The following discussion should be read in conjunction with our Audited Consolidated Financial Statements included in this annual report. Financial information Selected consolidated financial information in this annual report as of December 31, 2025, 2024 and 2023 and for the years ended December 31, 2025, 2024 and 2023 has been derived from our Audited Consolidated Financial Statements included in this annual report. Business segment reporting Regarding our business segment reporting, see Note 5 to the Audited Consolidated Financial Statements and “Item 4. Information on the Company—Business organization”. Factors affecting our operations Our operations are affected by a number of factors (see “Item 3. Key information—Risk factors”), including, but not limited to: • The volume of hydrocarbon and derivative products we produce and sell • Regulation of domestic pricing • Our pricing policy for fuels • Export and import regulations • International and domestic prices of crude oil and oil products • Geopolitical tensions and crisis • Our capital expenditures and financing availability • Decisions of our joint ventures’ partners in connection with investments in areas we jointly operate • Inflation and changes in currency values • Cost increases • Domestic market demand for hydrocarbon products • Operational risks • Labor strikes and other forms of public protest in Argentina • Taxes, including export taxes • Regulation of capital flows, including those affecting financing • The Argentine peso/U.S. dollar exchange rate • The revocation of our concessions in case of non-compliance with certain provisions as set by laws and agreements with the Argentine government and/or Provinces • Inability to renew or extend our concessions • Dependence on the infrastructure and logistic network used to deliver our products • Interest rates • Regulation of our activities, including with respect to environmental factors • A pandemic disease • Energy transition and lower carbon energy For information regarding our results of operations see “Item 5. Operating and financial review and prospects—Statements of comprehensive income breakdown”. Our business is inherently volatile due to the influence of external factors, such as those listed above. Consequently, our past financial condition, results of operations and the trends indicated by such results and financial condition may not be indicative of the financial conditions, results of operations or trends in future periods. Macroeconomic conditions Overview A significant portion of our revenues are derived from our operations in Argentina and, therefore, are subject to prevailing macroeconomic conditions in Argentina. Consequently, changes in economic, political and regulatory conditions in Argentina have had and are expected to continue to have a significant impact on our business, financial position and results of our operations. The macroeconomic conditions of Argentina depend on multiple factors: (i) legal and regulatory framework (see Note 35 to the Audited Consolidated Financial Statements); (ii) economic policies of the Argentine Government, particularly monetary and exchange rate policies; (iii) levels of inflation; (iv) devaluations of the Argentine peso against other currencies, mainly the U.S. dollar; (v) trade balance; (vi) international prices of Argentina’s main commodities; (vii) public debt; and (viii) internal and external investment and financing; among others. According to the latest “Estimador Mensual de Actividad Económica” report (an activity level progress report in Argentina) published in February 2026 by the Instituto Nacional de Estadística y Censos (“INDEC”), the economic activity in Argentina in December 2025 showed a positive variation of 3.5% compared to December 2024, while the cumulative variation for 2025 recorded an increase of 4.4% compared to 2024. In terms of inflation, in recent years Argentina has faced high inflation rates until February 2024, when inflation rates began to slow down. During 2025, the consumer price index (“CPI”) published by the INDEC presented a cumulative increase of 31.5%, while the wholesale internal price index (“WPI”), also published by the INDEC, presented a cumulative increase of 26.2%. During 2024, the CPI presented a cumulative increase of 117.8%, while the WPI presented a cumulative increase of 67.1%. In terms of trade balance, according to the data published by the INDEC in the Argentine Commercial Trade Report, the surplus in Argentina’s balance of trade account totaled US$ 11.3 billion during 2025, while a surplus of US$ 18.9 billion was recorded in 2024. This lower surplus is explained by a 24.7% increase in imports, partially offset by a 9.3% increase in exports. With respect to local market exchange rate conditions, the Ps./US$ exchange rate, according to the Banco de la Nación Argentina (“BNA”), stood at 1,450.50 Ps./US$ as of December 31, 2025, having increased 40.8% from its value of 1,030.50 Ps./US$ as of December 31, 2024. The average exchange rate for 2025 amounted to 1,242.09 Ps./US$ and was 35.8% higher than the average recorded during 2024 of 914.67 Ps./US$. 49 Table of Contents YPF | Form 20-F | 2025 In addition, on April 11, 2025, the Argentine government announced measures to loosen the foreign exchange regime and reinforce the monetary framework. As a result, the BCRA implemented a new foreign exchange regime, eliminating certain restrictions on access to the Foreign Exchange Market. Key measures include: (i) elimination of the “crawling peg” adjustment mechanism, allowing the U.S. dollar exchange rate to fluctuate between a minimum and maximum range; (ii) elimination of the “blend” dollar (see Note 35.j) “Export Increase Program” section to the Audited Consolidated Financial Statements); (iii) removal of certain restrictions on individuals purchasing foreign currency; (iv) allowing access to the Foreign Exchange Market without prior BCRA approval for payment of dividends to non-resident shareholders accrued from fiscal years beginning on or after January 1, 2025; and (v) flexibilization of terms for payment of foreign trade transactions including the elimination of the BCRA’s schedule for access to the Foreign Exchange Market for payment of imports of goods with customs entry registration as from December 13, 2023, and for services rendered and/or accrued from such date. The aforementioned measures adopted by the Argentine government would be financially backed by a new EFF agreed with the IMF and signed in April 2025. On March 11, 2025, through DNU No. 179/2025, the Executive Branch approved entering into a new EFF with the IMF, which was approved by the Chamber of Deputies of the National Congress on March 19, 2025. On April 8 and April 11, 2025, the IMF and the Argentine