YPF (YPF) swings to $409M Q1 2026 profit with strong cash flow

YPF (YPF) swings to $409M Q1 2026 profit with strong cash flow

What were YPF (YPF) earnings per share for the three-month period ended March 31, 2026?

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Insights

Energy sector equity analyst positive

Q: How did YPF (YPF) perform financially in the quarter ended March 31, 2026?

Q: How strong was YPF (YPF) cash flow from operating activities in early 2026?

Q: What is YPF (YPF)’s debt position as of March 31, 2026?

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Key Figures

Key Terms

How did YPF (YPF) perform financially in the quarter ended March 31, 2026?

How strong was YPF (YPF) cash flow from operating activities in early 2026?

What is YPF (YPF)’s debt position as of March 31, 2026?

How did YPF (YPF) revenues by segment contribute to Q1 2026 results?

What strategic asset transactions did YPF (YPF) undertake around early 2026?

What is YPF (YPF)’s plan for assets held for sale in its conventional upstream portfolio?

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Negative

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For the three-month period ended March 31, 2026, YPF reported basic and diluted earnings per share of $1.03 . This compares with a basic and diluted loss per share of $0.04 for the same period in 2025, reflecting a significant improvement in profitability.

YPF reported net profit of $409 million for the three months ended March 31, 2026, compared with a $10 million loss a year earlier. Revenues rose to $4,946 million from $4,608 million, and operating profit increased to $878 million from $192 million.

YPF generated $1,865 million of net cash flows from operating activities for the three months ended March 31, 2026. This was up from $850 million a year earlier and exceeded capital expenditures of $1,090 million during the same period, supporting its investment program.

As of March 31, 2026, YPF reported total loans of $10,117 million , split between non-current and current maturities. Cash and cash equivalents were $1,326 million, and total shareholders’ equity amounted to $11,635 million, providing context for the company’s leverage profile.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

YPF Sociedad Anónima reports a strong rebound for the three-month period ended March 31, 2026, with revenues of $4,946 million, up from $4,608 million a year earlier. Operating profit rose sharply to $878 million from $192 million, driven by higher gross profit and much lower negative other operating results.

Net profit reached $409 million versus a $10 million loss in 2025, and basic and diluted earnings per share improved to $1.03 from a loss of $0.04. Operating cash flow increased to $1,865 million, comfortably funding $1,090 million of capital expenditures.

Total assets were $30,358 million and total shareholders’ equity $11,635 million, with loans of $10,117 million. During the period YPF advanced its portfolio strategy, including an asset swap with Pluspetrol and increased interests in the Bandurria Sur, Bajo del Toro and Bajo del Toro Norte blocks, while continuing an optimization plan for mature upstream assets classified as held for sale.

Strong turnaround in profitability: Net profit reached $409 million for the three months ended March 31, 2026, versus a $10 million loss a year earlier, with operating profit rising to $878 million from $192 million.
Robust operating cash flow versus capex: Net cash flows from operating activities of $1,865 million in the period more than covered capital expenditures of $1,090 million, supporting ongoing investment without relying solely on new borrowing.

None.

YPF shows a sharp earnings turnaround and strong cash generation.

YPF delivered net profit of $409 million in Q1 2026 versus a $10 million loss a year earlier. Revenue grew to $4,946 million and operating profit expanded to $878 million, indicating materially improved underlying performance across its integrated oil and gas chain.

Operating cash flow of $1,865 million comfortably covered capital spending of $1,090 million, supporting ongoing investment in upstream and downstream assets. Loans totaled $10,117 million against cash and cash equivalents of $1,326 million, so leverage remains an important consideration, though equity increased to $11,635 million.

Strategically, YPF is consolidating key unconventional positions, completing an asset swap with Pluspetrol and expanding stakes in the Bandurria Sur, Bajo del Toro and Bajo del Toro Norte blocks. It is also progressing an optimization plan for mature conventional fields via assets held for sale. Future filings may show how these moves affect segment profitability and capital efficiency over the 2026 fiscal year.

Revenue: $4,946 million Net profit: $409 million Earnings per share: $1.03 +5 more

8 metrics

Revenue $4,946 million For the three-month period ended March 31, 2026

Net profit $409 million For the three-month period ended March 31, 2026

Earnings per share $1.03 Basic and diluted EPS for three months ended March 31, 2026

Operating cash flow $1,865 million Net cash flows from operating activities, three months ended March 31, 2026

Capital expenditures $1,090 million Acquisition of property, plant and equipment and intangibles, three months ended March 31, 2026

Total assets $30,358 million Consolidated statement of financial position as of March 31, 2026

Total shareholders’ equity $11,635 million As of March 31, 2026, including non-controlling interests

Total loans $10,117 million Outstanding loans as of March 31, 2026

condensed interim consolidated financial statements, IFRS Accounting Standards, optimization plan of the conventional Upstream portfolio, assets held for sale, +2 more

6 terms

condensed interim consolidated financial statements financial

"The condensed interim consolidated financial statements of the Company for the three-month period ended March 31, 2026, are presented in accordance with IAS 34"

Condensed interim consolidated financial statements are a shortened, combined set of a company group’s financial reports prepared for a period between annual reports. They present key figures—like revenue, profit, assets and liabilities—for the whole corporate group in a compact format, offering investors a timely snapshot of performance and trends without the full detail of annual accounts, helping inform short-term decisions and risk assessment.

IFRS Accounting Standards financial

"presented in U.S. dollars and in accordance with IFRS Accounting Standards as issued by the IASB"

International Financial Reporting Standards (IFRS) are a set of common rules for preparing company financial reports so numbers like profit, assets and debt are presented consistently across countries. Think of them as a standardized recipe or blueprint that helps investors compare businesses the same way they would compare cars using the same list of features; consistent reporting reduces surprises and makes it easier to assess value, risk and performance.

optimization plan of the conventional Upstream portfolio financial

"Property, plant and equipment - Optimization plan of the conventional Upstream portfolio"

assets held for sale financial

"The following table presents the main assets held for sale and associated liabilities as of March 31, 2026"

Assets held for sale are things a company has decided to sell and has reclassified on its balance sheet to show they are being marketed rather than used in daily operations — like putting a house on the market instead of living in it. This matters to investors because these items are measured based on expected sale proceeds (which can reveal likely gains or losses), stop being treated as regular operating assets, and signal upcoming cash inflows or a change in strategy that can affect the company’s financial health and stock value.

business segments financial

"The different business segments in which the Group’s organization is structured consider the different activities from which the Group can obtain revenues"

fair value hierarchy levels financial

"their allocation to their fair value hierarchy levels"

Form 6-K: How Foreign Companies Report to the SEC →

05/14/2026 - 04:32 PM

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 May 2026

Commission File Number: 001-12102

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

YPF Sociedad Anónima

TABLE OF CONTENT

ITEM 1 YPF S.A.’s Condensed Interim Consolidated Financial Statements as of March 31, 2026 and Comparative Information (US$).

ITEM 2 YPF S.A.’s Condensed Interim Consolidated Financial Statements as of March 31, 2026 and Comparative Information (Unaudited) (AR$).

LOGO

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF MARCH 31, 2026

AND COMPARATIVE INFORMATION

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

CONTENT


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

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

GLOSSARY OF TERMS


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

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

LEGAL INFORMATION

Legal address

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

Fiscal year

No. 50 beginning on January 1, 2026.

Main business of the Company

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

Filing with the Public Registry of Commerce

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

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

January 26, 2024, registered with the Public Registry of Commerce of the Autonomous City of Buenos Aires in charge of the Argentine Registry of Companies (Inspección General de Justicia) on March 15, 2024, under No. 4,735, Book 116 of Corporations. In addition, an amendment approved by the General Shareholders’ Meeting on April 30, 2026, is currently in the process of being registered in the aforementioned Public Registry.

Capital structure

393,312,793 shares of common stock, $10 par value and 1 vote per share.

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

3,933,127,930.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF MARCH 31, 2026 AND DECEMBER 31, 2025

(Amounts expressed in millions of United States dollars)


	Notes		March 31, 2026		December 31, 2025
ASSETS
Non-current assets
Intangible assets		8		1,073		1,068
Property, plant and equipment		9		19,558		19,085
Right-of-use assets		10		609		537
Investments in associates and joint ventures		11		1,717		1,610
Deferred income tax assets, net		19		41		9
Other receivables		14		636		648
Trade receivables		15		6		5

Total non-current assets				23,640		22,962

Current assets
Assets held for sale		12		957		1,019
Inventories		13		1,460		1,447
Contract assets		26		5		3
Other receivables		14		820		1,159
Trade receivables		15		1,784		1,654
Investments in financial assets		16		366		262
Cash and cash equivalents		17		1,326		933

Total current assets				6,718		6,477

TOTAL ASSETS				30,358		29,439

SHAREHOLDERS’ EQUITY
Capital				3,921		3,921
Treasury shares				12		12
Share-based benefit plans				10		7
Acquisition cost of treasury shares				(35)		(35)
Share trading premiums				(44)		(44)
Issuance premiums				640		640
Legal reserve				787		787
Reserve for investments				6,587		6,587
Reserve for purchase of treasury shares				33		33
Other comprehensive income				(193)		(338)
Unappropriated retained earnings and losses				(352)		(756)

Shareholders’ equity attributable to shareholders of the parent company				11,366		10,814

Non-controlling interest				269		230

TOTAL SHAREHOLDERS’ EQUITY				11,635		11,044

LIABILITIES
Non-current liabilities
Provisions		18		639		610
Contract liabilities		26		212		180
Deferred income tax liabilities, net		19		511		373
Income tax liability				865		830
Taxes payable		20		19		18
Salaries and social security		21		98		63
Lease liabilities		22		332		273
Loans		23		8,526		8,226
Other liabilities		24		347		373
Accounts payable		25		6		6

Total non-current liabilities				11,555		10,952

Current liabilities
Liabilities directly associated with assets held for sale		12		1,060		1,181
Provisions		18		248		229
Contract liabilities		26		145		117
Income tax liability				194		73
Taxes payable		20		350		217
Salaries and social security		21		371		336
Lease liabilities		22		308		298
Loans		23		1,591		2,355
Other liabilities		24		534		399
Accounts payable		25		2,367		2,238

Total current liabilities				7,168		7,443

TOTAL LIABILITIES				18,723		18,395

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY				30,358		29,439

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

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

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


			For the three-month periods ended March 31,
	Notes		2026		2025
Net income
Revenues		26		4,946		4,608
Costs		27		(3,188)		(3,308)

Gross profit				1,758		1,300


Selling expenses		28		(489)		(497)
Administrative expenses		28		(291)		(258)
Exploration expenses		28		(20)		(30)
Other net operating results		29		(80)		(323)

Operating profit				878		192


Income from equity interests in associates and joint ventures		11		101		81

Financial income		30		32		16
Financial costs		30		(304)		(285)
Other financial results		30		(55)		24

Net financial results		30		(327)		(245)



Net profit before income tax				652		28


Income tax		19		(243)		(38)

Net profit / (loss) for the period				409		(10)


Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures				51		(38)
Result from net monetary position in subsidiaries, associates and joint ventures⁽¹⁾				128		84

Other comprehensive income for the period				179		46



Total comprehensive income for the period				588		36


Net profit / (loss) for the period attributable to:
Shareholders of the parent company				404		(16)
Non-controlling interest				5		6
Other comprehensive income for the period attributable to:
Shareholders of the parent company				145		37
Non-controlling interest				34		9
Total comprehensive income for the period attributable to:
Shareholders of the parent company				549		21
Non-controlling interest				39		15
Earnings per share attributable to shareholders of the parent company:
Basic and diluted		33		1.03		(0.04)

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

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

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

(Amounts expressed in millions of United States dollars)


	For the three-month period ended March 31, 2026
	Shareholders’ contributions														Retained earnings ⁽⁴⁾												Equity attributable to
	Capital		Treasury shares		Share- based benefit plans		Acquisition cost of treasury shares ⁽²⁾			Share trading premiums			Issuance premiums		Legal reserve		Reserve for investments		Reserve for purchase of treasury shares		Other comprehensive income			Unappropriated retained earnings and losses			Shareholders of the parent company		Non-controlling interest		Total shareholders’ equity
Balance at the beginning of the fiscal year		3,921		12		7		(35	)		(44	)		640		787		6,587		33		(338	)		(756	)		10,814		230		11,044
Accrual of share-based benefit plans ⁽³⁾		-		-		3		-			-			-		-		-		-		-			-			3		-		3
Other comprehensive income		-		-		-		-			-			-		-		-		-		145			-			145		34		179
Net profit for the period		-		-		-		-			-			-		-		-		-		-			404			404		5		409

Balance as of March 31, 2026		3,921		12		10		(35)			(44)			640		787		6,587		33		(193)	⁽¹⁾		(352)			11,366		269		11,635

(1)

Includes (2,300) related to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar, and 2,107 related to the recognition of the result from net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency. See Note 2.b.1) to the annual consolidated financial statements.

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

(3)	See Note 38.

(4)	Includes 35 restricted to the distribution of retained earnings as of March 31, 2026 and December 31, 2025, respectively. See Note 31 to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2026 AND 2025 (cont.)

(Amounts expressed in millions of United States dollars)


	For the three-month period ended March 31, 2025
	Shareholders’ contributions														Retained earnings ⁽⁴⁾												Equity attributable to
	Capital		Treasury shares		Share- based benefit plans		Acquisition cost of treasury shares ⁽²⁾			Share trading premiums			Issuance premiums		Legal reserve		Reserve for investments		Reserve for purchase of treasury shares		Other comprehensive income			Unappropriated retained earnings and losses			Shareholders of the parent company			Non-controlling interest		Total shareholders’ equity
Balance at the beginning of the fiscal year		3,922		11		3		(28	)		(42	)		640		787		4,236		36		(331	)		2,418			11,652			218		11,870
Accrual of share-based benefit plans ⁽³⁾		-		-		2		-			-			-		-		-		-		-			-			2			-		2
Other comprehensive income		-		-		-		-			-			-		-		-		-		46			(9	)		37			9		46
Net (loss) / profit for the period		-		-		-		-			-			-		-		-		-		-			(16	)		(16	)		6		(10	)

Balance as of March 31, 2025		3,922		11		5		(28)			(42)			640		787		4,236		36		(285)	⁽¹⁾		2,393			11,675			233		11,908

(1)

Includes (2,005) related to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar, and 1,720 related to the recognition of the result from net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency. See Note 2.b.1) to the annual consolidated financial statements.

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

(3)	See Note 38.

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

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

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

(Amounts expressed in millions of United States dollars)


	For the three-month periods ended March 31,
	2026		2025
Cash flows from operating activities
Net profit / (loss)		409		(10)
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(101)		(81)
Depreciation of property, plant and equipment		653		718
Amortization of intangible assets		17		14
Depreciation of right-of-use assets		73		74
Retirement of property, plant and equipment and intangible assets and consumption of materials		56		99
Charge on income tax		243		38
Net increase in provisions		102		261
Effect of changes in exchange rates, interest and others		291		243
Share-based benefit plans		3		2
Result from sale of assets		(4)		(14)
Result from changes in fair value of assets held for sale		(14)		200
Changes in assets and liabilities:
Trade receivables		(58)		(14)
Other receivables		1		(224)
Inventories		(5)		(69)
Accounts payable		81		(282)
Taxes payable		123		(12)
Salaries and social security		64		27
Other liabilities		(80)		(104)
Decrease in provisions due to payment/use		(26)		(59)
Contract assets		(2)		5
Contract liabilities		63		45
Proceeds from collection of profit loss insurance		-		1
Income tax payments		(24)		(8)

Net cash flows from operating activities ^(1) (2)		1,865		850


Investing activities: ⁽³⁾
Acquisition of property, plant and equipment and intangible assets		(1,090)		(1,205)
Additions of assets held for sale		(4)		(33)
Contributions and acquisitions of interests in associates and joint ventures		(34)		(71)
Acquisitions from business combinations net of cash and cash equivalents		-		(243)
Proceeds from sales of financial assets		49		97
Payments from purchase of financial assets		(145)		-
Interests received from financial assets		1		1
Proceeds from concessions, assignment agreements and sale of assets		514		71

Net cash flows used in investing activities		(709)		(1,383)


Financing activities: ⁽³⁾
Payments of loans		(1,173)		(1,087)
Payments of interests		(257)		(221)
Proceeds from loans		769		1,767
Account overdrafts, net		(3)		-
Payments of leases		(96)		(105)
Payments of interests in relation to income tax		(27)		-

Net cash flows (used in) / from financing activities		(787)		354



Effect of changes in exchange rates on cash and cash equivalents		24		(1)



Increase / (Decrease) in cash and cash equivalents		393		(180)


Cash and cash equivalents at the beginning of the fiscal year		933		1,118
Cash and cash equivalents at the end of the period		1,326		938

Increase / (Decrease) in cash and cash equivalents		393		(180)

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

(2)	Includes 19 and 20 for the three-month periods ended March 31, 2026 and 2025, respectively, for payments of short-term leases and payments of the variable charge of leases related to the underlying asset use or performance.

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


	For the three-month periods ended March 31,
	2026		2025
Unpaid acquisitions of property, plant and equipment and intangible assets		404		590
Unpaid additions of assets held for sale		1		5
Additions of right-of-use assets		159		11
Capitalization of depreciation of right-of-use assets		10		16
Capitalization of financial accretion for lease liabilities		1		3
Unpaid receivables from the sale of assets		387		-

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

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

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

General information

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

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

Structure and organization of the Group’s business

As of March 31, 2026, the Group carries out its operations in accordance with the following structure:

Upstream

Midstream and Downstream

LNG and Integrated Gas

New Energies

Central Administration and Others

Activities covered by each business segment are detailed in Note 6. The following table presents the main companies of the Group as of March 31, 2026, by business segment:

Entity

Country

Main business

% of ownership of
capital stock ⁽¹⁾

Relationship

Upstream

SC Gas

Argentina

Hydrocarbon exploitation

100%

Subsidiary

VMI

Argentina

Hydrocarbon exploitation

100%

Subsidiary

Midstream and Downstream

OPESSA

Argentina

Gas stations

99.99%

Subsidiary

Refinor

Argentina

Industrialization and commercialization of hydrocarbons

100%

Subsidiary

OTA

Argentina

Hydrocarbon transportation

36%

Joint venture

OTC

Chile

Hydrocarbon transportation

36%

Joint venture

Oldelval

Argentina

Hydrocarbon transportation

37%

Associate

OTAMERICA

Argentina

Hydrocarbon transportation

30%

Associate

Termap

Argentina

Hydrocarbon transportation

33.15%

Associate

VMOS ^{(3) (5)}

Argentina

Hydrocarbon transportation

24.49%

Associate

YPF Gas

Argentina

Commercialization of LPG

33.99%

Associate

LNG and Integrated Gas

YPF Chile

Chile

Commercialization of natural gas

100%

Subsidiary

Argentina LNG

Argentina

Industrialization and commercialization of LNG

100%

Subsidiary

Sur Inversiones Energéticas

Argentina

Industrialization and commercialization of LNG through Southern Energy S.A. associate.

100%

Subsidiary

MEGA

Argentina

Separation of natural gas liquids and their fractionation

38%

Joint venture

New Energies

Metrogas ⁽²⁾

Argentina

Distribution of natural gas

70%

Subsidiary

Metroenergía

Argentina

Commercialization of natural gas

71.50%

Subsidiary

Y-TEC

Argentina

Research and development of technology

51%

Subsidiary

YPF EE

Argentina

Generation of electric power

75%

Joint venture

CT Barragán

Argentina

Generation of electric power

50%

Joint venture

CDS ⁽⁴⁾

Argentina

Generation of electric power

10.25%

Associate

Central Administration and Others

AESA

Argentina

Engineering and construction services

100%

Subsidiary

YPF Digital

Argentina

Digital development services and solutions

100%

Subsidiary

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

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

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

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

(5)

On April 23, 2026, VMOS’s Shareholders’ Meeting approved an increase in the transportation capacity available to YPF and Chevron Argentina S.R.L., which will result in an increase in YPF’s equity interest in VMOS. As of the date of issuance of these condensed interim consolidated financial statements, such increase is pending subscription and payment. After the subscription and payment process is completed, YPF will hold a 29.82% interest in that company.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

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

2.a) Applicable accounting framework

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

These condensed interim consolidated financial statements corresponding to the three-month period ended March 31, 2026, are unaudited. The Company believes they include all necessary adjustments to reasonably present the results of each period on a basis consistent with the audited annual consolidated financial statements. Net Income for the three-month period ended March 31, 2026 does not necessarily reflect the proportion of the Group’s full-year net income.

2.b) Material accounting policies

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

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

Functional currency

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

The consolidated financial statements used by YPF for statutory, legal and regulatory purposes in Argentina are those in pesos and filed with the CNV and approved by the Board of Directors and authorized to be issued on May 7, 2026.

Adoption of new standards, interpretations and amendments

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

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

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

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

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

2.d) Comparative information

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

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

3. SEASONALITY OF OPERATIONS

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

4. ACQUISITIONS AND DISPOSALS

The most relevant acquisitions and disposals of companies that took place during the three-month period ended March 31, 2026 are described below:

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

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

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

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

On February 1, 2026, YPF entered into agreements with Vista Energy S.A.B. de C.V. (“Vista”) for (i) the share purchase and sale agreement in Equinor Argentina S.A.U., the company that owns 30% of the “Bandurria Sur” exploitation concession, and (ii) the acquisition of a 15% interest in the “Bajo del Toro” and “Bajo del Toro Norte” exploitation concessions (see Note 38 to the consolidated annual financial statements).

On May 7, 2026, after the fulfillment of the closing conditions, the agreements entered into between YPF and Vista were completed; as of that date YPF, which held interests in the “Bandurria Sur,” “Bajo del Toro,” and “Bajo del Toro Norte” prior to the aforementioned agreements, owns a total (direct and indirect) interest of 44.9% in the “Bandurria Sur” block and 65% in the “Bajo del Toro” and “Bajo del Toro Norte” blocks.

