026

(Amounts expressed in thousands of US Dollars)

 

    Capital
stock
    Other
equity
instruments
    Other
equity
accounts (1)
    Legal
reserve
    Share-based
payments
    Share
repurchase
reserve
    Other
accumulated
comprehensive
income (losses)
    Accumulated
profit (losses)
    Equity
attributable to
shareholders of
the parent
company
    Equity
attributable to
non-

controlling
interests
    Total
equity
 

Amounts as of December 31, 2025

    491,165       32,144       —        8,233       (32,765 )      179,324       (11,034 )      1,844,527       2,511,594       —        2,511,594  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit for the period, net

    —        —        —        —        —        —        —        722,905       722,905       16,108       739,013  

Other comprehensive income for the period

    —        —        —        —        —        —        (2,910 )      —        (2,910 )      —        (2,910 ) 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income

    —        —        —        —        —        —        (2,910 )      722,905       719,995       16,108       736,103  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ordinary General Shareholder’s meeting on April 28, 2026 (2):

                     

Creation of legal reserve

    —        —        —        2,327       —        —        —        (2,327 )      —        —        —   

Creation of share repurchase reserve

    —        —        —        —        —        150,000       —        (150,000 )      —        —        —   

Board of Directors’ Meeting on May 7, 2026:

                     

Issuance of Serie A shares (3)

    325,000       —        84,488       —        —        —        —        —        409,488       —        409,488  

Transactions with non-controlling interest (1)

    —        —        (11,579 )      —        —        —        —        —        (11,579 )      178,739       167,160  

Share repurchase (4)

    (55,385 )      —        —        —        —        —        —        —        (55,385 )      —        (55,385 ) 

Share-based payments

    1       —        —        —        (10,748 )(5)      —        —        —        (10,747 )      —        (10,747 ) 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts as of September 30, 2026

    760,781       32,144       72,909       10,560       (43,513 )      329,324       (13,944 )      2,415,105       3,563,366       194,847       3,758,213  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

See Note 20.3.

(2) 

See Note 20.2.

(3) 

See Note 20.1 and 1.2.1.

(4) 

See Note 20.1.

(5)

Including 58,907 of expenses (Note 7).

Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements. 

 

7


VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statement of changes in equity for the nine-month period ended September 30, 2025

(Amounts expressed in thousands of US Dollars)

 

     Capital
stock
    Other
equity
instruments
     Legal
reserve
     Share-
based
payments
    Share
repurchase
reserve
     Other
accumulated
comprehensive
income (losses)
    Accumulated
profit
(losses)
    Total
equity
 

Amounts as of December 31, 2024

     398,064       32,144        8,233        45,628       129,324        (11,057 )      1,018,877       1,621,213  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Profit for the period, net

     —        —         —         —        —         —        633,368       633,368  

Other comprehensive income for the period

     —        —         —         —        —         (1,236 )      —        (1,236 ) 
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total comprehensive income

     —        —         —         —        —         (1,236 )      633,368       632,132  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Ordinary General Shareholder’s meeting on April 9, 2025:

                   

Creation of share repurchase reserve (1)

     —        —         —         —        50,000        —        (50,000 )      —   

Board of Directors’ Meeting on April 11, 2025:

                   

Issuance of Serie A shares (2) (3)

     299,687       —         —         —        —         —        —        299,687  

Share repurchase (2)

     (50,000 )      —         —         —        —         —        —        (50,000 ) 

Share-based payments

     1       —         —         (95,414 )(4)      —         —        —        (95,413 ) 
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Amounts as of September 30, 2025

     647,752       32,144        8,233        (49,786 )      179,324        (12,293 )      1,602,245       2,407,619  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

 

(1)

See Note 20.2.

(2)

See Note 20.1.

(3) 

See Note 1.2.2 and 32 to the annual consolidated financial statements as of December 31, 2025.

(4)

Including 37,918 of expenses (Note 7).

Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.

 

8


VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars)

 

     Notes      Period from
January 1,
through
September 30,
2026
    Period from
January 1,
through
September 30,
2025
    Period from
July 1,
through
September 30,
2026
    Period from
July 1,
through
September 30,
2025
 

Cash flows from operating activities:

           

Profit for the period, net

        739,013       633,368       298,314       315,286  

Adjustments to reconcile net cash flows

           

Items related to operating activities:

           

Allowance for expected credit losses

     6        —       44       (26 )      44  

Share-based payments

     7        58,907       37,918       21,017       18,401  

Personal assets tax

     7        9,792       (1,104 )      2,527       —  

Net increase in provisions

     8.2        6,748       1,713       4,389       295  

Net changes in foreign exchange rate

     9.3        10,355       (14,862 )      67       21,546  

Discount of assets and liabilities at present value

     9.3        26,207       13,819       5,367       10,471  

Discount for well plugging and abandonment

     9.3        2,642       1,743       760       907  

Income tax expense

     14        375,065       232,909       219,311       122,218  

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

     15        10,725       24,018       2,804       9,159  

Employee benefits

     25        682       592       274       196  

Remeasurement of contingent consideration

     24        16,168       —        16,168       —   

Items related to investing activities:

           

Gain from assets disposal

     8.1        (21,068 )      —        (21,068 )      —   

Gain from Business Combination

     8.1        —        (490,530 )      —        (288,056 ) 

Interest income

     9.1        (11,502 )      (8,933 )      (3,321 )      (7,603 ) 

Changes in the fair value of financial assets and liabilities

     9.3        (10,906 )      (14,107 )      (3,628 )      1,942  

Depreciation and depletion

     11/13        787,782       507,433       290,050       208,766  

Amortization of intangible assets

     12        8,327       6,375       3,150       2,125  

Impairment of long-lived assets

     2.4.1        —        38,252       —        —   

Income (loss) from investment in associates

     17        (3,471 )      3,746       (3,103 )      2,767  

Items related to financing activities:

           

Interest expense

     9.2        183,372       113,260       63,992       48,873  

Amortized cost

     9.3        4,416       7,826       1,721       1,143  

Interest expense on lease liabilities

     9.3        2,432       2,565       724       857  

Other taxes interest

     9.3        5,476       53,127       3,858       14,440  

Other financial income (expense)

     9.3        29,166       13,610       7,039       2,566  

Changes in working capital:

           

Trade and other receivables

        (185,285 )      (230,438 )      (57,997 )      (115,048 ) 

Inventories

     5.2        (9,376 )      (4,241 )      882       (1,415 ) 

Trade and other payables

        64,527       (24,770 )      (10,518 )      55,054  

Payments of employee benefits

     25        (370 )      (388 )      (128 )      (112 ) 

Salaries and payroll taxes

        (54,810 )      (120,191 )      (15,598 )      7,489  

Other taxes and royalties

        773       (21,840 )      18,561       50,806  

Provisions

     8.2        (5,586 )      (638 )      (55 )      —   

Income tax payment

        (175,717 )      (399,381 )      (53,923 )      (179,226 ) 
     

 

 

   

 

 

   

 

 

   

 

 

 

Net cash flows provided by operating activities

        1,864,484       360,895       791,610       303,891  
     

 

 

   

 

 

   

 

 

   

 

 

 

 

9


VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars)

 

     Notes    Period from
January 1,
through
September 30,
2026
    Period from
January 1,
through
September 30,
2025
    Period from
July 1,
through
September 30,
2026
    Period from
July 1,
through
September 30,
2025
 

Cash flows from investing activities:

           

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

        (1,286,240 )      (1,116,249 )      (448,664 )      (334,169 ) 

Payment for Business Combination, net of cash acquired

   1.2.1/29      (666,404 )      (841,555 )      —        —   

Proceeds from BSP and Bajo del Toro Sale

   1.2.1      203,907       —        —        —   

Payments for acquisitions of other intangible assets

   12      (4,531 )      (3,762 )      (1,433 )      (1,286 ) 

Proceeds from assets disposal

   1.2.3      10,000       —        10,000       —   

Proceeds from the transfer of conventional assets

   15      —        5,734       —        —   

Payments for acquisition of investments in associates

   17      (30,942 )      (42,508 )      (10,917 )      (4,877 ) 

Interest received

   9.1      11,502       8,933       3,321       7,603  
     

 

 

   

 

 

   

 

 

   

 

 

 

Net cash flows (used in) investing activities

        (1,762,708 )      (1,989,407 )      (447,693 )      (332,729 ) 
     

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

           

Proceeds from borrowings

   16.2      1,847,217       2,219,917       402,000       500,000  

Payment of borrowings principal

   16.2      (1,401,657 )      (806,032 )      (462,414 )      (193,285 ) 

Payment of borrowings interest

   16.2      (138,349 )      (73,677 )      (23,611 )      (19,443 ) 

Payment of borrowings cost

   16.2      (6,736 )      (17,888 )      (833 )      (7,663 ) 

Payments of other taxes interest

   9.3      (3,824 )      (21,075 )      (2,206 )      (10,819 ) 

Payments of other financial income (expense)

   9.3      (22,100 )      (7,435 )      (8,691 )      (2,566 ) 

Payment of lease

   13      (56,628 )      (58,035 )      (12,012 )      (11,251 ) 

Share repurchase

   20.1      (55,385 )      (50,000 )      (55,385 )      (50,000 ) 
     

 

 

   

 

 

   

 

 

   

 

 

 

Net cash flow provided by (used in) financing activities

        162,538       1,185,775       (163,152 )      204,973  
     

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

        264,314       (442,737 )      180,765       176,135  

Cash and cash equivalents at beginning of period

   19      526,184       755,610       597,022       147,000  

Effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents

        (11,665 )      1,827       1,046       (8,435 ) 

Net increase (decrease) in cash and cash equivalents

        264,314       (442,737 )      180,765       176,135  
     

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   19      778,833       314,700       778,833       314,700  
     

 

 

   

 

 

   

 

 

   

 

 

 

Significant transactions that generated no cash flows

           

Business Combination transactions through the issuance of Serie A shares and an increase in trade and other payables

   1.2.1 /

29

     717,409       506,754       —        —   

BSP and Bajo del Toro Sale through an increase in trade and other receivables

   1.2.1      62,267       —        —        —   

Acquisition of property, plant and equipment through increase in trade and other payables

        342,515       160,124       342,515       160,124  

Acquisition of property, plant and equipment through increase in trade and other payables related to the Farmout Agreement

        —        109,538       —        —   

Changes in well plugging and abandonment with an impact in property, plant and equipment

   11      (3,494 )      1,768       (11,822 )      10,649  

Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.

 

10


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 1. Group information

1.1 Company general information

Vista Energy, S.A.B. de C.V. (“VISTA”, the “Company” or the “Group”), was organized as a variable-capital stock company on March 22, 2017, under the laws of the United Mexican States (“Mexico”). The Company adopted the public corporation or “Sociedad Anónima Bursátil de Capital Variable” (“S.A.B. de C.V.”) on July 28, 2017.

It is listed on the New York Stock Exchange (“NYSE”) under ticker symbol “VIST” as from July 26, 2019.

