[6-K] YPF Sociedad Anonima Current Report (Foreign Issuer)

Q: What total consolidated assets does YPF (YPF) report as of June 30, 2025?

The filing shows total consolidated assets of US$29,015 million as of June 30, 2025.

Q: How much did YPF's property, plant and equipment (PPE) amount to at June 30, 2025?

Property, plant and equipment are reported at US$20,246 million at June 30, 2025.

Q: Did YPF's investments in associates and joint ventures change at June 30, 2025?

Yes. Investments in associates and joint ventures were US$1,913 million at June 30, 2025 versus US$1,960 million at year-end.

Q: Does the filing provide segment breakdowns for YPF (YPF)?

Yes. The statements include segment disclosures for Upstream; Midstream and Downstream; LNG and Integrated Gas; New Energies; and Central Administration and Others .

Q: Are fair-value levels for financial assets disclosed in the June 30, 2025 filing?

Yes. The filing discloses financial assets by Level 1, Level 2 and Level 3 fair-value hierarchies.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

YPF S.A. presents condensed interim consolidated financial statements (unaudited) as of June 30, 2025, with comparative information. The Group reports total consolidated assets of US$29,015 million at June 30, 2025 compared with US$29,391 million previously. Property, plant and equipment increased to US$20,246 million from US$19,456 million, reflecting continued capital investment. Investments in associates and joint ventures were US$1,913 million at June 30, 2025 versus US$1,960 million at year-end. Financial assets measured at fair value total smaller balances by category (Level 1, 2 and 3 disclosed). The statements include detailed segment disclosures (Upstream; Midstream and Downstream; LNG and Integrated Gas; New Energies; Central Administration and Others) and various provisions, right-of-use assets and intangible balances presented on a comparative basis.

Positive

Property, plant and equipment increased to US$20,246 million from US$19,456 million, indicating continued capital investment
Detailed segment disclosures (Upstream; Midstream and Downstream; LNG and Integrated Gas; New Energies; Central Administration) are provided for granular analysis
Fair-value hierarchy for financial assets disclosed (Level 1, 2, 3) enabling transparency on valuation

Negative

Total consolidated assets decreased from US$29,391 million to US$29,015 million (decline of US$376 million)
Investments in associates and joint ventures declined modestly to US$1,913 million from US$1,960 million

Insights

TL;DR Consolidated assets slightly declined while PPE rose, indicating sustained investment despite marginal net asset reduction.

The interim statements show a US$376 million decrease in total consolidated assets to US$29,015 million and a rise in property, plant and equipment to US$20,246 million, which suggests ongoing capital expenditures. Investments in associates and joint ventures declined modestly to US$1,913 million. Segment-level disclosures and detailed provisions enable assessment of operating composition and liability profiles. The presentation includes fair-value hierarchies for financial assets and comprehensive right-of-use asset schedules, allowing evaluation of liquidity, capital deployment and lease exposures.

TL;DR Moderate balance-sheet movement: higher fixed assets but slightly lower total assets and small reductions in associate investments.

The company increased its tangible asset base (PPE) to US$20,246 million, which may reflect active development projects. Total consolidated assets fell to US$29,015 million from US$29,391 million, a modest contraction of US$376 million disclosed in the filing. Investments in associates decreased from US$1,960 million to US$1,913 million. The filing provides detailed provisions and contingent liability schedules and discloses right-of-use assets and fair-value categorizations that are relevant for assessing financial and operational risk exposures.

08/14/2025 - 04:31 PM

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2025

Commission File Number: 001-12102

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-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 June 30, 2025 and Comparative Information (Unaudited) (US$).

ITEM 2 YPF S.A.’s Condensed Interim Consolidated Financial Statements as of June 30, 2025 and Comparative Information (Unaudited) (AR$).

Item 1

LOGO

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF JUNE 30, 2025

AND COMPARATIVE INFORMATION

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2025 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 flow	7
	Notes to the condensed interim consolidated financial statements:
1	General information, structure and organization of the Group’s business	8
2	Basis of preparation of the condensed interim consolidated financial statements	9
3	Seasonality of operations	10
4	Acquisitions and disposals	10
5	Financial risk management	12
6	Business segment information	12
7	Financial instruments by category	18
8	Intangible assets	18
9	Property, plant and equipment	19
10	Right-of-use assets	22
11	Investments in associates and joint ventures	22
12	Assets held for sale and associated liabilities	25
13	Inventories	28
14	Other receivables	28
15	Trade receivables	29
16	Investments in financial assets	29
17	Cash and cash equivalents	29
18	Provisions	30
19	Income tax	30
20	Taxes payable	31
21	Salaries and social security	31
22	Lease liabilities	31
23	Loans	32
24	Other liabilities	34
25	Accounts payable	34
26	Revenues	34
27	Costs	36
28	Expenses by nature	37
29	Other net operating results	38
30	Net financial results	38
31	Investments in joint operations and consortiums	39
32	Shareholders’ equity	39
33	Earnings per share	39
34	Contingent assets and liabilities	40
35	Contractual commitments	41
36	Main regulations	42
37	Balances and transactions with related parties	47
38	Employee benefit plans and similar obligations	49
39	Subsequent events	50


		1
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION

GLOSSARY OF TERMS


Term		Definition
ADR		American Depositary Receipt
ADS		American Depositary Share
AESA		Subsidiary 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 and Customs Control Agency (Agencia de Recaudación y Control Aduanero) (formerly “AFIP”)
Argentina LNG		Subsidiary Argentina LNG S.A.U.
ASC		Accounting Standards Codification
Associate		Company over which YPF has significant influence as provided for in IAS 28 “Investments in associates and joint ventures”
B2B		Business to Business
B2C		Business to Consumer
BCRA		Central Bank of the Argentine Republic (Banco Central de la República Argentina)
BNA		Bank of the Argentine Nation (Banco de la Nación Argentina)
BO		Official Gazette of the Argentine Republic (Boletín Oficial de la República Argentina)
CAMMESA		Compañía Administradora del Mercado Mayorista Eléctrico S.A.
CAN		Northern Argentine basin (cuenca Argentina Norte)
CDS		Associate Central Dock Sud S.A.
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		Joint venture CT Barragán S.A.
Eleran		Subsidiary Eleran Inversiones 2011 S.A.U.
ENARGAS		Argentine Gas Regulator (Ente Nacional Regulador del Gas)
ENARSA ENRE		Energía Argentina S.A. (formerly Integración Energética Argentina S.A., “IEASA”) National Electricity Regulatory Agency
FASB		Financial Accounting Standards Board
FOB		Free on board
Gas Austral		Associate Gas Austral S.A.
GPA		Associate Gasoducto del Pacífico (Argentina) S.A.
Group		YPF and its subsidiaries
IAS		International Accounting Standard
IASB		International Accounting Standards Board
IDS		Associate Inversora Dock Sud S.A.
IFRIC		International Financial Reporting Interpretations Committee
IFRS		International Financial Reporting Standard
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
MBtu		Million British thermal units
MEGA		Joint venture Compañía Mega S.A.
Metroenergía		Subsidiary Metroenergía S.A.
Metrogas		Subsidiary Metrogas S.A.
MINEM		Ministry of Energy and Mining (Ministerio de Energía y Minería)
MLO		West Malvinas basin (cuenca Malvinas Oeste)
MTN		Medium-term note
NO		Negotiable obligations
Oiltanking		Associate Oiltanking Ebytem S.A.
OLCLP		Subsidiary Oleoducto Loma Campana—Lago Pellegrini S.A.
Oldelval		Associate Oleoductos del Valle S.A.
OPESSA		Subsidiary Operadora de Estaciones de Servicios S.A.
OTA		Joint venture OleoductoTrasandino (Argentina) S.A.
OTC		Joint venture OleoductoTrasandino (Chile) S.A.
PEN		National Executive Branch (Poder Ejecutivo Nacional)
Peso		Argentine peso
PIST		Transportation system entry point (Punto de ingreso al sistema de transporte)
Profertil		Joint venture Profertil S.A.
Refinor		Joint venture Refinería del Norte S.A.
ROD		Record of decision
RQT		Quinquennial Tariff Review (Revisión Quinquenal Tarifaria)
RTI		Integral Tariff Review (Revisión Tarifaria Integral)
RTT		Transitional Tariff Regime (Régimen Tarifario de Transición)
SC Gas		Subsidiary SC Gas S.A.U.
SE		Secretariat of Energy (Secretaría de Energía) (formerly “MINEM” and “SGE”)
SEC		U.S. Securities and Exchange Commission
SEE		Secretariat of Electric Energy (Secretaría de Energía Eléctrica)
SGE		Government Secretariat of Energy (Secretaría de Gobierno de Energía)
SRH		Hydrocarbon Resources Secretariat (Secretaría de Recursos Hidrocarburíferos)
SSHyC		Under-Secretariat of Hydrocarbons and Fuels (Subsecretaría de Hidrocarburos y Combustibles)
Subsidiary		Company controlled by YPF as provided for in IFRS 10 “Consolidated financial statements”
Sur Inversiones Energéticas		Subsidiary Sur Inversiones Energéticas S.A.U.
Sustentator		Joint venture Sustentator S.A.
Termap		Associate Terminales Marítimas Patagónicas S.A.
Turnover tax		Impuesto a los ingresos brutos
U.S. dollar		United States dollar
UNG		Unaccounted natural gas
US$		United States dollar
US$/bbl		U.S. dollar per barrel
UVA		Unit of Purchasing Power
VAT		Value added tax
VMOS		Associate VMOS S.A.
WEM		Wholesale Electricity Market
YPF Chile		Subsidiary YPF Chile S.A.
YPF EE		Joint venture YPF Energía Eléctrica S.A.
YPF Gas		Associate YPF Gas S.A.
YPF or the Company		YPF S.A.
YPF Perú		Subsidiary YPF E&P Perú S.A.C.
YPF Ventures		Subsidiary YPF Ventures S.A.U.
Y-TEC		Subsidiary YPF Tecnología S.A.
Y-LUZ		Subsidiary Y-LUZ Inversora S.A.U. controlled by YPF EE


		2
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION

LEGAL INFORMATION

Legal address

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

Fiscal year

No. 49 beginning on January 1, 2025.

Main business of the Company

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

Filing with the Public Registry of Commerce

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

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

January 26, 2024, registered with the Public Registry of Commerce of the Autonomous City of Buenos Aires in charge of the Argentine Registry of Companies (Inspección General de Justicia) on March 15, 2024, under No. 4,735, Book 116 of Corporations.

Capital structure

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

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

3,933,127,930.

HORACIO DANIEL MARÍN

President


		3
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2025 AND DECEMBER 31, 2024

(Amounts expressed in millions of United States dollars)


	Notes	June 30, 2025		December 31, 2024
ASSETS
Non-current assets
Intangible assets	8		590		491
Property, plant and equipment	9		19,348		18,736
Right-of-use assets	10		672		743
Investments in associates and joint ventures	11		1,913		1,960
Deferred income tax assets, net	19		231		330
Other receivables	14		760		337
Trade receivables	15		2		1

Total non-current assets			23,516		22,598

Current assets
Assets held for sale	12		529		1,537
Inventories	13		1,482		1,546
Contract assets	26		21		30
Other receivables	14		661		552
Trade receivables	15		1,795		1,620
Investments in financial assets	16		237		390
Cash and cash equivalents	17		774		1,118

Total current assets			5,499		6,793

TOTAL ASSETS			29,015		29,391


SHAREHOLDERS’ EQUITY
Shareholders’ contributions			4,511		4,506
Retained earnings			7,183		7,146

Shareholders’ equity attributable to shareholders of the parent company			11,694		11,652

Non-controlling interest			230		218

TOTAL SHAREHOLDERS’ EQUITY			11,924		11,870


LIABILITIES
Non-current liabilities
Provisions	18		1,093		1,084
Contract liabilities	26		167		114
Deferred income tax liabilities, net	19		104		90
Income tax liability			2		2
Salaries and social security	21		34		34
Lease liabilities	22		364		406
Loans	23		7,592		7,035
Other liabilities	24		384		74
Accounts payable	25		5		6

Total non-current liabilities			9,745		8,845

Current liabilities
Liabilities directly associated with assets held for sale	12		945		2,136
Provisions	18		116		116
Contract liabilities	26		114		73
Income tax liability			28		126
Taxes payable	20		282		247
Salaries and social security	21		289		412
Lease liabilities	22		345		370
Loans	23		2,252		1,907
Other liabilities	24		321		410
Accounts payable	25		2,654		2,879

Total current liabilities			7,346		8,676

TOTAL LIABILITIES			17,091		17,521

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			29,015		29,391

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 SIX AND THREE-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024

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


		For the six-month periods ended June 30,				For the three-month periods ended June 30,
Net income	Notes	2025		2024		2025		2024

Revenues	26		9,249		9,245		4,641		4,935
Costs	27		(6,797)		(6,476)		(3,468)		(3,457)

Gross profit			2,452		2,769		1,173		1,478


Selling expenses	28		(1,063)		(1,044)		(535)		(577)
Administrative expenses	28		(394)		(351)		(188)		(210)
Exploration expenses	28		(51)		(111)		(21)		(88)
Reversal / (Impairment) of property, plant and equipment	9		9		(5)		9		(5)
Other net operating results	29		(349)		(2)		(26)		(8)

Operating profit			604		1,256		412		590


Income from equity interests in associates and joint ventures	11		75		156		(6)		27

Financial income	30		44		68		28		32
Financial costs	30		(564)		(644)		(279)		(308)
Other financial results	30		(23)		156		(36)		115

Net financial results	30		(543)		(420)		(287)		(161)



Net profit before income tax			136		992		119		456


Income tax	19		(88)		200		(61)		79


Net profit for the period			48		1,192		58		535


Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures			(122)		(56)		(84)		(29)
Result from net monetary position in subsidiaries, associates and joint ventures⁽¹⁾			123		416		39		131

Other comprehensive income for the period			1		360		(45)		102



Total comprehensive income for the period			49		1,552		13		637


Net profit for the period attributable to:
Shareholders of the parent company			34		1,168		50		519
Non-controlling interest			14		24		8		16
Other comprehensive income for the period attributable to:
Shareholders of the parent company			3		299		(34)		85
Non-controlling interest			(2)		61		(11)		17
Total comprehensive income for the period attributable to:
Shareholders of the parent company			37		1,467		16		604
Non-controlling interest			12		85		(3)		33
Earnings per share attributable to shareholders of the parent company:
Basic and diluted	33		0.09		2.98		0.13		1.32

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

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

HORACIO DANIEL MARÍN

President


		5
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024

(Amounts expressed in millions of United States dollars)


	For the six-month period ended June 30, 2025
	Shareholders’ contributions
	Capital	Treasury shares	Share-based benefit plans	Acquisition cost of treasury shares ⁽²⁾	Share trading premiums	Issuance premiums	Total
Balance at the beginning of the fiscal year	3,922	11	3	(28)	(42)	640	4,506
Accrual of share-based benefit plans ⁽³⁾	-	-	5	-	-	-	5
Settlement of share-based benefit plans	-	-	-	-	-	-	-
Release of reserves ⁽⁵⁾	-	-	-	-	-	-	-
Appropriation to reserves ⁽⁵⁾	-	-	-	-	-	-	-
Other comprehensive income	-	-	-	-	-	-	-
Net profit for the period	-	-	-	-	-	-	-

Balance at the end of the period	3,922	11	8	(28)	(42)	640	4,511


	Retained earnings ⁽⁴⁾							Equity attributable to
	Legal reserve	Reserve for future dividends	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	787	-	4,236	36	(331)		2,418	11,652	218	11,870
Accrual of share-based benefit plans ⁽³⁾	-	-	-	-	-		-	5	-	5
Settlement of share-based benefit plans	-	-	-	-	-		-	-	-	-
Release of reserves ⁽⁵⁾	-	-	(4,236)	(36)	-		4,272	-	-	-
Appropriation to reserves ⁽⁵⁾	-	-	6,587	33	-		(6,620)	-	-	-
Other comprehensive income	-	-	-	-	3		-	3	(2)	1
Net profit for the period	-	-	-	-	-		34	34	14	48

Balance at the end of the period	787	-	6,587	33	(328)	⁽¹⁾	104	11,694	230	11,924

(1) Includes (2,098) corresponding 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 1,770 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency. See Note 2.b.1) to the annual consolidated financial statements.

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

(3) See Note 38.

(4) Includes 70 restricted to the distribution of retained earnings as of June 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.

HORACIO DANIEL MARÍN

President


		6
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024 (cont.)

(Amounts expressed in millions of United States dollars)


	For the six-month period ended June 30, 2024
	Shareholders’ contributions
	Capital	Treasury shares	Share-based benefit plans	Acquisition cost of treasury shares ⁽²⁾	Share trading premiums	Issuance premiums	Total
Balance at the beginning of the fiscal year	3,919	14	1	(30)	(40)	640	4,504
Accrual of share-based benefit plans ⁽³⁾	-	-	2	-	-	-	2
Settlement of share-based benefit plans	-	-	-	-	-	-	-
Release of reserves and absorption of accumulated losses ⁽⁵⁾	-	-	-	-	-	-	-
Appropriation to reserves ⁽⁵⁾	-	-	-	-	-	-	-
Other comprehensive income	-	-	-	-	-	-	-
Net profit for the period	-	-	-	-	-	-	-

Balance at the end of the period	3,919	14	3	(30)	(40)	640	4,506


	Retained earnings ⁽⁴⁾							Equity attributable to
	Legal reserve	Reserve for future dividends	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	787	226	5,325	35	(684)		(1,244)	8,949	102	9,051
Accrual of share-based benefit plans ⁽³⁾	-	-	-	-	-		-	2	-	2
Settlement of share-based benefit plans	-	-	-	-	-		-	-	-	-
Release of reserves and absorption of accumulated losses ⁽⁵⁾	-	(226)	(5,325)	(35)	-		5,586	-	-	-
Appropriation to reserves ⁽⁵⁾	-	-	4,236	36	-		(4,272)	-	-	-
Other comprehensive income	-	-	-	-	299		-	299	61	360
Net profit for the period	-	-	-	-	-		1,168	1,168	24	1,192

Balance at the end of the period	787	-	4,236	36	(385)	⁽¹⁾	1,238	10,418	187	10,605

(1)

Includes (1,929) corresponding 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 1,544 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency. See Note 2.b.1) to the annual consolidated financial statements.

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

(3)	See Note 38.

(4)	Includes 70 restricted to the distribution of retained earnings as of June 30, 2024 and December 31, 2023, respectively. See Note 31 to the annual consolidated financial statements.

(5)	As decided in the Shareholders’ Meeting on April 26, 2024.

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 SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024

(Amounts expressed in millions of United States dollars)


	For the six-month periods ended June 30,
	2025		2024
Cash flows from operating activities
Net profit		48		1,192
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(75)		(156)
Depreciation of property, plant and equipment		1,422		1,137
Amortization of intangible assets		31		20
Depreciation of right-of-use assets		141		133
Retirement of property, plant and equipment and intangible assets and consumption of materials		199		243
Charge on income tax		88		(200)
Net increase in provisions		508		362
(Reversal) / Impairment of property, plant and equipment		(9)		5
Effect of changes in exchange rates, interest and others		553		313
Share-based benefit plans		5		2
Result from sale of assets		(182)		-
Result from changes in fair value of assets held for sale		244		-
Result from revaluation of companies		(45)		-
Changes in assets and liabilities:
Trade receivables		(285)		(800)
Other receivables		(244)		(283)
Inventories		63		126
Accounts payable		(86)		237
Taxes payable		53		144
Salaries and social security		(84)		50
Other liabilities		(392)		(48)
Decrease in provisions due to payment/use		(100)		(72)
Contract assets		5		(13)
Contract liabilities		80		(1)
Dividends received		165		136
Proceeds from collection of profit loss insurance		5		-
Income tax payments		(112)		(16)

Net cash flows from operating activities ^(1) (2)		1,996		2,511


Investing activities: ⁽³⁾
Acquisition of property, plant and equipment and intangible assets		(2,509)		(2,535)
Additions of assets held for sale		(42)		(105)
Contributions and acquisitions of interests in associates and joint ventures		(82)		-
Acquisitions from business combinations net of cash and cash equivalents		(230)		-
Proceeds from sales of financial assets		148		112
Payments from purchase of financial assets		-		(180)
Interests received from financial assets		3		32
Proceeds from concessions, assignment agreements and sale of assets		71		4

Net cash flows used in investing activities		(2,641)		(2,672)


Financing activities: ⁽³⁾
Payments of loans		(1,381)		(1,002)
Payments of interests		(321)		(326)
Proceeds from loans		2,281		1,435
Account overdrafts, net		-		199
Payments of leases		(204)		(198)
Payments of interests in relation to income tax		(1)		(2)

Net cash flows from financing activities		374		106



Effect of changes in exchange rates on cash and cash equivalents		(73)		(27)



Decrease in cash and cash equivalents		(344)		(82)



Cash and cash equivalents at the beginning of the fiscal year		1,118		1,123
Cash and cash equivalents at the end of the period		774		1,041

Decrease in cash and cash equivalents		(344)		(82)

(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 33 and 66 for the six-month periods ended June 30, 2025 and 2024, 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 six-month periods ended June 30,
	2025		2024
Unpaid acquisitions of property, plant and equipment and intangible assets		565		432
Unpaid additions of assets held for sale		2		29
Additions of right-of-use assets		166		97
Capitalization of depreciation of right-of-use assets		32		31
Capitalization of financial accretion for lease liabilities		5		6
Capitalization in associates and joint ventures		12		-
Contract liabilities arising from company acquisitions		14		-
Receivables from the sale of non-cash-settled assets		428		-

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 JUNE 30, 2025 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 market positions across the domestic Upstream, Midstream and Downstream, LNG and Integrated Gas and New Energies business segments (see Note 6).

Structure and organization of the economic group

The following table presents the main companies of the Group as of June 30, 2025:


Entity	Country	Main business	% of ownership of capital stock ⁽¹⁾		Relationship
Upstream
Eleran	Spain	Hydrocarbon exploration through the subsidiary YPF E&P Bolivia S.A.		100%	Subsidiary
SC Gas ⁽⁴⁾	Argentina	Hydrocarbon exploitation		100%	Subsidiary

Midstream and Downstream
OPESSA	Argentina	Gas stations		99.99%	Subsidiary
OLCLP ⁽⁶⁾	Argentina	Hydrocarbon transportation		100%	Subsidiary
Refinor	Argentina	Industrialization and commercialization of hydrocarbons		50%	Joint venture
OTA	Argentina	Hydrocarbon transportation		36%	Joint venture
OTC	Chile	Hydrocarbon transportation		36%	Joint venture
Oldelval	Argentina	Hydrocarbon transportation		37%	Associate
Oiltanking	Argentina	Hydrocarbon transportation		30%	Associate
Termap	Argentina	Hydrocarbon transportation		33.15%	Associate
VMOS ⁽³⁾	Argentina	Hydrocarbon transportation		24.49%	Associate
YPF Gas	Argentina	Commercialization of natural gas		33.99%	Associate

LNG and Integrated Gas
YPF Chile	Chile	Commercialization of natural gas		100%	Subsidiary
Argentina LNG	Argentina	Industrialization and commercialization of LNG		100%	Subsidiary
Sur Inversiones Energéticas	Argentina	Industrialization and commercialization of LNG through Southern Energy S.A. associate.		100%	Subsidiary
MEGA	Argentina	Separation of natural gas liquids and their fractionation		38%	Joint venture

New Energies
Metrogas ⁽²⁾	Argentina	Distribution of natural gas		70%	Subsidiary
Metroenergía	Argentina	Commercialization of natural gas		71.50%	Subsidiary
Y-TEC	Argentina	Research and development of technology		51%	Subsidiary
YPF Ventures	Argentina	Corporate investments		100%	Subsidiary
YPF EE	Argentina	Generation of electric power		75%	Joint venture
Profertil	Argentina	Production and commercialization of fertilizers		50%	Joint venture
CT Barragán	Argentina	Generation of electric power		50%	Joint venture
CDS ⁽⁵⁾	Argentina	Generation of electric power		10.25%	Associate

Central Administration and Others
AESA	Argentina	Engineering and construction services		100%	Subsidiary

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

(2)	See Note 36.c.3) “Note from ENARGAS related to YPF’s equity interest in Metrogas” section to the annual consolidated financial statements.

