Group 1 - Daniel Mellado is an economist with a Master's Degree in Statistics and experience in analyzing agricultural commodity markets and financial investment portfolios [1] - He has managed teams in trading and data analysis, focusing on investments in bonds, equities, and ETFs [1] - Mellado has experience in developing and implementing algorithmic trading strategies as a freelancer [1] Group 2 - The analysis and valuation provided by Mellado will cover sectors including commodities, banking, technology, and pharmaceuticals [1] - The approach to generating buy and sell recommendations is based on financial statements, regulations, and macroeconomic variables [1]

Group 1 - Investors in Vista Energy, S.A.B. de C.V. should monitor the stock due to significant activity in the options market, particularly the Aug 15, 2025 $25 Call which has high implied volatility [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a significant change in Vista Energy's stock price [2] - Currently, Vista Energy holds a Zacks Rank 4 (Sell) in the Oil and Gas - Integrated - International industry, which is in the bottom 28% of the Zacks Industry Rank [3] Group 2 - Over the past 30 days, no analysts have raised their earnings estimates for Vista Energy's current quarter, while one analyst has lowered the estimate, reducing the Zacks Consensus Estimate from $1.88 to $1.28 per share [3] - The high implied volatility may indicate a potential trading opportunity, as options traders often seek to sell premium on options with high implied volatility, hoping the stock does not move as much as expected [4]

Core Viewpoint - Vista Energy S.A.B. de CV's shares have dropped over 7% following a significant earnings miss in Q2 2025, attributed to cost pressures despite a solid growth trajectory and revised guidance [1] Q2 Results - The company reported adjusted earnings per share of 55 cents, missing the Zacks Consensus Estimate of $2.15, and down from 74 cents in the prior-year quarter [2][10] - Quarterly revenues reached $610.5 million, up from $396.7 million year-over-year, exceeding the Zacks Consensus Estimate of $592 million [2] Production Performance - Total production averaged 118,018 barrels of oil equivalent per day (Boe/d), an 81% increase from 65,288 Boe/d in the same quarter last year [4][10] - Crude oil production rose to 102,197 barrels per day (Bbls/d) from 57,204 Bbls/d year-over-year, with natural gas liquids production increasing by 238% and natural gas output rising by 93% [5] Pricing and Costs - Average realized crude oil price was $62.2 per barrel, down 13% from $71.8 a year ago, while natural gas prices fell from $3.9 to $2.8 per million Btu [6] - Lifting expenses totaled $50.3 million, an 88.4% increase from $26.7 million year-over-year, with lifting costs per barrel of oil equivalent at $4.7, up 4% from the prior year [7] Financial Position - As of June 30, 2025, Vista Energy had $153.8 million in cash and short-term investments, with long-term debt at $1.9 billion and short-term debt at $698.4 million [8] - Capital expenditure for the quarter was $356.1 million, with net cash from operating activities reported as negative $9.4 million [8] Updated Guidance - The company raised its 2025 EBITDA forecast to $1.65-$1.85 billion, driven by enhanced production efficiency and the consolidation of La Amarga Chica [10][12] - Total production is expected to increase by 60% year-over-year to 112-114 Mboe/d for 2025, with an annualized rate of 125-128 Mboe/d in the second half of 2025 [12] - Capital expenditure guidance is set at $1.2 billion, with lifting costs projected to decline by 2% to $4.5/Boe [13]

Core Insights - TT International Asset Management sold 691,645 shares of Vista Energy, reducing its holdings to 277,876 shares valued at $13.29 million, representing 2.5% of the firm's reportable equity assets as of June 30, 2025 [1][2] - Vista Energy's stock price increased by 9.88% over the past year, but it underperformed the S&P 500 by 2.73 percentage points [2][5] - The company reported significant growth in production and revenue, with production up 81% and revenue up 54% year over year in Q2 [6] Company Overview - Vista Energy has a market capitalization of $4.66 billion, with a trailing twelve months (TTM) revenue of $1.77 billion and a net income of $481.66 million [3] - The forward price-to-earnings ratio for Vista Energy is 10.49, and it has a five-year revenue compound annual growth rate (CAGR) of 31.69% [2] Recent Developments - Vista Energy's net income surged by 68% year over year, although adjusted earnings, excluding a one-time gain of $202.5 million from the acquisition of Petronas E&P Argentina, were down 21% year over year [6] - The acquisition of Petronas E&P Argentina for $900 million enhances Vista's production capacity and diversifies its portfolio with midstream energy assets [7] Business Operations - Vista Energy engages in the exploration and production of oil and gas in Latin America, primarily in Vaca Muerta, managing approximately 183,100 acres and holding proved reserves of 181.6 million barrels of oil equivalent [9]

Core Viewpoint - Vista Energy reported its Q2 2025 earnings, highlighting key financial results and strategic initiatives aimed at growth and operational efficiency [1][2]. Group 1: Company Overview - Vista Energy is led by a team including Co-Founder and Strategic Planning & Investor Relations Officer Alejandro Chernacov, Chairman & CEO Miguel Galuccio, CFO Pablo Vera Pinto, CTO Juan Garoby, and COO Matias Weissel [3]. Group 2: Earnings Call Details - The earnings call for Q2 2025 was conducted on July 11, 2025, at 9:00 AM ET, with participation from various research divisions including Jefferies LLC, Citigroup Inc., and Goldman Sachs Group, among others [1][2]. - The call was recorded, indicating a focus on transparency and accessibility for stakeholders [2].

