Core Viewpoint - YPF Sociedad Anonima's stock experienced a significant rally, driven by investor optimism regarding Argentina's energy sector reforms and expectations of improved profitability from its upstream operations [2] Group 1: Stock Performance - YPF shares increased by 5.3% in the last trading session, closing at $41.59, with notable trading volume [1] - The stock has gained 5.6% over the past four weeks, indicating a positive trend [1] Group 2: Earnings Expectations - YPF is expected to report quarterly earnings of $0.75 per share, reflecting a year-over-year increase of 21% [3] - Revenue projections stand at $4.3 billion, which is a decrease of 6.7% compared to the same quarter last year [3] Group 3: Earnings Estimate Revisions - The consensus EPS estimate for YPF has been revised down by 13.8% over the last 30 days [4] - A negative trend in earnings estimate revisions typically does not lead to price appreciation, suggesting caution moving forward [4] Group 4: Industry Context - YPF belongs to the Zacks Oil and Gas - Integrated - International industry, which includes other companies like Chevron [5] - Chevron's stock closed 1.4% higher at $201.44, with an 8% return over the past month [5]

Core Viewpoint - YPF Sociedad Anónima (NYSE:YPF) is identified as one of the most undervalued oil stocks, with analysts from HSBC and Jefferies providing positive outlooks and price target increases based on improved oil market conditions [1][2]. Group 1: Analyst Ratings and Price Targets - HSBC raised its price target for YPF from $36 to $40, maintaining a Hold rating, reflecting an updated outlook for oil prices and increased upside risks in the crude market [1]. - Jefferies analyst reaffirmed a Buy rating on YPF with a price target of $47, indicating a potential upside of 25.4% from current levels [2]. Group 2: Financial Activities - YPF repurchased Class XXX notes worth 49.8 billion Argentine pesos (approximately $35.5 million) between March 3 and March 9, at an average price of 98.83% of their nominal value [3]. Group 3: Company Overview - YPF Sociedad Anónima is an energy company based in Buenos Aires, Argentina, involved in both upstream and downstream gas and oil activities, founded in 1977 [4].

Group 1 - The U.S. Justice Department supports Argentina's request to suspend the discovery process in a New York court case related to the 2012 nationalization of YPF, arguing that the current discovery is overly intrusive and violates international principles [1][3] - Argentina is seeking to halt the discovery process and withdraw a contempt motion filed by plaintiffs Petersen Energía Inversora and Eton Park Capital Management, who were awarded $16.1 billion in damages [3] - Argentina asserts that the case should be governed by Argentine law and claims that the discovery demands are disproportionate, while the current administration has fully cooperated with legal requests [3] Group 2 - Under President Javier Milei's government, Argentina has strengthened economic ties with the U.S., which has become a key supporter of Argentina's plans to attract international investment [4] - YPF is Argentina's largest oil and gas company, aiming to become a global energy exporter by developing the Vaca Muerta shale formation, which holds the world's second-largest shale gas reserves and fourth-largest shale oil reserves [4]

Core Viewpoint - YPF Sociedad Anónima is recognized as one of the best affordable energy stocks to buy, with a focus on shale growth driving its investment potential [1]. Group 1: Price Target and Ratings - Morgan Stanley raised the price target for YPF from $45 to $47 while maintaining an Equalweight rating, citing the company's focus on shale growth as the reason for the revision [2]. - The firm believes YPF will be better positioned as a leaner organization following the disposal of conventional assets, which will enable increased investments in shale oil [3]. Group 2: Financial Performance - YPF reported a record-high EBITDA of $5 billion for Q4 and the full year of 2025, marking the highest level in a decade, despite a 4% annual revenue decline attributed to a 15% drop in Brent crude prices [4]. Group 3: Company Overview - YPF is an Argentina-based energy company involved in both upstream and downstream oil and gas activities, with operations that include refineries, terminal facilities, and power generation plants [5].

