YPF earns $2.81B in first nine months of 2026

YPF earns $2.81B in first nine months of 2026

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FAQ

Q: What revenue and net profit did YPF (YPF) report for the first nine months of 2026?

Q: What is YPF (YPF) selling, and at what price?

Positive

Negative

Key Figures

Key Terms

What revenue and net profit did YPF (YPF) report for the first nine months of 2026?

What is YPF (YPF) selling, and at what price?

Did YPF (YPF) become the sole owner of YPF EE?

Positive

Negative

Key Figures

Key Terms

What revenue and net profit did YPF (YPF) report for the first nine months of 2026?

What is YPF (YPF) selling, and at what price?

Did YPF (YPF) become the sole owner of YPF EE?

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For the nine months ended September 30, 2026, YPF reported $18.077 billion in revenue and $2.810 billion in net profit. In the comparable 2025 period, revenue was $13.892 billion and YPF reported a net loss of $150 million.

YPF agreed to transfer 70% of Metrogas and 5% of Metroenergía to Empresa Distribuidora y Comercializadora Norte S.A. for $780 million. The transaction is subject to closing conditions, including applicable regulatory approvals such as approval from ENReGE.

The $430 million cash purchase made YPF the sole shareholder of YPF EE; a separate sale of Metrogas and Metroenergía stakes remains subject to closing conditions.

Available on EDGAR 11/04/2026 - 04:32 PM EST Accepted by SEC EDGAR 11/04/2026 - 04:31 PM EST

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

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How Sentiment works How the balance works

Form Type

6-K

YPF Sociedad Anónima’s unaudited results for the nine months ended September 30, 2026, included $18.077 billion in revenue, compared with $13.892 billion in the 2025 period, and $2.810 billion in net profit, versus a net loss of $150 million. Operating profit was $4.612 billion, compared with $1.156 billion.

Operating cash flow was $7.100 billion; investing and financing activities used $4.695 billion and $1.277 billion, respectively. Cash payments for property, plant and equipment and intangible assets were $3.812 billion. Cash and cash equivalents were $1.987 billion as of September 30, 2026.

YPF completed its acquisition of an additional 24.99% of YPF EE on October 14, 2026, for $430 million in cash, becoming its sole shareholder. Separately, YPF agreed to sell 70% of Metrogas and 5% of Metroenergía to Empresa Distribuidora y Comercializadora Norte S.A. for $780 million, subject to closing conditions including regulatory approvals. As of September 30, the related assets and liabilities were classified as held for sale.

2 points · 1 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 0 points

How the balance works

Major pointNet profit was $2.810 billion, compared with a $150 million loss in the 2025 period.
Moderate pointRevenue was $18.077 billion, compared with $13.892 billion in the 2025 period.

None.

Two upstream assignments remained conditional, while YPF had already transferred rights in two other concession groups.

On August 5, YPF agreed to assign its interests in CNQ-7 Gobernador Ayala, CNQ-7A and Jagüel Casa de Piedra, and in Chachahuén Sur, Cerro Morado Este, Puesto Hernández and Chihuido de la Sierra Negra. Both agreements remained subject to closing conditions at the statements’ issuance, and their prices were subject to adjustments.

YPF had completed transfers of its rights and obligations in the Manantiales Behr concessions to San Benito and PECOM on May 21, 2026, and in the Cerro Fortunoso and Valle del Río Grande concessions to Venoil on September 21, 2026.

As of September 30, 2026, the conventional-upstream optimization portfolio included assets and associated liabilities classified as held for sale.

Revenue: $18.077 billion Net profit: $2.810 billion Operating profit: $4.612 billion +4 more

7 metrics

Revenue $18.077 billion Nine months ended September 30, 2026; compared with $13.892 billion in the 2025 period

Net profit $2.810 billion Nine months ended September 30, 2026; compared with a $150 million net loss in the 2025 period

Operating profit $4.612 billion Nine months ended September 30, 2026; compared with $1.156 billion in the 2025 period

Net cash flows from operating activities $7.100 billion Nine months ended September 30, 2026

Cash and cash equivalents $1.987 billion As of September 30, 2026

Metrogas and Metroenergía sale price $780 million Sale agreement covers 70% of Metrogas and 5% of Metroenergía, subject to closing conditions

YPF EE acquisition amount $430 million in cash Purchase of an additional 24.99%, completed October 14, 2026

business combination achieved in stages, equity method, assets held for sale, financial covenants

4 terms

business combination achieved in stages financial

"qualifies as a business combination achieved in stages"

equity method financial

"calculated according to the equity method"

An equity method investment is an accounting approach used when a company owns enough of another business to influence its decisions but not control it (commonly around 20–50% ownership). Instead of counting only dividends, the investor records its share of the other company’s profits and losses on its own income statement and adjusts the investment’s value on the balance sheet—like tracking a friend’s joint project by noting your share of their gains or setbacks. For investors, this matters because it can significantly affect reported earnings, asset values, and the apparent strength of a company’s financial results.

assets held for sale financial

"under the “Assets held for sale” line item"

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.

financial covenants financial

"financial covenants mainly related to restrictions"

Financial covenants are rules written into loan or bond agreements that require a company to keep certain financial measures within agreed limits—examples include minimum cash, maximum debt levels, or minimum profit margins. They act like guardrails for lenders: breaking a covenant can force renegotiation, trigger penalties or default, and quickly affect a company’s available cash and stock value, so investors watch them as early warning signs of financial stress.

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

For the nine months ended September 30, 2026, YPF reported $18.077 billion in revenue and $2.810 billion in net profit. In the comparable 2025 period, revenue was $13.892 billion and YPF reported a net loss of $150 million.

YPF agreed to transfer 70% of Metrogas and 5% of Metroenergía to Empresa Distribuidora y Comercializadora Norte S.A. for $780 million. The transaction is subject to closing conditions, including applicable regulatory approvals such as approval from ENReGE.

Yes. On October 14, 2026, after the closing conditions were fulfilled, YPF completed its $430 million cash purchase from BNR Power Investments B.V. of an additional 24.99% of YPF EE. YPF then held 100% of YPF EE’s capital stock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 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 September 30, 2026 and Comparative Information (US$).

ITEM 2 YPF S.A.’s Condensed Interim Consolidated Financial Statements as of September 30, 2026 and Comparative Information (Unaudited) (AR$).

LOGO

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2026

AND COMPARATIVE INFORMATION

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 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	11
5	Financial risk management	12
6	Business segment information	13
7	Financial instruments by category	17
8	Intangible assets	17
9	Property, plant and equipment	18
10	Right-of-use assets	22
11	Investments in associates and joint ventures	22
12	Assets held for sale and associated liabilities	23
13	Inventories	26
14	Other receivables	26
15	Trade receivables	27
16	Investments in financial assets	27
17	Cash and cash equivalents	28
18	Provisions	28
19	Income tax	28
20	Taxes payable	29
21	Salaries and social security	29
22	Lease liabilities	29
23	Loans	30
24	Other liabilities	32
25	Accounts payable	32
26	Revenues	32
27	Costs	34
28	Expenses by nature	35
29	Other net operating results	36
30	Net financial results	36
31	Investments in joint operations and consortiums	36
32	Shareholders’ equity	37
33	Earnings per share	37
34	Contingent assets and liabilities	37
35	Contractual commitments	39
36	Main regulations	40
37	Balances and transactions with related parties	42
38	Employee benefit plans and similar obligations	44
39	Subsequent events	45


		1
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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)
BSP		Bandurria Sur Participaciones S.A.
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
ENReGE		National Regulatory Agency for Gas and Electricity
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 Committee
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.
MIDCO ARLNG I		MIDCO ARLNG I S.A.U.
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		Oleoducto Trasandino (Argentina) S.A.
OTAMERICA		OTAMERICA Ebytem S.A.
OTC		Oleoducto Trasandino (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)
SMP		San Matías Pipeline S.A.
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)
SESA		Southern Energy S.A.
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
UPCO ARLNG I		UPCO ARLNG I S.A.U.
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.
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 SEPTEMBER 30, 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

April 30, 2026, 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 July 15, 2026, under No. 12,932, Book 127 of Corporations.

Capital structure

3,933,127,930 shares of common stock, $ 1 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


		3
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2026 AND DECEMBER 31, 2025
(Amounts expressed in millions of United States dollars)


	Notes	September 30, 2026		December 31, 2025
ASSETS
Non-current assets
Intangible assets	8		846		1,068
Property, plant and equipment	9		19,893		19,085
Right-of-use assets	10		735		537
Investments in associates and joint ventures	11		2,243		1,610
Deferred income tax assets, net	19		24		9
Other receivables	14		678		648
Trade receivables	15		3		5

Total non-current assets			24,422		22,962

Current assets
Assets held for sale	12		1,670		1,019
Inventories	13		1,559		1,447
Contract assets	26		3		3
Other receivables	14		896		1,159
Trade receivables	15		1,975		1,654
Investments in financial assets	16		1,667		262
Cash and cash equivalents	17		1,987		933

Total current assets			9,757		6,477

TOTAL ASSETS			34,179		29,439

SHAREHOLDERS’ EQUITY
Capital			3,921		3,921
Treasury shares			12		12
Share-based benefit plans			12		7
Acquisition cost of treasury shares			(57)		(35)
Share trading premiums			(47)		(44)
Issuance premiums			640		640
Legal reserve			787		787
Reserve for investments			5,802		6,587
Reserve for purchase of treasury shares			27		33
Other comprehensive income			(175)		(338)
Unappropriated retained earnings and losses			2,821		(756)

Shareholders’ equity attributable to shareholders of the parent company			13,743		10,814

Non-controlling interest			273		230

TOTAL SHAREHOLDERS’ EQUITY			14,016		11,044

LIABILITIES
Non-current liabilities
Provisions	18		951		610
Contract liabilities	26		243		180
Deferred income tax liabilities, net	19		476		373
Income tax liability			756		830
Taxes payable	20		11		18
Salaries and social security	21		171		63
Lease liabilities	22		442		273
Loans	23		8,672		8,226
Other liabilities	24		569		373
Accounts payable	25		5		6

Total non-current liabilities			12,296		10,952

Current liabilities
Liabilities directly associated with assets held for sale	12		739		1,181
Provisions	18		299		229
Contract liabilities	26		150		117
Income tax liability			1,233		73
Taxes payable	20		401		217
Salaries and social security	21		366		336
Lease liabilities	22		324		298
Loans	23		1,578		2,355
Other liabilities	24		546		399
Accounts payable	25		2,231		2,238

Total current liabilities			7,867		7,443

TOTAL LIABILITIES			20,163		18,395

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			34,179		29,439

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

HORACIO DANIEL MARÍN

President


		4
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE NINE AND THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025
(Amounts expressed in millions of United States dollars)


			For the nine-month periods ended September 30,					For the three-month periods ended September 30,
	Notes		2026		2025			2026		2025
Net income
Revenues		26		18,077		13,892			6,557		4,643
Costs		27		(10,619)		(10,064)			(3,822)		(3,308)

Gross profit				7,458		3,828			2,735		1,335


Selling expenses		28		(1,716)		(1,468)			(626)		(461)
Administrative expenses		28		(948)		(743)			(334)		(252)
Exploration expenses		28		(52)		(68)			(15)		(17)
Inventories write-down and reversal of impairment losses / (impairment) of property, plant and equipment				(8)		4			-		(5)
Other net operating results		29		(122)		(397)			161		(48)

Operating profit				4,612		1,156			1,921		552


Income from equity interests in associates and joint ventures		11		350		107			134		32

Financial income		30		126		72			31		28
Financial costs		30		(920)		(821)			(304)		(257)
Other financial results		30		109		3			45		(16)

Net financial results		30		(685)		(746)			(228)		(245)



Net profit before income tax				4,277		517			1,827		339


Income tax		19		(1,467)		(667)			(631)		(537)


Net profit / (loss) for the period				2,810		(150)			1,196		(198)


Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Translation differences from subsidiaries, associates and joint ventures				(36)		(221)			(20)		(99)
Result from net monetary position in subsidiaries, associates and joint ventures⁽¹⁾				238		135			65		12

Other comprehensive income for the period				202		(86)			45		(87)



Total comprehensive income for the period				3,012		(236)			1,241		(285)


Net profit / (loss) for the period attributable to:
Shareholders of the parent company				2,786		(172)			1,181		(206)
Non-controlling interest				24		22			15		8
Other comprehensive income for the period attributable to:
Shareholders of the parent company				163		(68)			36		(71)
Non-controlling interest				39		(18)			9		(16)
Total comprehensive income for the period attributable to:
Shareholders of the parent company				2,949		(240)			1,217		(277)
Non-controlling interest				63		4			24		(8)
Earnings per share attributable to shareholders of the parent company:
Basic and diluted		33		0.71		(0.04)	⁽²⁾		0.30		(0.05)	⁽²⁾

(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)	In accordance with IAS 33 “Earnings per share”, the calculation of basic and diluted earnings per share was adjusted retrospectively to include the effect of the stock split, see Note 32 “Stock split on YPF’s ordinary shares” section.

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

HORACIO DANIEL MARÍN

President


		5
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025
(Amounts expressed in millions of United States dollars)


	For the nine-month period ended September 30, 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⁾		-		-		20		-		-		-		-		-		-		-			-		20		-		20
Repurchase of treasury shares		(5)		5		-		(27)		-		-		-		-		-		-			-		(27)		-		(27)
Settlement of share-based benefit plans		5		(5)		(15)		5		(3)		-		-		-		-		-			-		(13)		-		(13)
Dividends distributed by subsidiaries		-		-		-		-		-		-		-		-		-		-			-		-		(20)		(20)
Release of reserves ⁽⁵⁾		-		-		-		-		-		-		-		(6,587)		(33)		-			6,620		-		-		-
Appropriation to reserves ⁽⁵⁾		-		-		-		-		-		-		-		5,802		27		-			(5,829)		-		-		-
Other comprehensive income		-		-		-		-		-		-		-		-		-		163			-		163		39		202
Net profit for the period		-		-		-		-		-		-		-		-		-		-			2,786		2,786		24		2,810

Balance as of September 30, 2026		3,921		12		12		(57)		(47)		640		787		5,802		27		(175)	⁽¹⁾		2,821		13,743		273		14,016

(1)

Includes (2,387) 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 2,212 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 57 and 35 restricted to the distribution of retained earnings as of September 30, 2026 and December 31, 2025, respectively. See Note 31 to the annual consolidated financial statements.

(5)	As decided in the Shareholders’ Meeting on April 30, 2026.

HORACIO DANIEL MARÍN

President


		6
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025 (cont.)
(Amounts expressed in millions of United States dollars)


	For the nine-month period ended September 30, 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⁾		-		-		9		-		-		-		-		-		-		-			-		9		-		9
Repurchase of treasury shares		-		-		-		-		-		-		-		-		-		-			-		-		-		-
Settlement of share-based benefit plans		6		(6)		(10)		3		(2)		-		-		-		-		-			-		(9)		-		(9)
Dividends distributed by subsidiaries		-		-		-		-		-		-		-		-		-		-			-		-		-		-
Release of reserves ⁽⁵⁾		-		-		-		-		-		-		-		(4,236)		(36)		-			4,272		-		-		-
Appropriation to reserves ⁽⁵⁾		-		-		-		-		-		-		-		6,587		33		-			(6,620)		-		-		-
Other comprehensive income		-		-		-		-		-		-		-		-		-		(68)			-		(68)		(18)		(86)
Net (loss) / profit for the period		-		-		-		-		-		-		-		-		-		-			(172)		(172)		22		(150)

Balance as of September 30, 2025		3,928		5		2		(25)		(44)		640		787		6,587		33		(399)	⁽¹⁾		(102)		11,412		222		11,634

(1)

Includes (2,197) 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 1,798 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 69 and 70 restricted to the distribution of retained earnings as of September 30, 2025 and December 31, 2024, respectively. See Note 31 to the annual consolidated financial statements.

(5)	As decided in the Shareholders’ Meeting on April 30, 2025.

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

HORACIO DANIEL MARÍN

President


		7
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025

(Amounts expressed in millions of United States dollars)


	For the nine-month periods ended September 30,
	2026		2025
Cash flows from operating activities
Net profit / (loss)		2,810		(150)
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(350)		(107)
Depreciation of property, plant and equipment		2,190		2,172
Amortization of intangible assets		49		44
Depreciation of right-of-use assets		216		214
Retirement of property, plant and equipment and intangible assets and consumption of materials		211		337
Charge on income tax		1,467		667
Net increase in provisions		305		596
Inventories write-down and reversal of impairment losses of property, plant and equipment		8		(4)
Effect of changes in exchange rates, interest and others		488		726
Share-based benefit plans		20		9
Result from sale of assets		(179)		(216)
Result from changes in fair value of assets held for sale		133		240
Result from revaluation of companies		-		(45)
Result from liabilities for agreements		82		-
Other insurance income		(8)		-
Changes in assets and liabilities:
Trade receivables		(562)		(535)
Other receivables		(83)		(269)
Inventories		(119)		9
Accounts payable		79		(156)
Taxes payable		199		30
Salaries and social security		150		(57)
Other liabilities		(60)		(305)
Decrease in provisions due to payment/use		(86)		(134)
Contract assets		-		15
Contract liabilities		106		71
Dividends received		70		186
Proceeds from collection of insurance		8		5
Income tax payments		(44)		(122)

Net cash flows from operating activities ^(1) (2)		7,100		3,221



Investing activities: ⁽³⁾
Acquisition of property, plant and equipment and intangible assets		(3,812)		(3,657)
Additions of assets held for sale		(8)		(45)
Contributions and acquisitions of interests in associates and joint ventures		(287)		(82)
Acquisitions from business combinations net of cash and cash equivalents		-		(750)
(Payments) / proceeds net from the purchase and sale of financial assets		(1,350)		149
Interests received from financial assets		3		4
Proceeds from concessions, assignment agreements and sale of assets		759		78

Net cash flows used in investing activities		(4,695)		(4,303)



Financing activities: ⁽³⁾
Payments of loans		(2,652)		(1,875)
Payments of interests		(637)		(538)
Proceeds from loans		2,427		3,592
Account overdrafts, net		(3)		-
Repurchase of treasury shares		(27)		-
Payments of leases		(281)		(306)
Payments of interests in relation to income tax		(84)		(2)
Dividend payments by subsidiaries		(20)		-

Net cash flows (used in) / from financing activities		(1,277)		871



Effect of changes in exchange rates on cash and cash equivalents		33		(108)



Reclassification of cash and cash equivalents to assets held for sale		(107)		-



Increase / (Decrease) in cash and cash equivalents		1,054		(319)


Cash and cash equivalents at the beginning of the fiscal year		933		1,118
Cash and cash equivalents at the end of the period		1,987		799

Increase / (Decrease) in cash and cash equivalents		1,054		(319)

(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 58 and 52 for the nine-month periods ended September 30, 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 nine-month periods ended September 30,
	2026		2025
Unpaid acquisitions of property, plant and equipment and intangible assets		577		566
Unpaid additions of assets held for sale		-		1
Additions of right-of-use assets		486		168
Capitalization of depreciation of right-of-use assets		30		44
Capitalization of financial accretion for lease liabilities		2		6
Capitalization in associates and joint ventures		-		12
Liabilities arising from company acquisitions		87		14
Unpaid receivables from the sale of assets		515		433

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

HORACIO DANIEL MARÍN

President


		8
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 September 30, 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 September 30, 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
BSP ⁽⁵⁾	Argentina	Hydrocarbon exploitation	16.30%	Associate

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⁾	Argentina	Hydrocarbon transportation	29.82%	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 SESA and SMP associates	100%	Subsidiary
UPCO ARLNG I	Argentina	Exploration, exploitation, development and industrialization of natural gas for LNG production	100%	Subsidiary
MIDCO ARLNG I	Argentina	Transportation, fractionation and liquefaction of natural gas, and the commercialization and export of LNG	100%	Subsidiary
MEGA	Argentina	Separation of natural gas liquids and their fractionation	38%	Joint venture

New Energies
Metrogas ^{(2) (6)}	Argentina	Distribution of natural gas	70%	Subsidiary
Metroenergía ⁽⁶⁾	Argentina	Commercialization of natural gas	71.50%	Subsidiary
Y-TEC	Argentina	Research and development of technology	51%	Subsidiary
YPF EE ⁽⁷⁾	Argentina	Generation of electric power	75.01%	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 and Note 36.