government, respectively, announced that they had reached an agreement on a comprehensive economic program based on a four-year EFF totaling US$ 20 billion, which includes quarterly reviews of targets. This agreement provides for an initial disbursement of US$ 12 billion in April 2025, a second disbursement of US$ 2 billion in June 2025 together with the first quarterly review, a disbursement of US$ 1 billion during the second half of 2025, and the remaining disbursements during the term of the agreement. The repayment term for each disbursement is 10 years with a grace period of four and a half years, beginning in 2026 and ending in 2035. On April 15 and August 4, 2025, the Argentine government received disbursements of US$ 12 billion and US$ 2 billion corresponding to the first and second disbursements, respectively. Hydrocarbon market Our pricing policy for fuels takes into account several factors such as international and local crude oil prices, international prices of refined products, processing and distribution costs, biofuel prices, exchange rate volatility, local demand and supply, competition, inventories, export duties, local taxation, domestic margins for our products, among others. Our expectation is to align, over time, our local prices with those of international markets, while seeking to maintain a reasonable relationship between local prices of crude oil and fuels, without considering short-term fluctuations; however, we cannot assure you that other critical factors that are also considered in our pricing policy (including, but not limited to, changes in the exchange rate, or in international prices or potential legal or regulatory limitations, or other limitations that affect the ability of markets to deal with price changes), will not have an adverse impact on our ability to maintain such relation, while volatility and uncertainty in the international prices of crude oil and its derivatives, fluctuations in the value of the Argentine peso, will likely persist as they remain strongly influenced by conditions and expectations of world supply, demand and geopolitical tensions, among other factors, also potentially having an adverse effect on our export revenues. During 2025, local crude oil deliveries were freely negotiated between producers and refiners. The price of the Brent crude oil barrel averaged 68.2 US$/bbl in 2025 (a 14.5% decrease compared to 2024). As for the Medanito and Escalante crude oils (Argentine crude oil types) the average prices were 62.8 US$/bbl and 63.6 US$/bbl, respectively for 2025, compared to the average prices of 68.9 US$/bbl and 72.7 US$/bbl, respectively for 2024. Additionally, due to the conflict between the United States, Israel and Iran, the price of the Brent crude oil barrel averaged 92.5 US$/bbl during the first eighteen days of March 2026, reaching a peak of 107.4 US$/bbl on March 18, 2026. As for natural gas, the Argentine government has established domestic market natural gas production incentive programs, which remain in force as of the date of this annual report. For further information, see “Item 3. Key information—Risk factors—Risks relating to Argentina—Our business is largely dependent upon economic conditions in Argentina” and “Item 3. Key information—Risk factors—Risks relating to our business—Pricing of our products in Argentina and fluctuations in international prices of oil and refined products may adversely affect our results of operations”. Statements of comprehensive income breakdown The information below should be read in conjunction with the Audited Consolidated Financial Statements included in this annual report. Summarized of consolidated statement of comprehensive income For the year ended December 31, (millions of US$) Variation (%) 2025 2024 2023 2025 v. 2024 2024 v. 2023 Revenues 18,448 19,293 17,311 (4.4%) 11.4% Costs (13,348 ) (13,910 ) (13,853 ) (4.0%) 0.4% Gross profit 5,100 5,383 3,458 (5.3%) 55.7% Selling expenses (2,088 ) (2,132 ) (1,804 ) (2.1%) 18.2% Administrative expenses (830 ) (836 ) (705 ) (0.7%) 18.6% Exploration expenses (116 ) (239 ) (61 ) (51.5%) 291.8% Reversal / (Impairment) of property, plant and equipment and inventories write-down 4 (87 ) (2,288 ) n/a (96.2%) Other net operating results (330 ) (609 ) 152 (45.8%) n/a Operating profit / (loss) 1,740 1,480 (1,248 ) 17.6% n/a Income from equity interests in associates and joint ventures 122 396 94 (69.2%) 321.3% Net financial results (952 ) (856 ) (504 ) 11.2% 69.8% Net profit / (loss) before income tax 910 1,020 (1,658 ) 10.8% n/a Income tax (1,709 ) 1,373 381 n/a 260.4% Net (loss) / profit for the year (799 ) 2,393 (1,277 ) n/a n/a Other comprehensive income for the year (22 ) 424 (221 ) n/a n/a Total comprehensive income for the year (821 ) 2,817 (1,498 ) n/a n/a Revenues include revenues from sales, mainly diesel, gasolines and other fuels, natural gas, crude oil, non-oil products and petrochemical products, and national government incentives. The tables below set forth, for the periods indicated, information regarding volumes and prices with respect to sales of our principal products in the domestic and export markets: 50 Table of Contents YPF | Form 20-F | 2025 Domestic market For the year ended December 31, 2025 2024 2023 Sales volume Average price Sales volume Average price Sales volume Average price Product Natural gas 14,825 Mm3 150 US$/km3 14,121 Mm3 160 US$/km3 13,735 Mm3 128 US$/km3 Diesel 8,361 km3 722 US$/m3 8,165 km3 790 US$/m3 8,863 km3 733 US$/m3 Gasolines 6,026 km3 655 US$/m3 5,782 km3 694 US$/m3 6,063 km3 576 US$/m3 Jet fuel 595 km3 721 US$/m3 522 km3 780 US$/m3 569 km3 879 US$/m3 Fertilizers, grain and flours 665 ktn 546 US$/tn 868 ktn 482 US$/tn 1,168 ktn 551 US$/tn Petrochemicals 227 ktn 899 US$/tn 295 ktn 931 US$/tn 296 ktn 987 US$/tn International market For the year ended December 31, 2025 2024 2023 Sales volume Average price Sales volume Average price Sales volume Average price Product Crude oil 2,287 km3 414 US$/m3 2,032 km3 474 US$/m3 739 km3 489 US$/m3 Natural gas 812 Mm3 110 US$/km3 716 Mm3 200 US$/km3 504 Mm3 204 US$/km3 Diesel 116 km3 974 US$/km3 129 km3 1,068 US$/m3 131 km3 1,161 US$/km3 Virgin naphtha 194 km3 405 US$/m3 94 km3 411 US$/m3 166 km3 452 US$/m3 Gasolines 19 km3 670 US$/m3 49 km3 714 US$/m3 - (1) km3 - (1) US$/m3 Jet fuel 549 km3 659 US$/m3 692 km3 728 US$/m3 663 km3 825 US$/m3 Grain and flours 1,289 ktn 407 US$/tn 829 ktn 467 US$/tn 178 ktn 434 US$/tn Fuel oil 163 ktn 545 US$/tn 143 ktn 629 US$/tn 132 ktn 614 US$/tn Petrochemicals 321 ktn 564 US$/tn 321 ktn 613 US$/tn 245 ktn 593 US$/tn (1) Less than 1 km3 or US$/m3. The average price is not reported as it corresponds to one specific operation. Sales in the international market represented 15.1%, 15.1% and 11.0% of total revenues for the years ended December 