5. FINANCIAL RISK MANAGEMENT

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

During the three-month period ended March 31, 2026, there were no significant changes in the administration or policies of risk management implemented by the Group as described in Note 4 to the annual consolidated financial statements.

•

Liquidity risk management

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

The Group monitors compliance with covenants on a quarterly basis. As of March 31, 2026, the Group is in compliance with its covenants.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION

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

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

The business segments structure is organized as follows:

•

Upstream

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

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

It incurs all costs related to the aforementioned activities.

•

Midstream and Downstream

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

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

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

•

LNG and Integrated Gas

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

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

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

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)

•

New Energies

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

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

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

•

Central Administration and Others

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

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

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

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)


	Upstream			Midstream and Downstream		LNG and Integrated Gas			New Energies		Central Administration and Others			Consolidation adjustments ⁽¹⁾			Total
For the three-month period ended March 31, 2026
Revenues		33			4,212		304			203		194			-			4,946
Revenues from intersegment sales		1,988			45		67			3		265			(2,368	)		-

Revenues		2,021			4,257		371			206		459			(2,368	)		4,946


Operating profit or loss		616	⁽³⁾		1,085		(1	)		13		(170	)		(665	)		878
Income from equity interests in associates and joint ventures		-			9		17			75		-			-			101

Net financial results																		(327	)
Net profit before income tax																		652
Income tax																		(243	)
Net profit for the period																		409

Acquisitions of property, plant and equipment		828			169		18			9		12			-			1,036
Acquisitions of right-of-use assets		105			54		-			-		-			-			159
Increases from business combinations		-			-		-			-		-			-			-

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		480			137		1			11		24			-			653
Amortization of intangible assets		-			9		-			3		5			-			17
Depreciation of right-of-use assets		42			30		-			-		1			-			73

Balance as of March 31, 2026
Assets		13,578			12,019		746			2,320		2,513			(818	)		30,358

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)


	Upstream			Midstream and Downstream		LNG and Integrated Gas			New Energies		Central Administration and Others			Consolidation adjustments ⁽¹⁾			Total
For the three-month period ended March 31, 2025
Revenues		18			3,868		333			189		200			-			4,608
Revenues from intersegment sales		2,049			62		67			3		282			(2,463	)		-

Revenues		2,067			3,930		400			192		482			(2,463	)		4,608


Operating profit or loss		(103	)		422		(5	)		24		(115	)		(31	)		192
Income from equity interests in associates and joint ventures		-			14		22			45		-			-			81

Net financial results																		(245	)
Net profit before income tax																		28
Income tax																		(38	)
Net loss for the period																		(10	)

Acquisitions of property, plant and equipment		1,060			213		3			10		20			-			1,306
Acquisitions of right-of-use assets		2			1		-			-		8			-			11
Increases from business combinations		262			-		-			-		-			-			262

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		561			125		1			10		21			-			718
Amortization of intangible assets		-			9		-			4		1			-			14
Depreciation of right-of-use assets		41			31		-			-		2			-			74

Balance as of December 31, 2025
Assets		13,167			11,093		735			2,502		2,094			(152	)		29,439

(1)	Corresponds to the eliminations among the business segments of the Group.

(2)	Includes depreciation of charges for impairment of property, plant and equipment.

(3)	Includes 9 of unproductive exploratory drillings as of March 31, 2026.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

7. FINANCIAL INSTRUMENTS BY CATEGORY

Fair value measurements

Fair value measurements are described in Note 6 to the annual consolidated financial statements.

The tables below present the Group’s financial assets measured at fair value through profit or loss as of March 31, 2026 and December 31, 2025, and their allocation to their fair value hierarchy levels:


	As of March 31, 2026
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		354		-		-		354
- Private securities - NO		12		-		-		12

		366		-		-		366

Cash and cash equivalents:
- Mutual funds		410		-		-		410
- Public securities		37		-		-		37

		447		-		-		447

		813		-		-		813


	As of December 31, 2025
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		250		-		-		250
- Private securities - NO		12		-		-		12

		262		-		-		262

Cash and cash equivalents:
- Mutual funds		382		-		-		382
- Public securities		24		-		-		24

		406		-		-		406

		668		-		-		668

The Group has no financial liabilities measured at fair value through profit or loss.

During the three-month period ended March 31, 2026, there were no transfers between the different hierarchies used to determine the fair value of the Group’s financial instruments.

Fair value of financial assets and financial liabilities measured at amortized cost

The estimated fair value of loans, considering unadjusted listed prices (Level 1) for NO and interest rates offered to the Group (Level 3) for the remaining loans, amounted to 9,938 and 10,696 as of March 31, 2026 and December 31, 2025, respectively.

The fair value of other receivables, trade receivables, cash and cash equivalents, other liabilities and accounts payable at amortized cost, do not differ significantly from their carrying amount.

8. INTANGIBLE ASSETS


	March 31, 2026		December 31, 2025
Net carrying amount of intangible assets		1,113		1,108
Provision for impairment of intangible assets		(40)		(40)

		1,073		1,068

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

8. INTANGIBLE ASSETS (cont.)

The evolution of the Group’s intangible assets for the three-month period ended March 31, 2026 and as of the year ended December 31, 2025 is as follows:


	Service concessions	Exploration rights and hydrocarbon resources	Other intangibles	Total
Cost	1,050	110	536	1,696
Accumulated amortization	730	-	435	1,165
Balance as of December 31, 2024	320	110	101	531


Cost
Increases	74	-	8	82
Increases from business combinations	-	580	-	580
Translation effect	-	-	(31)	(31)
Adjustment for inflation ⁽¹⁾	-	-	24	24
Decreases, reclassifications and other movements	-	(54)	29	(25)

Accumulated amortization
Increases	27	-	34	61
Translation effect	-	-	(20)	(20)
Adjustment for inflation ⁽¹⁾	-	-	15	15
Decreases, reclassifications and other movements	-	-	(3)	(3)

Cost	1,124	636	566	2,326
Accumulated amortization	757	-	461	1,218
Balance as of December 31, 2025	367	636	105	1,108


Cost
Increases	8	-	2	10
Increases from business combinations	-	-	-	-
Translation effect	-	-	4	4
Adjustment for inflation ⁽¹⁾	-	-	11	11
Decreases, reclassifications and other movements	-	-	9	9

Accumulated amortization
Increases	7	-	10	17
Translation effect	-	-	3	3
Adjustment for inflation ⁽¹⁾	-	-	9	9
Decreases, reclassifications and other movements	-	-	-	-

Cost	1,132	636	592	2,360
Accumulated amortization	764	-	483	1,247
Balance as of March 31, 2026	368	636	109	1,13
Cost

(1)	Corresponds to the adjustment for inflation of opening balances of intangible assets of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

9. PROPERTY, PLANT AND EQUIPMENT


	March 31, 2026		December 31, 2025
Net carrying amount of property, plant and equipment		20,378		19,926
Provision for obsolescence of materials and equipment		(481)		(484)
Provision for impairment of property, plant and equipment		(339)		(357)

		19,558		19,085

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Changes in Group’s property, plant and equipment for the three-month periods ended March 31, 2026 and as of the year ended December 31, 2025 are as follows:


	Land and buildings			Mining property, wells and related equipment			Refinery equipment and petrochemical plants		Transportation equipment			Materials and equipment in warehouse			Drilling and work in progress			Exploratory drilling in progress			Furniture, fixtures and installations			Selling equipment			Infrastructure for natural gas distribution			Other property			Total
Cost		1,355			28,511			9,331		728			1,563			6,068			59			896			1,565			1,375			953			52,404
Accumulated depreciation		715			22,329			6,230		378			-			-			-			800			1,041			711			744			32,948

Balance as of December 31, 2024		640			6,182			3,101		350			1,563			6,068			59			96			524			664			209			19,456


Cost
Increases		1			175			125		17			867			3,673			40			3			-			-			8			4,909
Increases from business combinations		11			184			51		93			46			50			-			-			-			-			-			435
Translation effect		(81	)		-			-		(31	)		(10	)		(16	)		-			(18	)		-			(399	)		(100	)		(655	)
Adjustment for inflation⁽¹⁾		62			-			-		24			8			12			-			14			-			304			78			502
Decreases, reclassifications and other movements		(24	)		(1,174	)		555		178			(1,200	)		(4,376	)		(85	)		23			37			40			(17	)		(6,043	) ^(2) (3)

Accumulated depreciation
Increases		27			2,348			389		59			-			-			-			40			75			26			28			2,992
Translation effect		(45	)		-			-		(19	)		-			-			-			(11	)		-			(205	)		(74	)		(354	)
Adjustment for inflation⁽¹⁾		34			-			-		14			-			-			-			9			-			157			56			270
Decreases, reclassifications and other movements		(28	)		(4,134	)		-		(29	)		-			-			-			(10	)		(1	)		(1	)		(27	)		(4,230	) ^(2) (3)

Cost		1,324			27,696			10,062		1,009			1,274			5,411			14			918			1,602			1,320			922			51,552
Accumulated depreciation		703			20,543			6,619		403			-			-			-			828			1,115			688			727			31,626

Balance as of December 31, 2025		621			7,153			3,443		606			1,274			5,411			14			90			487			632			195			19,926


Cost
Increases		1			-			4		1			195			827			2			3			-			-			3			1,036
Increases from business combinations		-			-			-		-			-			-			-			-			-			-			-			-
Translation effect		15			-			-		7			1			1			-			2			-			71			18			115
Adjustment for inflation⁽¹⁾		25			-			-		11			3			3			-			4			-			127			37			210
Decreases, reclassifications and other movements		11			525			280		17			(177	)		(737	)		1			3			25			4			2			(46	)

Accumulated depreciation
Increases		8			504			100		15			-			-			-			10			21			8			7			673
Translation effect		8			-			-		3			-			-			-			2			-			35			17			65
Adjustment for inflation⁽¹⁾		15			-			-		6			-			-			-			4			-			65			25			115
Decreases, reclassifications and other movements		-			(3	)		-		13			-			-			-			-			-			-			-			10

Cost		1,376			28,221			10,346		1,045			1,296			5,505			17			930			1,627			1,522			982			52,867
Accumulated depreciation		734			21,044			6,719		440			-			-			-			844			1,136			796			776			32,489

Balance as of March 31, 2026		642			7,177			3,627		605			1,296			5,505			17			86			491			726			206			20,378

(1)	Corresponds to the adjustment for inflation of opening balances of property, plant and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

(2)	Includes 380 and 74 of cost and accumulated depreciation, respectively, of assets related to the “Aguada del Chañar” exploitation concession reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 11.b) to the annual consolidated financial statements.

(3)

Includes 4,630 and 3,879 of cost and accumulated depreciation, respectively, of assets related to the “Cerro Fortunoso”, “Valle del Río Grande” and “Manantiales Behr” exploitation concessions within the context of the Optimization plan of the conventional Upstream portfolio reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 11.a) to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

The Group capitalizes the financial cost of loans as part of the cost of the property, plant and equipment. For the three-month periods ended March 31, 2026 and 2025, the rate of capitalization was 7.03% and 6.57%, respectively, and the amount capitalized amounted to 4 and 3, respectively.

Set forth present is the evolution of the provision for obsolescence of materials and equipment for the three-month period ended March 31, 2026 and as of the year ended December 31, 2025:


	Provision for obsolescence of materials and equipment
Balance as of December 31, 2024		223

Increases charged to profit or loss		371
Decreases charged to profit or loss		(41)
Applications due to utilization		(20)
Translation effect		(2)
Adjustment for inflation⁽¹⁾		2
Reclassifications		(49)

Balance as of December 31, 2025		484

Increases charged to profit or loss		-
Decreases charged to profit or loss		(9)
Applications due to utilization		-
Translation effect		-
Adjustment for inflation⁽¹⁾		-
Reclassifications		6

Balance as of March 31, 2026		481

(1)	Corresponds to the adjustment for inflation of opening balances of the provision for obsolescence of materials and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

Set forth present is the evolution of the provision for impairment of property, plant and equipment for the three-month period ended March 31, 2026 and as of the year ended December 31, 2025:


	Provision for impairment of property, plant and equipment
Balance as of December 31, 2024		497

Increases charged to profit or loss		2
Decreases charged to profit or loss		(7)
Depreciation⁽¹⁾		(135)
Translation effect		(4)
Adjustment for inflation⁽²⁾		4

Balance as of December 31, 2025		357

Increases charged to profit or loss		-
Decreases charged to profit or loss		-
Depreciation⁽¹⁾		(20)
Translation effect		1
Adjustment for inflation⁽²⁾		1

Balance as of March 31, 2026		339

(1)	Included in “Depreciation of property, plant and equipment” line item in the statement of comprehensive income, see Note 28.

(2)	Corresponds to the adjustment for inflation of opening balances of the provision for impairment of property, plant and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

10. RIGHT-OF-USE ASSETS

The evolution of the Group’s right-of-use assets for the three-month period ended March 31, 2026 and as of the year ended December 31, 2025 is as follows:


	Land and buildings		Exploitation facilities and equipment		Machinery and equipment		Gas stations		Transportation equipment		Total
Cost		52		568		611		114		673		2,018
Accumulated depreciation		32		502		284		67		390		1,275

Balance as of December 31, 2024		20		66		327		47		283		743


Cost
Increases		-		37		40		-		139		216
Translation effect		-		-		-		(8)		-		(8)
Adjustment for inflation ⁽¹⁾		-		-		-		5		-		5
Decreases, reclassifications and other movements		(7)		(19)		(4)		-		(51)		(81)

Accumulated depreciation
Increases		6		35		111		11		180		343
Translation effect		-		-		-		(6)		-		(6)
Adjustment for inflation ⁽¹⁾		-		-		-		4		-		4
Decreases, reclassifications and other movements		(1)		(2)		-		-		-		(3)

Cost		45		586		647		111		761		2,150
Accumulated depreciation		37		535		395		76		570		1,613

Balance as of December 31, 2025		8		51		252		35		191		537


Cost
Increases		-		105		19		-		35		159
Translation effect		-		-		-		1		-		1
Adjustment for inflation ⁽¹⁾		-		-		-		4		-		4
Decreases, reclassifications and other movements		-		(20)		-		(8)		-		(28)

Accumulated depreciation
Increases		1		11		29		4		38		83
Translation effect		-		-		-		2		-		2
Adjustment for inflation ⁽¹⁾		-		-		-		1		-		1
Decreases, reclassifications and other movements		-		(18)		-		(4)		-		(22)

Cost		45		671		666		108		796		2,286
Accumulated depreciation		38		528		424		79		608		1,677

Balance as of March 31, 2026		7		143		242		29		188		609

(1)	Corresponds to the adjustment for inflation of opening balances of right-of-use assets of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table presents the value of the investments in associates and joint ventures at an aggregate level as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Amount of investments in associates		341		326
Amount of investments in joint ventures		1,376		1,284

		1,717		1,610

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (cont.)

The main concepts which affected the value of the aforementioned investments during the three-month period ended March 31, 2026 and as of the year ended December 31, 2025, correspond to:


	Investments in associates and joint ventures
Balance as of December 31, 2024		1,960

Acquisitions and contributions		96
Capitalization in associates and joint ventures		12
Income on investments in associates and joint ventures		122
Distributed dividends ⁽⁴⁾		(249	)
Translation differences		(17	)
Adjustment for inflation ⁽¹⁾		18
Decrease of companies ⁽²⁾		(261	)
Other movements ⁽³⁾		(71	)

Balance as of December 31, 2025		1,610

Acquisitions and contributions		34
Capitalization in associates and joint ventures		-
Income on investments in associates and joint ventures		101
Distributed dividends		(39	)
Translation differences		4
Adjustment for inflation ⁽¹⁾		7
Decrease of companies		-
Other movements		-

Balance as of March 31, 2026		1,717

(1)	Corresponds to the adjustment for inflation of opening balances of associates and joint ventures with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income, see Note 2.b.1) to the annual consolidated financial statements.

(2)	Corresponds to the decrease due to the sale of Profertil, see Note 3 to the annual consolidated financial statements.

(3)	Corresponds to the decrease in the OLCLP and Refinor joint ventures, see Note 3 to the annual consolidated financial statements.

(4)	Includes 23 that were offset by trade liabilities.

The following table presents the principal amounts of the results of the investments in associates and joint ventures of the Group, calculated according to the equity method, for the three-month periods ended March 31, 2026 and 2025. The values reported by these companies have been adjusted, if applicable, to adapt them to the accounting policies used by the Company for the calculation of the equity method value in the aforementioned dates:


	Associates				Joint ventures
	For the three-month periods ended March 31,				For the three-month periods ended March 31,
	2026		2025		2026		2025
Net income		8		9		93		72
Other comprehensive income		11		3		-		1

Comprehensive income		19		12		93		73

The Company has no investments in subsidiaries with significant non-controlling interests. Likewise, the Company has no significant investments in associates and joint ventures, except for the investment in YPF EE.

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES

The following table presents the main assets held for sale and associated liabilities as of March 31, 2026 and December 31, 2025:

	$		$		$
	Upstream		Midstream and Downstream		Total
Balance as of March 31, 2026
Assets held for sale
Property, plant and equipment - Optimization plan of the conventional Upstream portfolio		951		-		951
Property, plant and equipment - Gas stations		-		6		6

		951		6		957


Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations - Optimization plan of the conventional Upstream portfolio		1,051		-		1,051
Provision for environmental liabilities - Optimization plan of the conventional Upstream portfolio		5		-		5
Liabilities for concessions - Optimization plan of the conventional Upstream portfolio		4		-		4

		1,060		-		1,060

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES (cont.)

	$		$		$
	Upstream		Midstream and Downstream		Total
Balance as of December 31, 2025
Assets held for sale
Property, plant and equipment - Optimization plan of the conventional Upstream portfolio		1,013		-		1,013
Property, plant and equipment - Gas stations		-		6		6

		1,013		6		1,019


Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations - Optimization plan of the conventional Upstream portfolio		1,172		-		1,172
Provision for environmental liabilities - Optimization plan of the conventional Upstream portfolio		5		-		5
Liabilities for concessions - Optimization plan of the conventional Upstream portfolio		4		-		4

		1,181		-		1,181

12.a) Optimization plan of the conventional Upstream portfolio

12.a.1) Description of the Plan

The Optimization plan of the conventional Upstream portfolio is described in Note 11.a.1) to the annual consolidated financial statements.

As of the date of issuance of these condensed interim consolidated financial statements, the Company has signed assignment agreements for certain groups of assets as held for sale that are subject to closing conditions mainly related to regulatory and provincial approvals, for which the Company is taking the necessary steps to close; and considers that it is highly probable that these assets will be disposed. In addition, the Company maintains groups of assets as held for sale for which agreements have not yet been signed but continues in negotiations with third parties for their disposal or reversal. The delay in the fulfillment of the plan for the disposal of mature fields is due to the complexity of the negotiations, which is beyond the Company’s control. As of the date of issuance of these condensed interim consolidated financial statements, the Company considers that the disposal of such assets continues to be highly probable during 2026.

12.a.2) Accounting matters

In relation to the assignment and/or reversion agreements that have met the agreed closing conditions during the three-month period ended March 31, 2026, the Company recognized:

A gain from sale of assets in the “Other net operating results” line item in the statement of comprehensive income of 4.

A gain from changes in the fair value of assets held for sale under “Other net operating results” line item in the statement of comprehensive income of 14.

The derecognition of the carrying amount of the liabilities directly associated with assets held for sale net of the assets held for sale of 90.

Likewise, the Company has committed to an optimization plan that involves operating efficiency measures related to the reduction of third party employees directly or indirectly affected to the operation of areas related to certain groups of assets held for disposal. For such concept, the Company recognized a loss for 70 in the “Provision for operating optimizations” line under “Other operating results, net” line item in the statement of comprehensive income.

13. INVENTORIES


	March 31, 2026			December 31, 2025
Finished goods		940			921
Crude oil and natural gas		375			393	⁽²⁾
Products in process		51			39
Raw materials, packaging materials and others		94			94

		1,460	⁽¹⁾		1,447	⁽¹⁾

(1)	As of March 31, 2026, and December 31, 2025, the carrying amount of inventories does not exceed their net realizable value.

(2)	Includes 21 corresponding to the provision of inventories write-down as of December 31, 2025, respectively, see Note 12 to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

14. OTHER RECEIVABLES


	March 31, 2026					December 31, 2025
	Non-current			Current		Non-current			Current
Receivables from services, sales of other assets and other advance payments		76			116		85			502	⁽³⁾
Tax credit and export rebates		85			100		67			99
Loans and balances with related parties ⁽¹⁾		197			67		200			36
Collateral deposits		-			16		-			15
Prepaid expenses		44			82		48			39
Advances and loans to employees		-			7		-			6
Advances to suppliers and custom agents ⁽²⁾		8			52		6			90
Receivables with partners in JO and Consortiums		213			306		232			299
Miscellaneous		54			74		49			73

		677			820		687			1,159
Provision for other doubtful receivables		(41	)		-		(39	)		-

		636			820		648			1,159

(1)	See Note 37 for information about related parties.

(2)	Includes, among others, advances to custom agents for the payment of taxes and import rights related to the imports of fuels and goods.

(3)	Includes receivable balances from the sale of Profertil, see Note 3 to the annual consolidated financial statements.

15. TRADE RECEIVABLES


	March 31, 2026						December 31, 2025
	Non-current			Current			Non-current			Current
Accounts receivable and related parties ^{(1) (2)}		13			1,863			12			1,728
Provision for doubtful trade receivables		(7	)		(79	)		(7	)		(74	)

		6			1,784			5			1,654

(1)	See Note 37 for information about related parties.

(2)	See Note 26 for information about credits for contracts included in trade receivables.