(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, see Note 4 “Acquisition of equity interest in YPF EE” section.

(5)

As of September 30, 2026, the shares of BSP are pledged in guarantee for the obligations assumed in relation to the contingent consideration contemplated in the agreements entered into with Vista (see Note 35 “Acquisition of interest in the “Bandurria Sur,” “Bajo del Toro,” and “Bajo del Toro Norte” blocks” section).

(6)	See Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

(7)	See Note 4 “Acquisition of equity interest in YPF EE” section.

HORACIO DANIEL MARÍN

President


		9
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 nine-month period ended September 30, 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 as issued by the IASB.

These condensed interim consolidated financial statements corresponding to the nine-month period ended September 30, 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 nine-month period ended September 30, 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 October 28, 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.

Standards and interpretations issued by the IASB during the nine-month period ended September 30, 2026, whose application is not mandatory at the closing date of these condensed interim consolidated financial statements and have not been adopted by the Group

•

IFRS 20 “Regulatory assets and regulatory liabilities”

In May 2026, the IASB issued IFRS 20 which replaces IFRS 14 “Regulatory deferral accounts”, with the objective of providing more complete information about the effects of rate regulation on the financial performance and financial position of entities subject to a rate regulation agreement. This standard is effective for fiscal years beginning on or after January 1, 2029.

IFRS 20 establishes requirements for the recognition, measurement, presentation and disclosure of regulatory assets, liabilities, income and expense arising from differences in timing between the period in which an entity provides regulatory goods or services and the period in which the entity collects payment from customers through regulated rates.

As of the date of issuance of these condensed interim consolidated financial statements, the Group is in the process of evaluating the effects of the application of IFRS 20.

•

Amendments to IAS 28 - Fair value option for investments in associates and joint ventures

In June 2026, the IASB issued amendments to IAS 28, with the objective of clarifying which entities are eligible to apply the fair value measurement option for certain investments in associates and joint ventures, which are effective when an entity first applies IFRS 18 “Presentation and disclosure in financial statements”.

The amendments specify which entities are within the scope of the option provided for in IAS 28 to measure investments in associates or joint ventures at fair value through profit or loss in accordance with IFRS 9 “Financial instruments”, instead of applying the equity method, limiting this option to venture capital organizations, mutual funds, unit trusts and similar entities.

As of the date of issuance of these condensed interim consolidated financial statements, the Group anticipates that the application of these amendments will not have a significant impact on its financial statements.

HORACIO DANIEL MARÍN

President


		10
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 (cont.)

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 nine and three-month periods ended September 30, 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. Likewise, changes have been made to the comparative figures in Notes 6 and 26 as mentioned in Note 6.

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.

HORACIO DANIEL MARÍN

President


		11
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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)

4. ACQUISITIONS AND DISPOSALS

The most relevant acquisitions and disposals of companies that took place during the nine-month period ended September 30, 2026 are described below:

Sale of equity interests in Metrogas and Metroenergía

As part of the Company’s asset portfolio assessment, on August 10, 2026, YPF’s Board of Directors approved the signing of a share purchase and sale agreement with Empresa Distribuidora y Comercializadora Norte S.A. (“EDENOR”), whereby, subject to the fulfillment of the closing conditions set forth in such agreement, YPF agreed to transfer (i) 70% of the capital stock of Metrogas and (ii) 5% of the capital stock of Metroenergía. The sale price of the transaction amounts to 780, and as a result of the transaction, YPF will dispose of its entire equity interest in those subsidiaries.

Likewise, the closing of the transaction is subject to the fulfillment of conditions precedent, including, among others, obtaining applicable regulatory approvals, such as approval from the ENReGE.

As of September 30, 2026, in accordance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”, the assets and liabilities of Metrogas and Metroenergía have been classified as held for sale under the “Assets held for sale” and “Liabilities associated with assets held for sale” line items, respectively, in the statement of financial position and have been measured at the lower of their carrying amount and fair value less costs to sell (“fair value”).

The following table details the main assets held for sale and their associated liabilities for the equity interest in Metrogas and Metroenergía as of September 30, 2026:

	$
	September 30, 2026 ⁽¹⁾
Assets held for sale
Intangible assets		8
Property, plant and equipment		834
Other receivables		12
Trade receivables		265
Investments in financial assets		1
Cash and cash equivalents		107

Subtotal		1,227

Consolidation adjustments		(1)

Total		1,226


Liabilities directly associated with assets held for sale
Provisions		8
Deferred income tax liabilities, net		83
Income tax liability		45
Taxes payable		27
Salaries and social security		17
Loans		41
Other liabilities		17
Accounts payable		201

Subtotal		439

Consolidation adjustments		(27)

Total		412



Non-controlling interest		236

(1)

The financial information arises from the statutory consolidated financial statements of Metrogas and the amounts are translated to U.S. dollars using the closing exchange rate. On this information, adjustments have been made for the calculation of the equity interest in Metrogas and Metroenergía, to conform with YPF accounting policies.

Upon fulfillment of the closing conditions and the loss of control of the subsidiaries, the assets and liabilities of Metrogas and Metroenergía together with the related non-controlling interests will be derecognized, and the difference between the agreed consideration and the carrying amount of the net assets attributable to shareholders of the parent company as of the closing date will be recognized in profit or loss.

Likewise, the translation differences and the results from net monetary position accumulated in “Other comprehensive income” in the statement of changes in shareholders’ equity related to the investment in Metrogas and Metroenergía will be reclassified to profit or loss for the period upon closing of the transaction. As of September 30, 2026, the balances accumulated in “Other comprehensive income” in the statement of changes in shareholders’ equity related to the investment in those subsidiaries amount to a gain of 332.

HORACIO DANIEL MARÍN

President


		12
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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)

4. ACQUISITIONS AND DISPOSALS (cont.)

Acquisition of equity interest in YPF EE

On October 8, 2026, the Company entered into a share purchase and sale agreement with BNR Power Investments B.V. (“BNR”) for the acquisition of 24.99% of the capital stock of the YPF EE joint venture, subject to the fulfillment of closing conditions set forth in such agreement. On October 14, 2026 (“acquisition date”), after the fulfillment of the closing conditions, the sale and transfer by BNR to YPF of the shares representing 24.99% of the capital stock of YPF EE was completed.

As of the acquisition date, YPF, which owned 75.01% of the capital stock of YPF EE directly and indirectly prior to the aforementioned share purchase and sale agreement, became the sole shareholder, holding 100% of the capital stock of YPF EE. The amount of the transaction was 430 in cash.

The transaction described above qualifies as a business combination achieved in stages in accordance with IFRS 3 “Business combinations” and is accounted for using the acquisition method, as described in Note 2.b.1) to the annual consolidated financial statements.

As of the date of issuance of these condensed interim consolidated financial statements and due to the recent closing of the transaction, the Group is in the process of determining the accounting impact of this transaction. Consequently, it is not possible to disclose the information required by IFRS 3 in relation to the measurement of the assets acquired and liabilities assumed at their fair values at the acquisition date and the impact on the Group’s results and cash flows arising from the recognition of this acquisition.

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 nine-month period ended September 30, 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 September 30, 2026, the Group is in compliance with its covenants.

HORACIO DANIEL MARÍN

President


		13
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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; and (iii) the transportation and commercialization of crude oil.

Its revenues are mainly derived from the sale of crude oil and refined and petrochemical products, through the businesses of Retail, Commercial Networks, Industries, Transportation, Aviation, 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.

On July 1, 2026, the assets corresponding to the Agro business related to the commercialization of specialties for the agribusiness industry and of grains and their by-products, which were formerly included in the Midstream and Downstream business segment, were assigned to the New Energy business segment. In addition, the comparative information for the fiscal year ended December 31, 2025, and the period ended September 30, 2025, has been restated.

•

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


		14
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 (see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section); (iv) the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary Y-TEC; (v) the commercialization of specialties for the agribusiness industry and of grains and their by-products; and (vi) the management of fuel and lubricant sales related to the Agro business. Furthermore, through our joint ventures YPF EE (see Note 4 “Acquisition of equity interest in YPF EE” section) 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. The commercialization of specialties for the agribusiness industry and of grains and their by-products, and the management of fuel and lubricant sales in the Midstream and Downstream business segments related to the Agro business.

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


		15
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 nine-month period ended September 30, 2026
Revenues		76			14,431		1,348		1,646		576		-		18,077
Revenues from intersegment sales		7,222			132		249		48		881		(8,532)		-

Revenues		7,298			14,563		1,597		1,694		1,457		(8,532)		18,077


Operating profit or loss		2,783	⁽³⁾		2,904		(47)		142		(542)		(628)		4,612
Income from equity interests in associates and joint ventures		16			56		68		210		-		-		350

Net financial results															(685)
Net profit before income tax															4,277
Income tax															(1,467)
Net profit for the period															2,810

Acquisitions of property, plant and equipment		3,217			747		58		27		96		-		4,145
Acquisitions of right-of-use assets		406			80		-		-		-		-		486
Increases from business combinations		-			-		-		-		-		-		-

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		1,615			439		40		30		66		-		2,190
Amortization of intangible assets		-			27		-		6		16		-		49
Depreciation of right-of-use assets		116			96		-		-		4		-		216
Inventories write-down		-			-		-		8		-		-		8

Balance as of September 30, 2026
Assets		14,274			11,992		1,049		2,831		4,797		(764)		34,179

HORACIO DANIEL MARÍN

President


		16
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 nine-month period ended September 30, 2025
Revenues		66			10,582		1,371		1,329		544		-		13,892
Revenues from intersegment sales		5,863			149		256		15		823		(7,106)		-

Revenues		5,929			10,731		1,627		1,344		1,367		(7,106)		13,892


Operating profit or loss		507	⁽³⁾		926		(8)		96		(357)		(8)		1,156
Income from equity interests in associates and joint ventures		-			14		30		63		-		-		107

Net financial results															(746)
Net profit before income tax															517
Income tax															(667)
Net loss for the period															(150)

Acquisitions of property, plant and equipment		2,845			749		26		25		79		-		3,724
Acquisitions of right-of-use assets		35			125		-		-		8		-		168
Increases from business combinations ⁽⁴⁾		822			93		-		-		-		-		915

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		1,691			392		2		25		62		-		2,172
Amortization of intangible assets		-			27		-		9		8		-		44
Depreciation of right-of-use assets		114			93		1		-		6		-		214
Reversal of impairment losses of property, plant and equipment		-			-		-		(4)		-		-		(4)

Balance as of December 31, 2025
Assets		13,167			10,871		735		2,724		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 (12) and (1) of unproductive exploratory drillings as of September 30, 2026 and 2025, respectively.

(4)	Corresponds to increases in property, plant, and equipment and intangible assets due to business combinations, see Notes 7 and 8 to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President


		17
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 and liabilities measured at fair value through profit or loss as of September 30, 2026 and December 31, 2025, and their allocation to their fair value hierarchy levels:

Financial assets


	As of September 30, 2026
	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		1,652		-		-		1,652
- Private securities - NO		15		-		-		15

		1,667		-		-		1,667

Cash and cash equivalents:
- Mutual funds		645		-		-		645
- Public securities		40		-		-		40

		685		-		-		685

		2,352		-		-		2,352


	As of December 31, 2025
	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

Financial liabilities


	As of September 30, 2026
	Level 1		Level 2		Level 3		Total
Other liabilities
- Liabilities for agreements		-		-		87		87

		-		-		87		87

As of December 31, 2025, the Group had no financial liabilities measured at fair value through profit or loss.

For the measurement of financial liabilities classified within Level 3 of the fair value hierarchy as of September 30, 2026, the Group uses valuation techniques based on expected cash flows that consider future production projections and expected fluctuations in the international oil price.

During the nine-month period ended September 30, 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 9,621 and 10,696 as of September 30, 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


	September 30, 2026		December 31, 2025
Net carrying amount of intangible assets		867		1,108
Provision for impairment of intangible assets		(21)		(40)

		846		1,068

HORACIO DANIEL MARÍN

President


		18
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 nine-month period ended September 30, 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		39		-		4			43
Increases from business combinations		-		-		-			-
Translation effect		-		-		(5)			(5)
Adjustment for inflation ⁽¹⁾		-		-		23			23
Decreases, reclassifications and other movements		-		(251)		(78)	⁽²⁾		(329)

Accumulated amortization
Increases		20		-		29			49
Translation effect		-		-		(3)			(3)
Adjustment for inflation ⁽¹⁾		-		-		17			17
Decreases, reclassifications and other movements		-		-		(90)	⁽²⁾		(90)

Cost		1,163		385		510			2,058
Accumulated amortization		777		-		414			1,191

Balance as of September 30, 2026		386		385		96			867

(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.

(2)	Includes the balances of our subsidiaries Metrogas and Metroenergía reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

9.	PROPERTY, PLANT AND EQUIPMENT


	September 30, 2026		December 31, 2025
Net carrying amount of property, plant and equipment		20,495		19,926
Provision for obsolescence of materials and equipment		(310)		(484)
Provision for impairment of property, plant and equipment		(292)		(357)

		19,893		19,085

HORACIO DANIEL MARÍN

President


		19
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 nine-month periods ended September 30, 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

HORACIO DANIEL MARÍN

President


		20
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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.)


	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		1,324		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		403		70		11		635		2,990		25		3		-		-		7		4,145
Increases from business combinations		-		-		-		-		-		-		-		-		-		-		-		-
Translation effect		(10)		-		-		(4)		(2)		(2)		-		(2)		-		(54)		(16)		(90)
Adjustment for inflation⁽¹⁾		55		-		-		24		8		6		-		14		-		273		71		451
Decreases, reclassifications and other movements		(28)		895		387		19		(905)		(2,286)		-		32		40		(1,540)		(142)		(3,528)	⁽⁴⁾⁽⁵⁾

Accumulated depreciation
Increases		21		1,677		327		81		-		-		-		28		57		21		64		2,276
Translation effect		(5)		-		-		(2)		-		-		-		(3)		-		(29)		(8)		(47)
Adjustment for inflation⁽¹⁾		31		-		-		14		-		-		-		10		-		141		51		247
Decreases, reclassifications and other movements		(21)		(1,054)		-		(24)		-		-		-		(7)		(1)		(819)		(141)		(2,067)	⁽⁴⁾⁽⁵⁾

Cost		1,342		28,994		10,519		1,059		1,010		6,119		39		965		1,642		(1)		842		52,530
Accumulated depreciation		729		21,166		6,946		472		-		-		-		856		1,171		2		693		32,035

Balance as of September 30, 2026		613		7,828		3,573		587		1,010		6,119		39		109		471		(3)		149		20,495

(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.

(4)

Includes 1,294 and 1,030 of cost and accumulated depreciation, respectively, of assets related to the “CNQ-7 Gobernador Ayala”, “CNQ-7A”, “Jagüel Casa de Piedra” and “Chachahuén Sur” exploitation concessions, located in the Provinces of Mendoza and La Pampa, and “Cerro Morado Este”, “Puesto Hernández” and “Chihuido de la Sierra Negra” exploitation concessions, located in the Province of Mendoza, 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 12.a.1).

(5)	Includes the balances of our subsidiaries Metrogas and Metroenergía reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

HORACIO DANIEL MARÍN

President


		21
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 nine-month periods ended September 30, 2026 and 2025, the rate of capitalization was 7.09% and 6.75%, respectively, and the amount capitalized amounted to 13 and 9, respectively.

Set forth present is the evolution of the provision for obsolescence of materials and equipment for the nine-month period ended September 30, 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		51
Decreases charged to profit or loss		(77)
Applications due to utilization		(144)
Translation effect		-
Adjustment for inflation⁽¹⁾		1
Reclassifications ⁽²⁾		(5)

Balance as of September 30, 2026		310

(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.

(2)	Includes the balances of our subsidiaries Metrogas and Metroenergía reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

Set forth present is the evolution of the provision for impairment of property, plant and equipment for the nine-month period ended September 30, 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
Reclassifications		-

Balance as of December 31, 2025		357

Increases charged to profit or loss		-
Decreases charged to profit or loss		-
Depreciation⁽¹⁾		(86)
Translation effect		-
Adjustment for inflation⁽²⁾		2
Reclassifications		19

Balance as of September 30, 2026		292

(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


		22
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 nine-month period ended September 30, 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		-			406		19		-		61		486
Translation effect		-			-		-		-		-		-
Adjustment for inflation ⁽¹⁾		-			-		-		5		-		5
Decreases, reclassifications and other movements		(1)	⁽²⁾		(20)		(90)		(9)		(7)		(127)

Accumulated depreciation
Increases		2			47		79		10		108		246
Translation effect		-			-		-		-		-		-
Adjustment for inflation ⁽¹⁾		-			-		-		3		-		3
Decreases, reclassifications and other movements		(1)	⁽²⁾		(18)		(54)		(4)		(6)		(83)

Cost		44			972		576		107		815		2,514
Accumulated depreciation		38			564		420		85		672		1,779

Balance as of September 30, 2026		6			408		156		22		143		735

(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.

(2)	Includes the balances of our subsidiaries Metrogas and Metroenergía reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

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 September 30, 2026 and December 31, 2025:


	September 30, 2026		December 31, 2025
Amount of investments in associates		730		326
Amount of investments in joint ventures		1,513		1,284

		2,243		1,610

HORACIO DANIEL MARÍN

President


		23
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 nine-month period ended September 30, 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 ⁽³⁾		(249)
Translation differences		(17)
Adjustment for inflation ⁽¹⁾		18
Decrease of companies ⁽²⁾		(261)
Other movements ⁽⁴⁾		(71)

Balance as of December 31, 2025		1,610

Acquisitions and contributions		374
Capitalization in associates and joint ventures		-
Income on investments in associates and joint ventures		350
Distributed dividends ⁽³⁾		(107)
Translation differences		(1)
Adjustment for inflation ⁽¹⁾		17
Decrease of companies		-
Other movements		-

Balance as of September 30, 2026		2,243

(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)	Includes 31 and 23 that were offset by trade liabilities as of September 30, 2026 and December 31, 2025, respectively.

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

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 nine-month periods ended September 30, 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 nine-month periods ended September 30,		For the nine-month periods ended September 30,
	2026	2025	2026	2025
Net income	68	34	282	73
Other comprehensive income	16	(7)	-	12

Comprehensive income	84	27	282	85

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 (see Note 4 “Acquisition of equity interest in YPF EE” section).

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES

The following table presents the main assets held for sale and associated liabilities as of September 30, 2026 and December 31, 2025:


	Upstream		Midstream and Downstream		New Energies		Total
Balance as of September 30, 2026
Assets held for sale
Property, plant and equipment - Optimization plan of the conventional Upstream portfolio		442		-		-		442
Property, plant and equipment - Gas stations		-		2		-		2
Assets of subsidiaries Metrogas and Metroenergía ⁽¹⁾		-		-		1,226		1,226

		442		2		1,226		1,670

Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations - Optimization plan of the conventional Upstream portfolio		289		-		-		289
Provision for environmental liabilities - Optimization plan of the conventional Upstream portfolio		1		-		-		1
Provision for lawsuits and contingencies - Optimization plan of the conventional Upstream portfolio		3		-		-		3
Liabilities for concessions - Optimization plan of the conventional Upstream portfolio		4		-		-		4
Accounts Payable - Optimization plan of the conventional Upstream portfolio		30		-		-		30
Liabilities of subsidiaries Metrogas and Metroenergía ⁽¹⁾		-		-		412		412

		327		-		412		739

HORACIO DANIEL MARÍN

President


		24
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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		New Energies		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
Assets of subsidiaries Metrogas and Metroenergía		-		-		-		-

		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
Provision for lawsuits and contingencies - Optimization plan of the conventional Upstream portfolio		-		-		-		-
Liabilities for concessions - Optimization plan of the conventional Upstream portfolio		4		-		-		4
Accounts Payable - Optimization plan of the conventional Upstream portfolio		-		-		-		-
Liabilities of subsidiaries Metrogas and Metroenergía		-		-		-		-

		1,181		-		-		1,181

(1)	See Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

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. Additionally, on July 8, 2026, YPF’s Board of Directors approved the disposal of new groups of assets related to areas in the Provinces of Mendoza and La Pampa, see the sections “CNQ-7 Gobernador Ayala, CNQ-7A and Jagüel Casa de Piedra” and “Chachahuén Sur, Cerro Morado Este, Puesto Hernández and Chihuido de la Sierra Negra”.