Core Insights - Vista Energy, S.A.B. de C.V. has accelerated its transformation significantly since the last analysis published in late May [1] Company Developments - The company has strengthened its position in the market within a matter of weeks [1]

[Financial Statements](index=3&type=section&id=Financial%20Statements) This section presents the unaudited interim condensed consolidated financial statements, including statements of profit or loss, financial position, changes in equity, and cash flows, for the specified periods [Unaudited Interim Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statements%20of%20profit%20or%20loss%20and%20other%20comprehensive%20income) This statement presents Vista Energy's financial performance for the six-month periods ended June 30, 2025, and 2024, showing significant increases in revenue, gross profit, and net profit, alongside a notable rise in earnings per share | Metric | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (%) | | :----------------------------------- | :------------------ | :------------------ | :--------- | | Revenue from contracts with customers | 1,048,998 | 714,067 | 46.9% | | Gross profit | 497,149 | 368,727 | 34.8% | | Operating profit | 502,658 | 308,676 | 62.9% | | Profit for the period, net | 318,082 | 218,291 | 45.7% | | Basic EPS (USD per share) | 3.169 | 2.266 | 39.8% | | Diluted EPS (USD per share) | 3.032 | 2.183 | 38.9% | [Unaudited Interim Condensed Consolidated Statements of Financial Position](index=4&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statements%20of%20financial%20position) The statement of financial position shows a substantial increase in total assets and equity as of June 30, 2025, compared to December 31, 2024, primarily driven by significant growth in noncurrent assets, particularly property, plant and equipment, and an increase in capital stock | Metric | June 30, 2025 (USD '000) | Dec 31, 2024 (USD '000) | Change (%) | | :----------------------- | :----------------------- | :----------------------- | :--------- | | Total assets | 6,065,060 | 4,232,372 | 43.3% | | Noncurrent assets | 5,422,073 | 3,180,101 | 70.5% | | Current assets | 642,987 | 1,052,271 | -38.9% | | Total equity | 2,124,559 | 1,621,213 | 31.0% | | Total liabilities | 3,940,501 | 2,611,159 | 50.9% | - Property, plant and equipment increased by **70.8%** to **$4,792,465 thousand** as of June 30, 2025, from **$2,805,983 thousand** as of December 31, 2024[9](index=9&type=chunk)[103](index=103&type=chunk) [Unaudited Interim Condensed Consolidated Statements of Changes in Equity](index=5&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statements%20of%20changes%20in%20equity) The statements of changes in equity detail the movements in the company's equity components for the six-month periods ended June 30, 2025, and 2024, highlighting the impact of net profit, share issuance related to the Vista Lach acquisition, and the creation of a share repurchase reserve | Metric | June 30, 2025 (USD '000) | Dec 31, 2024 (USD '000) | Change (USD '000) | | :-------------------------- | :----------------------- | :----------------------- | :---------------- | | Total equity | 2,124,559 | 1,621,213 | 503,346 | | Capital stock | 697,752 | 398,064 | 299,688 | | Share repurchase reserve | 179,324 | 129,324 | 50,000 | | Accumulated profit (losses) | 1,286,959 | 1,018,877 | 268,082 | - Issuance of Serie A shares for **$299,687 thousand** on April 11, 2025, as part of the consideration for the Vista Lach acquisition[12](index=12&type=chunk)[170](index=170&type=chunk) - Creation of a share repurchase reserve of **$50,000 thousand** approved on April 9, 2025[12](index=12&type=chunk)[175](index=175&type=chunk) [Unaudited Interim Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statements%20of%20cash%20flows) The cash flow statements show a significant shift in cash flows for H1 2025, with net cash used in investing activities increasing substantially due to acquisitions, and net cash from operating activities decreasing, while financing activities provided a large inflow from borrowings | Cash Flow Activity | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (USD '000) | | :--------------------------------------- | :------------------ | :------------------ | :---------------- | | Net cash flows from operating activities | 57,004 | 334,658 | -277,654 | | Net cash flows (used in) investing activities | (1,656,678) | (410,216) | -1,246,462 | | Net cash flow provided by financing activities | 980,802 | 195,432 | 785,370 | | Net (decrease) increase in cash and cash equivalents | (618,872) | 119,874 | -738,746 | | Cash and cash equivalents at end of period | 147,000 | 321,562 | -174,562 | - Payment for Business Combination, net of cash acquired, amounted to **$(841,555) thousand** in H1 2025[22](index=22&type=chunk)[196](index=196&type=chunk) - Proceeds from borrowings significantly increased to **$1,719,917 thousand** in H1 2025[22](index=22&type=chunk)[135](index=135&type=chunk) [Notes to the Unaudited Interim Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20unaudited%20interim%20condensed%20consolidated%20financial%20statements) This section provides detailed notes to the unaudited interim condensed consolidated financial statements, covering group information, accounting policies, regulatory framework, segment information, and specific financial line items [Note 1. Group Information](index=9&type=section&id=Note%201.