Set forth present is the evolution of the provision for doubtful trade receivables for the three-month period ended March 31, 2026 and for the fiscal year ended December 31, 2025:


	Provision for doubtful trade receivables
	Non-current			Current
Balance as of December 31, 2024		9	⁽¹⁾		52

Increases charged to expenses		-			62
Decreases charged to income		-			(8	)
Applications due to utilization		-			(20	)
Net exchange and translation differences		(2	)		(12	)

Balance as of December 31, 2025		7	⁽¹⁾		74

Increases charged to expenses		-			7
Decreases charged to income		-			(4	)
Applications due to utilization		-			(1	)
Net exchange and translation differences		-			3

Balance as of March 31, 2026		7	⁽¹⁾		79

(1)	Mainly including credits with distributors of natural gas for the accumulated daily differences pursuant to Decree No. 1,053/2018, see Note 35.c.1) to the annual consolidated financial statements.

16. INVESTMENTS IN FINANCIAL ASSETS


	March 31, 2026			December 31, 2025
Investments at fair value through profit or loss
Public securities		354	⁽¹⁾		250
Private securities - NO		12			12

		366			262

(1)	See Note 37.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

17. CASH AND CASH EQUIVALENTS


	March 31, 2026		December 31, 2025
Cash and banks ⁽¹⁾		322		198
Short-term investments ⁽²⁾		557		329
Financial assets at fair value through profit or loss ⁽³⁾		447		406

		1,326		933

(1)	Includes balances granted as collateral, see Note 34.d) to the annual consolidated financial statements.

(2)	Includes 73 and 13 of term deposits and other investments with BNA as of March 31, 2026 and December 31, 2025, respectively.

(3)	See Note 7.

18. PROVISIONS

Changes in the Group’s provisions for the three-month period ended March 31, 2026 and for the fiscal year ended December 31, 2025 are as follows:


	Provision for lawsuits and contingencies		Provision for environmental liabilities		Provision for hydrocarbon wells abandonment obligations		Total
	Non-current	Current	Non-current	Current	Non-current	Current	Non-current	Current
Balance as of December 31, 2024	129	21	99	36	856	59	1,084	116

Increases charged to expenses	41	-	142	-	114	-	297	-
Decreases charged to income	(7)	-	(1)	-	(36)	-	(44)	-
Increases from business combinations	2	-	-	-	12	-	14	-
Applications due to utilization	(1)	(25)	-	(92)	-	(22)	(1)	(139)
Net exchange and translation differences	(28)	(1)	-	-	-	-	(28)	(1)
Result from net monetary position ⁽¹⁾	-	-	-	-	-	-	-	-
Reclassifications and other movements ⁽²⁾	(25)	25	(172)	174	(515)	54	(712)	253
Balance as of December 31, 2025	111	20	68	118	431	91	610	229

Increases charged to expenses	14	-	49	-	15	-	78	-
Decreases charged to income	-	-	(1)	-	(6)	-	(7)	-
Increases from business combinations	-	-	-	-	-	-	-	-
Applications due to utilization	-	(2)	-	(19)	-	(4)	-	(25)
Net exchange and translation differences	5	-	-	-	-	-	5	-
Result from net monetary position ⁽¹⁾	-	-	-	-	-	-	-	-
Reclassifications and other movements	(2)	2	(41)	40	(4)	2	(47)	44
Balance as of March 31, 2026	128	20	75	139	436	89	639	248

(1)

Includes the adjustment for inflation of opening balances of provisions of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income, and the adjustment for inflation of the period which was charged to net profit or loss in the statement of comprehensive income.

(2)

Includes 242 and 4 corresponding to the provisions for hydrocarbon wells abandonment obligations and for environmental liabilities, respectively, related to the “Cerro Fortunoso”, “Valle del Río Grande” and “Manantiales Behr” exploitation concessions within the context of the Optimization plan of the conventional Upstream portfolio reclassified to the “Liabilities directly associated with assets held for sale” line item in the statement of financial position, see Note 11.a) to the annual consolidated financial statements.

Provisions are described in Note 17 to the annual consolidated financial statements.

19. INCOME TAX

According to IAS 34, income tax expense is recognized in each interim period based on the best estimate of the effective income tax rate expected as the closing date of these condensed interim consolidated financial statements, considering the tax criteria that the Group assumes to apply during the fiscal year. If the estimate of such rate is modified based on new elements of judgment, the income tax expense could require adjustments in subsequent periods.

The amount accrued of income tax charge for the three-month periods ending March 31, 2026 and 2025 is as follows:


	For the three-month periods ended March 31,
	2026		2025
Current income tax		(151)		(18)
Deferred income tax		(92)		(20)

		(243)		(38)

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

19. INCOME TAX (cont.)

The effective income tax rate projected at the end of the fiscal year amounts to 37.27%. The difference between this rate and the effective rate as of December 31, 2025 is mainly explained by the effect of adhering in November 2025 to the Regularization plan associated with the calculation of tax loss carryforwards, see Note 18 to the annual consolidated financial statements.

As of March 31, 2026 and December 31, 2025 the Group has classified as deferred tax asset 41 and 9, respectively, and as deferred tax liability 511 and 373, respectively, all of which arise from the net deferred tax balances of each of the individual companies included in these condensed interim consolidated financial statements.

As of March 31, 2026 and December 31, 2025, the causes that generated charges within “Other comprehensive income” line item in the statement of comprehensive income did not generate temporary differences subject to income tax.

20. TAXES PAYABLE


	March 31, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
VAT		-		55		-		41
Withholdings and perceptions		-		69		-		77
Royalties		-		97		-		51
Fuels tax		19		88		18		14
Turnover tax		-		6		-		7
Miscellaneous		-		35		-		27

		19		350		18		217

21. SALARIES AND SOCIAL SECURITY


	March 31, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Salaries and social security		-		99		-		73
Bonuses and incentives provision		-		173		-		166
Cash-settled share-based payments provision ⁽¹⁾		95		-		58		-
Vacation provision		-		62		-		61
Provision for severance indemnities ⁽²⁾		-		32		-		31
Miscellaneous		3		5		5		5

		98		371		63		336

(1)	Corresponds to the Value Generation Plan, see Note 38.

(2)	Includes, mainly, severance indemnities related to the Mature Fields Project, see Note 11.a) to the annual consolidated financial statements.

22. LEASE LIABILITIES

The evolution of the Group’s leases liabilities for the three-month period ended March 31, 2026 and for the fiscal year ended December 31, 2025, is as follows:


	Lease liabilities
Balance as of December 31, 2024		776

Increases of leases		216
Financial accretions		65
Decreases of leases		(80)
Payments		(406)

Balance as of December 31, 2025		571

Increases of leases		159
Financial accretions		12
Decreases of leases		(6)
Payments		(96)

Balance as of March 31, 2026		640

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

23. LOANS


									March 31, 2026					December 31, 2025
	Interest rate⁽¹⁾						Maturity		Non-current		Current			Non-current		Current
Pesos:
Financial loans		12.57	%	-	43.04	%		2026-2027		28		55			61		24
Account overdrafts				-				-		-		-			-		3

									28		55			61		27

Currencies other than the peso:
NO ^{(2) (3)}		0.00	%	-	10.00	%		2026-2047		7,831		1,216			7,466		1,486
Exports pre-financing		2.00	%	-	8.65	%		2026-2028		102		14	⁽⁵⁾		153		197
Imports financing		7.60	%	-	10.50	%		2026		-		22			-		20
Financial loans ⁽⁴⁾		3.00	%	-	9.25	%		2026-2030		565		244			546		561
Stock market promissory notes		3.95	%	-	4.50	%		2026		-		40			-		64

									8,498		1,536			8,165		2,328

									8,526		1,591			8,226		2,355

(1)	Nominal annual interest rate as of March 31, 2026.

(2)	Disclosed net of 176 and 175 corresponding to YPF’s own NO repurchased through open market transactions, as of March 31, 2026 and December 31, 2025, respectively.

(3)	Includes 1,218 and 1,475 as of March 31, 2026 and December 31, 2025, respectively, of nominal value that will be canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued.

(4)	Includes 284 and 233 of loans granted by BNA as of March 31, 2026 and December 31, 2025, respectively.

(5)	Includes 3 as of March 31, 2026 of pre-financing of exports granted by BNA.

Set forth below is the evolution of the loans for three-month period ended March 31, 2026 and for the fiscal year ended December 31, 2025:


	Loans
Balance as of December 31, 2024		8,942

Proceeds from loans		4,481
Payments of loans		(2,871)
Payments of interest		(670)
Account overdrafts, net		4
Accrued interest ⁽¹⁾		691
Net exchange and translation differences		(14)
Result from net monetary position ⁽²⁾		(5)
Increases from business combinations		23
Balance as of December 31, 2025		10,581

Proceeds from loans		769
Payments of loans		(1,173)
Payments of interest		(257)
Account overdrafts, net		(3)
Accrued interest ⁽¹⁾		197
Net exchange and translation differences		3
Result from net monetary position ⁽²⁾		-
Increases from business combinations		-
Balance as of March 31, 2026		10,117

(1)	Includes capitalized financial costs.

(2)

Includes the adjustment for inflation of opening balances of loans of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income, and the adjustment for inflation of the period which was charged to net profit or loss in the statement of comprehensive income.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

23. LOANS (cont.)

Details regarding the NO of the Group are as follows:


														March 31, 2026				December 31, 2025
Month	Year		Principal value ⁽³⁾			Class		Interest rate⁽¹⁾				Principal maturity		Non-current		Current		Non-current		Current
YPF
-		1998		U.S. dollar	15		-		Fixed	10.00	%		2028		15		1		15		-
July, December		2017		U.S. dollar	644		Class LIII		Fixed	6.95	%		2027		647		8		648		19
December		2017		U.S. dollar	537		Class LIV		Fixed	7.00	%		2047		530		11		530		2
June		2019		U.S. dollar	399		Class I		Fixed	8.50	%		2029		398		9		397		-
February		2021		U.S. dollar	748		Class XVII		Fixed	9.00	%		2029		537		232		537		216
February		2021		U.S. dollar	576		Class XVIII		Fixed	7.00	%		2033		559		-		558		11
July		2021		U.S. dollar	384		Class XX		Fixed	5.75	%		2032		302		59		329		65
January		2023		U.S. dollar	230		Class XXI		-	-			-		-		-		-		154
April		2023		U.S. dollar	38		Class XXIV		Fixed	1.00	%		2027		38		-		38		-
June		2023		U.S. dollar	213		Class XXV		-	-			-		-		-		-		188
September		2023		U.S. dollar	400		Class XXVI		Fixed	0.00	%		2028		400		-		400		-
October		2023		U.S. dollar	128		Class XXVII		Fixed	0.00	%		2026		-		126		-		133
January		2024		U.S. dollar	800		Class XXVIII		Fixed	9.50	%		2031		636		174		714		114
May		2024		U.S. dollar	131		Class XXIX		-	-			-		-		-		-		132
July, April		2024/25		U.S. dollar	389		Class XXX		Fixed	1.00	%		2026		-		303		-		370
September		2024		U.S. dollar	540		Class XXXI		Fixed	8.75	%		2031		1,045		5		1,046		21
October		2024		U.S. dollar	125		Class XXXII		Fixed	6.50	%		2028		125		2		125		2
October		2024		U.S. dollar	25		Class XXXIII		Fixed	7.00	%		2028		25		1		25		-
January ⁽⁴⁾		2025		U.S. dollar	1,632		Class XXXIV		Fixed	8.25	%		2034		1,624		28		1,080		42
February		2025		U.S. dollar	140		Class XXXV		Fixed	6.25	%		2027		-		140		140		1
May ⁽²⁾		2025		U.S. dollar	140		Class XXXVII		Fixed	7.00	%		2027		139		1		139		2
July ⁽²⁾		2025		U.S. dollar	250		Class XXXVIII		Fixed	7.50	%		2027		248		4		248		4
July, August ⁽²⁾		2025		U.S. dollar	225		Class XXXIX		Fixed	8.75	%		2030		154		4		155		8
August ⁽²⁾		2025		U.S. dollar	51		Class XL		Fixed	7.50	%		2028		50		-		50		-
October ⁽⁴⁾		2025		U.S. dollar	99		Class XLI		Fixed	6.00	%		2027		-		100		98		1
December ⁽⁴⁾		2025		U.S. dollar	361		Class XLII		Fixed	7.00	%		2027		359		8		194		1

														7,831		1,216		7,466		1,486

(1)	Nominal annual interest rate as of March 31, 2026.

(2)	During the three-month period ended March 31, 2026, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements.

(3)	Total nominal value issued without including the nominal values canceled through exchanges or repurchases, expressed in millions.

(4)	As of the date of issuance of these condensed interim consolidated financial statements, the Group has not yet definitively applied the proceeds disclosed in the corresponding pricing supplements. These proceeds are temporally invested until the committed plan of application is fully complied.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

24. OTHER LIABILITIES


	March 31, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Liabilities for concessions and assignment agreements		97		272		91		162
Liabilities for contractual claims ⁽¹⁾		11		54		54		56
Provision for operating optimizations ⁽²⁾		-		75		-		22
Liabilities for agreements⁽³⁾		238		131		227		158
Miscellaneous		1		2		1		1

		347		534		373		399

(1)	Corresponds to the liability arising from the settlement agreement entered into with Transportadora de Gas del Norte S.A. for claims related to restrictions in the natural gas market for the period from 2007 to 2010.

(2)	Includes, mainly, operating optimizations relating to Mature Fields Project, see Note 11.a.2) to the annual consolidated financial statements and Note 12.a.2).

(3)	Includes, mainly, the liability related to the assignment of the exploitation concessions in the Province of Santa Cruz within the context of the Mature Fields Project, see Note 11.a.2) to the annual consolidated financial statements.

25. ACCOUNTS PAYABLE


	March 31, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Trade payable and related parties ⁽¹⁾		4		2,317		4		2,172
Guarantee deposits		1		3		1		3
Payables with partners of JO and Consortiums		1		30		1		48
Miscellaneous		-		17		-		15

		6		2,367		6		2,238

(1)	See Note 37 for information about related parties.

26. REVENUES


	For the three-month periods ended March 31,
	2026		2025
Revenue from contracts with customers		4,943		4,600
National Government incentives ⁽¹⁾		3		8

		4,946		4,608

(1)	See Note 37.

The Group’s transactions and the main revenues by business segments are described in Note 6. In accordance with Note 25 to the annual consolidated financial statements, revenues from contracts with customers of the Group is classified into the following categories:

•

Breakdown of revenues

Type of good or service


	For the three-month periods ended March 31, 2026
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		1,745		-		-		-		1,745
Gasolines		-		1,131		-		-		-		1,131
Natural gas ⁽¹⁾		7		5		298		153		-		463
Crude oil		9		257		-		-		-		266
Jet fuel		-		282		-		-		-		282
Lubricants and by-products		-		84		-		-		-		84
LPG		-		124		-		-		-		124
Fuel oil		-		25		-		-		-		25
Petrochemicals		-		104		-		-		-		104
Fertilizers and crop protection products		-		41		-		-		-		41
Flours, oils and grains		-		149		-		-		-		149
Asphalts		-		23		-		-		-		23
Goods for resale at gas stations		-		33		-		-		-		33
Income from services		-		-		-		-		30		30
Income from construction contracts		-		-		-		-		86		86
Virgin naphtha		-		39		-		-		-		39
Petroleum coke		-		74		-		-		-		74
LNG regasification		-		1		-		-		-		1
Other goods and services		17		95		3		50		78		243

		33		4,212		301		203		194		4,943

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

26. REVENUES (cont.)


	For the three-month periods ended March 31, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		1,586		-		-		-		1,586
Gasolines		-		1,037		-		-		-		1,037
Natural gas ⁽¹⁾		10		5		325		146		-		486
Crude oil		-		251		-		-		-		251
Jet fuel		-		213		-		-		-		213
Lubricants and by-products		-		87		-		-		-		87
LPG		-		141		-		-		-		141
Fuel oil		-		30		-		-		-		30
Petrochemicals		-		95		-		-		-		95
Fertilizers and crop protection products		-		34		-		-		-		34
Flours, oils and grains		-		139		-		-		-		139
Asphalts		-		25		-		-		-		25
Goods for resale at gas stations		-		36		-		-		-		36
Income from services		-		-		-		-		32		32
Income from construction contracts		-		-		-		-		96		96
Virgin naphtha		-		33		-		-		-		33
Petroleum coke		-		63		-		-		-		63
LNG regasification		-		1		-		-		-		1
Other goods and services		8		91		2		42		72		215

		18		3,867		327		188		200		4,600

(1)	Includes 316 and 342 corresponding to sales of natural gas produced by the Company for the three-month periods ended March 31, 2026 and 2025, respectively.

Sales channels


	For the three-month periods ended March 31, 2026
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		1,842		-		-		-		1,842
Power plants		-		-		117		67		-		184
Distribution companies		-		-		35		-		-		35
Retail distribution of natural gas		-		-		-		90		-		90
Industries, transport and aviation		6		1,017		148		19		-		1,190
Agriculture		-		431		-		-		-		431
Petrochemical industry		-		128		-		-		-		128
Trading		-		545		-		-		-		545
Oil companies		9		115		-		-		-		124
Commercialization of LPG		-		58		-		-		-		58
Other sales channels		18		76		1		27		194		316

		33		4,212		301		203		194		4,943


	For the three-month periods ended March 31, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		1,740		-		-		-		1,740
Power plants		-		-		127		18		-		145
Distribution companies		-		-		50		-		-		50
Retail distribution of natural gas		-		-		-		92		-		92
Industries, transport and aviation		10		968		150		70		-		1,198
Agriculture		-		381		-		-		-		381
Petrochemical industry		-		138		-		-		-		138
Trading		-		466		-		-		-		466
Oil companies		-		50		-		-		-		50
Commercialization of LPG		-		66		-		-		-		66
Other sales channels		8		58		-		8		200		274

		18		3,867		327		188		200		4,600

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

26. REVENUES (cont.)

Target market

Sales in the domestic market amounted to 4,070 and 3,844 for the three-month periods ended March 31, 2026 and 2025, respectively.

Sales in the international market amounted to 873 and 756 for the three-month periods ended March 31, 2026 and 2025, respectively.

•

Contract balances

The following table presents information regarding credits, contract assets and contract liabilities:


	March 31, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Credits for contracts included in the item of “Trade receivables”		12		1,825		11		1,678
Contract assets		-		5		-		3
Contract liabilities		212		145		180		117

Contract assets are mainly related to the activities carried out by the Group under construction contracts.

Contract liabilities are mainly related to advances received from customers under transportation service contracts.

For the three-month periods ended March 31, 2026 and 2025 the Group has recognized 36 and 42, respectively, in the “Revenues from contracts with customers” line under the “Revenues” line item in the statement of comprehensive income, which have been included in “Contract liabilities” line item in the statement of financial position at the beginning of each year.

27. COSTS


	For the three-month periods ended March 31,
	2026		2025
Inventories at beginning of year		1,447		1,546
Purchases		1,277		1,028
Production costs ⁽¹⁾		1,916		2,349
Translation effect		1		(3)
Adjustment for inflation ⁽²⁾		5		5
Other movements		2		-
Inventories at end of the period		(1,460)		(1,617)

		3,188		3,308

(1)	See Note 28.

(2)	Corresponds to the adjustment for inflation of opening balances of inventories of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

28. EXPENSES BY NATURE

The Group presents the statement of comprehensive income by classifying expenses according to their function as part of the “Costs”, “Administrative expenses”, “Selling expenses” and “Exploration expenses” line items. The following additional information is disclosed as required on the nature of the expenses and their relation to the function within the Group for the three-month periods ended March 31, 2026 and 2025:


	For the three-month periods ended March 31, 2026
	Production costs ⁽²⁾		Administrative expenses		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		216		108		43			3		370
Fees and compensation for services		17		70		12			-		99
Other personnel expenses		66		9		4			1		80
Taxes, charges and contributions		32		50		222	⁽¹⁾		-		304
Royalties, easements and fees		264		-		1			1		266
Insurance		8		1		-			-		9
Rental of real estate and equipment		28		-		3			-		31
Survey expenses		-		-		-			1		1
Depreciation of property, plant and equipment		613		14		26			-		653
Amortization of intangible assets		10		7		-			-		17
Depreciation of right-of-use assets		70		-		3			-		73
Industrial inputs, consumable materials and supplies		83		3		3			1		90
Operation services and other service contracts		38		3		16			1		58
Preservation, repair and maintenance		304		9		9			2		324
Unproductive exploratory drillings		-		-		-			9		9
Transportation, products and charges		146		-		115			-		261
Provision for doubtful receivables		-		-		3			-		3
Publicity and advertising expenses		-		13		10			-		23
Fuel, gas, energy and miscellaneous		21		4		19			1		45

		1,916		291		489			20		2,716

(1)	Includes 63 corresponding to export withholdings and 137 corresponding to turnover tax.

(2)	Includes 7 corresponding to research and development activities.


	For the three-month periods ended March 31, 2025
	Production costs ⁽²⁾		Administrative expenses		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		267		72		37			1		377
Fees and compensation for services		24		70		13			-		107
Other personnel expenses		79		9		3			1		92
Taxes, charges and contributions		20		55		220	⁽¹⁾		-		295
Royalties, easements and fees		287		-		1			1		289
Insurance		21		-		-			-		21
Rental of real estate and equipment		67		-		4			-		71
Survey expenses		-		-		-			16		16
Depreciation of property, plant and equipment		683		10		25			-		718
Amortization of intangible assets		9		4		1			-		14
Depreciation of right-of-use assets		70		-		4			-		74
Industrial inputs, consumable materials and supplies		121		1		4			1		127
Operation services and other service contracts		150		4		12			4		170
Preservation, repair and maintenance		402		8		11			5		426
Unproductive exploratory drillings		-		-		-			-		-
Transportation, products and charges		129		-		125			-		254
Provision for doubtful receivables		-		-		4			-		4
Publicity and advertising expenses		-		18		12			-		30
Fuel, gas, energy and miscellaneous		20		7		21			1		49

		2,349		258		497			30		3,134

(1)	Includes 65 corresponding to export withholdings and 148 corresponding to turnover tax.