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 the disposal of these assets will occur. 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.

HORACIO DANIEL MARÍN

President


		25
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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.)

The updates for the nine-month period ended September 30, 2026, related to the assignment agreements that have met the agreed closing conditions and, as a result, the transaction was closed are described below:

●

Manantiales Behr

On May 5, 2026, Decree No. 407/2026 was published in the Official Gazette of the Province of Chubut, which authorized the assignment of 100% of YPF’s rights and obligations in the “Manantiales Behr” exploitation concessions, “El Trébol - Caleta Córdova”, “Km. 9 - Caleta Córdova” and “Manantiales Behr - Cañadón Perdido” transportation concessions and materials associated with such concessions, located in the Province of Chubut, in favor of San Benito Upstream S.A.U. (“San Benito”) and PECOM Servicios Energía S.A.U. (“PECOM”).

On May 21, 2026, after the fulfillment of the closing conditions by YPF, San Benito and PECOM, the transfer of 100% of the rights and obligations of YPF in such exploitation concession in favor of San Benito and PECOM was completed.

●

Cerro Fortunoso and Valle del Río Grande

On June 5, 2026, Resolution No. 103/2026 of the Ministry of Energy and Environment was published in the Official Gazette of the Province of Mendoza, which authorized the assignment of 100% of the rights and obligations of YPF in the “Cerro Fortunoso” and “Valle del Río Grande” exploitation concessions in favor of Venoil S.A.

On September 21, 2026, after the fulfillment of the closing conditions by YPF and Venoil S.A., the transfer of 100% of the rights and obligations of YPF in such exploitation concessions in favor of Venoil S.A. was completed.

The assignment and/or reversion agreements signed by YPF during the nine-month period ended September 30, 2026, that remain subject to the fulfillment of the agreed closing conditions are described below:

●

CNQ-7 Gobernador Ayala, CNQ-7A and Jagüel Casa de Piedra

On August 5, 2026, YPF signed agreements for the assignment by YPF to San Benito of its interest in the “CNQ-7 Gobernador Ayala”, “CNQ-7A” and “Jagüel Casa de Piedra” exploitation concessions, located in the Provinces of Mendoza and La Pampa.

The sale price of the transaction amounted to 205 subject to the applicable price adjustments. As of the date of issuance of these condensed interim consolidated financial statements, the assignment agreement is subject to the fulfillment of closing conditions.

●

Chachahuén Sur, Cerro Morado Este, Puesto Hernández and Chihuido de la Sierra Negra

On August 5, 2026, YPF signed agreements for the assignment by YPF to Energía Mendocina S.A. and Compañía Andina de Petróleo y Gas S.A. of its interest in the “Chachahuén Sur”, “Cerro Morado Este”, “Puesto Hernández” and “Chihuido de la Sierra Negra” exploitation concessions, located in the Province of Mendoza.

The sale price of the transaction amounted to 200, subject to the applicable price adjustments. As of the date of issuance of these condensed interim consolidated financial statements, the assignment agreement is subject to the fulfillment of closing conditions.

12.a.2) Accounting matters

In relation to the assignment agreements that have met the agreed closing conditions during the nine-month period ended September 30, 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 179.

-	A loss 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 133.

-	The derecognition of the carrying amount of the assets held for sale net of the liabilities directly associated with assets held for sale of 68.

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 56 in the “Provision for operating optimizations” line under “Other operating results, net” line item in the statement of comprehensive income.

HORACIO DANIEL MARÍN

President


		26
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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)

13.

INVENTORIES


	September 30, 2026			December 31, 2025
Finished goods		1,035			921
Crude oil and natural gas		383			393	⁽²⁾
Products in process		92			39
Raw materials, packaging materials and others		49			94

		1,559	⁽¹⁾		1,447	⁽¹⁾

(1)	As of September 30, 2026, and December 31, 2025, the carrying amount of inventories does not exceed their net realizable value.

(2)	Includes 21 of provision for inventories write-down as of December 31, 2025. See Note 2.b.8) to the annual consolidated financial statements.

14. OTHER RECEIVABLES


	September 30, 2026		December 31, 2025
	Non-current	Current	Non-current	Current
Receivables from services, sales of other assets and other advance payments	218	163	85		502	⁽³⁾
Tax credit and export rebates	8	341	67		99
Loans and balances with related parties ⁽¹⁾	186	36	200		36
Collateral deposits	-	6	-		15
Prepaid expenses	40	46	48		39
Advances and loans to employees	-	6	-		6
Advances to suppliers and custom agents ⁽²⁾	4	84	6		90
Receivables with partners in JO and Consortiums	211	125	232		299
Miscellaneous	46	89	49		73

	713	896	687		1,159
Provision for other doubtful receivables	(35)	-	(39)		-

	678	896	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.

HORACIO DANIEL MARÍN

President


		27
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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)

15. TRADE RECEIVABLES


	September 30, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Accounts receivable and related parties ^(1) (2)		9		2,054		12		1,728
Provision for doubtful trade receivables		(6)		(79)		(7)		(74)

		3		1,975		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 nine-month period ended September 30, 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)
Reclassifications		-			-

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

Increases charged to expenses		-			56
Decreases charged to income		-			(8)
Applications due to utilization		-			(3)
Net exchange and translation differences		(1)			(5)
Reclassifications ⁽²⁾		-			(35)

Balance as of September 30, 2026		6	⁽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.

(2)	Includes the balances of our subsidiaries Metrogas and Metroenergía reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

16. INVESTMENTS IN FINANCIAL ASSETS


	September 30, 2026			December 31, 2025
Investments at fair value through profit or loss
Public securities		1,652	⁽¹⁾		250
Private securities - NO		15	⁽²⁾		12

		1,667			262

(1)	See Note 37.

(2)	Includes 7 of NO from the BNA.

HORACIO DANIEL MARÍN

President


		28
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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


	September 30, 2026		December 31, 2025
Cash and banks ⁽¹⁾		286		198
Short-term investments ⁽²⁾		1,016		329
Financial assets at fair value through profit or loss ⁽³⁾		685		406

		1,987		933

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

(2)	Includes 138 and 13 of term deposits and other investments with BNA as of September 30, 2026 and December 31, 2025, respectively.

(3)	See Note 7.

18. PROVISIONS

Changes in the Group’s provisions for the nine-month period ended September 30, 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)
Reclassifications and other movements ⁽¹⁾		(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		48			11		95		-		47		-		190		11
Decreases charged to income		(7)			-		(1)		-		(6)		-		(14)		-
Increases from business combinations		-			-		-		-		-		-		-		-
Applications due to utilization		-			(8)		-		(69)		-		(7)		-		(84)
Net exchange and translation differences		(5)			-		-		-		-		-		(5)		-
Reclassifications and other movements ^(2) (3)		(19)	⁽⁴⁾		8		(84)		84		273		51		170		143

Balance as of September 30, 2026		128			31		78		133		745		135		951		299

(1)

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.

(2)

Includes 75 and 3 corresponding to the provisions for hydrocarbon wells abandonment obligations and provision for lawsuits and contingencies, respectively, related to the “CNQ-7 Gobernador Ayala”, “CNQ-7A”, “Jagüel Casa de Piedra” and “Chachahuén Sur” exploitation concessions, located in the Provinces of Mendoza and La Pampa, and “Cerro Morado Este”, “Puesto Hernández” and “Chihuido de la Sierra Negra” exploitation concessions, located in the Province of Mendoza, 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 12.a.1).

(3)	Includes 401 corresponding to the provision for hydrocarbon wells abandonment obligations related to certain areas which were previously classified under “Liabilities associated with assets held for sale” in the statement of financial position.

(4)	Includes the balances of our subsidiaries Metrogas and Metroenergía reclassified to the “Liabilities directly associated with assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

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 nine-month periods ending September 30, 2026 and 2025 is as follows:


	For the nine-month periods ended September 30,
	2026		2025
Current income tax		(1,306)		(47)
Deferred income tax		(161)		(620)

		(1,467)		(667)

HORACIO DANIEL MARÍN

President


		29
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 34.30%. 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 “Regularization plan associated with the calculation of tax loss carryforwards” section to the annual consolidated financial statements.

As of September 30, 2026 and December 31, 2025 the Group has classified as deferred tax asset 24 and 9, respectively, and as deferred tax liability 476 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 September 30, 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


	September 30, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
VAT		-		86		-		41
Withholdings and perceptions		-		73		-		77
Royalties		-		101		-		51
Fuels tax		11		125		18		14
Turnover tax		-		5		-		7
Miscellaneous		-		11		-		27

		11		401		18		217

21. SALARIES AND SOCIAL SECURITY


	September 30, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Salaries and social security		-		76		-		73
Bonuses and incentives provision		-		200		-		166
Long-term plans provision ⁽¹⁾		169		-		58		-
Vacation provision		-		72		-		61
Provision for severance indemnities ⁽²⁾		-		14		-		31
Miscellaneous		2		4		5		5

		171		366		63		336

(1)	See Note 38.

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

22. LEASE LIABILITIES

The evolution of the Group’s leases liabilities for the nine-month period ended September 30, 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		486
Financial accretions		40
Decreases of leases		(50)
Payments		(281)

Balance as of September 30, 2026		766

HORACIO DANIEL MARÍN

President


		30
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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


								September 30, 2026				December 31, 2025
	Interest rate⁽¹⁾					Maturity		Non-current		Current		Non-current		Current
Pesos:
Financial loans				-			-		-		-		61		24
Account overdrafts				-			-		-		-		-		3

									-		-		61		27

Currencies other than the peso:
NO ^{(2) (3)}		0.00	%	-	10.00%		2026-2047		7,872		1,399		7,466		1,486
Exports pre-financing		5.89	%	-	8.65%		2027-2029		464		18		153		197
Imports financing				-			-		-		-		-		20
Financial loans ⁽⁴⁾		4.50	%	-	7.85%		2026-2030		336		161		546		561
Stock market promissory notes				-			-		-		-		-		64

									8,672		1,578		8,165		2,328

									8,672		1,578		8,226		2,355

(1)	Nominal annual interest rate as of September 30, 2026.

(2)	Disclosed net of 130 and 175 corresponding to YPF’s own NO repurchased through open market transactions, as of September 30, 2026 and December 31, 2025, respectively.

(3)	Includes 848 and 1,475 as of September 30, 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 162 and 233 of loans granted by BNA as of September 30, 2026 and December 31, 2025, respectively.

Set forth below is the evolution of the loans for nine-month period ended September 30, 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
Reclassifications		-

Balance as of December 31, 2025		10,581

Proceeds from loans		2,427
Payments of loans		(2,652)
Payments of interest		(637)
Account overdrafts, net		(3)
Accrued interest ⁽¹⁾		573
Net exchange and translation differences		1
Result from net monetary position ⁽²⁾		1
Increases from business combinations		-
Reclassifications ⁽³⁾		(41)

Balance as of September 30, 2026		10,250

(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.

(3)	Includes the balances of our subsidiaries Metrogas and Metroenergía reclassified to the “Liabilities directly associated with assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

HORACIO DANIEL MARÍN

President


		31
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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:


													September 30, 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		-		330		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		288		144		537		216
February		2021		U.S. dollar	576		Class XVIII		Fixed	7.00%		2033		560		-		558		11
July		2021		U.S. dollar	384		Class XX		Fixed	5.75%		2032		274		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		-		88		-		133
January		2024		U.S. dollar	800		Class XXVIII		Fixed	9.50%		2031		557		172		714		114
May		2024		U.S. dollar	131		Class XXIX		-	-		-		-		-		-		132
July, April		2024/25		U.S. dollar	389		Class XXX		-	-		-		-		-		-		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 ⁽²⁾		2025		U.S. dollar	1,632		Class XXXIV		Fixed	8.25%		2034		1,626		28		1,080		42
February		2025		U.S. dollar	140		Class XXXV		-	-		-		-		-		140		1
May ⁽²⁾		2025		U.S. dollar	140		Class XXXVII		Fixed	7.00%		2027		-		141		139		2
July ⁽²⁾		2025		U.S. dollar	250		Class XXXVIII		Fixed	7.50%		2027		-		252		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 ⁽²⁾		2025		U.S. dollar	99		Class XLI		Fixed	6.00%		2027		-		96		98		1
December ⁽²⁾		2025		U.S. dollar	361		Class XLII		Fixed	7.00%		2029		358		8		194		1
April ⁽⁴⁾		2026		U.S. dollar	296		Class XLIII		Fixed	5.50%		2030		296		7		-		-
September ⁽⁴⁾		2026		U.S. dollar	1,171		Class XLIV		Fixed	7.94%		2035		1,171		3		-		-

														7,872		1,399		7,466		1,486

(1)	Nominal annual interest rate as of September 30, 2026.

(2)	During the nine-month period ended September 30, 2026, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements.

(3)	Total nominal value issued net of 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


		32
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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


	September 30, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Liabilities for concessions and assignment agreements		252		186		91		162
Liabilities for contractual claims ⁽¹⁾		-		45		54		56
Provision for operating optimizations ⁽²⁾		-		45		-		22
Liabilities for agreements⁽³⁾		316		267		227		158
Miscellaneous		1		3		1		1

		569		546		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 liabilities 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


	September 30, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Trade payable and related parties ⁽¹⁾		4		2,175		4		2,172
Guarantee deposits		1		3		1		3
Payables with partners of JO and Consortiums		-		35		1		48
Miscellaneous		-		18		-		15

		5		2,231		6		2,238

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

26. REVENUES


	For the nine-month periods ended September 30,
	2026		2025
Revenue from contracts with customers		17,991		13,740
National Government incentives ⁽¹⁾		86		152

		18,077		13,892

(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 nine-month period ended September 30, 2026
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		6,436		-		-		-		6,436
Gasolines		-		3,888		-		-		-		3,888
Natural gas ⁽¹⁾		18		37		1,257		685		-		1,997
Crude oil		26		843		-		-		-		869
Jet fuel		-		959		-		-		-		959
Lubricants and by-products		-		321		-		-		-		321
LPG		-		311		-		-		-		311
Fuel oil		-		111		-		-		-		111
Petrochemicals		-		550		-		-		-		550
Fertilizers and crop protection products		-		-		-		212		-		212
Flours, oils and grains		-		-		-		614		-		614
Asphalts		-		95		-		-		-		95
Goods for resale at gas stations		-		87		-		-		-		87
Income from services		-		1		-		-		96		97
Income from construction contracts		-		-		-		-		231		231
Virgin naphtha		-		207		-		-		-		207
Petroleum coke		-		237		-		-		-		237
LNG regasification		-		43		-		-		-		43
Other goods and services		32		301		9		135		249		726

		76		14,427		1,266		1,646		576		17,991

HORACIO DANIEL MARÍN

President


		33
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 nine-month period ended September 30, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		4,589		-		-		-		4,589
Gasolines		-		2,902		-		-		-		2,902
Natural gas ⁽¹⁾		26		9		1,219		537		-		1,791
Crude oil		1		749		-		-		-		750
Jet fuel		-		568		-		-		-		568
Lubricants and by-products		-		307		-		-		-		307
LPG		-		234		-		-		-		234
Fuel oil		-		90		-		-		-		90
Petrochemicals		-		391		-		-		-		391
Fertilizers and crop protection products		-		-		-		218		-		218
Flours, oils and grains		-		-		-		454		-		454
Asphalts		-		88		-		-		-		88
Goods for resale at gas stations		-		85		-		-		-		85
Income from services		-		-		-		1		103		104
Income from construction contracts		-		-		-		-		214		214
Virgin naphtha		-		118		-		-		-		118
Petroleum coke		-		176		-		-		-		176
LNG regasification		-		43		-		-		-		43
Other goods and services		39		227		7		118		227		618

		66		10,576		1,226		1,328		544		13,740

(1)	Includes 1,291 and 1,241 corresponding to sales of natural gas produced by the Company for the nine-month periods ended September 30, 2026 and 2025, respectively.

Sales channels


	For the nine-month period ended September 30, 2026
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		6,213		-		-		-		6,213
Power plants		-		-		318		234		-		552
Distribution companies		-		-		369		-		-		369
Retail distribution of natural gas		-		-		-		429		-		429
Industries, transport and aviation		18		3,934		570		81		-		4,603
Agriculture		-		924		-		826		-		1,750
Petrochemical industry		-		530		-		-		-		530
Trading		-		1,822		-		-		-		1,822
Oil companies		26		521		-		-		-		547
Commercialization of LPG		-		219		-		-		-		219
Other sales channels		32		264		9		76		576		957

		76		14,427		1,266		1,646		576		17,991


	For the nine-month period ended September 30, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		4,886		-		-		-		4,886
Power plants		-		11		308		35		-		354
Distribution companies		-		-		350		-		-		350
Retail distribution of natural gas		-		-		-		337		-		337
Industries, transport and aviation		27		2,808		568		216		-		3,619
Agriculture		-		702		-		672		-		1,374
Petrochemical industry		-		500		-		-		-		500
Trading		-		1,230		-		-		-		1,230
Oil companies		-		135		-		-		-		135
Commercialization of LPG		-		86		-		-		-		86
Other sales channels		39		218		-		68		544		869

		66		10,576		1,226		1,328		544		13,740

HORACIO DANIEL MARÍN

President


		34
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 14,873 and 11,608 for the nine-month periods ended September 30, 2026 and 2025, respectively.

Sales in the international market amounted to 3,118 and 2,132 for the nine-month periods ended September 30, 2026 and 2025, respectively.

● Contract balances

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


	September 30, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Credits for contracts included in the item of “Trade receivables”		8		1,967		11		1,678
Contract assets		-		3		-		3
Contract liabilities		243		150		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 nine-month periods ended September 30, 2026 and 2025 the Group has recognized 57 and 43, 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 nine-month periods ended September 30,
	2026		2025
Inventories at beginning of year		1,447		1,546
Purchases		4,553		3,614
Production costs ⁽¹⁾		6,156		6,441
Translation effect		-		(18)
Inventories write-down		(8)		(1)
Adjustment for inflation ⁽²⁾		10		11
Other movements ⁽³⁾		20		-
Inventories at end of the period		(1,559)		(1,529)

		10,619		10,064

(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.

(3)	Includes, mainly, collection of receivables settled in kind arising from the sale of assets.

HORACIO DANIEL MARÍN

President


		35
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 nine-month periods ended September 30, 2026 and 2025:


	For the nine-month period ended September 30, 2026
	Production costs ⁽²⁾		Administrative expenses		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		683		378		131			11		1,203
Fees and compensation for services		64		218		38			-		320
Other personnel expenses		205		29		11			1		246
Taxes, charges and contributions		80		155		816	⁽¹⁾		-		1,051
Royalties, easements and fees		950		-		2			2		954
Insurance		34		3		1			-		38
Rental of real estate and equipment		90		2		11			-		103
Survey expenses		-		-		-			3		3
Depreciation of property, plant and equipment		2,070		39		81			-		2,190
Amortization of intangible assets		30		19		-			-		49
Depreciation of right-of-use assets		207		-		9			-		216
Industrial inputs, consumable materials and supplies		265		8		7			2		282
Operation services and other service contracts		128		9		54			7		198
Preservation, repair and maintenance		811		24		29			12		876
Unproductive exploratory drillings		-		-		-			12		12
Transportation, products and charges		439		-		385			-		824
Provision for doubtful receivables		-		(2)		48			-		46
Publicity and advertising expenses		-		56		27			-		83
Fuel, gas, energy and miscellaneous		100		10		66			2		178

		6,156		948		1,716			52		8,872

(1)	Includes 249 corresponding to export withholdings and 515 corresponding to turnover tax.