(3)

On December 13, 2024, YPF together with Pan American Sur S.A., Vista Energy S.A.U. and Pampa Energía S.A. signed a shareholders’ agreement to form a new company, VMOS, which main purpose is the construction of the “Vaca Muerta Sur Project”, an oil transportation infrastructure project. VMOS has granted stock options to Pluspetrol S.A., Chevron Argentina S.R.L., CDC ApS, Shell Compañía Argentina de Petróleo S.A., Shell Overseas Investments B.V., Gas y Petróleo del Neuquén S.A. and Tecpetrol S.A. As of the date of issuance of these condensed interim consolidated financial statements, the aforementioned companies have exercised such stock options becoming shareholders of VMOS.

(4)	See Note 4 “Acquisition of Mobil Argentina S.A.” section.

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

(6)	See Note 4 “Acquisition of equity participation of OLCLP” section.

HORACIO DANIEL MARÍN

President


		9
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 (cont.)

Organization of the business

As of June 30, 2025, 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 operations, properties and clients of the Group are mainly located in Argentina. However, the Group also holds participating interest in exploratory areas in Bolivia and sells natural gas, lubricants and derivatives in Chile.

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 six-month period ended June 30, 2025, 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, 2024 (“annual consolidated financial statements”) presented in U.S. dollars and in accordance with IFRS Accounting Standards as issued by the IASB.

These condensed interim consolidated financial statements corresponding to the six-month period ended June 30, 2025, 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 six-month period ended June 30, 2025, 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 detailed 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 August 7, 2025.

Business combinations

The Group analyzes whether the assets acquired and liabilities assumed in a purchase transaction qualify as a business combination in accordance with IFRS 3 “Business combinations”. Business combinations are accounted for using the acquisition method, which requires, among others, the recognition and measurement at fair value of the identifiable assets acquired, the liabilities assumed and any non-controlling interest. The excess of the consideration transferred over such fair value is recognized as goodwill and the shortfall as a gain in profit or loss for the period.

When the assets acquired are not a business, the Group accounts for the transaction as the acquisition of an asset.

HORACIO DANIEL MARÍN

President


		10
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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.)

Adoption of new standards and interpretations effective as from January 1, 2025

The Company has adopted all new and revised standards and interpretations issued by the IASB, relevant to its operations which are of mandatory and effective application as of June 30, 2025, as described in Note 2.b.14) to the annual consolidated financial statements.

The adoption of the amendments mentioned in Note 2.b.14) “Amendments to IAS 21—Lack of exchangeability” section to the annual consolidated financial statements has not had a significant effect on these condensed interim consolidated financial statements.

Standards and interpretations issued by the IASB whose application is not mandatory at the closing date of these condensed interim consolidated financial statements and have not been adopted by the Group

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 agency.

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, 2024 and for the six-month period ended June 30, 2024 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.

4.	ACQUISITIONS AND DISPOSALS

The most relevant acquisitions and disposals of companies that took place during the six-month period ended June 30, 2025 are described below:

Acquisition of Mobil Argentina S.A.

On December 17, 2024, the Company entered into a share purchase and sale agreement with ExxonMobil Argentina Upstream B.V., ExxonMobil Exploration and Production Gemini B.V., and QatarEnergy Argentina Holdings LLC (collectively, the “Sellers”) whereby, subject to the fulfillment of closing conditions set forth in such agreement, YPF acquired 100% of the shares and capital stock of Mobil Argentina S.A. (“MASA”).

MASA owns 54.45% of Sierra Chata unconventional exploitation concession in the Province of Neuquén. Pampa Energía S.A., operator of such concession, owns the remaining working interest.

HORACIO DANIEL MARÍN

President


		11
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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.)

On January 29, 2025 (“acquisition date”), after the fulfillment of the closing conditions, the sale and transfer by the Sellers to YPF of 100% of MASA’s shares and capital stock was completed. The amount of the transaction was 327 in cash. As of the acquisition date, MASA will continue to operate under the corporate name SC Gas S.A.U. (“SC Gas”), being YPF its sole shareholder.

The transaction described above qualifies as a business combination in accordance with IFRS 3 and is accounted for using the acquisition method (see Note 2.b)). The following table details the consideration transferred, the fair values of the identifiable assets acquired and the liabilities assumed by YPF at the acquisition date:


	Fair value at acquisition date ⁽¹⁾
Fair value of identifiable assets and liabilities assumed:
Intangible assets		117
Property, plant and equipment		161
Other receivables		7
Trade receivables		10
Cash and cash equivalents		60
Provisions		(6)
Deferred income tax liabilities, net		(15)
Accounts payable		(7)

Total identifiable net assets / Consideration		327

(1)	In accordance with IFRS 3, during the measurement period, an entity may adjust the provisional amounts recognized in a business combination, therefore, fair values may be adjusted during the period.

Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)

On January 31, 2025, after the fulfillment of the closing conditions of the share purchase and sale agreement of the subsidiary YPF Brasil, the sale and transfer by YPF to the GMZ HOLDING LTDA. and IGP HOLDING PARTICIPAÇÕES S.A., with the intervention of USIQUÍMICA DO BRASIL LTDA. as guarantor of the transaction, of 100% of the shares and capital stock of YPF Brasil was completed. The sale price of the transaction was US$ 2.3 million. See Note 3 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section to the annual consolidated financial statements.

Based on the closing of the aforementioned share purchase and sale agreement and considering the fair value of the assets and liabilities of YPF Brasil classified as held for sale, as of the closing date of the transaction, the result from the sale did not have significant effects. In addition, the translation differences accumulated in the “Other comprehensive income” account and reclassified to the profit or loss due to the loss of control of the subsidiary amounted to a loss of 9.

Acquisition of equity participation of OLCLP

On January 31, 2025 the Company entered into a share purchase and sale agreement with Tecpetrol S.A. whereby, subject to the fulfillment of closing conditions set forth in such agreement, YPF acquired 15% of the shares and capital stock of OLCLP joint venture. On June 4, 2025 (“acquisition date”), after the fulfillment of the closing conditions, the sale and transfer by Tecpetrol S.A. to YPF of 15% of the shares and capital stock of OLCLP was completed.

As of the acquisition date, YPF, which owned 85% of the capital stock of OLCLP prior to the share purchase and sale agreement mentioned above, is the sole owner and shareholder of 100% of capital stock of OLCLP.

The amount of the transaction was 15, which was cancelled by offsetting payment obligations assumed by Tecpetrol S.A. under a firm transportation services agreement for the “Vaca Muerta Sur” Pipeline of 13.6, and the remaining balance of 1.4 in cash.

HORACIO DANIEL MARÍN

President


		12
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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.)

The transaction described above qualifies as a business combination achieved in stages in accordance with IFRS 3 and is accounted for using the acquisition method (see Note 2.b)). The following table sets forth the fair values of the identifiable assets acquired and the liabilities assumed by YPF at the acquisition date of 100% of OLCLP:


	Fair value at acquisition date ⁽¹⁾
Fair value of identifiable assets and liabilities assumed:
Property, plant and equipment		93
Trade receivables		4
Investments in financial assets		2
Cash and cash equivalents		14
Deferred income tax liabilities, net		(1	)
Taxes payable		(2	)
Accounts payable		(3	)

Total identifiable net assets		107

(1)	In accordance with IFRS 3, during the measurement period, an entity may adjust the provisional amounts recognized in a business combination, therefore, fair values may be adjusted during the period.

As a result of the transaction, YPF recognized a gain of 45 in “Other operating results, net” line item in the statement of comprehensive income corresponding to the revaluation to fair value at the acquisition date of the previous equity participation held by YPF in the equity of OLCLP.

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 six-month period ended June 30, 2025, 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 in respect of the Group’s leverage ratio and debt service coverage ratio, and events of defaults triggered by materially adverse judgements, among others. See Notes 17, 33 and 34 to the annual consolidated financial statements and Notes 18 and 34.

The Group monitors compliance with covenants on a quarterly basis. As of June 30, 2025, the Group is in compliance with its covenants.

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.

HORACIO DANIEL MARÍN

President


		13
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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.)

As of the current fiscal year, as a consequence of the organizational structure changes in which the New Energies Vice Presidency was created and the Gas and Power Vice Presidency and the Downstream Vice Presidency were reformulated as the LNG and Integrated Gas Vice Presidency and the Midstream and Downstream Vice Presidency, respectively, the complete management scope of these new business units was determined. On January 1, 2025, these organizational changes resulted in a modification of the composition of the business segments according to how the chief decision maker allocates resources and assesses the performance of these business segments, creating the New Energies business segment and readjusting the composition and definition of the businesses of the remaining business segments. The changes in the business segments had no impact on the CGUs defined in Note 2.b.5) to the annual consolidated financial statements.

As aforementioned and in Note 5 to the annual consolidated financial statements, the comparative information for the fiscal year ended December 31, 2024 and the six-month period ended June 30, 2024 has been restated.

The business segments structure is organized as follows:

•

Upstream

The Upstream business segment 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 the Midstream and Downstream business segment; (ii) the sale of the produced natural gas 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

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

Its revenues are mainly derived from the sale of crude oil, refined and petrochemical products, and specialties for agribusiness industry and grains and their by-products, through the businesses of B2C (Retail), B2B (Commercial Networks, Industries, Transportation, Aviation, Agro, Lubricants and Specialties), LPG, Chemicals, International Trade and Transportation and Sales to Companies. In addition, it obtains revenues from midstream oil, midstream gas and natural gas storage operations and the provision of LNG regasification services.

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

HORACIO DANIEL MARÍN

President


		14
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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.)

•

LNG and Integrated Gas

The LNG and Integrated Gas business segment performs activities related to: (i) natural gas 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.

On January 1, 2025, as a consequence of the organizational changes described above, the assets related to the natural gas transportation, the conditioning and processing of natural gas retained in plant for the separation and fractionation of gasoline, propane and butane, the storage of the produced natural gas, and the commercial and technical operation of the LNG regasification terminal in Escobar, which were formerly included in the Gas and Power business segment, were assigned to the Midstream and Downstream business segment. Furthermore, the assets related to the distribution of natural gas through our subsidiary Metrogas, the generation of conventional thermal electric power and renewable energy, and the production, storage, distribution and sale of fertilizers through our investments in associates and joint ventures, which were formerly included in the Gas and Power business segment, were assigned to the New Energies business segment.

Its revenues are mainly derived from the commercialization of natural gas as producers to third parties and to the Midstream and Downstream and the New Energies business segments.

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

•

New Energies

On January 1, 2025, as a consequence of the organizational changes described above, the New Energies Vice Presidency was created and during the current fiscal year the complete management scope of this new business unit was determined. As of that date, the assets related to the distribution of natural gas through our subsidiary Metrogas, the generation of conventional thermal electric power and renewable energy and the production, storage, distribution and sale of fertilizers through our investments in associates and joint ventures, which were formerly included in the Gas and Power business segment, were assigned to the New Energies business segment. In addition, the assets related to the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary Y-TEC, previously included in Central Administration and Others, were assigned to the New Energies business segment.

The New Energies business segment performs activities related to: (i) the definition and development of the new energy portfolio; (ii) the definition and development of sustainability and energy transitions programs; (iii) the distribution of natural gas through our subsidiary Metrogas; and (iv) the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary Y-TEC. Furthermore, through our investments in associates and joint ventures, the New Energies business segment performs activities related to: (i) the generation of conventional thermal electric power and renewable energy; and (ii) the production, storage, distribution and sale of fertilizers.

Its revenues are mainly derived from the sale of natural gas through our subsidiary Metrogas.

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

HORACIO DANIEL MARÍN

President


		15
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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.)

•

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; and (iii) the construction activities through our subsidiary AESA.

On July 1, 2024, certain assets related to the production of frac sand for well drilling/fracking purposes, which were formerly included in the Upstream business segment, were assigned to Central Administration and Others. In addition, on January 1, 2025, as a consequence of the organizational changes described above, the assets related to the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary Y-TEC, previously included in Central Administration and Others, were assigned to the New Energies business segment.

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


		16
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 six-month period ended June 30, 2025
Revenues		49			7,551		807		418		424		-		9,249
Revenues from intersegment sales		3,913			108		158		3		551		(4,733)		-

Revenues		3,962			7,659		965		421		975		(4,733)		9,249


Operating profit or loss		57	⁽³⁾		668		(5)		48		(128)		(36)		604
Income from equity interests in associates and joint ventures		-			(12)		29		58		-		-		75

Net financial results															(543)
Net profit before income tax															136
Income tax															(88)
Net profit for the period															48

Acquisitions of property, plant and equipment		1,999			500		17		18		46		-		2,580
Acquisitions of right-of-use assets		33			125		-		-		8		-		166
Increases from business combinations ⁽⁴⁾		278			93		-		-		-		-		371

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		1,109			252		1		18		42		-		1,422
Amortization of intangible assets		-			19		-		7		5		-		31
Depreciation of right-of-use assets		81			56		-		-		4		-		141
Reversal of impairment losses of property, plant and equipment		-			-		-		(9)		-		-		(9)

Balance as of June 30, 2025
Assets		12,621			11,163		936		2,460		2,099		(264)		29,015

HORACIO DANIEL MARÍN

President


		17
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 six-month period ended June 30, 2024
Revenues		25			7,734		781		339		366		-		9,245
Revenues from intersegment sales		4,035			50		132		4		473		(4,694)		-

Revenues		4,060			7,784		913		343		839		(4,694)		9,245


Operating profit or loss		762	⁽³⁾		861		(55)		4		(94)		(222)		1,256
Income from equity interests in associates and joint ventures		-			23		48		85		-		-		156

Net financial results															(420)
Net profit before income tax															992
Income tax															200
Net profit for the period															1,192

Acquisitions of property, plant and equipment		1,949			537		5		11		44		-		2,546
Acquisitions of right-of-use assets		22			75		-		-		-		-		97
Increases from business combinations		-			-		-		-		-		-		-

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		841			239		1		16		40		-		1,137
Amortization of intangible assets		-			14		-		6		-		-		20
Depreciation of right-of-use assets		81			52		-		-		-		-		133
Impairment of property, plant and equipment		-			-		-		5		-		-		5

Balance as of December 31, 2024
Assets		12,795			10,735		743		2,524		2,822		(228)		29,391

(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 (1) and (55) of unproductive exploratory drillings as of June 30, 2025 and 2024, respectively.

(4)	See Notes 8 and 9.

HORACIO DANIEL MARÍN

President


		18
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION

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

7.	FINANCIAL INSTRUMENTS BY CATEGORY

Fair value measurements

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

The tables below present the Group’s financial assets measured at fair value through profit or loss as of June 30, 2025 and December 31, 2024, and their allocation to their fair value hierarchy levels:


	As of June 30, 2025
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		228		-		-		228
- Private securities - NO		9		-		-		9

		237		-		-		237

Cash and cash equivalents:
- Mutual funds		289		-		-		289
- Public securities		51		-		-		51

		340		-		-		340

		577		-		-		577


	As of December 31, 2024
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		381		-		-		381
- Private securities - NO		9		-		-		9

		390		-		-		390

Cash and cash equivalents:
- Mutual funds		439		-		-		439
- Public securities		-		-		-		-

		439		-		-		439

		829		-		-		829

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

Fair value estimates

During the six-month period ended June 30, 2025, there have been no changes in macroeconomic circumstances that significantly affect the Group’s financial instruments measured at fair value through profit or loss.

During the six-month period ended June 30, 2025, 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 9,676 and 8,811 as of June 30, 2025 and December 31, 2024, 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


	June 30, 2025	December 31, 2024
Net carrying amount of intangible assets	630	531
Provision for impairment of intangible assets	(40)	(40)

	590	491

HORACIO DANIEL MARÍN

President


		19
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 six-month period ended June 30, 2025 and as of the year ended December 31, 2024 is as follows:


	Service concessions		Exploration rights		Other intangibles		Total
Cost		964		110		431		1,505
Accumulated amortization		703		-		395		1,098

Balance as of December 31, 2023		261		110		36		407


Cost
Increases		86		-		4		90
Increases from business combinations		-		-		-		-
Translation effect		-		-		(12)		(12)
Adjustment for inflation ⁽¹⁾		-		-		51		51
Decreases, reclassifications and other movements		-		-		62		62

Accumulated amortization
Increases		27		-		16		43
Translation effect		-		-		(7)		(7)
Adjustment for inflation ⁽¹⁾		-		-		31		31
Decreases, reclassifications and other movements		-		-		-		-

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		41		-		4		45
Increases from business combinations		-		117		-		117
Translation effect		-		-		(14)		(14)
Adjustment for inflation ⁽¹⁾		-		-		13		13
Decreases, reclassifications and other movements		-		(54)		22		(32)

Accumulated amortization
Increases		14		-		17		31
Translation effect		-		-		(10)		(10)
Adjustment for inflation ⁽¹⁾		-		-		9		9
Decreases, reclassifications and other movements		-		-		-		-


Cost		1,091		173		561		1,825
Accumulated amortization		744		-		451		1,195

Balance as of June 30, 2025		347		173		110		630

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

9.	PROPERTY, PLANT AND EQUIPMENT


	June 30, 2025		December 31, 2024
Net carrying amount of property, plant and equipment		20,246		19,456
Provision for obsolescence of materials and equipment		(476)		(223)
Provision for impairment of property, plant and equipment		(422)		(497)

		19,348		18,736

HORACIO DANIEL MARÍN

President


		20
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 six-month periods ended June 30, 2025 and as of the year ended December 31, 2024 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		1,340			53,101		8,911		677		1,439		5,665		131		869		1,382		810		843		75,168
Accumulated depreciation		688			44,894		5,858		370		-		-		-		786		981		411		648		54,636

Balance as of December 31, 2023		652			8,207		3,053		307		1,439		5,665		131		83		401		399		195		20,532


Cost
Increases		1			169		95		28		1,263		3,928		99		2		-		-		15		5,600
Increases from business combinations		-			-		-		-		-		-		-		-		-		-		-		-
Translation effect		(43)			-		-		(12)		(4)		(6)		-		(7)		-		(176)		(42)		(290)
Adjustment for inflation⁽¹⁾		151			-		-		48		16		24		-		31		-		746		182		1,198
Decreases, reclassifications and other movements		(94	)		(24,759)		325		(13)		(1,151)		(3,543)		(171)		1		183		(5)		(45)		(29,272)	⁽²⁾

Accumulated depreciation
Increases		29			2,160		372		41		-		-		-		39		72		25		33		2,771
Translation effect		(19	)		-		-		(8)		-		-		-		(5)		-		(89)		(30)		(151)
Adjustment for inflation⁽¹⁾		80			-		-		32		-		-		-		22		-		376		129		639
Decreases, reclassifications and other movements		(63)			(24,725)		-		(57)		-		-		-		(42)		(12)		(12)		(36)		(24,947)	⁽²⁾

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			155		70		6		476		1,846		21		2		-		-		3		2,580
Increases from business combinations		-			114		-		93		8		39		-		-		-		-		-		254
Translation effect		(38)			-		-		(15)		(5)		(8)		-		(9)		-		(195)		(49)		(319)
Adjustment for inflation⁽¹⁾		36			-		-		15		5		7		-		9		-		183		47		302
Decreases, reclassifications and other movements		29			1,578		104		(10)		(546)		(1,902)		(1)		10		23		36		6		(673)	⁽³⁾

Accumulated depreciation
Increases		13			1,187		182		22		-		-		-		19		38		14		15		1,490
Translation effect		(22)			-		-		(10)		-		-		-		(5)		-		(101)		(35)		(173)
Adjustment for inflation⁽¹⁾		21			-		-		9		-		-		-		5		-		95		35		165
Decreases, reclassifications and other movements		(6)			(108)		-		(10)		-		-		-		(4)		-		-		-		(128)	⁽³⁾

Cost		1,383			30,358		9,505		817		1,501		6,050		79		908		1,588		1,399		960		54,548
Accumulated depreciation		721			23,408		6,412		389		-		-		-		815		1,079		719		759		34,302

Balance as of June 30, 2025		662			6,950		3,093		428		1,501		6,050		79		93		509		680		201		20,246

(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 28,586 and 24,915 of cost and accumulated depreciation, respectively, reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project“ section to the annual consolidated financial statements.

(3)	Includes 380 and 74 of cost and accumulated depreciation, respectively, reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 2.b.13) to the annual consolidated financial statements and Note 35.b) “Aguada del Chañar” section.

HORACIO DANIEL MARÍN

President


		21
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 six-month periods ended June 30, 2025 and 2024, the rate of capitalization was 6.53% and 7.66%, respectively, and the amount capitalized amounted to 5 and 4, respectively.

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the six-month period ended June 30, 2025 and as of the year ended December 31, 2024:


	Provision for obsolescence of materials and equipment
Balance as of December 31, 2023		171

Increases charged to profit or loss		53
Applications due to utilization		(2)
Translation effect		-
Adjustment for inflation⁽¹⁾		1

Balance as of December 31, 2024		223

Increases charged to profit or loss		263
Applications due to utilization		(11)
Translation effect		-
Adjustment for inflation⁽¹⁾		1

Balance as of June 30, 2025		476

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

Set forth below is the evolution of the provision for impairment of property, plant and equipment for the six-month period ended June 30, 2025 and as of the year ended December 31, 2024:


	Provision for impairment of property, plant and equipment
Balance as of December 31, 2023		2,649

Increases charged to profit or loss⁽¹⁾		66
Decreases charged to profit or loss		-
Depreciation⁽²⁾		(325)
Translation effect		(2)
Adjustment for inflation⁽³⁾		5
Reclassifications⁽⁴⁾		(1,896)

Balance as of December 31, 2024		497

Increases charged to profit or loss		-
Decreases charged to profit or loss		(9)
Depreciation⁽²⁾		(68)
Translation effect		(1)
Adjustment for inflation⁽³⁾		3
Reclassifications		-

Balance as of June 30, 2025		422

(1)	See Notes 2.c) and 8 to the annual consolidated financial statements.

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

(3)	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.

(4)	Includes 1,896 reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project“ section to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President


		22
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 six-month period ended June 30, 2025 and as of the year ended December 31, 2024 is as follows:


	Land and buildings		Exploitation facilities and equipment		Machinery and equipment		Gas stations		Transportation equipment		Total
Cost		40		567		451		94		498		1,650
Accumulated depreciation		24		416		252		49		278		1,019

Balance as of December 31, 2023		16		151		199		45		220		631


Cost
Increases		12		16		219		11		186		444
Translation effect		-		-		-		(3)		-		(3)
Adjustment for inflation ⁽¹⁾		1		-		-		14		-		15
Decreases, reclassifications and other movements		(1)		(15)		(59)		(2)		(11)		(88)

Accumulated depreciation
Increases		7		101		88		12		123		331
Translation effect		-		-		-		(3)		-		(3)
Adjustment for inflation ⁽¹⁾		1		-		-		10		-		11
Decreases, reclassifications and other movements		-		(15)		(56)		(1)		(11)		(83)

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		-		-		34		-		132		166
Translation effect		-		-		-		(4)		-		(4)
Adjustment for inflation ⁽¹⁾		-		-		-		4		-		4
Decreases, reclassifications and other movements		(8)		(11)		-		-		(48)		(67)

Accumulated depreciation
Increases		3		20		52		7		91		173
Translation effect		-		-		-		(3)		-		(3)
Adjustment for inflation ⁽¹⁾		-		-		-		3		-		3
Decreases, reclassifications and other movements		(1)		(2)		-		-		-		(3)

Cost		44		557		645		114		757		2,117
Accumulated depreciation		34		520		336		74		481		1,445

Balance as of June 30, 2025		10		37		309		40		276		672

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

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table presents the value of the investments in associates and joint ventures at an aggregate level as of June 30, 2025 and December 31, 2024:


	June 30, 2025		December 31, 2024
Amount of investments in associates		299		212
Amount of investments in joint ventures		1,614		1,748

		1,913		1,960

HORACIO DANIEL MARÍN

President


		23
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 six-month period ended June 30, 2025 and as of the year ended December 31, 2024, correspond to:


	Investments in associates and joint ventures
Balance as of December 31, 2023		1,676

Acquisitions and contributions		-
Income on investments in associates and joint ventures		396
Distributed dividends		(174)
Translation differences		(13)
Adjustment for inflation ⁽¹⁾		75
Capitalization in associates and joint ventures		-
Other movements		-

Balance as of December 31, 2024		1,960

Acquisitions and contributions		82
Income on investments in associates and joint ventures		75
Distributed dividends		(178)
Translation differences		(5)
Adjustment for inflation ⁽¹⁾		15
Capitalization in associates and joint ventures		12
Other movements ⁽²⁾		(48)

Balance as of June 30, 2025		1,913

(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)	See Note 4 “Acquisition of equity participation of OLCLP” section.

