The following quantitative and qualitative information is provided about financial instruments to which we are a party as of December 31, 2025, and from which we may derive gains or incur losses from changes in the market, interest rates, foreign exchange rates or commodity prices. We do not use derivative financial instruments for speculative purposes. This discussion contains forward-looking statements that are subject to risks and uncertainties. Actual results could vary materially as a result of a number of factors including those set forth in “Item 3. Key information—Risk factors” and “Item 5. Operating and financial review and prospects—Factors affecting our operations”. For comparative information for the year ended December 31, 2024, see “Item 11. Quantitative and qualitative disclosures about market risk” in our annual report on Form 20-F for the fiscal year ended December 31, 2024. Foreign currency exposure The value of financial assets and liabilities denominated in a currency different from the YPF S.A.’s functional currency is subject to variations resulting from fluctuations in exchange rates. Since YPF S.A.’s functional currency is the U.S. dollar, the currency that generates the greatest exposure is the Argentine peso, the Argentine legal currency. See Notes 2.b.1) and 4 to the Audited Consolidated Financial Statements, “Item 3. Key information—Risk factors—Risks relating to Argentina—We may be exposed to fluctuations in foreign exchange rates” and “Item 10. Additional information—Exchange rates”. Interest rate exposure Only 5% of our financial debt is subject to variable interest rate, while only 5% of our financial assets measured at amortized cost are subject to a variable interest rate. Financial assets measured at amortized cost subject to a variable interest rate include trade receivables and have a low exposure to interest rate risk. Our financial assets measured at amortized cost that accrued interest, whether at fixed or variable interest rates, are current assets. For information about our financial assets and liabilities as of December 31, 2025, that may be sensitive to changes in interest rates, see Note 4 “Interest rate risk” section to the Audited Consolidated Financial Statements. The financial assets held for the purpose of collecting their contractual cash flows and whose contractual terms establish payments, on specific dates, solely of principal and interest are measured at amortized cost. The financial assets held for other purposes, or that do not meet all the conditions to be measured at amortized cost, are measured at fair value through profit or loss. For further information about our accounting policy and fair values of financial assets see Notes 2.b.7) and 6, respectively, to the Audited Consolidated Financial Statements. For information about the maturities of our financial liabilities see Notes 4 “Liquidity risk management” section in Note 4 and 22 to the Audited Financial Consolidated Statements and “Item 5. Operating and financial review and prospects—Liquidity and capital resources—Loans”. For information regarding fair values of our financial liabilities see Note 6 to the Audited Consolidated Financial Statements. Additionally, see “Item 3. Key information—Risk factors—Risks relating to Argentina—Variations in interest and exchange rates on our current and/or future financing arrangements may result in significant increases in our borrowing costs”. Hydrocarbons price exposure Our results of operations are exposed to volatility mainly in the prices of certain crude oil products, for further information see Note 4 to the Audited Consolidated Financial Statements. For information of our natural gas delivery commitments as of December 31, 2025, see “Item 4. Information on the Company—Business organization—LNG and Integrated Gas—Natural gas delivery commitments and supply contracts” and “Item 3. Key information—Risk factors—Risks relating to our business—Pricing of our products in Argentina and fluctuations in international prices of oil and refined products may adversely affect our results of operations”. 101 Table of Contents YPF | Form 20-F | 2025