(2)	Includes 8 corresponding to research and development activities.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

29. OTHER NET OPERATING RESULTS


	For the three-month periods ended March 31,
	2026		2025
Lawsuits		(13)		(8)
Export Increase Program ⁽¹⁾		-		17
Result from sale of assets ⁽²⁾		4		14
Result from changes in fair value of assets held for sale ⁽²⁾		14		(200)
Provision for severance indemnities ⁽²⁾		-		(26)
Provision for operating optimizations ⁽²⁾		(70)		-
Provision for obsolescence of materials and equipment ⁽²⁾		9		(136)
Miscellaneous		(24)		16

		(80)		(323)

(1)	See Note 35.j) to the annual consolidated financial statements.

(2)	See Note 11.a.2) to the annual consolidated financial and Note 12.a.2).

30. NET FINANCIAL RESULTS


	For the three-month periods ended March 31,
	2026		2025
Financial income
Interest on cash and cash equivalents and investments in financial assets		10		6
Interest on trade receivables		17		9
Other financial income		5		1

Total financial income		32		16


Financial costs
Loan interest		(194)		(162)
Hydrocarbon well abandonment provision financial accretion ⁽¹⁾		(51)		(95)
Other financial costs		(59)		(28)

Total financial costs		(304)		(285)


Other financial results
Exchange differences generated by loans		(1)		1
Exchange differences generated by cash and cash equivalents and investments in financial assets		14		(10)
Other exchange differences, net		(69)		13
Result on financial assets at fair value through profit or loss		28		30
Result from derivative financial instruments		(6)		1
Result from net monetary position		(21)		(11)

Total other financial results		(55)		24



Total net financial results		(327)		(245)

(1)	Includes 37 and 64 corresponding to the financial accretion of liabilities directly associated with assets held for sale for the three-month periods ending March 31, 2026 and 2025, respectively, see Notes 2.b.13) and 11.a) to the annual consolidated financial statements.

31. INVESTMENTS IN JOINT OPERATIONS AND CONSORTIUMS

The assets and liabilities as of March 31, 2026 and December 31, 2025, and expenses for the three-month periods ended March 31, 2026 and 2025, of JO and Consortiums in which the Group participates are as follows:


	March 31, 2026		December 31, 2025
Non-current assets ⁽¹⁾		7,086		6,936
Current assets		398		337

Total assets		7,484		7,273

Non-current liabilities		246		245
Current liabilities		750		557

Total liabilities		996		802

(1)	Does not include charges for impairment of property, plant and equipment because they are recorded by the partners participating in the JO and Consortiums.


	For the three-month periods ended March 31,
	2026		2025
Production cost		715		673
Exploration expenses		3		4

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

32. SHAREHOLDERS’ EQUITY

As of March 31, 2026, the Company’s capital amounts to 3,921 and treasury shares amount to 12 represented by 393,312,793 book-entry shares of common stock and divided into four classes of shares (A, B, C and D), with a par value of 10 pesos and 1 vote per share. These shares are fully subscribed, paid-in and authorized for stock exchange listing.

As of March 31, 2026, there are 3,764 Class A outstanding shares. As long as any Class A share remains outstanding, the affirmative vote of the Argentine Government is required for: (i) mergers; (ii) acquisitions of more than 50% of YPF shares in an agreed or hostile bid; (iii) transfers of all the YPF’s exploitation and exploration rights; (iv) the voluntary dissolution of YPF; (v) change of corporate and/or tax address outside Argentina; or (vi) make an acquisition that would result in the purchaser holding 15% or more of the Company’s capital stock, or 20% or more of the outstanding Class D shares. Items (iii) and (iv) also require prior approval by the Argentine Congress.

During the three-month periods ended March 31, 2026 and 2025, the Company has not repurchased any of its own shares.

On April 30, 2026, the General Shareholders’ Meeting was held, which approved the statutory financial statements of YPF (see Note 2.b)) corresponding to the year ended on December 31, 2025 and, additionally, approved the following in relation to the retained earnings: (i) completely release the reserve for purchase of treasury shares and the reserve for investments; (ii) absorb accumulated losses in retained earnings up to 756 (1,096,460 million of pesos) (iii) allocate the amount of 27 (38,468 million of pesos) to appropriate a reserve for purchase of treasury shares; and (iv) allocate the amount of 5,802 (8,415,450 million of pesos) to appropriate a reserve for investments.

33. EARNINGS PER SHARE

The following table presents the net profit or loss attributable to shareholders of the parent company and the number of shares that have been used for the calculation of the basic and diluted earnings per share:


	For the three-month periods ended March 31,
	2026		2025
Net profit / (loss)		404		(16)
Weighted average number of shares outstanding		392,082,386		392,203,637
Basic and diluted earnings per share		1.03		(0.04)

There are no financial instruments or other contracts outstanding issued by YPF that imply the issuance of potential ordinary shares, thus the diluted earnings per share equals the basic earnings per share.

34. CONTINGENT ASSETS AND LIABILITIES

Contingent assets and liabilities are described in Note 33 to the annual consolidated financial statements. Updates for the three-month period ended March 31, 2026, are described below:

●

Petersen Energía Inversora, S.A.U. and Petersen Energía, S.A.U. (collectively, “Petersen”) - Eton Park Capital Management, L.P., Eton Park Master Fund, LTD. and Eton Park Fund, L.P. (collectively, “Eton Park”, and together with Petersen, the “Plaintiffs”)

On March 10, 2026, in proceedings brought by Bainbridge Fund Ltd. against the Republic, the Republic filed a motion to stay its appeal of the turnover order with the consent of Bainbridge Fund Ltd., until confirmation of a settlement between the parties. On March 16, 2026, the Court of Appeals ordered that the Republic’s appeal of the turnover order be held in abeyance pending settlement.

On March 18, 2026, the Court of Appeals stayed all post-judgment proceedings in the District Court, including discovery, pending the appeals of the District Court’s September 15, 2023 judgment.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

34. CONTINGENT ASSETS AND LIABILITIES (cont.)

On March 27, 2026, briefing was completed in YPF’s appeals of the District Court’s September 17, 2025 and November 10, 2025 orders. Oral argument was calendared for April 16, 2026.

Likewise, on March 27, 2026, the Court of Appeals issued its decision in the appeals of the District Court’s September 15, 2023 judgment. The Court of Appeals’ decision affirmed the District Court’s determination that YPF has no contractual liability and owes no damages to Plaintiffs, and affirmed the dismissal of all of Plaintiffs’ claims against YPF. In addition, the Court of Appeals reversed the District Court’s judgment against the Republic on the basis that Plaintiffs’ contract claim is not cognizable under Argentine law and vacated the turnover order in Plaintiffs’ proceedings. YPF is not a party to the turnover proceedings.

On April 2, 2026, the Court of Appeals directed the parties to submit letter briefing regarding whether, in light of its March 27, 2026 decision, the other pending appeals, including YPF’s appeals, should be dismissed as moot.

On April 6, 2026, the District Court stayed all proceedings pending receipt of the mandate from the Court of Appeals and denied Plaintiffs’ motion for sanctions and contempt against the Republic as moot, without prejudice to refiling. YPF is not a party to this motion.

On April 9, 2026, the Court of Appeals granted Plaintiffs’ motion for an extension of time to file a petition for rehearing, and set May 8, 2026, as the deadline.

On April 10, 2026, after receiving briefs from all parties, the Court of Appeals adjourned the oral arguments scheduled for April 16 and held the pending appeals in abeyance, pending resolution of any rehearing or certiorari petitions related to the March 27, 2026 decision.

YPF will continue to defend itself in accordance with the applicable legal procedures and available defenses.

The Company will continue to reassess the status of these litigations and their possible impact on the results and financial situation of the Group, as needed.

35. CONTRACTUAL COMMITMENTS

During the three-month period ended March 31, 2026 there were no significant updates to the contractual commitments described in Note 34 to the annual consolidated financial statements.

36. MAIN REGULATIONS

Main regulations are described in Note 35 to the annual consolidated financial statements. Updates for the three-month period ended March 31, 2026, are described below:

•

Regulations applicable to natural gas and LNG activities

On March 13, 2026, in the context of the emergency in the national energy sector (see Note 35.e) to the annual consolidated financial statements), SE Resolution No. 66/2026 was published, establishing the “Reconfiguration of the Natural Gas Transportation System”. On April 14, 2026, ENARGAS Resolution No. 409/2026 was published, which, among other things, instructs transporters and distributors to enter into new firm transportation contracts or to adjust existing ones in accordance with SE Resolution No. 66/2026. Likewise, on May 1, 2026, the applicable regulatory framework defined by ENARGAS entered into force.

•

Tax Regulations

On March 6, 2026, Law No. 27,802, the “Labor Modernization Law” was published, introducing amendments to the Income Tax Law. The law establishes that loss carryforwards arising in fiscal years beginning on or after January 1, 2025, shall be adjusted based on the variation in the CPI published by INDEC between the closing month of the fiscal year in which such loss carryforwards originated and the closing month of the fiscal year in which they are settled. Likewise, the Labor Modernization Law introduced changes to Argentina’s labor regime related to the severance indemnity schemes, the collective negotiation frameworks, the calculation of interest in labor proceedings, among other things.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

The tables below present the balances with associates and joint ventures as of March 31, 2026 and December 31, 2025:


	March 31, 2026
	Other receivables				Trade receivables		Investments in financial assets		Accounts payable		Contract liabilities		Contract assets
	Non-Current		Current		Current		Current		Current		Current		Current
Joint Ventures:
YPF EE		-		6		7		4		32		-		-
Profertil ⁽¹⁾		-		-		-		-		-		-		-
MEGA		-		-		41		-		5		-		2
Refinor ⁽¹⁾		-		-		-		-		-		-		-
OLCLP ⁽¹⁾		-		-		-		-		-		-		-
CT Barragán		-		-		-		-		-		-		-
OTA		-		-		-		-		1		-		-

		-		6		48		4		38		-		2

Associates:
CDS		-		-		9		-		-		-		-
YPF Gas		-		-		11		-		-		-		-
Oldelval		151		52		-		5		16		-		-
Termap		-		-		-		-		2		-		-
GPA		-		-		-		-		6		-		-
OTAMERICA		46		-		-		-		5		-		-
Gas Austral		-		-		-		-		-		-		-
VMOS		-		9		45		-		-		54		-

		197		61		65		5		29		54		-

		197		67		113		9		67		54		2


	December 31, 2025
	Other receivables				Trade receivables		Investments in financial assets		Accounts payable		Contract liabilities		Contract assets
	Non-Current		Current		Current		Current		Current		Current		Current
Joint Ventures:
YPF EE		-		6		6		4		32		-		-
Profertil ⁽¹⁾		-		-		-		-		-		-		-
MEGA		-		-		33		-		-		-		3
Refinor ⁽¹⁾		-		-		-		-		-		-		-
OLCLP ⁽¹⁾		-		-		-		-		-		-		-
CT Barragán		-		-		-		-		-		-		-
OTA		-		1		-		-		4		-		-

		-		7		39		4		36		-		3

Associates:
CDS		-		-		1		-		-		-		-
YPF Gas		-		-		10		-		1		-		-
Oldelval		154		13		-		4		33		-		-
Termap		-		-		-		-		2		-		-
GPA		-		-		-		-		2		-		-
OTAMERICA		46		-		1		1		3		-		-
Gas Austral		-		-		-		-		-		-		-
VMOS		-		16		53		-		-		44		-

		200		29		65		5		41		44		-

		200		36		104		9		77		44		3

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

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

The table below presents the transactions with associates and joint ventures for the three-month periods ended March 31, 2026 and 2025:


	For the three-month period ended March 31,
	2026						2025
	Revenues		Costs and expenses		Net interest income (loss)		Revenues		Costs and expenses		Net interest income (loss)
Joint Ventures:
YPF EE		4		31		-		5		35		-
Profertil ⁽¹⁾		-		-		-		17		15		-
MEGA		68		16		-		85		1		-
Refinor ⁽¹⁾		-		-		-		16		2		-
OLCLP ⁽¹⁾		-		-		-		-		3		-
CT Barragán		-		-		-		-		-		-
OTA		-		4		-		-		6		-

		72		51		-		123		62		-

Associates:
CDS		7		-		-		-		-		-
YPF Gas		16		-		1		19		1		-
Oldelval		-		35		-		-		18		-
Termap		-		5		-		-		6		-
GPA		-		6		-		-		6		-
OTAMERICA		-		9		-		-		6		-
Gas Austral		1		-		-		1		-		-
VMOS		51		-		-		4		-		-

		75		55		1		24		37		-

		147		106		1		147		99		-

(1)	See Note 3 to the annual consolidated financial statements

Additionally, in the normal course of business and considering being the main energy group of Argentina, the Group’s clients and suppliers portfolio encompasses both private sector as well as national public sector entities. As required by IAS 24 “Related party disclosures”, among the major transactions above mentioned the most important are:


		Balances ⁽¹⁵⁾				Transactions
		Receivables / (Liabilities)				Income / (Costs)
		March 31, 2026		December 31, 2025		For the three-month periods ended March 31,
Client / Suppliers	Ref.	March 31, 2026		December 31, 2025		2026		2025
SE	(1) (14)		31		41		2		6
SE	(2) (14)		-		1		-		1
SE	(3) (14)		-		-		-		-
SE	(4) (14)		3		4		1		1
SE	(5) (14)		5		5		-		-
Secretary of Transport	(6) (14)		4		4		-		-
Secretary of Industry	(7) (14)		-		-		-		-
CAMMESA	(8)		114		87		125		134
CAMMESA	(9)		(1)		(1)		(4)		(1)
ENARSA	(10)		69		127		20		24
ENARSA	(11)		(34)		(33)		(2)		(3)
Aerolíneas Argentinas S.A.	(12)		29		33		75		80
Aerolíneas Argentinas S.A.	(13)		-		-		-		-

(1)	Benefits for the Plan GasAr 2020-2024 and Plan GasAr 2023-2028, see Note 35.f.1) to the annual consolidated financial statements.

(2)	Benefits for the propane gas supply agreement for undiluted propane gas distribution networks, see Note 35.f.2) “Propane Network Agreement“ section to the annual consolidated financial statements.

(3)	Benefits for the recognition of the financial cost generated by payment deferral by providers of the distribution service of natural gas and undiluted propane gas through networks, see Note 36 to the annual consolidated financial statements.

(4)	Compensation for the lower income that natural gas distribution services by companies receive from their users, see Note 35.c.3) to the annual consolidated financial statements.

(5)	Compensation by Decree No. 1,053/2018, see Note 35.c.1) to the annual consolidated financial statements.

(6)	Compensation for providing diesel to public transport of passengers at a differential price, see Note 36 to the annual consolidated financial statements.

(7)	Incentive for domestic manufacturing of capital goods, for the benefit of AESA, see Note 36 to the annual consolidated financial statements.

(8)	Sales of fuel oil, diesel, natural gas and transportation and distribution services.

(9)	Purchases of electrical energy.

(10)	Sales of natural gas and provision of regasification service of LNG and construction inspection service.

(11)	Purchases of natural gas and crude oil.

(12)	Sales of jet fuel.

(13)	Purchases of miles for YPF Serviclub Program and publicity expenses.

(14)	Income from incentives recognized according to IAS 20, see Note 2.b.12) “Income from Government incentive programs” section to the annual consolidated financial statements.

(15)	Do not include, if applicable, the provision for doubtful trade receivables.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

Additionally, the Group has entered into certain financing and insurance transactions with entities related to the national public sector. Such transactions consist of certain financial transactions that are described in Notes 16, 17 and 23 and transactions with Nación Seguros S.A. related to certain insurance policies contracts.

As of March 31, 2026, the Group holds Bonds of the Argentine Republic 2029 and 2030, Government Bonds and BCRA bonds (BOPREAL, for its acronym in spanish) identified as investments in financial assets (see Note 16).

In addition, in connection with the investment agreement signed between YPF and subsidiaries of Chevron Corporation, YPF has an indirect non-controlling interest in Compañía de Hidrocarburo No Convencional S.R.L. (“CHNC”). During the three-month periods ended March 31, 2026 and 2025, YPF and CHNC carried out transactions such as the purchases of crude oil by YPF for 22 and 133, respectively, among others. These transactions were consummated in accordance with the general and regulatory conditions of the market. As a result, as of March 31, 2026, YPF has a net balance receivable from CHNC of 1 and as of December 31, 2025 the net balance payable to CHNC amounted to 53. See Note 36 to the annual consolidated financial statements.

The table below presents the accrued compensation for the YPF’s key management personnel, including members of the Board of Directors and first-line executives, managers with executive functions appointed by the Board of Directors, for the three-month periods ended March 31, 2026 and 2025:


	For the three-month periods ended March 31,
	2026		2025
Short-term benefits ⁽¹⁾		8		6
Share-based benefits ⁽²⁾		31		3
Post-retirement benefits		-		-

		39		9

(1)	Does not include social security contributions of 2 and 1 for the three-month periods ended March 31, 2026 and 2025, respectively.

(2)	Include Value Generation Plan, see Note 38 and Note 37 to the annual consolidated financial statements.

38.

EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS

Note 37 to the annual consolidated financial statements describes the main characteristics and accounting treatment for employee benefit plans and similar obligations implemented by the Group.

Retirement plan

The amount charged to expense related to the Retirement Plan was 1 and 1 for the three-month periods ended March 31, 2026 and 2025, respectively.

Short-term benefit programs

The amount charged to expense related to the short-term benefit programs was 36 and 38 for the three-month periods ended March 31, 2026 and 2025 respectively.

Share-based benefit plans

As of March 31, 2026, there are 4.6 million number of PSARs outstanding with and a weighted average fair value of US$ 29.95 per PSARs. The charge to income related to the Value Creation Plan was a loss of 37 and a recovery of 1, for the three-month periods ended March 31, 2026 and 2025, respectively. As of December 31, 2025, weighted average fair value was US$ 20.84 per PSARs.

The amount charged to expense in relation with the remaining share-based benefit plans was 3 and 2 to be settled in equity instruments, for the three-month periods ended March 31, 2026 and 2025, respectively.

Note 2.b.11) to the annual consolidated financial statements describes the accounting policies for share-based benefit plans. Repurchases of treasury shares are disclosed in Note 32.

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, or as otherwise indicated)

39. SUBSEQUENT EVENTS

Issuance of ON

On April 14, 2026, the Company issued in the local market Class XLIII NO denominated and payable in U.S. dollars for a nominal amount of 120, maturing in April 2030 and semi-annual interest payments at a fixed nominal annual rate of 5.5% from the ninth month.

Stock split on YPF’s ordinary shares

On April 30, 2026, the General Shareholders’ Meeting approved the modification of the nominal value of the Company’s shares from $10 (ten pesos) to $1 (one peso) per share, which means that for every share with a nominal value of $10 currently outstanding, 10 shares with a nominal value of $1 each will be issued, while the Company’s capital stock remains unchanged (“Split”). Likewise, the Split does not imply a change in the proportion of each shareholder’s equity interest, but only in the number of shares outstanding and their nominal value per share. The Split will also not alter the economic or voting rights of the shareholders.

As of the date of issuance of these condensed interim consolidated financial statements, there have been no other material subsequent events additional to those mentioned in notes whose effect on Group’s financial position, results of operations or their disclosure in notes to the financial statements for the period ended as of March 31, 2026, should have been considered in said financial statements under IFRS.

These condensed interim consolidated financial statements were approved by the Board of Directors’ meeting and authorized to be issued on May 7, 2026.

HORACIO DANIEL MARÍN

President

LOGO

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF MARCH 31, 2026

AND COMPARATIVE INFORMATION (UNAUDITED)

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

CONTENT


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

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

GLOSSARY OF TERMS


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

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

LEGAL INFORMATION

Legal address

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

Fiscal year

No. 50 beginning on January 1, 2026.

Main business of the Company

Filing with the Public Registry of Commerce

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

Capital structure

393,312,793 shares of common stock, $10 par value and 1 vote per share.