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 six-month periods ended June 30, 2025 and 2024. 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 six-month periods ended June 30,				For the six-month periods ended June 30,
	2025		2024		2025		2024
Net income		10		13		65		143
Other comprehensive income		-		31		10		19

Comprehensive income		10		44		75		162

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.

HORACIO DANIEL MARÍN

President


		24
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 financial information corresponding to YPF EE’s assets and liabilities as of June 30, 2025 and December 31, 2024, as well as the results for the six-month periods ended June 30, 2025 and 2024, are detailed below:


	June 30, 2025 ⁽¹⁾		December 31, 2024 ⁽¹⁾
Total non-current assets		2,221		2,147
Cash and cash equivalents		215		240
Other current assets		225		243
Total current assets		440		483

Total assets		2,661		2,630


Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other liabilities” items)		803		736
Other non-current liabilities		74		64
Total non-current liabilities		877		800
Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other liabilities” items)		215		291
Other current liabilities		189		213
Total current liabilities		404		504

Total liabilities		1,281		1,304



Total shareholders’ equity ⁽²⁾		1,380		1,326


Dividends received ⁽³⁾		-		36

Closing exchange rates ⁽⁴⁾		1,200.50		1,030.50

	For the six-month periods ended June 30,
	2025 ⁽¹⁾		2024 ⁽¹⁾
Revenues		308		249
Interest income		6		23
Depreciation and amortization		(76)		(79)
Interest loss		(30)		(29)
Income tax		(27)		(7)
Operating profit		134		86


Net profit		57		71
Other comprehensive income		207		138

Total comprehensive income		264		209


Average exchange rates ⁽⁴⁾		1,099.98		857.91

(1)

The financial information arises from the statutory condensed interim consolidated financial statements of YPF EE and the amounts are translated to U.S. dollars using the exchange rates indicated. On this information, accounting adjustments have been made for the calculation of the equity method value and in the results of YPF EE. The adjusted equity and results do not differ significantly from the financial information disclosed here.

(2)	Includes the non-controlling interest.

(3)	The amounts are translated to U.S. dollars using the exchange rate at the date of the dividends’ payment.

(4)	Corresponds to the average seller/buyer exchange rate of BNA.

HORACIO DANIEL MARÍN

President


		25
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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

The following table presents the main assets held for sale and associated liabilities as of June 30, 2025 and December 31, 2024:


	Upstream		Midstream and Downstream		Total
Balance as of June 30, 2025
Assets held for sale
Property, plant and equipment-Mature Fields Project		519		-		519
Property, plant and equipment-Gas stations		-		10		10
Assets of subsidiary YPF Brasil ⁽²⁾		-		-		-

		519		10		529


Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations-Mature Fields Project		931		-		931
Provision for environmental liabilities-Mature Fields Project		10		-		10
Liabilities for concessions-Mature Fields Project		4		-		4
Liabilities of subsidiary YPF Brasil ⁽²⁾		-		-		-

		945		-		945


	Upstream		Midstream and Downstream		Total
Balance as of December 31, 2024
Assets held for sale
Property, plant and equipment-Mature Fields Project ⁽¹⁾		1,506		-		1,506
Property, plant and equipment-Gas stations		-		10		10
Assets of subsidiary YPF Brasil ⁽²⁾		-		21		21

		1,506		31		1,537

Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations-Mature Fields Project ⁽¹⁾		2,051		-		2,051
Provision for environmental liabilities-Mature Fields Project ⁽¹⁾		53		-		53
Liabilities for concessions-Mature Fields Project ⁽¹⁾		14		-		14
Liabilities of subsidiary YPF Brasil ⁽²⁾		-		18		18

		2,118		18		2,136

(1)	See Note 11 “Mature Fields Project“ section to the annual consolidated financial statements.

(2)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.

Mature Fields Project

The Mature Fields Project is described in Note 11 “Mature Fields Project” section to the annual consolidated financial statements. Updates for the six-month period ended June 30, 2025, are described below:

•

Description of the Mature Fields Project

The assignment agreements that met the agreed closing conditions during the six-month period ended June 30, 2025, and therefore the transaction was settled are described below:

Estación Fernández Oro

On December 19, 2024, Decree No. 525/2024 was published in the Official Gazette of the Province of Río Negro, which authorized the transfer of 100% of YPF’s rights and obligations in the “Estación Fernández Oro” exploitation concession in favor of Quintana E&P Argentina S.R.L., Quintana Energy Investments S.A., and Gas Storage and Midstream Services S.A. (“Quintana Consortium”).

On February 3, 2025, after the fulfillment of the closing conditions by YPF and Quintana Consortium, the transfer of 100% of the rights and obligations of YPF in such exploitation concession in favor of Quintana Consortium was formalized.

Campamento Central-Cañadón Perdido

On January 6, 2025, Decree No. 1,892/2024 was published in the Official Gazette of the Province of Chubut, which authorized the transfer of 100% of the rights and obligations in the “Campamento Central-Cañadón Perdido” exploitation concession, in which YPF held a working interest of 50%, in favor of PECOM Servicios Energía S.A.U. (“PECOM”).

On January 31, 2025, after the fulfillment of the closing conditions by YPF and PECOM, the transfer of 100% of the rights and obligations of YPF in such exploitation concession in favor of PECOM was formalized.

HORACIO DANIEL MARÍN

President


		26
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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.)

Barrancas, Vizcacheras, La Ventana, Ceferino, Mesa Verde and Río Tunuyán

On January 29, 2025, Resolution No. 16/2025 was published in the Official Gazette of the Province of Mendoza, which authorized the transfer of 100% of YPF’s rights and obligations in “Barrancas”, “Vizcacheras”, “La Ventana”, “Ceferino”, “Mesa Verde” and “Río Tunuyán” exploitation concessions in favor of Petróleos Sudamericanos S.A. (“PS”).

On March 27, 2025, after the fulfillment of the closing conditions by YPF and PS, the transfer of 100% of the rights and obligations of YPF in such exploitation concessions in favor of PS was formalized with effective date as of April 1, 2025.

Señal Cerro Bayo, Volcán Auca Mahuida, Don Ruiz and Las Manadas

On April 7, 2025, Decree No. 372/2025 was published in the Official Gazette of the Province of Neuquén, which authorized the transfer of 100% of YPF’s rights and obligations in “Señal Cerro Bayo”, “Volcán Auca Mahuida”, “Don Ruiz” and “Las Manadas” exploitation concessions in favor of Bentia Energy S.A. (“Bentia”) and Ingeniería SIMA S.A.

On June 6, 2025, after the fulfillment of the closing conditions by YPF, Bentia and Ingeniería SIMA S.A., the transfer of 100% of the rights and obligations of YPF in such exploitation concessions in favor of Bentia and Ingeniería SIMA S.A.

Al Norte de la Dorsal, Octógono and Dadín

On April 9, 2025, Decree No. 380/2025 was published in the Official Gazette of the Province of Neuquén, which authorized the transfer of 100% of YPF’s rights and obligations in “Al Norte de la Dorsal” and “Octógono” exploitation concessions in favor of Bentia.

On June 10, 2025, after the fulfillment of the closing conditions by YPF and Bentia related to “Al Norte de la Dorsal” and “Octógono” exploitation concessions, the transfer of 100% of the rights and obligations of YPF in such exploitation concessions in favor of Bentia was formalized. As of the date of issuance of these condensed interim consolidated financial statements, YPF and Bentia entered into a transitory operation agreement for the “Dadín” exploitation concession, pending the authorization by the Province of Neuquén of the transfer regarding this concession.

Cerro Piedra - Cerro Guadal Norte, Barranca Yankowsky, Los Monos, El Guadal - Lomas del Cuy, Cañadón Vasco, Cañadón Yatel, Pico Truncado - El Cordón, Los Perales - Las Mesetas, Cañadón León - Meseta Espinosa and Cañadón de la Escondida - Las Heras

On April 2, 2025, YPF signed a Memorandum of Understanding (“MOU”) with the Province of Santa Cruz and Fomicruz S.E. (“Fomicruz”) for the purpose of establishing the general terms and conditions upon which the assignment by YPF to Fomicruz of the exploitation concessions “Cerro Piedra - Cerro Guadal Norte”, “Barranca Yankowsky”, “Los Monos”, “El Guadal - Lomas del Cuy”, “Cañadón Vasco”, “Cañadón Yatel”, “Pico Truncado - El Cordón”, “Los Perales - Las Mesetas”, “Cañadón León - Meseta Espinosa”, “Cañadón de la Escondida - Las Heras” and the transportation concessions associated with such concessions will be negotiated. The aforementioned MOU, subject to approval by YPF’s Board of Directors and the issuance of the corresponding decree by the Province of Santa Cruz, was approved by YPF’s Board of Directors on April 9, 2025 and Decree No. 376/2025 was issued by the Province of Santa Cruz on May 6, 2025.

On June 2, 2025, YPF and Fomicruz signed an assignment agreement for the transfer of 100% of the participating interest in the aforementioned exploitation and transportation concessions. The transfer was approved by Decree No. 539/2025 published in the Official Gazette of the Province of Santa Cruz on June 18, 2025.

On June 19, 2025, YPF and Fomicruz executed the notarial deed, thereby formalizing and perfecting the aforementioned assignment. Additionally, YPF and Fomicruz signed a transitory operation agreement for all the assigned exploitation concessions, pursuant to which YPF shall continue to operate said concessions for a maximum period of up to 6 months.

The assignment agreements that have met the agreed closing conditions as of the date of issuance of these condensed interim consolidated financial statements, for which the transaction was settled after the end of the period ended June 30, 2025, are described below. Consequently, the disposal of these groups of assets as held for sale did not meet the requirements of IFRS 5 to recognize their sale at the end of the six-month period ended June 30, 2025, and therefore these groups of assets continue to be classified as held for sale as of that date.

HORACIO DANIEL MARÍN

President


		27
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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.)

El Portón (Mendoza - Neuquén), Chihuido de la Salina, Altiplanicie del Payún, Cañadón Amarillo, Chihuido de la Salina Sur and Confluencia Sur

On February 20, 2025, Resolution No. 28/2025 of the Ministry of Energy and Environment was published in the Official Gazette of the Province of Mendoza, which authorized the transfer of 100% of YPF’s rights and obligations in “El Portón”, “Chihuido de la Salina”, “Altiplanicie del Payún”, “Cañadón Amarillo”, “Chihuido de la Salina Sur” and “Confluencia Sur” exploitation concessions in favor of Consorcio Quintana and Compañía TSB S.A. (“TSB”).

On June 19, 2025, after the fulfillment of the closing conditions by YPF, Consorcio Quintana and TSB, the transfer of 100% of the rights and obligations of YPF in such exploitation concessions in favor of Consorcio Quintana and TSB was formalized with effective date as of July 1, 2025. As of the date of issuance of these condensed interim consolidated financial statements, YPF, Consorcio Quintana and TSB, entered into a transitory operation agreement for the “El Portón” exploitation concession, pending the authorization by the Province of Neuquén of the transfer regarding this concession.

The assignment and/or reversion agreements that YPF signed during the six-month period ended June 30, 2025, which are subject to the fulfillment of closing conditions, including applicable regulatory and provincial approvals are described below:

Señal Picada - Punta Barda

On May 23, 2025 YPF signed an assignment agreement with PS for the “Señal Picada - Punta Barda” exploitation concession located in the Provinces of Río Negro and Neuquén. As of the date of issuance of these condensed interim consolidated financial statements, the assignment agreement is subject to the fulfillment of closing conditions, including the formal resolution by the corresponding enforcement authorities.

El Tordillo, Puesto Quiroga and La Tapera

On June 4, 2025 YPF signed an assignment agreement to transfer its 7.1960% participating interest in “El Tordillo”, “Puesto Quiroga” and “La Tapera” exploitation concessions and the transportation concessions associated with such exploitation concessions, in favor of Crown Point Energía S.A. As of the date of issuance of these condensed interim consolidated financial statements, the assignment agreement is subject to the fulfillment of closing conditions, including the formal resolution by the corresponding enforcement authorities.

Restinga Alí

On June 19, 2025 YPF signed an agreement that establishes the terms and conditions for the reversion of the “Restinga Alí” exploitation concession, located in the Province of Chubut. On July 24, 2025 the Legislature of the Province of Chubut approved the agreement through Law XVII No. 162/2025, which was enacted on August 1, 2025, and is pending its publication in the corresponding Official Gazette. Additionally, as of the issuance date of these condensed interim consolidated financial statements, the reversion agreement is subject to the approval by decree of the Executive Branch of the Province of Chubut.

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 it is highly probable that these assets will be disposed. In addition, the Company maintains groups of assets as held for sale for which agreements have not yet been signed but continues in negotiations with third parties for their disposal or reversal. The delay in the fulfillment of the plan for the disposal of mature fields is due to the complexity of the negotiations, which is beyond the Company’s control. As of the date of issuance of these condensed interim consolidated financial statements, the Company considers that the disposal of such assets continues to be highly probable during 2025.

•

Accounting matters

Considering that the assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell (“fair value”), the Company evaluates the changes in fair value, recognizing a profit up to the limit of the impairment loss previously recognized or an impairment loss in addition to that previously recognized for such changes, (see Note 2.b.13) to the annual consolidated financial statements). The carrying amount of the assets held for sale and associated liabilities may be adjusted in future periods depending on the results of the disposal process carry out by YPF and the economic consideration to be agreed with third parties for such assets.

HORACIO DANIEL MARÍN

President


		28
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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.)

Based on the assessment of the changes in the fair value, the Company recognized a loss due to changes in the fair value of assets held for sale of 244 in the “Other net operating results” line item in the statement of comprehensive income, mainly associated with expenses of various nature arising from the general terms and conditions of the MOU signed with the Province of Santa Cruz and Fomicruz. Additionally, in relation to aforementioned MOU, YPF recognized a liability in the “Liabilities under agreements” line under the “Other liabilities” line item in the statement of financial position related to (i) the execution of an environmental remediation and abandonment program, and (ii) the payment of a compensatory bonus to the Province of Santa Cruz. As of June 30, 2025, the balance of this liability amounts to 369.

Based on the fair value of the groups of assets at the closing date of each of the assignment agreements mentioned in the “Description of the Mature Fields Project” section, YPF additionally recognized a gain on the sale of such groups of assets amounts to a gain of 162. The total consideration agreed includes cash payment of 59 and crude oil deliveries for a period of 4 years as payment in kind. Additionally, the derecognition of the carrying amount of the liabilities directly associated with assets held for sale net of the assets held for sale related to such exploitation concessions was 513.

Additionally, in relation to the Mature Fields Project, for the six-month period ended June 30, 2025, the Company:

Recognized a charge for the provision for obsolescence of materials and equipment in the “Other net operating results” line item in the statement of comprehensive income for 259.

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 charge for 30 in the “Provision for operating optimizations” line under “Other operating results, net” line item in the statement of comprehensive income.

In relation to the Company’s own personnel, the Company recognized a charge for severance indemnities of 26 in the “Provision for severance indemnities” line under “Other operating results, net” line item in the statement of comprehensive income.

13. INVENTORIES


	June 30, 2025		December 31, 2024
Finished goods	960		925
Crude oil and natural gas ⁽²⁾	379		456
Products in process	31		49
Raw materials, packaging materials and others	112		116

	1,482	⁽¹⁾	1,546	⁽¹⁾

(1)	As of June 30, 2025, and December 31, 2024, the carrying amount of inventories does not exceed their net realizable value.

(2)	Includes 21 corresponding to the provision of inventories write-down as of June 30, 2025 and December 31, 2024, respectively, see Note 2.b.8) to the annual consolidated financial statements.

14. OTHER RECEIVABLES


	June 30, 2025					December 31, 2024
	Non-current			Current		Non-current			Current
Receivables from services, sales of other assets and other advance payments		67			36		11			35
Tax credit and export rebates		151			68		129			150
Loans and balances with related parties ⁽¹⁾		198			89		159			35
Collateral deposits		-			16		-			20
Prepaid expenses		52			51		15			42
Advances and loans to employees		1			6		-			5
Advances to suppliers and custom agents ⁽²⁾		21			51		16			74
Receivables with partners in JO and Consortiums		264			305		2			164
Insurance receivables		-			-		-			5
Miscellaneous		28			39		31			22

		782			661		363			552
Provision for other doubtful receivables		(22	)		-		(26	)		-

		760			661		337			552

(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.

HORACIO DANIEL MARÍN

President


		29
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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


	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Accounts receivable and related parties ^{(1) (2)}		10		1,864		10		1,672
Provision for doubtful trade receivables		(8)		(69)		(9)		(52)

		2		1,795		1		1,620

(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 below is the evolution of the provision for doubtful trade receivables for the six-month period ended June 30, 2025 and for the fiscal year ended December 31, 2024:


	Provision for doubtful trade receivables
	Non-current			Current
Balance as of December 31, 2023		12	⁽²⁾		47

Increases charged to expenses		-			74	⁽³⁾
Decreases charged to income		-			(8)	⁽³⁾
Applications due to utilization		-			(49)	⁽³⁾
Net exchange and translation differences		(3)			(5)
Result from net monetary position ⁽¹⁾		-			(6)
Reclassifications ⁽⁴⁾		-			(1)

Balance as of December 31, 2024		9	⁽²⁾		52

Increases charged to expenses		-			27
Decreases charged to income		-			(5)
Applications due to utilization		-			(1)
Net exchange and translation differences		(1)			(4)
Result from net monetary position ⁽¹⁾		-			-
Reclassifications		-			-

Balance as of June 30, 2025		8	⁽²⁾		69

(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 36.c.1) to the annual consolidated financial statements.

(3)	Mainly including credits with CAMMESA, see Note 37 to the annual consolidated financial statements.

(4)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.

16. INVESTMENTS IN FINANCIAL ASSETS


	June 30, 2025		December 31, 2024
Investments at fair value through profit or loss
Public securities ⁽¹⁾		228		381
Private securities-NO		9		9

		237		390

(1)	See Note 37.

17. CASH AND CASH EQUIVALENTS


	June 30, 2025		December 31, 2024
Cash and banks ⁽¹⁾		336		304
Short-term investments ⁽²⁾		98		375
Financial assets at fair value through profit or loss ⁽³⁾		340		439

		774		1,118

(1)	Includes balances granted as collateral, see Note 35.d) to the annual consolidated financial statements.

(2)	Includes 26 and 146 of term deposits and other investments with BNA as of June 30, 2025 and December 31, 2024, respectively.

(3)	See Note 7.

HORACIO DANIEL MARÍN

President


		30
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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)

18. PROVISIONS

Changes in the Group’s provisions for the six-month period ended June 30, 2025 and for the fiscal year ended December 31, 2024 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, 2023		66		21		48		34		2,546		126		2,660		181

Increases charged to expenses		105		-		187		-		134		-		426		-
Decreases charged to income		(5)		-		(1)		-		(7)		-		(13)		-
Increases from business combinations		-		-		-		-		-		-		-		-
Applications due to utilization		(3)		(17)		-		(72)		-		(30)		(3)		(119)
Net exchange and translation differences		(14)		-		-		(7)		-		-		(14)		(7)
Result from net monetary position ⁽¹⁾		(2)		-		-		-		-		-		(2)		-
Reclassifications and other movements ⁽²⁾		(18)		17		(135)		81		(1,817)		(37)		(1,970)		61

Balance as of December 31, 2024		129		21		99		36		856		59		1,084		116

Increases charged to expenses		19		-		23		-		59		-		101		-
Decreases charged to income		(2)		-		-		-		-		-		(2)		-
Increases from business combinations		-		-		-		-		6		-		6		-
Applications due to utilization		(1)		(18)		-		(48)		-		(15)		(1)		(81)
Net exchange and translation differences		(10)		(1)		-		-		-		-		(10)		(1)
Result from net monetary position ⁽¹⁾		-		-		-		-		-		-		-		-
Reclassifications and other movements		(18)		18		(71)		69		4		(5)		(85)		82

Balance as of June 30, 2025		117		20		51		57		925		39		1,093		116

(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 2,023 and 54 corresponding to the provisions for hydrocarbon wells abandonment obligations and for environmental liabilities, respectively, reclassified to the “Liabilities directly associated with assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project“ section to the annual consolidated financial statements. Additionally, includes the balance of the provision for lawsuits and contingencies of the subsidiary YPF Brasil reclassified to “Assets held for sale” in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” 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 of 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.

Uncertain tax positions on income tax treatments in accordance with the guidelines of IFRIC 23 “Uncertainty over income tax treatments” (see Note 2.c) “Income tax and deferred taxes” section to the annual consolidated financial statements), and its effects, are described in Note 18 to the annual consolidated financial statements.

The amount accrued of income tax charge for the six-month periods ending June 30, 2025 and 2024 is as follows:


	For the six-month periods ended June 30,
	2025		2024
Current income tax		(33)		(32)
Deferred income tax		(55)		232

		(88)		200

The effective income tax rate projected at the end of the fiscal year amounts to 64.71%. The variation in this rate compared to the effective rate as of December 31, 2024 (see Note 18 to the annual consolidated financial statements) is mainly explained by the impact of the estimation of certain macroeconomic variables in the measurement of property, plant, and equipment for accounting and tax purposes, which generates an increase in deferred income tax liability related to those assets. The accounting measurement of property, plant and equipment is based on the Company’s functional currency according to IFRS (see Note 2.b)), while the tax measurement is based on inflation-adjusted pesos.

HORACIO DANIEL MARÍN

President


		31
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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.)

As of June 30, 2025 and December 31, 2024, 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.

As of June 30, 2025 and December 31, 2024 the Group has classified as deferred tax asset 231 and 330, respectively, and as deferred tax liability 104 and 90, 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


	June 30, 2025		December 31, 2024
VAT		36		19
Withholdings and perceptions		63		71
Royalties		78		84
Fuels tax		80		30
Turnover tax		9		7
Miscellaneous		16		36

		282		247

21. SALARIES AND SOCIAL SECURITY


	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Salaries and social security		-		68		-		95
Bonuses and incentives provision		-		84		-		179
Cash-settled share-based payments provision ⁽¹⁾		34		-		33		-
Vacation provision		-		74		-		66
Provision for severance indemnities ⁽²⁾		-		57		-		66
Miscellaneous		-		6		1		6

		34		289		34		412

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

(2)	See Note 12 “Mature Fields Project“ section.

22. LEASE LIABILITIES

The evolution of the Group’s leases liabilities for the six-month period ended June 30, 2025 and for the fiscal year ended December 31, 2024, is as follows:


	Lease liabilities
Balance as of December 31, 2023		666

Increases of leases		444
Financial accretions		71
Decreases of leases		(5)
Payments		(400)

Balance as of December 31, 2024		776

Increases of leases		166
Financial accretions		35
Decreases of leases		(64)
Payments		(204)

Balance as of June 30, 2025		709

HORACIO DANIEL MARÍN

President


		32
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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


			June 30, 2025					December 31, 2024
	Interest rate⁽¹⁾	Maturity	Non-current			Current		Non-current			Current
Pesos:
Export pre-financing ⁽⁵⁾	-	-		-			-		-			31
Loans	40.48% - 49.10%	2026		8			13		18			8
Stock market promissory notes	34.75% - 34.75%	2025		-			10		-			-

				8			23		18			39

Currencies other than the peso:

NO ^{(2) (3)}	0.00% - 10.00%	2025-2047		6,933			1,184		6,255			1,317
Export pre-financing ⁽⁴⁾	2.40% - 8.70%	2025-2026		-			526		-			383
Imports financing	8.80% - 10.50%	2025-2026		9			27		19			17
Loans	2.40% - 11.06%	2025-2030		613	⁽⁶⁾		392		718	⁽⁶⁾		76
Stock market promissory notes	0.00% - 3.95%	2025-2026		29			100		25			75

				7,584			2,229		7,017			1,868

				7,592			2,252		7,035			1,907

(1)	Nominal annual interest rate as of June 30, 2025.

(2)	Disclosed net of 29 and 18 corresponding to YPF’s own NO repurchased through open market transactions, as of June 30, 2025 and December 31, 2024, respectively.

(3)	Includes 1,640 and 1,496 as of June 30, 2025 and December 31, 2024, 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 51 and 133 as of June 30, 2025 and December 31, 2024, respectively, of pre-financing of exports granted by BNA.

(5)	Corresponds to pre-financing of exports in pesos granted by BNA.

(6)	Includes 240 and 28 of loans granted by BNA as of June 30, 2025 and December 31, 2024, respectively.