31, 2025, 2024 and 2023, respectively. The following table sets forth, for each of the periods indicated, information regarding a breakdown of our costs: For the year ended December 31, (millions of US$) 2025 2024 2023 Inventories at the beginning of the fiscal year 1,546 1,683 1,738 Purchases 4,748 4,531 5,106 Production costs 8,506 9,252 8,703 Translation effect (19) (10) (29) Inventories write-down (1) (21) - Adjustment for inflation (1) 7 28 18 Increases from business combinations 8 - - Reclassifications - (7) - Inventories at the end of the fiscal year (1,447) (1,546) (1,683) Total 13,348 13,910 13,853 (1) Corresponds to adjustment for inflation of inventories’ opening balances of subsidiaries with the Argentine peso as functional currency, which was charged to “Other comprehensive income” in the statement of comprehensive income. Costs represented 72.4%, 72.1% and 80.0% of total revenues for the years ended December 31, 2025, 2024 and 2023, respectively. The table below sets forth, for each of the periods indicated, information regarding a breakdown of our production costs: For the year ended December 31, (millions of US$) 2025 2024 2023 Salaries and social security taxes 1,009 1,066 790 Fees and compensation for services 88 71 50 Other personnel expenses 265 302 232 Taxes, charges and contributions 136 180 130 Royalties, easements and fees 1,011 1,133 1,009 Insurance 70 93 81 Rental of real estate and equipment 214 222 179 Depreciation of property, plant and equipment 2,708 2,303 2,886 Amortization of intangible assets 40 28 30 Depreciation of right-of-use assets 274 258 209 Industrial inputs, consumable materials and supplies 469 528 521 Operation services and other service contracts 168 649 535 Preservation, repair and maintenance 1,393 1,706 1,395 Transportation, products and charges 503 551 521 Fuel, gas, energy and miscellaneous 158 162 135 Total 8,506 9,252 8,703 51 Table of Contents YPF | Form 20-F | 2025 Operating profit or loss The section below provides a comparative discussion of our operating profit or loss for the years ended December 31, 2025, 2024 and 2023. In 2025, 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. Consequently, the comparative information for fiscal years ended December 31, 2024 and 2023 has been restated. Nonetheless, we consider these changes immaterial. YPF explains its net profit or loss through the operating profit or loss, which is managed through its business segments, and its net financial results and income tax charge, which are managed on a consolidated basis. For information about our business segments see “Item 4. Information on the Company—Business organization” and Note 5 to the Audited Consolidated Financial Statements. Year ended December 31, 2025 compared to the year ended December 31, 2024 During 2025, the Company’s operating profit was US$ 1,740 million, compared to operating profit of US$ 1,480 million during 2024. This represents an increase in operating profit of US$ 260 million (17.6%), explained by: • Lower costs of US$ 562 million (4.0%), due to lower production costs (US$ 746 million) mainly due to the sale of assets related to the Mature Fields Project, partially offset by higher purchases (US$ 217 million) mainly driven by an increase in volumes of crude oil purchased from third parties as a result of the sale of the assets related to the Mature Fields Project. See Note 11.a) to the Audited Consolidated Financial Statements. • Lower expenses of US$ 173 million (5.4%), due to: - Lower exploration expenses of US$ 123 million, mainly due to lower charges for unproductive exploratory drillings. - Lower selling expenses of US$ 44 million, mainly due to lower charges of taxes, charges and contributions and provision for doubtful receivables. - Lower administrative expenses of US$ 6 million. • A positive variation of US$ 279 million in other net operating results, mainly explained by the result from sale of companies, by the result from sale of assets mainly related to the Mature Fields Project and by lower charges of provision for operating optimizations, partially offset by higher charges of provision for obsolescence of materials and equipment, result from changes in fair value of assets held for sale and lower income from the Export Increase Program. See Notes 3 section “Sale of equity participation in Profertil”, 11.a), 28 and 35.j) “Export Increase Program” section to the Audited Consolidated Financial Statements. • An impairment reversal of property, plant and equipment and inventories write-down of US$ 4 million during 2025, compared to an impairment charge of property, plant and equipment and inventories write-down of US$ 87 million in 2024 (see Note 8 to the Audited Consolidated Financial Statements). • Partially offset by lower revenues in the domestic market of US$ 709 million (4.3%), mainly due to lower fuel sales prices and lower prices and sales volumes of natural gas as distributors, petrochemicals and lubricants and by-products, partially offset by higher fuel sales volumes, higher volumes and sales prices of sand for well fracking purposes and higher sales volumes of natural gas as producers. • Lower revenues in the international market of US$ 136 million (4.7%), mainly due to lower volumes and sales prices of jet fuel, LPG, natural gas as distributors, diesel and gasoline and lower sales prices of lubricants and by-products, partially offset by higher sales volumes of grains and flours and virgin naphtha. The Company’s net financial results during 2025 were a loss of US$ 952 million, compared to the loss of US$ 856 million during 2024. See Note 29 to the Audited Consolidated Financial Statements. The Company’s income tax charge for 2025 was a loss of US$ 1,709 million, compared to the profit of US$ 1,373 million during 2024. See Notes 2.d) and 18 to the Audited Consolidated Financial Statements. Based on the aforementioned, the Company’s net profit or loss for 2025 was a loss of US$ 799 million, compared to a profit of US$ 2,393 million during 2024. The operating profit or loss is explained below through the analysis of the main variations in the business segments: Upstream In 2025, the daily production of hydrocarbons decreased by 1.7% compared to 2024, reaching 527 kboe/d. The daily crude oil production decreased by 0.8% in 2025 compared to 2024, averaging 255 kbbl/d, while daily natural gas production decreased by 3.2% compared to 2024, averaging 36.2 Mm3/d. These decreases were the result of the sale of assets related to the Mature Fields Project (see Note 11.a) to the Audited Consolidated Financial Statements), mainly offset by the growth of unconventional crude oil production by 34.6% and unconventional natural gas by 13.7%. Likewise, the daily production of LNGs increased by 1.4% in 2025 compared to 