(2)	Includes 31 corresponding to research and development activities.


	For the nine-month period ended September 30, 2025
	Production costs ⁽²⁾		Administrative expenses		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		773		209		115			5		1,102
Fees and compensation for services		76		198		33			-		307
Other personnel expenses		199		25		10			6		240
Taxes, charges and contributions		54		151		660	⁽¹⁾		-		865
Royalties, easements and fees		790		-		2			3		795
Insurance		55		2		1			-		58
Rental of real estate and equipment		168		1		11			-		180
Survey expenses		-		-		-			19		19
Depreciation of property, plant and equipment		2,065		33		74			-		2,172
Amortization of intangible assets		29		15		-			-		44
Depreciation of right-of-use assets		205		-		9			-		214
Industrial inputs, consumable materials and supplies		368		4		9			3		384
Operation services and other service contracts		179		11		43			11		244
Preservation, repair and maintenance		1,061		27		28			17		1,133
Unproductive exploratory drillings		-		-		-			1		1
Transportation, products and charges		376		-		349			-		725
Provision for doubtful receivables		-		-		29			-		29
Publicity and advertising expenses		-		44		29			-		73
Fuel, gas, energy and miscellaneous		43		23		66			3		135

		6,441		743		1,468			68		8,720

(1)	Includes 199 corresponding to export withholdings and 412 corresponding to turnover tax.

(2)	Includes 25 corresponding to research and development activities.

HORACIO DANIEL MARÍN

President


		36
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 nine-month periods ended September 30,
	2026		2025
Lawsuits		(48)		(22)
Export Increase Program ⁽¹⁾		-		19
Result from sale of assets ⁽²⁾		179		216
Result from changes in fair value of assets held for sale ⁽²⁾		(133)		(240)
Provision for severance indemnities ⁽²⁾		1		(28)
Provision for operating optimizations ⁽²⁾		(56)		(90)
Provision for obsolescence of materials and equipment ⁽²⁾		37		(240)
Result from revaluation of companies ⁽³⁾		-		45
Result from liabilities for agreements		(82)		-
Other insurance income		8		-
Miscellaneous		(28)		(57)

		(122)		(397)

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

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

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

30. NET FINANCIAL RESULTS


	For the nine-month periods ended September 30,
	2026		2025
Financial income
Interest on cash and cash equivalents and investments in financial assets		30		24
Interest on trade receivables		44		30
Other financial income		52		18

Total financial income		126		72


Financial costs
Loan interest		(564)		(490)
Hydrocarbon well abandonment provision financial accretion ⁽¹⁾		(143)		(231)
Other financial costs		(213)		(100)

Total financial costs		(920)		(821)


Other financial results
Exchange differences generated by loans		(2)		1
Exchange differences generated by cash and cash equivalents and investments in financial assets		1		(51)
Other exchange differences, net		65		28
Result on financial assets at fair value through profit or loss		124		67
Result from derivative financial instruments		(6)		5
Result from net monetary position		(73)		(47)

Total other financial results		109		3



Total net financial results		(685)		(746)

(1)	Includes 96 and 143 corresponding to the financial accretion of liabilities directly associated with assets held for sale for the nine-month periods ending September 30, 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 September 30, 2026 and December 31, 2025, and expenses for the nine-month periods ended September 30, 2026 and 2025, of JO and Consortiums in which the Group participates are as follows:


	September 30, 2026		December 31, 2025
Non-current assets ⁽¹⁾		7,285		6,936
Current assets		521		337

Total assets		7,806		7,273

Non-current liabilities		175		245
Current liabilities		724		557

Total liabilities		899		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 nine-month periods ended September 30,
	2026		2025
Production cost		2,349		2,052
Exploration expenses		7		7

HORACIO DANIEL MARÍN

President


		37
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 September 30, 2026, the Company’s capital amounts to 3,921 and treasury shares amount to 12 represented by 3,933,127,930 book-entry shares of common stock and divided into four classes of shares (A, B, C and D), with a par value of $ 1 and 1 vote per share. These shares are fully subscribed, paid-in and authorized for stock exchange listing.

As of September 30, 2026, there are 37,640 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 nine-month period ended September 30, 2026, the Company has repurchased 461,311 of its own shares issued with a par value of 10 pesos each, equivalent to 4,613,110 shares with a par value of 1 peso each following the stock split (see “Stock split on YPF’s ordinary shares” section) for an amount of 27 plus commissions, for purposes of compliance with the share-based benefit plans (see Note 38). During the nine-month period ended September 30, 2025, the Company has not repurchased any of its own shares.

On April 30, 2026, the Shareholders’ Meeting was held, which approved the statutory financial statements of YPF (see Note 2.b)) for the fiscal year ended December 31, 2025, and, in addition, in relation to the retained earnings as of December 31, 2025, approved: (i) completely release the reserve for purchase of treasury shares and the reserve for investments; (ii) absorb accumulated losses in unappropriated retained earnings and losses up to the amount of 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.

Stock split on YPF’s ordinary shares

The Shareholders’ Meeting aforementioned approved the change of the par value of the Company’s shares from $ 10 (ten pesos) to $ 1 (one peso) per share, which means that for every share with a par value of $ 10 outstanding, 10 shares with a par value of $1 each were issued, while the Company’s capital stock remains unchanged. Effective August 4, 2026, the distribution of shares and the change in par value (“Split”) took effect simultaneously and did not change the proportion of each shareholder’s equity interest or their economic or voting rights, but only changed the number of shares outstanding and their par value per share.

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 nine-month periods ended September 30,
	2026		2025
Net profit		2,786		(172)
Weighted average number of shares outstanding		3,921,346,801		3,925,667,820
Basic and diluted earnings per share		0.71		(0.04)	⁽¹⁾

(1)	In accordance with IAS 33, the calculation of basic and diluted earnings per share was adjusted retrospectively to include the effect of the stock split, see Note 32 “Stock split on YPF’s ordinary shares” section.

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 nine-month period ended September 30, 2026, are described below:

● Asociación Superficiarios de la Patagonia (“ASSUPA”)

Concessionary companies in the Neuquina basin areas

On May 21, 2026, the CSJN issued a final ruling dismissing the lawsuit filed by ASSUPA, finding that it did not meet the minimum requirements necessary to ensure an adequate defense in court. Based on this judgment, ASSUPA’s claim has been definitively dismissed in these proceedings.

HORACIO DANIEL MARÍN

President


		38
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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.)

●	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.

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.

On May 8, 2026, Plaintiffs sought en banc rehearing of the Court of Appeals’ March 27, 2026 decision.

On June 2, 2026, the Court of Appeals denied Plaintiffs’ petition for rehearing en banc filed on May 8, 2026.

On June 10, 2026, the Court of Appeals’ mandate issued, concluding the appeal and remanding the case to the District Court for further proceedings in accordance with the Court of Appeals’ March 27, 2026 decision.

On September 30, 2026, Plaintiffs filed with the United States Supreme Court (“Supreme Court”) their petition for writ of certiorari, seeking review of certain aspects of the Court of Appeals’ March 27, 2026 decision. The questions presented by Plaintiffs relate to the Court of Appeals’ reversal of the District Court’s judgment against the Republic. YPF and the Republic have the option to submit responses to Plaintiffs’ petition. Once briefing on the petition is completed, the Supreme Court will decide whether it will grant review of the questions presented by Plaintiffs.

On October 19, 2026, the District Court entered an amended final judgment, which effectuates the Court of Appeals’ March 27, 2026 decision and confirms the dismissal of all claims against YPF and the Republic.

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.

HORACIO DANIEL MARÍN

President


		39
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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)

35. CONTRACTUAL COMMITMENTS

Contractual commitments are described in Note 34 to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2026, are described below:

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

On January 22, 2026, the Company entered into an asset exchange 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, became 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 agreed, 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.

On September 14, 2026, after the closing conditions set forth in the amendment dated April 30, 2026, had been met, the transaction was completed whereby YPF transferred to Pluspetrol a 20% interest in the “La Escalonada” and “Rincón La Ceniza” exploitation concessions through VMI.

As of September 30, 2026, based on the aforementioned, the Group recognized 219 in assets net of liabilities related to the acquisition of the interest in the “Aguada Villanueva”, “Las Tacanas”, and “Meseta Buena Esperanza” exploitation concessions and derecognized assets net of liabilities in the same amount corresponding to the interest in the “La Escalonada” and “Rincón La Ceniza” exploitation concessions transferred through VMI. VMI, following the aforementioned transfer, retains a 25% interest in those concessions.

In accordance with the transaction described and the expected cash flows from the exchanged assets, the closing of the transaction had no impact on profit or loss.

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 BSP (formerly Equinor Argentina S.A.U), 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 (i) held a 16.3% interest in the capital stock of BSP, which owns a 30% interest in the “Bandurria Sur” exploitation concession, and which, combined with YPF’s current 40% interest in that concession, this results in a total direct and indirect 44.9% interest in that block; and (ii) acquired a 15% interest in the “Bajo del Toro” exploration permit and “Bajo del Toro Norte” exploitation concession, which, combined with YPF’s current 50% interest, results in a total direct 65% interest in those areas.

The total amount of both transactions was 204 in cash. In addition, the Company recognized a liability of 87 associated with the additional contingent consideration, which is subject to the fulfillment of certain contractual conditions.

Based on the closing of the aforementioned agreement, as of the transaction’s closing date, YPF recognized 218 in investments in associates related to the acquisition of the associate BSP, applying the equity method from the date of acquisition, and 73 in assets net of liabilities related to the acquisition of the interest in the “Bajo del Toro” and “Bajo del Toro Norte” exploitation concessions.

CENCH in the Province of Neuquén

Within the framework of the asset exchange agreement between YPF and Pluspetrol (see “Asset exchange between YPF and Pluspetrol S.A. (“Pluspetrol”)” section), on May 29, 2026, through several decrees issued by the Executive Branch of the Province of Neuquén, the granting of the CENCH in the “Meseta Buena Esperanza I and II”, “Aguada Villanueva Norte” and “Las Tacanas I and II” blocks was approved for a term of 35 years. As of the date of issuance of these condensed interim consolidated financial statements, YPF holds 100% interest in those blocks, and the commitments undertaken include investments and payments related to infrastructure and corporate social responsibility contributions.

HORACIO DANIEL MARÍN

President


		40
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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)

35. CONTRACTUAL COMMITMENTS (cont.)

Additionally, on June 4, 2026, an Agreement was executed with the Province of Neuquén in connection with the LNG capacity development project in Argentina (“Argentina LNG Project”), which establishes certain benefits and obligations, including: (i) a reduction in the royalty rate applicable to natural gas; (ii) an exemption from the turnover tax; (iii) the establishment of dispute resolution mechanisms through arbitration by the International Chamber of Commerce of Paris and, for certain matters, before the local courts of Neuquén; and (iv) tax stability, among others. Accordingly, the concessionaire’s main obligation consists of carrying out infrastructure projects in the Province of Neuquén for a total amount of 175. As of the date of issuance of these condensed interim consolidated financial statements, the Agreement is subject to the fulfillment of closing conditions, including the signing of the Final Investment Decision (“FID”) for the Argentina LNG Project.

Argentina LNG Project

In June 2026, YPF signed agreements with Eni Argentina LNG B.V. (“Eni”) and XRG ARG LIMITED (“XRG”) to incorporate these companies in the development of the Argentina LNG Project through the sale of equity interests in the subsidiary UPCO ARLNG I, a company wholly owned by YPF, which will hold the “Meseta Buena Esperanza I and II”, “Aguada Villanueva Norte”, and “Las Tacanas I and II” blocks. As of the date of issuance of these condensed interim consolidated financial statements, these agreements are subject to the fulfillment of closing conditions, including the regulatory authority’s approval of the transfer of these YPF blocks to UPCO ARLNG I.

Within this context, Eni and XRG will acquire 32% of UPCO ARLNG I’s capital stock, respectively, while YPF will retain a 36% of the capital stock. As of the closing date of this transaction, the aforementioned blocks located in the Vaca Muerta formation will be dedicated to the development of the Argentina LNG Project.

The Argentina LNG Project is an integrated initiative that combines the development of unconventional natural gas resources in the Vaca Muerta formation with midstream and liquefaction infrastructure, with the objective of supplying liquefied natural gas to international markets.

Granted guarantees

Within the framework of the LNG Project, on August 27, 2026, SMP entered into a loan agreement for up to 900 to finance the construction of a natural gas pipeline. In relation with this financing and the 25% equity interest of Sur Inversiones Energéticas in SMP, the Company granted guarantees for up to 225, which become effective subject to certain contractual conditions precedent. In addition, SMP’s shareholders, including Sur Inversiones Energéticas, have granted a fiduciary assignment of their SMP’s shares as collateral for such financing.

Additionally, on the same date, SESA and SMP entered into a natural gas transportation agreement under which the Company, in relation with the 25% equity interest of Sur Inversiones Energéticas in SESA, guarantees certain obligations of SESA to SMP for up to 325.

36. MAIN REGULATIONS

Main regulations are described in Note 35 to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2026, are described below:

● Regulations applicable to the Downstream activities

On July 22, 2026, Resolution SE No. 166/2026 was published, establishing the “Export operations registry,” intended to record notifications, objections, and certificates of free export, and repeals Decree No. 645/2002 and Resolutions SE No. 303/1994, SRH No. E-241/2017, and SE No. 175/2023.

That resolution establishes that exports of crude oil, gasoline (except aviation), diesel, propane, butane, and LPG must be reported. The Undersecretariat of Hydrocarbons will be the authority responsible for granting or objecting to certificates of free export, and may object to the export (in whole or in part) based solely on technical and/or economic grounds arising from the procedure for the export of liquid hydrocarbons and their derivatives set forth in Resolution SE No. 166/2026.

HORACIO DANIEL MARÍN

President


		41
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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)

36. MAIN REGULATIONS (cont.)

● Regulations applicable to natural gas and LNG activities

- Transportation, processing, storage, distribution and commercialization of natural gas

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.

On October 13, 2026, Law No. 27,828/2026 was published, which amended Law No. 24,076/2026 (“Gas Law”), establishing that the ENReGE must ensure the automatic pass-through to consumer tariffs of the natural gas acquisition costs incurred by distributors.

- Regulatory requirements applicable to natural gas distribution

Distribution License

On September 29, 2026, Metrogas entered into an agreement with the Ministry of Economy to extend its natural gas distribution license for an additional twenty-year term, effective December 28, 2027. The agreement is subject to ratification by the PEN, and its ratification is subject, as a condition precedent, to approval by Metrogas’ Shareholders’ Meeting, scheduled for October 29, 2026.

Note from ENARGAS related to YPF’s equity interest in Metrogas

On August 21, 2026, YPF submitted to the SE a supplementary brief in support of the appeal filed on October 8, 2018, requesting that the ENARGAS Note be set aside. YPF argued, among other considerations, that as long as the Plan GasAr remains in effect, producers and distributors are unable to negotiate natural gas purchases under such plan.

On September 8, 2026, Resolution No. 1,469/2026 of the Ministry of Economy was published, partially granting YPF’s appeal with respect to the suspension of the effects of the ENARGAS Note, and ordered that those effects be suspended until the end of the Plan GasAr or until the divestment process currently underway is completed (see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section), whichever occurs first.

● Investment incentive programs

On June 26, 2026, Ministry of Economy Resolution No. 873/2026 was published, approving the admission to the Large Investment Incentive Regime (“RIGI”) of the “Dedicated Pipeline for Natural Gas Exports” project submitted by SMP, associate of our subsidiary Sur Inversiones Energéticas, for the construction of a dedicated pipeline to transport natural gas for liquefaction.

On August 26, 2026, Ministry of Economy Resolution No. 1,381/2026 was published, approving the admission to the RIGI of the “Mega Expansion” project, through our joint venture Mega, for the expansion of the “MEGA Industrial Complex” project in order to increase its natural gas liquids processing capacity.

● 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.

● Export duties

On June 3, 2026, Decree No. 423/2026 was published, which established a gradual and permanent reduction scheme in export duty on products such as soybean, soybean products such as soybean oil and soybean meal, and grains such as wheat, corn and sorghum. The Decree established a phased reduction in the rates depending on the product: (i) in the case of soybean, the rate will begin to be reduced monthly starting in January 2027 until it reaches 15.0% in December 2028; (ii) for soybean byproducts such as soybean oil and soybean meal, rates will begin to decrease monthly starting in January 2027 until they reach 14.0% in December 2028; (iii) for corn, the rate will begin to decrease quarterly starting in January 2027 until it reaches 5.5% in December 2028; and (iv) for wheat, the rate was reduced once in June 2026, settling at 5.5%.

The dates indicated correspond to the date of publication in the respective Official Gazettes, unless otherwise indicated.

HORACIO DANIEL MARÍN

President


		42
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 September 30, 2026 and December 31, 2025:


	September 30, 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 ⁽²⁾		-		5		14		4		31		-		-
Profertil ⁽¹⁾		-		-		-		-		-		-		-
MEGA		-		-		87		-		-		3		-
Refinor ⁽¹⁾		-		-		-		-		-		-		-
CT Barragán		-		-		-		-		-		-		-
OTA		-		-		-		-		1		-		-

		-		5		101		4		32		3		-

Associates:
CDS		-		-		7		-		-		-		-
YPF Gas		-		5		28		-		3		-		-
Oldelval		143		15		-		3		17		-		-
Termap		-		-		-		-		2		-		-
GPA		-		-		-		-		2		-		-
OTAMERICA		43		4		-		-		7		-		-
Gas Austral		-		-		-		-		-		-		-
VMOS		-		7		15		-		-		57		-
BSP ⁽³⁾		-		-		5		-		1		-		-

		186		31		55		3		32		57		-

		186		36		156		7		64		60		-


	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 ⁽²⁾		-		6		6		4		32		-		-
Profertil ⁽¹⁾		-		-		-		-		-		-		-
MEGA		-		-		33		-		-		-		3
Refinor ⁽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		-
BSP ⁽³⁾		-		-		-		-		-		-		-

		200		29		65		5		41		44		-

		200		36		104		9		77		44		3

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

(2)	See Note 4 “Acquisition of equity interest in YPF EE” section.

(3)	See Note 35 “Acquisition of interest in the “Bandurria Sur,” “Bajo del Toro,” and “Bajo del Toro Norte” blocks” section.

HORACIO DANIEL MARÍN

President


		43
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 nine-month periods ended September 30, 2026 and 2025:


	For the nine-month period ended September 30,
	2026						2025
	Revenues		Costs and expenses		Net interest income (loss)		Revenues		Costs and expenses		Net interest income (loss)
Joint Ventures:
YPF EE ⁽²⁾		32		89		-		18		98		-
Profertil ⁽¹⁾		-		-		-		65		82		-
MEGA		266		14		-		289		1		-
Refinor ⁽¹⁾		-		-		-		53		8		-
CT Barragán		31		-		-		-		-		-
OTA		-		12		-		-		16		-

		329		115		-		425		205		-

Associates:
CDS		77		-		-		6		-		-
YPF Gas		85		2		1		69		2		-
Oldelval		1		108		-		-		83		-
Termap		-		16		-		-		16		-
GPA		-		18		-		-		18		-
OTAMERICA		-		41		-		3		36		-
Gas Austral		1		-		-		3		-		-
VMOS		120		-		-		42		-		-
BSP ⁽³⁾		4		42		-		-		-		-

		288		227		1		123		155		-

		617		342		1		548		360		-

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

(2)	See Note 4 “Acquisition of equity interest in YPF EE” section.