Its main office is located in City of Mexico, Mexico, at Mapfre Tower, Paseo de la Reforma Avenue 243, 18th floor, Colonia Cuauhtémoc, Alcaldía Cuauhtémoc, zip code 06500.

As of September 30, 2026, and December 31, 2025, the Company’s main activity, through its subsidiaries, is the exploration and production of crude oil and natural gas (“Upstream”).

Except as mentioned in Notes 1.2, there were no significant changes in the Group’s structure and activities as from the date of issuance of the annual consolidated financial statements as of December 31, 2025.

1.2 Significant transactions for the period

1.2.1 Acquisition of Equinor Argentina S.A.U. (“Equinor” currently Bandurria Sur Participaciones S.A. “BSP”) and Bajo del Toro block

On February 2, 2026, the Company and its subsidiary Vista Argentina signed several agreements including the following transactions:

(i) the acquisition of 100% of Equinor’s capital stock, which holds a 30% interest in the Bandurria Sur block; and the acquisition of a 50% interest in the Bajo del Toro block from Equinor Argentina B.V. Sucursal Argentina (the “BSP and Bajo del Toro Acquisition”);

(ii) the sale of a 16.3% interest in Equinor’s capital stock, including, indirectly, the assignment of a 4.9% interest in Bandurria Sur, and the assignment of a 15% interest in the Bajo del Toro block to YPF S.A. (“YPF”) (the “BSP and Bajo del Toro Sale”).

As from this corporate restructuring, Vista holds: (i) a 30% non-operated interest in the Bandurria Sur unconventional hydrocarbon concession (25.1% attributable to the shareholders of the parent company and 4.9% attributable to the non-controlling interest); (ii) a 35% non-operated interest in Bajo del Toro block; and (iii) certain midstream transport agreements.

Under the terms of the BSP and Bajo del Toro Acquisition, the total consideration amounted to 1,439,606, broken down as follows:

(i) 722,197 paid in cash, comprising 550,000 attributable to the purchase price and 172,197 for purchase price adjustments related to changes in cash, debt, working capital, capital contributions, leakage and other adjustments;

(ii) 409,488 through the transfer of 6,223,220 American Depositary Shares (“ADSs”) representing an equivalent number of subscribed Series A shares, subject to lock-up restrictions, and

(iii) a contingent consideration liability assumed of 307,921, calculated as follows: (a) the price per barrel equal to the average Brent crude oil price for the previous year less USD 65/bbl, subject to a floor of USD 0/bbl where the average Brent price is equal to or less than USD 65/bbl, and a cap of USD 15/bbl where the average Brent is equal to or greater than USD 80/bbl, multiplied by (b) the annual production attributable to the Company’s interest in the assets. This contingent price will be calculated annually and payable during a five-year period as from the closing date, accruing no interest.

Under the terms of the BSP and Bajo del Toro Sale, as mentioned above, the Company received cash of 203,907 and recognized a contingent consideration receivable of 62,267.

This transaction closed on May 7, 2026. Since that date, the Company consolidates 100% of BSP’s assets, liabilities, and results, recognizing a 16.3% non-controlling interest in consolidated equity in accordance with IFRS accounting Standards (“IFRS”) 10 – “Consolidated Financial Statements”.

For additional information, see Note 29.2.

 

11


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

1.2.2 Assignment of the non-operated interest in the Acambuco conventional exploitation concession

On April 7, 2026, the Company, through its subsidiary Vista Argentina, entered into an agreement with Pan American Energy, S.L., Sucursal Argentina (“Pan American”), to assign its 1.5% non-operated interest in the Acambuco conventional exploitation concession. The assignment was subject to the fulfillment of certain conditions precedent (the “Closing Date”), and the total consideration amounted to 600, payable by Pan American within 10 business days following the closing date of such assignment.

This transaction closed on October 9, 2026. Since that date, Pan American assumes all economic rights relating to the aforementioned concession, notwithstanding that the decree of the Province of Salta authorizing the assignment of title to the area to Pan American remains pending.

1.2.3 Assignment of the interest in the conventional areas to Tango Energy Argentina S.A. (“Tango Energy”) and the unconventional development rights to Unconventional Resources S.A. (“URSA”)

On May 8, 2026, through Provincial Decree No. 509/2026, the Province of Río Negro approved the assignment of 100% of Vista Argentina’s interests to Tango Energy related to:

(i) the conventional exploitation concessions of the Entre Lomas, Jarilla Quemada, Jagüel de los Machos, 25 de mayo-Medanito SE and Charco del Palenque areas; and

(ii) the Entre Lomas and Jarilla Quemada gas transportation concessions, and the 25 de mayo-Medanito SE crude oil transportation concession.

The decree also approved the conversion of the exploitation concessions into unconventional hydrocarbon exploitation concessions (CENCH, by its Spanish acronym) with a term of 35 years, for:

(i) the entire Charco del Palenque and Jarilla Quemada areas, and

(ii) a portion of the Entre Lomas area, while the remaining surface area remains under the existing exploitation concession.

On July 3, 2026, the Company entered into an agreement with URSA, a company controlled by Vista and Trafigura Ventures V B.V. (“Trafigura”), for the assignment of a 50% interest in the unconventional development rights in the Charco del Palenque, Jarilla Quemada and Entre Lomas areas. The agreement includes an upfront payment of 10,000 and certain additional payments linked to the level of activity in those areas.

As of September 30, 2026, the Company recognized: (i) a gain of 21,068 in “Other operating income,” under “Gain from assets disposal” (Note 8.1); (ii) cash proceeds of 10,000; and (iii) a receivable of 11,763 in “Trade and other receivables”, under “Accounts receivable from third parties” (Note 15).

As of the date of issuance of these unaudited interim condensed consolidated financial statements, Tango Energy and URSA operate all these areas.

Note 2. Basis of preparation and material accounting policies

2.1 Basis of preparation and presentation

These unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025, and for the nine-month periods ended September 30, 2026 and 2025 were prepared in accordance with the International Accounting Standard (“IAS”) 34 – “Interim Financial Reporting”, issued by the International Accounting Standards Board (“IASB”). The Company prepared its interim financial statements on a condensed basis pursuant to IAS 34. Certain explanatory notes are included to describe the events and transactions that are relevant to understand the changes in the financial position as of September 30, 2026, and the results of operations for the nine-month period ended September 30, 2026. Therefore, these unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read together with the annual consolidated financial statements as of December 31, 2025.

These unaudited interim condensed consolidated financial statements were prepared using the same accounting policies as used in preparing the Company’s annual consolidated financial statements as of December 31, 2025, except for the income tax expense that is recognized in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year.

 

12


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

They were prepared on a historical cost basis, except for certain financial assets and liabilities that were measured at fair value. The figures contained herein are stated in US Dollars (“USD”) and are rounded to the nearest thousand, unless otherwise stated.

These unaudited interim condensed consolidated financial statements were approved for publication by the Board of Directors on October 28, 2026 and the subsequent events through that date are considered (Note 30).

2.2 New effective accounting standards, amendments and interpretations issued by the IASB adopted by the Company

The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

None of the accounting pronouncements applicable after December 31, 2025, and as of the date of these unaudited interim condensed consolidated financial statements had a material effect on the Company’s financial condition or result of its operations.

2.3 Basis of consolidation

These unaudited interim condensed consolidated financial statements contain the financial statements of the Company and its subsidiaries. Except as mentioned in Notes 1.2, there were no other significant changes in interest in Company subsidiaries during the nine-month period ended September 30, 2026.

2.4 Summary of material accounting policies 

2.4.1 Impairment of goodwill and property, plant and equipment, right-of-use assets and other intangible assets (“long-lived assets”) other than goodwill

Long-lived assets are tested for impairment at the lowest level in which there are separately identifiable cash flows largely independent of the cash flows of other Cash Generating Units (“CGUs”).

The Company conducts its impairment test of long-lived assets when there is an indication that the carrying amount may be impaired. Moreover, Goodwill is tested every December. The Company bases the impairment test on the calculation of value in use and reviews the relationship between the recoverable amount and the carrying amount of its assets.

As of September 30, 2026, the Company did not identify trigger events related to goodwill and long-lived assets other than goodwill.

However, as of September 30, 2025, the Company identified impairment indicators related to the CGU in Mexico. Consequently, the Company performed an impairment test and recorded a full impairment of the assets amounting to 38,252.

See Note 3.2.2 to the annual consolidated financial statements as of December 31, 2025.

2.4.2 Business combination

The acquisition method is used to book business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for these acquisitions comprises:

 

(i)

The fair value of transferred assets;

 

(ii)

The liabilities incurred to former owners of the acquired business;

 

(iii)

The equity interests issued by the Company;

 

(iv)

The fair value of any asset or liability from a contingent consideration arrangement; and

 

(v)

The fair value of any previously held equity interest in the subsidiary.

Identifiable assets acquired and liabilities assumed in a business combination are initially measured at fair values at the date acquisition.

The costs related to the acquisition are booked as incurred expenses. Goodwill is an excess of:

 

(i)

The consideration transferred; and

 

(ii)

The fair value of net identifiable assets acquired.

 

13


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

If the fair value of the acquiree’s net identifiable assets exceeds these amounts, before recognizing profit, the Company reassesses whether it has correctly identified all assets acquired and liabilities assumed, reviewing the procedures employed to measure the amounts to be recognized at the acquisition date. If the assessment still results in excess of the fair value of net assets acquired in relation to the total consideration transferred, gain from a bargain purchase is recognized directly in the consolidated statements of profit or loss and other comprehensive income, under “Gain from Business Combination” within “Other operating income”.

When the settlement of any cash consideration is deferred, the future amounts payable is discounted at their present value at the exchange date. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained under comparable terms and conditions.

Contingent consideration will be recognized at its fair value at the acquisition date. Contingent consideration is classified as equity or as a financial liability. The amounts classified as a financial liability are remeasured at fair value with changes in fair value through the consolidated statements of profit or loss and other comprehensive income. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.

When the Company acquires a business, it assesses the financial assets acquired and liabilities incurred in relation to its adequate classification and designation according to contractual terms, economic circumstances and relevant conditions as of the acquisition date.

Oil reserves and resources acquired that may be measured reliably are recognized separately at fair value upon the acquisition.

Other potential reserves, resources and rights, which fair values cannot be measured reliability, are not recognized separately but are considered part of goodwill.

If the business combination is performed in stages, the previously held equity interest in the acquiree is measured at acquisition-date fair value. Profit or loss from such remeasurement is recognized in the consolidated statements of profit or loss and other comprehensive income.

The Company has a maximum period of 12 months from the date of acquisition to finalize the acquisition accounting. When it is incomplete as of the end of the year in which the business combination takes place, the Company reports provisional amounts.