2024. This increase is mainly explained by: (i) the scheduled shutdown of the Mega separation and fractionation plant carried out in 2024; and (ii) the increased processing of rich natural gas at the Loma Negra and Randall turboexpander plants that allowed for greater recovery of LNGs, enhanced by stable operating conditions and efficiency improvements. During 2025, the operating profit of the Upstream business segment was US$ 410 million, compared to the operating profit of US$ 515 million during 2024. This represents a decrease in operating profit of US$ 105 million (20.4%), explained by: • Lower revenues of US$ 700 million (8.5%), mainly due to (i) lower crude oil sales prices (11.9%), partially offset by higher volumes transferred and sold (0.5%) to the Midstream and Downstream business segment and to third parties, and (ii) lower natural gas sales prices (2.9%), partially offset by higher volumes transferred and sold (5.1%) to the LNG and Integrated Gas business segment and to third parties. • A negative variation of US$ 94 million in other net operating results, mainly explained by higher charges of provision for obsolescence of materials and equipment mainly related to the Mature Fields Project and by the result from changes in the fair value of assets held for sale, partially offset by the result from the sale of assets and by lower charges of provision for operating optimizations. See Notes 11 a) and 28 to the Audited Consolidated Financial Statements. • Partially offset by lower costs and expenses of US$ 610 million (8.6%), due to: - Lower lifting costs of US$ 838 million (27.3%), mainly due to the sale of assets related to the Mature Fields Project (see Note 11.a) to the Audited Consolidated Financial Statements). - Lower exploration expenses of US$ 123 million (51.5%), mainly due to lower charges for unproductive exploratory drillings. 52 Table of Contents YPF | Form 20-F | 2025 - Lower costs related to royalties and other charges associated with crude oil and natural gas production by US$ 137 million (12.7%), mainly due to a lower crude oil wellhead value. - Partially offset by higher charges for depreciation of property, plant and equipment of US$ 390 million (21.6%), mainly due to a higher depreciable basis as a result of: (i) the start-up of hydrocarbon wells; (ii) the commencement of depreciation of assets that declared reserves; (iii) the commissioning of a natural gas processing plant; and (iv) the commencement of depreciation of an acquired area, partially offset by lower depreciation charges due to the assets related to the Mature Fields Project classified as held for sale at the end of the first quarter of 2024 (see Note 11.a) to the Audited Consolidated Financial Statements). - Higher charges for other costs and expenses of US$ 98 million (11.3%), mainly due to a negative change in crude oil inventories resulting from the sale of assets related to the Mature Fields Project (see Note 11.a) to the Audited Consolidated Financial Statements). • An impairment of property, plant and equipment and inventories write-down of US$ 79 million recognized in 2024 (see Note 8 to the Audited Consolidated Financial Statements). Midstream and Downstream During 2025, the processing levels of our refineries averaged 320 kbbl/d, 6.5% higher than the processing levels of 2024. This increase is mainly explained by: (i) fuel price spreads that allowed import substitution; (ii) increased processing at La Plata Refinery as a result of the elimination of bottlenecks due to improvements in the mix of processed products and more efficient management of scheduled plant stoppages; (iii) higher processing at Luján de Cuyo Refinery due to the lower incidence of plant stoppages in 2025 compared to 2024; and (iv) greater processing at Plaza Huincul Refinery as a result of the increase in unconventional crude oil production, which significantly increased of the production of diesel and jet fuel. All of this led to a record of fuel processing and production compared to 2010 levels. In 2025, there was a higher production of jet fuel by 17.1%, gasoline by 6.5% and diesel by 3.7%, compared to 2024. During 2025, the operating profit of the Midstream and Downstream business segment was US$ 1,167 million, compared to the operating profit of US$ 1,356 million during 2024. This represents a decrease in operating profit of US$ 189 million (13.9%), explained by: • Lower revenues in the domestic market of US$ 568 million (4.3%), explained by: - Lower sales of fuels to third parties by US$ 484 million, mainly due to lower sales prices of diesel (8.5%) and gasoline (5.5%), partially offset by higher sales volumes of gasoline (4.0%) and diesel (2.3%). - Lower sales of other products by US$ 84 million, mainly due to lower volumes and sales prices of petrochemicals and lubricants and by-products and lower sales volumes of grains and flours, partially offset by higher revenues related to the midstream gas operations (transportation and conditioning of natural gas) and midstream oil operations with the Upstream business segment and third parties. • Lower revenues in the international market of US$ 117 million (4.2%), mainly due to lower volumes and sales prices of jet fuel and diesel and lower sales prices of lubricants and by-products, partially offset by higher sales volumes of flours and grains. • Partially offset by lower costs and expenses of US$ 488 million (3.3%), explained by: - A decrease in purchases of raw materials and resale products by US$ 575 million (5.4%), mainly explained by lower crude oil purchase prices from the Upstream business segment and third parties and by lower jet fuel purchases volumes, partially offset by higher crude oil purchases volumes from third parties. - Lower charges for other costs and expenses of US$ 24 million (1.2%), mainly due to lower taxes, charges and contributions, offset by higher charges for depreciation of property, plant and equipment. - An increase in downstream costs of US$ 24 million (1.1%), mainly due to a higher level of processing, partially offset by higher operational efficiencies. - A negative inventory variation in 2025 of US$112 million compared to a negative inventory variation in 2024 of US$25 million, explained by the record of processing and production of our refineries. • A lower charge of impairment of property, plant and equipment and inventories write-down of US$ 3 million recognized in 2024. • A positive variation of US$ 5 million in other net operating results. LNG and Integrated Gas During 2025, the operating loss of the LNG and Integrated Gas business segment was US$ 8 million, compared to the operating loss of US$ 49 million during 2024. This represents a decrease in operating loss of US$ 41 million (83.7%), explained by: • Higher revenues of US$ 38 million (2.0%), mainly due to higher volumes of natural gas sales as producers to third parties, partially offset by lower prices and volumes of natural gas sales as distributors of our subsidiary YPF Chile S.A. (“YPF Chile”). • Lower costs and expenses of US$ 9 million (0.5%), due to: - Lower charges for other costs and expenses of US$ 48 million (33.3%), mainly due to the provision for doubtful receivables related to amounts owed by CAMMESA and SE recognized in 2024. - Partially offset by higher volumes of natural gas purchases as producers for US$ 39 million (2.1%), from third parties and the Upstream and Midstream and Downstream business segments. • Partially offset by a negative variation of US$ 6 million in other net operating results. New Energies During 2025, the operating profit of the New Energies business segment was US$ 432 million, compared to the operating profit of US$ 106 million during the same period of 2024. This represents an increase in operating profit of US$ 326 million (307.5%), explained by: • Lower costs and expenses of US$ 38 million (4.8%), due to: - Lower purchases by our subsidiary Metrogas by US$ 36 million, due to lower prices and volumes of natural gas purchases, partially offset by higher purchases of transportation services. - Lower charges for other costs and expenses of US$ 2 million. 53 Table of Contents YPF | Form 20-F | 2025 • A positive variation of US$ 340 million in other net operating results, mainly explained by the result from sale of companies. See Note 3 “Sale of equity participation in Profertil” section to the Audited Consolidated Financial Statements. • A US$ 4 million reversal for impairment of property, plant and equipment and inventories write-down mainly from our subsidiary Metrogas in 2025, compared to a charge for impairment of property, plant and equipment and inventories write-down from our subsidiary Y-TEC of US$ 5 million in 2024. • Partially offset by lower revenues of US$ 61 million (6.7%), mainly due to our subsidiary Metrogas due to lower sales volumes of natural gas to the retail segment and large customers, partially offset by higher revenues from transportation and distribution services. Central Administration and Others During 2025, the operating loss of Central Administration and Others amounted to US$ 336 million, which represented an increase in operating loss of US$ 4 million (1.2%), compared to the operating loss of US$ 332 million in 2024, mainly due to higher costs and expenses and lower construction revenues of our subsidiary AESA, partially offset by higher revenues mainly from sand for well fracking purposes with third parties and the Upstream business segment. Consolidation adjustments The main results among the business segments are generated by: (i) the sales of crude oil and natural gas produced by the Upstream business segment to the Midstream and Downstream and LNG and Integrated Gas business segments, respectively; and (ii) the sales of natural gas from the LNG and Integrated Gas business segment to the Midstream and Downstream and New Energies business segments. See Note 5 to the Audited Consolidated Financial Statements. Consolidation adjustments, which correspond to the elimination of operating results among the different business segments that have not been involved to third parties, had a positive amount of US$ 75 million in 2025 compared to a negative amount of US$ 116 million in 2024. In both years, transfer prices reflect changes in market prices. Year ended December 31, 2024 compared to the year ended December 31, 2023 During 2024, the Company’s operating profit was US$ 1,480 million, compared to the operating loss of US$ 1,248 million during 2023. This represents an increase in operating profit or loss of US$ 2,728 million, mainly explained by: • Higher sales in the international market of US$ 1,010 million (52.8%), mainly due to crude oil exports due to higher sales volumes. • Higher sales in the domestic market of US$ 972 million (6.3%), mainly due to higher fuel sales prices; partially offset by lower sales volumes and higher prices and sales volumes of natural gas as distributors. • Lower charges for impairment of property, plant and equipment and inventories write-down of US$ 2,201 million. • Partially offset by higher costs of US$ 57 million (0.4%), mainly due to higher production costs (US$ 549 million) driven by higher costs and expenses and a higher negative variation in inventories (US$ 83 million); partially offset by lower purchases (US$ 575 million). • Higher selling, administrative and exploration expenses of US$ 637 million (24.8%) due to: - Higher selling expenses of US$ 328 million, mainly due to higher taxes, charges and contributions and provision for doubtful receivables related to amounts owed by CAMMESA and the SE. - Higher exploration expenses of US$ 178 million, mainly due to unproductive exploratory drillings from the Argerich offshore well and onshore wells mainly in unconventional blocks. - Higher administrative expenses of US$ 131 million, mainly for salaries and social security taxes and for fees and compensation for services. • A negative variation in other net operating results of US$ 761 million, mainly explained by higher charges of provision for operating optimizations and provision for severance indemnities, the result from changes in fair value of assets held for sale related to the Mature Fields Project and lower income from the Export Increase Program (see Notes 11.a) and 28 to the Audited Consolidated Financial Statements). The Company’s net financial results in 2024 represented a loss of US$ 856 million, compared to the loss of US$ 504 million in 2023.. See Notes 2.d) and 29 to the Audited Consolidated Financial Statements. The Company’s income tax charge for 2024 was a profit of US$ 1,373 million, compared to a profit of US$ 381 million for 2023. See Notes 2.d) and 18 to the Audited Consolidated Financial Statements. Based on the aforementioned, the Company’s net profit or loss for 2024 was a profit of US$ 2,393 million, compared to a loss of US$ 1,277 million during 2023. The operating profit or loss is explained below through the analysis of the main variations in the Company’s business segments: Upstream In 2024, the daily production of hydrocarbons increased by 4.4% compared to 2023, reaching 536 kboe/d. The daily crude oil production increased by 6.0% in 2024 compared to 2023, averaging 257 kbbl/d, driven by the increase in unconventional crude oil production. Compared to 2023, daily natural gas production increased by 3.4%, averaging 37.4 Mm3/d, driven by the increase in unconventional production. Likewise, the daily production of NGLs increased by 0.4% in 2024 compared to 2023. During 2024, the operating profit of the Upstream business segment was US$ 515 