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

3,933,127,930.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF MARCH 31, 2026 AND DECEMBER 31, 2025 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos)


	Notes		March 31, 2026			December 31, 2025
ASSETS
Non-current assets
Intangible assets		8		1,478,362			1,548,809
Property, plant and equipment		9		26,940,626			27,682,554
Right-of-use assets		10		838,745			779,202
Investments in associates and joint ventures		11		2,365,104			2,334,746
Deferred income tax assets, net		19		56,478			13,055
Other receivables		14		875,961			940,204
Trade receivables		15		8,707			7,497

Total non-current assets				32,563,983			33,306,067

Current assets
Assets held for sale		12		1,318,789			1,479,221
Inventories		13		2,011,757			2,098,590
Contract assets		26		7,232			4,522
Other receivables		14		1,128,959			1,681,800
Trade receivables		15		2,456,372			2,399,905
Investments in financial assets		16		504,765			380,569
Cash and cash equivalents		17		1,825,751			1,352,703

Total current assets				9,253,625			9,397,310

TOTAL ASSETS				41,817,608			42,703,377

SHAREHOLDERS’ EQUITY
Capital				3,921			3,921
Adjustment to capital				6,081			6,081
Treasury shares				12			12
Adjustment to treasury shares				20			20
Share-based benefit plans				14,020			9,323
Acquisition cost of treasury shares				(34,414	)		(34,274	)
Share trading premiums				13,912			13,707
Issuance premiums				640			640
Legal reserve				1,083,622			1,141,047
Reserve for investments				9,072,843			9,553,655
Reserve for purchase of treasury shares				45,723			48,146
Other comprehensive income				5,934,760			6,039,399
Unappropriated retained earnings and losses				(485,606	)		(1,096,460	)

Shareholders’ equity attributable to shareholders of the parent company				15,655,534			15,685,217

Non-controlling interest				370,984			333,766

TOTAL SHAREHOLDERS’ EQUITY				16,026,518			16,018,983

LIABILITIES
Non-current liabilities
Provisions		18		880,641			884,901
Contract liabilities		26		291,460			261,205
Deferred income tax liabilities, net		19		703,603			541,035
Income tax liability				1,192,977			1,204,132
Taxes payable		20		26,832			26,749
Salaries and social security		21		135,244			90,400
Lease liabilities		22		457,557			396,386
Loans		23		11,745,180			11,931,848
Other liabilities		24		477,053			541,608
Accounts payable		25		8,013			8,404

Total non-current liabilities				15,918,560			15,886,668

Current liabilities
Liabilities directly associated with assets held for sale		12		1,459,695			1,713,545
Provisions		18		342,003			332,986
Contract liabilities		26		199,670			169,937
Income tax liability				266,278			105,232
Taxes payable		20		482,453			315,457
Salaries and social security		21		511,267			486,905
Lease liabilities		22		424,017			432,437
Loans		23		2,190,533			3,415,028
Other liabilities		24		735,438			580,311
Accounts payable		25		3,261,176			3,245,888

Total current liabilities				9,872,530			10,797,726

TOTAL LIABILITIES				25,791,090			26,684,394

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY				41,817,608			42,703,377

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

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2026 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except per share information expressed in Argentine pesos)


			For the three-month periods ended March 31,
	Notes		2026			2025
Net income
Revenues		26		6,956,434			4,870,820
Costs		27		(4,478,072	)		(3,506,382	)

Gross profit				2,478,362			1,364,438


Selling expenses		28		(688,015	)		(528,861	)
Administrative expenses		28		(413,461	)		(268,976	)
Exploration expenses		28		(27,517	)		(32,495	)
Other net operating results		29		(107,510	)		(342,297	)

Operating profit				1,241,859			191,809


Income from equity interests in associates and joint ventures		11		166,345			86,034

Financial income		30		46,428			17,677
Financial costs		30		(422,202	)		(296,717	)
Other financial results		30		(77,696	)		28,947

Net financial results		30		(453,470	)		(250,093	)



Net profit before income tax				954,734			27,750


Income tax		19		(342,873	)		(40,720	)

Net profit / (loss) for the period				611,861			(12,970	)


Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures				69,617			(40,032	)
Result from net monetary position in subsidiaries, associates and joint ventures⁽¹⁾				161,540			98,348
Items that may not be reclassified subsequently to profit or loss:
Translation differences from YPF ⁽²⁾				(840,245	)		492,110

Other comprehensive income for the period				(609,088	)		550,426



Total comprehensive income for the period				2,773			537,456


Net profit / (loss) for the period attributable to:
Shareholders of the parent company				606,289			(19,864	)
Non-controlling interest				5,572			6,894
Other comprehensive income for the period attributable to:
Shareholders of the parent company				(640,734	)		531,518
Non-controlling interest				31,646			18,908
Total comprehensive income for the period attributable to:
Shareholders of the parent company				(34,445	)		511,654
Non-controlling interest				37,218			25,802
Earnings per share attributable to shareholders of the parent company:
Basic and diluted		33		1,546.33			(50.65	)

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

(2)	Correspond to the effect of the translation to YPF´s presentation currency, see Note 2.b.1).

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

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos)


	For the three-month period ended March 31, 2026
	Shareholders’ contributions																		Retained earnings⁽⁴⁾															Equity attributable to
	Capital		Adjustment to capital		Treasury shares		Adjustment to capital		Share- based benefit plans			Acquisition cost of treasury shares ⁽²⁾			Share trading premiums		Issuance premiums		Legal reserve			Reserve for investments			Reserve for purchase of treasury shares			Other comprehensive income			Unappropriated retained earnings and losses			Shareholders of the parent company			Non-controlling interest		Total shareholders’ equity
Balance at the beginning of the fiscal year		3,921		6,081		12		20		9,323			(34,274	)		13,707		640		1,141,047			9,553,655			48,146			6,039,399			(1,096,460	)		15,685,217			333,766		16,018,983
Accrual of share-based benefit plans⁽³⁾		-		-		-		-		4,921			-			-		-		-			-			-			-			-			4,921			-		4,921
Settlement of share-based benefit plans		-		-		-		-		(224	)		(140	)		205		-		-			-			-			-			-			(159	)		-		(159	)
Other comprehensive income		-		-		-		-		-			-			-		-		(57,425	)		(480,812	)		(2,423	)		(104,639	)		4,565			(640,734	)		31,646		(609,088	)
Net profit for the period		-		-		-		-		-			-			-		-		-			-			-			-			606,289			606,289			5,572		611,861

Balance as of March 31, 2026		3,921		6,081		12		20		14,020			(34,414	)		13,912		640		1,083,622			9,072,843			45,723			5,934,760	⁽¹⁾		(485,606	)		15,655,534			370,984		16,026,518

(1) Includes 6,200,026 related to the effect of the translation of the shareholders’ contributions (see Note 36 “Effect of the translation of the shareholders’ contributions” section). (3,168,260) related to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar, and 2,902,994 related to the recognition of the result from net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency. See Notes 2.b.1) and 2.b.10) to the annual consolidated financial statements.

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

(3) See Note 38.

(4) Includes 48,825 and 51,423 restricted to the distribution of retained earnings as of March 31, 2026, and December 2025, respectively. See Note 31 to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED) (cont.)

(Amounts expressed in millions of Argentine pesos)


	For the three-month period ended March 31, 2025
	Shareholders’ contributions																		Retained earnings ⁽⁴⁾												Equity attributable to
	Capital		Adjustment to capital		Treasury shares		Adjustment to capital		Share-based benefit plans			Acquisition cost of treasury shares ⁽²⁾			Share trading premiums		Issuance premiums		Legal reserve		Reserve for investments		Reserve for purchase of treasury shares		Other comprehensive income			Unappropriated retained earnings and losses			Shareholders of the parent company			Non-controlling interest		Total shareholders’ equity
Balance at the beginning of the fiscal year		3,922		6,083		11		18		3,563			(9,655	)		2,546		640		810,651		4,365,198		36,708		4,296,133			2,491,779			12,007,597			224,363		12,231,960
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		2,770			-			-		-		-		-		-		-			-			2,770			-		2,770
Settlement of share-based benefit plans		-		-		-		-		(54	)		(65	)		44		-		-		-		-		-			-			(75	)		-		(75	)
Other comprehensive income		-		-		-		-		-			-			-		-		33,040		177,912		1,496		224,401			94,669			531,518			18,908		550,426
Net (loss) / profit for the period		-		-		-		-		-			-			-		-		-		-		-		-			(19,864	)		(19,864	)		6,894		(12,970	)

Balance as of March 31, 2025		3,922		6,083		11		18		6,279			(9,720	)		2,590		640		843,691		4,543,110		38,204		4,520,534	⁽¹⁾		2,566,584			12,521,946			250,165		12,772,111

(1) Includes 4,825,541 related to the effect of the translation of the shareholders’ contributions (see Note 36 “Effect of the translation of the shareholders’ contributions” section). (2,149,854) related to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar, and 1,844,847 related to the recognition of the result from net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency. See Notes 2.b.1) and 2.b.10) to the annual consolidated financial statements.

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

(3) See Note 38.

(4) Includes 75,099 and 72,137 restricted to the distribution of retained earnings as of March 31, 2025 and December 31, 2024, respectively. See Note 31 to the annual consolidated financial statements.

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

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos)


	For the three-month periods ended March 31,
	2026			2025
Cash flows from operating activities
Net profit / (loss)		611,861			(12,970	)
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(166,345	)		(86,034	)
Depreciation of property, plant and equipment		921,680			757,677
Amortization of intangible assets		23,711			15,249
Depreciation of right-of-use assets		101,971			77,536
Retirement of property, plant and equipment and intangible assets and consumption of materials		75,417			104,639
Charge on income tax		342,873			40,720
Net increase in provisions		143,009			278,736
Effect of changes in exchange rates, interest and others		437,179			237,255
Share-based benefit plans		4,921			2,770
Result from sale of assets		(5,475	)		(15,042	)
Result from changes in fair value of assets held for sale		(19,979	)		214,500
Changes in assets and liabilities:
Trade receivables		(85,404	)		(26,840	)
Other receivables		(24,771	)		(208,368	)
Inventories		(8,212	)		(71,353	)
Accounts payable		147,793			(316,130	)
Taxes payable		171,204			(15,339	)
Salaries and social security		82,838			33,351
Other liabilities		(129,212	)		(109,306	)
Decrease in provisions due to payment/use		(35,580	)		(62,159	)
Contract assets		(2,710	)		4,845
Contract liabilities		71,735			60,475
Proceeds from collection of profit loss insurance		-			1,474
Income tax payments		(34,140	)		(9,269	)

Net cash flows from operating activities ^(1) (2)		2,624,364			896,417


Investing activities: ⁽³⁾
Acquisition of property, plant and equipment and intangible assets		(1,530,062	)		(1,279,802	)
Additions of assets held for sale		(4,522	)		(34,607	)
Contributions and acquisitions of interests in associates and joint ventures		(48,892	)		(74,621	)
Acquisitions from business combinations net of cash and cash equivalents		-			(256,152	)
Proceeds from sales of financial assets		70,164			101,514
Payments from purchase of financial assets		(201,963	)		-
Interests received from financial assets		1,254			1,421
Proceeds from concessions, assignment agreements and sale of assets		739,624			75,669

Net cash flows used in investing activities		(974,397	)		(1,466,578	)


Financing activities: ⁽³⁾
Payments of loans		(1,674,053	)		(1,144,695	)
Payments of interests		(364,107	)		(232,177	)
Proceeds from loans		1,081,404			1,854,108
Account overdrafts, net		(4,719	)		-
Payments of leases		(134,990	)		(110,201	)
Payments of interests in relation to income tax		(38,971	)		(459	)

Net cash flows (used in) / from financing activities		(1,135,436	)		366,576



Effect of changes in exchange rates on cash and cash equivalents		(41,483	)		58,698



Increase / (Decrease) in cash and cash equivalents		473,048			(144,887	)


Cash and cash equivalents at the beginning of the fiscal year		1,352,703			1,151,868
Cash and cash equivalents at the end of the period		1,825,751			1,006,981

Increase / Decrease in cash and cash equivalents		473,048			(144,887	)

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

(2)	Includes 27,504 and 32,376 for the three-month periods ended March 31, 2026 and 2025, respectively, for payments of short-term leases and payments of the variable charge of leases related to the underlying asset use or performance.

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


	For the three-month periods ended March 31,
	2026		2025
Unpaid acquisitions of property, plant and equipment and intangible assets		562,398		643,447
Unpaid additions of assets held for sale		1,423		5,217
Additions of right-of-use assets		217,842		11,869
Capitalization of depreciation of right-of-use assets		13,795		17,313
Capitalization of financial accretion for lease liabilities		1,306		2,896
Unpaid receivables from the sale of assets		533,093		-

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

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

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

General information

Structure and organization of the Group’s business

As of March 31, 2026, the Group carries out its operations in accordance with the following structure:

Upstream

Midstream and Downstream

LNG and Integrated Gas

New Energies

Central Administration and Others

Activities covered by each business segment are detailed in Note 6. The following table presents the main companies of the Group as of March 31, 2026, by business segment:

Entity

Country

Main business

% of ownership of
capital stock ⁽¹⁾

Relationship

Upstream

SC Gas

Argentina

Hydrocarbon exploitation

100%

Subsidiary

VMI

Argentina

Hydrocarbon exploitation

100%

Subsidiary

Midstream and Downstream

OPESSA

Argentina

Gas stations

99.99%

Subsidiary

Refinor

Argentina

Industrialization and commercialization of hydrocarbons

100%

Subsidiary

OTA

Argentina

Hydrocarbon transportation

36%

Joint venture

OTC

Chile

Hydrocarbon transportation

36%

Joint venture

Oldelval

Argentina

Hydrocarbon transportation

37%

Associate

OTAMERICA

Argentina

Hydrocarbon transportation

30%

Associate

Termap

Argentina

Hydrocarbon transportation

33.15%

Associate

VMOS ⁽³⁾⁽⁵⁾

Argentina

Hydrocarbon transportation

24.49%

Associate

YPF Gas

Argentina

Commercialization of LPG

33.99%

Associate

LNG and Integrated Gas

YPF Chile

Chile

Commercialization of natural gas

100%

Subsidiary

Argentina LNG

Argentina

Industrialization and commercialization of LNG

100%

Subsidiary

Sur Inversiones Energéticas

Argentina

Industrialization and commercialization of LNG through Southern
Energy S.A. associate

100%

Subsidiary

MEGA

Argentina

Separation of natural gas liquids and their fractionation

38%

Joint venture

New Energies

Metrogas⁽²⁾

Argentina

Distribution of natural gas

70%

Subsidiary

Metroenergía

Argentina

Commercialization of natural gas

71.50%

Subsidiary

Y-TEC

Argentina

Research and development of technology

51%

Subsidiary

YPF EE

Argentina

Generation of electric power

75%

Joint venture

CT Barragán

Argentina

Generation of electric power

50%

Joint venture

CDS ⁽⁴⁾

Argentina

Generation of electric power

10.25%

Associate

Central Administration and Others

AESA

Argentina

Engineering and construction services

100%

Subsidiary

YPF Digital

Argentina

Digital development services and solutions

100%

Subsidiary

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

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

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

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

(5)

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

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

2.a) Applicable accounting framework

2.b) Material accounting policies

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

Functional currency

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

Adoption of new standards, interpretations and amendments

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

2.d) Comparative information

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

3. SEASONALITY OF OPERATIONS

4. ACQUISITIONS AND DISPOSALS

The most relevant acquisitions and disposals of companies that took place during the three-month period ended March 31, 2026 are described below:

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

On January 22, 2026, the Company entered into an asset swap agreement with Pluspetrol (see Note 39 to the annual consolidated financial statements). On April 30, 2026, after the fulfillment of the closing conditions, the asset exchange agreement between YPF and Pluspetrol was completed, as a result of which YPF, which owned 50% of the rights and obligations in the “Aguada Villanueva,” “Las Tacanas,” and “Meseta Buena Esperanza” exploitation concessions prior to the aforementioned exchange, is the only owner of 100% of those concessions.

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

On February 1, 2026, YPF entered into agreements with Vista Energy S.A.B. de C.V. (“Vista”) for (i) the share purchase and sale agreement in Equinor Argentina S.A.U., the company that owns 30% of the “Bandurria Sur” exploitation concession, and (ii) the acquisition of a 15% interest in the “Bajo del Toro” and “Bajo del Toro Norte” exploitation concessions (see Note 39 to the consolidated annual financial statements).

5. FINANCIAL RISK MANAGEMENT

•

Liquidity risk management

The Group monitors compliance with covenants on a quarterly basis. As of March 31, 2026, the Group is in compliance with its covenants.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION

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

The business segments structure is organized as follows:

•

Upstream

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

It incurs all costs related to the aforementioned activities.

•

Midstream and Downstream

•

LNG and Integrated Gas

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

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

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)

•

New Energies

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

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

•

Central Administration and Others

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

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

HORACIO DANIEL MARÍN

President


		13
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, and as otherwise indicated)

6.	BUSINESS SEGMENT INFORMATION (cont.)


																				In millions of pesos
	Upstream			Midstream and Downstream		LNG and Integrated Gas			New Energies		Central Administration and Others			Consolidation adjustments ⁽¹⁾			Total			Total
For the three-month period ended March 31, 2026
Revenues		33			4,212		304			203		194			-			4,946			6,956,434
Revenues from intersegment sales		1,988			45		67			3		265			(2,368	)		-			-

Revenues		2,021			4,257		371			206		459			(2,368	)		4,946			6,956,434


Operating profit or loss		616	⁽³⁾		1,085		(1	)		13		(170	)		(665	)		878			1,241,859
Income from equity interests in associates and joint ventures		-			9		17			75		-			-			101			166,345

Net financial results																		(327	)		(453,470	)
Net profit before income tax																		652			954,734
Income tax																		(243	)		(342,873	)
Net profit for the period																		409			611,861

Acquisitions of property, plant and equipment		828			169		18			9		12			-			1,036			1,435,473
Acquisitions of right-of-use assets		105			54		-			-		-			-			159			217,842
Increases from business combinations		-			-		-			-		-			-			-			-

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		480			137		1			11		24			-			653			921,680
Amortization of intangible assets		-			9		-			3		5			-			17			23,711
Depreciation of right-of-use assets		42			30		-			-		1			-			73			101,971

Balance as of March 31, 2026
Assets		13,578			12,019		746			2,320		2,513			(818	)		30,358			41,817,608

HORACIO DANIEL MARÍN

President


		14
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, and as otherwise indicated)

6.	BUSINESS SEGMENT INFORMATION (cont.)


																				In millions of pesos
	Upstream			Midstream and Downstream		LNG and Integrated Gas			New Energies		Central Administration and Others			Consolidation adjustments ⁽¹⁾			Total			Total
For the three-month period ended March 31, 2025
Revenues		18			3,868		333			189		200			-			4,608			4,870,820
Revenues from intersegment sales		2,049			62		67			3		282			(2,463	)		-			-

Revenues		2,067			3,930		400			192		482			(2,463	)		4,608			4,870,820


Operating profit or loss		(103	)		422		(5	)		24		(115	)		(31	)		192			191,809
Income from equity interests in associates and joint ventures		-			14		22			45		-			-			81			86,034

Net financial results																		(245	)		(250,093	)
Net profit before income tax																		28			27,750
Income tax																		(38	)		(40,720	)
Net loss for the period																		(10	)		(12,970	)

Acquisitions of property, plant and equipment		1,060			213		3			10		20			-			1,306			1,425,770
Acquisitions of right-of-use assets		2			1		-			-		8			-			11			11,869
Increases from business combinations		262			-		-			-		-			-			262			275,624

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		561			125		1			10		21			-			718			757,677
Amortization of intangible assets		-			9		-			4		1			-			14			15,249
Depreciation of right-of-use assets		41			31		-			-		2			-			74			77,536

Balance as of December 31, 2025
Assets		13,167			11,093		735			2,502		2,094			(152	)		29,439			42,703,377

(1)	Corresponds to the eliminations among the business segments of the Group.

(2)	Includes depreciation of charges for impairment of property, plant and equipment.

(3)	Includes US$ 9 millions of unproductive exploratory drillings as of March 31, 2026.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

7. FINANCIAL INSTRUMENTS BY CATEGORY

Fair value measurements

Fair value measurements are described in Note 6 to the annual consolidated financial statements.


	As of March 31, 2026
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		487,415		-		-		487,415
- Private securities - NO		17,350		-		-		17,350

		504,765		-		-		504,765

Cash and cash equivalents:
- Mutual funds		564,028		-		-		564,028
- Public securities		50,968		-		-		50,968

		614,996		-		-		614,996

		1,119,761		-		-		1,119,761


	As of December 31, 2025
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		360,622		-		-		360,622
- Private securities - NO		19,947		-		-		19,947

		380,569		-		-		380,569

Cash and cash equivalents:
- Mutual funds		554,227		-		-		554,227
- Public securities		34,812		-		-		34,812

		589,039		-		-		589,039

		969,608		-		-		969,608

The Group has no financial liabilities measured at fair value through profit or loss.

During the three-month period ended March 31, 2026, there were no transfers between the different hierarchies used to determine the fair value of the Group’s financial instruments.

Fair value of financial assets and financial liabilities measured at amortized cost

The estimated fair value of loans, considering unadjusted listed prices (Level 1) for NO and interest rates offered to the Group (Level 3) for the remaining loans, amounted to 13,690,087 and 15,514,096 as of March 31, 2026 and December 31, 2025, respectively.

The fair value of other receivables, trade receivables, cash and cash equivalents, other liabilities and accounts payable at amortized cost, do not differ significantly from their carrying amount.