Set forth below is the evolution of the loans for six-month period ended June 30, 2025 and for the fiscal year ended December 31, 2024:


	Loans
Balance as of December 31, 2023		8,190

Proceeds from loans		2,967
Payments of loans		(2,102)
Payments of interest		(707)
Account overdrafts, net		(48)
Accrued interest ⁽¹⁾		680
Net exchange and translation differences		(30)
Result from net monetary position ⁽²⁾		(1)
Reclassifications ⁽³⁾		(7)

Balance as of December 31, 2024		8,942

Proceeds from loans		2,281
Payments of loans		(1,381)
Payments of interest		(321)
Account overdrafts, net		-
Accrued interest ⁽¹⁾		328
Net exchange and translation differences		(5)
Result from net monetary position ⁽²⁾		-
Reclassifications		-

Balance as of June 30, 2025		9,844

(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)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.

HORACIO DANIEL MARÍN

President


		33
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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:


												June 30, 2025					December 31, 2024
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		-	⁽⁴⁾		15		-	⁽⁴⁾
April		2015		U.S. dollar	757		Class XXXIX		-	-	-		-		-			-		785
July, December		2017		U.S. dollar	644		Class LIII		Fixed	6.95%	2027		648		19			649		19
December		2017		U.S. dollar	537		Class LIV		Fixed	7.00%	2047		530		1			530		1
June		2019		U.S. dollar	399		Class I		Fixed	8.50%	2029		398		-	⁽⁴⁾		398		-	⁽⁴⁾
July		2020		U.S. dollar	341		Class XIII		-	-	-		-		-			-		44
February		2021		U.S. dollar	776		Class XVI		Fixed	9.00%	2026		-		182			58		243
February		2021		U.S. dollar	748		Class XVII		Fixed	9.00%	2029		645		109			756		-
February		2021		U.S. dollar	576		Class XVIII		Fixed	7.00%	2033		557		11			555		11
July		2021		U.S. dollar	384		Class XX		Fixed	5.75%	2032		357		37			384		10
January		2023		U.S. dollar	230		Class XXI		Fixed	1.00%	2026		-		220			220		-	⁽⁴⁾
April		2023		U.S. dollar	147		Class XXIII		-	-	-		-		-			-		150
April		2023		U.S. dollar	38		Class XXIV		Fixed	1.00%	2027		38		-	⁽⁴⁾		37		-	⁽⁴⁾
June		2023		U.S. dollar	263		Class XXV		Fixed	5.00%	2026		-		263			263		1
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		140		-			147		-
January		2024		U.S. dollar	800		Class XXVIII		Fixed	9.50%	2031		790		36			790		35
May		2024		U.S. dollar	178		Class XXIX		Fixed	6.00%	2026		-		178			177		1
July		2024		U.S. dollar	389		Class XXX		Fixed	1.00%	2026		371		2			187		-	⁽⁴⁾
September ⁽²⁾		2024		U.S. dollar	540		Class XXXI		Fixed	8.75%	2031		539		15			539		15
October ⁽²⁾		2024		U.S. dollar	125		Class XXXII		Fixed	6.50%	2028		125		6			125		2
October ⁽²⁾		2024		U.S. dollar	25		Class XXXIII		Fixed	7.00%	2028		25		-	⁽⁴⁾		25		-	⁽⁴⁾
January		2025		U.S. dollar	1,100		Class XXXIV		Fixed	8.25%	2034		1,077		42			-		-
February ⁽²⁾		2025		U.S. dollar	140		Class XXXV		Fixed	6.25%	2027		139		1			-		-
February ⁽²⁾		2025		U.S. dollar	59		Class XXXVI		Fixed	3.50%	2025		-		60			-		-
May		2025		U.S. dollar	140		Class XXXVII		Fixed	7.00%	2027		139		2			-		-

													6,933		1,184			6,255		1,317

(1)	Nominal annual interest rate as of June 30, 2025.

(2)	During the six-month period ended June 30, 2025, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements.

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

(4)	The registered amount is less than 1.

HORACIO DANIEL MARÍN

President


		34
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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


	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Liabilities for concessions and assignment agreements		109		111		-		94
Liabilities for contractual claims ⁽¹⁾		37		43		74		47
Provision for operating optimizations ⁽²⁾		-		34		-		266
Liabilities for agreements⁽³⁾		238		131		-		-
Miscellaneous		-		2		-		3

		384		321		74		410

(1)	See Note 17.a.2) to the annual consolidated financial statements.

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

(3)	See Note 12 “Mature Fields Project“ section.

25. ACCOUNTS PAYABLE


	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Trade payable and related parties ⁽¹⁾		3		2,597		4		2,820
Guarantee deposits		1		3		1		4
Payables with partners of JO and Consortiums		1		40		1		38
Miscellaneous		-		14		-		17

		5		2,654		6		2,879

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

26. REVENUES


	For the six-month periods ended June 30,
	2025		2024
Revenue from contracts with customers		9,187		9,154
National Government incentives ⁽¹⁾		62		91

		9,249		9,245

(1)	See Note 37.

The Group’s transactions and the main revenues by business segments are described in Note 6. The Group classifies revenues from contracts with customers in accordance with Note 25 to the annual consolidated financial statements. The Group’s revenues from contracts with customers are broken down into the following categories, as described in Note 2.b.12) to the annual consolidated financial statements:

•

Breakdown of revenues

Type of good or service


	For the six-month period ended June 30, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		3,118		-		-		-		3,118
Gasolines		-		1,960		-		-		-		1,960
Natural gas ⁽¹⁾		19		6		744		335		-		1,104
Crude oil		1		510		-		-		-		511
Jet fuel		-		379		-		-		-		379
Lubricants and by-products		-		210		-		-		-		210
LPG		-		247		-		-		-		247
Fuel oil		-		67		-		-		-		67
Petrochemicals		-		188		-		-		-		188
Fertilizers and crop protection products		-		100		-		-		-		100
Flours, oils and grains		-		313		-		-		-		313
Asphalts		-		52		-		-		-		52
Goods for resale at gas stations		-		62		-		-		-		62
Income from services		-		-		-		1		69		70
Income from construction contracts		-		-		-		-		188		188
Virgin naphtha		-		75		-		-		-		75
Petroleum coke		-		109		-		-		-		109
LNG regasification		-		23		-		-		-		23
Other goods and services		29		129		5		81		167		411

		49		7,548		749		417		424		9,187

HORACIO DANIEL MARÍN

President


		35
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 six-month period ended June 30, 2024
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		3,311		-		-		-		3,311
Gasolines		-		2,003		-		-		-		2,003
Natural gas ⁽¹⁾		-		8		689		291		-		988
Crude oil		-		446		-		-		-		446
Jet fuel		-		481		-		-		-		481
Lubricants and by-products		-		257		-		-		-		257
LPG		-		214		-		-		-		214
Fuel oil		-		69		-		-		-		69
Petrochemicals		-		228		-		-		-		228
Fertilizers and crop protection products		-		166		-		-		-		166
Flours, oils and grains		-		190		-		-		-		190
Asphalts		-		32		-		-		-		32
Goods for resale at gas stations		-		56		-		-		-		56
Income from services		-		-		-		-		82		82
Income from construction contracts		-		-		-		-		171		171
Virgin naphtha		-		69		-		-		-		69
Petroleum coke		-		95		-		-		-		95
LNG regasification		-		22		-		-		-		22
Other goods and services		25		82		8		46		113		274

		25		7,729		697		337		366		9,154

(1)

Includes 776 and 724 corresponding to sales of natural gas produced by the Company for the six-month periods ended June 30, 2025 and 2024, respectively.

Sales channels


	For the six-month period ended June 30, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		3,317		-		-		-		3,317
Power plants		-		11		221		27		-		259
Distribution companies		-		-		207		-		-		207
Retail distribution of natural gas		-		-		-		212		-		212
Industries, transport and aviation		20		1,865		321		141		-		2,347
Agriculture		-		879		-		-		-		879
Petrochemical industry		-		268		-		-		-		268
Trading		-		869		-		-		-		869
Oil companies		-		93		-		-		-		93
Commercialization of LPG		-		134		-		-		-		134
Other sales channels		29		112		-		37		424		602

		49		7,548		749		417		424		9,187


	For the six-month period ended June 30, 2024
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		3,483		-		-		-		3,483
Power plants		-		43		216		17		-		276
Distribution companies		-		-		90		-		-		90
Retail distribution of natural gas		-		-		-		155		-		155
Industries, transport and aviation		-		1,947		383		161		-		2,491
Agriculture		-		814		-		-		-		814
Petrochemical industry		-		324		-		-		-		324
Trading		-		818		-		-		-		818
Oil companies		-		89		-		-		-		89
Commercialization of LPG		-		77		-		-		-		77
Other sales channels		25		134		8		4		366		537

		25		7,729		697		337		366		9,154

HORACIO DANIEL MARÍN

President


		36
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 7,712 and 7,753 for the six-month periods ended June 30, 2025 and 2024, respectively.

Sales in the international market amounted to 1,475 and 1,401 for the six-month periods ended June 30, 2025 and 2024, respectively.

•

Contract balances

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


	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Credits for contracts included in the item of “Trade receivables”		9		1,804		8		1,646
Contract assets		-		21		-		30
Contract liabilities		167		114		114		73

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 contracts for the sale of fuels and agribusiness products and transportation service contracts, among others.

For the six-month periods ended June 30, 2025 and 2024 the Group has recognized 54 and 68, 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 six-month periods ended June 30,
	2025		2024
Inventories at beginning of year		1,546		1,683
Purchases		2,236		2,149
Production costs ⁽¹⁾		4,498		4,201
Translation effect		(10)		(5)
Adjustment for inflation ⁽²⁾		9		25
Inventories at end of the period		(1,482)		(1,577)

		6,797		6,476

(1)	See Note 28.

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

HORACIO DANIEL MARÍN

President


		37
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 six-month periods ended June 30, 2025 and 2024:


	For the six-month period ended June 30, 2025
	Production costs ⁽²⁾		Administrative expenses		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		532		143		75			2		752
Fees and compensation for services		55		131		23			-		209
Other personnel expenses		151		17		7			2		177
Taxes, charges and contributions		77		5		509	⁽¹⁾		-		591
Royalties, easements and fees		543		-		1			3		547
Insurance		35		2		1			-		38
Rental of real estate and equipment		128		-		7			-		135
Survey expenses		-		-		-			21		21
Depreciation of property, plant and equipment		1,350		22		50			-		1,422
Amortization of intangible assets		21		10		-			-		31
Depreciation of right-of-use assets		134		-		7			-		141
Industrial inputs, consumable materials and supplies		258		4		6			2		270
Operation services and other service contracts		172		8		27			8		215
Preservation, repair and maintenance		749		16		19			11		795
Unproductive exploratory drillings		-		-		-			1		1
Transportation, products and charges		246		-		244			-		490
Provision for doubtful receivables		-		-		22			-		22
Publicity and advertising expenses		-		29		20			-		49
Fuel, gas, energy and miscellaneous		47		7		45			1		100

		4,498		394		1,063			51		6,006

(1)	Includes 137 corresponding to export withholdings and 282 corresponding to turnover tax.

(2)	Includes 16 corresponding to research and development activities.


	For the six-month period ended June 30, 2024
	Production costs ⁽²⁾		Administrative expenses		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		476		144		71			7		698
Fees and compensation for services		28		114		19			-		161
Other personnel expenses		135		10		8			1		154
Taxes, charges and contributions		84		10		481	⁽¹⁾		-		575
Royalties, easements and fees		562		-		1			2		565
Insurance		39		2		1			-		42
Rental of real estate and equipment		102		1		8			-		111
Survey expenses		-		-		-			25		25
Depreciation of property, plant and equipment		1,071		22		44			-		1,137
Amortization of intangible assets		14		6		-			-		20
Depreciation of right-of-use assets		127		-		6			-		133
Industrial inputs, consumable materials and supplies		248		1		6			1		256
Operation services and other service contracts		247		5		25			9		286
Preservation, repair and maintenance		742		18		26			5		791
Unproductive exploratory drillings		-		-		-			55		55
Transportation, products and charges		255		-		226			-		481
Provision for doubtful receivables		-		-		63			-		63
Publicity and advertising expenses		-		11		24			-		35
Fuel, gas, energy and miscellaneous		71		7		35			6		119

		4,201		351		1,044			111		5,707

(1)	Includes 105 corresponding to export withholdings and 285 corresponding to turnover tax.

(2)	Includes 19 corresponding to research and development activities.

HORACIO DANIEL MARÍN

President


		38
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 six-month periods ended June 30,
	2025		2024
Lawsuits		(15)		(40)
Export Increase Program ⁽¹⁾		19		40
Result from sale of assets ⁽²⁾ ⁽³⁾		182		-
Result from changes in fair value of assets held for sale ⁽²⁾		(244)		-
Provision for severance indemnities ⁽²⁾		(26)		-
Provision for operating optimizations ⁽²⁾		(30)		-
Provision for obsolescence of materials and equipment ⁽²⁾		(259)		-
Result from revaluation of companies ⁽⁴⁾		45		-
Miscellaneous		(21)		(2)

		(349)		(2)

(1)	See Note 36.h) to the annual consolidated financial statements and Note 36.i).

(2)	See Note 12 “Mature Fields Project“ section.

(3)	See Note 35.b) “Aguada del Chañar” section.

(4)	See Note 4 “Acquisition of equity participation of OLCLP”.

30. NET FINANCIAL RESULTS


	For the six-month periods ended June 30,
	2025			2024
Financial income
Interest on cash and cash equivalents and investments in financial assets		15			24
Interest on trade receivables		20			40
Other financial income		9			4

Total financial income		44			68


Financial costs
Loan interest		(321	)		(373	)
Hydrocarbon well abandonment provision financial accretion ⁽¹⁾		(172	)		(176	)
Other financial costs		(71	)		(95	)

Total financial costs		(564	)		(644	)


Other financial results
Exchange differences generated by loans		(1	)		14
Exchange differences generated by cash and cash equivalents and investments in financial assets		(39	)		(5	)
Other exchange differences, net		(6	)		32
Result on financial assets at fair value through profit or loss		54			96
Result from derivative financial instruments		2			-
Result from net monetary position		(33	)		23
Export Increase Program ⁽²⁾		-			3
Result from transactions with financial assets		-			(7	)

Total other financial results		(23	)		156



Total net financial results		(543	)		(420	)

(1)

Includes 113 and 87 corresponding to the financial accretion of liabilities directly associated with assets held for sale for the six-month periods ending June 30, 2025 and 2024, respectively, see Note 2.b.13) to the annual consolidated financial statements and Note 12 “Mature Fields Project“ section.

(2)	See Note 36.h) to the annual consolidated financial statements and Note 36.i).

HORACIO DANIEL MARÍN

President


		39
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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)

31. INVESTMENTS IN JOINT OPERATIONS AND CONSORTIUMS

The assets and liabilities as of June 30, 2025 and December 31, 2024, and expenses for the six-month periods ended June 30, 2025 and 2024, of JO and Consortiums in which the Group participates are as follows:


	June 30, 2025		December 31, 2024
Non-current assets ⁽¹⁾		6,719		6,286
Current assets		338		579

Total assets		7,057		6,865

Non-current liabilities		286		449
Current liabilities		704		769

Total liabilities		990		1,218

(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 six-month periods ended June 30,
	2025		2024
Production cost		1,317		1,102
Exploration expenses		6		30

32. SHAREHOLDERS’ EQUITY

As of June 30, 2025, the Company’s capital amounts to 3,922 and treasury shares amount to 11 represented by 393,312,793 book-entry shares of common stock and divided into four classes of shares (A, B, C and D), with a par value of 10 pesos and 1 vote per share. These shares are fully subscribed, paid-in and authorized for stock exchange listing.

As of June 30, 2025, there are 3,764 Class A outstanding shares. As long as any Class A share remains outstanding, the affirmative vote of the Argentine Government is required for: (i) mergers; (ii) acquisitions of more than 50% of YPF shares in an agreed or hostile bid; (iii) transfers of all the YPF’s exploitation and exploration rights; (iv) the voluntary dissolution of YPF; (v) change of corporate and/or tax address outside Argentina; or (vi) make an acquisition that would result in the purchaser holding 15% or more of the Company’s capital stock, or 20% or more of the outstanding Class D shares. Items (iii) and (iv) also require prior approval by the Argentine Congress.

During the six-month periods ended June 30, 2025 and 2024, the Company has not repurchased any of its own shares.

On April 30, 2025, the General Shareholders’ Meeting was held, which approved the statutory financial statements of YPF (see Note 2.b)) corresponding to the year ended on December 31, 2024 and, additionally, approved the following in relation to the retained earnings: (i) completely release the reserve for purchase of treasury shares and the reserve for investments; (ii) allocate the amount of 34,205 million of pesos (US$ 33 million) to appropriate a reserve for purchase of treasury shares; and (iii) allocate the amount of 6,787,343 million of pesos (US$ 6,587 million) to appropriate a reserve for investments.

33. EARNINGS PER SHARE

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


	For the six-month periods ended June 30,
	2025		2024
Net profit		34		1,168
Weighted average number of shares outstanding		392,205,210		391,859,461
Basic and diluted earnings per share		0.09		2.98

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.

HORACIO DANIEL MARÍN

President


		40
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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

34.a) Contingent assets

The Group has no significant contingent assets.

34.b) Contingent liabilities

Contingent liabilities are described in Note 34.b) to the annual consolidated financial statements. Updates for the six-month period ended June 30, 2025, are described below:

34.b.1) Contentious claims

•

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 June 30, 2025, the District Court granted Plaintiffs’ turnover motion, ordering the Republic to: (i) transfer its Class D shares of YPF to a global custody account at the Bank of New York Mellon (“BNYM”) in New York within 14 days of the date of the order; and (ii) instruct BNYM to initiate a transfer of the Republic’s ownership interests in its Class D shares of YPF to Plaintiffs or their designees within one business day of the date on which the shares are deposited into the account.

Also on June 30, 2025, in proceedings brought by Bainbridge Fund Ltd. against the Republic, the District Court issued a similar order directing the Republic to turn over its Class A and Class D shares of YPF.

The Republic filed motions to stay the June 30, 2025 turnover orders pending its appeal of those orders, which were denied by the District Court.

On July 10, 2025, the Republic filed with the Court of Appeals: (i) notices of appeal of the June 30, 2025 turnover orders in both Plaintiffs’ and Bainbridge Fund Ltd.’s proceedings; and (ii) emergency motions for a stay pending appeal of the June 30, 2025 turnover orders and an immediate administrative stay. On July 15, 2025, the Court of Appeals granted a temporary administrative stay of the turnover orders pending resolution of the stay motions.

YPF is not a party to the aforementioned turnover proceedings.

With respect to the appeal of the final judgment issued on September 15, 2023, the Court of Appeals has proposed holding oral argument during the week of October 27, 2025.

On July 29, 2025, the District Court lifted the stay of alter ego discovery entered on November 15, 2024, including regarding YPF.

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


		41
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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

35.a) Exploitation concessions, transport concessions and exploration permits

The most relevant agreements of exploitation concessions, transport concessions and exploration permits that took place in the year ended December 31, 2024 are described in Note 35.a) to the annual consolidated financial statements. Updates for the six-month period ended June 30, 2025, are described below:

Hydrocarbon Unconventional Exploitation Concessions (“CENCH”, by its acronym in Spanish) in the Province of Neuquén

On March 10, 2025, by means of Decrees No. 275/2025, 276/2025 and 277/2025 the Executive Branch of the Province of Neuquén approved the granting of the CENCH in the “Aguada de la Arena”, “La Angostura Sur I” and “La Angostura Sur II”, and “Narambuena” blocks, respectively. These CENCH have the following characteristics:

Aguada de la Arena: YPF has 100% of the working interest in this CENCH and the commitments assumed include the execution of a pilot plan of 6 unconventional wells.

La Angostura Sur I: YPF has 100% of the working interest in this CENCH and the commitments assumed include the execution of a pilot plan of 4 unconventional wells.

La Angostura Sur II: YPF has 100% of the working interest in this CENCH and the commitments assumed include the execution of a pilot plan of 3 unconventional wells.

Narambuena: This CENCH is 50% owned by YPF and 50% by Compañía de Desarrollo No Convencional S.R.L. (“CDNC”) and the commitments assumed include the execution of a pilot plan of 14 unconventional wells.

In addition to the aforementioned commitments assumed by YPF, it includes payments for an exploitation bonus and a corporate social responsibility bonus.

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

35.b) Investment agreements and commitments and assignments

The most relevant investment agreements and commitments and assignments of areas are described in Note 35.b) to the annual consolidated financial statements. Updates for the six-month period ended June 30, 2025, are described below:

Aguada del Chañar

On March 21, 2025, the assignment of 49% of YPF’s rights and obligations in the “Aguada del Chañar” exploitation concession in favor of Compañía General de Combustibles S.A. (“CGC”) was formalized with effective date as of April 1, 2025.

The sale price of the transaction agreed by the parties contemplates a sum of 75 and, in addition, CGC will pay on behalf of YPF 80.40% of the investments in the block attributable to YPF’s working interest up to a maximum sum of 372 for a period of 4 years. As of the closing date of the transaction, YPF recognized a gain as a result of the sale of this asset of 19 in the “Other operating results, net” line item in the statement of comprehensive income.

HORACIO DANIEL MARÍN

President


		42
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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.)

LNG project

On May 2, 2025, YPF, through its subsidiary Sur Inversiones Energéticas, together with Pan American Energy S.L. (“PAE”), Wintershall DEA Argentina S.A. (“Wintershall”), Pampa Energía S.A. (“Pampa”) and Golar FLNG Sub-Holding Company Limited (“Golar Subholding”), collectively the shareholders of Southern Energy S.A. (“SESA”) have agreed to:

Make the final investment decision as provided in the Bareboat Charter Agreement entered into with Golar Hilli Corporation in July 2024, and its subsequent addenda, for the term of 20 years for the charter of the liquefaction vessel Hilli Episeyo (“FLNG Hilli”), with a nominal capacity of 2.45 million tons of LNG per year (“MTPA”), to be located on the coast of the Argentine Sea in the Province of Río Negro, with the purpose of processing natural gas from Vaca Muerta for LNG export (“BBCA Hilli”).

Enter into a second Bareboat Charter Agreement with Golar MKII Corporation, for the construction, lease and operation of a new liquefaction vessel, the FUJI LNG (“FLNG MKII”), for 20 years (extendable for an additional period of 5 years at SESA’s option), with a nominal capacity of 3.5 MTPA, in order to increase the capacity to process natural gas from Vaca Muerta and export LNG, subject to a final future investment decision as provided in such agreement (“BBCA MKII”).

In order to supply the FLNG Hilli and FLNG MKII vessels with natural gas for the liquefaction process, SESA entered into natural gas supply agreements (“GSA”) with PAE, Sur Inversiones Energéticas, Pampa and Wintershall for the term of 20 years (see Note 36.f)). In this regard, in order for both vessels to operate all year round, SESA contemplates the construction of a dedicated gas pipeline between the Province of Neuquén and the San Matías Gulf in the Province of Río Negro. Operations of the FLNG Hilli vessel are expected to commence in late 2027 or early 2028 and those of the FLNG MKII vessel are expected to commence in late 2028.

The Company has entered into the GSA and the SESA Shareholders’ Agreement guaranteeing the obligations of its subsidiary Sur Inversiones Energéticas under such agreements. In addition, related to the 25% equity interest of Sur Inversiones Energéticas in SESA, on May 30, 2025 the Company granted a guarantee in favor of Golar Hilli Corporation for up to 137.5 and has committed to grant a guarantee in favor of Golar MKII Corporation for up to 187.5, subject to SESA making a final investment decision on the investment in the BBCA MKII.

36. MAIN REGULATIONS

36.a) Regulations applicable to the hydrocarbon industry

During the six-month period ended June 30, 2025, there were no significant updates to the regulatory framework described in Note 36.a) to the annual consolidated financial statements.

36.b) Regulations applicable to the Midstream and Downstream business segment

Updates to the regulatory framework described in Notes 36.b), 36.c.1), 36.c.2) and 36.c.4) to the annual consolidated financial statements for the six-month period ended June 30, 2025, are described below:

36.b.1) Regulatory framework associated with the LPG industry

On July 3, 2025, Decree No. 446/2025 was published modifying the LPG Law, which: (i) confirms the free import of LPG; (ii) removes the authority of the PEN to impose restrictions on prices and commercialization conditions; and (iii) limits the intervention of the SE in the LPG industry to technical and safety aspects.

HORACIO DANIEL MARÍN

President


		43
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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.)

36.c) Regulations applicable to the LNG and Integrated Gas business segment

Updates to the regulatory framework described in Notes 36.c.1) and 36.c.2) to the annual consolidated financial statements for the six-month period ended June 30, 2025, are described below:

36.c.1) Exports of natural gas and LNG

LNG

On April 21, 2025, SE Resolution No. 157/2025 was published, which approved the declaration of sufficiency of natural gas resources in Argentina that would supply local demand and LNG export projects for 63 years, which must be updated by the SE at least every 5 years.