During the nine-month period ended September 30, 2026 and 2025, the Company recorded the BSP and Bajo del Toro Acquisition and the Vista Energy Lach S.A. (“Vista Lach”) acquisition, respectively, as a Business Combination (“Business Combination”) (See Notes 1.2.1 and 29 of these condensed consolidated interim financial statements and Notes 1.2.2 and 32 to the annual consolidated financial statements as of December 31, 2025).

2.4.3 Commodity risk management contracts

The Company has entered into derivative financial instruments to manage its exposure to oil price fluctuation, only for the short term, on a quarterly basis. During the nine-month period ended September 30, 2026, these instruments consisted primarily of ICE Brent futures and fixed-price swaps. The derivatives were executed through international brokers, including exchange-cleared accounts and bilateral agreements under ISDA Master Agreements with financial institutions.

The Company’s derivatives are accounted for as non-hedge derivatives and therefore all changes in the fair values of its derivative contracts are recognized as gains or losses in the results of the periods in which they occur.

For the nine-month period ended September 30, 2026, the Company recorded a loss of 134,429 under “Commodity risk management contracts”.

 

14


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

2.5 Regulatory framework

 

A-

Argentina

2.5.1 Regulatory framework for oil and gas activity

(i) Decree No. 105/2026

On February 19, 2026, Decree No. 105/2026 was published in the Official Bulletin, establishing a one-year extension as from July 8, 2026, to join the Incentive Regime for Large Investments (the “RIGI” by Spanish acronym). The decree includes onshore upstream crude oil and natural gas development projects as eligible promoted activities.

The minimum investment amount is set at 600,000. Qualifying projects must be located in areas with no significant development and must ensure segregation and traceability through a separate measurement system in cases where qualifying and non-qualifying activities coexist.

As of the date of issuance of these unaudited interim condensed consolidated financial statements, the Company has submitted an application to admit an upstream development project to the RIGI, which is currently under review and awaiting approval by the relevant authorities.

Other than mentioned above, there have been no significant changes in Argentina’s regulatory framework during the nine-month period ended September 30, 2026 (See Note 2.5 to the annual consolidated financial statements as of December 31, 2025).

 

B-

Mexico

2.5.2 Exploration and production activities regulatory framework

There have been no significant changes in Mexico’s regulatory framework during the nine-month period ended September 30, 2026 (See Note 2.5 to the annual consolidated financial statements as of December 31, 2025).

Note 3. Segment information

The Chief Operating Decision Maker (the “Committee” or “CODM”) is in charge of allocating resources and assessing the performance of the operating segment. It supervises operating profit (loss), and the performance of the indicators related to its oil and gas properties on an aggregate basis to make decisions regarding the location of resources, negotiate with international suppliers and determine the method for managing contracts with customers.

The CODM considers as a single segment the exploration and production of crude oil, natural gas and Liquefied Petroleum Gas (“LPG”) (including Exploration and Production commercial activities), through its own activities, subsidiaries and interests in joint operations and based on the nature of the business, customer portfolio and risks involved. The Company aggregated no segment as it has only one.

The accounting criteria used by the subsidiaries to measure profit or loss, assets and liabilities of the segments are consistent with those used in these unaudited interim condensed consolidated financial statements.

Note 4. Revenue from contracts with customers

 

     Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Goods and services sold

     3,394,884        1,755,133        1,294,970        706,135  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenue from contracts with customers (1)

     3,394,884        1,755,133        1,294,970        706,135  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) 

For the nine-month period ended September 30, 2026, 98% recognized at a point in time.

 

15


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

4.1 Information broken down by revenue from contracts with customers

 

Type of products

   Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Revenues from crude oil sales and other services

     3,300,160        1,683,594        1,256,026        676,363  

Revenues from natural gas sales

     90,406        67,068        38,083        28,641  

Revenues from LPG sales

     4,318        4,471        861        1,131  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenue from contracts with customers

     3,394,884        1,755,133        1,294,970        706,135  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

Distribution channels

   Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Exports of crude oil and other services (1)

     2,444,301        1,026,302        960,603        429,805  

Local crude oil

     855,859        657,292        295,423        246,558  

Local natural gas

     84,704        57,614        37,667        25,210  

Exports of natural gas

     5,702        9,454        416        3,431  

LPG sales

     4,318        4,471        861        1,131  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenue from contracts with customers

     3,394,884        1,755,133        1,294,970        706,135  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

For the nine-month period ended September 30, 2026 including 66,664 of sea freight services.

Note 5. Cost of sales

5.1 Operating costs

 

     Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Fees and compensation for services

     120,016        84,565        47,838        33,325  

Salaries and payroll taxes

     33,806        24,061        11,955        9,067  

Employee benefits

     10,293        8,870        3,628        2,830  

Transport

     8,505        2,856        4,452        1,064  

Consumption of materials and spare parts

     8,176        4,158        2,824        2,205  

Easements and fees

     5,584        5,116        1,879        1,423  

Other

     5,746        6,514        2,442        1,872  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total operating costs

     192,126        136,140        75,018        51,786  
  

 

 

    

 

 

    

 

 

    

 

 

 

5.2 Crude oil stock fluctuation

 

     Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Crude oil stock at beginning of the period (Note 18)

     6,881        4,384        19,193        8,661  

Increase from Business Combination (Note 29.2)

     2,054        1,451        —         —   

Less: Crude oil stock at end of the period (Note 18)

     (18,311 )       (10,076 )       (18,311 )       (10,076 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

Total crude oil stock fluctuation

     (9,376 )       (4,241 )       882        (1,415 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

 

16


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

5.3 Royalties and others

 

     Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Royalties

     356,632        197,035        146,183        79,688  

Export duties

     127,847        54,033        52,120        18,835  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total royalties and others

     484,479        251,068        198,303        98,523  
  

 

 

    

 

 

    

 

 

    

 

 

 

Note 6. Selling expenses

 

     Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Sea freight

     124,453        —         41,361        —   

Transport

     97,170        85,953        33,190        30,173  

Taxes, rates and contributions

     29,399        20,926        10,269        8,247  

Fees and compensation for services

     21,818        14,831        10,064        5,092  

Tax on bank account transactions

     13,410        14,535        3,122        5,260  

Allowances for (reversal of) expected credit losses

     —         44        (26 )       44  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total selling expenses

     286,250        136,289        97,980        48,816  
  

 

 

    

 

 

    

 

 

    

 

 

 

Note 7. General and administrative expenses

 

     Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Share-based payments

     58,907        37,918        21,017        18,401  

Salaries and payroll taxes

     31,557        31,182        15,704        9,811  

Fees and compensation for services

     24,859        14,661        9,017        4,164  

Personal assets tax

     9,792        (1,104 )       2,527        —   

Employee benefits

     5,376        4,914        2,096        1,803  

Institutional promotion and advertising

     1,682        1,931        600        826  

Other

     7,805        5,588        3,234        2,342  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total general and administrative expenses

     139,978        95,090        54,195        37,347  
  

 

 

    

 

 

    

 

 

    

 

 

 

Note 8. Other operating income and expenses

8.1 Other operating income

 

     Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Gain from assets disposal (1)

     21,068        —         21,068        —   

Reversal of restructuring expenses

     19,624        —         19,624        —   

Gain from Business Combination (2)

     —         490,530        —         288,056  

Gain from Exports Increase Program

     —         4,961        —         —   

Other income

     8,167        8,793        4,844        1,746  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total other operating income

     48,859        504,284        45,536        289,802  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) 

See Note 1.2.3.

(2) 

See Note 29.1.

 

17


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

8.2 Other operating expenses

 

     Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Restructuring expenses (1)

     (2,713 )       (28,721 )       (1,393 )       (4,978 ) 

(Provision for) contingencies (2)

     (340 )       (677 )       (2 )       —   

(Provision for) materials and spare parts obsolescence (2)

     (6,097 )       (881 )       (4,110 )       (256 ) 

(Provision for) environmental remediation (2)

     (311 )       (155 )       (277 )       (39 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

Total other operating expenses

     (9,461 )       (30,434 )       (5,782 )       (5,273 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

The Company booked restructuring expenses including payments, fees and transaction costs related to the changes in the Group’s structure.

(2)

These transactions did not generate cash flows. For the nine-month period ended September 30, 2026 and 2025, including 5,586 and 638 related to payments of contingencies, respectively.

Note 9. Financial income (expense), net

9.1 Interest income

 

     Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Financial interest

     11,502        8,933        3,321        7,603  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total interest income

     11,502        8,933        3,321        7,603  
  

 

 

    

 

 

    

 

 

    

 

 

 

9.2 Interest expense

 

     Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Borrowings interest (Note 16.2)

     (183,372 )       (113,260 )       (63,992 )       (48,873 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

Total interest expense

     (183,372 )       (113,260 )       (63,992 )       (48,873 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

9.3 Other financial income (expense)

 

     Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Amortized cost (Note 16.2)

     (4,416 )       (7,826 )       (1,721 )       (1,143 ) 

Net changes in foreign exchange rate

     (10,355 )       14,862        (67 )       (21,546 ) 

Discount of assets and liabilities at present value

     (26,207 )       (13,819 )       (5,367 )       (10,471 ) 

Changes in the fair value of financial assets and liabilities

     10,906        14,107        3,628        (1,942 ) 

Interest expense on lease liabilities (Note 13)

     (2,432 )       (2,565 )       (724 )       (857 ) 

Discount for well plugging and abandonment

     (2,642 )       (1,743 )       (760 )       (907 ) 

Other taxes interest (1)

     (5,476 )       (53,127 )       (3,858 )       (14,440 ) 

Other (2)

     (29,166 )       (13,610 )       (7,039 )       (2,566 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

Total other financial income (expense)

     (69,788 )       (63,721 )       (15,908 )       (53,872 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) 

For the nine-month period ended September 30, 2026 and 2025, including a non-cash transaction of 1,652 and 32,052, respectively.

(2) 

For the nine-month period ended September 30, 2026, and 2025, including a non-cash transaction of 7,066 and 6,175, respectively.

 

18


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 10. Earnings per share

 

10.1

Basic

Basic earnings per share is calculated by dividing the Company’s profit by the weighted average number of ordinary shares outstanding during the period.

 

     Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Profit for the period, net

     722,905        633,368        293,457        315,286  

Weighted average number of ordinary shares

     108,175,337        101,903,171        110,931,263        104,896,801  
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic earnings per share

     6.683        6.215        2.645        3.006  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

10.2

Diluted

Diluted earnings per share are calculated by dividing the Company’s profit by the weighted average number of ordinary shares outstanding during the period, plus the weighted average of dilutive potential ordinary shares.

Potential ordinary shares will be considered dilutive when their conversion to ordinary shares may reduce earnings per share or increase losses per share. They will be considered antidilutive when their conversion to ordinary shares may result in an increase in earnings per share or a reduction in loss per share.

The calculation of diluted earnings per share does not involve a conversion; the exercise or other issue of shares that may have an antidilutive effect on loss per share, or when the exercise price is higher than the average price of ordinary shares during the period, no dilution effect is booked, as diluted earnings per share is equal to basic earnings per share.