8. INTANGIBLE ASSETS


	March 31, 2026			December 31, 2025
Net carrying amount of intangible assets		1,533,085			1,606,432
Provision for impairment of intangible assets ⁽¹⁾		(54,723	)		(57,623	)

		1,478,362			1,548,809

(1)	Includes (2,900) and 16,685 corresponding to the conversion effect as of March 31, 2026 and December 31, 2025, respectively.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

8. INTANGIBLE ASSETS (cont.)

The evolution of the Group’s intangible assets for the three-month period ended March 31, 2026 and as of the year ended December 31, 2025 is as follows:


	Service concessions			Exploration rights and hydrocarbon resources			Other intangibles			Total
Cost		1,082,670			113,320			551,767			1,747,757
Accumulated amortization		753,429			-			447,563			1,200,992

Balance as of December 31, 2024		329,241			113,320			104,204			546,765


Cost
Increases		92,236			-			12,529			104,765
Increases from business combinations		-			759,941			-			759,941
Translation effect		456,262			107,049			187,306			750,617
Adjustment for inflation ⁽¹⁾		-			-			34,598			34,598
Decreases, reclassifications and other movements		-			(57,196	)		34,934			(22,262	)

Accumulated amortization
Increases		34,237			-			46,335			80,572
Translation effect		312,637			-			156,503			469,140
Adjustment for inflation ⁽¹⁾		-			-			22,323			22,323
Decreases, reclassifications and other movements		-			-			(4,043	)		(4,043	)

Cost		1,631,168			923,114			821,134			3,375,416
Accumulated amortization		1,100,303			-			668,681			1,768,984

Balance as of December 31, 2025		530,865			923,114			152,453			1,606,432


Cost
Increases		10,782			-			2,359			13,141
Increases from business combinations		-			-			-			-
Translation effect		(82,143	)		(46,459	)		(33,931	)		(162,533	)
Adjustment for inflation ⁽¹⁾		-			-			14,414			14,414
Decreases, reclassifications and other movements		-			-			12,319			12,319

Accumulated amortization
Increases		9,363			-			14,348			23,711
Translation effect		(55,613	)		-			(27,991	)		(83,604	)
Adjustment for inflation ⁽¹⁾		-			-			10,581			10,581
Decreases, reclassifications and other movements		-			-			-			-

Cost		1,559,807			876,655			816,295			3,252,757
Accumulated amortization		1,054,053			-			665,619			1,719,672

Balance as of March 31, 2026		505,754			876,655			150,676			1,533,085

(1)	Corresponds to the adjustment for inflation of opening balances of intangible assets of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

9. PROPERTY, PLANT AND EQUIPMENT


	March 31, 2026			December 31, 2025
Net carrying amount of property, plant and equipment		28,070,685			28,902,606
Provision for obsolescence of materials and equipment		(662,676	)		(701,832	)
Provision for impairment of property, plant and equipment		(467,383	)		(518,220	)

	26,940,626			27,682,554

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Changes in Group’s property, plant and equipment for the three-month periods ended March 31, 2026 and as of the year ended December 31, 2025 are as follows:


	Land and buildings		Mining property, wells and related equipment		Refinery equipment and petrochemical plants		Transportation equipment		Materials and equipment in warehouse		Drilling and work in progress		Exploratory drilling in progress		Furniture, fixtures and installations		Selling equipment		Infrastructure for natural gas distribution		Other property		Total
Cost		1,397,768		29,380,502		9,616,896		750,211		1,606,015		6,255,923		60,235		921,363		1,614,157		1,417,617		983,516		54,004,203
Accumulated depreciation		733,891		23,011,806		6,420,236		389,498		-		-		-		825,928		1,073,276		730,457		769,479		33,954,571

Balance as of December 31, 2024		663,877		6,368,696		3,196,660		360,713		1,606,015		6,255,923		60,235		95,435		540,881		687,160		214,037		20,049,632


Cost
Increases		998		193,786		145,749		23,738		1,092,716		4,773,047		65,539		4,823		61		-		11,277		6,311,734
Increases from business combinations		15,846		217,829		73,466		110,066		62,572		55,125		-		-		-		-		-		534,904
Translation effect		460,776		12,769,595		4,011,197		303,398		567,419		2,229,359		9,263		351,490		666,855		-		256,368		21,625,720
Adjustment for inflation⁽¹⁾		90,170		-		-		34,715		11,388		16,961		-		20,784		-		441,446		111,579		727,043
Decreases, reclassifications and other movements		(42,594)		(2,390,050)		749,629		242,878		(1,500,349)		(5,477,667)		(115,194)		30,459		45,237		57,912		(23,974)		(8,423,713)	^(2) (3)

Accumulated depreciation
Increases		34,109		2,904,444		487,506		78,303		-		-		-		50,106		92,608		37,302		38,653		3,723,031
Translation effect		236,103		9,786,042		2,693,411		134,340		-		-		-		323,524		453,051		-		209,482		13,835,953
Adjustment for inflation⁽¹⁾		49,029		-		-		21,358		-		-		-		14,160		-		227,464		81,617		393,628
Decreases, reclassifications and other movements		(36,193)		(5,901,506)		-		(38,374)		-		-		-		(13,262)		(997)		(1,517)		(38,049)		(6,029,898)	^(2) (3)

Cost		1,922,964		40,171,662		14,596,937		1,465,006		1,839,761		7,852,748		19,843		1,328,919		2,326,310		1,916,975		1,338,766		74,779,891
Accumulated depreciation		1,016,939		29,800,786		9,601,153		585,125		-		-		-		1,200,456		1,617,938		993,706		1,061,182		45,877,285

Balance as of December 31, 2025		906,025		10,370,876		4,995,784		879,881		1,839,761		7,852,748		19,843		128,463		708,372		923,269		277,584		28,902,606

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)


	Land and buildings		Mining property, wells and related equipment		Refinery equipment and petrochemical plants		Transportation equipment		Materials and equipment in warehouse		Drilling and work in progress		Exploratory drilling in progress		Furniture, fixtures and installations		Selling equipment		Infrastructure for natural gas distribution		Other property		Total
Cost		1,922,964		40,171,662		14,596,937		1,465,006		1,839,761		7,852,748		19,843		1,328,919		2,326,310		1,916,975		1,338,766		74,779,891
Accumulated depreciation		1,016,939		29,800,786		9,601,153		585,125		-		-		-		1,200,456		1,617,938		993,706		1,061,182		45,877,285

Balance as of December 31, 2025		906,025		10,370,876		4,995,784		879,881		1,839,761		7,852,748		19,843		128,463		708,372		923,269		277,584		28,902,606


Cost
Increases		353		-		5,528		1,197		274,601		1,146,247		2,514		1,549		-		-		3,484		1,435,473
Increases from business combinations		-		-		-		-		-		-		-		-		-		-		-		-
Translation effect		(77,677)		(2,053,470)		(751,873)		(67,178)		(88,546)		(353,261)		(1,116)		(62,358)		(118,070)		-		(42,729)		(3,616,278)
Adjustment for inflation⁽¹⁾		35,572		-		-		14,858		4,537		4,158		-		8,693		-		175,570		45,154		288,542
Decreases, reclassifications and other movements		15,528		754,259		403,574		23,563		(251,584)		(1,061,386)		1,413		4,550		36,034		5,345		4,175		(64,529)

Accumulated depreciation
Increases		13,589		712,549		140,813		21,015		-		-		-		12,924		26,206		11,296		10,602		948,994
Translation effect		(40,681)		(1,517,206)		(486,712)		(26,373)		-		-		-		(57,490)		(82,060)		-		(35,132)		(2,245,654)
Adjustment for inflation⁽¹⁾		19,826		-		-		8,999		-		-		-		5,968		-		89,623		33,542		157,958
Decreases, reclassifications and other movements		(516)		(4,606)		-		19,705		-		-		-		(3)		(244)		-		(505)		13,831

Cost		1,896,740		38,872,451		14,254,166		1,437,446		1,778,769		7,588,506		22,654		1,281,353		2,244,274		2,097,890		1,348,850		72,823,099
Accumulated depreciation		1,009,157		28,991,523		9,255,254		608,471		-		-		-		1,161,855		1,561,840		1,094,625		1,069,689		44,752,414

Balance as of March 31, 2026		887,583		9,880,928		4,998,912		828,975		1,778,769		7,588,506		22,654		119,498		682,434		1,003,265		279,161		28,070,685

(1)	Corresponds to the adjustment for inflation of opening balances of property, plant and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

(2)

Includes 404,035 and 78,681 of cost and accumulated depreciation, respectively, of assets related to the “Aguada del Chañar” exploitation concession reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 11.b) to the annual consolidated financial statements

(3)

Includes 6,700,490 and 5,614,054 of cost and accumulated depreciation, respectively, of assets related to the “Cerro Fortunoso”, “Valle del Río Grande” and “Manantiales Behr” exploitation concessions within the context of the Optimization plan of the conventional Upstream portfolio reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 11.a) to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Set forth present is the evolution of the provision for obsolescence of materials and equipment for the three-month period ended March 31, 2026 and as of the year ended December 31, 2025:


	Provision for obsolescence of materials and equipment
Balance as of December 31, 2024		229,813

Increases charged to profit or loss		453,929
Decreases charged to profit or loss		(54,034)
Applications due to utilization		(25,858)
Translation effect		165,860
Adjustment for inflation⁽¹⁾		1,463
Reclassifications		(69,341)

Balance as of December 31, 2025		701,832

Increases charged to profit or loss		174
Decreases charged to profit or loss		(11,425)
Applications due to utilization		(467)
Translation effect		(34,932)
Adjustment for inflation⁽¹⁾		654
Reclassifications		6,840

Balance as of March 31, 2026		662,676

(1)	Corresponds to the adjustment for inflation of opening balances of the provision for obsolescence of materials and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

Set forth present is the evolution of the provision for impairment of property, plant and equipment for the three-month period ended March 31, 2026 and as of the year ended December 31, 2025:


	Provision for impairment of property, plant and equipment
Balance as of December 31, 2024		512,396

Increases charged to profit or loss		3,503
Decreases charged to profit or loss		(10,107)
Depreciation⁽¹⁾		(168,137)
Translation effect		175,215
Adjustment for inflation⁽²⁾		5,350

Balance as of December 31, 2025		518,220

Increases charged to profit or loss		-
Decreases charged to profit or loss		-
Depreciation⁽¹⁾		(27,314)
Translation effect		(24,786)
Adjustment for inflation⁽²⁾		1,263

Balance as of March 31, 2026		467,383

(1)	Included in “Depreciation of property, plant and equipment” line item in the statement of comprehensive income, see Note 28.

(2)	Corresponds to the adjustment for inflation of opening balances of the provision for impairment of property, plant and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

10. RIGHT-OF-USE ASSETS

The evolution of the Group’s right-of-use assets for the three-month period ended March 31, 2026 and as of the year ended December 31, 2025 is as follows:


	Land and buildings		Exploitation facilities and equipment		Machinery and equipment		Gas stations		Transportation equipment		Total
Cost		54,305		584,830		631,922		116,145		693,712		2,080,914
Accumulated depreciation		32,896		517,392		294,406		69,119		401,858		1,315,671

Balance as of December 31, 2024		21,409		67,438		337,516		47,026		291,854		765,243


Cost
Increases		68		53,812		48,834		-		167,983		270,697
Translation effect		19,563		234,322		273,756		36,037		304,986		868,664
Adjustment for inflation ⁽¹⁾		343		-		-		8,694		-		9,037
Decreases, reclassifications and other movements		(9,405)		(24,266)		(5,740)		-		(62,048)		(101,459)


Accumulated depreciation
Increases		6,816		41,657		137,915		14,579		223,316		424,283
Translation effect		13,881		218,278		150,048		21,368		202,146		605,721
Adjustment for inflation ⁽¹⁾		341		-		-		6,758		-		7,099
Decreases, reclassifications and other movements		(1,119)		(2,634)		-		-		(370)		(4,123)

Cost		64,874		848,698		948,772		160,876		1,104,633		3,127,853
Accumulated depreciation		52,815		774,693		582,369		111,824		826,950		2,348,651

Balance as of December 31, 2025		12,059		74,005		366,403		49,052		277,683		779,202



Cost
Increases		28		143,027		26,630		-		48,157		217,842
Translation effect		(3,189)		(42,434)		(48,663)		(6,139)		(55,601)		(156,026)
Adjustment for inflation ⁽¹⁾		138		-		-		3,409		-		3,547
Decreases, reclassifications and other movements		-		(25,872)		-		(11,576)		-		(37,448)

Accumulated depreciation
Increases		1,678		15,500		40,659		4,015		53,914		115,766
Translation effect		(2,625)		(39,115)		(31,275)		(4,088)		(42,993)		(120,096)
Adjustment for inflation ⁽¹⁾		135		-		-		2,918		-		3,053
Decreases, reclassifications and other movements		-		(25,441)		-		(4,910)		-		(30,351)

Cost		61,851		923,419		926,739		146,570		1,097,189		3,155,768
Accumulated depreciation		52,003		725,637		591,753		109,759		837,871		2,317,023

Balance as of March 31, 2026		9,848		197,782		334,986		36,811		259,318		838,745

⁽¹⁾	Corresponds to the adjustment for inflation of opening balances of right-of-use assets of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table presents the value of the investments in associates and joint ventures at an aggregate level as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Amount of investments in associates		469,891		473,518
Amount of investments in joint ventures		1,895,213		1,861,228

		2,365,104		2,334,746

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (cont.)

The main concepts which affected the value of the aforementioned investments during the three-month period ended March 31, 2026 and as of the year ended December 31, 2025, correspond to:


	Investments in associates and joint ventures
Balance as of December 31, 2024		2,019,790

Acquisitions and contributions		113,669
Capitalization in associates and joint ventures		13,726
Income on investments in associates and joint ventures		149,044
Distributed dividends ⁽⁴⁾		(292,912)
Translation differences		773,380
Adjustment for inflation ⁽¹⁾		25,562
Decrease of companies ⁽²⁾		(379,476)
Other movements ⁽³⁾		(88,037)

Balance as of December 31, 2025		2,334,746

Acquisitions and contributions		48,892
Capitalization in associates and joint ventures		-
Income on investments in associates and joint ventures		166,345
Distributed dividends		(53,727)
Translation differences		(141,729)
Adjustment for inflation ⁽¹⁾		10,577
Decrease of companies		-
Other movements		-

Balance as of March 31, 2026		2,365,104

(1)	Corresponds to the adjustment for inflation of opening balances of associates and joint ventures with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income, see Note 2.b.1) to the annual consolidated financial statements.

(2)	Corresponds to the decrease due to the sale of Profertil, see Note 3 to the annual consolidated financial statements.

(3)	Corresponds to the decrease in the OLCLP and Refinor joint ventures, see Note 3 to the annual consolidated financial statements.

(4)	Includes 32,495 that were offset by trade liabilities.


	Associates				Joint ventures
	For the three-month periods ended March 31,				For the three-month periods ended March 31,
	2026		2025		2026		2025
Net income		35,785		10,437		130,560		75,597
Other comprehensive income		(34,583)		14,352		(96,569)		77,334

Comprehensive income		1,202		24,789		33,991		152,931

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES

The following table presents the main assets held for sale and associated liabilities as of March 31, 2026 and December 31, 2025:


	Upstream		Midstream and Downstream		Total
Balance as of March 31, 2026
Assets held for sale
Property, plant and equipment - Optimization plan of the conventional Upstream portfolio		1,310,825		-		1,310,825
Property, plant and equipment - Gas stations		-		7,964		7,964

		1,310,825		7,964		1,318,789

Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations - Optimization plan of the conventional Upstream portfolio		1,447,059		-		1,447,059
Provision for environmental liabilities - Optimization plan of the conventional Upstream portfolio		6,816		-		6,816
Liabilities for concessions - Optimization plan of the conventional Upstream portfolio		5,820		-		5,820

		1,459,695		-		1,459,695

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES (cont.)


	Upstream		Midstream and Downstream		Total
Balance as of December 31, 2025
Assets held for sale
Property, plant and equipment - Optimization plan of the conventional Upstream portfolio		1,470,346		-		1,470,346
Property, plant and equipment - Gas stations		-		8,875		8,875

		1,470,346		8,875		1,479,221

Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations - Optimization plan of the conventional Upstream portfolio		1,700,516		-		1,700,516
Provision for environmental liabilities - Optimization plan of the conventional Upstream portfolio		6,817		-		6,817
Liabilities for concessions - Optimization plan of the conventional Upstream portfolio		6,212		-		6,212

		1,713,545		-		1,713,545

12.a) Optimization plan of the conventional Upstream portfolio

12.a.1) Description of the Plan

The Optimization plan of the conventional Upstream portfolio is described in Note 11.a.1) to the annual consolidated financial statements.

12.a.2) Accounting matters

In relation to the assignment and/or reversion agreements that have met the agreed closing conditions during the three-month period ended March 31, 2026, the Company recognized:

A gain from sale of assets in the “Other net operating results” line item in the statement of comprehensive income of 5,475.

A gain from changes in the fair value of assets held for sale under “Other net operating results” line item in the statement of comprehensive income of 19,979.

The derecognition of the carrying amount of the liabilities directly associated with assets held for sale net of the assets held for sale of 130,324.

Likewise, the Company has committed to an optimization plan that involves operating efficiency measures related to the reduction of third party employees directly or indirectly affected to the operation of areas related to certain groups of assets held for disposal. For such concept, the Company recognized a loss for 98,773 in the “Provision for operating optimizations” line under “Other operating results, net” line item in the statement of comprehensive income.

13. INVENTORIES


	March 31, 2026			December 31, 2025
Finished goods		1,295,542			1,335,298
Crude oil and natural gas		517,377			569,719	⁽²⁾
Products in process		69,576			56,049
Raw materials, packaging materials and others		129,262			137,524

		2,011,757	⁽¹⁾		2,098,590	⁽¹⁾

(1)	As of March 31, 2026, and December 31, 2025, the carrying amount of inventories does not exceed their net realizable value.

(2)	Includes 29,786 corresponding to the provision of inventories write-down as of December 31, 2025, respectively, see Note 12 to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

14. OTHER RECEIVABLES


	March 31, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Receivables from services, sales of other assets and other advance payments		105,025		159,229		122,759		729,011	⁽³⁾
Tax credit and export rebates		116,800		138,118		97,201		143,490
Loans and balances with related parties ⁽¹⁾		271,032		92,431		289,989		51,218
Collateral deposits		2		22,677		2		22,064
Prepaid expenses		61,164		112,649		69,395		56,750
Advances and loans to employees		586		9,401		578		9,296
Advances to suppliers and custom agents ⁽²⁾		10,372		72,272		9,118		130,073
Receivables with partners in JO and Consortiums		293,609		421,728		336,027		434,170
Miscellaneous		72,940		100,478		71,579		105,807

		931,530		1,128,983		996,648		1,681,879
Provision for other doubtful receivables		(55,569)		(24)		(56,444)		(79)

		875,961		1,128,959		940,204		1,681,800

(1)	See Note 37 for information about related parties.

(2)	Includes, among others, advances to custom agents for the payment of taxes and import rights related to the imports of fuels and goods.

(3)	Includes receivable balances from the sale of Profertil, see Note 3 to the annual consolidated financial statements.

15. TRADE RECEIVABLES


	March 31, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Accounts receivable and related parties ^{(1) (2)}		18,495		2,565,349		17,285		2,507,770
Provision for doubtful trade receivables		(9,788)		(108,977)		(9,788)		(107,865)

		8,707		2,456,372		7,497		2,399,905

(1)	See Note 37 for information about related parties.

(2)	See Note 26 for information about credits for contracts included in trade receivables.

Set forth present is the evolution of the provision for doubtful trade receivables for the three-month period ended March 31, 2026 and for the fiscal year ended December 31, 2025:


	Provision for doubtful trade receivables
	Non-current			Current
Balance as of December 31, 2024		9,788	⁽²⁾		53,757
Increases charged to expenses		-			84,015
Decreases charged to income		-			(9,252)
Applications due to utilization		-			(29,381)
Net exchange and translation differences		-			9,320
Result from net monetary position ⁽¹⁾		-			(402)
Reclassifications		-			(192)

Balance as of December 31, 2025		9,788	⁽²⁾		107,865

Increases charged to expenses		-			10,055
Decreases charged to income		-			(6,470)
Applications due to utilization		-			(1,792)
Net exchange and translation differences		-			(613)
Result from net monetary position ⁽¹⁾		-			(68)
Reclassifications		-			-

Balance as of March 31, 2026		9,788	⁽²⁾		108,977

(1)

Includes the adjustment for inflation of opening balances of the provision for doubtful trade receivables of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income, and the adjustment for inflation of the period, which was charged to net profit or loss in the statement of comprehensive income.

(2)	Mainly including credits with distributors of natural gas for the accumulated daily differences pursuant to Decree No. 1,053/2018, see Note 35.c.1) to the annual consolidated financial statements.

16. INVESTMENTS IN FINANCIAL ASSETS


	March 31, 2026			December 31, 2025
Investments at fair value through profit or loss
Public securities		487,415	⁽¹⁾		360,622
Private securities - NO		17,350			19,947

		504,765			380,569

(1)	See Note 37.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

17. CASH AND CASH EQUIVALENTS


	March 31, 2026		December 31, 2025
Cash and banks ⁽¹⁾		443,897		287,600
Short-term investments⁽²⁾		766,858		476,064
Financial assets at fair value through profit or loss ⁽³⁾		614,996		589,039

		1,825,751		1,352,703

(1)	Includes balances granted as collateral, see Note 34.d) to the annual consolidated financial statements.

(2)	Includes 100,770 and 18,897 of term deposits and other investments with BNA as of March 31, 2026 and December 31, 2025, respectively.

(3)	See Note 7.

18. PROVISIONS

Changes in the Group’s provisions for the three-month period ended March 31, 2026 and for the fiscal year ended December 31, 2025 are as follows:


	Provision for lawsuits and contingencies				Provision for environmental liabilities				Provision for hydrocarbon wells abandonment obligations				Total
	Non- current		Current		Non- current		Current		Non- current		Current		Non- current		Current
Balance as of December 31, 2024		133,291		21,135		102,348		37,843		882,286		60,413		1,117,925		119,391

Increases charged to expenses		53,664		638		193,570		-		145,055		-		392,289		638
Decreases charged to income		(10,945)		(41)		(1,575)		-		(51,495)		-		(64,015)		(41)
Increases from business combinations		2,881		-		-		-		14,565		-		17,446		-
Applications due to utilization		(2,685)		(28,990)		-		(112,677)		-		(27,441)		(2,685)		(169,108)
Net exchange and translation differences		13,395		8,400		47,230		-		383,437		21,705		444,062		30,105
Result from net monetary position ⁽¹⁾		(57)		-		-		-		-		-		(57)		-
Reclassifications and other movements ⁽²⁾		(28,781)		28,150		(243,001)		246,609		(748,282)		77,242		(1,020,064)		352,001

Balance as of December 31, 2025		160,763		29,292		98,572		171,775		625,566		131,919		884,901		332,986

Increases charged to expenses		20,271		5		68,239		-		21,534		-		110,044		5
Decreases charged to income		(1,092)		(11)		(704)		-		(8,480)		-		(10,276)		(11)
Increases from business combinations		-		-		-		-		-		-		-		-
Applications due to utilization		(146)		(1,378)		-		(27,798)		-		(5,285)		(146)		(34,461)
Net exchange and translation differences		(2,244)		(1,460)		(13,737)		-		(31,711)		(6,461)		(47,692)		(7,921)
Result from net monetary position ⁽¹⁾		(35)		-		-		-		-		-		(35)		-
Reclassifications and other movements		(1,738)		1,690		(48,909)		47,034		(5,508)		2,681		(56,155)		51,405

Balance as of March 31, 2026		175,779		28,138		103,461		191,011		601,401		122,854		880,641		342,003

(1)

Includes the adjustment for inflation of opening balances of provisions of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income and the adjustment for inflation of the period, which was charged to net profit or loss in the statement of comprehensive income.