%20Group%20information) This section provides general information about Vista Energy, S.A.B. de C.V., including its corporate history, stock exchange listing, main activity (exploration and production of crude oil and natural gas), and details significant transactions during the period, such as the Farmout Agreement, the acquisition of Vista Lach, and a corporate bond issuance - Company changed its corporate name to "Vista Energy, S.A.B. de C.V." on April 26, 2022[25](index=25&type=chunk) - Listed on the New York Stock Exchange ("NYSE") under ticker symbol "VIST" as from July 26, 2019[26](index=26&type=chunk) - Main activity is the exploration and production of crude oil and natural gas ("Upstream")[26](index=26&type=chunk) [1.1 Company General Information](index=9&type=section&id=1.1%20Company%20general%20information) This section provides general corporate details about Vista Energy, S.A.B. de C.V., including its formation, name changes, and primary business activities - Vista Energy, S.A.B. de C.V. (formerly Vista Oil & Gas, S.A.B. de C.V.) was organized on March 22, 2017, and adopted the public corporation status on July 28, 2017[25](index=25&type=chunk) - The Company's corporate name changed to "Vista Energy, S.A.B. de C.V." on April 26, 2022[25](index=25&type=chunk) - Its main activity, through its subsidiaries, is the exploration and production of crude oil and natural gas ("Upstream")[26](index=26&type=chunk) [1.2 Significant Transactions for the Period](index=9&type=section&id=1.2%20Significant%20transactions%20for%20the%20period) This section outlines key business transactions during the period, including a Farmout Agreement, the Vista Lach acquisition, and a corporate bond issuance - Agreement signed with Trafigura Argentina S.A. for the assignment of its interest in the farmout agreements in Bajada del Palo Oeste area, effective January 1, 2025[28](index=28&type=chunk) - Acquisition of **100%** of the capital stock of Petronas E&P Argentina S.A. (now Vista Energy Lach S.A.) on April 15, 2025, for **$1,406,441 thousand**[31](index=31&type=chunk)[32](index=32&type=chunk) - Issuance of Corporate Bond ("ON") XXIX for **$500,000 thousand** with an **8.50%** annual interest rate on June 10, 2025[35](index=35&type=chunk) [1.2.1 Agreement signed with Trafigura Argentina S.A. ("Farmout Agreement")](index=9&type=section&id=1.2.1%20Agreement%20signed%20with%20Trafigura%20Argentina%20S.A.%20%28%22Farmout%20Agreement%22%29) This section details the Farmout Agreement signed with Trafigura Argentina S.A - Vista Argentina acquired **100%** production rights from the pads subject to the Farmout Agreement, effective January 1, 2025[28](index=28&type=chunk) - Purchase price of **$128,000 thousand** payable in 48 monthly installments through December 2028[29](index=29&type=chunk) - A crude oil marketing agreement (COMA) was signed, offsetting Vista Argentina's obligations under the Farmout Agreement[29](index=29&type=chunk) [1.2.2 Acquisition of Petronas E&P Argentina S.A. ("PEPASA" currently Vista Energy Lach S.A. "Vista Lach")](index=9&type=section&id=1.2.2%20Acquisition%20of%20Petronas%20E%26P%20Argentina%20S.A.%20%28%22PEPASA%22%20currently%20Vista%20Energy%20Lach%20S.A.%20%22Vista%20Lach%22%29) This section details the acquisition of Petronas E&P Argentina S.A., now Vista Energy Lach S.A - Vista Argentina acquired **100%** of PEPASA (now Vista Lach) on April 15, 2025[31](index=31&type=chunk) - Total consideration amounted to **$1,406,441 thousand**, comprising **$899,687 thousand** cash, **$299,687 thousand** in Serie A shares (ADSs), and an assumed liability of **$207,067 thousand** (present value)[32](index=32&type=chunk) - PEPASA holds a **50%** working interest in La Amarga Chica unconventional concession in Argentina[31](index=31&type=chunk) [1.2.3 Corporate bond ("ON") issuance under New York legislation by Vista Argentina](index=10&type=section&id=1.2.3%20Corporate%20bond%20%28%22ON%22%29%20issuance%20under%20New%20York%20legislation%20by%20Vista%20Argentina) This section details the issuance of Corporate Bond ("ON") XXIX by Vista Argentina under New York legislation - Vista Argentina issued ON XXIX for **$500,000 thousand** on June 10, 2025[35](index=35&type=chunk) - The bond has an annual interest rate of **8.50%** payable semi-annually and an average 8-year term, amortized in equal parts in 2031, 2032, and 2033[35](index=35&type=chunk) - This ON is governed by United States and other foreign jurisdictions pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933[36](index=36&type=chunk) [Note 2. Basis of Preparation and Material Accounting Policies](index=10&type=section&id=Note%202.