 

     Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Profit for the period, net

     722,905        633,368        293,457        315,286  

Weighted average number of ordinary shares (1)

     113,748,455        105,990,422        116,641,605        108,404,281  
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted earnings per share

     6.355        5.976        2.516        2.908  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

As of September 30, 2026, the Company has 110,617,404 outstanding shares that cannot exceed 112,301,755 shares. Likewise, in accordance with IFRS accounting standards the average number of ordinary shares with a potential dilutive effect amount to 113,748,455.

 

19


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 11. Property, plant and equipment

The changes in property, plant and equipment for the nine-month period ended September 30, 2026 are as follows:

 

     Land and
buildings
    Vehicles, machinery,
facilities, computer
hardware and furniture
and fixtures
    Oil and gas
properties
    Production
wells and
facilities
    Works in
progress
    Materials and
spare parts
    Total  

Cost

              

Amounts as of December 31, 2025

     8,342       58,912       1,080,000       5,628,605       596,810       136,198       7,508,867  

Additions

     —        178       2,874       —        1,228,726       102,467       1,334,245  

Incorporation through Business Combination (1)

     —        —        785,980       571,251       211,287       11,919       1,580,437  

Transfers

     1       25,133       —        1,075,991       (985,700 )      (115,425 )      —   

Disposals

     —        (126 )      —        (3,494 )(2)      —        —        (3,620 ) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts as of September 30, 2026

     8,343       84,097       1,868,854       7,272,353       1,051,123       135,159       10,419,929  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated depreciation

              

Amounts as of December 31, 2025

     (232 )      (28,198 )      (171,219 )      (1,766,186 )      —        —        (1,965,835 ) 

Depreciation

     —        (7,370 )      (98,309 )      (675,402 )      —        —        (781,081 ) 

Disposals

     —        126       —        —        —        —        126  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts as of September 30, 2026

     (232 )      (35,442 )      (269,528 )      (2,441,588 )      —        —        (2,746,790 ) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net value

              
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts as of September 30, 2026

     8,111       48,655       1,599,326       4,830,765       1,051,123       135,159       7,673,139  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts as of December 31, 2025

     8,110       30,714       908,781       3,862,419       596,810       136,198       5,543,032  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

See Note 1.2.1 and 29.2.

(2)

Related to the re-estimation of well plugging and abandonment. This transaction did not generate cash flows.

 

20


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 12. Goodwill and other intangible assets

Below are the changes in goodwill and other intangible assets for the nine-month period ended September 30, 2026: 

 

     Goodwill      Other intangible assets  

Cost

     

Amounts as of December 31, 2025

     22,576        47,079  

Additions

     —         4,531  
  

 

 

    

 

 

 

Amounts as of September 30, 2026

     22,576        51,610  
  

 

 

    

 

 

 

Accumulated amortization

     

Amounts as of December 31, 2025

     —         (28,594 ) 

Amortization

     —         (8,327 ) 
  

 

 

    

 

 

 

Amounts as of September 30, 2026

     —         (36,921 ) 
  

 

 

    

 

 

 

Net value

     
  

 

 

    

 

 

 

Amounts as of September 30, 2026

     22,576        14,689  
  

 

 

    

 

 

 

Amounts as of December 31, 2025

     22,576        18,485  
  

 

 

    

 

 

 

Note 13. Right-of-use assets and lease liabilities

The carrying amount of the Company’s right-of-use assets and lease liabilities, as well as the changes for the nine-month period ended September 30, 2026, are detailed below:

 

     Right-of-use assets      Total lease
liabilities
 
     Land and
Buildings
     Facilities and
machinery
     Total  

Amounts as of December 31, 2025

     16,042        137,241        153,283        (143,903 ) 

Additions, net

     1,263        (13,389 )       (12,126 )       12,208  

Depreciation (1)

     (775 )       (37,768 )       (38,543 )       —   

Payments

     —         —         —         56,628  

Interest expense (2)

     —         —         —         (8,030 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

Amounts as of September 30, 2026

     16,530        86,084        102,614        (83,097 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

Including the depreciation of drilling services capitalized as “Works in progress” for 31,842.

(2)

Including drilling agreements capitalized as “Works in progress” for 5,598.

Short-term and low-value lease agreements were recognized under “General and administrative expenses” in the statements of profit or loss and other comprehensive income for 246 and 98 for the nine-month periods ended September 30, 2026 and 2025, respectively.

 

21


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 14. Income tax

The most significant components of the income tax expense in the statements of profit or loss and other comprehensive income of these unaudited interim condensed consolidated financial statements are as follows:

 

     Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Income tax

           

Current income tax (expense)

     (493,169 )       (149,727 )       (251,785 )       (3,119 ) 

Deferred income tax benefit (expense)

     118,104        (83,182 )       32,474        (119,099 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

Income tax (expense) charged to statement of profit or loss

     (375,065 )       (232,909 )       (219,311 )       (122,218 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

Deferred income tax charged to other comprehensive income

     1,569        665        17        16  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total income tax (expense)

     (373,496 )       (232,244 )       (219,294 )       (122,202 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

For the nine-month periods ended September 30, 2026 and 2025, the Company’s effective rate was 34% and 27%, respectively.

The differences between the effective and statutory rate mainly include: (i) the application of the tax adjustment for inflation in Argentina; (ii) fluctuations in Argentine peso (“ARS”) with respect to the USD affecting the Company’s tax deductions of nonmonetary assets; (iii) the accumulative tax losses not recognized in the period; and (iv) the gain from Business Combination (Note 8.1).

See Note 30 to the annual consolidated financial statements as of December 31, 2025.

Note 15. Trade and other receivables

 

     As of
September 30, 2026
     As of
December 31, 2025
 

Noncurrent

     

Other receivables:

     

Prepayments, tax receivables and other:

     

Advance payments for transportation services (Note 27)

     392,831        311,087  

Receivables related to the transfer of conventional assets (1)

     25,023        40,945  

Prepaid expenses and other receivables

     19,366        19,409  

Turnover tax

     2,579        670  

Income tax

     785        785  
  

 

 

    

 

 

 
     440,584        372,896  
  

 

 

    

 

 

 

Financial assets:

     

Accounts receivable from third parties (2)

     41,945        —   

Loans to employees

     249        130  
  

 

 

    

 

 

 
     42,194        130  
  

 

 

    

 

 

 

Total noncurrent trade and other receivables

     482,778        373,026  
  

 

 

    

 

 

 

Current

     

Trade:

     

Oil and gas accounts receivable (net of allowance for expected credit losses)

     290,038        186,403  
  

 

 

    

 

 

 
     290,038        186,403  
  

 

 

    

 

 

 

 

22


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

     As of
September 30, 2026
     As of
December 31, 2025
 

Other receivables:

     

Prepayments, tax credits and other:

     

Value added tax

     92,464        77,160  

Advance payments for transportation services (Note 27)

     30,630        26,098  

Receivables related to the transfer of conventional assets (1)

     19,288        23,984  

Income tax

     11,101        9,283  

Prepaid expenses and other receivables

     6,753        7,253  

Turnover tax

     2,835        3,047  
  

 

 

    

 

 

 
     163,071        146,825  
  

 

 

    

 

 

 

Financial assets:

     

Accounts receivable from third parties (2) (3)

     52,809        9,404  

Receivables from joint operations

     9,624        1,368  

Gas IV Plan

     4,497        2,316  

Advances to directors and loans to employees

     1,204        —   

Other

     1,521        1,365  
  

 

 

    

 

 

 
     69,655        14,453  
  

 

 

    

 

 

 

Other receivables

     232,726        161,278  
  

 

 

    

 

 

 

Total current trade and other receivables

     522,764        347,681  
  

 

 

    

 

 

 

 

(1)

Related to the agreement signed with Tango Energy, connected with the transfer of conventional assets. For the nine-month periods ended September 30, 2026 and 2025, the Company recognized 10,725 and 24,018, respectively, mainly related to the amortization of the account receivable, in the statement of profit or loss under “Other non-cash costs related to the transfer of conventional assets”. Additionally, for the nine-month period ended September 30, 2025 the Company received 5,734, related to the transaction (See Note 3.2.8 to the annual consolidated financial statements as of December 31, 2025).

(2)

As of September 30, 2026, 41,945 and 22,019 noncurrent and current receivables from third parties, respectively, related to the contingent consideration arising from the BSP and Bajo del Toro Sale (Note 1.2.1).

(3)

Includes 11,763 related to the assignment described in Note 1.2.3.

Due to the short-term nature of current trade and other receivables, it carrying amount is considered similar to its fair value. The fair values of noncurrent trade and other receivables do not differ significantly from it carrying amounts either.

As of September 30, 2026, in general, accounts receivable has a 19-day term for sales of crude oil and a 45-day term for sales of natural gas and LPG.

The Company sets up a provision for trade receivables when there is information showing that the debtor is facing severe financial difficulties and that there is no realistic probability of recovery, for example, when the debtor goes into liquidation or files for bankruptcy proceedings. Trade receivables that are derecognized are not subject to compliance activities. The Company recognized an allowance for expected credit losses against all trade receivables that are 90 days past due because based on its history these receivables are generally not recovered.

As of September 30, 2026, and December 31, 2025, the provision for expected credit losses was recorded for 68 and 70 respectively.

As of the date of these unaudited interim condensed consolidated financial statements, maximum exposure to credit risk is related to the carrying amount of each class of accounts receivable.

 

23


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 16. Financial assets and liabilities

16.1 Borrowings

 

     As of
September 30, 2026
     As of
December 31, 2025
 

Noncurrent

     

Corporate bond (“ON”)

     2,630,520        2,257,997  

Financial loans

     367,997        446,730  

Exports pre-financing

     79,521        99,255  
  

 

 

    

 

 

 

Total noncurrent

     3,078,038        2,803,982  
  

 

 

    

 

 

 

Current

     

ON

     230,390        182,347  

Financial loans

     131,321        72,738  

Exports pre-financing

     202,506        95,010  
  

 

 

    

 

 

 

Total current

     564,217        350,095  
  

 

 

    

 

 

 

Total Borrowings

     3,642,255        3,154,077  
  

 

 

    

 

 

 

Below are the maturity dates of Company borrowings (excluding lease liabilities) and their exposure to interest rates:

 

     As of
September 30, 2026
     As of
December 31, 2025
 

Fixed interest

     

Less than 1 year

     482,744        322,766  

From 1 to 2 years

     198,493        348,369  

From 2 to 5 years

     515,282        392,044  

Over 5 years

     2,046,149        1,666,879  
  

 

 

    

 

 

 

Total

     3,242,668        2,730,058  
  

 

 

    

 

 

 

Variable interest

     

Less than 1 year

     81,473        27,329  

From 1 to 2 years

     105,657        105,677  

From 2 to 5 years

     212,457        291,013  

Over 5 years

     —         —   
  

 

 

    

 

 

 

Total

     399,587        424,019  
  

 

 

    

 

 

 

Total Borrowings

     3,642,255        3,154,077  
  

 

 

    

 

 

 

See Note 16.4 for information on the fair value of the borrowings.

