Core Insights - YPF Sociedad Anónima reported Q3 2025 earnings of 84 cents per share, exceeding the Zacks Consensus Estimate of 82 cents, but down from $3.75 in the same quarter last year [1][9] - Total revenues for the quarter were $4.64 billion, missing the Zacks Consensus Estimate of $5.05 billion and down from $5.3 billion year-over-year [1] Operational Performance - Total hydrocarbon production decreased by 6.4% year-over-year to 523.1 thousand barrels of oil equivalent per day (Mboe/d) [3] - Crude oil production averaged 239.8 thousand barrels per day (MBbl/D), down from 255.8 MBbl/D a year ago, primarily due to lower conventional production from mature fields [3] - Natural gas production fell by 4.8% year-over-year to 38.4 million cubic meters per day, affected by lower conventional gas output [4] Price Realizations - Average price realization for crude oil decreased by 12.1% year-over-year to $60 per barrel [5] - Average natural gas price realizations fell by 3% year-over-year to $4.3 per million British thermal unit [5] - Adjusted EBITDA from upstream activities increased by 32.9% year-over-year to $1,042 million, driven by lower lifting costs and growth in seasonal natural gas sales [5] Midstream & Downstream - Processed crude volumes reached 326.2 MBbl/D, a 9.3% increase from 298.3 MBbl/D in the prior year [6] - Refinery utilization rate improved to 96.5% from 88.3% year-over-year [6] - Adjusted EBITDA from the midstream and downstream segment was reported at $354 million, down 25.6% year-over-year due to a fall in local fuel prices [6] Operating Expenses - Total operating expenses decreased by 30.9% year-over-year to $1,356 million, attributed to cost savings from reduced exposure to conventional mature fields and increased shale production [7] Cash Flow - Net cash flow from operating activities totaled $1,225 million, while the company reported a negative free cash flow of $759 million for the quarter [8] Balance Sheet - As of September 30, 2025, YPF had cash and short-term investments of $1.02 billion and total debt of $10.6 billion [10]

Financial Data and Key Metrics Changes - Revenues for the third quarter amounted to $4.6 billion, a 12% decrease year-on-year, reflecting a 13% decline in Brent prices [3][4] - Adjusted EBITDA reached approximately $1.4 billion, showing a sequential increase of over 20% while remaining flat compared to the previous year [3][4] - Free cash flow was negative at $759 million, primarily due to the acquisition of shale assets and the impact of the mature field exit strategy [8][29] Business Line Data and Key Metrics Changes - Shale production increased by 35% year-on-year, reaching 170,000 barrels per day, with preliminary figures indicating a further 12% increase in October [4][14] - Total hydrocarbon production averaged 523,000 barrels of oil equivalent per day, down 4% sequentially and 6% year-on-year [11] - Downstream segment achieved the highest processing level since 2009 at 326,000 barrels per day, a 9% increase year-on-year [7][22] Market Data and Key Metrics Changes - Crude oil realization price averaged $60 per barrel, flat sequentially but down 12% year-on-year [12] - Natural gas prices increased by 6% quarter-over-quarter to an average of $4.3 per MBTU [13] Company Strategy and Development Direction - The company continues to focus on operational efficiency and the development of unconventional resources, with 70% of CapEx directed towards shale activities [5][18] - YPF aims to become a 100% pure shale player with a competitive lifting cost structure of around $5 per BOE in the near future [18] - The Argentina LNG project is progressing, with a Technical FID signed for a fully integrated LNG project expandable to 18 million tons per year [9][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining profitability despite international price contractions, driven by an improved production mix and operational efficiencies [3][4] - The company anticipates a clean year in 2026, with improved visibility on results and shareholder value creation [72][74] Other Important Information - Net debt increased to $9.6 billion, with a net leverage ratio of 2.1x, but pro forma adjustments would show a lower ratio [8][29] - The company successfully issued $500 million in international bonds at an 8.25% yield, the lowest interest rate for an international bond in recent years [9][33] Q&A Session Summary Question: Production growth outlook for 2026 and 2027 - Management expects production to average around 215,000 barrels per day in 2026 and 290,000 barrels per day in 2027 [38] Question: Development of the Refinor asset and refining portfolio - Refinor provides logistical advantages, and management is focused on maximizing shareholder value through strategic decisions [39] Question: Future M&A activities and capital allocation - The company will remain active in portfolio management but does not foresee major acquisitions in the near term [43] Question: Working capital losses and future expectations - Negative working capital was driven by seasonality and longer collection days, with normalization expected in the coming quarters [53] Question: Lifting costs trajectory and leverage comfort level - Management is working to reduce unit costs and aims to maintain leverage at comfortable levels, with a reduction expected in 2026 [59] Question: Update on downstream pricing and divestment of MetroGAS - The company is implementing a dynamic pricing model and is in the process of negotiating divestments from conventional assets [61][65]