%20Basis%20of%20preparation%20and%20material%20accounting%20policies) These interim condensed consolidated financial statements are prepared in accordance with IAS 34, using the same accounting policies as the annual statements, except for income tax expense. The section details policies for impairment testing of long-lived assets (resulting in a $38,252 thousand impairment for Mexican concessions) and the acquisition method for business combinations, such as the Vista Lach acquisition - Statements prepared in accordance with IAS 34 – "Interim Financial Reporting"[37](index=37&type=chunk) - Same accounting policies as December 31, 2024, annual statements, except for income tax expense[38](index=38&type=chunk) - An impairment of **$38,252 thousand** was recorded for operated exploitation concessions of conventional oil and gas in Mexico for the six-month period ended June 30, 2025[45](index=45&type=chunk) - The acquisition of Vista Lach was recognized as a business combination during the six-month period ended June 30, 2025[57](index=57&type=chunk) [2.1 Basis of Preparation and Presentation](index=10&type=section&id=2.1%20Basis%20of%20preparation%20and%20presentation) This section details the accounting principles and presentation methods used for the interim condensed consolidated financial statements - Unaudited interim condensed consolidated financial statements prepared in accordance with IAS 34 – "Interim Financial Reporting"[37](index=37&type=chunk) - Prepared on a historical cost basis, except for certain financial assets and liabilities measured at fair value[39](index=39&type=chunk) - Approved for publication by the Board of Directors on July 10, 2025[39](index=39&type=chunk) [2.2 New Effective Accounting Standards, Amendments and Interpretations Issued by the IASB Adopted by the Company](index=10&type=section&id=2.2%20New%20effective%20accounting%20standards%2C%20amendments%20and%20interpretations%20issued%20by%20the%20IASB%20adopted%20by%20the%20Company) This section addresses the adoption of new accounting standards, amendments, and interpretations issued by the IASB - The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective[40](index=40&type=chunk) - None of the accounting pronouncements applicable after December 31, 2024, had a material effect on the Company's financial condition or result of its operations[40](index=40&type=chunk) [2.3 Basis of Consolidation](index=10&type=section&id=2.3%20Basis%20of%20consolidation) This section explains the principles used for consolidating the financial statements of the Company and its subsidiaries - These unaudited interim condensed consolidated financial statements contain the financial statements of the Company and its subsidiaries[41](index=41&type=chunk) - Except as mentioned in Note 1.2.2 (Vista Lach acquisition), there were no other changes in interest in Company subsidiaries during the six-month period ended June 30, 2025[41](index=41&type=chunk) [2.4 Summary of Material Accounting Policies](index=10&type=section&id=2.4%20Summary%20of%20material%20accounting%20policies) This section summarizes the key accounting policies applied, including impairment testing and business combination accounting - Long-lived assets are tested for impairment at the lowest level in which there are separately identifiable cash flows[42](index=42&type=chunk) - For the six-month period ended June 30, 2025, the Company recorded an impairment of **$38,252 thousand** related to conventional oil and gas concessions in Mexico[45](index=45&type=chunk) - Business combinations are booked using the acquisition method, with identifiable assets acquired and contingent liabilities assumed initially measured at fair values[46](index=46&type=chunk) - The acquisition of Vista Lach was recognized as a business combination during the six-month period ended June 30, 2025[57](index=57&type=chunk) [2.4.1 Impairment of Goodwill and Property, Plant and Equipment, Right-of-Use Assets and Identifiable Intangible Assets ("Long-Lived Assets") other than Goodwill](index=10&type=section&id=2.4.1%20Impairment%20of%20Goodwill%20and%20Property%2C%20Plant%20and%20Equipment%2C%20Right-of-Use%20Assets%20and%20Identifiable%20Intangible%20Assets%20%28%22Long-Lived%20Assets%22%29%20other%20than%20Goodwill) This section details the company's policy and application of impairment testing for long-lived assets - Long-lived assets are tested for impairment at the lowest level of separately identifiable cash flows; Goodwill is tested every December[42](index=42&type=chunk)[44](index=44&type=chunk) - An impairment of **$38,252 thousand** was recorded for operated exploitation concessions of conventional oil and gas in Mexico for the six-month period ended June 30, 2025[45](index=45&type=chunk) [2.4.2 Business Combination](index=11&type=section&id=2.4.2%20Business%20Combination) This section outlines the accounting treatment for business combinations, including