(3)	See Note 35 “Acquisition of interest in the “Bandurria Sur,” “Bajo del Toro,” and “Bajo del Toro Norte” blocks” section.

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 ⁽¹²⁾				Transactions
		Receivables / (Liabilities)				Income / (Costs)
		September 30, 2026		December 31, 2025		For the nine-month periods ended September 30,
Client / Suppliers	Ref.	September 30, 2026		December 31, 2025		2026		2025
SE	(1) (11)		78		41		80		142
SE	(2) (11)		4		1		4		6
SE	(3) (11)		2		4		2		4
SE	(4) (11)		5		5		-		-
Secretary of Transport	(5) (11)		3		4		-		-
CAMMESA	(6)		71		87		347		318
CAMMESA	(7)		(4)		(1)		(19)		(12)
ENARSA	(8)		183		127		258		270
ENARSA	(9)		(84)		(33)		(103)		(34)
Aerolíneas Argentinas S.A.	(10)		118		33		327		221

(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)	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.

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

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

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

(7)	Purchases of electrical energy.

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

(9)	Purchases of natural gas and crude oil.

(10)	Sales of jet fuel.

(11)	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.

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

HORACIO DANIEL MARÍN

President


		44
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 September 30, 2026, the Group holds Bonds of the Argentine Republic 2029 and 2030, National Treasury Bills issued by the National Government 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 nine-month periods ended September 30, 2026 and 2025, YPF and CHNC carried out transactions such as the purchases of crude oil by YPF for 30 and 331, respectively, among others. These transactions were consummated in accordance with the general and regulatory conditions of the market. As a result, as of September 30, 2026, YPF has a net balance receivable from CHNC of 4 and as of December 31, 2025 the net balance payable to CHNC amounted to 13. 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 nine-month periods ended September 30, 2026 and 2025:


	For the nine-month periods ended September 30,
	2026		2025
Short-term benefits ⁽¹⁾		31		22
Long-term plans		91		(1)
Post-retirement benefits		1		1
Termination benefits		-		4

		123		26

(1)	Does not include social security contributions of 7 and 5 for the nine-month periods ended September 30, 2026 and 2025, respectively.

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 4 and 3 for the nine-month periods ended September 30, 2026 and 2025, respectively.

Short-term benefit programs

The amount charged to expense related to the short-term benefit programs was 221 and 146 for the nine-month periods ended September 30, 2026 and 2025 respectively.

Long-term plans

The amount charged to expense in relation to the share-based benefit plans (“Long-term Plan”) was 20 and 9 to be settled in equity instruments, for the nine-month periods ended September 30, 2026 and 2025, respectively.

In relation to the “Value Generation Plan”, as of September 30, 2026, there are 4.6 million number of PSARs outstanding with and a weighted average fair value of US$ 33.18 per PSARs. The amount charged to expense related to the Value Generation Plan was a loss of 112 and a recovery of 7, for the nine-month periods ended September 30, 2026 and 2025, respectively. As of December 31, 2025, weighted average fair value was US$ 20.84 per PSARs.

Note 2.b.11) to the annual consolidated financial statements describes the accounting policies related to the Long-term Plan and the Value Generation Plan. Repurchases of treasury shares are disclosed in Note 32.

HORACIO DANIEL MARÍN

President


		45
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2026 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, or as otherwise indicated)

39.

SUBSEQUENT EVENTS

Financial loan

On October 13, 2026, the Company entered into a loan agreement with ITAU UNIBANCO S.A. Bank for an amount of 400 maturing in October 2031, with quarterly principal payments starting in the third year. The loan accrues interest at a variable rate, with quarterly payments beginning in January 2027. The proceeds were used to repay the debt associated with the acquisition of the 24.99% interest in YPF EE (see Note 4 “Acquisition of equity interest in YPF EE” section).

Issuance of NO

On October 27, 2026, the Company issued Additional Class XLIII NO in the local market, maturing in April 2030, for a nominal amount of 72. The NO were issued at a price of 101.39% of their nominal value, resulting in a yield of 6%. The principal will be amortized in a single installment upon maturity.

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 September 30, 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 October 28, 2026.

HORACIO DANIEL MARÍN

President

LOGO

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 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 SEPTEMBER 30, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

LOGO

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	11
5	Financial risk management	12
6	Business segment information	12
7	Financial instruments by category	17
8	Intangible assets	17
9	Property, plant and equipment	18
10	Right-of-use assets	22
11	Investments in associates and joint ventures	22
12	Assets held for sale and associated liabilities	24
13	Inventories	26
14	Other receivables	26
15	Trade receivables	27
16	Investments in financial assets	27
17	Cash and cash equivalents	28
18	Provisions	28
19	Income tax	29
20	Taxes payable	29
21	Salaries and social security	30
22	Lease liabilities	30
23	Loans	31
24	Other liabilities	33
25	Accounts payable	33
26	Revenues	33
27	Costs	35
28	Expenses by nature	36
29	Other net operating results	37
30	Net financial results	37
31	Investments in joint operations and consortiums	38
32	Shareholders’ equity	38
33	Earnings per share	39
34	Contingent assets and liabilities	39
35	Contractual commitments	41
36	Main regulations	42
37	Balances and transactions with related parties	46
38	Employee benefit plans and similar obligations	48
39	Assets and liabilities in currencies other than the peso	49
40	Subsequent events	50

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 SEPTEMBER 30, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

LOGO

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)
BSP		Bandurria Sur Participaciones S.A.
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
ENReGE		National Regulatory Agency for Gas and Electricity
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 Committee
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.
MIDCO ARLNG I		MIDCO ARLNG I S.A.U.
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		Oleoducto Trasandino (Argentina) S.A.
OTAMERICA		OTAMERICA Ebytem S.A.
OTC		Oleoducto Trasandino (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)
SMP		San Matías Pipeline S.A.
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)
SESA		Southern Energy S.A.
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
UPCO ARLNG I		UPCO ARLNG I S.A.U.
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.
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 SEPTEMBER 30, 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

3,933,127,930 shares of common stock, $ 1 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 SEPTEMBER 30, 2026 AND DECEMBER 31, 2025 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos)


	Notes		September 30, 2026		December 31, 2025
ASSETS
Non-current assets
Intangible assets		8		1,279,690		1,548,809
Property, plant and equipment		9		30,089,124		27,682,554
Right-of-use assets		10		1,111,100		779,202
Investments in associates and joint ventures		11		3,393,844		2,334,746
Deferred income tax assets, net		19		36,301		13,055
Other receivables		14		1,026,664		940,204
Trade receivables		15		3,205		7,497

Total non-current assets				36,939,928		33,306,067

Current assets
Assets held for sale		12		2,525,170		1,479,221
Inventories		13		2,357,935		2,098,590
Contract assets		26		4,338		4,522
Other receivables		14		1,355,671		1,681,800
Trade receivables		15		2,987,803		2,399,905
Investments in financial assets		16		2,521,108		380,569
Cash and cash equivalents		17		3,005,538		1,352,703

Total current assets				14,757,563		9,397,310

TOTAL ASSETS				51,697,491		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				17,454		9,323
Acquisition cost of treasury shares				(81,451)		(34,274)
Share trading premiums				24,658		13,707
Issuance premiums				640		640
Legal reserve				1,189,821		1,141,047
Reserve for investments				8,775,159		9,553,655
Reserve for purchase of treasury shares				40,112		48,146
Other comprehensive income				6,541,632		6,039,399
Unappropriated retained earnings and losses				4,266,925		(1,096,460)

Shareholders’ equity attributable to shareholders of the parent company				20,784,984		15,685,217

Non-controlling interest				412,900		333,766

TOTAL SHAREHOLDERS’ EQUITY				21,197,884		16,018,983

LIABILITIES
Non-current liabilities
Provisions		18		1,438,770		884,901
Contract liabilities		26		367,489		261,205
Deferred income tax liabilities, net		19		719,448		541,035
Income tax liability				1,144,115		1,204,132
Taxes payable		20		17,078		26,749
Salaries and social security		21		259,367		90,400
Lease liabilities		22		668,820		396,386
Loans		23		13,116,075		11,931,848
Other liabilities		24		860,985		541,608
Accounts payable		25		7,702		8,404

Total non-current liabilities				18,599,849		15,886,668

Current liabilities
Liabilities directly associated with assets held for sale		12		1,118,704		1,713,545
Provisions		18		451,367		332,986
Contract liabilities		26		226,854		169,937
Income tax liability				1,864,881		105,232
Taxes payable		20		606,258		315,457
Salaries and social security		21		553,638		486,905
Lease liabilities		22		490,516		432,437
Loans		23		2,387,459		3,415,028
Other liabilities		24		825,551		580,311
Accounts payable		25		3,374,530		3,245,888

Total current liabilities				11,899,758		10,797,726

TOTAL LIABILITIES				30,499,607		26,684,394

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY				51,697,491		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 NINE AND THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 (UNAUDITED)

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


			For the nine-month periods ended September 30,					For the three-month periods ended September 30,
	Notes		2026		2025			2026		2025
Net income
Revenues		26		26,117,379		16,621,228			9,838,920		6,337,445
Costs		27		(15,362,132)		(12,064,129)			(5,750,631)		(4,522,631)

Gross profit				10,755,247		4,557,099			4,088,289		1,814,814


Selling expenses		28		(2,483,125)		(1,751,209)			(940,330)		(629,809)
Administrative expenses		28		(1,371,470)		(884,257)			(503,321)		(336,147)
Exploration expenses		28		(74,767)		(78,166)			(22,809)		(22,339)
Inventories write-down and reversal of impairment losses / (impairment) of property, plant and equipment				(11,434)		5,326			-		(5,134)
Other net operating results		29		(150,443)		(451,267)			247,196		(64,572)

Operating profit				6,664,008		1,397,526			2,869,025		756,813


Income from equity interests in associates and joint ventures		11		504,097		132,706			200,473		41,357

Financial income		30		183,466		85,900			49,058		38,728
Financial costs		30		(1,314,704)		(945,623)			(461,372)		(336,753)
Other financial results		30		179,426		35,225			77,092		(4,156)

Net financial results		30		(951,812)		(824,498)			(335,222)		(302,181)



Net profit before income tax				6,216,293		705,734			2,734,276		495,989


Income tax		19		(2,110,858)		(887,372)			(943,775)		(739,322)


Net profit / (loss) for the period				4,105,435		(181,638)			1,790,501		(243,333)

Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Translation differences from subsidiaries, associates and joint ventures				(54,858)		(315,873)			(30,702)		(159,775)
Result from net monetary position in subsidiaries, associates and joint ventures⁽¹⁾				375,528		259,299			114,861		74,621
Items that may not be reclassified subsequently to profit or loss:
Translation differences from YPF ⁽²⁾				811,468		4,010,772			451,269		2,023,718

Other comprehensive income for the period				1,132,138		3,954,198			535,428		1,938,564



Total comprehensive income for the period				5,237,573		3,772,560			2,325,929		1,695,231


Net profit / (loss) for the period attributable to:
Shareholders of the parent company				4,069,032		(213,448)			1,766,956		(257,626)
Non-controlling interest				36,403		31,810			23,545		14,293
Other comprehensive income for the period attributable to:
Shareholders of the parent company				1,058,830		3,904,826			513,037		1,924,091
Non-controlling interest				73,308		49,372			22,391		14,473
Total comprehensive income for the period attributable to:
Shareholders of the parent company				5,127,862		3,691,378			2,279,993		1,666,465
Non-controlling interest				109,711		81,182			45,936		28,766
Earnings per share attributable to shareholders of the parent company:
Basic and diluted		33		1,037.66		(54.37)	⁽³⁾		450.17		(65.64)	⁽³⁾

(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).

(3)	In accordance with IAS 33 “Earnings per share”, the calculation of basic and diluted earnings per share was adjusted retrospectively to include the effect of the stock split, see Note 32 “Stock split on YPF’s ordinary shares” section.

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 NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos)


	For the nine-month period ended September 30, 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⁾		-		-		-		-		29,601		-		-		-		-		-		-		-			-		29,601		-		29,601
Repurchase of treasury shares		(5)		(7)		5		7		-		(38,468)		-		-		-		-		-		-			-		(38,468)		-		(38,468)
Settlement of share-based benefit plans		5		7		(5)		(7)		(21,470)		(8,709)		10,951		-		-		-		-		-			-		(19,228)		-		(19,228)
Dividends distributed by subsidiaries		-		-		-		-		-		-		-		-		-		-		-		-			-		-		(30,577)		(30,577)
Release of reserves ⁽⁵⁾		-		-		-		-		-		-		-		-		-		(9,553,655)		(48,146)		-			9,601,801		-		-		-
Appropriation to reserves⁽⁵⁾		-		-		-		-		-		-		-		-		-		8,415,450		38,468		-			(8,453,918)		-		-		-
Other comprehensive income		-		-		-		-		-		-		-		-		48,774		359,709		1,644		502,233			146,470		1,058,830		73,308		1,132,138
Net profit for the period		-		-		-		-		-		-		-		-		-		-		-		-			4,069,032		4,069,032		36,403		4,105,435

Balance as of September 30, 2026		3,921		6,081		12		20		17,454		(81,451)		24,658		640		1,189,821		8,775,159		40,112		6,541,632	⁽¹⁾		4,266,925		20,784,984		412,900		21,197,884

(1)

Includes 6,806,169 related to the effect of the translation of the shareholders’ contributions (see Note 36 “Effect of the translation of the shareholders’ contributions” section), (3,611,720) 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 3,347,183 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 87,129 and 51,423 restricted to the distribution of retained earnings as of September 30, 2026, and December 2025, respectively. See Note 31 to the annual consolidated financial statements.

(5)	As decided in the Shareholders’ Meeting on April 30, 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

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025 (UNAUDITED) (cont.)

(Amounts expressed in millions of Argentine pesos)


	For the nine-month period ended September 30, 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⁾		-		-		-		-		10,341		-		-		-		-		-		-		-			-		10,341		-		10,341
Repurchase of treasury shares		-		-		-		-		-		-		-		-		-		-		-		-			-		-		-		-
Settlement of share-based benefit plans		6		9		(6)		(9)		(13,095)		(10,566)		11,144		-		-		-		-		-			-		(12,517)		-		(12,517)
Dividends distributed by subsidiaries		-		-		-		-		-		-		-		-		-		-		-		-			-		-		-		-
Release of reserves ⁽⁵⁾		-		-		-		-		-		-		-		-		-		(4,365,198)		(36,708)		-			4,401,906		-		-		-
Appropriation to reserves ⁽⁵⁾		-		-		-		-		-		-		-		-		-		6,787,343		34,205		-			(6,821,548)		-		-		-
Other comprehensive income		-		-		-		-		-		-		-		-		271,397		2,272,327		11,451		1,350,050			(399)		3,904,826		49,372		3,954,198
Net profit for the period		-		-		-		-		-		-		-		-		-		-		-		-			(213,448)		(213,448)		31,810		(181,638)

Balance as of September 30, 2025		3,928		6,092		5		9		809		(20,221)		13,690		640		1,082,048		9,059,670		45,656		5,646,183	⁽¹⁾		(141,710)		15,696,799		305,545		16,002,344

(1)

Includes 6,191,834 related to the effect of the translation of the shareholders’ contributions (see Note 36 “Effect of the translation of the shareholders’ contributions” section), (3,021,199) 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 2,475,548 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 94,706 and 72,137 restricted to the distribution of retained earnings as of September 30, 2025 and December 31, 2024, respectively. See Note 31 to the annual consolidated financial statements.

(5)	As decided in the Shareholders’ Meeting on April 30, 2025.

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 NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos)


	For the nine-month periods ended September 30,
	2026		2025
Cash flows from operating activities
Net profit / (loss)		4,105,435		(181,638)
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(504,097)		(132,706)
Depreciation of property, plant and equipment		3,157,165		2,571,186
Amortization of intangible assets		71,526		55,124
Depreciation of right-of-use assets		309,867		252,473
Retirement of property, plant and equipment and intangible assets and consumption of materials		299,487		391,510
Charge on income tax		2,110,858		887,372
Net increase in provisions		441,066		691,928
Inventories write-down and reversal of impairment losses of property, plant and equipment		11,434		(5,326)
Effect of changes in exchange rates, interest and others		791,548		676,016
Share-based benefit plans		29,601		10,341
Result from sale of assets		(269,337)		(244,313)
Result from changes in fair value of assets held for sale		184,397		260,132
Result from revaluation of companies		-		(52,934)
Result from liabilities for agreements		119,833		-
Other insurance income		(11,401)		-
Changes in assets and liabilities:
Trade receivables		(811,545)		(660,580)
Other receivables		(166,570)		(256,603)
Inventories		(160,463)		6,169
Accounts payable		128,589		(231,211)
Taxes payable		304,645		50,952
Salaries and social security		239,372		3,224
Other liabilities		(130,771)		(332,229)
Decrease in provisions due to payment/use		(123,369)		(154,881)
Contract assets		184		21,317
Contract liabilities		136,296		134,542
Dividends received		96,485		208,260
Proceeds from collection of insurance		11,107		5,372
Income tax payments		(63,772)		(167,965)

Net cash flows from operating activities ^(1) (2)		10,307,570		3,805,532


Investing activities: ⁽³⁾
Acquisition of property, plant and equipment and intangible assets		(5,492,819)		(4,290,491)
Additions of assets held for sale		(14,525)		(45,680)
Contributions and acquisitions of interests in associates and joint ventures		(380,835)		(87,814)
Acquisitions from business combinations net of cash and cash equivalents		-		(956,098)
(Payments) / proceeds net from the purchase and sale of financial assets		(1,923,085)		163,327
Interests received from financial assets		4,489		4,277
Proceeds from concessions, assignment agreements and sale of assets		1,099,936		84,975

Net cash flows used in investing activities		(6,706,839)		(5,127,504)


Financing activities: ⁽³⁾
Payments of loans		(3,853,924)		(2,112,223)
Payments of interests		(932,170)		(630,256)
Proceeds from loans		3,532,897		4,154,321
Account overdrafts, net		(4,813)		-
Repurchase of treasury shares		(38,468)		-
Payments of leases		(402,768)		(359,662)
Payments of interests in relation to income tax		(119,152)		(2,789)
Dividend payments by subsidiaries		(30,577)		-

Net cash flows (used in) / from financing activities		(1,848,975)		1,049,391



Effect of changes in exchange rates on cash and cash equivalents		63,568		219,960



Reclassification of cash and cash equivalents to assets held for sale		(162,489)		-



Increase / (Decrease) in cash and cash equivalents		1,652,835		(52,621)


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		3,005,538		1,099,247

Increase / (Decrease) in cash and cash equivalents		1,652,835		(52,621)

(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 89,769 and 60,104 for the nine-month periods ended September 30, 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 nine-month periods ended September 30,
	2026		2025
Unpaid acquisitions of property, plant and equipment and intangible assets		832,161		779,445
Unpaid additions of assets held for sale		-		912
Additions of right-of-use assets		706,320		200,528
Capitalization of depreciation of right-of-use assets		41,940		52,175
Capitalization of financial accretion for lease liabilities		2,198		7,466
Capitalization in associates and joint ventures		-		13,726
Liabilities arising from company acquisitions		131,152		16,110
Unpaid receivables from the sale of assets		750,801		595,592

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 SEPTEMBER 30, 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 September 30, 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 September 30, 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

BSP ⁽⁵⁾

Argentina

Hydrocarbon exploitation

16.30%

Associate

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⁾

Argentina

Hydrocarbon transportation

29.82%

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 SESA and SMP associates

100%

Subsidiary

UPCO ARLNG I

Argentina

Exploration, exploitation, development and industrialization of natural gas for LNG production

100%

Subsidiary

MIDCO ARLNG I

Argentina

Transportation, fractionation and liquefaction of natural gas, and the commercialization and export of LNG

100%

Subsidiary

MEGA

Argentina

Separation of natural gas liquids and their fractionation

38%

Joint venture

New Energies

Metrogas ^{(2) (6)}

Argentina

Distribution of natural gas

70%

Subsidiary

Metroenergía ⁽⁶⁾

Argentina

Commercialization of natural gas

71.5%

Subsidiary

Y-TEC

Argentina

Research and development of technology

51%

Subsidiary

YPF EE ⁽⁷⁾

Argentina

Generation of electric power

75.01%

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 and Note 36.