million, compared to the operating loss of US$ 1,915 million during 2023. This represents an increase in operating profit or loss of US$ 2,430 million mainly explained by: • Higher revenues by US$ 1,032 million (14.2%), mainly from intersegment crude oil sales to the Midstream and Downstream business segment and natural gas sales to the LNG and Integrated Gas and Midstream and Downstream business segments, due to an increase in the transferred volumes and in the intersegment average sales prices. • Lower charges for impairment of property, plant and equipment and inventories write-down of US$ 2,209 million, mainly due to the charge recognized in the CGU Oil, CGU Gas - Austral Basin and CGU Gas - Neuquina Basin in the fourth quarter of 2023 related to the Mature Fields Project, and by the charge recognized in the CGU Gas - Neuquina Basin in the third quarter of 2023; partially offset by the charge recognized in the CGU Gas - Northwest Basin in the fourth quarter of 2024. See Notes 2.c) “Oil and gas reserves” section, 8 and 11.a) to the Audited Consolidated Financial Statements. 54 Table of Contents YPF | Form 20-F | 2025 • Partially offset by higher costs and expenses by US$ 129 million (1.9%), mainly due to: - Higher lifting costs of US$ 184 million (6.4%), mainly due to a higher level of activity and higher costs. - Higher costs for royalties and other charges associated with crude oil and natural gas production of US$ 137 million (14.5%), due to higher production volumes and a higher wellhead value. - Higher exploration expenses of US$ 178 million (291.8%), mainly due to unproductive exploratory drillings derived from the Argerich offshore well and unconventional onshore wells. - Higher charges for other costs and expenses of US$ 258 million (42.1%), mainly due to higher charges for operation services and other service contracts. - Partially offset by lower charges for depreciation of property, plant and equipment of US$ 628 million (25.8%), mainly due to a lower depreciable basis of property, plant and equipment as a result of the assets related to the Mature Fields Project that were classified as held for sale in the first quarter of 2024 (see Notes 8 and 11.a) to the Audited Consolidated Financial Statements); partially offset by higher depreciation charges of assets of unconventional blocks. • A negative variation in other net operating results of US$ 682 million, mainly explained by higher charges for provision for operating optimizations and provision for severance indemnities, the result from changes in fair value of assets held for sale related to the Mature Fields Project (see Notes 11.a) and 28 to the Audited Consolidated Financial Statements). Midstream and Downstream In 2024, the processing levels of our refineries averaged 301 kbbl/d, 2.1% higher than the processing levels in 2023. This increase was mainly due to: (i) the commissioning of the revamping at the Topping D unit in La Plata Refinery; (ii) the increase in crude oil pumping capacity from Puesto Hernández to Luján de Cuyo Refinery; and (iii) the commissioning of the Magnaforming and HTNCB units within the framework of the new fuel specifications project in La Plata Refinery. In 2024, the production of gasoline, jet fuel and diesel increased by 3.7%, 1.7% and 1.2%, respectively. In 2024, the Midstream and Downstream business segment recorded an operating profit of US$ 1,356 million, compared to the operating profit of US$ 939 million in 2023. This represents an increase in operating profit of US$ 417 million (44.4%), mainly explained by: • Higher sales in the international market of US$ 968 million (53.8%), mainly due to crude oil exports due to higher sales volumes. • Partially offset by lower sales in the domestic market of US$ 58 million, mainly by lower sales volumes of US$ 578 million (5.9%) mostly from fertilizers, jet fuel, asphalts, grains and flours, lubricants and bases, petroleum coke and diesel, partially offset by higher gasoline sales of US$ 520 million (14.9 %) due to higher sales prices. • Higher costs and expenses of US$ 451 million (3.2%), mainly due to: - Higher costs and expenses, excluding downstream costs, of US$ 465 million (3.8%), mainly due to higher charges for taxes, charges and contributions of US$ 226 million explained by an increase in export taxes consistent with the increase in exports. - A decrease in downstream costs of US$ 14 million (0.7%). • A negative variation in other net operating results of US$ 39 million, mainly explained by lower revenues from the Export Increase Program (see Notes 28 and 35.j) “Export Increase Program” section to the Audited Consolidated Financial Statements). • Higher charges for impairment of property, plant and equipment and inventories write-down of US$ 3 million. LNG and Integrated Gas In 2024, the operating loss of the LNG and Integrated Gas business segment was US$ 49 million, compared to the operating loss of US$ 1 million during 2023. This represents an increase in operating loss of US$ 48 million, mainly explained by: • Higher costs and expenses of US$ 157 million (8.6%), mainly due to: - Higher prices and volumes of natural gas purchases as producers to the Upstream and Midstream and Downstream business segments and third parties of US$ 101 million (8.6%). - Higher charges for provision for doubtful receivables of US$ 51 million, mainly related to amounts owed by CAMMESA and the SE. • A negative variation in other net operating results of US$ 4 million. • Partially offset by higher revenues of US$ 113 million (6.2%), mainly due to higher sales of natural gas as producers to third parties of US$ 80 million due to higher prices and sales volumes, and higher sales of natural gas as distributors of our subsidiary YPF Chile for US$ 30 million. New Energies In 2024, the operating profit of the New Energies business segment was US$ 106 million, compared to the operating loss of US$ 64 million during 2023. This represents an increase in operating profit or loss of US$ 170 million, mainly explained by: • Higher revenues of US$ 476 million (111.2%), mainly due to higher revenues of our subsidiary Metrogas of US$ 491 million (120.9%) as a result of higher volumes and sales prices of natural gas to the retail and large customers segments, partially offset by lower revenues of our subsidiary Y-TEC of US$ of 17 million to the Upstream and Midstream and Downstream business segments. • Partially offset by higher costs and expenses of US$ 300 million (61.5%), mainly due to higher purchases of our subsidiary Metrogas of US$ 198 million (64.7%) due to higher volumes and purchase prices of natural gas as distributors. • Higher charges for impairment of property, plant and equipment and inventories write-down of our subsidiary Y-TEC of US$ 5 million. • A negative variation in other net operating results of US$ 1 million. Central Administration and Others During 2024, the operating loss of Central Administration and Others amounted to US$ 332 million, which represented an increase (26.7%) in the operating loss of US$ 70 million compared to the operating loss of US$ 262 million in 2023, mainly due to higher costs and expenses. 