the recognition of goodwill and fair value measurements - The acquisition method is used to book business combinations, with identifiable assets and contingent liabilities measured at fair values at the date of purchase[46](index=46&type=chunk) - Goodwill is recognized as the excess of consideration transferred over the fair value of net identifiable assets acquired; a bargain purchase gain is recognized directly in profit or loss[47](index=47&type=chunk)[54](index=54&type=chunk) - The acquisition of Vista Lach was recognized as a business combination during the six-month period ended June 30, 2025[57](index=57&type=chunk) [Note 2.5 Regulatory Framework](index=12&type=section&id=Note%202.5%20Regulatory%20framework) This section details significant regulatory changes in Argentina and Mexico. Argentina loosened foreign exchange regulations and continued the Gas IV Plan. Mexico enacted an Energy Reform centralizing hydrocarbon exploration and exploitation under SENER and merging Pemex subsidiaries, alongside new market regulations for gasoline prices - Argentina's Central Bank loosened foreign exchange regulations, establishing USD fluctuation bands and authorizing profit distribution to foreign shareholders[58](index=58&type=chunk) - Mexico enacted an Energy Reform on March 18, 2025, centralizing hydrocarbon exploration and exploitation under SENER and merging Pemex subsidiaries[61](index=61&type=chunk)[64](index=64&type=chunk)[67](index=67&type=chunk) - The Mexican government signed a voluntary agreement to cap the price of regular gasoline at MXN 24 per liter for an initial six-month period[68](index=68&type=chunk) [A - Argentina Regulatory Framework](index=12&type=section&id=A%20-%20Argentina) This section details regulatory changes in Argentina, including foreign exchange policies and the Gas IV Plan - On April 11, 2025, the Central Bank of Argentina (BCRA) published measures to loosen foreign exchange regulations[58](index=58&type=chunk) - The Company received a net amount of **$1,325 thousand** (H1 2025) and **$326 thousand** (H1 2024) from the Argentine promotion plan to stimulate natural gas production ("Gas IV Plan")[59](index=59&type=chunk) [2.5.1 Changes in the Foreign Exchange Framework](index=12&type=section&id=2.5.1%20Changes%20in%20the%20foreign%20exchange%20framework) This section describes recent changes in Argentina's foreign exchange regulations by the Central Bank - BCRA established fluctuation bands for the USD (ARS 1,000 - ARS 1,400, increasing **1%** monthly)[58](index=58&type=chunk) - The Export Increase Program for settling exports was removed[58](index=58&type=chunk) - Profit distribution to foreign shareholders for fiscal years beginning as from 2025 was authorized[58](index=58&type=chunk) [2.5.2 Gas Market (Gas IV Plan)](index=12&type=section&id=2.5.2%20Gas%20market) This section provides information on the Gas IV Plan and its financial impact on the Company - The Company received net amounts of **$1,325 thousand** (H1 2025) and **$326 thousand** (H1 2024) from the Gas IV Plan[59](index=59&type=chunk) - Receivables related to the Gas IV Plan stood at **$2,452 thousand** as of June 30, 2025, and **$3,007 thousand** as of December 31, 2024[60](index=60&type=chunk) [B - Mexico Regulatory Framework](index=12&type=section&id=B%20-%20Mexico) This section outlines regulatory developments in Mexico's energy sector, including the Energy Reform and market regulations - On March 18, 2025, the Mexican government enacted an Energy Reform introducing new legislation related to Pemex and the Hydrocarbons Sector Law[61](index=61&type=chunk) - The Energy Reform centralized the management of hydrocarbon exploration and exploitation contracts under Mexico's Secretariat of Energy ("SENER")[61](index=61&type=chunk)[67](index=67&type=chunk) - In February 2025, the Executive signed a voluntary agreement to cap the price of regular gasoline at MXN 24 per liter for an initial six-month period[68](index=68&type=chunk) [2.5.3 Exploration and Production Activities Regulatory Framework (Energy Reform)](index=12&type=section&id=2.5.3%20Exploration%20and%20Production%20Activities%20Regulatory%20Framework%20%28Energy%20Reform%29) This section details the regulatory framework for hydrocarbon exploration and production activities in Mexico following the Energy Reform - Hydrocarbon exploration and exploitation contracts signed prior to the reform remain effective under original terms[61](index=61&type=chunk) - Management of contracts and regulatory powers centralized under SENER, which assumed roles of former CNH[61](index=61&type=chunk)[67](index=67&type=chunk) - Exploration and extraction activities will be carried out under three methods: Pemex's own development, mixed-use development allocations, and E&P agreements[65](index=65&type=chunk)[66](index=66&type=chunk) [Market Regulations](index=13&type=section&id=Market%20Regulations) This section covers market regulations in Mexico, including gasoline price caps and import/export permits - Voluntary agreement signed in February 2025 to cap regular gasoline price at MXN 24 per liter for six months[68](index=68&type=chunk) - Import and export of oil byproducts, petrochemicals, and hydrocarbons, as well as their sale within Mexico, are regulated activities subject to SENER permits[69](index=69&type=chunk) [Note 3. Segment Information](index=13&type=section&id=Note%203.