36.d) Regulations applicable to the New Energies business segment

Updates to the regulatory framework described in Notes 36.c.3), 36.c.5) and 36.c.6) to the annual consolidated financial statements for the six-month period ended June 30, 2025, are described below:

36.d.1) Regulatory requirements applicable to natural gas distribution

Tariff schemes and tariff renegotiations

ENARGAS, through several resolutions, approved the transition tariff schemes to be applied by Metrogas until the rates resulting from the RQT came into force in accordance with the provisions of Decree No. 55/2023.

On April 30, 2025, ENARGAS Resolution No. 257/2025 was published, which approved: (i) the RQT corresponding to Metrogas; (ii) the segmentation of residential users; (iii) the investment plans for the five-year period 2025—2030; and (iv) the initial tariff scheme and the schemes of rates and charges corresponding to Metrogas effective as from May 1, 2025. The increase expected as a result of the RQT process will be effective in 31 consecutive monthly increases, which recognizes a cost for the deferral at a real weighted average cost of the capital employed rate in pesos of 7.64% and establishes that the increase in distribution tariffs for May 2025 applicable to residential users and general service customers will be 3%. The application of the remaining increase derived from the RQT will be completed in the remaining 30 installments, plus the recognition of the cost of the aforementioned deferral.

On June 5, 2025, SE Resolution No. 241/2025 was published, which established that the transportation and distribution tariffs will be adjusted on a monthly basis according to the variations in the indexes established by ENARGAS in the RQT, which correspond to the variation in equal parts of the IPC and the Internal Wholesale Price Index (“IPIM” by its acronym in Spanish) published by the INDEC.

On June 6, 2025, ENARGAS Resolution No. 363/2025 was published, which approved: (i) the methodology for the monthly adjustment of tariffs; and (ii) the tariff charts to be applied by Metrogas effective as from June 6, 2025.

Procedure for the compensation of the lower revenues received by natural gas distributors from their users

On January 31, 2025, SE Resolution No. 24/2025 repealed as from February 1, 2025 MINEM Resolution No. 508-E/2017, which established the procedure to compensate natural gas distributors for lower revenues due to benefits and/or bonuses and higher costs of UNG and unified the compensation mechanisms for lower revenues received as a consequence of the application of incentive programs involving bonuses on the price of natural gas in the PIST. The amounts to be compensated will be deducted from the amounts to be paid by distributors to natural gas producers and will be directly compensated by the SE through the Plan GasAr 2023-2028.

HORACIO DANIEL MARÍN

President


		44
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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.)

36.d.2) Regulatory framework associated with electric power generation

On July 7, 2025, Decree No. 450/2025 was published, which approves the following amendments to the Regulatory Framework associated with electric power generation: (i) maximum competition and free contracting is guaranteed to generators; (ii) supply contracts will be freely negotiated between the parties; (iii) the figure of “storer” is introduced as the owner of energy storage facilities; (iv) the figure of “free user” is introduced, who, together with large users, may contract independently and for own consumption the energy supply; (v) allows the PEN to authorize generators, distributors and/or large users to build, at their exclusive cost and to satisfy their own needs, a line and/or extension of the transmission grid, which will not provide a public transportation service; and (vi) the extensions of the Argentine Electricity Grid (“SADI”, by its acronym in Spanish) may be of free initiative and at the own risk of whoever executes them.

CAMMESA

The SE, through complementary notes to SE Resolution No. 21/2025, informed to CAMMESA of the “Guidelines for the Standardization of the MEM and its Progressive Adaptation”, which detail the modifications foreseen for the management of fuels, the determination of prices and the operation of the term market and the spot market are detailed.

36.d.3) Decree No. 55/2023 “Emergency in the National Energy Sector”

On June 2, 2025, Decree No. 370/2025 was published extending the emergency of the national energy sector until July 9, 2026. It also provided for the extension of the intervention of ENRE and ENARGAS until July 9, 2026 or until the constitution, commencement and appointment of the members of the Board of Directors of the National Gas and Electricity Regulatory Agency.

On July 7, 2025, Decree No. 452/2025 was published, establishing the National Gas and Electricity Regulatory Agency and granting a term of 180 days for its commencement of operations.

36.e) Incentive programs for hydrocarbon production

Updates to the regulatory framework described in Note 36.d) to the annual consolidated financial statements for the six-month period ended June 30, 2025, are described below:

36.e.1) Incentive programs for natural gas production

Plan for Reinsurance and Promotion of Federal Hydrocarbon Production Domestic Self-Sufficiency, Exports, Imports Substitution and the Expansion of the Transportation System for all Hydrocarbon Basins in the Country 2023-2028 (“Plan GasAr 2023-2028”)

The SE, through several resolutions, approves the natural gas prices at the PIST to be passed-through to end-users in connection with current contracts entered into within the framework of the Plan GasAr 2023-2028.

The SE, through complementary notes to SE Resolution No. 21/2025, instructed CAMMESA to apply a new order of priority for the dispatch of natural gas and established that the acquisition of fuels will be carried out through 2 modalities: (i) auctions by CAMMESA for the purchase of spot volumes; and (ii) bids by which generators auction volumes with a maximum reference price based on round 4.2. of the Plan GasAr 2023-2028.

HORACIO DANIEL MARÍN

President


		45
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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.)

36.f) Investment incentive programs

Updates to the regulatory framework described in Note 36.e) to the annual consolidated financial statements for the six-month period ended June 30, 2025, are described below:

Large Investment Incentive Regime (“RIGI”)

As of the date of issuance of these condensed interim consolidated financial statements, the following projects of the Group adhered to the RIGI:

LNG Project, through our subsidiary Sur Inversiones Energéticas, for the installation of a floating natural gas liquefaction plant to obtain LNG, see Note 35.b) section “LNG Project”.

Vaca Muerta Sur Project, through our associate VMOS, for the construction of a crude oil transportation infrastructure project.

El Quemado solar farm, through our joint venture YPF EE, for the construction of a solar farm for electricity generation.

36.g) Tax regulations

During the six-month period ended June 30, 2025, there were no significant updates to the regulatory framework described in Note 36.f) to the annual consolidated financial statements.

36.h) Custom regulations

Updates to the regulatory framework described in Note 36.g) to the annual consolidated financial statements for the six-month period ended June 30, 2025, are described below:

36.h.1) Export duties

Agricultural products

On July 31, 2025, Decree No. 526/2025 was published, which established the permanent reduction in export duties established by Decree No. 38/2025. As from such date, the rates are set at 26% for soybean, 24.5% for soybean byproducts such as soybean oil and soybean meal, and 9.5% for grains such as wheat, corn and sorghum.

36.i) Regulations related to the Foreign Exchange Market

Updates to the regulatory framework described in Note 36.h) to the annual consolidated financial statements for the six-month period ended June 30, 2025, are described below:

HORACIO DANIEL MARÍN

President


		46
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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.)

On April 11, 2025, the Argentine Government announced measures to loosen the foreign exchange regime and reinforce the monetary framework. By virtue of this, the BCRA implemented a new foreign exchange regime in which certain restrictions to access the Foreign Exchange Market were eliminated. The following are the main measures: (i) the “crawling peg” adjustment mechanism is eliminated and the dollar exchange rate in the Foreign Exchange Market may fluctuate in a range between 1,000 pesos and 1,400 pesos, whose limits will be increased at a rate of 1% per month; (ii) the “blend” dollar was eliminated (see Note 36.i) “Export Increase Program” section); (iii) certain foreign exchange restrictions to individuals for the purchase of foreign currency were eliminated; (iv) access to the Foreign Exchange Market is allowed without prior approval of the BCRA for the payment of dividends to non-resident shareholders accrued as from fiscal years beginning on or after January 1, 2025; and (v) the terms for the payment of foreign trade transactions are flexibilized, eliminating the schedule established by the BCRA for access to the Foreign Exchange Market without prior approval for the payment of imports of goods with customs entry registration as from December 13, 2023 and of services rendered and/or accrued as from such date.

Export Increase Program

On April 14, 2025, Decree No. 269/2025 repealed the Export Increase Program and as from such date the proceeds from the export of goods and services, pre-export financings, post- export financings and advance payments must be settled 100% through the Foreign Exchange Market within a general term of 20 days.

36.j) Decree of Necessity and Urgency (“DNU” by its acronym in Spanish) No. 70/2023

During the six-month period ended June 30, 2025, there were no significant updates to the regulatory framework described in Note 36.i) to the annual consolidated financial statements.

36.k) Law of Bases and Starting Points for the Freedom of Argentines No. 27,742 (“Bases Law”) and Regulatory Decree No 1,057/2024 (“Decree No 1,057/2024”)

During the six-month period ended June 30, 2025, there were no significant updates to the regulatory framework described in Note 36.j) to the annual consolidated financial statements.

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

HORACIO DANIEL MARÍN

President


		47
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 June 30, 2025 and December 31, 2024:


	June 30, 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		-		5			6			1			40			-			-
Profertil		-		-	⁽¹⁾		25			-			10			-			-
MEGA		-		-			82			-			-	⁽¹⁾		-	⁽¹⁾		9
Refinor		-		-			7			-			1			-			-
OLCLP ⁽²⁾		-		-			-			-			-			-			-
Sustentator		-		-			-	⁽¹⁾		-			-			-			-
CT Barragán		-		-			-	⁽¹⁾		-			-			-			-
OTA		-		-			-	⁽¹⁾		-			3			-			-
OTC		-		-			-			-			-			-			-

		-		5			120			1			54			-			9


Associates:
CDS		-		-			7			-			-			-			-
YPF Gas		-		2			25			-			2			-			-
Oldelval		160		14			-	⁽¹⁾		4			22			-			-
Termap		-		-			-			-			2			-			-
GPA		-		-			-			-			4			-			-
Oiltanking		38		11			1			1			3			-			-
Gas Austral		-		-			-	⁽¹⁾		-			-			-			-
VMOS		-		57			23			-			-			24			-

		198		84			56			5			33			24			-

		198		89			176			6			87			24			9


	December 31, 2024
	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		-		5			4			3			43			-			-
Profertil		-		-	⁽¹⁾		14			-			17			-			-
MEGA		-		-			50			-			1			-			16
Refinor		-		-			11			-			1			-			-
OLCLP ⁽²⁾		-		-	⁽¹⁾		-	⁽¹⁾		-			3			-			-
Sustentator		-		-			-	⁽¹⁾		-			-			-			-
CT Barragán		-		-			-			-			-			-			-
OTA		-		-			-	⁽¹⁾		-			2			-			-
OTC		-		-			-			-			-			-			-

		-		5			79			3			67			-			16


Associates:
CDS		-		-	⁽¹⁾		1			-			-			-			-
YPF Gas		-		1			20			-			1			-			-
Oldelval		140		4			-	⁽¹⁾		4			13			-			-
Termap		-		-			-			-			3			-			-
GPA		-		-			-			-			4			-			-
Oiltanking		19		8			-	⁽¹⁾		-	⁽¹⁾		4			-			-
Gas Austral		-		-			-	⁽¹⁾		-			-	⁽¹⁾		-			-
VMOS		-		17			-			-			-			-			-

		159		30			21			4			25			-			-

		159		35			100			7			92			-			16

(1)	The registered amount is less than 1.

(2)	As of June 4, 2025 OLCLP is a subsidiary of YPF, see Note 4 “Acquisition of equity participation of OLCLP” section.

HORACIO DANIEL MARÍN

President


		48
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 six-month periods ended June 30, 2025 and 2024:


	For the six-month periods ended June 30,
	2025									2024
	Revenues			Costs and expenses			Net interest income (loss)			Revenues			Costs and expenses			Net interest income (loss)
Joint Ventures:
YPF EE		11			68			-	⁽¹⁾		13			51			-
Profertil		39			44			-			48			54			-	⁽¹⁾
MEGA		186			1			-			158			3			-	⁽¹⁾
Refinor		33			5			-	⁽¹⁾		36			5			1
OLCLP ⁽²⁾		-			-			-			-	⁽¹⁾		6			-
Sustentator		-			-			-			-			-			-
CT Barragán		-	⁽¹⁾		-			-			-	⁽¹⁾		-			-
OTA		-	⁽¹⁾		12			-			-	⁽¹⁾		8			-
OTC		-			-			-			-			-	⁽¹⁾		-

		269			130			-			255			127			1

Associates:
CDS		5			-			-	⁽¹⁾		-	⁽¹⁾		-			-
YPF Gas		44			2			-	⁽¹⁾		28			2			-	⁽¹⁾
Oldelval		-	⁽¹⁾		47			-	⁽¹⁾		-	⁽¹⁾		30			-	⁽¹⁾
Termap		-			11			-			-			11			-
GPA		-			11			-			-			10			-
Oiltanking		-	⁽¹⁾		27			-	⁽¹⁾		-	⁽¹⁾		17			-
Gas Austral		2			-	⁽¹⁾		-	⁽¹⁾		2			-	⁽¹⁾		-
VMOS		22			-			-			-			-			-

		73			98			-			30			70			-

		342			228			-			285			197			1

(1)	The registered amount is less than 1.

(2)	As of June 4, 2025 OLCLP is a subsidiary of YPF, see Note 4 “Acquisition of equity participation of OLCLP” 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 ⁽¹⁴⁾								Transactions
		Receivables / (Liabilities)								Income / (Costs)
										For the six-month periods ended June 30,
Client / Suppliers	Ref.	June 30, 2025				December 31, 2024				2025				2024
SE	(1) (13)		56				20				57				84
SE	(2) (13)		3				6				3				3
SE	(3) (13)		-		⁽¹⁵⁾		-		⁽¹⁵⁾		-				-
SE	(4) (13)		1				5				2				2
SE	(5) (13)		6				7				-				-
Secretary of Transport	(6) (13)		-		⁽¹⁵⁾		-		⁽¹⁵⁾		-				2
CAMMESA	(7)		71				80				231				247
CAMMESA	(8)		(1	)			(2	)			(5	)			(25	)
ENARSA	(9)		169				67				134				68
ENARSA	(10)		(59	)			(68	)			(21	)			(30	)
Aerolíneas Argentinas S.A.	(11)		21				27				144				167
Aerolíneas Argentinas S.A.	(12)		-		⁽¹⁵⁾		-		⁽¹⁵⁾		-		⁽¹⁵⁾		-

(1)	Benefits for the Plan GasAr 2020-2024 and Plan GasAr 2023-2028, see Note 36.d.1) to the annual consolidated financial statements.

(2)	Benefits for the propane gas supply agreement for undiluted propane gas distribution networks, see Note 36.d.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 37 to the annual consolidated financial statements.

(4)	Compensation for the lower income that natural gas distribution service by networks licensed companies receive from their users, see Note 36.c.3) to the annual consolidated financial statements and Note 36.d.1).

(5)	Compensation by Decree No. 1,053/2018, see Note 36.c.1) to the annual consolidated financial statements.

(6)	Compensation for providing diesel to public transport of passengers at a differential price, see Note 37 to the annual consolidated financial statements.

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

(8)	Purchases of electrical energy.

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

(10)	Purchases of natural gas and crude oil.

(11)	Sales of jet fuel.

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

(13)	Income from incentives recognized according to IAS 20 “Accounting for government grants and disclosure of government assistance”, see Note 2.b.12) “Income from Government incentive programs” section to the annual consolidated financial statements.

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

(15)	The registered amount is less than 1.

HORACIO DANIEL MARÍN

President


		49
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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 June 30, 2025, the Group holds Bonds of the Argentine Republic 2029 and 2030, 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 six-month periods ended June 30, 2025 and 2024, YPF and CHNC carried out transactions such as the purchases of crude oil by YPF for 240 and 227, respectively, among others. These transactions were consummated in accordance with the general and regulatory conditions of the market. The net balance payable to CHNC as of June 30, 2025 and December 31, 2024 amounts to 62 and 64, respectively. See Note 37 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 six-month periods ended June 30, 2025 and 2024:


	For the six-month periods ended June 30,
	2025			2024
Short-term benefits ⁽¹⁾		14			14
Share-based benefits		5			3
Post-retirement benefits		-	⁽²⁾		-	⁽²⁾

		19			17

(1)	Does not include social security contributions of 3 and 3 for the six-month periods ended June 30, 2025 and 2024, respectively.

(2)	The registered amount is less than 1.

38. EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS

Note 38 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 2 and 2 for the six-month periods ended June 30, 2025 and 2024, respectively.

Short-term benefit programs

The amount charged to expense related to the short-term benefit programs was 89 and 97 for the six-month periods ended June 30, 2025 and 2024, respectively.

Share-based benefit plans

As of June 30, 2025, there are 4.6 million number of PSARs outstanding with and a weighted average fair value of US$ 17.24 per PSARs. The amount charged to expense in relation with Value Generation Plan was 1 and 2 for the six-month periods ended June 30, 2025 and 2024, respectively. As of December 31, 2024, weighted average fair value was US$ 28.6 per PSARs.

The amount charged to expense in relation with the remaining share-based benefit plans was 5 and 2 to be settled in equity instruments, for the six-month periods ended June 30, 2025 and 2024, respectively, and 9 to be settled in cash, for the six-month period ended June 30, 2024.

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

HORACIO DANIEL MARÍN

President


		50
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 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)

39. SUBSEQUENT EVENTS

Vaca Muerta Sur Project guarantee

On July 8, 2025, our associated VMOS signed an international syndicated loan for 2.000 to finance the construction of the Vaca Muerta Sur Project. As guarantee for the obligations assumed in this loan, VMOS’s shareholders, including YPF, have granted a fiduciary assignment of their VMOS’s shares as collateral for such financing, which will remain in force until the completion of the project.

Issuance of NO

On July 22, 2025, the Company issued in the local market Class XXXVIII and Class XXXIX NO for a nominal amount of 250 maturing in July 2027 and 167 maturing in July 2030, respectively. Class XXXVIII NO accrue and pay interest quarterly at a fixed annual nominal rate of 7.5% and Class XXXIX NO accrue and pay interest semiannually at a fixed annual nominal rate of 8.75%. The integration of Class XXXVIII NO was made in kind with (i) Class XXV NO for 50, (ii) Class XXIX NO for 47, and (iii) Class XXXVI NO for 3, the remaining amount was integrated in cash.

Acquisition of Vaca Muerta Inversiones S.A.U.

On August 6, 2025, YPF entered into a share purchase agreement (the “Agreement”) with Total Austral S.A. whereby, subject to the fulfillment of closing conditions set forth in the Agreement, YPF will acquire 100% of the shares and capital stock of Vaca Muerta Inversiones S.A.U.

The amount of the transaction is 500, subject to adjustments based on the cash flows of Vaca Muerta Inversiones S.A.U. between January 2025 and the closing date of the transaction.

If all the closing conditions set forth in the Agreement are fulfilled, YPF will become the sole owner and shareholder of 100% of capital stock of Vaca Muerta Inversiones S.A.U., which will hold a 45% working interest in the La Escalonada and Rincón La Ceniza unconventional exploitation concessions in the Province of Neuquén.

As of the date of issuance of these condensed interim consolidated financial statements, there have been no other significant subsequent events 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 June 30, 2025, 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 August 7, 2025.

HORACIO DANIEL MARÍN

President

Item 2

LOGO

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF JUNE 30, 2025

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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

CONTENT


Note	Description	Page
	Glossary of terms	1
	Legal information	2
	Condensed interim consolidated statements of financial position	3
	Condensed interim consolidated statements of comprehensive income	4
	Condensed interim consolidated statements of changes in shareholders’ equity	5
	Condensed interim consolidated statements of cash flow	7
	Notes to the condensed interim consolidated financial statements:
1	General information, structure and organization of the Group’s business	8
2	Basis of preparation of the condensed interim consolidated financial statements	9
3	Seasonality of operations	10
4	Acquisitions and disposals	10
5	Financial risk management	12
6	Business segment information	12
7	Financial instruments by category	18
8	Intangible assets	18
9	Property, plant and equipment	19
10	Right-of-use assets	23
11	Investments in associates and joint ventures	23
12	Assets held for sale and associated liabilities	25
13	Inventories	29
14	Other receivables	29
15	Trade receivables	30
16	Investments in financial assets	30
17	Cash and cash equivalents	30
18	Provisions	31
19	Income tax	31
20	Taxes payable	32
21	Salaries and social security	32
22	Lease liabilities	32
23	Loans	33
24	Other liabilities	35
25	Accounts payable	35
26	Revenues	35
27	Costs	37
28	Expenses by nature	38
29	Other net operating results	39
30	Net financial results	39
31	Investments in joint operations and consortiums	40
32	Shareholders’ equity	40
33	Earnings per share	40
34	Contingent assets and liabilities	41
35	Contractual commitments	42
36	Main regulations	43
37	Balances and transactions with related parties	50
38	Employee benefit plans and similar obligations	52
39	Assets and liabilities in currencies other than the peso	53
40	Subsequent events	54

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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

GLOSSARY OF TERMS


Term				Definition
ADR				American Depositary Receipt
ADS				American Depositary Share
AESA				Subsidiary 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 and Customs Control Agency (Agencia de Recaudación y Control Aduanero) (formerly “AFIP”)
Argentina LNG				Subsidiary Argentina LNG S.A.U.
ASC				Accounting Standards Codification
Associate				Company over which YPF has significant influence as provided for in IAS 28 “Investments in associates and joint ventures”
B2B				Business to Business
B2C				Business to Consumer
BCRA				Central Bank of the Argentine Republic (Banco Central de la República Argentina)
BNA				Bank of the Argentine Nation (Banco de la Nación Argentina)
BO				Official Gazette of the Argentine Republic (Boletín Oficial de la República Argentina)
CAMMESA				Compañía Administradora del Mercado Mayorista Eléctrico S.A.
CAN				Northern Argentine basin (cuenca Argentina Norte)
CDS				Associate Central Dock Sud S.A.
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				Joint venture CT Barragán S.A.
Eleran				Subsidiary Eleran Inversiones 2011 S.A.U.
ENARGAS				Argentine Gas Regulator (Ente Nacional Regulador del Gas)
ENARSA ENRE				Energía Argentina S.A. (formerly Integración Energética Argentina S.A., “IEASA”) National Electricity Regulatory Agency
FASB				Financial Accounting Standards Board
FOB				Free on board
Gas Austral				Associate Gas Austral S.A.
GPA				Associate Gasoducto del Pacífico (Argentina) S.A.
Group				YPF and its subsidiaries
IAS				International Accounting Standard
IASB				International Accounting Standards Board
IDS				Associate Inversora Dock Sud S.A.
IFRIC				International Financial Reporting Interpretations Committee
IFRS				International Financial Reporting Standard
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
MBtu				Million British thermal units
MEGA				Joint venture Compañía Mega S.A.
Metroenergía				Subsidiary Metroenergía S.A.
Metrogas				Subsidiary Metrogas S.A.
MINEM				Ministry of Energy and Mining (Ministerio de Energía y Minería)
MLO				West Malvinas basin (cuenca Malvinas Oeste)
MTN				Medium-term note
NO				Negotiable obligations
Oiltanking				Associate Oiltanking Ebytem S.A.
OLCLP				Subsidiary Oleoducto Loma Campana - Lago Pellegrini S.A.
Oldelval				Associate Oleoductos del Valle S.A.
OPESSA				Subsidiary Operadora de Estaciones de Servicios S.A.
OTA				Joint venture OleoductoTrasandino (Argentina) S.A.
OTC				Joint venture OleoductoTrasandino (Chile) S.A.
PEN				National Executive Branch (Poder Ejecutivo Nacional)
Peso				Argentine peso
PIST				Transportation system entry point (Punto de ingreso al sistema de transporte)
Profertil				Joint venture Profertil S.A.
Refinor				Joint venture Refinería del Norte S.A.
ROD RQT				Record of decision Quinquennial Tariff Review (Revisión Quinquenal Tarifaria)
RTI				Integral Tariff Review (Revisión Tarifaria Integral)
RTT SC Gas				Transitional Tariff Regime (Régimen Tarifario de Transición) Subsidiary SC Gas S.A.U.
SE				Secretariat of Energy (Secretaría de Energía) (formerly “MINEM” and “SGE”)
SEC				U.S. Securities and Exchange Commission
SEE				Secretariat of Electric Energy (Secretaría de Energía Eléctrica)
SGE				Government Secretariat of Energy (Secretaría de Gobierno de Energía)
SRH				Hydrocarbon Resources Secretariat (Secretaría de Recursos Hidrocarburíferos)
SSHyC				Under-Secretariat of Hydrocarbons and Fuels (Subsecretaría de Hidrocarburos y Combustibles)
Subsidiary				Company controlled by YPF as provided for in IFRS 10 “Consolidated financial statements”
Sur Inversiones Energéticas				Subsidiary Sur Inversiones Energéticas S.A.U.
Sustentator				Joint venture Sustentator S.A.
Termap				Associate Terminales Marítimas Patagónicas S.A.
Turnover tax				Impuesto a los ingresos brutos
U.S. dollar				United States dollar
UNG				Unaccounted natural gas
US$				United States dollar
US$/bbl				U.S. dollar per barrel
UVA				Unit of Purchasing Power
VAT				Value added tax
VMOS				Associate VMOS S.A.
WEM				Wholesale Electricity Market
YPF Chile				Subsidiary YPF Chile S.A.
YPF EE				Joint venture YPF Energía Eléctrica S.A.
YPF Gas				Associate YPF Gas S.A.
YPF or the Company				YPF S.A.
YPF Perú				Subsidiary YPF E&P Perú S.A.C.
YPF Ventures				Subsidiary YPF Ventures S.A.U.
Y-TEC				Subsidiary YPF Tecnología S.A.
Y-LUZ				Subsidiary 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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

LEGAL INFORMATION

Legal address

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

Fiscal year

No. 49 beginning on January 1, 2025.