(2)

Includes 350,928 and 5,152 corresponding to the provisions for hydrocarbon wells abandonment obligations and for environmental liabilities, respectively, related to the “Cerro Fortunoso”, “Valle del Río Grande” and “Manantiales Behr” exploitation concessions within the context of the Optimization plan of the conventional Upstream portfolio reclassified to the “Liabilities directly associated with assets held for sale” line item in the statement of financial position, see Note 11.a) to the annual consolidated financial statements.

Provisions are described in Note 17 to the annual consolidated financial statements.

19. INCOME TAX

The amount accrued of income tax charge for the three-month periods ending March 31, 2026 and 2025 is as follows:


	For the three-month periods ended March 31,
	2026		2025
Current income tax		(208,332)		(19,845)
Deferred income tax		(134,541)		(20,875)

		(342,873)		(40,720)

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

19. INCOME TAX (cont.)

The effective income tax rate projected at the end of the fiscal year amounts to 35.91%. The difference between this rate and the effective rate as of December 31, 2025 is mainly explained by the effect of adhering in November 2025 to the Regularization plan associated with the calculation of tax loss carryforwards, see Note 18 to the annual consolidated financial statements.

As of March 31, 2026 and December 31, 2025 the Group has classified as deferred tax asset 56,478 and 13,055, respectively, and as deferred tax liability 703,603 and 541,035, respectively, all of which arise from the net deferred tax balances of each of the individual companies included in these condensed interim consolidated financial statements.

20. TAXES PAYABLE


	March 31, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
VAT		-		74,560		-		59,925
Withholdings and perceptions		-		95,197		-		112,127
Royalties		-		133,602		-		74,016
Fuels tax		26,459		121,475		26,459		20,638
Turnover tax		-		9,693		-		9,525
Miscellaneous		373		47,926		290		39,226

		26,832		482,453		26,749		315,457

21. SALARIES AND SOCIAL SECURITY


	March 31, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Salaries and social security		-		136,358		-		105,389
Bonuses and incentives provision		-		236,906		-		240,216
Cash-settled share-based payments provision ⁽¹⁾		130,646		-		83,504		-
Vacation provision		-		85,439		-		87,910
Provision for severance indemnities ⁽²⁾		-		44,529		-		44,447
Miscellaneous		4,598		8,035		6,896		8,943

		135,244		511,267		90,400		486,905

(1)	Corresponds to the Value Generation Plan, see Note 38.

(2)	Includes, mainly, severance indemnities related to the Mature Fields Project, see Note 11.a) to the annual consolidated financial statements

22. LEASE LIABILITIES

The evolution of the Group’s leases liabilities for the three-month period ended March 31, 2026 and for the fiscal year ended December 31, 2025, is as follows:


	Lease liabilities
Balance as of December 31, 2024		799,656

Increases of leases		270,697
Financial accretions		79,309
Decreases of leases		(98,411)
Payments		(501,810)
Net exchange and translation differences		279,383
Result from net monetary position ⁽¹⁾		(1)

Balance as of December 31, 2025		828,823

Increases of leases		217,842
Financial accretions		17,385
Decreases of leases		(8,799)
Payments		(134,990)
Net exchange and translation differences		(38,686)
Result from net monetary position ⁽¹⁾		(1)

Balance as of March 31, 2026		881,574

(1)

Includes the adjustment for inflation of opening balances of lease liabilities of subsidiaries with the peso as functional currency, which was charged to “Other comprehensive income” in the statement of comprehensive income and the adjustment for inflation of the period, which was charged to net profit or loss in the statement of comprehensive income.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

23. LOANS


									March 31, 2026					December 31, 2025
	Interest rate⁽¹⁾						Maturity		Non-current		Current			Non-current		Current
Pesos:
Financial loans		12.57	%	-	43.04	%		2026-2027		39,160		77,024			88,194		34,630
Account overdrafts				-				-		-		-			-		4,724

										39,160		77,024			88,194		39,354

Currencies other than the peso:
NO ^{(2) (3)}		0.00	%	-	10.00	%		2026-2047		10,786,338		1,674,140			10,828,470		2,154,333
Exports pre-financing		2.00	%	-	8.65	%		2026-2028		140,021		19,934	⁽⁵⁾		221,317		286,067
Imports financing		7.60	%	-	10.50	%		2026		-		29,488			-		30,201
Financial loans ⁽⁴⁾		3.00	%	-	9.25	%		2026-2030		779,661		335,340			793,867		811,933
Stock market promissory notes		3.95	%	-	4.50	%		2026		-		54,607			-		93,140

										11,706,020		2,113,509			11,843,654		3,375,674

										11,745,180		2,190,533			11,931,848		3,415,028

(1)	Nominal annual interest rate as of March 31, 2026.

(2)	Disclosed net of 243,517 and 254,221 corresponding to YPF’s own NO repurchased through open market transactions, as of March 31, 2026, and December 31, 2025, respectively.

(3)	Includes 1,677,295 and 2,139,221 as of March 31, 2026, and December 31, 2025, respectively, of nominal value that will be canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued.

(4)	Includes 390,748 and 338,464 of loans granted by BNA as of March 31, 2026 and December 31, 2025, respectively.

(5)	Includes 4,136 as of March 31, 2026 of pre-financing of exports granted by BNA.

Set forth below is the evolution of the loans for three-month period ended March 31, 2026 and for the fiscal year ended December 31, 2025:


	Loans
Balance as of December 31, 2024		9,214,492

Proceeds from loans		5,427,949
Payments of loans		(3,555,040)
Payments of interest		(820,364)
Account overdrafts, net		4,719
Accrued interest ⁽¹⁾		865,596
Net exchange and translation differences		4,184,012
Result from net monetary position ⁽²⁾		(7,620)
Increases from business combinations		33,132

Balance as of December 31, 2025		15,346,876

Proceeds from loans		1,081,404
Payments of loans		(1,674,053)
Payments of interest		(364,107)
Account overdrafts, net		(4,719)
Accrued interest ⁽¹⁾		278,756
Net exchange and translation differences		(728,592)
Result from net monetary position ⁽²⁾		148
Increases from business combinations		-

Balance as of March 31, 2026		13,935,713

(1)	Includes capitalized financial costs.

(2)

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

23. LOANS (cont.)

Details regarding the NO of the Group are as follows:


												March 31, 2026				December 31, 2025
Month	Year		Principal value⁽³⁾			Class	Interest rate⁽¹⁾			Principal maturity		Non-current		Current		Non-current		Current
YPF
-		1998		U.S. dollar	15	-		Fixed	10.00%		2028		20,412		856		21,494		364
July, December		2017		U.S. dollar	644	Class LIII		Fixed	6.95%		2027		890,940		11,276		939,447		28,006
December		2017		U.S. dollar	537	Class LIV		Fixed	7.00%		2047		730,092		15,433		768,782		2,608
June		2019		U.S. dollar	399	Class I		Fixed	8.50%		2029		548,100		12,298		577,147		551
February		2021		U.S. dollar	748	Class XVII		Fixed	9.00%		2029		739,886		319,920		779,096		313,660
February		2021		U.S. dollar	576	Class XVIII		Fixed	7.00%		2033		769,689		-		808,875		15,585
July		2021		U.S. dollar	384	Class XX		Fixed	5.75%		2032		415,839		80,872		477,683		93,836
January		2023		U.S. dollar	230	Class XXI		-	-		-		-		-		-		222,666
April		2023		U.S. dollar	38	Class XXIV		Fixed	1.00%		2027		51,681		92		54,420		100
June		2023		U.S. dollar	213	Class XXV		-	-		-		-		-		-		272,931
September		2023		U.S. dollar	400	Class XXVI		Fixed	0.00%		2028		551,000		-		580,200		-
October		2023		U.S. dollar	128	Class XXVII		Fixed	0.00%		2026		-		173,622		-		192,255
January		2024		U.S. dollar	800	Class XXVIII		Fixed	9.50%		2031		875,484		239,286		1,036,414		164,802
May		2024		U.S. dollar	131	Class XXIX		-	-		-		-		-		-		191,024
July, April		2024/25		U.S. dollar	389	Class XXX		Fixed	1.00%		2026		-		417,597		-		535,423
September		2024		U.S. dollar	540	Class XXXI		Fixed	8.75%		2031		1,440,683		6,552		1,517,683		30,694
October		2024		U.S. dollar	125	Class XXXII		Fixed	6.50%		2028		172,188		2,453		181,313		2,648
October		2024		U.S. dollar	25	Class XXXIII		Fixed	7.00%		2028		34,438		1,136		36,263		570
January ⁽⁴⁾		2025		U.S. dollar	1,632	Class XXXIV		Fixed	8.25%		2034		2,237,346		38,568		1,565,996		61,639
February		2025		U.S. dollar	140	Class XXXV		Fixed	6.25%		2027		-		193,422		202,432		1,216
May ⁽²⁾		2025		U.S. dollar	140	Class XXXVII		Fixed	7.00%		2027		191,412		1,999		201,404		2,185
July ⁽²⁾		2025		U.S. dollar	250	Class XXXVIII		Fixed	7.50%		2027		341,704		4,990		359,585		5,405
July, August ⁽²⁾		2025		U.S. dollar	225	Class XXXIX		Fixed	8.75%		2030		212,563		5,014		223,290		11,933
August ⁽²⁾		2025		U.S. dollar	51	Class XL		Fixed	7.50%		2028		69,335		463		73,007		518
October ⁽⁴⁾		2025		U.S. dollar	99	Class XLI		Fixed	6.00%		2027		-		137,687		142,715		2,142
December ⁽⁴⁾		2025		U.S. dollar	361	Class XLII		Fixed	7.00%		2027		493,546		10,604		281,224		1,572

													10,786,338		1,674,140		10,828,470		2,154,333

(1)	Nominal annual interest rate as of March 31, 2026.

(2)	During the three-month period ended March 31, 2026, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements.

(3)	Total nominal value issued without including the nominal values canceled through exchanges or repurchases, expressed in millions.

(4)	As of the date of issuance of these condensed interim consolidated financial statements, the Group has not yet definitively applied the proceeds disclosed in the corresponding pricing supplements. These proceeds are temporally invested until the committed plan of application is fully complied.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

24. OTHER LIABILITIES


	March 31, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Liabilities for concessions and assignment agreements		132,088		374,240		132,286		234,259
Liabilities for contractual claims ⁽¹⁾		15,200		73,670		78,377		81,252
Provision for operating optimizations ⁽²⁾		-		103,513		-		31,809
Liabilities for agreements⁽³⁾		328,306		180,246		329,496		230,115
Miscellaneous		1,459		3,769		1,449		2,876

		477,053		735,438		541,608		580,311

(1)	Corresponds to the liability arising from the settlement agreement entered into with Transportadora de Gas del Norte S.A. for claims related to restrictions in the natural gas market for the period from 2007 to 2010.

(2)	Includes, mainly, operating optimizations relating to Mature Fields Project, see Note 11.a.2) to the annual consolidated financial statements and Note 12.a.2).

(3)	Includes, mainly, the liability related to the assignment of the exploitation concessions in the Province of Santa Cruz within the context of the Mature Fields Project, see Note 11.a.2) to the annual consolidated financial statements.

25. ACCOUNTS PAYABLE


	March 31, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Trade payable and related parties ⁽¹⁾		5,600		3,190,172		5,806		3,149,111
Guarantee deposits		1,083		4,762		1,197		4,890
Payables with partners of JO and Consortiums		1,330		41,091		1,401		70,101
Miscellaneous		-		25,151		-		21,786

		8,013		3,261,176		8,404		3,245,888

(1)	See Note 37 for information about related parties.

26. REVENUES


	For the three-month periods ended March 31,
	2026		2025
Revenue from contracts with customers		6,951,284		4,862,236
National Government incentives ⁽¹⁾		5,150		8,584

		6,956,434		4,870,820

(1)	See Note 37.

•

Breakdown of revenues

Type of good or service


	For the three-month period ended March 31, 2026
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		2,453,773		-		-		-		2,453,773
Gasolines		-		1,592,872		-		-		-		1,592,872
Natural gas ⁽¹⁾		9,539		6,872		424,093		210,210		-		650,714
Crude oil		13,332		364,844		-		-		-		378,176
Jet fuel		-		399,124		-		-		-		399,124
Lubricants and by-products		-		117,507		-		-		-		117,507
LPG		-		174,751		-		-		-		174,751
Fuel oil		-		34,118		-		-		-		34,118
Petrochemicals		-		147,108		-		-		-		147,108
Fertilizers and crop protection products		-		58,290		-		-		-		58,290
Flours, oils and grains		-		208,857		-		-		-		208,857
Asphalts		-		32,912		-		-		-		32,912
Goods for resale at gas stations		-		44,974		-		-		-		44,974
Income from services		-		255		-		298		41,664		42,217
Income from construction contracts		-		-		-		-		114,010		114,010
Virgin naphtha		-		54,771		-		-		-		54,771
Petroleum coke		-		104,206		-		-		-		104,206
LNG regasification		-		1,627		-		-		-		1,627
Other goods and services		23,227		133,848		3,805		70,718		109,679		341,277

		46,098		5,930,709		427,898		281,226		265,353		6,951,284

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

26. REVENUES (cont.)


	For the three-month period ended March 31, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		1,671,695		-		-		-		1,671,695
Gasolines		-		1,091,366		-		-		-		1,091,366
Natural gas ⁽¹⁾		9,555		3,953		343,434		157,501		-		514,443
Crude oil		-		268,072		-		-		-		268,072
Jet fuel		-		225,711		-		-		-		225,711
Lubricants and by-products		-		90,597		-		-		-		90,597
LPG		-		149,146		-		-		-		149,146
Fuel oil		-		31,949		-		-		-		31,949
Petrochemicals		-		99,902		-		-		-		99,902
Fertilizers and crop protection products		-		36,035		-		-		-		36,035
Flours, oils and grains		-		147,067		-		-		-		147,067
Asphalts		-		26,517		-		-		-		26,517
Goods for resale at gas stations		-		38,298		-		-		-		38,298
Income from services		-		-		-		406		34,860		35,266
Income from construction contracts		-		-		-		-		103,860		103,860
Virgin naphtha		-		34,968		-		-		-		34,968
Petroleum coke		-		66,866		-		-		-		66,866
LNG regasification		-		894		-		-		-		894
Other goods and services		9,439		99,044		1,859		46,398		72,844		229,584

		18,994		4,082,080		345,293		204,305		211,564		4,862,236

(1)	Includes 446,535 and 360,348 corresponding to sales of natural gas produced by the Company for the three-month periods ended March 31, 2026 and 2025, respectively.

Sales channels


	For the three-month period ended March 31, 2026
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		2,592,271		-		-		-		2,592,271
Power plants		-		-		164,148		92,581		-		256,729
Distribution companies		-		-		52,718		-		-		52,718
Retail distribution of natural gas		-		-		-		123,585		-		123,585
Industries, transport and aviation		8,148		1,431,424		207,239		28,488		-		1,675,299
Agriculture		-		604,903		-		-		-		604,903
Petrochemical industry		-		181,350		-		-		-		181,350
Trading		-		769,976		-		-		-		769,976
Oil companies		13,332		162,331		-		-		-		175,663
Commercialization of LPG		-		81,593		-		-		-		81,593
Other sales channels		24,618		106,861		3,793		36,572		265,353		437,197

		46,098		5,930,709		427,898		281,226		265,353		6,951,284


	For the three-month period ended March 31, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		1,828,020		-		-		-		1,828,020
Power plants		-		-		134,011		19,588		-		153,599
Distribution companies		-		-		52,540		-		-		52,540
Retail distribution of natural gas		-		-		-		99,083		-		99,083
Industries, transport and aviation		9,555		1,022,505		158,710		76,482		-		1,267,252
Agriculture		-		402,443		-		-		-		402,443
Petrochemical industry		-		145,412		-		-		-		145,412
Trading		-		496,248		-		-		-		496,248
Oil companies		-		53,255		-		-		-		53,255
Commercialization of LPG		-		69,164		-		-		-		69,164
Other sales channels		9,439		65,033		32		9,152		211,564		295,220

		18,994		4,082,080		345,293		204,305		211,564		4,862,236

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

26. REVENUES (cont.)

Target market

Sales in the domestic market amounted to 5,719,253 and 4,060,130 for the three-month periods ended March 31, 2026 and 2025, respectively.

Sales in the international market amounted to 1,232,031 and 802,106 for the three -month periods ended March 31, 2026 and 2025, respectively.

•

Contract balances

The following table presents information regarding credits, contract assets and contract liabilities:


	March 31, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Credits for contracts included in the item of “Trade receivables”		16,782		2,513,239		15,572		2,435,111
Contract assets		-		7,232		-		4,522
Contract liabilities		291,460		199,670		261,205		169,937

Contract assets are mainly related to the activities carried out by the Group under construction contracts.

Contract liabilities are mainly related to advances received from customers under transportation service contracts.

For the three-month periods ended March 31, 2026 and 2025 the Group has recognized 51,100 and 45,112, respectively, in the “Revenues from contracts with customers” line under the “Revenues” line item in the statement of comprehensive income, which have been included in “Contract liabilities” line item in the statement of financial position at the beginning of each year.

27. COSTS


	For the three-month periods ended March 31,
	2026		2025
Inventories at beginning of year		2,098,590		1,593,666
Purchases		1,797,821		1,082,386
Production costs ⁽¹⁾		2,688,463		2,495,349
Translation effect		(104,476)		64,702
Adjustment for inflation ⁽²⁾		6,514		4,262
Other movements		2,917		-
Inventories at end of the period		(2,011,757)		(1,733,983)

		4,478,072		3,506,382

(1)	See Note 28.

(2)	Corresponds to the adjustment for inflation of opening balances of inventories of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

28. EXPENSES BY NATURE


	For the three-month period ended March 31, 2026
	Production costs ⁽²⁾		Administrative expenses ⁽³⁾		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		301,954		153,558		59,387			4,536		519,435
Fees and compensation for services		23,890		97,264		17,224			54		138,432
Other personnel expenses		92,964		11,852		5,806			711		111,333
Taxes, charges and contributions		43,664		71,515		312,924	⁽¹⁾		-		428,103
Royalties, easements and fees		369,584		-		851			1,951		372,386
Insurance		12,489		2,818		307			-		15,614
Rental of real estate and equipment		39,571		467		3,647			-		43,685
Survey expenses		-		-		-			1,323		1,323
Depreciation of property, plant and equipment		864,003		20,225		37,452			-		921,680
Amortization of intangible assets		14,457		9,071		183			-		23,711
Depreciation of right-of-use assets		97,784		12		4,175			-		101,971
Industrial inputs, consumable materials and supplies		114,666		5,057		3,153			726		123,602
Operation services and other service contracts		52,443		5,053		22,285			1,551		81,332
Preservation, repair and maintenance		425,951		12,057		12,948			2,309		453,265
Unproductive exploratory drillings		-		-		-			12,792		12,792
Transportation, products and charges		206,655		-		161,570			-		368,225
Provision for doubtful receivables		-		-		3,585			-		3,585
Publicity and advertising expenses		-		18,836		14,394			-		33,230
Fuel, gas, energy and miscellaneous		28,388		5,676		28,124			1,564		63,752

		2,688,463		413,461		688,015			27,517		3,817,456

(1)	Includes 88,942 corresponding to export withholdings and 193,875 corresponding to turnover tax.

(2)	Includes 10,069 corresponding to research and development activities.

(3)	Includes 9,956 corresponding to fees and remunerations of Directors of YPF’s Board of Directors and Statutory Auditors.


	For the three-month period ended March 31, 2025
	Production costs ⁽²⁾		Administrative expenses ⁽³⁾		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		283,855		74,112		37,962			1,040		396,969
Fees and compensation for services		25,159		74,312		13,267			113		112,851
Other personnel expenses		84,634		9,417		3,780			1,269		99,100
Taxes, charges and contributions		23,967		52,082		237,711	⁽¹⁾		-		313,760
Royalties, easements and fees		302,677		-		614			811		304,102
Insurance		22,448		854		307			-		23,609
Rental of real estate and equipment		70,901		38		3,783			-		74,722
Survey expenses		-		-		-			18,491		18,491
Depreciation of property, plant and equipment		720,502		11,109		26,066			-		757,677
Amortization of intangible assets		9,716		4,475		1,058			-		15,249
Depreciation of right-of-use assets		74,219		14		3,303			-		77,536
Industrial inputs, consumable materials and supplies		128,938		1,279		4,593			672		135,482
Operation services and other service contracts		158,866		4,164		12,802			3,957		179,789
Preservation, repair and maintenance		431,523		9,185		11,292			5,508		457,508
Unproductive exploratory drillings		-		-		-			78		78
Transportation, products and charges		136,340		2		131,698			-		268,040
Provision for doubtful receivables		-		-		4,344			-		4,344
Publicity and advertising expenses		-		19,224		13,393			-		32,617
Fuel, gas, energy and miscellaneous		21,604		8,709		22,888			556		53,757

		2,495,349		268,976		528,861			32,495		3,325,681

(1)	Includes 68,109 corresponding to export withholdings and 156,036 corresponding to turnover tax.

(2)	Includes 8,357 corresponding to research and development activities.

(3)	Includes 2,613 corresponding to fees and remunerations of Directors of YPF’s Board of Directors and Statutory Auditors.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

29. OTHER NET OPERATING RESULTS


	For the three-month periods ended March 31,
	2026		2025
Lawsuits		(18,011)		(9,290)
Export Increase Program ⁽¹⁾		-		17,470
Result from sale of assets ⁽²⁾		5,475		15,042
Result from changes in fair value of assets held for sale ⁽²⁾		19,979		(214,500)
Provision for severance indemnities ⁽²⁾		-		(28,026)
Provision for operating optimizations ⁽²⁾		(98,773)		-
Provision for obsolescence of materials and equipment ⁽²⁾		11,934		(145,544)
Miscellaneous		(28,114)		22,551

		(107,510)		(342,297)

(1)	See Note 35.j) to the annual consolidated financial statements.