 

24


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Vista Argentina issued ON, under the name “Programa de Notas” approved by CNV. The following chart shows the details and carrying amount of ON as of September 30, 2026 and December 31, 2025:

 

Instrument

  

Execution

date

  

Currency

   Principal     

Interest

   Annual
rate
    

Maturity

date

   As of
September
30, 2026
     As of
December

31, 2025
 

ON XII

   August, 2021    USD-linked (1)      100,769      Fixed      5.85%      August, 2031      75,869        87,233  

ON XVI

   December, 2022    USD-linked (1)      104,236      Fixed      0.00%      June, 2026      —         104,151  

ON XVII

   December, 2022    USD-linked (1)      39,118      Fixed      0.00%       December, 2026       39,107        39,064  

ON XVIII

   March, 2023    USD-linked (1)      118,542      Fixed      0.00%      March, 2027      118,467        118,319  

ON XIX

   March, 2023    USD-linked (1)      16,458      Fixed      1.00%      March, 2028      16,445        16,432  

ON XXI

   August, 2023    USD-linked (1)      70,000      Fixed      0.99%      August, 2028      69,955        69,899  

ON XXII

   December, 2023    USD      14,669      Fixed      5.00%      June, 2026      —         14,726  

ON XXIII

   March, 2024    USD      92,203      Fixed      6.50%      March, 2027      —         73,463 (2) 

ON XXIV

   May, 2024    USD      46,562      Fixed      8.00%      May, 2029      47,942        46,942  

ON XXV

   July, 2024    USD-linked (1)      53,195      Fixed      3.00%      July, 2028      53,335        53,239  

ON XXVI

   October, 2024    USD      150,000      Fixed      7.65%      October, 2031      154,738        151,747  

ON XXVII

   December, 2024    USD      600,000      Fixed      7.63%      December, 2035      609,697        597,954  

ON XXVIII

   March, 2025    USD      92,414      Fixed      7.50%      March, 2030      92,461        94,038  

ON XXIX

   June, 2025    USD      900,000      Fixed      8.50%      June, 2033      918,130        899,341  

ON XXX

   October, 2025    USD      73,256      Fixed      6.00%      April, 2027      —         73,796  

ON XXXI

   April, 2026    USD      500,000      Fixed      7.88%      April, 2038      514,126        —   

ON XXXII

   July, 2026    USD      75,000      Fixed      3.75%      January, 2028      75,244        —   

ON XXXIII

   July, 2026    USD      75,000      Fixed      5.00%      July, 2029      75,394        —   
                    

 

 

    

 

 

 
                 

Total ON

     2,860,910        2,440,344  
                    

 

 

    

 

 

 

 

(1)

Subscribed in USD, payable in ARS at the exchange rate applicable on maturity date.

(2)

As of December 31, 2025, the carrying amount of ON XXIII include 20,000 ON repurchased by the Company.

Certain borrowings includes the Company’s obligation to comply with certain financial ratios and debt service coverage requirements (the “covenants”). Non-compliance with these covenants could restrict the ability of the Company and its subsidiaries to, among other things, pay dividends, provide guarantees, incur additional indebtedness, or dispose of material assets, among others.

As of September 30, 2026, the Company was in compliance with all financial covenants and other commitments associated with such borrowings.

On March 20, 2026, Vista Argentina increased the amount of the Programa de Notas, approved by CNV for a total principal up to 4,000,000 or its equivalent in other currencies.

See Note 30 for information on subsequent events.

 

25


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

16.2 Changes in liabilities from financing activities

Changes in the borrowings were as follows:

 

     As of
September 30, 2026
     As of
December 31, 2025
 

Amounts at beginning of period

     3,154,077        1,448,567  

Proceeds from borrowings

     1,847,217        2,838,173  

Proceeds from borrowings of Business Combination

     —         50,505  

Payment of borrowings principal

     (1,401,657 )       (1,173,623 ) 

Payment of borrowings interest

     (138,349 )       (148,310 ) 

Payment of borrowings cost

     (6,736 )       (17,935 ) 

Borrowings interest (1) (Note 9.2)

     183,372        163,356  

Amortized cost (1) (Note 9.3)

     4,416        7,880  

Changes in foreign exchange rate (1)

     (85 )       (14,536 ) 
  

 

 

    

 

 

 

Amounts at end of period

     3,642,255        3,154,077  
  

 

 

    

 

 

 

 

(1) 

These transactions did not generate cash flows.

16.3 Financial instruments by category

The following chart includes the financial instruments broken down by category:

 

As of September 30, 2026

   Financial assets /
liabilities at
amortized cost
     Financial assets /
liabilities at fair
value
     Total financial
assets / liabilities
 

Assets

        

Trade and other receivables (Note 15)

     249        41,945        42,194  

Plan assets (Note 25)

     —         1,011        1,011  
  

 

 

    

 

 

    

 

 

 

Total noncurrent financial assets

     249        42,956        43,205  
  

 

 

    

 

 

    

 

 

 

Short-term investments (Note 19)

     368,184        188,997        557,181  

Trade and other receivables (Note 15)

     337,674        22,019        359,693  
  

 

 

    

 

 

    

 

 

 

Total current financial assets

     705,858        211,016        916,874  
  

 

 

    

 

 

    

 

 

 

Liabilities

        

Borrowings (Note 16.1)

     3,078,038        —         3,078,038  

Trade and other payables (Note 24)

     295,018        203,911        498,929  

Lease liabilities (Note 13)

     49,188        —         49,188  
  

 

 

    

 

 

    

 

 

 

Total noncurrent financial liabilities

     3,422,244        203,911        3,626,155  
  

 

 

    

 

 

    

 

 

 

Borrowings (Note 16.1)

     564,217        —         564,217  

Trade and other payables (Note 24)

     599,486        121,868        721,354  

Lease liabilities (Note 13)

     33,909        —         33,909  
  

 

 

    

 

 

    

 

 

 

Total current financial liabilities

     1,197,612        121,868        1,319,480  
  

 

 

    

 

 

    

 

 

 

 

As of December 31, 2025

   Financial assets /
liabilities at
amortized cost
     Financial assets /
liabilities at fair
value
     Total financial
assets / liabilities
 

Assets

        

Plan assets (Note 25)

     —         1,865        1,865  

Trade and other receivables (Note 15)

     130        —         130  
  

 

 

    

 

 

    

 

 

 

Total noncurrent financial assets

     130        1,865        1,995  
  

 

 

    

 

 

    

 

 

 

Short-term investments (Note 19)

     90,414        109,433        199,847  

Trade and other receivables (Note 15)

     200,856        —         200,856  
  

 

 

    

 

 

    

 

 

 

Total current financial assets

     291,270        109,433        400,703  
  

 

 

    

 

 

    

 

 

 

 

26


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

As of December 31, 2025

   Financial assets /
liabilities at
amortized cost
     Financial assets /
liabilities at fair
value
     Total financial
assets / liabilities
 

Liabilities

        

Borrowings (Note 16.1)

     2,803,982        —         2,803,982  

Trade and other payables (Note 24)

     292,236        —         292,236  

Lease liabilities (Note 13)

     88,451        —         88,451  
  

 

 

    

 

 

    

 

 

 

Total noncurrent financial liabilities

     3,184,669        —         3,184,669  
  

 

 

    

 

 

    

 

 

 

Borrowings (Note 16.1)

     350,095        —         350,095  

Trade and other payables (Note 24)

     419,130        —         419,130  

Lease liabilities (Note 13)

     55,452        —         55,452  
  

 

 

    

 

 

    

 

 

 

Total current financial liabilities

     824,677        —         824,677  
  

 

 

    

 

 

    

 

 

 

Below are income, expenses, profit, or loss from each category of financial instrument:

For the nine-month period ended September 30, 2026:

 

     Financial
assets/liabilities at
amortized cost
     Financial
assets/liabilities at
fair value
     Total financial
assets / liabilities
 

Interest income (Note 9.1)

     11,502        —         11,502  

Interest expense (Note 9.2)

     (183,372 )       —         (183,372 ) 

Amortized cost (Note 9.3)

     (4,416 )       —         (4,416 ) 

Net changes in foreign exchange rate (Note 9.3)

     (10,355 )       —         (10,355 ) 

Discount of assets and liabilities at present value (Note 9.3)

     (26,207 )       —         (26,207 ) 

Changes in the fair value of financial assets and liabilities (Note 9.3)

     —         10,906        10,906  

Interest expense on lease liabilities (Note 9.3)

     (2,432 )       —         (2,432 ) 

Discount for well plugging and abandonment (Note 9.3)

     (2,642 )       —         (2,642 ) 

Other taxes interest (Note 9.3)

     (5,476 )       —         (5,476 ) 

Other (Note 9.3)

     (29,166 )       —         (29,166 ) 
  

 

 

    

 

 

    

 

 

 

Total

     (252,564 )       10,906        (241,658 ) 
  

 

 

    

 

 

    

 

 

 

For the nine-month period ended September 30, 2025:

 

     Financial
assets/liabilities
at amortized cost
     Financial
assets/liabilities
at fair value
     Total financial
assets / liabilities
 

Interest income (Note 9.1)

     8,933        —         8,933  

Interest expense (Note 9.2)

     (113,260 )       —         (113,260 ) 

Amortized cost (Note 9.3)

     (7,826 )       —         (7,826 ) 

Net changes in foreign exchange rate (Note 9.3)

     14,862        —         14,862  

Discount of assets and liabilities at present value (Note 9.3)

     (13,819 )       —         (13,819 ) 

Changes in the fair value of financial assets and liabilities (Note 9.3)

     —         14,107        14,107  

Interest expense on lease liabilities (Note 9.3)

     (2,565 )       —         (2,565 ) 

Discount for well plugging and abandonment (Note 9.3)

     (1,743 )       —         (1,743 ) 

Other taxes interest (Note 9.3)

     (53,127 )       —         (53,127 ) 

Other (Note 9.3)

     (13,610 )       —         (13,610 ) 
  

 

 

    

 

 

    

 

 

 

Total

     (182,155 )       14,107        (168,048 ) 
  

 

 

    

 

 

    

 

 

 

 

27


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

16.4 Fair value

This note includes information on the Company’s method for assessing the fair value of its financial assets and liabilities.

16.4.1 Fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis

The Company classifies the measurements at fair value of financial instruments using a fair value hierarchy, which shows the relevance of the variables applied to carry out these measurements. The fair value hierarchy has the following levels:

- Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

- Level 2: data other than the quoted prices included in Level 1 that are observable for assets or liabilities, either directly (that is prices) or indirectly (that is derived from prices).

- Level 3: data on the asset or liability that are based on information that cannot be observed in the market (that is, non-observable data).