55 Table of Contents YPF | Form 20-F | 2025 Consolidation adjustments The main transactions between business segments consist of: (i) sales of crude oil and natural gas produced by the Upstream business segment to the Midstream and Downstream and LNG and Integrated Gas business segments, respectively; and (ii) sales of natural gas as producers from the LNG and Integrated Gas business segment to the Midstream and Downstream and New Energies business segments. Consolidation adjustments, which correspond to the elimination of operating profit or loss results between the different business segments that have not been involved third parties, had a negative amount of US$ 116 million in 2024 compared to a positive amount of US$ 55 million in 2023. In both years, changes in transfer prices reflect market price variations. See Note 5 to the Audited Consolidated Financial Statements. Liquidity and capital resources Liquidity The Company closely monitors liquidity levels in order to meet its cash needs from business operational and financial obligations. We have a conservative approach to the management of our liquidity which consists mainly of: (i) cash and cash equivalents (cash in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of up to 3 months); and (ii) investments in financial assets (bills and bonds issued by the BCRA, the Argentine Government and the National Treasury, and corporate bonds). Based on the discussion below, we consider that our working capital is reasonable for the Company’s present liquidity requirements. Our management believes that our cash balances and available credit facilities are sufficient to meet our present liquidity requirements. See Note 4 “Liquidity risk management” section to the Audited Consolidated Financial Statements. If our cash requirements exceed the amount of cash and cash equivalents we have on hand, we may seek to issue debt securities or obtain credit facilities. In order to fulfill our financial needs, we have access to bank credit facilities and local and international debt capital markets, which provide a material source of short- and long-term funding. The Company issued several series of negotiable obligations (“NO”) in the local and international markets at different currencies, interest rates and tenors under the Medium-Term Notes (“MTN”) Programs and the Frequent Issuer Regime. All such securities are authorized to be traded on the Buenos Aires Stock Exchange (“BYMA”) and/or the A3 Mercados S.A. (“A3 Mercados”) in Argentina, while international issues are also authorized for trading on the Luxembourg Stock Exchange. For additional information about the outstanding notes of the Company as of December 31, 2025, see Notes 4, 22 and 38 to the Audited Consolidated Financial Statements. Based on the level of our outstanding loans and our dependence on capital to maintain a significant investment program, we have a recurrent need for debt funding to refinance maturing debt and finance our capital investments. We are therefore affected by the local and global macroeconomic environments as well as local and global financial market conditions. This exposes us to certain risks, including, among others, market risk (exchange rate risk, interest rate risk and price risk), liquidity risk and credit risk. For information related to financial risk management see Note 4 to the Audited Consolidated Financial Statements, “Item 3. Key information—Risk factors—Risks relating to Argentina—Our business is largely dependent upon economic conditions in Argentina” and “Item 3. Key information—Risk factors—Risks relating to Argentina—Argentina’s ability to obtain financing from international capital markets could be limited, which may have an impact on our ability to access those markets”. Given the restrictions imposed by the BCRA on access to the foreign exchange market (see Note 35.j) to the Audited Consolidated Financial Statements and “Item 10. Additional information—Exchange regulations”) and the potential loosening of such restrictions, the Company may be affected in the event of exchange rate fluctuations, which has motivated, in the past years, an active strategy in the Company’s liquidity management. As of December 31, 2025, liquidity of YPF, considering cash and cash equivalents and investments in financial assets current, was comprised 43.0% in Argentine pesos (approximately 15% hedged in U.S. dollars) and 57.0% in other currencies (mainly U.S. dollars). See “Item 3. Key information—Risk factors—Risks relating to Argentina—We may be exposed to fluctuations in foreign exchange rates”. For the year 2026, we have established a capital expenditure program estimated between US$ 5.5 billion and US$ 5.8 billion which will be mainly concentrated in our unconventional hydrocarbon investments for crude oil developments. However, in case that cash flows from operating activities in the future turn out to be lower than expected given the uncertainties related to the evolution of the international prices, the Argentine economic environment and, more broadly, on the global economy, we might need to adjust our capital expenditure program downwards to prioritize financial discipline and maintain our net leverage ratios at prudent levels. During 2025, our capital expenditure program amounted to US$ 4.5 billion. Loans The table below sets forth, for each of the periods indicated, information regarding our total loans outstanding: As of December 31, (millions of US$) 2025 2024 2023 Non-current loans 8,226 7,035 6,682 Current loans 2,355 1,907 1,508 Total 10,581 8,942 8,190 As of December 31, 2025, 2024 and 2023, 98.9%, 99.2%, and 98.0% of our loans were denominated in U.S. dollars, respectively. Moreover, as of December 31, 2025, 94.7% of our total debt accrues interest at a fixed rate. Regarding our debt composition, as of December 31, 2025, our negotiable obligations represented 84.6%, while the remaining 15.4% consisted of financial loans, exports pre-financing, stock market promissory notes, imports financing and account overdrafts. In the past we have repurchased certain of our publicly traded bonds in open market transactions on an arms-length basis. The amounts of our repurchased negotiable obligations as of December 31, 2025, 2024 and 2023, were US$ 175 million, US$ 18 million and US$ 3 million, respectively. We may, from time to time, make additional repurchases of, or effect other transactions relating to, our