Financial Data and Key Metrics Changes - Revenues amounted to $4.6 billion, a 12% decline year-on-year, in line with a 13% decrease in Brent prices [3][4] - Adjusted EBITDA reached approximately $1.4 billion, reflecting a sequential increase of over 20% while remaining flat compared to the previous year [3][4] - Free cash flow was negative at $759 million, primarily due to the acquisition of shale assets and the impact of the mature field exit strategy [8][29] Business Line Data and Key Metrics Changes - Shale production increased by 35% year-on-year, reaching 170,000 barrels per day, with preliminary figures indicating a further 12% increase in October [4][12] - Downstream segment achieved the highest processing level since 2009 at 326,000 barrels per day, a 9% increase year-on-year [7][22] - Oil production reached 240,000 barrels per day, down 3% sequentially and 6% year-on-year, while natural gas production totaled 38.4 million cubic meters per day, down 3% sequentially [11][12] Market Data and Key Metrics Changes - Crude oil realization price averaged $60 per barrel, flat sequentially but down 12% year-on-year [12] - Natural gas prices increased by 6% quarter-over-quarter to an average of $4.3 per MBTU [13] Company Strategy and Development Direction - The company continues to focus on shale operations, with 70% of total quarterly investment directed towards developing unconventional resources [5][10] - The strategy includes divesting mature conventional fields and enhancing operational efficiency in shale production [17][18] - The Argentina LNG project is progressing, with a technical FID signed for a fully integrated LNG project expandable to 18 million tons per year [9][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining profitability despite international price contractions, driven by an improved production mix [4][10] - The company anticipates a clean year in 2026, with expectations for improved results and shareholder value [72] Other Important Information - Net debt increased to $9.6 billion, with a net leverage ratio of 2.1 times, but pro forma adjustments would show a lower ratio [8][29] - The company successfully issued $500 million in international bonds at an 8.25% yield, the lowest interest rate for an international bond in recent years [9][33] Q&A Session Summary Question: Production growth outlook for 2026 and 2027 - Management expects production to average around 215,000 barrels per day in 2026 and 290,000 barrels per day in 2027 [38] Question: Development of the Refinor asset and refining portfolio - Refinor provides logistical advantages, and management is focused on maximizing shareholder value through strategic decisions [39] Question: Future M&A activities and capital allocation - The company will remain active in portfolio management but does not foresee major acquisitions in the near term [43] Question: Working capital losses and future expectations - Negative working capital was driven by seasonality and longer collection days, with expectations for normalization in the coming quarters [53] Question: Lifting costs trajectory and asset costs for 2026 - Management is working to reduce unit costs and expects to maintain low lifting costs [59] Question: Update on MetroGas divestment - The company is in the process of negotiating the divestment and aims to exit conventional assets to focus on unconventional operations [65]

Financial Data and Key Metrics Changes - Revenues for the third quarter amounted to $4.6 billion, a 12% decrease year-on-year, reflecting a 13% decline in Brent prices [3][4] - Adjusted EBITDA reached approximately $1.4 billion, showing a sequential increase of over 20% while remaining flat compared to the previous year [3][4] - Free cash flow was negative at $759 million, primarily due to the acquisition of shale assets and the impact of the mature field exit strategy [7][8] Business Line Data and Key Metrics Changes - Shale production increased by 35% year-on-year, reaching 170,000 barrels per day, with preliminary figures indicating a further increase to 190,000 barrels per day in October [4][12] - The downstream segment achieved the highest processing level since 2009 at 326,000 barrels per day, a 9% increase year-on-year [6][21] - Oil production averaged 240,000 barrels per day, down 3% sequentially and 6% year-on-year, while natural gas production totaled 38.4 million cubic meters per day, down 3% sequentially [11][12] Market Data and Key Metrics Changes - Crude oil realization price averaged $60 per barrel, flat sequentially but down 12% year-on-year [12] - Natural gas prices increased by 6% quarter-over-quarter to an average of $4.3 per MBTU [12] Company Strategy and Development Direction - The company continues to focus on developing unconventional resources, with 70% of total quarterly investment directed towards shale operations [5][8] - YPF aims to become a 100% pure shale player with an efficient lifting cost structure of around $5 per BOE in the near future [18] - The Argentina LNG project is progressing, with a technical FID signed for a fully integrated LNG project expandable to 18 million tons per year [9][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining profitability despite international price contractions, driven by an improved production mix and operational efficiencies [3][4] - The company anticipates a clean year in 2026, with improved visibility on results and value creation for shareholders [53] Other Important Information - Net debt increased to $9.6 billion, with a net leverage ratio of 2.1 times, but pro forma adjustments would show a lower ratio [8][28] - The La Plata Refinery was recognized as the Refinery of the Year in Latin America, reflecting operational excellence [6][24] Q&A Session Summary Question: Production growth outlook for 2026 and 2027 - Management expects production to average around 215,000 barrels per day in 2026 and 290,000 barrels per day in 2027 [34] Question: Developments regarding the Refinor asset and refining portfolio - The Refinor asset provides logistical advantages, and management is focused on maximizing shareholder value through strategic decisions [35] Question: Future M&A activity and capital allocation - The company will remain active in portfolio management but does not foresee major acquisitions in the near term [36][37] Question: Working capital losses and future expectations - Negative working capital was driven by seasonality and longer collection days, with normalization expected in the coming quarters [42][44] Question: Lifting costs trajectory and leverage comfort level - Management aims to reduce unit costs and is comfortable with the current leverage ratio, expecting a reduction in 2026 [45][46]