The following chart shows the Company’s financial assets measured at fair value as of September 30, 2026 and December 31, 2025:

 

As of September 30, 2026

   Level 1      Level 2      Level 3      Total  

Assets

           

Financial assets at fair value through profit or loss

           

Plan assets

     1,011        —         —         1,011  

Short-term investments

     188,997        —         —         188,997  

Trade and other receivables

     —         —         63,964        63,964  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

     190,008        —         63,964        253,972  
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities

           

Financial liabilities at fair value through profit or loss

           

Trade and other payables

     —         —         325,779        325,779  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

     —         —         325,779        325,779  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

As of December 31, 2025

   Level 1      Level 2      Level 3      Total  

Assets

           

Financial assets at fair value through profit or loss

           

Plan assets

     1,865        —         —         1,865  

Short-term investments

     109,433        —         —         109,433  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

     111,298        —         —         111,298  
  

 

 

    

 

 

    

 

 

    

 

 

 

The value of financial instruments traded in active markets is based on quoted market prices as of the date of these accompanying unaudited interim condensed consolidated financial statements. A market is considered active when quoted prices are available regularly through a stock exchange, a broker, a specific sector entity or regulatory agency, and these prices reflect regular and current market transactions between parties at arm’s length. The quoted market price used for financial assets held by the Company is the current offer price. These instruments are included in Level 1.

For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. These valuation techniques maximize the use of observable market data, when available, and minimize the use of Company’s specific estimates. Should all significant variables used to establish the fair value of a financial instrument be observable, the instrument is included in Level 2.

Should one or more variables used in determining the fair value not be observable in the market, the financial instrument is included in Level 3.

There were no transfers between Level 1, Level 2 and Level 3 from December 31, 2025, through September 30, 2026.

 

28


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

16.4.2 Fair value of financial assets and liabilities that are not measured at fair value (but require fair value disclosures)

Except for the information included in the following chart, the Company considers that the carrying amounts of financial assets and liabilities recognized in the unaudited interim condensed consolidated financial statements approximate to its fair values, as explained in the related notes.

 

As of September 30, 2026

   Carrying
amount
     Fair value       Level   

Liabilities

        

Borrowings

     3,642,255        3,677,937        2  
  

 

 

    

 

 

    

Total liabilities

     3,642,255        3,677,937     
  

 

 

    

 

 

    

16.5 Risk management objectives and policies concerning financial instruments

16.5.1 Financial risk factors

The Company’s activities are exposed to several financial risks: market risk (including exchange rate risk, interest rate risk and price risk), credit risk and liquidity risk.

Financial risk management is included in the Company’s global policies, and it adopts a comprehensive risk management policy focused on tracking risks affecting the entire Company. This strategy aims at striking a balance between profitability targets and risk exposure levels. Financial risks are derived from the financial instruments to which the Company is exposed during each period or as of every period-end.

The Company’s financial department, controls financial risk by identifying, assessing and covering financial risks. The risk management systems and policies are reviewed regularly to show the changes in market conditions and the Company’s activities.

The Company reviewed its exposure to financial risk factors and identified no significant changes in the risk analysis included in its annual consolidated financial statements as of December 31, 2025, except for the following:

16.5.1.1 Market risk

Exchange rate risk

The Company’s financial position and results of operations are sensitive to exchange rate changes between USD and ARS. As of December 31, 2025, the Company performed foreign exchange currency transactions, and the impact in the results of the period is recognized in the consolidated statement of profit or loss in “Other financial income (expense)”.

Most Company revenues are denominated in USD, or the changes in sales follow the changes in USD listed price.

During the nine-month period ended September 30, 2026, and for the year ended December 31, 2025, ARS depreciated by about 4% and 41%, respectively.

The following chart shows the sensitivity to a modification in the exchange rate of ARS to USD while maintaining the remainder variables constant. Impact on profit before taxes is related to changes in the fair value of monetary assets and liabilities denominated in currencies other than the USD, the Company’s functional currency. The Company’s exposure to changes in foreign exchange rates for the remainder currencies is immaterial.

 

     As of
September 30, 2026
  As of
December 31, 2025

Changes in exchange rate:

   +/- 10%   +/- 10%

Effect on profit or loss before income taxes

   10,904 / (10,904)   8,169 / (8,169)

Effect on equity before income taxes

   10,904 / (10,904)   8,169 / (8,169)

 

29


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Interest rate risk

The purpose of interest rate risk management is to minimize finance costs and limit the Company’s exposure to interest rate increases.

Variable-rate indebtedness exposes the Company’s cash flows to interest rate risk due to potential volatility. Fixed-rate indebtedness exposes the Company to interest rate risk on the fair value of its liabilities as they could be considerably higher than variable rates. As of September 30, 2026 and December 31, 2025, about 11% and 13% of indebtedness was subject to variable interest rates, respectively.

For the nine-month period ended September 30, 2025, the average interest rate for borrowings in ARS was 38.08%.

For the nine-month periods ended September 30, 2026, and 2025, the variable interest rate of borrowings denominated in USD stood at 6.61% and 7.98%, respectively.

The Company expects to lessen its interest rate exposure by analyzing and assessing (i) the different sources of liquidity available in domestic and international financial and capital markets (if available); (ii) alternative (fixed or variable) interest rates, currencies and contractual terms available for companies in a sector, industry and risk similar to the Company’s; and (iii) the availability, access and cost of interest rate hedge contracts. Hence, the Company assesses the impact on profit or loss of each strategy on the obligations that represent the main positions to the main interest-bearing positions.

The Company considers that the risk of an increase in interest rates is low; therefore, it does not expect substantial debt risk.

For the nine-month period ended September 30, 2026, and for the year ended December 31, 2025, the Company did not use derivative financial instruments to mitigate interest rate risks.

Note 17. Investments in associates

As of September 30, 2026, and December 31, 2025, the Company holds the following interests in associates:

 

     Equity interest     Income (loss) from
investments in associates
    Investments in
associates
        

Company

   As of
September 30,
2026
    As of
December 31,
2025
    Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
    As of
September 30,
2026
     As of
December 31,
2025
     Main
activity
 

VMOS S.A.

     9.09 %      10.20 %      3,471        (3,746 )      61,806        30,702        Midstream  

Other

     —        —        —         —        27,149        23,840        —   
      

 

 

    

 

 

   

 

 

    

 

 

    

Total investments in associates

 

    3,471        (3,746 )      88,955        54,542     
      

 

 

    

 

 

   

 

 

    

 

 

    

For the nine-month period ended September 30, 2026 and 2025, the Company made payments related to investment in associates for 30,942 and 42,508, respectively.

Note 18. Inventories

 

     As of
September 30, 2026
     As of
December 31, 2025
 

Crude oil stock (Note 5.2)

     18,311        6,881  

Materials and spare parts

     3,202        2,575  

Assigned crude oil stock

     —         1  
  

 

 

    

 

 

 

Total inventories

     21,513        9,457  
  

 

 

    

 

 

 

 

30


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 19. Cash, bank balances and other short-term investments

 

     As of
September 30, 2026
     As of
December 31, 2025
 

Money market funds

     245,374        90,414  

Cash in banks

     227,863        333,002  

Mutual funds

     183,594        102,768  

Time deposits

     122,002        —   

Argentine government bonds

     5,403        6,665  

Other investments

     808        5,553  
  

 

 

    

 

 

 

Total cash, banks balances and other short-term investments

     785,044        538,402  
  

 

 

    

 

 

 

Cash and cash equivalents include cash on hand and at bank and investments maturing within 3 months. For the consolidated statement of cash flows purposes below is the reconciliation between cash, bank and short-term investments and cash and cash equivalents:

 

     As of
September 30, 2026
     As of
December 31, 2025
 

Cash, bank balances and other short-term investments

     785,044        538,402  

Less

     

Argentine government bonds

     (5,403 )       (6,665 ) 

Other investments

     (808 )       (5,553 ) 
  

 

 

    

 

 

 

Cash and cash equivalents

     778,833        526,184  
  

 

 

    

 

 

 

Note 20. Equity

20.1 Capital stock

As of September 30, 2026, and December 31, 2025, the Company’s variable capital stock amounted to 760,781 and 491,165, represented by 110,617,404 and 104,299,705, respectively, of which: (i) 110,617,402 and 104,299,703 respectively, are fully subscribed and paid Series A shares with no face value, each entitled to one vote; and (ii) 2 are Series C shares for both periods.

As part of the transaction mentioned in Note 29, on May 7, 2026 and April 11, 2025 the Board of Directors approved an increase in the variable portion of the Company’s capital stock by 325,000 (through the issuance of 6,223,220 Series A shares) and 299,687 (through the issuance of 7,297,507 Serie A shares) respectively.

During the nine-month period ended September 30, 2026 and 2025 the Company repurchased 825,000 and 1,213,371 Serie A share for a total amount of 55,385 and 50,000, respectively. As of the date of issuance of these interim condensed consolidated financial statements, the shares repurchased during the nine-month period ended September 30, 2026, are held in Treasury.

During the nine-month period ended September 30, 2026 and 2025, 919,479 and 2,886,823 Series A shares were issued as part of the LTIP granted to Company employees, respectively.

As of September 30, 2026, and December 31, 2025, the Company’s authorized capital includes 18,174,837 and 24,492,536 Series A ordinary shares, respectively, held in Treasury.

20.2. Legal reserve and share repurchase reserve

(i) Legal reserve:

As of September 30, 2026, and December 31, 2025, the legal reserve amounts to 10,560 and 8,233, respectively.

On April 28, 2026, through an Ordinary General Shareholders’ Meeting, the Company’s shareholders approved an increase in the legal reserve for a total amount of 2,327, based on the Company’s unconsolidated financial statements.

 

31


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

(ii) Share repurchase reserve:

As of September 30, 2026, and December 31, 2025, the total amount of the share repurchase reserve amount to 329,324 and 179,324, respectively.

On April 28, 2026, and April 9, 2025, through an Ordinary General Shareholders’ Meeting, the Company’s shareholders approved an increase in the share repurchase reserve of treasury shares for a total amount of 150,000 and 50,000, respectively, based on the Company’s unconsolidated financial statements.

20.3. Other equity accounts

As of September 30, 2026, Other equity accounts include: (i) an increase of 84,488 resulting from the adjustment to reflect the fair value of the shares issued as consideration for the BSP and Bajo del Toro Acquisition at the acquisition date; and (ii) a decrease of 11,579 resulting from the difference between amount by which the non-controlling interest was stated and the fair value of the consideration received, which amounted to 167,160.

For further information see Note 21 to the annual consolidated financial statements as of December 31, 2025.