%20Segment%20information) The Company operates as a single segment, focusing on the exploration and production of crude oil, natural gas, and LPG. For H1 2025, 100% of revenues were generated from assets in Argentina, a shift from H1 2024 where 99% was from Argentina and 1% from Mexico. Noncurrent assets in Argentina significantly increased - The Chief Operating Decision Maker (CODM) considers the exploration and production of crude oil, natural gas, and LPG as a single operating segment[71](index=71&type=chunk)[72](index=72&type=chunk) - For H1 2025, **100%** of revenues were generated from assets located in Argentina, compared to **99%** from Argentina and **1%** from Mexico in H1 2024[73](index=73&type=chunk) | Geographical Area | June 30, 2025 (USD '000) | Dec 31, 2024 (USD '000) | Change (%) | | :---------------- | :----------------------- | :----------------------- | :--------- | | Argentina | 5,372,653 | 3,128,742 | 71.7% | | Mexico | 49,420 | 51,359 | -3.8% | | Total | 5,422,073 | 3,180,101 | 70.5% | [Note 4. Revenue from Contracts with Customers](index=14&type=section&id=Note%204.%20Revenue%20from%20contracts%20with%20customers) Revenue from contracts with customers for the six-month period ended June 30, 2025, was $1,048,998 thousand, a 46.9% increase from $714,067 thousand in the same period of 2024, primarily driven by crude oil sales and significant growth in exports | Period | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (%) | | :------------------- | :------------------ | :------------------ | :--------- | | Jan 1 - Jun 30 | 1,048,998 | 714,067 | 46.9% | | Apr 1 - Jun 30 | 610,542 | 396,715 | 53.9% | - Revenues from crude oil sales increased by **48.7%** to **$1,007,231 thousand** in H1 2025 from **$677,173 thousand** in H1 2024[77](index=77&type=chunk) - Exports of crude oil more than doubled, increasing by **106.7%** to **$596,497 thousand** in H1 2025 from **$288,567 thousand** in H1 2024[77](index=77&type=chunk) [4.1 Information Broken Down by Revenue from Contracts with Customers](index=14&type=section&id=4.1%20Information%20broken%20down%20by%20revenue%20from%20contracts%20with%20customers) This section provides a detailed breakdown of revenue by product type and distribution channel | Type of Products | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (%) | | :----------------- | :------------------ | :------------------ | :--------- | | Crude oil sales | 1,007,231 | 677,173 | 48.7% | | Natural gas sales | 38,427 | 36,417 | 5.5% | | LPG sales | 3,340 | 477 | 599.8% | | Distribution Channels | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (%) | | :-------------------- | :------------------ | :------------------ | :--------- | | Exports of crude oil | 596,497 | 288,567 | 106.7% | | Local crude oil | 410,734 | 388,606 | 5.7% | | Local natural gas | 32,404 | 23,324 | 38.9% | | Exports of natural gas | 6,023 | 13,093 | -54.0% | [Note 5. Cost of Sales](index=14&type=section&id=Note%205.%20Cost%20of%20sales) Total cost of sales increased significantly for H1 2025 compared to H1 2024, primarily driven by higher operating costs, royalties, and depreciation, depletion, and amortization, reflecting increased activity and the impact of the Business Combination | Cost of Sales Component | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (%) | | :---------------------- | :------------------ | :------------------ | :--------- | | Operating costs | (84,354) | (48,356) | 74.4% | | Royalties and others | (152,545) | (101,572) | 50.2% | | Depreciation, depletion and amortization | (302,917) | (183,378) | 65.2% | - Crude oil stock fluctuation resulted in a negative impact of **$(2,826) thousand** for H1 2025, compared to **$(4,863) thousand** for H1 2024, influenced by a **$1,451 thousand** increase from the Business Combination[6](index=6&type=chunk)[80](index=80&type=chunk) [5.1 Operating Costs](index=14&type=section&id=5.1%20Operating%20costs) This section details the components of operating costs, including fees, salaries, and employee benefits | Operating Cost Component | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (%) | | :----------------------- | :------------------ | :------------------ | :--------- | | Fees and compensation for services | 51,240 | 25,732 | 99.1% | | Salaries and payroll taxes | 14,994 | 11,760 | 27.5% | | Employee benefits | 6,040 | 3,746 | 61.2% | | Total operating costs | 84,354 | 48,356 | 74.4% | [5.2 Crude Oil Stock Fluctuation](index=15&type=section&id=5.2%20Crude%20oil%20stock%20fluctuation) This section explains the impact of crude oil stock fluctuations on the cost of sales | Metric | H1 2025 (USD '000) | H1 