Core Insights - YPF Sociedad Anónima reported a fourth-quarter 2025 loss of $1.67 per share, widening from a loss of 74 cents in the previous year, and missing the Zacks Consensus Estimate of 77 cents for earnings [1][9] - Total quarterly revenues were $4.56 billion, exceeding the Zacks Consensus Estimate of $4.41 billion, but decreased from $4.75 billion in the prior year [1][9] Financial Performance - The quarterly loss was primarily due to higher income tax, reduced hydrocarbon production, and lower crude oil and natural gas price realizations, although reduced total operating expenses partially offset these negatives [2] - Total operating expenses for the quarter were $1,530 million, a decline of 24.9% from $2,036 million in the year-ago quarter [7] Operational Performance - YPF's total hydrocarbon production in Q4 2025 was 488 thousand barrels of oil equivalent per day (Mboe/d), down 6.2% from 520.6 Mboe/d in Q4 2024 [3] - Crude oil production averaged 264.4 thousand barrels per day (MBbl/D), compared to 269.8 MBbl/D a year ago, primarily due to lower conventional production from mature fields [3] - Natural gas production decreased 13.8% year over year to 29.6 million cubic meters per day, affected by lower conventional gas output [4] Price Realizations - Average price realization for crude oil fell 19.2% year over year to $53 per barrel, while average natural gas price realization decreased 10.9% to $2.8 per million British thermal units [5] Midstream & Downstream Performance - Processed crude volumes reached 334.9 MBbl/D, a 10.1% increase from 304.1 MBbl/D in the year-ago quarter, with refinery utilization improving to 99.1% from 90% [6] - Adjusted EBITDA for the midstream and downstream segment, excluding the price effect of oil products on inventories, was $694 million, down 84.3% year over year due to a fall in local fuel prices [6] Cash Flow - Net cash flow from operating activities in the quarter was $1,738 million, with a free cash flow of $265 million [10] Balance Sheet - As of December 31, 2025, YPF had cash and short-term investments of $1.21 billion and total debt of $10.56 billion [11]

Financial Data and Key Metrics Changes - In 2025, the company achieved a record-high EBITDA of $5 billion, marking the highest in the last 10 years and the third largest in company history, despite a 15% contraction in Brent prices [5][10] - Annual revenues totaled $18.4 billion, reflecting a modest decline of 4% compared to the previous year, primarily due to the significant drop in Brent prices [10][11] - Adjusted EBITDA increased by 8% in 2025, with the EBITDA margin growing from 24% in 2024 to 27% in 2025 [11][12] - Free cash flow returned to positive territory in Q4 2025 at $261 million, driven by operational performance and proceeds from asset sales [13] Business Line Data and Key Metrics Changes - Shale oil production grew by 42% year-on-year in December 2025, reaching 204,000 barrels per day, exceeding the target of 190,000 barrels per day [6][23] - Conventional oil production averaged 90,000 barrels per day in 2025, a 32% decline compared to 2024, with Q4 production dropping to 68,000 barrels per day [23][24] - The midstream and downstream segments achieved record-high operational results, with refinery utilization rates reaching almost 100% in Q4 2025 [7][12] Market Data and Key Metrics Changes - Vaca Muerta shale reserves expanded by 32% in 2025, now accounting for 88% of total peak oil reserves, with a reserve replacement ratio of 3.2 times and a reserve life of 9 years [7][29] - The company maintained a solid 56% market share in domestic gasoline and diesel sales, which increases to 60% when including third-party gas stations [38] Company Strategy and Development Direction - The company is focused on becoming a leading shale integrating company and a significant shale exporter, with a strategic shift towards unconventional operations [10][44] - Significant steps were taken in the development of the LNG project, with a commitment from international partners and a competitive LNG breakeven price positioning YPF for future leadership in the global LNG market [9][40] - The company executed a series of M&A transactions to enhance its portfolio, including acquiring world-class blocks in Vaca Muerta and divesting conventional assets [8][31] Management's Comments on Operating Environment and Future Outlook - Management highlighted the transformational year of 2025, emphasizing resilience and operational discipline despite volatile pricing environments [5] - The company expects to target shale oil production of approximately 215,000 barrels per day in 2026, with an exit rate of around 250,000 barrels per day [44] - The outlook for adjusted EBITDA in 2026 is estimated to range between $5.8 billion and $6.2 billion, driven by a strategic shift in production mix and efficiency programs [44] Other Important Information - The company successfully raised $3.7 billion in new funding during 2025, demonstrating strong market access and credibility [10][18] - Safety performance improved significantly, achieving a frequency rate of 0.09 accidents per million hours worked [14] Q&A Session Summary Question: Production targets and operational bottlenecks - Management expects to deliver between 200,000 to 210,000 barrels per day in the first half of 2026, with infrastructure improvements needed for higher production [48][49] Question: Well productivity and drilling inventory - YPF maintains a leading position in well productivity, with significant cost reductions achieved through competitive bidding processes [50][51] Question: Free cash flow profile and concentration - The company anticipates a neutral to slightly negative free cash flow position for 2026, influenced by CapEx and M&A activities [53][62] Question: Conventional asset investments and lifting costs - Management aims to exit conventional production entirely by the end of 2026, with expected lifting costs decreasing to around $7 per barrel [66][68]