(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, see Note 4 “Acquisition of equity interest in YPF EE” section.

(5)

(6)	See note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

(7)	see Note 4 “Acquisition of equity interest in YPF EE” section.

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 SEPTEMBER 30, 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

Moreover, some additional information required by the LGS and/or CNV’s Rules have been included.

2.b) Material accounting policies

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

Functional and presentation 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. Additionally, in accordance with the provisions of the LGS and the CNV rules, the Company must present its financial statements in pesos.

Adoption of new standards, interpretations and amendments

•

IFRS 20 “Regulatory assets and regulatory liabilities”

As of the date of issuance of these condensed interim consolidated financial statements, the Group is in the process of evaluating the effects of the application of IFRS 20.

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 SEPTEMBER 30, 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 (cont.)

•

Amendments to IAS 28 - Fair value option for investments in associates and joint ventures

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

2.d) Comparative information

3. SEASONALITY OF OPERATIONS

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 SEPTEMBER 30, 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)

4. ACQUISITIONS AND DISPOSALS

The most relevant acquisitions and disposals of companies that took place during the nine-month period ended September 30, 2026 are described below:

Sale of equity interests in Metrogas and Metroenergía

As part of the Company’s asset portfolio assessment, on August 10, 2026, YPF’s Board of Directors approved the signing of a share purchase and sale agreement with Empresa Distribuidora y Comercializadora Norte S.A. (“EDENOR”), whereby, subject to the fulfillment of the closing conditions set forth in such agreement, YPF agreed to transfer (i) 70% of the capital stock of Metrogas and (ii) 5% of the capital stock of Metroenergía. The sale price of the transaction amounts to US$ 780 millions, and as a result of the transaction, YPF will dispose of its entire equity interest in those subsidiaries.

Likewise, the closing of the transaction is subject to the fulfillment of conditions precedent, including, among others, obtaining applicable regulatory approvals, such as approval from the ENReGE.

The following table details the main assets held for sale and their associated liabilities for the equity interest in Metrogas and Metroenergía as of September 30, 2026:

	$
	September 30, 2026 ⁽¹⁾
Assets held for sale
Intangible assets		12,298
Property, plant and equipment		1,259,868
Right-of-use assets		27
Other receivables		17,833
Trade receivables		400,508
Investments in financial assets		2,003
Cash and cash equivalents		162,489

Subtotal		1,855,026

Consolidation adjustments		(1,686)

Total		1,853,340


Liabilities directly associated with assets held for sale
Provisions		12,000
Deferred income tax liabilities, net		125,827
Income tax liability		67,539
Taxes payable		40,340
Salaries and social security		24,833
Lease liabilities		32
Loans		62,134
Other liabilities		25,324
Accounts payable		306,372

Subtotal		664,401

Consolidation adjustments		(40,795)

Total		623,606



Non-controlling interest		356,481

(1)

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 SEPTEMBER 30, 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)

4. ACQUISITIONS AND DISPOSALS (cont.)

Acquisition of equity interest in YPF EE

5. FINANCIAL RISK MANAGEMENT

•

Liquidity risk management

The Group monitors compliance with covenants on a quarterly basis. As of September 30, 2026, the Group is in compliance with its covenants.

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.

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 SEPTEMBER 30, 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.)

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 SEPTEMBER 30, 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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 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.)


	In millions of U.S. dollars															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 nine-month period ended September 30, 2026
Revenues		76			14,431		1,348		1,646		576		-		18,077		26,117,379
Revenues from intersegment sales		7,222			132		249		48		881		(8,532)		-		-

Revenues		7,298			14,563		1,597		1,694		1,457		(8,532)		18,077		26,117,379


Operating profit or loss		2,783	⁽³⁾		2,904		(47)		142		(542)		(628)		4,612		6,664,008
Income from equity interests in associates and joint ventures		16			56		68		210		-		-		350		504,097

Net financial results															(685)		(951,812)
Net profit before income tax															4,277		6,216,293
Income tax															(1,467)		(2,110,858)
Net profit for the period															2,810		4,105,435

Acquisitions of property, plant and equipment		3,217			747		58		27		96		-		4,145		5,976,728
Acquisitions of right-of-use assets		406			80		-		-		-		-		486		706,320
Increases from business combinations		-			-		-		-		-		-		-		-

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		1,615			439		40		30		66		-		2,190		3,157,165
Amortization of intangible assets		-			27		-		6		16		-		49		71,526
Depreciation of right-of-use assets		116			96		-		-		4		-		216		309,867
Inventories write-down		-			-		-		8		-		-		8		11,434

Balance as of September 30, 2026
Assets		14,274			11,992		1,049		2,831		4,797		(764)		34,179		51,697,491

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 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.)


	In millions of U.S. dollars															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 nine-month period ended September 30, 2025
Revenues		66			10,582		1,371		1,329		544		-		13,892		16,621,228
Revenues from intersegment sales		5,863			149		256		15		823		(7,106)		-		-

Revenues		5,929			10,731		1,627		1,344		1,367		(7,106)		13,892		16,621,228


Operating profit or loss		507	⁽³⁾		926		(8)		96		(357)		(8)		1,156		1,397,526
Income from equity interests in associates and joint ventures		-			14		30		63		-		-		107		132,706

Net financial results															(746)		(824,498)
Net profit before income tax															517		705,734
Income tax															(667)		(887,372)
Net loss for the period															(150)		(181,638)

Acquisitions of property, plant and equipment		2,845			749		26		25		79		-		3,724		4,560,144
Acquisitions of right-of-use assets		35			125		-		-		8		-		168		200,528
Increases from business combinations ⁽⁴⁾		822			93		-		-		-		-		915		1,150,795

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		1,691			392		2		25		62		-		2,172		2,571,186
Amortization of intangible assets		-			27		-		9		8		-		44		55,124
Depreciation of right-of-use assets		114			93		1		-		6		-		214		252,473
Reversal of impairment losses of property, plant and equipment		-			-		-		(4)		-		-		(4)		(5,326)

Balance as of December 31, 2025
Assets		13,167			10,871		735		2,724		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$ (12) millions and US$ (1) millions of unproductive exploratory drillings as of September 30, 2026 and 2025, respectively.

(4)	Corresponds to increases in property, plant, and equipment and intangible assets due to business combinations, see Notes 7 and 8 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 SEPTEMBER 30, 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.

Financial assets


	As of September 30, 2026
	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		2,496,949		-		-		2,496,949
- Private securities - NO		24,159		-		-		24,159

		2,521,108		-		-		2,521,108

Cash and cash equivalents:
- Mutual funds		973,466		-		-		973,466
- Public securities		60,500		-		-		60,500

		1,033,966		-		-		1,033,966

		3,555,074		-		-		3,555,074


	As of December 31, 2025
	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


Financial liabilities:

	As of September 30, 2026
	Level 1		Level 2		Level 3		Total
Other liabilities
- Liabilities for agreements		-		-		131,152		131,152

		-		-		131,152		131,152

As of December 31,2025, the Group had no financial liabilities measured at fair value through profit or loss.

During the nine-month period ended September 30, 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 14,551,408 and 15,514,096 as of September 30, 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


	September 30, 2026		December 31, 2025
Net carrying amount of intangible assets		1,311,973		1,606,432
Provision for impairment of intangible assets		(32,283)		(57,623)

		1,279,690		1,548,809

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 SEPTEMBER 30, 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 nine-month period ended September 30, 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		57,252		-		7,074			64,326
Increases from business combinations		-		-		-			-
Translation effect		72,661		35,525		29,822			138,008
Adjustment for inflation ⁽¹⁾		-		-		34,034			34,034
Decreases, reclassifications and other movements		-		(375,655)		(121,144)	⁽²⁾		(496,799)

Accumulated amortization
Increases		28,182		-		43,344			71,526
Translation effect		48,504		-		25,067			73,571
Adjustment for inflation ⁽¹⁾		-		-		25,105			25,105
Decreases, reclassifications and other movements		-		-		(136,174)	⁽²⁾		(136,174)

Cost		1,761,081		582,984		770,920			3,114,985
Accumulated amortization		1,176,989		-		626,023			1,803,012

Balance as of September 30, 2026		584,092		582,984		144,897			1,311,973

(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.

(2)	Includes the balances of our subsidiaries Metrogas and Metroenergía reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

9. PROPERTY, PLANT AND EQUIPMENT


	September 30, 2026		December 31, 2025
Net carrying amount of property, plant and equipment		30,999,268		28,902,606
Provision for obsolescence of materials and equipment		(468,188)		(701,832)
Provision for impairment of property, plant and equipment		(441,956)		(518,220)

		30,089,124		27,682,554

HORACIO DANIEL MARÍN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 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, or as otherwise indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Changes in Group’s property, plant and equipment for the nine-month periods ended September 30, 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 SEPTEMBER 30, 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		417		551,224		99,456		16,913		920,852		4,342,529		36,732		2,546		-		-		6,059		5,976,728
Increases from business combinations		-		-		-		-		-		-		-		-		-		-		-		-
Translation effect		67,600		1,891,821		664,432		59,591		56,097		341,849		2,232		55,051		103,175		-		35,842		3,277,690
Adjustment for inflation⁽¹⁾		82,986		-		-		34,682		10,455		9,630		-		20,261		-		411,191		105,857		675,062
Decreases, reclassifications and other movements		(42,355)		1,241,938		551,480		25,982		(1,308,470)		(3,284,221)		191		47,555		55,370		(2,328,166)		(218,811)		(5,259,507)	^(4) (5)

Accumulated depreciation
Increases		31,237		2,412,227		471,932		116,880		-		-		-		42,390		81,323		32,249		90,078		3,278,316
Translation effect		35,901		1,359,068		432,950		26,351		-		-		-		50,317		73,308		-		32,958		2,010,853
Adjustment for inflation⁽¹⁾		46,337		-		-		21,017		-		-		-		13,914		-		213,150		78,949		373,367
Decreases, reclassifications and other movements		(31,940)		(1,555,330)		-		(35,019)		-		-		-		(10,143)		(791)		(1,239,105)		(216,897)		(3,089,225)	^(4) (5)

Cost		2,031,612		43,856,645		15,912,305		1,602,174		1,518,695		9,262,535		58,998		1,454,332		2,484,855		-		1,267,713		79,449,864
Accumulated depreciation		1,098,474		32,016,751		10,506,035		714,354		-		-		-		1,296,934		1,771,778		-		1,046,270		48,450,596

Balance as of September 30, 2026		933,138		11,839,894		5,406,270		887,820		1,518,695		9,262,535		58,998		157,398		713,077		-		221,443		30,999,268

(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.

(4)

Includes 1,913,893 and 1,522,176 of cost and accumulated depreciation, respectively, of assets related to the “CNQ-7 Gobernador Ayala”, “CNQ-7A”, “Jagüel Casa de Piedra” and “Chachahuén Sur” exploitation concessions, located in the Provinces of Mendoza and La Pampa, and “Cerro Morado Este”, “Puesto Hernández” and “Chihuido de la Sierra Negra” exploitation concessions, located in the Province of Mendoza, 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 12.a.1).

(5)	Includes the balances of our subsidiaries Metrogas and Metroenergía reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

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 SEPTEMBER 30, 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 nine-month period ended September 30, 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		75,360
Decreases charged to profit or loss		(112,075)
Applications due to utilization		(210,716)
Translation effect		20,170
Adjustment for inflation⁽¹⁾		1,541
Reclassifications ⁽²⁾		(7,924)

Balance as of September 30, 2026		468,188

(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.

(2)	Includes the balances of our subsidiaries Metrogas and Metroenergía reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

Set forth present is the evolution of the provision for impairment of property, plant and equipment for the nine-month period ended September 30, 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
Reclassifications		-

Balance as of December 31, 2025		518,220

Increases charged to profit or loss		-
Decreases charged to profit or loss		-
Depreciation⁽¹⁾		(121,151)
Translation effect		14,336
Adjustment for inflation⁽²⁾		2,904
Reclassifications		27,647

Balance as of September 30, 2026		441,956

(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 SEPTEMBER 30, 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 nine-month period ended September 30, 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		34			593,507		26,630		-		86,149		706,320
Translation effect		1,936			54,284		33,982		5,207		52,049		147,458
Adjustment for inflation ⁽¹⁾		331			-		-		7,949		-		8,280
Decreases, reclassifications and other movements		(1,876)	⁽²⁾		(25,872)		(128,238)		(11,574)		(10,132)		(177,692)

Accumulated depreciation
Increases		4,114			69,224		112,291		11,547		154,631		351,807
Translation effect		2,426			34,108		26,032		3,482		43,008		109,056
Adjustment for inflation ⁽¹⁾		322			-		-		6,804		-		7,126
Decreases, reclassifications and other movements		(1,849)	⁽²⁾		(24,526)		(76,087)		(4,857)		(8,202)		(115,521)

Cost		65,299			1,470,617		881,146		162,458		1,232,699		3,812,219
Accumulated depreciation		57,828			853,499		644,605		128,800		1,016,387		2,701,119

Balance as of September 30, 2026		7,471			617,118		236,541		33,658		216,312		1,111,100

(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.

(2)	Includes the balances of our subsidiaries Metrogas and Metroenergía reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

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 September 30, 2026 and December 31, 2025:


	September 30, 2026		December 31, 2025
Amount of investments in associates		1,105,191		473,518
Amount of investments in joint ventures		2,288,653		1,861,228

		3,393,844		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 SEPTEMBER 30, 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 nine-month period ended September 30, 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 ⁽³⁾		(292,912)
Translation differences		773,380
Adjustment for inflation ⁽¹⁾		25,562
Decrease of companies ⁽²⁾		(379,476)
Other movements ⁽⁴⁾		(88,037)

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

Acquisitions and contributions		502,535
Capitalization in associates and joint ventures		-
Income on investments in associates and joint ventures		504,097
Distributed dividends ⁽³⁾		(148,974)
Translation differences		174,392
Adjustment for inflation ⁽¹⁾		27,048
Decrease of companies		-
Other movements		-

Balance as of September 30, 2026		3,393,844

(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)	Includes 44,360 and 32,495 that were offset by trade liabilities as of September 30, 2026 and December 31, 2025, respectively.

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


	Associates				Joint ventures
	For the nine-month periods ended September 30,				For the nine-month periods ended September 30,
	2026		2025		2026		2025
Net income		98,110		40,157		405,987		92,549
Other comprehensive income		107,406		92,161		94,034		569,866

Comprehensive income		205,516		132,318		500,021		662,415

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 SEPTEMBER 30, 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

The following table presents the main assets held for sale and associated liabilities as of September 30, 2026 and December 31, 2025:

	$		$		$		$
	Upstream		Midstream and Downstream		New Energies		Total
Balance as of September 30, 2026
Assets held for sale
Property, plant and equipment - Optimization plan of the conventional Upstream portfolio		669,670		-		-		669,670
Property, plant and equipment - Gas stations		-		2,160		-		2,160
Assets of subsidiaries Metrogas and Metroenergía ⁽¹⁾		-		-		1,853,340		1,853,340

		669,670		2,160		1,853,340		2,525,170

Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations - Optimization plan of the conventional Upstream portfolio		437,301		-		-		437,301
Provision for environmental liabilities - Optimization plan of the conventional Upstream portfolio		1,530		-		-		1,530
Provision for lawsuits and contingencies - Optimization plan of the conventional Upstream portfolio		4,538		-		-		4,538
Liabilities for concessions - Optimization plan of the conventional Upstream portfolio		6,353		-		-		6,353
Accounts Payable - Optimization plan of the conventional Upstream portfolio		45,376		-		-		45,376
Liabilities of subsidiaries Metrogas and Metroenergía ⁽¹⁾		-		-		623,606		623,606

		495,098		-		623,606		1,118,704


	Upstream		Midstream and Downstream		New Energies		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
Assets of subsidiaries Metrogas and Metroenergía		-		-		-		-

		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
Provision for lawsuits and contingencies - Optimization plan of the conventional Upstream portfolio		-		-		-		-
Liabilities for concessions - Optimization plan of the conventional Upstream portfolio		6,212		-		-		6,212
Accounts Payable - Optimization plan of the conventional Upstream portfolio		-		-		-		-
Liabilities of subsidiaries Metrogas and Metroenergía		-		-		-		-

		1,713,545		-		-		1,713,545

(1)	See Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

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. Additionally, on July 8, 2026, YPF’s Board of Directors approved the disposal of new groups of assets related to areas in the Provinces of Mendoza and La Pampa, see the sections “CNQ-7 Gobernador Ayala, CNQ-7A and Jagüel Casa de Piedra” and “ Chachahuén Sur, Cerro Morado Este, Puesto Hernández and Chihuido de la Sierra Negra”.

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 SEPTEMBER 30, 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.)

•

Manantiales Behr

•

Cerro Fortunoso and Valle del Río Grande

•

CNQ-7 Gobernador Ayala, CNQ-7A and Jagüel Casa de Piedra

•

Chachahuén Sur, Cerro Morado Este, Puesto Hernández and Chihuido de la Sierra Negra

The sale price of the transaction amounted to US$ 200 millions, subject to the applicable price adjustments. As of the date of issuance of these condensed interim consolidated financial statements, the assignment agreement is subject to the fulfillment of closing conditions.

12.a.2) Accounting matters

In relation to the assignment agreements that have met the agreed closing conditions during the nine-month period ended September 30, 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 269,337.

A loss 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 184,397.

The derecognition of the carrying amount of the assets held for sale net of the liabilities directly associated with assets held for sale of 71,802.

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 77,288 in the “Provision for operating optimizations” line under “Other operating results, net” line item 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 SEPTEMBER 30, 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)

13. INVENTORIES


	September 30, 2026			December 31, 2025
Finished goods		1,565,442			1,335,298
Crude oil and natural gas		579,252			569,719	⁽²⁾
Products in process		139,747			56,049
Raw materials, packaging materials and others		73,494			137,524

		2,357,935	⁽¹⁾		2,098,590	⁽¹⁾

(1)	As of September 30, 2026, and December 31, 2025, the carrying amount of inventories does not exceed their net realizable value.

(2)	Includes 29,786 of provision for inventories write-down as of December 31, 2025. See Note 2.b.8) to the annual consolidated financial statements.

14. OTHER RECEIVABLES

	$		$		$		$
	September 30, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Receivables from services, sales of other assets and other advance payments		329,984		246,913		122,759		729,011	⁽³⁾
Tax credit and export rebates		12,107		516,073		97,201		143,490
Loans and balances with related parties ⁽¹⁾		281,526		50,869		289,989		51,218
Collateral deposits		2		9,230		2		22,064
Prepaid expenses		59,839		69,006		69,395		56,750
Advances and loans to employees		335		9,252		578		9,296
Advances to suppliers and custom agents ⁽²⁾		5,862		127,915		9,118		130,073
Receivables with partners in JO and Consortiums		319,411		188,977		336,027		434,170
Insurance receivables		-		294		-		-
Miscellaneous		70,163		137,166		71,579		105,807

		1,079,229		1,355,695		996,648		1,681,879
Provision for other doubtful receivables		(52,565)		(24)		(56,444)		(79)

		1,026,664		1,355,671		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.