Note 21. Provisions

 

     As of
September 30, 2026
     As of
December 31, 2025
 

Noncurrent

     

Well plugging and abandonment

     53,466        51,279  

Environmental remediation

     237        234  
  

 

 

    

 

 

 

Total noncurrent provisions

     53,703        51,513  
  

 

 

    

 

 

 

Current

     

Well plugging and abandonment

     1,544        3,178  

Contingencies

     433        5,244  

Environmental remediation

     57        2,378  
  

 

 

    

 

 

 

Total current provisions

     2,034        10,800  
  

 

 

    

 

 

 

Note 22. Salaries and payroll taxes

 

     As of
September 30, 2026
     As of
December 31, 2025
 

Current

     

Provision for bonuses and incentives

     22,515        25,658  

Salaries and social security contributions

     7,376        10,233  
  

 

 

    

 

 

 

Total current salaries and payroll taxes

     29,891        35,891  
  

 

 

    

 

 

 

Note 23. Other taxes and royalties

 

     As of
September 30, 2026
     As of
December 31, 2025
 

Current

     

Royalties and others

     63,101        28,662  

Personal assets tax

     11,345        11,122  

Tax withholdings

     5,331        2,936  

Other

     4,318        1,225  
  

 

 

    

 

 

 

Total current other taxes and royalties

     84,095        43,945  
  

 

 

    

 

 

 

 

32


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 24. Trade and other payables

 

     As of
September 30, 2026
     As of
December 31, 2025
 

Noncurrent

     

Payables to third parties (1) (2) (3)

     498,929        292,236  
  

 

 

    

 

 

 

Total other noncurrent accounts payables

     498,929        292,236  
  

 

 

    

 

 

 

Total noncurrent accounts payables

     498,929        292,236  
  

 

 

    

 

 

 

Current

     

Accounts payables:

     

Suppliers

     573,836        399,373  
  

 

 

    

 

 

 

Total current accounts payables

     573,836        399,373  
  

 

 

    

 

 

 

Other accounts payables:

     

Payables to third parties (2) (3)

     146,909        19,236  

Extraordinary fee for Gas IV Plan

     609        425  

Payables to partners of joint operations

     —         96  
  

 

 

    

 

 

 

Total other current accounts payables

     147,518        19,757  
  

 

 

    

 

 

 

Total current trade and other payables

     721,354        419,130  
  

 

 

    

 

 

 

 

(1)

As of September 30, 2026 and December 31, 2025, mainly includes 242,191 and 222,749, respectively, in connection with the liability assumed for the acquisition of Vista Lach (See Note 1.2.2 and 29 to the annual consolidated financial statements as of December 31, 2025).

(2)

As of September 30, 2026, includes 52,661 and 25,041 noncurrent and current payables to third parties, respectively, related to the Farmout Agreement. Likewise, as of December 31, 2025, includes 68,298 and 19,236 noncurrent and current payables to third parties, respectively, related to the Farmout Agreement (See Note 1.2.1 to the annual consolidated financial statements as of December 31, 2025).

(3)

As of September 30, 2026, includes 203,911 and 121,868 noncurrent and current payables to third parties, respectively, related to the contingent consideration arising from the BSP and Bajo del Toro Acquisition (See Note 1.2.1). For the nine-month periods ended September 30, 2026, the Company recognized 16,168 related to the fair value remeasurement of the contingent consideration liability, in the statement of profit or loss under “Remeasurement of contingent consideration”

Other than mentioned above, due to the short-term nature of current trade and other payables, their carrying amount is deemed to be the same as its fair value. The carrying amount of noncurrent trade and other payable does not differ considerably from its fair value.

Note 25. Employee benefits

The following chart summarizes net expense components and the changes in the liability for long-term employee benefits in the unaudited interim condensed consolidated financial statements:

 

     Period from
January 1,
through
September 30,
2026
     Period from
January 1,
through
September 30,
2025
     Period from
July 1,
through
September 30,
2026
     Period from
July 1,
through
September 30,
2025
 

Cost of interest

     (682 )       (588 )       (274 )       (196 ) 

Cost of services

     —         (4 )       —         —   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

     (682 )       (592 )       (274 )       (196 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     As of September 30, 2026  
     Present value of
the obligation
     Plan assets      Net liabilities  

Amounts at beginning of period

     (19,519 )       3,293        (16,226 ) 

Items classified as loss or profit

        

Cost of interest

     (766 )       84        (682 ) 

Items classified in other comprehensive income

        

Actuarial remeasurement

     (4,359 )       (120 )       (4,479 ) 

Payment of contributions

     1,432        (1,062 )       370  
  

 

 

    

 

 

    

 

 

 

Amounts at end of period

     (23,212 )       2,195        (21,017 ) 
  

 

 

    

 

 

    

 

 

 

 

33


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

The fair value of plan assets as of every period is as follows:

 

     As of
September 30, 2026
     As of
December 31, 2025
 

Cash and cash equivalents

     1,184        1,428  

US government bonds

     1,011        1,865  
  

 

 

    

 

 

 

Total

     2,195        3,293  
  

 

 

    

 

 

 

See Note 23 to the annual consolidated financial statements as of December 31, 2025.

Note 26. Related parties’ transactions and balances

There were no significant changes in related parties and relevant transactions during the nine-month period ended September 30, 2026 (See Note 27 to the annual consolidated financial statements as of December 31, 2025).

Note 27. Commitments and contingencies

27.1 Commitments

27.1.1 Transport services commitments

The Company, through its subsidiaries Vista Argentina, Vista Lach and BSP, entered into transportation services commitments under the following projects: (i) the Duplicar Plus Project implemented by Oleoductos del Valle S.A. (“Duplicar”); (ii) the project to expand the Puerto Rosales maritime terminal and pumping station implemented by Oiltanking Ebytem S.A. (“Oiltanking Project”); (iii) the Transportation Service Agreement for Vaca Muerta Centro Pipeline (“VMOC” by Spanish acronym); and (iv) the Transportation Service Agreement for Vaca Muerta Norte Pipeline (“VMON” by Spanish acronym).

El Portón gas transportation agreement (the “El Portón agreement”)

As part of the BSP and Bajo del Toro Acquisition described in Note 1.2.1, Vista Argentina assumed a natural gas transportation agreement with YPF S.A. related to the Bajo del Toro area. Under the agreement, Vista Argentina was awarded a firm transportation capacity of up to 1.0 MMm³/day.

As of September 30, 2026 advance payments for transportation services amounted to 423,461 as follows: (i) 223,565 related to Duplicar; (ii) 61,471 related to the Oiltanking Project; (iii) 64,581 related to VMOC; (iv) 29,344 related to VMON; and (v) 44,500 related to the El Portón agreement.

As of December 31, 2025 advance payments for transportation services amounted to 337,185 as follows: (i) 206,358 related to the Duplicar; (ii) 53,266 related to Oiltanking Project; (iii) 45,301 related to VMOC; and (iv) 32,260 related to VMON.

See Notes 28.1 to the annual consolidated financial statements as of December 31, 2025 for more information about the commitments.

27.2 Contingencies

(i) Asociación de Superficiarios de la Patagonia (“ASSUPA” by its Spanish acronym)

On July 1, 2004, Vista Argentina was served with notice of a lawsuit filed by ASSUPA against various concession-holding companies operating in the Neuquén Basin. The claim sought, among other remedies, the remediation of an alleged collective environmental damage and the establishment of an environmental restoration fund.

On May 21, 2026, the Supreme Court of Justice of Argentina issued a final judgment in the case, dismissing the claim on the grounds that the plaintiff failed to demonstrate that the reported activities had effectively caused degradation or contamination of environmental resources.

Except for the aforementioned, there were no significant changes in commitments and contingencies for the nine-month period ended September 30, 2026 (See Notes 28 to the annual consolidated financial statements as of December 31, 2025).

 

34


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 28. Tax regulations

There were no significant changes in Argentina’s and Mexico’s tax regulations during the nine-month period ended September 30, 2026 (See Note 30 to the annual consolidated financial statements as of December 31, 2025).

Note 29. Business Combination

29.1. Vista Lach Acquisition

On April 15, 2025, the Company acquired 100% of Vista Lach’s capital stock (“Vista Lach Acquisition”), which was accounted for as a business combination using the acquisition method, effective from the date when the Company obtained control of the acquiree.

Under the terms of the Vista Lach Acquisition, the total consideration amounted to 1,406,441 according to the following breakdown: (i) 899,687 paid in cash; (ii) 299,687 paid by transferring 7,297,507 ADSs, and (iii) a liability assumed for a nominal value of 300,000 payable in cash, with 50% due on April 15, 2029, and the remaining 50% on April 15, 2030, without accruing interest. As of the date of the Vista Lach Acquisition, the present value of the liabilities assumed amounted to 207,067.

Due to the difference between the consideration paid and the net identifiable assets, for the nine-month period ended September 30, 2025 the Company recognized a gain of 490,530, booked in “Gain from Business Combination” within “Other operating income” (Note 8.1).

See Note 1.2.2 and 32 of the annual consolidated financial statements as of December 31, 2025.

29.2. BSP and Bajo del Toro Acquisition

As mentioned in Note 1.2.1, on February 2, 2026, the Company signed several agreements which were booked as a business combination using the acquisition method, effective from May 7, 2026, which was the date when the Company obtained control of the acquiree.

Under the terms of the BSP and Bajo del Toro Acquisition, the total consideration amounted to 1,439,606, broken down as follows: (i) 722,197 paid in cash; (ii) 409,488 paid through the transfer of 6,223,220 ADSs, and (iii) contingent consideration liability assumed amounting to 307,921, payable annually over a five-year period and calculated based on future Brent crude oil prices and the production attributable to the acquired interests

The fair value of identifiable assets and liabilities as of the acquisition date was preliminarily determined in accordance with IFRS 3 as follow:

 

     As of
April 30, 2026
 

Property, plant and equipment

     1,580,437  

Trade and other receivables

     198,239  

Inventories

     2,054  

Assets held for sale

     107,767  

Cash, bank balances and other short-term investments

     55,793  
  

 

 

 

Total assets acquired

     1,944,290  
  

 

 

 

Provisions

     6,518  

Deferred income tax liabilities

     272,613  

Income tax liability

     96,753  

Other taxes and royalties

     13,457  

Trade and other payables

     106,590  

Liabilities directly associated with assets held for sale

     8,753  
  

 

 

 

Total liabilities assumed

     504,684  
  

 

 

 

Total net assets measured at fair value

     1,439,606  
  

 

 

 

 

 

35


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

     As of
April 30, 2026
 

Cash consideration

     722,197  

Cash and cash equivalent acquired

     (55,793 ) 
  

 

 

 

Payment for Business Combination, net of cash acquired

     666,404  
  

 

 

 

The Company considered the identifiable assets and liabilities as of April 30, 2026. There would have been no material differences had the purchase price been allocated as from May 7, 2026.

This purchase price allocation is preliminary, as the assessment of the current value is underway.

As from the acquisition date, BSP and Bajo del Toro contributed revenue of 355,829 and profit before income tax of 223,904 to the Company. Had the business combination occurred as from January 1, 2026, the Company’s revenue from continuing operations would have amounted to 3,606,001 and its profit before income tax from continuing operations would have amounted to 1,213,036.