2024 (USD '000) | | :-------------------------------- | :------------------ | :------------------ | | Crude oil stock fluctuation | (2,826) | (4,863) | | Increase from Business Combination | 1,451 | — | [5.3 Royalties and Others](index=15&type=section&id=5.3%20Royalties%20and%20others) This section outlines the components of royalties and other related costs included in the cost of sales | Royalties and Others Component | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (%) | | :----------------------------- | :------------------ | :------------------ | :--------- | | Royalties | 117,347 | 80,200 | 46.3% | | Export duties | 35,198 | 21,372 | 64.7% | | Total royalties and others | 152,545 | 101,572 | 50.2% | [Note 6. Selling Expenses](index=15&type=section&id=Note%206.%20Selling%20expenses) Selling expenses more than doubled for H1 2025, reaching $87,473 thousand, primarily driven by a significant increase in transport costs | Selling Expense Component | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (%) | | :------------------------ | :------------------ | :------------------ | :--------- | | Transport | 55,780 | 18,377 | 203.5% | | Taxes, rates and contributions | 12,679 | 12,450 | 1.8% | | Tax on bank account transactions | 9,275 | 5,433 | 70.7% | | Total selling expenses | 87,473 | 40,979 | 113.4% | [Note 7. General and Administrative Expenses](index=15&type=section&id=Note%207.%20General%20and%20administrative%20expenses) General and administrative expenses increased by 29.8% to $57,743 thousand for H1 2025, mainly due to higher salaries and payroll taxes, share-based payments, and fees for services | G&A Expense Component | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (%) | | :-------------------- | :------------------ | :------------------ | :--------- | | Salaries and payroll taxes | 21,371 | 16,814 | 27.1% | | Share-based payments | 19,517 | 16,423 | 18.8% | | Fees and compensation for services | 10,497 | 5,307 | 97.8% | | Total G&A expenses | 57,743 | 44,500 | 29.8% | [Note 8. Other Operating Income and Expenses](index=15&type=section&id=Note%208.%20Other%20operating%20income%20and%20expenses) Other operating income saw a substantial increase for H1 2025, primarily due to a significant gain from the Business Combination, while other operating expenses also increased due to restructuring costs | Metric | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (%) | | :----------------------- | :------------------ | :------------------ | :--------- | | Total other operating income | 214,482 | 26,484 | 710.0% | | Total other operating expenses | (25,161) | (1,023) | 2360.5% | - Gain from Business Combination of **$202,474 thousand** was a primary driver for the increase in other operating income[84](index=84&type=chunk) - Restructuring expenses of **$(23,743) thousand** significantly contributed to other operating expenses[87](index=87&type=chunk) [8.1 Other Operating Income](index=15&type=section&id=8.1%20Other%20operating%20income) This section details the components of other operating income, including gains from business combinations and export programs | Other Operating Income Component | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (%) | | :------------------------------- | :------------------ | :------------------ | :--------- | | Gain from Business Combination | 202,474 | — | N/A | | Gain from Exports Increase Program | 4,961 | 20,910 | -76.3% | | Total other operating income | 214,482 | 26,484 | 710.0% | [8.2 Other Operating Expenses](index=16&type=section&id=8.2%20Other%20operating%20expenses) This section outlines the components of other operating expenses, such as restructuring costs and provisions for contingencies | Other Operating Expense Component | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (%) | | :-------------------------------- | :------------------ | :------------------ | :--------- | | Restructuring expenses | (23,743) | — | N/A | | (Provision for) contingencies | (677) | (596) | 13.6% | | Total other operating expenses | (25,161) | (1,023) | 2360.5% | - Restructuring expenses include payments, fees, and transaction costs related to changes in the Group's structure[87](index=87&type=chunk) [Note 9. Financial Income (Expense), Net](index=16&type=section&id=Note%209.