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 SEPTEMBER 30, 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)

15. TRADE RECEIVABLES


	September 30, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Accounts receivable and related parties ^(1) (2)		12,993		3,108,010		17,285		2,507,770
Provision for doubtful trade receivables		(9,788)		(120,207)		(9,788)		(107,865)

		3,205		2,987,803		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 nine-month period ended September 30, 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		-			81,324
Decreases charged to income		-			(10,629)
Applications due to utilization		-			(5,369)
Net exchange and translation differences		-			207
Result from net monetary position ⁽¹⁾		-			(272)
Reclassifications ⁽³⁾		-			(52,919)

Balance as of September 30, 2026		9,788	⁽²⁾		120,207

(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.

(3)	Includes the balances of our subsidiaries Metrogas and Metroenergía reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

16. INVESTMENTS IN FINANCIAL ASSETS


	September 30, 2026			December 31, 2025
Investments at fair value through profit or loss
Public securities		2,496,949	⁽¹⁾		360,622
Private securities - NO		24,159	⁽²⁾		19,947

		2,521,108			380,569

(1)	See Note 37.

(2)	Includes 10,464 of NO from 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 SEPTEMBER 30, 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


	September 30, 2026		December 31, 2025
Cash and banks ⁽¹⁾		434,960		287,600
Short-term investments⁽²⁾		1,536,612		476,064
Financial assets at fair value through profit or loss ⁽³⁾		1,033,966		589,039

		3,005,538		1,352,703

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

(2)	Includes 209,530 and 18,897 of term deposits and other investments with BNA as of September 30, 2026 and December 31, 2025, respectively.

(3)	See Note 7.

18. PROVISIONS

Changes in the Group’s provisions for the nine-month period ended September 30, 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		71,523			16,809		136,003		-		67,603		-		275,129		16,809
Decreases charged to income		(12,233)			(11)		(1,509)		-		(8,972)		-		(22,714)		(11)
Increases from business combinations		-			-		-		-		-		-		-		-
Applications due to utilization		(158)			(10,444)		-		(98,516)		-		(11,515)		(158)		(120,475)
Net exchange and translation differences		2,030			1,209		6,090		7,783		30,076		5,986		38,196		14,978
Result from net monetary position ⁽¹⁾		(1,356)			-		-		-		-		-		(1,356)		-
Reclassifications and other movements ^{(3) (4)}		(26,842)	⁽⁵⁾		10,440		(121,395)		119,542		413,009		77,098		264,772		207,080

Balance as of September 30, 2026		193,727			47,295		117,761		200,584		1,127,282		203,488		1,438,770		451,367

(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.

(3)

Includes 110,217 and 4,367 corresponding to the provisions for hydrocarbon wells abandonment obligations and provision for lawsuits and contingencies, respectively, related to the “CNQ-7 Gobernador Ayala”, “CNQ-7A”, “Jagüel Casa de Piedra” and “Chachahuén Sur” exploitation concessions, located in the Provinces of Mendoza and La Pampa, and “Cerro Morado Este”, “Puesto Hernández” and “Chihuido de la Sierra Negra” exploitation concessions, located in the Province of Mendoza, 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 12.a.1).

(4)	Includes 603,315 corresponding to the provision for hydrocarbon wells abandonment obligations related to certain areas which were previously classified under “Liabilities associated with assets held for sale” in the statement of financial position.

(5)	Includes the balances of our subsidiaries Metrogas and Metroenergía reclassified to the “Liabilities directly associated with assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

Provisions are described in Note 17 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 SEPTEMBER 30, 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

The amount accrued of income tax charge for the nine-month periods ending September 30, 2026 and 2025 is as follows:


	For the nine-month periods ended September 30,
	2026		2025
Current income tax		(1,883,030)		(64,510)
Deferred income tax		(227,828)		(822,862)

		(2,110,858)		(887,372)

The effective income tax rate projected at the end of the fiscal year amounts to 33.96%. 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 “Regularization plan associated with the calculation of tax loss carryforwards” section to the annual consolidated financial statements.

As of September 30, 2026 and December 31, 2025 the Group has classified as deferred tax asset 36,301 and 13,055, respectively, and as deferred tax liability 719,448 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


	September 30, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
VAT		-		130,079		-		59,925
Withholdings and perceptions		-		111,019		-		112,127
Royalties		-		152,959		-		74,016
Fuels tax		17,078		188,326		26,459		20,638
Turnover tax		-		7,667		-		9,525
Miscellaneous		-		16,208		290		39,226

		17,078		606,258		26,749		315,457

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 SEPTEMBER 30, 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)

21. SALARIES AND SOCIAL SECURITY


	September 30, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Salaries and social security		-		116,074		-		105,389
Bonuses and incentives provision		-		302,881		-		240,216
Long-term plans provision ⁽¹⁾		256,342		-		83,504		-
Vacation provision		-		109,042		-		87,910
Provision for severance indemnities ⁽²⁾		-		20,261		-		44,447
Miscellaneous		3,025		5,380		6,896		8,943

		259,367		553,638		90,400		486,905

(1)	See Note 38.

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

22. LEASE LIABILITIES

The evolution of the Group’s leases liabilities for the nine-month period ended September 30, 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)
Reclassifications		-

Balance as of December 31, 2025		828,823

Increases of leases		706,320
Financial accretions		57,857
Decreases of leases		(73,756)
Payments		(402,768)
Net exchange and translation differences		42,902
Result from net monetary position ⁽¹⁾		(10)
Reclassifications ⁽²⁾		(32)

Balance as of September 30, 2026		1,159,336

(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.

(2)	Includes the balances of our subsidiaries Metrogas and Metroenergía reclassified to the “Liabilities directly associated with assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

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 SEPTEMBER 30, 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


					September 30, 2026				December 31, 2025
	Interest rate⁽¹⁾			Maturity	Non-current		Current		Non-current		Current
Pesos:
Financial loans		-		-		-		-		88,194		34,630
Account overdrafts		-		-		-		-		-		4,724

						-		-		88,194		39,354

Currencies other than the peso:
NO ^{(2) (3)}	0.00%	-	10.00%	2026-2047		11,905,104		2,115,600		10,828,470		2,154,333
Exports pre-financing	5.89%	-	8.65%	2027-2029		702,416		27,835		221,317		286,067
Imports financing		-		-		-		-		-		30,201
Financial loans ⁽⁴⁾	4.50%	-	7.85%	2026-2030		508,555		244,024		793,867		811,933
Stock market promissory notes		-		-		-		-		-		93,140

						13,116,075		2,387,459		11,843,654		3,375,674

						13,116,075		2,387,459		11,931,848		3,415,028

(1)	Nominal annual interest rate as of September 30, 2026.

(2)	Disclosed net of 196,934 and 254,221 corresponding to YPF’s own NO repurchased through open market transactions, as of September 30, 2026, and December 31, 2025, respectively.

(3)	Includes 1,282,578 and 2,139,221 as of September30, 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 244,470 and 338,464 of loans granted by BNA as of September 30, 2026 and December 31, 2025, respectively.

Set forth below is the evolution of the loans for nine-month period ended September 30, 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
Reclassifications		-

Balance as of December 31, 2025		15,346,876

Proceeds from loans		3,532,897
Payments of loans		(3,853,924	)
Payments of interest		(932,170	)
Account overdrafts, net		(4,813	)
Accrued interest ⁽¹⁾		826,840
Net exchange and translation differences		648,673
Result from net monetary position ⁽²⁾		1,289
Increases from business combinations		-
Reclassifications ⁽³⁾		(62,134	)

Balance as of September 30, 2026		15,503,534

(1)	Includes capitalized financial costs.

(2)

(3)	Includes the balances of our subsidiaries Metrogas and Metroenergía reclassified to the “Liabilities directly associated with assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity interests in Metrogas and Metroenergía” section.

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 SEPTEMBER 30, 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:


											September 30, 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		22,412		934		21,494		364
July, December		2017		U.S. dollar	644	Class LIII		Fixed	6.95%	2027		-		498,766		939,447		28,006
December		2017		U.S. dollar	537	Class LIV		Fixed	7.00%	2047		801,689		16,631		768,782		2,608
June		2019		U.S. dollar	399	Class I		Fixed	8.50%	2029		602,012		13,652		577,147		551
February		2021		U.S. dollar	748	Class XVII		Fixed	9.00%	2029		435,774		219,717		779,096		313,660
February		2021		U.S. dollar	576	Class XVIII		Fixed	7.00%	2033		846,857		-		808,875		15,585
July		2021		U.S. dollar	384	Class XX		Fixed	5.75%	2032		415,084		88,510		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		-		56,850		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		605,000		-		580,200		-
October		2023		U.S. dollar	128	Class XXVII		Fixed	0.00%	2026		-		132,596		-		192,255
January		2024		U.S. dollar	800	Class XXVIII		Fixed	9.50%	2031		841,720		260,947		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		-		-		-		535,423
September		2024		U.S. dollar	540	Class XXXI		Fixed	8.75%	2031		1,581,228		7,194		1,517,683		30,694
October		2024		U.S. dollar	125	Class XXXII		Fixed	6.50%	2028		189,063		2,761		181,313		2,648
October		2024		U.S. dollar	25	Class XXXIII		Fixed	7.00%	2028		37,813		1,255		36,263		570
January ⁽²⁾		2025		U.S. dollar	1,632	Class XXXIV		Fixed	8.25%	2034		2,457,648		42,374		1,565,996		61,639
February		2025		U.S. dollar	140	Class XXXV		Fixed	6.25%	2027		-		-		202,432		1,216
May ⁽²⁾		2025		U.S. dollar	140	Class XXXVII		Fixed	7.00%	2027		-		212,775		201,404		2,185
July ⁽²⁾		2025		U.S. dollar	250	Class XXXVIII		Fixed	7.50%	2027		-		381,395		359,585		5,405
July, August ⁽²⁾		2025		U.S. dollar	225	Class XXXIX		Fixed	8.75%	2030		232,221		5,666		223,290		11,933
August ⁽²⁾		2025		U.S. dollar	51	Class XL		Fixed	7.50%	2028		76,219		541		73,007		518
October ⁽²⁾		2025		U.S. dollar	99	Class XLI		Fixed	6.00%	2027		-		145,652		142,715		2,142
December ⁽²⁾		2025		U.S. dollar	361	Class XLII		Fixed	7.00%	2029		540,937		11,723		281,224		1,572
April⁽⁴⁾		2026		U.S. dollar	296	Class XLIII		Fixed	5.50%	2030		448,373		10,832		-		-
September ⁽⁴⁾		2026		U.S. dollar	1,171	Class XLIV		Fixed	7.94%	2035		1,771,054		4,829		-		-

												11,905,104		2,115,600		10,828,470		2,154,333

(1)	Nominal annual interest rate as of September 30, 2026.

(2)	During the nine-month period ended September 30, 2026, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements.

(3)	Total nominal value issued net of 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 SEPTEMBER 30, 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


	September 30, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Liabilities for concessions and assignment agreements		381,136		281,603		132,286		234,259
Liabilities for contractual claims ⁽¹⁾		-		68,158		78,377		81,252
Provision for operating optimizations ⁽²⁾		-		68,359		-		31,809
Liabilities for agreements⁽³⁾		478,336		403,471		329,496		230,115
Miscellaneous		1,513		3,960		1,449		2,876

		860,985		825,551		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 liabilities 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


	September 30, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Trade payable and related parties ⁽¹⁾		5,978		3,291,405		5,806		3,149,111
Guarantee deposits		1,724		5,190		1,197		4,890
Payables with partners of JO and Consortiums		-		52,333		1,401		70,101
Miscellaneous		-		25,602		-		21,786

		7,702		3,374,530		8,404		3,245,888

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

26. REVENUES


	For the nine-month periods ended September 30,
	2026		2025
Revenue from contracts with customers		25,989,950		16,424,606
National Government incentives ⁽¹⁾		127,429		196,622

		26,117,379		16,621,228

(1)	See Note 37.

● Breakdown of revenues

Type of good or service


	For the nine-month period ended September 30, 2026
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		9,232,921		-		-		-		9,232,921
Gasolines		-		5,599,790		-		-		-		5,599,790
Natural gas ⁽¹⁾		27,191		55,603		1,829,908		1,036,725		-		2,949,427
Crude oil		36,967		1,225,942		-		-		-		1,262,909
Jet fuel		-		1,382,946		-		-		-		1,382,946
Lubricants and by-products		-		447,786		-		-		-		447,786
LPG		-		448,626		-		-		-		448,626
Fuel oil		-		160,106		-		-		-		160,106
Petrochemicals		-		793,354		-		-		-		793,354
Fertilizers and crop protection products		-		-		-		308,412		-		308,412
Flours, oils and grains		-		-		-		887,868		-		887,868
Asphalts		-		136,631		-		-		-		136,631
Goods for resale at gas stations		-		132,226		-		-		-		132,226
Income from services		-		1,531		-		-		145,960		147,491
Income from construction contracts		-		-		-		-		348,917		348,917
Virgin naphtha		-		303,251		-		-		-		303,251
Petroleum coke		-		342,948		-		-		-		342,948
LNG regasification		-		61,570		-		-		-		61,570
Other goods and services		45,418		425,259		13,573		200,023		358,498		1,042,771

		109,576		20,750,490		1,843,481		2,433,028		853,375		25,989,950

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 SEPTEMBER 30, 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 nine-month period ended September 30, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		5,371,417		-		-		-		5,371,417
Gasolines		-		3,392,607		-		-		-		3,392,607
Natural gas ⁽¹⁾		30,349		12,510		1,469,694		736,786		-		2,249,339
Crude oil		1,110		901,003		-		-		-		902,113
Jet fuel		-		666,811		-		-		-		666,811
Lubricants and by-products		-		361,764		-		-		-		361,764
LPG		-		271,795		-		-		-		271,795
Fuel oil		-		105,311		-		-		-		105,311
Petrochemicals		-		462,251		-		-		-		462,251
Fertilizers and crop protection products		-		-		-		273,554		-		273,554
Flours, oils and grains		-		-		-		536,219		-		536,219
Asphalts		-		104,385		-		-		-		104,385
Goods for resale at gas stations		-		116,432		-		-		-		116,432
Income from services		-		-		-		1,206		141,786		142,992
Income from construction contracts		-		-		-		-		295,037		295,037
Virgin naphtha		-		142,580		-		-		-		142,580
Petroleum coke		-		212,358		-		-		-		212,358
LNG regasification		-		52,295		-		-		-		52,295
Other goods and services		46,036		276,828		9,086		158,120		275,276		765,346

		77,495		12,450,347		1,478,780		1,705,885		712,099		16,424,606

(1)	Includes 1,879,890 and 1,493,711 corresponding to sales of natural gas produced by the Company for the nine-month periods ended September 30, 2026 and 2025, respectively.

Sales channels


	For the nine-month period ended September 30, 2026
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		8,923,655		-		-		-		8,923,655
Power plants		-		-		458,752		353,221		-		811,973
Distribution companies		-		-		538,373		-		-		538,373
Retail distribution of natural gas		-		-		-		649,094		-		649,094
Industries, transport and aviation		27,191		5,655,979		832,783		122,249		-		6,638,202
Agriculture		-		1,324,057		-		1,196,280		-		2,520,337
Petrochemical industry		-		764,780		-		-		-		764,780
Trading		-		2,643,143		-		-		-		2,643,143
Oil companies		36,967		750,037		-		-		-		787,004
Commercialization of LPG		-		317,681		-		-		-		317,681
Other sales channels		45,418		371,158		13,573		112,184		853,375		1,395,708

		109,576		20,750,490		1,843,481		2,433,028		853,375		25,989,950


	For the nine-month period ended September 30, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		5,721,256		-		-		-		5,721,256
Power plants		-		13,087		356,863		48,180		-		418,130
Distribution companies		-		-		438,901		-		-		438,901
Retail distribution of natural gas		-		-		-		463,800		-		463,800
Industries, transport and aviation		31,459		3,308,636		681,646		306,173		-		4,327,914
Agriculture		-		826,394		-		809,773		-		1,636,167
Petrochemical industry		-		590,609		-		-		-		590,609
Trading		-		1,464,153		-		-		-		1,464,153
Oil companies		-		160,788		-		-		-		160,788
Commercialization of LPG		-		99,149		-		-		-		99,149
Other sales channels		46,036		266,275		1,370		77,959		712,099		1,103,739

		77,495		12,450,347		1,478,780		1,705,885		712,099		16,424,606

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 SEPTEMBER 30, 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 21,472,050 and 13,893,154 for the nine-month periods ended September 30, 2026 and 2025, respectively.

Sales in the international market amounted to 4,517,900 and 2,531,452 for the nine-month periods ended September 30, 2026 and 2025, respectively.

● Contract balances

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


	September 30, 2026				December 31, 2025
	Non-current		Current		Non-current		Current
Credits for contracts included in the item of “Trade receivables”		11,280		2,975,839		15,572		2,435,111
Contract assets		-		4,338		-		4,522
Contract liabilities		367,489		226,854		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 nine-month periods ended September 30, 2026 and 2025 the Group has recognized 83,927 and 48,360, 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 nine-month periods ended September 30,
	2026		2025
Inventories at beginning of year		2,098,590		1,593,666
Purchases		6,578,349		4,367,760
Production costs ⁽¹⁾		8,905,133		7,690,200
Translation effect		106,814		504,807
Inventories write-down		(11,434)		(802)
Adjustment for inflation ⁽²⁾		15,192		11,765
Other movements⁽³⁾		27,423		-
Inventories at end of the period		(2,357,935)		(2,103,267)

		15,362,132		12,064,129

(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.

(3)	Includes, mainly, collection of receivables settled in kind arising from the sale of assets.

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 SEPTEMBER 30, 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 nine-month period ended September 30, 2026
	Production costs ⁽²⁾		Administrative expenses ⁽³⁾			Selling expenses			Exploration expenses		Total
Salaries and social security taxes		1,007,921		537,138			188,010			15,709		1,748,778
Fees and compensation for services		94,567		316,970			56,937			234		468,708
Other personnel expenses		298,795		41,142			15,983			1,335		357,255
Taxes, charges and contributions		114,835		223,782			1,181,295	⁽¹⁾		-		1,519,912
Royalties, easements and fees		1,362,422		-			3,198			3,281		1,368,901
Insurance		48,962		6,058			2,173			-		57,193
Rental of real estate and equipment		132,317		3,413			16,280			-		152,010
Survey expenses		-		-			-			4,021		4,021
Depreciation of property, plant and equipment		2,984,407		55,944			116,814			-		3,157,165
Amortization of intangible assets		43,122		27,861			543			-		71,526
Depreciation of right-of-use assets		297,782		25			12,060			-		309,867
Industrial inputs, consumable materials and supplies		384,778		13,744			9,452			1,809		409,783
Operation services and other service contracts		181,437		15,991			78,493			9,877		285,798
Preservation, repair and maintenance		1,176,742		37,106			42,466			17,710		1,274,024
Unproductive exploratory drillings		-		-			-			16,647		16,647
Transportation, products and charges		638,093		-			555,621			-		1,193,714
Provision for doubtful receivables		-		(3,004	)		70,695			-		67,691
Publicity and advertising expenses		-		81,793			38,951			-		120,744
Fuel, gas, energy and miscellaneous		138,953		13,507			94,154			4,144		250,758

		8,905,133		1,371,470			2,483,125			74,767		12,834,495

(1)	Includes 361,174 corresponding to export withholdings and 739,756 corresponding to turnover tax.

(2)	Includes 44,356 corresponding to research and development activities.

(3)	Includes 11,419 corresponding to fees and remunerations of Directors of YPF’s Board of Directors and Statutory Auditors.