Financial Data and Key Metrics Changes - In 2025, the company achieved a record-high EBITDA of $5 billion, marking a 8% increase from the previous year, despite a 15% contraction in Brent prices [5][11] - Annual revenues totaled $18.4 billion, reflecting a modest decline of 4% compared to the previous year [10] - The adjusted EBITDA margin grew from 24% in 2024 to 27% in 2025, indicating improved operational efficiency [11] Business Line Data and Key Metrics Changes - Shale oil production grew by 42% year-on-year in December 2025, reaching 204,000 barrels per day, exceeding the target of 190,000 barrels per day [6] - The lifting costs were reduced by 44% in Q4 2025 compared to the previous year, with total upstream lifting costs declining to $9.6 per BOE [6][24] - The midstream and downstream segments achieved record-high refinery utilization rates, with Q4 reaching nearly 100% [7][12] Market Data and Key Metrics Changes - Vaca Muerta shale reserves expanded by 32%, now accounting for 88% of total peak oil reserves, with a reserve replacement ratio of 3.2x [7][29] - The company maintained a solid 56% market share in domestic gasoline and diesel sales, increasing to 60% when including third-party gas stations [38] Company Strategy and Development Direction - The company is focused on becoming a leading shale integrating company and a significant shale exporter, with a strategic shift towards unconventional operations [10][44] - Significant M&A activities were executed, including the acquisition of three world-class blocks in Vaca Muerta and a partnership with Vista Energy to accelerate development [8][9] - The Argentina LNG project is a key focus, with plans for a total LNG capacity of around six million tons per year, supported by competitive breakeven prices [40][42] Management's Comments on Operating Environment and Future Outlook - Management highlighted the transformational year of 2025, emphasizing resilience and operational discipline despite market volatility [5] - The company expects to target shale oil production of approximately 215,000 barrels per day in 2026, with an adjusted EBITDA range of $5.8 billion to $6.2 billion [44][45] - The management expressed confidence in meeting debt obligations and maintaining a strong financial position [21][22] Other Important Information - The company raised $3.7 billion in new funding during 2025, demonstrating strong market access and credibility [10][19] - Safety performance improved significantly, achieving a frequency rate of 0.09 accidents per million hours worked [14] Q&A Session Summary Question: Production targets and operational bottlenecks - Management indicated that production will be between 200-210,000 barrels per day in the first half of 2026, with infrastructure improvements needed for higher output [49] Question: Well productivity and drilling inventory - Management noted that YPF has the highest well productivity among Argentine companies and is focused on reducing costs through competitive bidding [50] Question: Free cash flow profile and concentration - Management explained that free cash flow for 2026 is expected to be neutral to slightly negative, influenced by CapEx and M&A activities [60] Question: Conventional assets divestment timeline - Management aims to exit conventional production entirely by the end of 2026, focusing solely on shale operations [64] Question: LNG project partnerships - Management confirmed binding agreements with current partners and is evaluating interest from additional partners, though not necessary for project development [78]