Core Insights - YPF Sociedad Anonima reported a revenue of $4.64 billion for the quarter ended September 2025, reflecting a 12.4% decrease year-over-year and a surprise of -7.99% compared to the Zacks Consensus Estimate of $5.05 billion [1] - The earnings per share (EPS) for the quarter was $0.84, significantly lower than the $3.75 reported in the same quarter last year, but slightly above the consensus estimate of $0.82, resulting in an EPS surprise of +2.44% [1] Financial Performance - Total production in the upstream segment was 523.10 Kboed, slightly below the two-analyst average estimate of 524.56 Kboed [4] - Upstream operating revenues were reported at $1.97 billion, exceeding the two-analyst average estimate of $1.92 billion [4] - Operating revenues from crude oil in the upstream segment were $1.32 billion, marginally below the average estimate of $1.33 billion [4] - Midstream and downstream operating revenues totaled $3.72 billion, which was below the two-analyst average estimate of $3.78 billion [4] - Other upstream operating revenues were reported at $33 million, significantly lower than the average estimate of $74.19 million [4] - Upstream operating revenues from natural gas reached $611 million, surpassing the average estimate of $521.97 million [4] Stock Performance - YPF Sociedad Anonima's shares have returned +37.4% over the past month, contrasting with a -0.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Group 1 - YPF, Argentina's state-controlled energy company, reported a net loss of $198 million in the third quarter [1]

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of November 2025 Commission File Number: 001-12102 YPF Sociedad Anónima (Exact name of registrant as specified in its charter) Macacha Güemes 515 C1106BKK Buenos Aires, Argentina (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20- ...

Core Insights - Eni and YPF have signed a non-binding agreement with XRG to explore collaboration on the Argentina LNG project, aiming to make Argentina a major LNG exporter by 2030 [1][2] - The project targets the export of up to 30 million tonnes per annum (MTPA) of LNG by the end of the decade, leveraging Argentina's Vaca Muerta shale formation [2][5] - The first phase includes two floating liquefied natural gas (FLNG) units with a combined capacity of 12 MTPA, equivalent to about 18 billion cubic meters of natural gas annually [3] Project Details - The agreement establishes a framework for a Joint Development Agreement (JDA), potentially facilitating XRG's participation and advancing the Final Investment Decision (FID) [2][4] - The ARGLNG project encompasses gas production, processing, transportation, and the export of associated liquids [3] - The entry of ADNOC's XRG would enhance financial and technical capabilities, aligning with ADNOC's global LNG portfolio expansion [4] Strategic Importance - Argentina's Vaca Muerta shale is crucial for the country's transition from an energy importer to a significant exporter [5] - The ARGLNG project represents a significant step towards boosting domestic production and capturing global LNG demand, particularly in Asia and Europe [5][6] - If successful, the project would position Argentina among the top LNG exporters by the next decade, marking a transformative milestone for its energy sector [6]

Core Insights - Argentina's state-controlled oil company YPF and Italy's Eni have reached a framework agreement with Abu Dhabi National Oil Company's (ADNOC) XRG investment arm to collaborate on Argentina's liquefied natural gas (LNG) sector [1] Group 1 - YPF and Eni's partnership with ADNOC aims to enhance investment and development in Argentina's LNG industry [1] - The agreement signifies a strategic move to leverage international investment for local energy resources [1] - This collaboration is expected to boost Argentina's position in the global LNG market [1]

Core Insights - YPF and Globant have launched Digital Suppl.AI, an AI-based platform aimed at modernizing YPF's supply chain processes [2][9] - The platform includes eight agentic solutions focusing on procurement and inventory management to enhance business competitiveness [2][4] - The initiative aligns with YPF's Vision 2030, which aims for greater efficiency, competitiveness, and sustainability in operations [9][10] Company Overview - YPF is Argentina's leading energy company and the largest shale oil operator outside the United States, involved in various sectors of the energy value chain [11] - Globant specializes in digital transformation and AI solutions, providing technology and creativity to enhance enterprise performance [11][14] Project Details - Digital Suppl.AI will utilize 46 specialized AI agents to optimize sourcing, inventory, contract, and supplier management [9] - The project is executed under Globant's AI Pods model, which combines AI agents with human supervision to improve productivity and speed [2][9] - The platform is designed to automate processes, enhance decision-making, and provide personalized user experiences through natural language interaction [3][4] Strategic Goals - YPF aims to increase exports to over 30 billion dollars by 2031, with the Digital Suppl.AI project being crucial for achieving this target [6][10] - The partnership with Globant supports YPF's 4x4 Plan, which focuses on improving operational efficiency and positioning the company as a competitive player in the global energy market [10]