	For the nine-month period ended September 30, 2025
	Production costs ⁽²⁾		Administrative expenses ⁽³⁾		Selling expenses				Exploration expenses		Total
Salaries and social security taxes		986,964		248,956		136,327				6,384		1,378,631
Fees and compensation for services		88,853		236,917		40,448				491		366,709
Other personnel expenses		241,854		29,431		11,993				7,411		290,689
Taxes, charges and contributions		62,698		177,616		789,348	⁽¹	⁾		-		1,029,662
Royalties, easements and fees		925,132		-		1,769				3,731		930,632
Insurance		64,409		3,208		1,698				-		69,315
Rental of real estate and equipment		206,186		679		12,715				-		219,580
Survey expenses		-		-		-				19,285		19,285
Depreciation of property, plant and equipment		2,443,532		39,427		88,227				-		2,571,186
Amortization of intangible assets		35,317		19,280		527				-		55,124
Depreciation of right-of-use assets		239,069		48		13,356				-		252,473
Industrial inputs, consumable materials and supplies		444,694		4,534		9,781				2,400		461,409
Operation services and other service contracts		169,440		13,368		51,316				12,604		246,728
Preservation, repair and maintenance		1,288,047		31,778		32,455				20,205		1,372,485
Unproductive exploratory drillings		-		-		-				977		977
Transportation, products and charges		453,307		-		408,090				-		861,397
Provision for doubtful receivables		-		-		38,131				-		38,131
Publicity and advertising expenses		-		52,634		35,423				-		88,057
Fuel, gas, energy and miscellaneous		40,698		26,381		79,605				4,678		151,362

		7,690,200		884,257		1,751,209				78,166		10,403,832

(1)	Includes 235,064 corresponding to export withholdings and 491,490 corresponding to turnover tax.

(2)	Includes 33,880 corresponding to research and development activities.

(3)	Includes 7,146 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 SEPTEMBER 30, 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 nine-month periods ended September 30,
	2026		2025
Lawsuits		(71,426)		(24,656)
Export Increase Program ⁽¹⁾		-		19,898
Result from sale of assets ⁽²⁾		269,337		244,313
Result from changes in fair value of assets held for sale ⁽²⁾		(184,397)		(260,132)
Provision for severance indemnities ⁽²⁾		1,765		(31,646)
Provision for operating optimizations ⁽²⁾		(77,288)		(119,904)
Provision for obsolescence of materials and equipment ⁽²⁾		53,492		(266,286)
Result from revaluation of companies⁽³⁾		-		52,934
Result from liabilities for agreements		(119,833)		-
Other insurance income		11,401		-
Miscellaneous		(33,494)		(65,788)

		(150,443)		(451,267)

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

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

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

30. NET FINANCIAL RESULTS


	For the nine-month periods ended September 30,
	2026		2025
Financial income
Interest on cash and cash equivalents and investments in financial assets		43,916		27,900
Interest on trade receivables		65,550		38,489
Other financial income		74,000		19,511

Total financial income		183,466		85,900


Financial costs
Loan interest		(812,828)		(581,059)
Hydrocarbon well abandonment provision financial accretion ⁽¹⁾		(205,476)		(266,696)
Other financial costs		(296,400)		(97,868)

Total financial costs		(1,314,704)		(945,623)


Other financial results
Exchange differences generated by loans		(2,436)		385
Exchange differences generated by cash and cash equivalents and investments in financial assets		2,127		(58,186)
Other exchange differences, net		97,250		31,666
Result on financial assets at fair value through profit or loss		180,221		82,609
Result from derivative financial instruments		(8,805)		6,486
Result from net monetary position		(88,931)		(27,741)
Result from transactions with financial assets		-		6

Total other financial results		179,426		35,225



Total net financial results		(951,812)		(824,498)

(1)	Includes 137,873 and 163,463 corresponding to the financial accretion of liabilities directly associated with assets held for sale for the nine-month periods ending September 30, 2026 and 2025, respectively, see Notes 2.b.13) and 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 SEPTEMBER 30, 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)

31. INVESTMENTS IN JOINT OPERATIONS AND CONSORTIUMS


	September 30, 2026		December 31, 2025
Non-current assets ⁽¹⁾		11,017,598		10,060,481
Current assets		788,359		489,163

Total assets		11,805,957		10,549,644

Non-current liabilities		264,641		354,707
Current liabilities		1,094,277		808,643

Total liabilities		1,358,918		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 nine-month periods ended September 30,
	2026		2025
Production cost		3,379,176		2,428,703
Exploration expenses		9,479		8,211

32. SHAREHOLDERS’ EQUITY

During the nine-month period ended September 30, 2026, the Company has repurchased 461,311 of its own shares issued with a par value of 10 pesos each, equivalent to 4,613,110 shares with a par value of 1 peso each following the stock split (see “Stock split on YPF’s ordinary shares” section) for an amount of 38,437 plus commissions, for purposes of compliance with the share-based benefit plans (see Note 38). During the nine-month period ended September 30, 2025, the Company has not repurchased any of its own shares.

On April 30, 2026, the Shareholders’ Meeting was held, which approved the statutory financial statements of YPF (see Note 2.b)) for the fiscal year ended December 31, 2025, and, in addition, in relation to the retained earnings as of December 31, 2025, approved: (i) completely release the reserve for purchase of treasury shares and the reserve for investments; (ii) absorb accumulated losses in unappropriated retained earnings and losses up to the amount of 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.

Stock split on YPF’s ordinary shares

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 SEPTEMBER 30, 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)

33. EARNINGS PER SHARE


	For the nine-month periods ended September 30,
	2026		2025
Net profit		4,069,032		(213,448)
Weighted average number of shares outstanding		3,921,346,801		3,925,667,820
Basic and diluted earnings per share		1,037.66		(54.37)	⁽¹⁾

(1)	In accordance with IAS 33, the calculation of basic and diluted earnings per share was adjusted retrospectively to include the effect of the stock split, see Note 32 “Stock split on YPF’s ordinary shares” section.

34. CONTINGENT ASSETS AND LIABILITIES

Contingent assets and liabilities are described in Note 33 to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2026, are described below:

•

Asociación Superficiarios de la Patagonia (“ASSUPA”)

Concessionary companies in the Neuquina basin areas

•

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 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.

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.

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 SEPTEMBER 30, 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 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 May 8, 2026, Plaintiffs sought en banc rehearing of the Court of Appeals’ March 27, 2026 decision.

On June 2, 2026, the Court of Appeals denied Plaintiffs’ petition for rehearing en banc filed on May 8, 2026.

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.

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 SEPTEMBER 30, 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)

35. CONTRACTUAL COMMITMENTS

Contractual commitments are described in Note 34 to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2026, are described below:

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

As of September 30, 2026, based on the aforementioned, the Group recognized 331,453 in assets net of liabilities related to the acquisition of the interest in the “Aguada Villanueva”, “Las Tacanas”, and “Meseta Buena Esperanza” exploitation concessions and derecognized assets net of liabilities in the same amount corresponding to the interest in the “La Escalonada” and “Rincón La Ceniza” exploitation concessions transferred through VMI. VMI, following the aforementioned transfer, retains a 25% interest in those concessions.

In accordance with the transaction described and the expected cash flows from the exchanged assets, the closing of the transaction had no impact on profit or loss.

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

The total amount of both transactions was US$ 204 millions in cash. In addition, the Company recognized a liability of US$ 87 millions associated with the additional contingent consideration, which is subject to the fulfillment of certain contractual conditions.

Based on the closing of the aforementioned agreement, as of the transaction’s closing date, YPF recognized 304,918 in investments in associates related to the acquisition of the associate BSP, applying the equity method from the date of acquisition, and 102,193 in assets net of liabilities related to the acquisition of the interest in the “Bajo del Toro” and “Bajo del Toro Norte” exploitation concessions.

CENCH in the Province of Neuquén

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 SEPTEMBER 30, 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)

35. CONTRACTUAL COMMITMENTS (cont.)

Additionally, on June 4, 2026, an Agreement was executed with the Province of Neuquén in connection with the LNG capacity development project in Argentina (“Argentina LNG Project”), which establishes certain benefits and obligations, including: (i) a reduction in the royalty rate applicable to natural gas; (ii) an exemption from the turnover tax; (iii) the establishment of dispute resolution mechanisms through arbitration by the International Chamber of Commerce of Paris and, for certain matters, before the local courts of Neuquén; and (iv) tax stability, among others. Accordingly, the concessionaire’s main obligation consists of carrying out infrastructure projects in the Province of Neuquén for a total amount of US$ 175 millions. As of the date of issuance of these condensed interim consolidated financial statements, the Agreement is subject to the fulfillment of closing conditions, including the signing of the Final Investment Decision (“FID”) for the Argentina LNG Project.

Argentina LNG Project

Granted guarantees

Within the framework of the LNG Project, on August 27, 2026, SMP entered into a loan agreement for up to US$ 900 millions to finance the construction of a natural gas pipeline. In relation with this financing and the 25% equity interest of Sur Inversiones Energéticas in SMP, the Company granted guarantees for up to US$ 225 millions, which become effective subject to certain contractual conditions precedent. In addition, SMP’s shareholders, including Sur Inversiones Energéticas, have granted a fiduciary assignment of their SMP’s shares as collateral for such financing.

36. MAIN REGULATIONS

Main regulations are described in Note 35 to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2026, are described below:

•

Regulations applicable to the Downstream activities

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 SEPTEMBER 30, 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.)

•

Regulations applicable to natural gas and LNG activities

- Transportation, processing, storage, distribution and commercialization of natural gas

- Regulatory requirements applicable to natural gas distribution

Distribution License

Note from ENARGAS related to YPF’s equity interest in Metrogas

•

Investment incentive programs

•

Tax Regulations

•

Export duties

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 SEPTEMBER 30, 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 September 30, 2026, the equity of the Company exceeds the minimum equity required by such rules, which amounts to 1,005.

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 to the annual consolidated financial statements.

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.

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 SEPTEMBER 30, 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.)

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 nine-month periods ended September 30,
	2026		2025
Balance at the beginning of the fiscal year		5,695,203		4,043,221
Other comprehensive income		243,865		1,356,985

Balance at the end of the period		5,939,068		5,400,206

As of September 30, 2026 and 2025 the translation effect corresponding to the “Issuance premiums” account amounts to 967,350 and 879,671, respectively, and is included within “Other comprehensive income”.

As of September 30, 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 (100,249) and (88,043), respectively, and is included within “Other comprehensive income”.

The dates indicated correspond to the date of publication in the respective Official Gazettes, unless otherwise indicated.

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 SEPTEMBER 30, 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

The tables below present the balances with associates and joint ventures as of September 30, 2026 and December 31, 2025:


	September 30, 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 ⁽²⁾		-		8,250		20,936		6,269		48,016		-		-
Profertil ⁽¹⁾		-		-		-		-		-		-		-
MEGA		-		-		131,432		-		54		4,785		-
Refinor ⁽¹⁾		-		-		-		-		-		-		-
CT Barragán		-		-		434		-		-		-		-
OTA		-		-		32		-		1,941		-		-

		-		8,250		152,834		6,269		50,011		4,785		-

Associates:
CDS		-		-		10,073		-		-		-		-
YPF Gas		-		8,128		42,663		-		4,922		-		-
Oldelval		216,417		19,978		111		5,067		26,293		-		-
Termap		-		-		-		-		2,523		-		-
GPA		-		-		-		-		3,028		-		-
OTAMERICA		65,109		4,837		-		-		10,282		-		-
Gas Austral		-		-		23		-		4		-		-
VMOS		-		9,676		23,377		-		-		86,383		71
BSP ⁽³⁾		-		-		6,931		-		1,106		-		-

		281,526		42,619		83,178		5,067		48,158		86,383		71

		281,526		50,869		236,012		11,336		98,169		91,168		71


	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 ⁽²⁾		-		8,787		8,043		5,924		46,995		-		-
Profertil ⁽¹⁾		-		-		-		-		-		-		-
MEGA		-		-		46,895		-		32		194		4,238
Refinor ⁽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		-
BSP ⁽³⁾		-		-		-		-		-		-		-

		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.

(2)	See Note 4 “Acquisition of equity interest in YPF EE” section.

(3)	See Note 35 “Acquisition of interest in the “Bandurria Sur,” “Bajo del Toro,” and “Bajo del Toro Norte” blocks” section.

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 SEPTEMBER 30, 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 nine-month periods ended September 30, 2026 and 2025:


	For the nine-month period ended September 30,
	2026							2025
	Revenues		Costs and expenses		Net interest income (loss)			Revenues		Costs and expenses		Net interest income (loss)
Joint Ventures:
YPF EE ⁽²⁾		47,076		128,960		-			21,161		121,408		80
Profertil ⁽¹⁾		-		-		-			78,572		98,933		-
MEGA		388,788		21,006		(37	)		358,417		1,204		-
Refinor ⁽¹⁾		-		-		-			63,256		10,283		515
CT Barragán		44,824		-		-			7		-		-
OTA		56		17,598		-			33		18,767		-

		480,744		167,564		(37	)		521,446		250,595		595

Associates:
CDS		112,552		-		23			7,870		-		40
YPF Gas		122,995		2,517		1,287			80,315		2,252		63
Oldelval		739		156,238		7			495		104,048		3
Termap		-		22,737		-			-		18,124		-
GPA		-		25,361		-			-		21,062		-
OTAMERICA		41		59,900		-			3,979		43,927		1
Gas Austral		1,255		17		-			3,081		31		3
VMOS		182,189		-		-			57,963		-		-
BSP ⁽³⁾		6,489		61,472		-			-		-		-

		426,260		328,242		1,317			153,703		189,444		110

		907,004		495,806		1,280			675,149		440,039		705

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

(2)	See Note 4 “Acquisition of equity interest in YPF EE” section.

(3)	See Note 35 “Acquisition of interest in the “Bandurria Sur,” “Bajo del Toro,” and “Bajo del Toro Norte” blocks” section


		Balances ⁽¹⁵⁾				Transactions
		Receivables / (Liabilities)				Income / (Costs)
		September 30, 2026		December 31, 2025		For the nine-month periods ended September 30,
Client / Suppliers	Ref.	September 30, 2026		December 31, 2025		2026		2025
SE	(1) (14)		117,709		60,005		119,370		183,849
SE	(2) (14)		5,904		1,088		5,864		6,702
SE	(3) (14)		167		167		-		-
SE	(4) (14)		3,262		6,189		2,195		6,071
SE	(5) (14)		6,813		6,813		-		-
Secretary of Transport	(6) (14)		5,129		5,210		-		-
Secretary of Industry	(7) (14)		-		172		-		-
CAMMESA	(8)		107,920		126,908		498,210		385,491
CAMMESA	(9)		(6,262)		(2,087)		(27,116)		(14,400)
ENARSA	(10)		276,583		184,188		378,970		341,783
ENARSA	(11)		(127,117)		(47,674)		(149,802)		(46,010)
Aerolíneas Argentinas S.A.	(12)		178,694		47,540		472,625		260,195
Aerolíneas Argentinas S.A.	(13)		-		(20)		-		(10)

(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 SEPTEMBER 30, 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 nine-month periods ended September 30, 2026 and 2025, YPF and CHNC carried out transactions such as the purchases of crude oil by YPF for 41,626 and 399,153, respectively, among others. These transactions were consummated in accordance with the general and regulatory conditions of the market. As a result, as of September 30, 2026, YPF has a net balance receivable from CHNC of 6,479 and as of December 31, 2025 the net balance payable to CHNC amounted to 18,842. See Note 36 to the annual consolidated financial statements.


	For the nine-month periods ended September 30,
	2026			2025
Short-term benefits ⁽¹⁾		46,237			25,334
Long-term plans		136,346			(1,550)
Post-retirement benefits		1,034			790
Termination benefits		-			4,739

		183,617	⁽²⁾		29,313	⁽²⁾

(1)	Does not include social security contributions of 10,726 and 5,864 for the nine-month periods ended September 30, 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$ 123 million and US$ 26 million for the years ended September 30, 2026 and 2025, respectively.

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 6,457 and 3,801 for the nine-month periods ended September 30, 2026 and 2025, respectively.

Short-term benefit programs

The amount charged to expense related to the short-term benefit programs was 325,215 and 181,584 for the nine-month periods ended September 30, 2026 and 2025, respectively.

Long-term plans

The amount charged to expense in relation to these share-based benefit plans (“Long-term Plan”) was 29,601 and 10,341 to be settled in equity instruments, for the nine-month periods ended September 30, 2026 and 2025, respectively.

In relation to the “Value Generation Plan”, as of September 30, 2026, there are 4.6 million number of PSARs outstanding with and a weighted average fair value of US$ 33.18 per PSARs. The amount charged to expense related to the Value Generation Plan was a loss of 163,656 and a recovery of 9,582, for the nine-month periods ended September 30, 2026 and 2025, respectively. As of December 31, 2025, weighted average fair value was US$ 20.84 per PSARs.

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 SEPTEMBER 30, 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


	September 30, 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		583		1,508.00		878,419		466		1,446.00		673,812

Total non-current assets						878,419						673,812

Current assets

Assets held for sale

U.S. dollar		24		1,508.00		36,225		-		-		-

Other receivables

U.S. dollar		109		1,508.00		163,846		676		1,446.00		976,984

Chilean peso		8,783		1.55		13,613		10,035		1.59		15,956

Trade receivables

U.S. dollar		971		1,508.00		1,464,750		621		1,446.00		898,569

Investments in financial assets

U.S. dollar		1,665		1,508.00		2,510,644		241		1,446.00		347,947

Cash and cash equivalents
U.S. dollar		1,299		1,508.00		1,959,360		440		1,446.00		635,922

Total current assets						6,148,438						2,875,378

Total assets						7,026,857						3,549,190

Non-current liabilities

Provisions

U.S. dollar		838		1,517.00		1,271,228		521		1,455.00		758,001

Contract liabilities

U.S. dollar		242		1,517.00		367,489		180		1,455.00		261,205

Salaries and social security

U.S. dollar		169		1,517.00		256,342		57		1,455.00		83,504

Lease liabilities

U.S. dollar		441		1,517.00		668,820		272		1,455.00		396,386

Loans

U.S. dollar		8,646		1,517.00		13,116,075		8,140		1,455.00		11,843,654

Other liabilities
U.S. dollar		567		1,517.00		859,472		357		1,455.00		519,892

Total non-current liabilities						16,539,426						13,862,642

Current liabilities

Liabilities directly associated with assets held for sale

U.S. dollar		244		1,517.00		370,516		1,178		1,455.00		1,713,545

Provisions

U.S. dollar		298		1,517.00		451,367		229		1,455.00		332,986

Contract liabilities

U.S. dollar		14		1,517.00		21,340		19		1,455.00		27,645

Salaries and social security

U.S. dollar		175		1,517.00		265,475		89		1,455.00		129,495

Lease liabilities

U.S. dollar		323		1,517.00		490,516		297		1,455.00		432,423

Loans

U.S. dollar		1,574		1,517.00		2,387,459		2,320		1,455.00		3,375,674

Other liabilities

U.S. dollar		522		1,517.00		792,450		381		1,455.00		554,118

Accounts payable

U.S. dollar		1,165		1,517.00		1,766,782		1,053		1,455.00		1,532,201
Euro		13		1,721.80		22,171		19		1,713.12		32,675

Total current liabilities						6,568,076						8,130,762

Total liabilities						23,107,502						21,993,404

(1)	Exchange rate as of September 30, 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 SEPTEMBER 30, 2026 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, or as otherwise indicated)

40. SUBSEQUENT EVENTS

Financial loan

On October 13, 2026, the Company entered into a loan agreement with ITAU UNIBANCO S.A. Bank for an amount of US$ 400 millions maturing in October 2031, with quarterly principal payments starting in the third year. The loan accrues interest at a variable rate, with quarterly payments beginning in January 2027. The proceeds were used to repay the debt associated with the acquisition of the 24.99% interest in YPF EE (see Note 4 “Acquisition of equity interest in YPF EE” section).

Issuance of NO

On October 27, 2026, the Company issued Additional Class XLIII NO in the local market, maturing in April 2030, for a nominal amount of US$ 72 millions. The NO were issued at a price of 101.39% of their nominal value, resulting in a yield of 6%. The principal will be amortized in a single installment upon maturity.

These condensed interim consolidated financial statements were approved by the Board of Directors’ meeting and authorized to be issued on October 28, 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 Sociedad Anónima

Date: November 4, 2026

/s/ Margarita Chun

Margarita Chun

Market Relations Officer