Note 30. Subsequent events

The Company assessed events subsequent to September 30, 2026, to determine the need for potential recognition or disclosure in these unaudited interim condensed consolidated financial statements. The Company assessed such events through October 28, 2026, date in which these financial statements were made available for issue:

- On October 1, 2026, Vista Argentina signed a loan agreement with Banco de la Nacion Argentina, for an amount of 30,000, at an annual interest rate of 1.75% and an expiration date in November 2026.

- On October 9, 2026, Vista Argentina issued an additional ON XXXI for an amount of 400,000, at an annual interest rate of 7.95% and an expiration date in April 2038.

- On October 13, 2026, Vista Argentina signed a loan agreement with Banco de la Nacion Argentina, for an amount of 50,000, at an annual interest rate of 1.75% and an expiration date in December 2026.

- On October 26, 2026, Vista Argentina signed a loan agreement with Banco de la Nacion Argentina, for an amount of 30,000, at an annual interest rate of 1.75% and an expiration date in December 2026.

- During October 2026, Vista Argentina paid principal and interest for a total amount of 32,635, corresponding to exports pre-financing.

- During October 2026, Vista Argentina paid interest for an amount of 25,843, corresponding to ON.

- During October 2026, Vista Argentina paid interest for an amount of 8,705, corresponding to financial loans.

- During October 2026, Vista Lach paid principal and interest for a total amount of 30,127, corresponding to exports pre-financing.

There are no other events or transactions between the closing date and the date of issuance of these unaudited interim condensed consolidated financial statements that could significantly affect the Company’s financial position or profit or loss.

 

36


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 31. Supplementary pro forma financial information (unaudited)

As mentioned in Note 1.2.1, the Company, through its subsidiary Vista Argentina signed several agreements including the following transactions: (i) the acquisition of 100% of Equinor’s capital stock, which holds a 30% interest in the Bandurria Sur block; and the acquisition of a 50% interest in the Bajo del Toro block from Equinor Argentina B.V. Sucursal Argentina; (ii) the sale of a 16.3% interest in Equinor’s capital stock, including, indirectly, the assignment of a 4.9% interest in Bandurria Sur, and the assignment of a 15% interest in the Bajo del Toro block to YPF.

The Company has prepared this financial information to comply with the regulatory requirements established by the Comisión Nacional Bancaria y de Valores (“CNBV” by its Spanish Acronym), which has been prepared in accordance with IFRS issued by the IASB. These were prepared on a historical cost basis, except for certain financial assets and liabilities that were measured at fair value.

This pro forma financial information should not be considered a statement, guarantee or suggestion about past or future performance. No person should rely on the usefulness or accuracy of this pro forma financial information, which is disclosed exclusively to comply with the CNBV. To the maximum extent allowed by applicable law, Vista Energy S.A.B. de C.V. and its directors, Board members, employees, affiliates and subsidiaries are released from all liability related to such pro forma information.

This pro forma information has been prepared using most reliable information at the date of these financial statements, that do not differ materially from the financial information, or pro-forma financial information, previously included in the Folleto Informativo.

 

37


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

31.1 Pro forma consolidated statement of profit or loss and other comprehensive income for the nine-month period ended September 30, 2025 (unaudited)

 

     Period from
January 1,
through
September 30,
2025
    Pro forma
adjustments
    Period from
January 1,
through
September 30,
2025

Pro forma
    Period from
July 1,
through
September 30,
2025
    Pro forma
adjustments
    Period from
July 1,
through
September 30,
2025

Pro forma
 

Revenue from contracts with customers

     1,755,133       194,866       1,949,999       706,135       116,539       822,674  

Cost of sales:

            

Operating costs

     (136,140 )      (19,977 )      (156,117 )      (51,786 )      (12,526 )      (64,312 ) 

Crude oil stock fluctuation

     4,241       905       5,146       1,415       905       2,320  

Royalties and others

     (251,068 )      (33,428 )      (284,496 )      (98,523 )      (20,057 )      (118,580 ) 

Depreciation, depletion and amortization

     (513,808 )      (69,335 )      (583,143 )      (210,891 )      (47,821 )      (258,712 ) 

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

     (24,018 )      —        (24,018 )      (9,159 )      —        (9,159 ) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     834,340       73,031       907,371       337,191       37,040       374,231  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Selling expenses

     (136,289 )      (10,655 )      (146,944 )      (48,816 )      (6,392 )      (55,208 ) 

General and administrative expenses

     (95,090 )      (6,056 )      (101,146 )      (37,347 )      (6,054 )      (43,401 ) 

Exploration expenses

     (488 )      —        (488 )      (144 )      —        (144 ) 

Other operating income

     504,284       359       504,643       289,802       129       289,931  

Other operating expenses

     (30,434 )      (800 )      (31,234 )      (5,273 )      155       (5,118 ) 

Impairment of long-lived assets

     (38,252 )      —        (38,252 )      —        —        —   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

     1,038,071       55,879       1,093,950       535,413       24,878       560,291  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investments in associates

     (3,746 )      —        (3,746 )      (2,767 )      —        (2,767 ) 

Interest income

     8,933       6,175       15,108       7,603       6,175       13,778  

Interest expense

     (113,260 )      —        (113,260 )      (48,873 )      —        (48,873 ) 

Other financial income (expense)

     (63,721 )      (511 )      (64,232 )      (53,872 )      (3,435 )      (57,307 ) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Financial income (expense), net

     (168,048 )      5,664       (162,384 )      (95,142 )      2,740       (92,402 ) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit before income tax

     866,277       61,543       927,820       437,504       27,618       465,122  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Current income tax (expense)

     (149,727 )      (38,677 )      (188,404 )      (3,119 )      (18,565 )      (21,684 ) 

Deferred income tax benefit (expense)

     (83,182 )      (2,007 )      (85,189 )      (119,099 )      (1,174 )      (120,273 ) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income tax (expense)

     (232,909 )      (40,684 )      (273,593 )      (122,218 )      (19,739 )      (141,957 ) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit for the period, net

     633,368       20,859       654,227       315,286       7,879       323,165  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income

            

Other comprehensive income that shall not be reclassified to profit (loss) in subsequent periods

            

- (Loss) from actuarial remeasurement related to employee benefits

     (1,901 )      —        (1,901 )      (47 )      —        (47 ) 

- Deferred income tax benefit

     665       —        665       16       —        16  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income for the period

     (1,236 )      —        (1,236 )      (31 )      —        (31 ) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive profit for the period

     632,132       20,859       652,991       315,255       7,879       323,134  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

38


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

31.1 Pro forma consolidated statement of profit or loss and other comprehensive income for the nine month period ended September 30, 2025 (unaudited)

 

     Period from
January 1,
through
September 30,
2025
     Pro forma
adjustments
     Period from
January 1,
through
September 30,
2025

Pro forma
     Period from
July 1,
through
September 30,
2025
     Pro forma
adjustments
     Period from
July 1,
through
September 30,
2025

Pro forma
 

Net profit for the period attributable to:

                 

Shareholders of the parent company

     633,368        15,362        648,730        315,286        5,336        320,622  

Non-controlling interests

     —         5,497        5,497        —         2,543        2,543  

Total comprehensive profit for the period attributable to:

                 

Shareholders of the parent company

     632,132        15,362        647,494        315,255        5,336        320,591  

Non-controlling interests

     —         5,497        5,497        —         2,543        2,543  

 

39


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

31.2 Pro forma consolidated statement of financial position as of September 30, 2025 (unaudited)

 

     As of
September 30,
2025
     Pro forma
adjustments
     As of
September 30,
2025

Pro forma
 

Assets

        

Noncurrent assets

        

Property, plant and equipment

     5,408,044        1,511,468        6,919,512  

Goodwill

     22,576        —         22,576  

Other intangible assets

     12,807        —         12,807  

Right-of-use assets

     73,905        —         73,905  

Biological assets

     14,699        —         14,699  

Investments in associates

     50,668        —         50,668  

Trade and other receivables

     371,050        154,032        525,082  

Deferred income tax assets

     38,264        —         38,264  
  

 

 

    

 

 

    

 

 

 

Total noncurrent assets

     5,992,013        1,665,500        7,657,513  
  

 

 

    

 

 

    

 

 

 

Current assets

        

Inventories

     12,772        2,521        15,293  

Trade and other receivables

     414,812        168,767        583,579  

Cash, bank balances and other short-term investments

     319,657        (319,657 )       —   
  

 

 

    

 

 

    

 

 

 

Total current assets

     747,241        (148,369 )       598,872  
  

 

 

    

 

 

    

 

 

 

Total assets

     6,739,254        1,517,131        8,256,385  
  

 

 

    

 

 

    

 

 

 

Equity and liabilities

        

Equity

        

Capital stock

     647,752        325,000        972,752  

Other equity instruments

     32,144        —         32,144  

Other equity accounts

     —         72,909        72,909  

Legal reserve

     8,233        —         8,233  

Share-based payments

     (49,786 )       —         (49,786 ) 

Share repurchase reserve

     179,324        —         179,324  

Other accumulated comprehensive income (losses)

     (12,293 )       —         (12,293 ) 

Accumulated profit (losses)

     1,602,245        1,786        1,604,031  
  

 

 

    

 

 

    

 

 

 

Equity attributable to shareholders of the parent company

     2,407,619        399,695        2,807,314  
  

 

 

    

 

 

    

 

 

 

Equity attributable to non-controlling interests

     —         184,236        184,236  
  

 

 

    

 

 

    

 

 

 

Total equity

     2,407,619        583,931        2,991,550  
  

 

 

    

 

 

    

 

 

 

Liabilities

        

Noncurrent liabilities

        

Deferred income tax liabilities

     338,967        269,334        608,301  

Lease liabilities

     44,789        —         44,789  

Provisions

     47,536        6,196        53,732  

Borrowings

     2,369,659        177,098        2,546,757  

Employee benefits

     18,073        —         18,073  

Income tax liability

     14,922        —         14,922  

Trade and other payables

     286,206        307,921        594,127  
  

 

 

    

 

 

    

 

 

 

Total noncurrent liabilities

     3,120,152        760,549        3,880,701  
  

 

 

    

 

 

    

 

 

 

 

40


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2026 and December 31, 2025 and for the nine-month periods ended September 30, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

     As of
September 30,
2025
     Pro forma
adjustments
     As of
September 30,
2025

Pro forma
 

Current liabilities

        

Provisions

     13,863        —         13,863  

Lease liabilities

     18,046        —         18,046  

Borrowings

     558,289        —         558,289  

Salaries and payroll taxes

     25,246        —         25,246  

Income tax liability

     102,609        57,970        160,579  

Other taxes and royalties

     37,377        10,043        47,420  

Trade and other payables

     456,053        104,638        560,691  
  

 

 

    

 

 

    

 

 

 

Total current liabilities

     1,211,483        172,651        1,384,134  
  

 

 

    

 

 

    

 

 

 

Total liabilities

     4,331,635        933,200        5,264,835  
  

 

 

    

 

 

    

 

 

 

Total equity and liabilities

     6,739,254        1,517,131        8,256,385  
  

 

 

    

 

 

    

 

 

 

 

41