%20Financial%20income%20%28expense%29%2C%20net) Net financial expense increased significantly to $(72,906) thousand for H1 2025, compared to $(37,076) thousand for H1 2024, driven by higher interest expense and other taxes interest, despite a positive net change in foreign exchange rate | Financial Metric | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (%) | | :----------------- | :------------------ | :------------------ | :--------- | | Interest income | 1,330 | 1,800 | -26.1% | | Interest expense | (64,387) | (16,116) | 299.5% | | Other financial income (expense) | (9,849) | (22,760) | -56.7% | | Financial income (expense), net | (72,906) | (37,076) | 96.6% | - Net changes in foreign exchange rate turned positive to **$36,408 thousand** in H1 2025 from **$(11,779) thousand** in H1 2024[91](index=91&type=chunk) - Other taxes interest of **$(38,687) thousand** was recognized in H1 2025, compared to zero in H1 2024[91](index=91&type=chunk) [9.1 Interest Income](index=16&type=section&id=9.1%20Interest%20income) This section details the interest income recognized by the Company for the period | Metric | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (%) | | :------- | :------------------ | :------------------ | :--------- | | Financial interest | 1,330 | 1,800 | -26.1% | | Total interest income | 1,330 | 1,800 | -26.1% | [9.2 Interest Expense](index=16&type=section&id=9.2%20Interest%20expense) This section outlines the interest expense incurred by the Company, primarily from borrowings | Metric | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (%) | | :------- | :------------------ | :------------------ | :--------- | | Borrowings interest | (64,387) | (16,116) | 299.5% | | Total interest expense | (64,387) | (16,116) | 299.5% | [9.3 Other Financial Income (Expense)](index=16&type=section&id=9.3%20Other%20financial%20income%20%28expense%29) This section details other financial income and expenses, including foreign exchange rate changes and fair value adjustments | Other Financial Item | H1 2025 (USD '000) | H1 2024 (USD '000) | Change (USD '000) | | :------------------- | :------------------ | :------------------ | :---------------- | | Net changes in foreign exchange rate | 36,408 | (11,779) | 48,187 | | Changes in the fair value of financial assets | 16,049 | (2,087) | 18,136 | | Other taxes interest | (38,687) | — | (38,687) | | Total other financial income (expense) | (9,849) | (22,760) | 12,911 | - Other taxes interest for H1 2025 included a non-cash transaction of **$28,431 thousand**[91](index=91&type=chunk) [Note 10. Earnings Per Share](index=17&type=section&id=Note%2010.%20Earnings%20per%20share) Both basic and diluted earnings per share increased significantly for H1 2025 compared to H1 2024, reflecting the higher net profit for the period | Metric | H1 2025 (USD) | H1 2024 (USD) | Change (%) | | :------------------- | :------------ | :------------ | :--------- | | Basic earnings per share | 3.169 | 2.266 | 39.8% | | Diluted earnings per share | 3.032 | 2.183 | 38.9% | - Profit for the period, net, increased to **$318,082 thousand** in H1 2025 from **$218,291 thousand** in H1 2024[95](index=95&type=chunk) [a) Basic Earnings Per Share](index=17&type=section&id=a%29%20Basic) This section presents the calculation of basic earnings per share for the period | Metric | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | | Profit for the period, net (USD '000) | 318,082 | 218,291 | | Weighted average number of ordinary shares | 100,381,546 | 96,333,092 | | Basic earnings per share (USD) | 3.169 | 2.266 | [b) Diluted Earnings Per Share](index=17&type=section&id=b%29%20Diluted) This section presents the calculation of diluted earnings per share, considering potential ordinary shares | Metric | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | | Profit for the period, net (USD '000) | 318,082 | 218,291 | | Weighted average number of ordinary shares (diluted) | 104

Core Viewpoint - Vista Energy has published its 2024 Sustainability Report, highlighting its commitment to sustainability and transparency in operations [1] Group 1 - The report is accessible on Vista's official website, indicating the company's focus on stakeholder engagement and information dissemination [1] - The announcement was made on July 8, 2025, showcasing the company's timely communication regarding its sustainability efforts [1]

Core Insights - The article compares two companies, Sasol (SSL) and Vista Energy, S.A.B. de C.V. (VIST), to determine which is a better investment opportunity for undervalued stocks [1] Valuation Metrics - Sasol has a forward P/E ratio of 2.75, while Vista Energy has a forward P/E of 8.90 [5] - Sasol's PEG ratio is 0.17, indicating a favorable earnings growth outlook compared to Vista Energy's PEG ratio of 1.89 [5] - Sasol's P/B ratio stands at 0.41, contrasting with Vista Energy's P/B of 2.72 [6] Investment Ratings - Sasol currently holds a Zacks Rank of 1 (Strong Buy), whereas Vista Energy has a Zacks Rank of 5 (Strong Sell) [3] - Based on the valuation metrics and earnings outlook, Sasol is considered the superior value option compared to Vista Energy [6]

Group 1 - Vista Energy continues to demonstrate its position as one of the largest shale players in Latin America, as evidenced by its Q1 2025 results [1] - The company's disciplined approach is highlighted in its recent performance, confirming previous observations about its operational efficiency [1] Group 2 - The analysis reflects a focus on value companies with solid long-term potential, indicating a strategic investment approach within the industry [1] - The article aims to support individual investors by providing insights and analysis, contributing to informed investment decisions [1]