Main business of the Company

Filing with the Public Registry of Commerce

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

Capital structure

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

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

3,933,127,930.

HORACIO DANIEL MARÍN

President

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

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

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2025 AND DECEMBER 31, 2024 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos)


	Notes	June 30, 2025		December 31, 2024
ASSETS
Non-current assets
Intangible assets	8		708,528		505,827
Property, plant and equipment	9		23,227,671		19,307,423
Right-of-use assets	10		807,049		765,243
Investments in associates and joint ventures	11		2,296,229		2,019,790
Deferred income tax assets, net	19		276,973		339,492
Other receivables	14		913,105		348,051
Trade receivables	15		1,802		1,333

Total non-current assets			28,231,357		23,287,159

Current assets
Assets held for sale	12		634,477		1,583,158
Inventories	13		1,779,237		1,593,666
Contract assets	26		25,023		31,207
Other receivables	14		793,422		569,910
Trade receivables	15		2,154,083		1,668,947
Investments in financial assets	16		284,868		401,382
Cash and cash equivalents	17		928,679		1,151,868

Total current assets			6,599,789		7,000,138

TOTAL ASSETS			34,831,146		30,287,297


SHAREHOLDERS’ EQUITY
Shareholders’ contributions			12,787		7,128
Retained earnings			14,025,382		12,000,469

Shareholders’ equity attributable to shareholders of the parent company			14,038,169		12,007,597

Non-controlling interest			276,779		224,363

TOTAL SHAREHOLDERS’ EQUITY			14,314,948		12,231,960


LIABILITIES
Non-current liabilities
Provisions	18		1,312,086		1,117,925
Contract liabilities	26		200,015		116,883
Deferred income tax liabilities, net	19		124,284		92,701
Income tax liability			2,032		2,514
Taxes payable	20		233		224
Salaries and social security	21		41,207		34,891
Lease liabilities	22		436,591		418,510
Loans	23		9,113,686		7,249,715
Other liabilities	24		461,201		76,561
Accounts payable	25		6,073		5,904

Total non-current liabilities			11,697,408		9,115,828

Current liabilities
Liabilities directly associated with assets held for sale	12		1,134,122		2,201,617
Provisions	18		139,821		119,391
Contract liabilities	26		137,109		74,795
Income tax liability			33,498		130,347
Taxes payable	20		338,157		254,619
Salaries and social security	21		347,262		423,974
Lease liabilities	22		413,617		381,146
Loans	23		2,703,379		1,964,777
Other liabilities	24		386,014		422,209
Accounts payable	25		3,185,811		2,966,634

Total current liabilities			8,818,790		8,939,509

TOTAL LIABILITIES			20,516,198		18,055,337

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			34,831,146		30,287,297

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 SIX AND THREE-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024 (UNAUDITED)

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


		For the six-month periods ended June 30,				For the three-month periods ended June 30,
	Notes	2025		2024		2025		2024
Net income

Revenues	26		10,283,783		7,992,061		5,412,963		4,389,865
Costs	27		(7,588,658)		(5,647,002)		(4,062,988)		(3,095,021)

Gross profit			2,695,125		2,345,059		1,349,975		1,294,844


Selling expenses	28		(1,183,479)		(907,289)		(624,953)		(514,751)
Administrative expenses	28		(438,871)		(307,901)		(218,848)		(189,442)
Exploration expenses	28		(55,827)		(95,740)		(23,332)		(78,758)
Reversal / (Impairment) of property, plant and equipment	9		10,460		(4,156)		10,460		(4,156)
Other net operating results	29		(386,695)		2,447		(44,398)		(7,528)

Operating profit			640,713		1,032,420		448,904		500,209



Income from equity interests in associates and joint ventures	11		91,349		125,975		5,315		19,593
Financial income	30		47,172		60,879		29,495		30,434
Financial costs	30		(608,870)		(532,435)		(312,153)		(264,943)
Other financial results	30		(7,001)		156,275		(24,188)		117,382

Net financial results	30		(568,699)		(315,281)		(306,846)		(117,127)



Net profit before income tax			163,363		843,114		147,373		402,675

Income tax	19		(101,668)		172,891		(72,708)		69,148


Net profit for the period			61,695		1,016,005		74,665		471,823


Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures			(156,098)		(52,278)		(116,066)		(27,596)
Result from net monetary position in subsidiaries, associates and joint ventures⁽¹⁾			184,678		386,744		86,330		137,702
Items that may not be reclassified subsequently to profit or loss:
Translation differences from YPF ⁽²⁾			1,987,054		999,171		1,494,944		535,102

Other comprehensive income for the period			2,015,634		1,333,637		1,465,208		645,208



Total comprehensive income for the period			2,077,329		2,349,642		1,539,873		1,117,031


Net profit for the period attributable to:
Shareholders of the parent company			44,178		994,465		64,042		457,375
Non-controlling interest			17,517		21,540		10,623		14,448
Other comprehensive income for the period attributable to:
Shareholders of the parent company			1,980,735		1,267,969		1,449,217		622,291
Non-controlling interest			34,899		65,668		15,991		22,917
Total comprehensive income for the period attributable to:
Shareholders of the parent company			2,024,913		2,262,434		1,513,259		1,079,666
Non-controlling interest			52,416		87,208		26,614		37,365
Earnings per share attributable to shareholders of the parent company:
Basic and diluted	33		112.64		2,537.81		163.29		1,167.18

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

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

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

HORACIO DANIEL MARÍN

President

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

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

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos)


	For the six-month period ended June 30, 2025
	Shareholders’ contributions
	Capital		Adjustment to capital		Treasury shares		Adjustment to treasury shares		Share-based benefit plans			Acquisition cost of treasury shares ⁽²⁾		Share trading premiums		Issuance premiums		Total
Balance at the beginning of the fiscal year		3,922		6,083		11		18		3,563			(9,655)		2,546		640		7,128
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		5,824			-		-		-		5,824
Settlement of share-based benefit plans		-		-		-		-		(140)			(140)		115		-		(165)
Release of reserves ⁽⁵⁾		-		-		-		-		-			-		-		-		-
Appropriation to reserves ⁽⁵⁾		-		-		-		-		-			-		-		-		-
Other comprehensive income		-		-		-		-		-			-		-		-		-
Net profit for the period		-		-		-		-		-			-		-		-		-

Balance at the end of the period		3,922		6,083		11		18		9,247			(9,795)		2,661		640		12,787


	Retained earnings ⁽⁴⁾													Equity attributable to
	Legal reserve		Reserve for future dividends		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		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⁾		-		-		-		-		-			-		5,824		-		5,824
Settlement of share-based benefit plans		-		-		-		-		-			-		(165)		-		(165)
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		133,732		-		1,119,698		5,643		716,287			5,375		1,980,735		34,899		2,015,634
Net profit for the period		-		-		-		-		-			44,178		44,178		17,517		61,695

Balance at the end of the period		944,383		-		7,907,041		39,848		5,012,420	⁽¹⁾		121,690		14,038,169		276,779		14,314,948

(1)

Includes 5,402,764 corresponding to the effect of the translation of the shareholders’ contributions (see Note 36.l) “Effect of the translation of the shareholders’ contributions” section), (2,517,078) corresponding 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 (which includes (1,828,674) corresponding to the effect of the translation to YPF´s presentation currency) and 2,126,734 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency (which includes 1,217,612 corresponding to the effect of the translation to YPF´s presentation 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 84,059 and 72,137 restricted to the distribution of retained earnings as of June 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.

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 SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024 (UNAUDITED) (cont.)

(Amounts expressed in millions of Argentine pesos)


	For the six-month period ended June 30, 2024
	Shareholders’ contributions
	Capital		Adjustment to capital		Treasury shares		Adjustment to treasury shares		Share-based benefit plans			Acquisition cost of treasury shares ⁽²⁾		Share trading premiums		Issuance premiums		Total
Balance at the beginning of the fiscal year		3,919		6,078		14		23		855			(5,635)		(387)		640		5,507
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		1,986			-		-		-		1,986
Settlement of share-based benefit plans		-		-		-		-		(95)			(101)		61		-		(135)
Release of reserves and absorption of accumulated losses ⁽⁵⁾		-		-		-		-		-			-		-		-		-
Appropriation to reserves ⁽⁵⁾		-		-		-		-		-			-		-		-		-
Other comprehensive income		-		-		-		-		-			-		-		-		-
Net profit for the period		-		-		-		-		-			-		-		-		-

Balance at the end of the period		3,919		6,078		14		23		2,746			(5,736)		(326)		640		7,358


	Retained earnings ⁽⁴⁾													Equity attributable to
	Legal reserve		Reserve for future dividends		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		634,747		182,371		4,297,009		28,243		3,077,042			(1,003,419)		7,221,500		82,315		7,303,815
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		-			-		1,986		-		1,986
Settlement of share-based benefit plans		-		-		-		-		-			-		(135)		-		(135)
Release of reserves and absorption of accumulated losses ⁽⁵⁾		-		(182,371)		(4,297,009)		(28,243)		-			4,507,623		-		-		-
Appropriation to reserves ⁽⁵⁾		-		-		3,418,972		28,745		-			(3,447,717)		-		-		-
Other comprehensive income		81,451		-		437,906		4,033		667,771			76,808		1,267,969		65,668		1,333,637
Net profit for the period		-		-		-		-		-			994,465		994,465		21,540		1,016,005

Balance at the end of the period		716,198		-		3,856,878		32,778		3,744,813	⁽¹⁾		1,127,760		9,485,785		169,523		9,655,308

(1) Includes 4,095,356 corresponding to the effect of the translation of the shareholders’ contributions (see Note 36.l) “Effect of the translation of the shareholders’ contributions” section), (1,756,355) corresponding 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 (which includes (1,278,942) corresponding to the effect of the translation to YPF´s presentation currency) and 1,405,812 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency (which includes 795,125 corresponding to the effect of the translation to YPF´s presentation 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 63,735 and 56,487 restricted to the distribution of retained earnings as of June 30, 2024 and December 31, 2023, respectively. See Note 31 to the annual consolidated financial statements.

(5) As decided in the Shareholders’ Meeting on April 26, 2024.

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 SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos)


	For the six-month periods ended June 30,
	2025		2024
Cash flows from operating activities
Net profit		61,695		1,016,005
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(91,349)		(125,975)
Depreciation of property, plant and equipment		1,570,182		978,314
Amortization of intangible assets		34,782		18,029
Depreciation of right-of-use assets		154,285		113,475
Retirement of property, plant and equipment and intangible assets and consumption of materials		223,934		197,462
Charge on income tax		101,668		(172,891)
Net increase in provisions		567,713		315,208
(Reversal) / Impairment of property, plant and equipment		(10,460)		4,156
Effect of changes in exchange rates, interest and others		535,436		252,334
Share-based benefit plans		5,824		1,986
Result from sale of assets		(203,071)		-
Result from changes in fair value of assets held for sale		266,247		-
Result from revaluation of companies		(52,934)		-
Changes in assets and liabilities:
Trade receivables		(333,322)		(647,068)
Other receivables		(214,810)		(282,914)
Inventories		82,491		106,659
Accounts payable		(181,303)		425,305
Taxes payable		61,245		116,527
Salaries and social security		(80,263)		40,757
Other liabilities		(438,405)		(40,671)
Decrease in provisions due to payment/use		(107,396)		(64,780)
Contract assets		6,184		(11,769)
Contract liabilities		123,254		3,810
Dividends received		179,174		115,843
Proceeds from collection of profit loss insurance		5,372		-
Income tax payments		(133,560)		(13,898)

Net cash flows from operating activities ^(1) (2)		2,132,613		2,345,904


Investing activities: ⁽³⁾
Acquisition of property, plant and equipment and intangible assets		(2,770,358)		(2,364,390)
Additions of assets held for sale		(42,816)		(95,852)
Contributions and acquisitions of interests in associates and joint ventures		(86,491)		-
Acquisitions from business combinations net of cash and cash equivalents		(240,838)		-
Proceeds from sales of financial assets		161,509		94,480
Payments from purchase of financial assets		-		(151,469)
Interests received from financial assets		3,034		27,477
Proceeds from concessions, assignment agreements and sale of assets		75,714		4,156

Net cash flows used in investing activities		(2,900,246)		(2,485,598)


Financing activities: ⁽³⁾
Payments of loans		(1,468,867)		(857,352)
Payments of interests		(349,993)		(279,137)
Proceeds from loans		2,429,371		1,205,989
Account overdrafts, net		294		180,140
Payments of leases		(224,305)		(169,588)
Payments of interests in relation to income tax		(876)		(1,593)

Net cash flows from financing activities		385,624		78,459



Effect of changes in exchange rates on cash and cash equivalents		158,820		102,981



(Decrease) / Increase in cash and cash equivalents		(223,189)		41,746


Cash and cash equivalents at the beginning of the fiscal year		1,151,868		905,956
Cash and cash equivalents at the end of the period		928,679		947,702

(Decrease) / Increase in cash and cash equivalents		(223,189)		41,746

(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 35,548 and 54,731 for the six-month periods ended June 30, 2025 and 2024, 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 six-month periods ended June 30,
	2025		2024
Unpaid acquisitions of property, plant and equipment and intangible assets		674,468		381,324
Unpaid additions of assets held for sale		1,417		24,541
Additions of right-of-use assets		197,954		86,243
Capitalization of depreciation of right-of-use assets		35,904		28,777
Capitalization of financial accretion for lease liabilities		5,347		4,760
Capitalization in associates and joint ventures		13,726		-
Contract liabilities arising from company acquisitions		16,110		-
Receivables from the sale of non-cash-settled assets		462,230		-

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 JUNE 30, 2025 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

YPF and its subsidiaries (the “Group”) form the leading energy group in Argentina, which operates a fully integrated oil and gas chain with leading market positions across the domestic Upstream, Midstream and Downstream LNG and Integrated Gas and New Energies business segments (see Note 6).

Structure and organization of the economic group

The following table presents the main companies of the Group as of June 30, 2025:


Entity	Country	Main business	% of ownership of capital stock ⁽¹⁾	Relationship

Upstream
Eleran	Spain	Hydrocarbon exploration through the subsidiary YPF E&P Bolivia S.A.	100%	Subsidiary
SC Gas ⁽⁴⁾	Argentina	Hydrocarbon exploitation	100%	Subsidiary

Midstream and Downstream
OPESSA	Argentina	Gas stations	99.99%	Subsidiary
OLCLP ⁽⁶⁾	Argentina	Hydrocarbon transportation	100%	Subsidiary
Refinor	Argentina	Industrialization and commercialization of hydrocarbons	50%	Joint venture
OTA	Argentina	Hydrocarbon transportation	36%	Joint venture
OTC	Chile	Hydrocarbon transportation	36%	Joint venture
Oldelval	Argentina	Hydrocarbon transportation	37%	Associate
Oiltanking	Argentina	Hydrocarbon transportation	30%	Associate
Termap	Argentina	Hydrocarbon transportation	33.15%	Associate
VMOS ⁽³⁾	Argentina	Hydrocarbon transportation	24.49%	Associate
YPF Gas	Argentina	Commercialization of natural gas	33.99%	Associate

LNG and Integrated Gas
YPF Chile	Chile	Commercialization of natural gas	100%	Subsidiary
Argentina LNG	Argentina	Industrialization and commercialization of LNG	100%	Subsidiary
Sur Inversiones Energéticas	Argentina	Industrialization and commercialization of LNG through Southern Energy S.A. associate.	100%	Subsidiary
MEGA	Argentina	Separation of natural gas liquids and their fractionation	38%	Joint venture

New Energies
Metrogas ⁽²⁾	Argentina	Distribution of natural gas	70%	Subsidiary
Metroenergía	Argentina	Commercialization of natural gas	71.50%	Subsidiary
Y-TEC	Argentina	Research and development of technology	51%	Subsidiary
YPF Ventures	Argentina	Corporate investments	100%	Subsidiary
YPF EE	Argentina	Generation of electric power	75%	Joint venture
Profertil	Argentina	Production and commercialization of fertilizers	50%	Joint venture
CT Barragán	Argentina	Generation of electric power	50%	Joint venture
CDS ⁽⁵⁾	Argentina	Generation of electric power	10.25%	Associate

Central Administration and Others
AESA	Argentina	Engineering and construction services	100%	Subsidiary

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

(2)	See Note 36.c.3) “Note from ENARGAS related to YPF’s equity interest in Metrogas” section to the annual consolidated financial statements.

(3)

(4)	See Note 4 “Acquisition of Mobil Argentina S.A.” section.

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

(6)	See Note 4 “Acquisition of equity participation of OLCLP” 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 JUNE 30, 2025 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 (cont.)

Organization of the business

As of June 30, 2025, 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.

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 six-month period ended June 30, 2025, 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, 2024 (“annual consolidated financial statements”) presented in accordance with IFRS Accounting Standards as issued by the IASB.

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

These condensed interim consolidated financial statements corresponding to the six-month period ended June 30, 2025, 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 six-month period ended June 30, 2025 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.

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.

Business combinations

When the assets acquired are not a business, the Group accounts for the transaction as the acquisition of an asset.

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 JUNE 30, 2025 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.)

Adoption of new standards and interpretations effective as from January 1, 2025

The Company has adopted all new and revised standards and interpretations, issued by the IASB, relevant to its operations which are of mandatory and effective application as of June 30, 2025, as described in Note 2.b.14) to the annual consolidated financial statements.

The adoption of the amendments mentioned in Note 2.b.14) “Amendments to IAS 21-Lack of exchangeability” section to the annual consolidated financial statements has not had a significant effect on these condensed interim consolidated financial statements.

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

2.d) Comparative information

3. SEASONALITY OF OPERATIONS

4.	ACQUISITIONS AND DISPOSALS

The most relevant acquisitions and disposals of companies that took place during the six-month period ended June 30, 2025 are described below:

Acquisition of Mobil Argentina S.A.

MASA owns 54.45% of Sierra Chata unconventional exploitation concession in the Province of Neuquén. Pampa Energía S.A., operator of such concession, owns the remaining working interest.

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 JUNE 30, 2025 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.)

On January 29, 2025 (“acquisition date”), after the fulfillment of the closing conditions, the sale and transfer by the Sellers to YPF of 100% of MASA’s shares and capital stock was completed. The amount of the transaction was US$ 327 million in cash. As of the acquisition date, MASA will continue to operate under the corporate name SC Gas S.A.U. (“SC Gas”), being YPF its sole shareholder.


	Fair value at acquisition date in millions of U.S. dollars ⁽¹⁾		Fair value at acquisition date in millions of pesos ^(1) (2)
Fair value of identifiable assets and liabilities assumed:
Intangible assets		117		123,084
Property, plant and equipment		161		169,372
Other receivables		7		7,364
Trade receivables		10		10,520
Cash and cash equivalents		60		63,120
Provisions		(6)		(6,312)
Deferred income tax liabilities, net		(15)		(15,780)
Accounts payable		(7)		(7,364)

Total identifiable net assets / Consideration		327		344,004

(1)

In accordance with IFRS 3, during the measurement period, an entity may adjust the provisional amounts recognized in a business combination, therefore, fair values may be adjusted during the period.

(2)

The amounts correspond to the pesos at the exchange rate on the date of purchase.

Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)

Acquisition of equity participation of OLCLP

The amount of the transaction was US$ 15 million, which was cancelled by offsetting payment obligations assumed by Tecpetrol S.A. under a firm transportation services agreement for the “Vaca Muerta Sur” Pipeline of US$ 13.6 million, and the remaining balance of US$ 1.4 million in cash.

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 JUNE 30, 2025 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.)


	Fair value at acquisition date in millions of U.S. dollars ⁽¹⁾		Fair value at acquisition date in millions of pesos ^(1) (2)
Fair value of identifiable assets and liabilities assumed:
Property, plant and equipment		93		110,066
Trade receivables		4		4,734
Investments in financial assets		2		2,367
Cash and cash equivalents		14		16,569
Deferred income tax liabilities, net		(1)		(1,184)
Taxes payable		(2)		(2,367)
Accounts payable		(3)		(3,551)

Total identifiable net assets		107		126,634

(1)

In accordance with IFRS 3, during the measurement period, an entity may adjust the provisional amounts recognized in a business combination, therefore, fair values may be adjusted during the period.

(2)

The amounts correspond to the pesos at the exchange rate on the date of purchase.

As a result of the transaction, YPF recognized a gain of 52,934 in “Other operating results, net” line item in the statement of comprehensive income corresponding to the revaluation to fair value at the acquisition date of the previous equity participation held by YPF in the equity of OLCLP.

5. FINANCIAL RISK MANAGEMENT

•

Liquidity risk management

The Group monitors compliance with covenants on a quarterly basis. As of June 30, 2025, the Group is in compliance with its covenants.

6. BUSINESS SEGMENT INFORMATION

Business segment information is presented in U.S. dollars, the functional currency of the Company (see Note 2.b)), 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 JUNE 30, 2025 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.)

As of the current fiscal year, as a consequence of the organizational structure changes in which the New Energies Vice Presidency was created, and the Gas and Power Vice Presidency and the Downstream Vice Presidency were reformulated as the LNG and Integrated Gas Vice Presidency and the Midstream and Downstream Vice Presidency respectively, the complete management scope of these new business units was determined. On January 1, 2025, these organizational changes resulted in a modification of the composition of the business segments according to how the chief decision maker allocates resources and assesses the performance of these business segments, creating the New Energies business segment and readjusting the composition and definition of the businesses of the remaining business segments. The changes in the business segments had no impact on the CGUs defined in Note 2.b.5) to the annual consolidated financial statements.

The business segments structure is organized as follows:

•

Upstream

The Upstream business segment 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

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 JUNE 30, 2025 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.)

•

LNG and Integrated Gas

Its revenues are mainly derived from the commercialization of natural gas as producers to third parties and to the Midstream and Downstream and the New Energies business segments.

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

•

New Energies

Its revenues are mainly derived from the sale of natural gas through our subsidiary Metrogas.

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

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 JUNE 30, 2025 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.)

•

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

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 JUNE 30, 2025 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.)


	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 six-month period ended June 30, 2025
Revenues		49			7,551		807		418			424		-			9,249			10,283,783
Revenues from intersegment sales		3,913			108		158		3			551		(4,733	)		-			-

Revenues		3,962			7,659		965		421			975		(4,733	)		9,249			10,283,783


Operating profit or loss		57	⁽³⁾		668		(5)		48			(128)		(36	)		604			640,713
Income from equity interests in associates and joint ventures		-			(12)		29		58			-		-			75			91,349

Net financial results																	(543	)		(568,699	)
Net profit before income tax																	136			163,363
Income tax																	(88	)		(101,668	)
Net profit for the period																	48			61,695

Acquisitions of property, plant and equipment		1,999			500		17		18			46		-			2,580			2,942,447
Acquisitions of right-of-use assets		33			125		-		-			8		-			166			197,954
Increases from business combinations ⁽⁴⁾		278			93		-		-			-		-			371			402,522

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		1,109			252		1		18			42		-			1,422			1,570,182
Amortization of intangible assets		-			19		-		7			5		-			31			34,782
Depreciation of right-of-use assets		81			56		-		-			4		-			141			154,285
Reversal of impairment losses of property, plant and equipment		-			-		-		(9	)		-		-			(9	)		(10,460	)

Balance as of June 30, 2025
Assets		12,621			11,163		936		2,460			2,099		(264	)		29,015			34,831,146

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 JUNE 30, 2025 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.)