Financial Data and Key Metrics Changes - In 2025, the company achieved a record-high EBITDA of $5 billion, marking the highest in the last 10 years and the third largest in company history, despite a 15% contraction in Brent prices [4][9] - Annual revenues totaled $18.4 billion, reflecting a modest decline of 4% compared to the previous year, primarily due to the significant drop in Brent prices [9][10] - Adjusted EBITDA increased by 8% in 2025, with the EBITDA margin growing from 24% in 2024 to 27% in 2025 [10][12] - Q4 adjusted EBITDA reached nearly $1.3 billion, reflecting an impressive 53% internal growth [10] Business Line Data and Key Metrics Changes - Shale oil production grew by 42% in December 2025 year-on-year, reaching 204,000 barrels per day, exceeding the target of 190,000 barrels per day [5][22] - Conventional oil production averaged 90,000 barrels per day in 2025, a 32% decline compared to 2024, with Q4 averaging 68,000 barrels per day [22][24] - The midstream and downstream segments achieved record-high operational results, with a refinery utilization rate of almost 100% in Q4, growing by 10% internally [6][11] Market Data and Key Metrics Changes - Vaca Muerta shale reserves expanded by 32%, now accounting for 88% of total peak oil reserves, with a reserve replacement ratio of 3.2 times and a reserve life of 9 years [6][29] - The company maintained a solid 56% market share in domestic gasoline and diesel sales, increasing to 60% when including third-party gas stations [39] Company Strategy and Development Direction - The company is focused on becoming a leading shale integrating company and a significant shale exporter, with a strategic shift towards unconventional operations [9][45] - Significant steps were taken in the development of the LNG project, with a commitment from international partners and a competitive LNG breakeven price positioning YPF for leadership in the global LNG market [8][41] - The company executed a series of significant acquisitions in Vaca Muerta, reinforcing its portfolio and operational efficiency [7][34] Management's Comments on Operating Environment and Future Outlook - Management highlighted the transformational year of 2025, emphasizing resilience and operational discipline despite volatile pricing environments [4] - The company anticipates a production target of approximately 215,000 barrels per day for shale oil in 2026, with an expected exit rate of around 250,000 barrels per day [45] - The outlook for adjusted EBITDA in 2026 is estimated to range between $5.8 billion and $6.2 billion, driven by strategic production shifts and efficiency programs [45] Other Important Information - The company successfully raised $3.7 billion in new funding during 2025, demonstrating strong market access and credibility [9][18] - Free cash flow returned to positive territory in Q4 2025 at $261 million, primarily driven by operational performance and asset sales [12][18] Q&A Session Summary Question: Production targets and operational bottlenecks - Management expects to deliver between 200,000 to 210,000 barrels per day in the first half of 2026, with infrastructure improvements needed for higher production [50][51] Question: Well productivity and drilling inventory - YPF maintains a leading position in well productivity, with significant cost reductions achieved through competitive bidding processes [52][53] Question: Free cash flow profile and concentration - The company anticipates a neutral to slightly negative free cash flow position for 2026, influenced by CapEx and M&A activities [56][64] Question: Conventional asset investment and production evolution - Management aims to exit conventional production entirely by the end of 2026, focusing solely on shale operations [68][69] Question: LNG project partnerships - The company is analyzing interest from potential new partners for the LNG project but can proceed with current partners [81][82] Question: Refining margins and pricing strategy - The company employs a dynamic pricing policy to manage refining margins, adjusting prices based on market conditions [86]

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File Number: 001-12102 YPF Sociedad Anónima (Exact name of registrant as specified in its charter) FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of February 2026 Macacha Güemes 515 C1106BKK Buenos Aires, Argentina (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20- ...

Core Insights - YPF Sociedad Anónima has signed a joint development agreement with Eni and XRG to advance the Argentina LNG project, which is linked to the Vaca Muerta field and aims to produce 12 million metric tons of LNG annually [2][3] Group 1: Project Details - The Argentina LNG project will utilize two floating liquefaction units for its operations [2] - The agreement includes starting front-end engineering and design, along with other technical, commercial, and financing workstreams [2] Group 2: Leadership Commentary - Horacio Marín, President and CEO of YPF, emphasized the significance of including XRG in the project, positioning Argentina LNG as a leading global LNG project [3] - The company aims to reach the Final Investment Decision (FID) by the second half of 2026 [3] Group 3: Market Response - JPMorgan analyst Rodolfo Angele raised YPF's stock price target from $51 to $54, indicating a potential upside of nearly 44% from the current share price while maintaining an 'Overweight' rating [3]