(2)	See Note 11.a.2) to the annual consolidated financial and Note 12.a.2).

30. NET FINANCIAL RESULTS


	For the three-month periods ended March 31,
	2026		2025
Financial income
Interest on cash and cash equivalents and investments in financial assets		13,352		6,794
Interest on trade receivables		24,990		9,549
Other financial income		8,086		1,334

Total financial income		46,428		17,677


Financial costs
Loan interest		(275,701)		(171,157)
Hydrocarbon well abandonment provision financial accretion ⁽¹⁾		(72,446)		(99,674)
Other financial costs		(74,055)		(25,886)

Total financial costs		(422,202)		(296,717)


Other financial results
Exchange differences generated by loans		(1,255)		1,476
Exchange differences generated by cash and cash equivalents and investments in financial assets		19,490		(9,522)
Other exchange differences, net		(97,206)		13,944
Result on financial assets at fair value through profit or loss		39,227		33,373
Result from derivative financial instruments		(8,348)		738
Result from net monetary position		(29,604)		(11,062)

Total other financial results		(77,696)		28,947



Total net financial results		(453,470)		(250,093)

(1)	Includes 50,913 and 68,911 corresponding to the financial accretion of liabilities directly associated with assets held for sale for the three-month periods ending March 31, 2026 and 2025, respectively, see Notes 2.b.13) and 11.a) to the annual consolidated financial statements.

31. INVESTMENTS IN JOINT OPERATIONS AND CONSORTIUMS


	March 31, 2026		December 31, 2025
Non-current assets ⁽¹⁾		9,761,534		10,060,481
Current assets		548,151		489,163

Total assets		10,309,685		10,549,644

Non-current liabilities		339,309		354,707
Current liabilities		1,032,115		808,643

Total liabilities		1,371,424		1,163,350

(1)	Does not include charges for impairment of property, plant and equipment because they are recorded by the partners participating in the JO and Consortiums.


	For the three-month periods ended March 31,
	2026		2025
Production cost		1,005,135		710,984
Exploration expenses		4,197		4,060

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

32. SHAREHOLDERS’ EQUITY

During the three-month periods ended March 31, 2026 and 2025, the Company has not repurchased any of its own shares.

On April 30, 2026, the General Shareholders’ Meeting was held, which approved the statutory financial statements of YPF corresponding to the year ended on December 31, 2025 and, additionally, approved the following in relation to the retained earnings: (i) completely release the reserve for purchase of treasury shares and the reserve for investments; (ii) absorb accumulated losses in retained earnings up to 1,096,460 (iii) allocate the amount of 38,468 to appropriate a reserve for purchase of treasury shares; and (iv) allocate the amount of 8,415,450 to appropriate a reserve for investments.

33. EARNINGS PER SHARE


	For the three-month periods ended March 31,
	2026		2025
Net profit / (loss)		606,289		(19,864)
Weighted average number of shares outstanding		392,082,386		392,203,637
Basic and diluted earnings per share		1,546.33		(50.65)

34. CONTINGENT ASSETS AND LIABILITIES

Contingent assets and liabilities are described in Note 33 to the annual consolidated financial statements. Updates for the three-month period ended March 31, 2026, are described below:

•

On March 18, 2026, the Court of Appeals stayed all post-judgment proceedings in the District Court, including discovery, pending the appeals of the District Court’s September 15, 2023 judgment.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

34. CONTINGENT ASSETS AND LIABILITIES (cont.)

On March 27, 2026, briefing was completed in YPF’s appeals of the District Court’s September 17, 2025 and November 10, 2025 orders. Oral argument was calendared for April 16, 2026.

On April 9, 2026, the Court of Appeals granted Plaintiffs’ motion for an extension of time to file a petition for rehearing, and set May 8, 2026, as the deadline.

YPF will continue to defend itself in accordance with the applicable legal procedures and available defenses.

The Company will continue to reassess the status of these litigations and their possible impact on the results and financial situation of the Group, as needed.

35. CONTRACTUAL COMMITMENTS

During the three-month period ended March 31, 2026 there were no significant updates to the contractual commitments described in Note 34 to the annual consolidated financial statements.

36. MAIN REGULATIONS

Main regulations are described in Note 35 to the annual consolidated financial statements. Updates for the three-month period ended March 31, 2026, are described below:

•

Regulations applicable to natural gas and LNG activities

•

Tax Regulations

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

36. MAIN REGULATIONS (cont.)

•

CNV Regulatory Framework

Information requirements as Settlement and Clearing Agent and Trading Agent

As of the date of issuance of these consolidated financial statements, the Company is registered in the CNV under the category “Settlement and Clearing Agent and Trading Agent - Direct Participant”, record No. 549. Considering the Company’s business and the CNV rules, the Company will not, under any circumstance, offer brokerage services to third parties for transactions in markets under the jurisdiction of the CNV, and it will also not open operating accounts to third parties to issue orders and trade in markets under the jurisdiction of the CNV.

In accordance with the regulations to the CNV, the Company is subject to the provisions of Section 5 c), Chapter II, Title VII of the regulations to the CNV, “Settlement and Clearing Agent - Direct Participant”. In this respect, as set forth in Section 13, Title VII, Chapter II, of the CNV rules, as of March 31, 2026, the equity of the Company exceeds the minimum equity required by such rules, which amounts to 873.

Documentation keeper

According to the dispositions established in Article 48, Section XII, Chapter IV, Title II of the CNV rules, the Company informs that supporting documentation of YPF’s operations, which is not in YPF’s headquarters, is stored in the following companies:

AdeA Administradora de Archivos S.A. located in Barn 3 - Route 36, Km. 31.5 - Florencio Varela - Province of Buenos Aires.

Custodia Archivos del Comahue S.A. - Parque Industrial Este, Block N Plot 2 - Capital of Neuquén, Province of Neuquén.

Additionally, it is placed on record that the detail of the documentation given in custody is available at the registered office, as well as the documents mentioned in Section 5, Subsection a.3, Section I, Chapter V, Title II of the CNV rules.

Additional and/or complementary information

According to the dispositions established in Article 3, item 7, section d), Chapter III, Title IV of the CNV rules relating to the disclosure requirement of unpaid accrued dividends on preferred shares, we inform that the Company has not issued any preferred shares.

According to the dispositions established in Article 3, item 7, section e), Chapter III, Title IV of the CNV rules relating to the disclosure requirement of the conditions, circumstances and deadlines for the cessation of restrictions to the distribution of unappropriated retained earnings and losses and/or reserves, we inform that the restrictions to the distribution of unappropriated retained earnings and losses and/or reserves are detailed in Note 31.

In accordance with the limits set forth in Article 31 of the LGS and in accordance with the provisions of Article 6, Chapter III, Title IV of the CNV regulations, we inform those investments in other companies, excluding those with complementary or integrating corporate purpose, do not exceed such limits.

Effect of the translation of the shareholders’ contributions

In accordance with the requirement of the Section 5, Chapter III, Title IV of the CNV rules, the table below discloses the translation effect originated in the accounts of “Capital”, “Adjustment to capital”, “Treasury shares” and “Adjustment to treasury shares” of the equity:


	For the three-month periods ended March 31,
	2026		2025
Balance at the beginning of the fiscal year		5,695,203		4,043,221
Other comprehensive income		(287,130)		165,199

Balance at the end of the period		5,408,073		4,208,420

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

36. MAIN REGULATIONS (cont.)

As of March 31, 2026 and 2025 the translation effect corresponding to the “Issuance premiums” account amounts to 880,950 and 685,753, respectively, and is included within “Other comprehensive income”.

As of March 31, 2026 and 2025, the translation effect corresponding to the accounts “Share-based benefit plans”, “Acquisition cost of treasury shares” and “Share trading premium” amounts to (88,997) and (68,632), respectively, and is included within “Other comprehensive income”.

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

The tables below present the balances with associates and joint ventures as of March 31, 2026 and December 31, 2025:


	March 31, 2026
	Other receivables				Trade receivables		Investments in financial assets		Accounts payable		Contract liabilities		Contract assets
	Non-Current		Current		Current		Current		Current		Current		Current
Joint Ventures:
YPF EE		-		8,477		10,375		5,750		43,699		-		-
Profertil ⁽¹⁾		-		-		-		-		-		-		-
MEGA		-		-		56,887		-		7,559		141		2,573
Refinor ⁽¹⁾		-		-		-		-		-		-		-
OLCLP ⁽¹⁾		-		-		-		-		-		-		-
CT Barragán		-		-		1		-		-		-		-
OTA		-		-		-		-		1,805		-		-

		-		8,477		67,263		5,750		53,063		141		2,573

Associates:
CDS		-		-		10,579		-		-		-		-
YPF Gas		-		-		14,768		-		683		558		-
Oldelval		207,327		71,372		94		6,643		23,084		-		-
Termap		-		-		-		-		3,117		-		-
GPA		-		-		-		-		8,222		-		-
OTAMERICA		63,705		-		-		-		6,683		-		-
Gas Austral		-		-		169		-		10		-		-
VMOS		-		12,582		61,605		-		-		74,120		-

		271,032		83,954		87,215		6,643		41,799		74,678		-

		271,032		92,431		154,478		12,393		94,862		74,819		2,573


	December 31, 2025
	Other receivables				Trade receivables		Investments in financial assets		Accounts payable		Contract liabilities		Contract assets
	Non-Current		Current		Current		Current		Current		Current		Current
Joint Ventures:
YPF EE		-		8,787		8,043		5,924		46,995		-		-
Profertil ⁽¹⁾		-		-		-		-		-		-		-
MEGA		-		-		46,895		-		32		194		4,238
Refinor ⁽¹⁾		-		-		-		-		-		-		-
OLCLP ⁽¹⁾		-		-		-		-		-		-		-
CT Barragán		-		-		1		-		-		-		-
OTA		-		902		1		-		5,126		-		-

		-		9,689		54,940		5,924		52,153		194		4,238

Associates:
CDS		-		-		1,289		-		-		-		-
YPF Gas		-		-		14,120		-		1,131		-		-
Oldelval		222,908		18,970		70		6,748		47,529		-		-
Termap		-		-		-		-		2,271		-		-
GPA		-		-		-		-		2,948		-		-
OTAMERICA		67,081		-		1,267		865		4,193		-		-
Gas Austral		-		-		200		-		8		-		-
VMOS		-		22,559		77,220		-		-		64,119		-

		289,989		41,529		94,166		7,613		58,080		64,119		-

		289,989		51,218		149,106		13,537		110,233		64,313		4,238

(1)

See Note 3 to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

The table below presents the transactions with associates and joint ventures for the three-month periods ended March 31, 2026 and 2025:


	For the three-month period ended March 31,
	2026						2025
	Revenues		Costs and expenses		Net interest income (loss)		Revenues		Costs and expenses		Net interest income (loss)
Joint Ventures:
YPF EE		5,671		44,243		-		5,186		38,232		48
Profertil ⁽¹⁾		-		-		-		17,572		16,486		-
MEGA		93,746		21,585		(71)		90,718		1,063		-
Refinor ⁽¹⁾		-		-		-		17,259		2,752		215
OLCLP ⁽¹⁾		-		-		-		216		3,730		-
CT Barragán		3		-		-		2		-		-
OTA		19		6,150		-		11		6,123		-

		99,439		71,978		(71)		130,964		68,386		263

Associates:
CDS		9,256		-		16		-		-		3
YPF Gas		22,110		492		1,230		19,391		1,164		10
Oldelval		171		48,074		5		123		18,892		1
Termap		-		6,979		-		-		6,328		-
GPA		-		7,662		-		-		6,601		-
OTAMERICA		10		12,027		-		8		6,345		1
Gas Austral		750		13		-		890		-		-
VMOS		69,995		-		-		4,679		-		-

		102,292		75,247		1,251		25,091		39,330		15

		201,731		147,225		1,180		156,055		107,716		278

(1)	See Note 3 to the annual consolidated financial statements


		Balances ⁽¹⁵⁾				Transactions
		Receivables / (Liabilities)				Income / (Costs)
		March 31, 2026		December 31, 2025		For the three-month periods ended March 31,
Client / Suppliers	Ref.	March 31, 2026		December 31, 2025		2026		2025
SE	(1) (14)		42,522		60,005		3,310		6,396
SE	(2) (14)		636		1,088		596		674
SE	(3) (14)		167		167		-		-
SE	(4) (14)		3,662		6,189		1,244		1,514
SE	(5) (14)		6,813		6,813		-		-
Secretary of Transport	(6) (14)		5,123		5,210		-		-
Secretary of Industry	(7) (14)		-		172		-		-
CAMMESA	(8)		157,005		126,908		177,372		143,628
CAMMESA	(9)		(1,310)		(2,087)		(5,491)		(1,617)
ENARSA	(10)		94,971		184,188		28,532		25,928
ENARSA	(11)		(46,156)		(47,674)		(2,961)		(2,497)
Aerolíneas Argentinas S.A.	(12)		39,859		47,540		106,171		84,336
Aerolíneas Argentinas S.A.	(13)		(19)		(20)		-		(8)

(1)	Benefits for the Plan GasAr 2020-2024 and Plan GasAr 2023-2028, see Note 35.f.1) to the annual consolidated financial statements.

(2)	Benefits for the propane gas supply agreement for undiluted propane gas distribution networks, see Note 35.f.2) “Propane Network Agreement” section to the annual consolidated financial statements.

(3)	Benefits for the recognition of the financial cost generated by payment deferral by providers of the distribution service of natural gas and undiluted propane gas through networks, see Note 36 to the annual consolidated financial statements.

(4)	Compensation for the lower income that natural gas distribution services by companies receive from their users, see Note 35.c.3) to the annual consolidated financial statements.

(5)	Compensation by Decree No. 1,053/2018, see Note 35.c.1) to the annual consolidated financial statements.

(6)	Compensation for providing diesel to public transport of passengers at a differential price, see Note 36 to the annual consolidated financial statements.

(7)	Incentive for domestic manufacturing of capital goods, for the benefit of AESA, see Note 36 to the annual consolidated financial statements..

(8)	Sales of fuel oil, diesel, natural gas and transportation and distribution services.

(9)	Purchases of electrical energy.

(10)	Sales of natural gas and provision of regasification service of LNG and construction inspection service.

(11)	Purchases of natural gas and crude oil.

(12)	Sales of jet fuel.

(13)	Purchases of miles for YPF Serviclub Program and publicity expenses.

(14)	Income from incentives recognized according to IAS 20, see Note 2.b.12) “Income from Government incentive programs” section to the annual consolidated financial statements.

(15)	Do not include, if applicable, the provision for doubtful trade receivables.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

In addition, in connection with the investment agreement signed between YPF and subsidiaries of Chevron Corporation, YPF has an indirect non-controlling interest in Compañía de Hidrocarburo No Convencional S.R.L. (“CHNC”). During the three-month periods ended March 31, 2026 and 2025, YPF and CHNC carried out transactions such as the purchases of crude oil by YPF for 30,630 and 142,604, respectively, among others. These transactions were consummated in accordance with the general and regulatory conditions of the market. As a result, as of March 31, 2026, YPF has a net balance receivable from CHNC of 1,208 and as of December 31, 2025 the net balance payable to CHNC amounted to 18,842, respectively. See Note 36 to the annual consolidated financial statements.


	For the three-month periods ended March 31,
	2026			2025
Short-term benefits ⁽¹⁾		11,268			6,092
Share-based benefits ⁽³⁾		43,704			3,251
Post-retirement benefits		289			238

		55,261	⁽²⁾		9,581

(1)	Does not include social security contributions of 2,574 and 1,373 for the three-month periods ended March 31, 2026 and 2025, respectively.

(2)	The accrued compensation for the YPF’s key management personnel, to the functional currency of the Company, correspond to US$ 39 million and US$ 9 million for the years ended March 31, 2026 and 2025, respectively.

(3)	Include Value Generation Plan, see Note 38 and Note 37 to the annual consolidated financial statements.

38. EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS

Note 37 to the annual consolidated financial statements describes the main characteristics and accounting treatment for employee benefit plans and similar obligations implemented by the Group.

Retirement plan

The amount charged to expense related to the Retirement Plan was 1,927 and 1,400 for the three-month periods ended March 31, 2026 and 2025, respectively.

Short-term benefit programs

The amount charged to expense related to the short-term benefit programs was 51,932 and 45,383 for the three-month periods ended March 31, 2026 and 2025, respectively.

Share-based benefit plans

As of March 31, 2026, there are 4.6 million number of PSARs outstanding with and a weighted average fair value of US$ 29.95 per PSARs. The charge to income related to the Value Creation Plan was a loss of 52,679 and a recovery of 604 for the three-month periods ended March 31, 2026 and 2025, respectively. As of December 31, 2025, weighted average fair value was US$ 20.84 per PSARs.

The amount charged to expense in relation with the remaining share-based benefit plans was 4,921 and 2,770 to be settled in equity instruments, for the three-month periods ended March 31, 2026 and 2025, respectively.

Note 2.b.11) to the annual consolidated financial statements describes the accounting policies for share-based benefit plans. Repurchases of treasury shares are disclosed in Note 32.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

39. ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN THE PESO


	March 31, 2026						December 31, 2025
	Amount in currencies other than the peso		Exchange rate in force ⁽¹⁾		Total		Amount in currencies other than the peso		Exchange rate in force ⁽¹⁾		Total
Non-current assets
Other receivables
U.S. dollar		445		1,373.00		610,691		466		1,446.00		673,812

Total non-current assets						610,691						673,812

Current assets
Other receivables
U.S. dollar		247		1,373.00		338,640		676		1,446.00		976,984
Chilean peso		7,446		1.48		11,020		10,035		1.59		15,956
Trade receivables
U.S. dollar		750		1,373.00		1,029,420		621		1,446.00		898,569
Investments in financial assets
U.S. dollar		366		1,373.00		502,908		241		1,446.00		347,947
Cash and cash equivalents
U.S. dollar		707		1,373.00		970,321		440		1,446.00		635,922

Total current assets						2,852,309						2,875,378

Total assets						3,463,000						3,549,190

Non-current liabilities
Provisions
U.S. dollar		534		1,382.00		737,970		521		1,455.00		758,001
Contract liabilities
U.S. dollar		211		1,382.00		291,460		180		1,455.00		261,205
Salaries and social security
U.S. dollar		95		1,382.00		130,646		57		1,455.00		83,504
Lease liabilities
U.S. dollar		331		1,382.00		457,536		272		1,455.00		396,386
Loans
U.S. dollar		8,470		1,382.00		11,706,020		8,140		1,455.00		11,843,654
Other liabilities
U.S. dollar		333		1,382.00		460,394		357		1,455.00		519,892

Total non-current liabilities						13,784,026						13,862,642

Current liabilities
Liabilities directly associated with assets held for sale
U.S. dollar		1,056		1,382.00		1,459,695		1,178		1,455.00		1,713,545
Provisions
U.S. dollar		247		1,382.00		342,003		229		1,455.00		332,986
Contract liabilities
U.S. dollar		43		1,382.00		59,426		19		1,455.00		27,645
Salaries and social security
U.S. dollar		108		1,382.00		149,256		89		1,455.00		129,495
Lease liabilities
U.S. dollar		307		1,382.00		424,007		297		1,455.00		432,423
Loans
U.S. dollar		1,529		1,382.00		2,113,509		2,320		1,455.00		3,375,674
Other liabilities
U.S. dollar		460		1,382.00		636,333		381		1,455.00		554,118
Accounts payable
U.S. dollar		1,039		1,382.00		1,436,532		1,053		1,455.00		1,532,201
Euro		10		1,598.28		16,261		19		1,713.12		32,675

Total current liabilities						6,637,022						8,130,762

Total liabilities						20,421,048						21,993,404

(1)

Exchange rate as of March 31, 2026 and December 31, 2025 according to the BNA.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, or as otherwise indicated)

40. SUBSEQUENT EVENTS

Issuance of ON

Stock split on YPF’s ordinary shares

These condensed interim consolidated financial statements were approved by the Board of Directors’ meeting and authorized to be issued on May 7, 2026.

HORACIO DANIEL MARÍN

President

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Source: View Original Filing on SEC EDGAR

YPF reported net profit of $409 million for the three months ended March 31, 2026, compared with a $10 million loss a year earlier. Revenues rose to $4,946 million from $4,608 million, and operating profit increased to $878 million from $192 million.

YPF generated $1,865 million of net cash flows from operating activities for the three months ended March 31, 2026. This was up from $850 million a year earlier and exceeded capital expenditures of $1,090 million during the same period, supporting its investment program.

As of March 31, 2026, YPF reported total loans of $10,117 million, split between non-current and current maturities. Cash and cash equivalents were $1,326 million, and total shareholders’ equity amounted to $11,635 million, providing context for the company’s leverage profile.

For the three months ended March 31, 2026, total revenues were $4,946 million. The Midstream and Downstream segment generated $4,212 million, LNG and Integrated Gas $301 million, New Energies $203 million, and Central Administration and Others $194 million, with smaller direct revenues in Upstream.

YPF completed an asset swap with Pluspetrol, increasing its interest to 100% in several exploitation concessions, and agreed potential transfers in La Escalonada and Rincón La Ceniza. It also closed agreements with Vista, raising its interests in the Bandurria Sur, Bajo del Toro and Bajo del Toro Norte blocks.

YPF is executing an optimization plan for its conventional upstream portfolio, classifying certain mature fields as assets held for sale. As of March 31, 2026, upstream assets held for sale totaled $951 million, with associated liabilities of $1,060 million, and the company considers disposal highly probable during 2026.

YPF Sociedad Anónima

Date: May 14, 2026

/s/ Margarita Chun

Margarita Chun

Market Relations Officer