	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 six-month period ended June 30, 2024
Revenues		25			7,734		781			339		366			-			9,245			7,992,061
Revenues from intersegment sales		4,035			50		132			4		473			(4,694	)		-			-

Revenues		4,060			7,784		913			343		839			(4,694	)		9,245			7,992,061


Operating profit or loss		762	⁽³⁾		861		(55	)		4		(94	)		(222	)		1,256			1,032,420
Income from equity interests in associates and joint ventures		-			23		48			85		-			-			156			125,975

Net financial results																		(420	)		(315,281	)
Net profit before income tax																		992			843,114
Income tax																		200			172,891
Net profit for the period																		1,192			1,016,005

Acquisitions of property, plant and equipment		1,949			537		5			11		44			-			2,546			2,331,229
Acquisitions of right-of-use assets		22			75		-			-		-			-			97			86,243
Increases from business combinations		-			-		-			-		-			-			-			-

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		841			239		1			16		40			-			1,137			978,314
Amortization of intangible assets		-			14		-			6		-			-			20			18,029
Depreciation of right-of-use assets		81			52		-			-		-			-			133			113,475
Impairment of property, plant and equipment		-			-		-			5		-			-			5			4,156

Balance as of December 31, 2024
Assets		12,795			10,735		743			2,524		2,822			(228	)		29,391			30,287,297

(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$ (1) million and US$ (55) million of unproductive exploratory drillings as of June 30, 2025 and 2024, respectively.

(4)	See Notes 8 and 9.

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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

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

7. FINANCIAL INSTRUMENTS BY CATEGORY

Fair value measurements

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


	As of June 30, 2025
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		274,025		-		-		274,025
- Private securities - NO		10,843		-		-		10,843

		284,868		-		-		284,868

Cash and cash equivalents:
- Mutual funds		347,452		-		-		347,452
- Public securities		61,226		-		-		61,226

		408,678		-		-		408,678

		693,546		-		-		693,546


	As of December 31, 2024
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		392,011		-		-		392,011
- Private securities - NO		9,371		-		-		9,371

		401,382		-		-		401,382

Cash and cash equivalents:
- Mutual funds		451,416		-		-		451,416
- Public securities		-		-		-		-

		451,416		-		-		451,416

		852,798		-		-		852,798

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

Fair value estimates

During the six-month period ended June 30, 2025, 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 11,616,231 and 9,079,899 as of June 30, 2025 and December 31, 2024, 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


	June 30, 2025		December 31, 2024
Net carrying amount of intangible assets		756,219		546,765
Provision for impairment of intangible assets		(47,691)		(40,938)

		708,528		505,827

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 JUNE 30, 2025 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 six-month period ended June 30, 2025 and as of the year ended December 31, 2024 is as follows:


	Service concessions	Exploration rights	Other intangibles	Total
Cost	778,570	88,737	347,634	1,214,941
Accumulated amortization	567,910	-	318,457	886,367
Balance as of December 31, 2023	210,660	88,737	29,177	328,574


Cost
Increases	80,146	-	14,218	94,364
Increases from business combinations	-	-	-	-
Translation effect	223,954	24,583	85,173	333,710
Adjustment for inflation ⁽¹⁾	-	-	52,369	52,369
Decreases, reclassifications and other movements	-	-	52,373	52,373

Accumulated amortization
Increases	25,017	-	17,127	42,144
Translation effect	160,502	-	81,135	241,637
Adjustment for inflation ⁽¹⁾	-	-	30,945	30,945
Decreases, reclassifications and other movements	-	-	(101)	(101)

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	44,763	-	5,012	49,775
Increases from business combinations	-	123,084	-	123,084
Translation effect	181,519	28,971	74,645	285,135
Adjustment for inflation ⁽¹⁾	-	-	17,258	17,258
Decreases, reclassifications and other movements	-	(57,196)	25,682	(31,514)

Accumulated amortization
Increases	14,984	-	19,798	34,782
Translation effect	125,595	-	62,776	188,371
Adjustment for inflation ⁽¹⁾	-	-	11,131	11,131
Decreases, reclassifications and other movements	-	-	-	-

Cost	1,308,952	208,179	674,364	2,191,495
Accumulated amortization	894,008	-	541,268	1,435,276
Balance as of June 30, 2025	414,944	208,179	133,096	756,219

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

9. PROPERTY, PLANT AND EQUIPMENT


	June 30, 2025			December 31, 2024
Net carrying amount of property, plant and equipment		24,306,059			20,049,632
Provision for obsolescence of materials and equipment		(570,944	)		(229,813	)
Provision for impairment of property, plant and equipment		(507,444	)		(512,396	)

		23,227,671			19,307,423

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 JUNE 30, 2025 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 six-month periods ended June 30, 2025 and as of the year ended December 31, 2024 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		1,082,634			42,849,530			7,191,844			545,647			1,157,739			4,573,051			105,041			700,464			1,115,998			653,172			683,871			60,658,991
Accumulated depreciation		554,636			36,228,745			4,727,278			297,862			-			-			-			635,432			791,998			329,442			525,391			44,090,784

Balance as of December 31, 2023		527,998			6,620,785			2,464,566			247,785			1,157,739			4,573,051			105,041			65,032			324,000			323,730			158,480			16,568,207


Cost
Increases		507			175,785			82,395			28,183			1,191,783			3,753,330			107,648			2,210			-			-			14,688			5,356,529
Increases from business combinations		-			-			-			-			-			-			-			-			-			-			-			-
Translation effect		240,319			6,913,347			2,031,025			135,356			288,903			1,067,400			10,202			180,482			320,721			-			140,517			11,328,272
Adjustment for inflation⁽¹⁾		155,605			-			-			50,009			16,763			24,791			-			31,817			-			769,175			185,137			1,233,297
Decreases, reclassifications and other movements		(81,297	)		(20,558,160	)		311,632			(8,984	)		(1,049,173	)		(3,162,649	)		(162,656	)		6,390			177,438			(4,730	)		(40,697	)		(24,572,886	)	⁽²⁾

Accumulated depreciation
Increases		26,316			1,973,824			342,722			38,468			-			-			-			36,186			67,073			25,870			32,778			2,543,237
Translation effect		123,342			5,510,439			1,350,293			67,335			-			-			-			165,544			226,056			-			109,961			7,552,970
Adjustment for inflation⁽¹⁾		81,978			-			-			33,454			-			-			-			22,907			-			387,951			131,921			658,211
Decreases, reclassifications and other movements		(52,381	)		(20,701,202	)		(57	)		(47,621	)		-			-			-			(34,141	)		(11,851	)		(12,806	)		(30,572	)		(20,890,631	)	⁽²⁾

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

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 JUNE 30, 2025 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		1,397,768			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		852			163,280			72,863		6,500			536,007			2,127,066			29,161			2,539			-			-			4,179			2,942,447
Increases from business combinations		-			119,928			-		110,066			8,416			41,028			-			-			-			-			-			279,438
Translation effect		186,914			5,102,111			1,599,910		106,187			242,848			861,397			6,400			142,264			268,526			-			103,502			8,620,059
Adjustment for inflation⁽¹⁾		45,148			-			-		17,390			5,676			8,465			-			10,411			-			220,014			55,798			362,902
Decreases, reclassifications and other movements		31,580			1,679,295			122,253		(10,604	)		(602,446	)		(2,026,445	)		(1,071	)		11,691			24,389			43,304			6,709			(721,345	)	⁽³⁾

Accumulated depreciation
Increases		15,205			1,306,983			200,234		23,827			-			-			-			21,318			41,583			17,313			17,830			1,644,293
Translation effect		95,350			3,896,994			1,076,891		53,301			-			-			-			129,837			180,773			-			84,426			5,517,572
Adjustment for inflation⁽¹⁾		24,552			-			-		10,697			-			-			-			7,092			-			113,367			40,790			196,498
Decreases, reclassifications and other movements		(5,905	)		(109,750	)		-		(10,550	)		-			-			-			(4,066	)		(257	)		(318	)		(443	)		(131,289	)	⁽³⁾

Cost		1,662,262			36,445,116			11,411,922		979,750			1,796,516			7,267,434			94,725			1,088,268			1,907,072			1,680,935			1,153,704			65,487,704
Accumulated depreciation		863,093			28,106,033			7,697,361		466,773			-			-			-			980,109			1,295,375			860,819			912,082			41,181,645

Balance as of June 30, 2025		799,169			8,339,083			3,714,561		512,977			1,796,516			7,267,434			94,725			108,159			611,697			820,116			241,622			24,306,059

(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 23,924,294 and 20,852,844 of cost and accumulated depreciation, respectively, reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project” section to the annual consolidated financial statements.

(3)	Includes 404,035 and 78,681 of cost and accumulated depreciation, respectively, reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 2.b.13) to the annual consolidated financial statements and Note 35.b) “Aguada del Chañar” 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 JUNE 30, 2025 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 below is the evolution of the provision for obsolescence of materials and equipment for the six-month period ended June 30, 2025 and as of the year ended December 31, 2024:


	Provision for obsolescence of materials and equipment
Balance as of December 31, 2023		137,679

Increases charged to profit or loss		53,312
Applications due to utilization		(1,851	)
Translation effect		39,513
Adjustment for inflation⁽¹⁾		1,160

Balance as of December 31, 2024		229,813

Increases charged to profit or loss		296,966
Applications due to utilization		(13,056	)
Translation effect		56,492
Adjustment for inflation⁽¹⁾		729

Balance as of June 30, 2025		570,944

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

Set forth below is the evolution of the provision for impairment of property, plant and equipment for the six-month period ended June 30, 2025 and as of the year ended December 31, 2024:


	Provision for impairment of property, plant and equipment
Balance as of December 31, 2023		2,137,101

Increases charged to profit or loss⁽¹⁾		67,084
Decreases charged to profit or loss		-
Depreciation⁽²⁾		(283,138	)
Translation effect		180,250
Adjustment for inflation⁽³⁾		5,117
Reclassifications⁽⁴⁾		(1,594,018	)

Balance as of December 31, 2024		512,396

Increases charged to profit or loss		-
Decreases charged to profit or loss		(10,460	)
Depreciation⁽²⁾		(74,111	)
Translation effect		75,092
Adjustment for inflation⁽³⁾		4,527
Reclassifications		-

Balance as of June 30, 2025		507,444

(1)	See Notes 2.c) and 8 to the annual consolidated financial statements.

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

(3)	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.

(4)	Includes 1,594,018 reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project” section 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 JUNE 30, 2025 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 six-month period ended June 30, 2025 and as of the year ended December 31, 2024 is as follows:


	Land and buildings			Exploitation facilities and equipment			Machinery and equipment			Gas stations			Transportation equipment			Total
Cost		33,180			456,907			365,502			74,771			402,400			1,332,760
Accumulated depreciation		19,543			335,816			203,273			40,368			224,577			823,577

Balance as of December 31, 2023		13,637			121,091			162,229			34,403			177,823			509,183


Cost
Increases		10,773			15,896			216,356			11,394			184,981			439,400
Translation effect		10,643			125,662			105,917			17,174			116,854			376,250
Adjustment for inflation ⁽¹⁾		571			-			-			14,918			-			15,489
Decreases, reclassifications and other movements		(862	)		(13,635	)		(55,853	)		(2,112	)		(10,523	)		(82,985	)

Accumulated depreciation
Increases		6,648			90,856			82,532			9,916			112,564			302,516
Translation effect		6,138			104,355			61,555			9,885			75,240			257,173
Adjustment for inflation ⁽¹⁾		567			-			-			10,117			-			10,684
Decreases, reclassifications and other movements		-			(13,635	)		(52,954	)		(1,167	)		(10,523	)		(78,279	)

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		56			-			40,638			-			157,260			197,954
Translation effect		8,642			95,201			107,407			14,587			115,681			341,518
Adjustment for inflation ⁽¹⁾		171			-			-			4,356			-			4,527
Decreases, reclassifications and other movements		(9,405	)		(11,974	)		-			-			(57,608	)		(78,987	)

Accumulated depreciation
Increases		3,148			21,843			58,186			6,459			100,553			190,189
Translation effect		5,511			87,316			56,947			8,317			75,493			233,584
Adjustment for inflation ⁽¹⁾		170			-			-			3,386			-			3,556
Decreases, reclassifications and other movements		(1,119	)		(2,634	)		-			-			(370	)		(4,123	)

Cost		53,769			668,057			779,967			135,088			909,045			2,545,926
Accumulated depreciation		40,606			623,917			409,539			87,281			577,534			1,738,877

Balance as of June 30, 2025		13,163			44,140			370,428			47,807			331,511			807,049

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

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table presents the value of the investments in associates and joint ventures at an aggregate level as of June 30, 2025 and December 31, 2024:


	June 30, 2025		December 31, 2024
Amount of investments in associates		358,588		218,296
Amount of investments in joint ventures		1,937,641		1,801,494

		2,296,229		2,019,790

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 JUNE 30, 2025 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 six-month period ended June 30, 2025 and as of the year ended December 31, 2024, correspond to:


	Investments in associates and joint ventures
Balance as of December 31, 2023		1,351,881

Acquisitions and contributions		30
Income on investments in associates and joint ventures		358,335
Distributed dividends		(154,131	)
Translation differences		386,181
Adjustment for inflation ⁽¹⁾		77,494
Capitalization in associates and joint ventures		-
Other movements		-

Balance as of December 31, 2024		2,019,790

Acquisitions and contributions		86,491
Income on investments in associates and joint ventures		91,349
Distributed dividends		(194,310	)
Translation differences		319,152
Adjustment for inflation ⁽¹⁾		16,366
Capitalization in associates and joint ventures		13,726
Other movements ⁽²⁾		(56,335	)

Balance as of June 30, 2025		2,296,229

(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)	See Note 4 “Acquisition of equity participation of OLCLP” section.


	Associates				Joint ventures
	For the six-month periods ended June 30,				For the six-month periods ended June 30,
	2025		2024		2025		2024
Net income		10,409		10,910		80,940		115,065
Other comprehensive income		46,234		43,808		289,284		183,466

Comprehensive income		56,643		54,718		370,224		298,531

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 JUNE 30, 2025 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.)


	June 30, 2025 ⁽¹⁾		December 31, 2024 ⁽¹⁾
Total non-current assets		2,666,346		2,211,995
Cash and cash equivalents		258,421		247,353
Other current assets		269,203		251,358
Total current assets		527,624		498,711

Total assets		3,193,970		2,710,706


Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other liabilities” items)		963,897		758,135
Other non-current liabilities		88,807		66,714
Total non-current liabilities		1,052,704		824,849
Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other liabilities” items)		258,000		299,548
Other current liabilities		226,697		219,601
Total current liabilities		484,697		519,149

Total liabilities		1,537,401		1,343,998



Total shareholders’ equity ⁽²⁾		1,656,569		1,366,708


Dividends received		-		37,260

	For the six-month periods ended June 30,
	2025 ⁽¹⁾		2024 ⁽¹⁾
Revenues		338,986		213,337
Interest income		6,326		20,135
Depreciation and amortization		(83,054)		(67,727)
Interest loss		(33,249)		(24,824)
Income tax		(29,436)		(6,080)
Operating profit		147,121		74,094


Net profit		63,236		61,142
Other comprehensive income		226,625		118,342

Total comprehensive income		289,861		179,484

(1)

The financial information arises from the statutory condensed interim consolidated financial statements of YPF EE. On this information, accounting adjustments have been made for the calculation of the equity method value and in the results of YPF EE. The adjusted equity and results do not differ significantly from the financial information disclosed here.

(2)	Includes the non-controlling interest.

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES

The following table presents the main assets held for sale and associated liabilities as of June 30, 2025 and December 31, 2024:


	Upstream		Midstream and Downstream		Total
Balance as of June 30, 2025
Assets held for sale
Property, plant and equipment - Mature Fields Project		623,128		-		623,128
Property, plant and equipment - Gas stations		-		11,349		11,349
Assets of subsidiary YPF Brasil ⁽²⁾		-		-		-

		623,128		11,349		634,477

Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations - Mature Fields Project		1,117,336		-		1,117,336
Provision for environmental liabilities - Mature Fields Project		11,441		-		11,441
Liabilities for concessions - Mature Fields Project		5,345		-		5,345
Liabilities of subsidiary YPF Brasil ⁽²⁾		-		-		-

		1,134,122		-		1,134,122

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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

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

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


	Upstream		Midstream and Downstream		Total
Balance as of December 31, 2024
Assets held for sale
Property, plant and equipment - Mature Fields Project ⁽¹⁾		1,551,664		-		1,551,664
Property, plant and equipment - Gas stations		-		9,719		9,719
Assets of subsidiary YPF Brasil ⁽²⁾		-		21,775		21,775

		1,551,664		31,494		1,583,158

Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations - Mature Fields Project ⁽¹⁾		2,113,047		-		2,113,047
Provision for environmental liabilities - Mature Fields Project ⁽¹⁾		55,422		-		55,422
Liabilities for concessions - Mature Fields Project ⁽¹⁾		14,572		-		14,572
Liabilities of subsidiary YPF Brasil ⁽²⁾		-		18,576		18,576

		2,183,041		18,576		2,201,617

(1)	See Note 11 “Mature Fields Project“ section to the annual consolidated financial statements.

(2)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in the statement of financial position, see “Note 4 Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.

Mature Fields Project

•

Description of the Mature Fields Project

The assignment agreements that met the agreed closing conditions during the six-month period ended June 30, 2025, and therefore the transaction was settled are described below:

Estación Fernández Oro

Campamento Central - Cañadón Perdido

On January 6, 2025, Decree No. 1,892/2024 was published in the Official Gazette of the Province of Chubut, which authorized the transfer of 100% of the rights and obligations in the “Campamento Central - Cañadón Perdido” exploitation concession, in which YPF held a working interest of 50%, in favor of PECOM Servicios Energía S.A.U. (“PECOM”).

Barrancas, Vizcacheras, La Ventana, Ceferino, Mesa Verde and Río Tunuyán

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 JUNE 30, 2025 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.)

Señal Cerro Bayo, Volcán Auca Mahuida, Don Ruiz and Las Manadas

Al Norte de la Dorsal, Octógono and Dadín

El Portón (Mendoza - Neuquén), Chihuido de la Salina, Altiplanicie del Payún, Cañadón Amarillo, Chihuido de la Salina Sur and Confluencia Sur

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 JUNE 30, 2025 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.)

Señal Picada - Punta Barda

El Tordillo, Puesto Quiroga and La Tapera

Restinga Alí

•

Accounting matters

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 JUNE 30, 2025 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.)

Based on the assessment of the changes in the fair value, the Company recognized a loss due to changes in the fair value of assets held for sale of 266,247 in the “Other net operating results” line item in the statement of comprehensive income, mainly associated with expenses of various nature arising from the general terms and conditions of the MOU signed with the Province of Santa Cruz and Fomicruz. Additionally, in relation to aforementioned MOU, YPF recognized a liability in the “Liabilities under agreements” line under the “Other liabilities” line item in the statement of financial position related to (i) the execution of an environmental remediation and abandonment program, and (ii) the payment of a compensatory bonus to the Province of Santa Cruz. As of June 30, 2025, the balance of this liability amounts to 443,898.

Based on the fair value of the groups of assets at the closing date of each of the assignment agreements mentioned in the “Description of the Mature Fields Project” section, YPF additionally recognized a gain on the sale of such groups of assets amounts to a gain of 180,967. The total consideration agreed includes cash payment of US$ 59 million and crude oil deliveries for a period of 4 years as payment in kind. Additionally, the derecognition of the carrying amount of the liabilities directly associated with assets held for sale net of the assets held for sale related to such exploitation concessions was 621,282.

Additionally, in relation to the Mature Fields Project, for the six-month period ended June 30, 2025, the Company:

Recognized a charge for the provision for obsolescence of materials and equipment in the “Other net operating results” line item in the statement of comprehensive income for 290,899.

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 charge for 36,267 in the “Provision for operating optimizations” line under “Other operating results, net” line item in the statement of comprehensive income.

In relation to the Company’s own personnel, the Company recognized a charge for severance indemnities of 28,026 in the “Provision for severance indemnities” line under “Other operating results, net” line item in the statement of comprehensive income.

13. INVENTORIES


	June 30, 2025		December 31, 2024
Finished goods	1,151,743		953,073
Crude oil and natural gas ⁽²⁾	455,203		470,381
Products in process	37,715		50,372
Raw materials, packaging materials and others	134,576		119,840
	1,779,237	⁽¹⁾	1,593,666	⁽¹⁾

(1)	As of June 30, 2025, and December 31, 2024, the carrying amount of inventories does not exceed their net realizable value.

(2)	Includes 24,652 and 20,818 corresponding to the provision of inventories write-down as of June 30, 2025 and December 31, 2024, respectively, see Note 2.b.8) to the annual consolidated financial statements.

14. OTHER RECEIVABLES


	June 30, 2025		December 31, 2024
	Non-current	Current	Non-current	Current
Receivables from services, sales of other assets and other advance payments	80,474	42,906	11,436	35,632
Tax credit and export rebates	181,367	82,563	131,589	155,002
Loans and balances with related parties ⁽¹⁾	237,549	107,499	164,203	35,571
Collateral deposits	2	19,748	2	20,820
Prepaid expenses	62,896	61,035	15,340	43,516
Advances and loans to employees	615	7,705	497	5,469
Advances to suppliers and custom agents ⁽²⁾	25,481	60,654	16,756	76,595
Receivables with partners in JO and Consortiums	316,664	366,472	2,263	168,855
Insurance receivables	-	-	-	5,153
Miscellaneous	33,525	44,912	32,787	23,494
	938,573	793,494	374,873	570,107
Provision for other doubtful receivables	(25,468)	(72)	(26,822)	(197)
	913,105	793,422	348,051	569,910

(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.

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 JUNE 30, 2025 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


	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Accounts receivable and related parties ^{(1) (2)}		11,590		2,236,066		11,121		1,722,704
Provision for doubtful trade receivables		(9,788)		(81,983)		(9,788)		(53,757)

		1,802		2,154,083		1,333		1,668,947

(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 below is the evolution of the provision for doubtful trade receivables for the six-month period ended June 30, 2025 and for the fiscal year ended December 31, 2024:


	Provision for doubtful trade receivables
	Non-current			Current
Balance as of December 31, 2023		9,788	⁽²⁾		37,652

Increases charged to expenses		-			64,602	⁽³⁾
Decreases charged to income		-			(7,279)	⁽³⁾
Applications due to utilization		-			(42,980)	⁽³⁾
Net exchange and translation differences		-			9,285
Result from net monetary position ⁽¹⁾		-			(6,356)
Reclassifications ⁽⁴⁾		-			(1,167)

Balance as of December 31, 2024		9,788	⁽²⁾		53,757

Increases charged to expenses		-			31,365
Decreases charged to income		-			(5,534)
Applications due to utilization		-			(1,492)
Net exchange and translation differences		-			4,583
Result from net monetary position ⁽¹⁾		-			(417)
Reclassifications		-			(279)

Balance as of June 30, 2025		9,788	⁽²⁾		81,983

(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 36.c.1) to the annual consolidated financial statements.

(3)	Mainly including credits with CAMMESA, see Note 37 to the annual consolidated financial statements.

(4)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.

16. INVESTMENTS IN FINANCIAL ASSETS


	June 30, 2025		December 31, 2024
Investments at fair value through profit or loss
Public securities ⁽¹⁾		274,025		392,011
Private securities - NO		10,843		9,371

		284,868		401,382

(1)	See Note 37.

17. CASH AND CASH EQUIVALENTS


	June 30, 2025		December 31, 2024
Cash and banks ⁽¹⁾		402,179		314,096
Short-term investments⁽²⁾		117,822		386,356
Financial assets at fair value through profit or loss ⁽³⁾		408,678		451,416

		928,679		1,151,868

(1)	Includes balances granted as collateral, see Note 35.d) to the annual consolidated financial statements.

(2)	Includes 31,831 and 150,717 of term deposits and other investments with BNA as of June 30, 2025 and December 31, 2024, respectively.

(3)	See Note 7.

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 JUNE 30, 2025 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)

18. PROVISIONS

Changes in the Group’s provisions for the six-month period ended June 30, 2025 and for the fiscal year ended December 31, 2024 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, 2023		53,388		16,868		38,861		27,924		2,054,451		101,337		2,146,700		146,129

Increases charged to expenses		102,598		423		177,257		-		118,526		-		398,381		423
Decreases charged to income		(4,918)		-		(1,044)		-		(7,562)		-		(13,524)		-
Increases from business combinations		-		-		-		-		-		-		-		-
Applications due to utilization		(3,089)		(17,388)		-		(67,045)		-		(29,162)		(3,089)		(113,595)
Net exchange and translation differences		6,689		4,472		17,498		-		201,987		28,073		226,174		32,545
Result from net monetary position ⁽¹⁾		(2,596)		-		-		-		-		-		(2,596)		-
Reclassifications and other movements ⁽²⁾		(18,781)		16,760		(130,224)		76,964		(1,485,116)		(39,835)		(1,634,121)		53,889

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		22,662		82		24,933		-		64,384		-		111,979		82
Decreases charged to income		(3,521)		(35)		-		-		-		-		(3,521)		(35)
Increases from business combinations		-		-		-		-		6,312		-		6,312		-
Applications due to utilization		(1,134)		(18,826)		-		(50,872)		-		(15,371)		(1,134)		(85,069)
Net exchange and translation differences		7,537		3,400		17,377		-		152,729		8,133		177,643		11,533
Result from net monetary position ⁽¹⁾		29		-		-		-		-		-		29		-
Reclassifications and other movements		(19,072)		18,820		(82,794)		81,054		4,719		(5,955)		(97,147)		93,919

Balance as of June 30, 2025		139,792		24,576		61,864		68,025		1,110,430		47,220		1,312,086		139,821

(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 1,700,736 and 53,260 corresponding to the provisions for hydrocarbon wells abandonment obligations and for environmental liabilities, respectively, reclassified to the “Liabilities directly associated with assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project” section to the annual consolidated financial statements. Additionally, includes the balance of the provision for lawsuits and contingencies of the subsidiary YPF Brasil reclassified to “Assets held for sale” in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.

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

19. INCOME TAX

The amount accrued of income tax charge for the six-month periods ending June 30, 2025 and 2024 is as follows:


	For the six-month periods ended June 30,
	2025		2024
Current income tax		(40,260)		(29,105)
Deferred income tax		(61,408)		201,996

		(101,668)		172,891

The effective income tax rate projected at the end of the fiscal year amounts to 62.23%. The variation in this rate compared to the effective rate as of December 31, 2024 (see Note 18 to the annual consolidated financial statements) is mainly explained by the impact of the estimation of certain macroeconomic variables in the measurement of property, plant, and equipment for accounting and tax purposes, which generates an increase in deferred income tax liability related to those assets. The accounting measurement of property, plant and equipment is based on the Company’s functional currency according to IFRS (see Note 2.b)), while the tax measurement is based on inflation-adjusted pesos.

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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

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

19.INCOME TAX (cont.)

As of June 30, 2025 and December 31, 2024 the Group has classified as deferred tax asset 276,973 and 339,492, respectively, and as deferred tax liability 124,284 and 92,701, 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


	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
VAT		-		43,794		-		19,494
Withholdings and perceptions		-		75,148		-		73,206
Royalties		-		94,121		-		86,431
Fuels tax		-		95,114		-		30,638
Turnover tax		-		11,168		-		7,660
Miscellaneous		233		18,812		224		37,190

		233		338,157		224		254,619

21. SALARIES AND SOCIAL SECURITY
	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Salaries and social security		-		80,850		-		97,426
Bonuses and incentives provision		-		100,810		-		183,805
Cash-settled share-based payments provision ⁽¹⁾		40,439		-		33,758		-
Vacation provision		-		89,050		-		69,150
Provision for severance indemnities ⁽²⁾		-		69,366		-		67,694
Miscellaneous		768		7,186		1,133		5,899

		41,207		347,262		34,891		423,974

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

(2)	See Note 12 “Mature Fields Project“ section.

22. LEASE LIABILITIES

The evolution of the Group’s leases liabilities for the six-month period ended June 30, 2025 and for the fiscal year ended December 31, 2024, is as follows:


	Lease liabilities
Balance as of December 31, 2023		536,598

Increases of leases		439,400
Financial accretions		64,157
Decreases of leases		(4,706)
Payments		(360,180)
Net exchange and translation differences		124,378
Result from net monetary position ⁽¹⁾		9

Balance as of December 31, 2024		799,656

Increases of leases		197,954
Financial accretions		38,529
Decreases of leases		(75,939)
Payments		(224,305)
Net exchange and translation differences		114,317
Result from net monetary position ⁽¹⁾		(4)

Balance as of June 30, 2025		850,208

(1)

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

HORACIO DANIEL MARÍN

President

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2025 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


						June 30, 2025					December 31, 2024
	Interest rate⁽¹⁾				Maturity	Non-current			Current		Non-current			Current
Pesos:
Export pre-financing ⁽⁵⁾			-		-		-			-		-			31,842
Loans		40.48%	-	49.10%	2026		10,612			15,632		18,560			8,161
Stock market promissory notes		34.75%	-	34.75%	2025		-			12,421		-			-
Overdraft		36.00%	-	36.00%	2025		-			301		-			-

							10,612			28,354		18,560			40,003

Currencies other than the peso:
NO ^{(2) (3)}		0.00%	-	10.00%	2025-2047		8,323,027			1,421,257		6,445,486			1,357,464
Export pre-financing ⁽⁴⁾		2.40%	-	8.70%	2025-2026		-			630,973		-			394,681
Imports financing		8.80%	-	10.50%	2025-2026		10,991			32,154		20,082			17,496
Loans		2.40%	-	11.06%	2025-2030		734,590	⁽⁶⁾		470,591		739,824	⁽⁶⁾		77,846
Stock market promissory notes		0.00%	-	3.95%	2025-2026		34,466			120,050		25,763			77,287

							9,103,074			2,675,025		7,231,155			1,924,774

							9,113,686			2,703,379		7,249,715			1,964,777

(1)	Nominal annual interest rate as of June 30, 2025.

(2)	Disclosed net of 34,922 and 18,902 corresponding to YPF’s own NO repurchased through open market transactions, as of June 30, 2025, and December 31, 2024, respectively.

(3)	Includes 1,969,143 and 1,541,141 as of June 30, 2025, and December 31, 2024, 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 60,838 and 137,287 as of June 30, 2025, and December 31, 2024, respectively, of pre-financing of exports granted by BNA.

(5)	Corresponds to pre-financing of exports in pesos granted by BNA.

(6)	Includes 287,531 and 28,854 of loans granted by BNA as of June 30, 2025 and December 31, 2024, respectively.

Set forth below is the evolution of the loans for six-month period ended June 30, 2025 and for the fiscal year ended December 31, 2024:


	Loans
Balance as of December 31, 2023		6,609,071

Proceeds from loans		2,668,015
Payments of loans		(1,908,219)
Payments of interest		(645,077)
Account overdrafts, net		(45,095)
Accrued interest ⁽¹⁾		617,329
Net exchange and translation differences		1,927,056
Result from net monetary position ⁽²⁾		(1,432)
Reclassifications ⁽³⁾		(7,156)

Balance as of December 31, 2024		9,214,492

Proceeds from loans		2,429,371
Payments of loans		(1,468,867)
Payments of interest		(349,993)
Account overdrafts, net		294
Accrued interest ⁽¹⁾		361,942
Net exchange and translation differences		1,629,838
Result from net monetary position ⁽²⁾		(12)
Reclassifications		-

Balance as of June 30, 2025		11,817,065

(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)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” 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 JUNE 30, 2025 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:


													June 30, 2025				December 31, 2024
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		17,789		301		15,270		259
April		2015		U.S. dollar	757		Class XXXIX		-	-		-		-		-		-		808,785
July, December		2017		U.S. dollar	644		Class LIII		Fixed	6.95%		2027		778,505		22,778		669,044		19,946
December		2017		U.S. dollar	537		Class LIV		Fixed	7.00%		2047		636,199		1,531		545,982		1,530
June		2019		U.S. dollar	399		Class I		Fixed	8.50%		2029		477,509		342		409,769		391
July		2020		U.S. dollar	341		Class XIII		-	-		-		-		-		-		44,940
February		2021		U.S. dollar	776		Class XVI		Fixed	9.00%		2026		-		218,005		59,632		250,123
February		2021		U.S. dollar	748		Class XVII		Fixed	9.00%		2029		774,410		131,267		778,641		-
February		2021		U.S. dollar	576		Class XVIII		Fixed	7.00%		2033		668,184		12,874		572,507		10,910
July		2021		U.S. dollar	384		Class XX		Fixed	5.75%		2032		428,298		44,499		395,928		10,102
January		2023		U.S. dollar	230		Class XXI		Fixed	1.00%		2026		-		264,269		226,674		454
April		2023		U.S. dollar	147		Class XXIII		-	-		-		-		-		-		154,330
April		2023		U.S. dollar	38		Class XXIV		Fixed	1.00%		2027		45,040		81		38,662		71
June		2023		U.S. dollar	263		Class XXV		Fixed	5.00%		2026		-		316,231		270,648		684
September		2023		U.S. dollar	400		Class XXVI		Fixed	0.00%		2028		480,200		-		412,200		-
October		2023		U.S. dollar	128		Class XXVII		Fixed	0.00%		2026		167,914		-		151,929		-
January		2024		U.S. dollar	800		Class XXVIII		Fixed	9.50%		2031		950,015		42,655		814,485		36,570
May		2024		U.S. dollar	178		Class XXIX		Fixed	6.00%		2026		-		213,995		182,426		1,035
July		2024		U.S. dollar	389		Class XXX		Fixed	1.00%		2026		445,044		2,387		192,076		76
September ⁽²⁾		2024		U.S. dollar	540		Class XXXI		Fixed	8.75%		2031		646,746		17,445		555,037		14,972
October ⁽²⁾		2024		U.S. dollar	125		Class XXXII		Fixed	6.50%		2028		150,063		7,028		128,813		1,881
October ⁽²⁾		2024		U.S. dollar	25		Class XXXIII		Fixed	7.00%		2028		30,013		466		25,763		405
January		2025		U.S. dollar	1,100		Class XXXIV		Fixed	8.25%		2034		1,293,261		50,662		-		-
February ⁽²⁾		2025		U.S. dollar	140		Class XXXV		Fixed	6.25%		2027		167,390		1,006		-		-
February ⁽²⁾		2025		U.S. dollar	59		Class XXXVI		Fixed	3.50%		2025		-		71,630		-		-
May		2025		U.S. dollar	140		Class XXXVII		Fixed	7.00%		2027		166,447		1,805		-		-

														8,323,027		1,421,257		6,445,486		1,357,464

(1)	Nominal annual interest rate as of June 30, 2025.

(2)	During the six-month period ended June 30, 2025, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements.

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

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 JUNE 30, 2025 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


	June 30, 2025			December 31, 2024
	Non-current	Current		Non-current	Current
Liabilities for concessions and assignment agreements	130,642		131,465	-		96,399
Liabilities for contractual claims ⁽¹⁾	44,518		52,052	76,561		48,315
Provision for operating optimizations ⁽²⁾	-		42,001	-		274,113
Liabilities for agreements⁽³⁾	286,041		157,857	-		-
Miscellaneous	-		2,639	-		3,382

	461,201		386,014	76,561		422,209

(1)	See Note 17.a.2) to the annual consolidated financial statements.

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

(3)	See Note 12 “Mature Fields Project“ section.

25. ACCOUNTS PAYABLE


	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Trade payable and related parties ⁽¹⁾		3,997		3,116,209		4,106		2,905,736
Guarantee deposits		917		4,162		803		4,113
Payables with partners of JO and Consortiums		1,159		48,103		995		39,265
Miscellaneous		-		17,337		-		17,520

		6,073		3,185,811		5,904		2,966,634

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

26. REVENUES


	For the six-month periods ended June 30,
	2025		2024
Revenue from contracts with customers		10,209,948		7,912,081
National Government incentives ⁽¹⁾		73,835		79,980

		10,283,783		7,992,061

(1)	See Note 37.

•

Breakdown of revenues

Type of good or service


	For the six-month period ended June 30, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		3,423,227		-		-		-		3,423,227
Gasolines		-		2,144,904		-		-		-		2,144,904
Natural gas ⁽¹⁾		21,055		8,293		827,077		401,615		-		1,258,040
Crude oil		1,110		575,387		-		-		-		576,497
Jet fuel		-		416,839		-		-		-		416,839
Lubricants and by-products		-		234,252		-		-		-		234,252
LPG		-		270,695		-		-		-		270,695
Fuel oil		-		75,306		-		-		-		75,306
Petrochemicals		-		207,449		-		-		-		207,449
Fertilizers and crop protection products		-		115,126		-		-		-		115,126
Flours, oils and grains		-		348,253		-		-		-		348,253
Asphalts		-		56,867		-		-		-		56,867
Goods for resale at gas stations		-		74,604		-		-		-		74,604
Income from services		-		-		-		700		83,021		83,721
Income from construction contracts		-		-		-		-		225,222		225,222
Virgin naphtha		-		85,145		-		-		-		85,145
Petroleum coke		-		121,252		-		-		-		121,252
LNG regasification		-		25,094		-		-		-		25,094
Other goods and services		34,098		146,182		6,268		96,368		184,539		467,455

		56,263		8,328,875		833,345		498,683		492,782		10,209,948

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 JUNE 30, 2025 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 six-month period ended June 30, 2024
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		2,852,478		-		-		-		2,852,478
Gasolines		-		1,693,212		-		-		-		1,693,212
Natural gas ⁽¹⁾		-		7,765		598,167		265,392		-		871,324
Crude oil		-		397,063		-		-		-		397,063
Jet fuel		-		412,745		-		-		-		412,745
Lubricants and by-products		-		222,296		-		-		-		222,296
LPG		-		183,530		-		-		-		183,530
Fuel oil		-		59,615		-		-		-		59,615
Petrochemicals		-		196,569		-		-		-		196,569
Fertilizers and crop protection products		-		142,405		-		-		-		142,405
Flours, oils and grains		-		166,803		-		-		-		166,803
Asphalts		-		27,911		-		-		-		27,911
Goods for resale at gas stations		-		50,929		-		-		-		50,929
Income from services		-		-		-		447		73,406		73,853
Income from construction contracts		-		-		-		-		144,237		144,237
Virgin naphtha		-		60,313		-		-		-		60,313
Petroleum coke		-		83,145		-		-		-		83,145
LNG regasification		-		19,225		-		-		-		19,225
Other goods and services		22,639		84,316		6,370		42,203		98,900		254,428

		22,639		6,660,320		604,537		308,042		316,543		7,912,081

(1)

Includes 861,442 and 628,600 corresponding to sales of natural gas produced by the Company for the six-month periods ended June 30, 2025 and 2024, respectively.

Sales channels


	For the six-month period ended June 30, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		3,634,908		-		-		-		3,634,908
Power plants		-		13,087		241,976		32,740		-		287,803
Distribution companies		-		-		233,733		-		-		233,733
Retail distribution of natural gas		-		-		-		254,627		-		254,627
Industries, transport and aviation		22,165		2,057,301		356,268		167,485		-		2,603,219
Agriculture		-		978,853		-		-		-		978,853
Petrochemical industry		-		297,030		-		-		-		297,030
Trading		-		971,725		-		-		-		971,725
Oil companies		-		102,530		-		-		-		102,530
Commercialization of LPG		-		146,869		-		-		-		146,869
Other sales channels		34,098		126,572		1,368		43,831		492,782		698,651

		56,263		8,328,875		833,345		498,683		492,782		10,209,948


	For the six-month period ended June 30, 2024
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		2,972,122		-		-		-		2,972,122
Power plants		-		37,884		185,304		15,871		-		239,059
Distribution companies		-		-		79,114		-		-		79,114
Retail distribution of natural gas		-		-		-		141,370		-		141,370
Industries, transport and aviation		-		1,676,237		334,998		145,166		-		2,156,401
Agriculture		-		704,775		-		-		-		704,775
Petrochemical industry		-		279,182		-		-		-		279,182
Trading		-		717,289		-		-		-		717,289
Oil companies		-		77,925		-		-		-		77,925
Commercialization of LPG		-		64,825		-		-		-		64,825
Other sales channels		22,639		130,081		5,121		5,635		316,543		480,019

		22,639		6,660,320		604,537		308,042		316,543		7,912,081

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 JUNE 30, 2025 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 8,565,674 and 6,691,214 for the six-month periods ended June 30, 2025 and 2024, respectively.

Sales in the international market amounted to 1,644,274 and 1,220,867 for the six-month periods ended June 30, 2025 and 2024, respectively.


●		Contract balances

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


	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Credits for contracts included in the item of “Trade receivables”		9,877		2,163,288		9,408		1,695,892
Contract assets		-		25,023		-		31,207
Contract liabilities		200,015		137,109		116,883		74,795

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 contracts for the sale of fuels and agribusiness products and transportation service contracts, among others.

For the six-month periods ended June 30, 2025 and 2024 the Group has recognized 58,332 and 45,706, 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 six-month periods ended June 30,
	2025		2024
Inventories at beginning of year		1,593,666		1,357,716
Purchases		2,490,477		1,860,025
Production costs ⁽¹⁾		5,015,690		3,680,318
Translation effect		259,484		161,987
Adjustment for inflation ⁽²⁾		8,578		22,810
Inventories at end of the period		(1,779,237)		(1,435,854)

		7,588,658		5,647,002

(1)	See Note 28.

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

HORACIO DANIEL MARÍN

President

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2025 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 six-month period ended June 30, 2025
	Production costs ⁽²⁾		Administrative expenses ⁽³⁾		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		611,346		157,020		84,543			2,340		855,249
Fees and compensation for services		62,644		147,981		25,357			174		236,156
Other personnel expenses		171,693		18,655		7,641			2,219		200,208
Taxes, charges and contributions		85,884		5,952		566,794	⁽¹⁾		-		658,630
Royalties, easements and fees		597,183		-		1,275			3,386		601,844
Insurance		39,185		1,970		903			-		42,058
Rental of real estate and equipment		144,625		264		8,134			-		153,023
Survey expenses		-		-		-			22,882		22,882
Depreciation of property, plant and equipment		1,489,933		24,573		55,676			-		1,570,182
Amortization of intangible assets		22,791		11,660		331			-		34,782
Depreciation of right-of-use assets		147,328		31		6,926			-		154,285
Industrial inputs, consumable materials and supplies		292,558		3,640		7,534			1,615		305,347
Operation services and other service contracts		182,873		8,591		30,672			8,747		230,883
Preservation, repair and maintenance		842,535		19,148		19,936			12,083		893,702
Unproductive exploratory drillings		-		-		-			854		854
Transportation, products and charges		278,551		-		269,702			-		548,253
Provision for doubtful receivables		-		-		25,831			-		25,831
Publicity and advertising expenses		-		31,356		22,543			-		53,899
Fuel, gas, energy and miscellaneous		46,561		8,030		49,681			1,527		105,799

		5,015,690		438,871		1,183,479			55,827		6,693,867

(1)	Includes 152,136 corresponding to export withholdings and 313,518 corresponding to turnover tax.

(2)	Includes 19,172 corresponding to research and development activities.

(3)	Includes 5,860 corresponding to fees and remunerations of Directors and Statutory Auditors of YPF’s Board of Directors.


	For the six-month period ended June 30, 2024
	Production costs ⁽²⁾		Administrative expenses ⁽³⁾		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		420,534		123,979		61,258			5,875		611,646
Fees and compensation for services		22,827		99,287		17,331			109		139,554
Other personnel expenses		119,022		9,372		6,438			1,001		135,833
Taxes, charges and contributions		73,241		9,332		417,826	⁽¹⁾		-		500,399
Royalties, easements and fees		483,259		-		767			1,453		485,479
Insurance		34,450		1,778		989			-		37,217
Rental of real estate and equipment		91,970		490		6,846			-		99,306
Survey expenses		-		-		-			20,169		20,169
Depreciation of property, plant and equipment		922,064		18,567		37,683			-		978,314
Amortization of intangible assets		12,246		5,573		210			-		18,029
Depreciation of right-of-use assets		108,353		19		5,103			-		113,475
Industrial inputs, consumable materials and supplies		234,330		1,513		4,659			680		241,182
Operation services and other service contracts		213,291		4,233		22,400			7,459		247,383
Preservation, repair and maintenance		656,357		16,651		23,184			4,643		700,835
Unproductive exploratory drillings		-		-		-			49,086		49,086
Transportation, products and charges		222,420		-		194,075			-		416,495
Provision for doubtful receivables		-		-		54,787			-		54,787
Publicity and advertising expenses		-		10,745		22,425			-		33,170
Fuel, gas, energy and miscellaneous		65,954		6,362		31,308			5,265		108,889

		3,680,318		307,901		907,289			95,740		4,991,248

(1)	Includes 91,962 corresponding to export withholdings and 247,546 corresponding to turnover tax.

(2)	Includes 17,133 corresponding to research and development activities.

(3)	Includes 3,533 corresponding to fees and remunerations of Directors and Statutory Auditors of YPF’s Board of Directors.

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 JUNE 30, 2025 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 six-month periods ended June 30,
	2025		2024
Lawsuits		(16,616)		(35,522)
Export Increase Program ⁽¹⁾		19,898		34,873
Result from sale of assets ⁽²⁾ ⁽³⁾		203,071		-
Result from changes in fair value of assets held for sale ⁽²⁾		(266,247)		-
Provision for severance indemnities ⁽²⁾		(28,026)		-
Provision for operating optimizations ⁽²⁾		(36,267)		-
Provision for obsolescence of materials and equipment ⁽²⁾		(290,899)		-
Result from revaluation of companies ⁽⁴⁾		52,934		-
Miscellaneous		(24,543)		3,096

		(386,695)		2,447

(1)	See Note 36.h) to the annual consolidated financial statements and Note 36.i).

(2)	See Note 12 “Mature Fields Project” section.

(3)	See Note 35.b) “Aguada del Chañar” section.

(4)	See Note 4 “Acquisition of equity participation of OLCLP”.

30. NET FINANCIAL RESULTS


	For the six-month periods ended June 30,
	2025		2024
Financial income
Interest on cash and cash equivalents and investments in financial assets		15,221		20,206
Interest on trade receivables		23,013		37,134
Other financial income		8,938		3,539

Total financial income		47,172		60,879


Financial costs
Loan interest		(354,660)		(318,166)
Hydrocarbon well abandonment provision financial accretion ⁽¹⁾		(188,163)		(150,601)
Other financial costs		(66,047)		(63,668)

Total financial costs		(608,870)		(532,435)


Other financial results
Exchange differences generated by loans		(1,016)		11,705
Exchange differences generated by cash and cash equivalents and investments in financial assets		(43,548)		(3,278)
Other exchange differences, net		(6,122)		29,753
Result on financial assets at fair value through profit or loss		64,285		85,643
Result from derivative financial instruments		1,546		222
Result from net monetary position		(22,152)		35,879
Export Increase Program ⁽²⁾		-		2,646
Result from transactions with financial assets		6		(6,295)

Total other financial results		(7,001)		156,275



Total net financial results		(568,699)		(315,281)

(1)

Includes 123,779 and 76,053 corresponding to the financial accretion of liabilities directly associated with assets held for sale for the six-month periods ending June 30, 2025 and 2024, respectively, see Note 2.b.13) to the annual consolidated financial statements and Note 12 “Mature Fields Project” section.

(2)	See Note 36.h) to the annual consolidated financial statements and Note 36.i).

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 JUNE 30, 2025 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


	June 30, 2025		December 31, 2024
Non-current assets ⁽¹⁾		8,065,736		6,477,762
Current assets		406,362		596,499

Total assets		8,472,098		7,074,261

Non-current liabilities		342,829		462,812
Current liabilities		845,216		792,368

Total liabilities		1,188,045		1,255,180

(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 six-month periods ended June 30,
	2025		2024
Production cost		1,455,238		955,593
Exploration expenses		6,787		23,801

32. SHAREHOLDERS’ EQUITY

During the six-month periods ended June 30, 2025 and 2024, the Company has not repurchased any of its own shares.

On April 30, 2025, the General Shareholders’ Meeting was held, which approved the statutory financial statements of YPF (see Note 2.b)) corresponding to the year ended on December 31, 2024 and, additionally, approved the following in relation to the retained earnings: (i) completely release the reserve for purchase of treasury shares and the reserve for investments; (ii) allocate the amount of 34,205 to appropriate a reserve for purchase of treasury shares; and (iii) allocate the amount of 6,787,343 to appropriate a reserve for investments.

33. EARNINGS PER SHARE

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


	For the six-month periods ended June 30,
	2025		2024
Net profit		44,178		994,465
Weighted average number of shares outstanding		392,205,210		391,859,461
Basic and diluted earnings per share		112.64		2,537.81