publicly traded bonds if, in our own judgment, the market conditions are attractive. On December 28, 2018, YPF S.A. registered as “Frequent Issuer No. 4”, under the Simplified Regime for Frequent Capital Markets’ Issuers (“Régimen Simplificado para Emisores Frecuentes”) created by the CNV in June 2018. This Regime seeks to speed up internal authorization processes within the CNV to promote the development of the local capital markets, while also generating more efficient controls. On June 12, 2025, the Board of Directors of YPF S.A. authorized the increase of issuance of negotiable obligations for up to an additional outstanding amount of US$ 2,038 million which was subsequently approved by the CNV. In addition, on November 18, 2025, the Board of Directors of YPF S.A. authorized the increase of issuance of negotiable obligations for up to an additional outstanding amount of US$ 2,000 million. An increase of US$ 800 million was subsequently approved by the CNV. As a consequence, as of such date, the total amount authorized by the Board of Directors of YPF S.A. was of US$ 4,038 million and US$ 2,838 million was the total outstanding amount ratified under the Simplified Regime for Frequent Capital Markets’ Issuers. 56 Table of Contents YPF | Form 20-F | 2025 The following table sets forth information regarding the expected maturity dates of our loans (principal amount plus accrued interest): As of December 31, 2025 (millions of US$) Expected maturity date Total Less than 1 year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years More than 5 years Loans 10,581 2,355 2,006 1,445 1,135 786 2,854 The following table sets forth information regarding the expected maturity dates of our current loans (principal amount plus accrued interest): As of December 31, 2025 (millions of US$) Expected maturity date Total 0 - 3 months 3 - 6 months 6 - 9 months 9 - 12 months Current loans 2,355 944 408 701 302 On January 27, 2026, YPF S.A. issued Additional Class XXXIV negotiable obligations in the international market, maturing in January 2034, for a nominal amount of US$ 550 million. The negotiable obligations were issued at a price of 100.789%, resulting in a yield of 8.10%. The principal will be amortized in 3 consecutive annual installments of 30% in January 2032, 30% in January 2033, and the remaining 40% in January 2034. On February 19, 2026, YPF S.A. issued Additional Class XLII negotiable obligations in the local market, maturing in March 2029, for a nominal amount of US$ 161 million. The negotiable obligations were issued at a price of 102.86%, resulting in a yield of 6.50%. The principal will be amortized in a single installment upon maturity. For details on the interest rates on our loans, including our negotiable obligations, see Note 22 to the Audited Financial Consolidated Statements. For a description of our exposure to market risk, see “Item 11. Quantitative and qualitative disclosures about market risk” and Notes 4 and 22 to the Audited Consolidated Financial Statements. Covenants in our indebtedness Most of the Company’s loans contain market-standard covenants for contracts of this nature, which include financial covenants in respect of the Company’s leverage ratio and debt service coverage ratio, subject to limitations on payments of dividends and other restricted payments, and certain events of default (including cross-defaults in respect of other material debt and material judgments, among others), in each case subject to a number of exceptions that may provide flexibility to the Company. See Notes 17 and 33 to the Audited Consolidated Financial Statements. Under the terms of our financial loan agreements and negotiable obligations, a breach of a covenant that is not remedied within the applicable cure period could constitute an event of default under the applicable instrument, to the extent the lenders or negotiable obligations holders declare all outstanding amounts immediately due and payable under such agreements and negotiable obligations. In addition, because many of our loan agreements and negotiable obligations contain these types of cross-default provisions, a default under one agreement may trigger defaults and/or acceleration of obligations under other financing agreements. The Company monitors compliance with covenants on a quarterly basis. As of December 31, 2025, the Company is in compliance with covenants in its debt agreements. See “Item 3. Key information—Risk factors—Risks relating to our business—If we fail to comply with the covenants set forth in our credit agreements and indentures, or upon the occurrence of a change of control in YPF S.A., we may be required to prepay our debt” and “Item 3. Key information—Risk factors—Risks relating to our business—Increased interest rates, uncertainty and illiquidity in credit and capital markets may impair our ability to obtain credit and financing or obtain them on acceptable terms”. Granted guarantees For information relating to granted guarantees, see Note 34.d) to the Audited Consolidated Financial Statements and. “Item 3. Key information—Risk factors— Risks relating to our business — We may continue to consider acquisition opportunities, which may not be successful”. Cash flow information The following table set forth, for each of the periods indicated, information regarding our cash flow information: For the year ended December 31, (millions of US$) 2025 2024 2023 Net cash flows from operating activities 4,959 5,869 5,913 Net cash flows used in investing activities (5,527 ) (5,511 ) (5,332 ) Net cash flows from / (used in) financing activities 517 (293 ) 278 Effect of changes in exchange rates on cash and cash equivalents (134 ) (70 ) (509 ) (Decrease) / Increase in cash and cash equivalents (185 ) (5 ) 350 Cash and cash equivalents at the beginning of the fiscal year 1,118 1,123 773 Cash and cash equivalents at the end of the fiscal year 933 1,118 1,123 Net cash flows from operating activities in 2025 amounted to US$ 4,959 million compared to US$ 5,869 million in 2024; this decrease of US$ 910 million is primarily due to a decrease in the net changes in assets and liabilities, partially offset by higher operating results (without considering reversal/impairment of property, plant and equipment and inventories write-down, depreciation of property, plant and equipment, amortization of intangible assets and depreciation of right-of-use assets). Net cash flows from operating activities in 2024 amounted to US$ 5,869 million compared to US$ 5,913 million in 2023; this decrease of US$ 44 million is primarily due to lower dividends received in 2024. 57 Table of Contents YPF | Form 20-F | 2025 Net cash flows used in investing activities in 2025 amounted to US$ 5,527 million compared to US$ 5,511 million in 2024, this increase of US$ 16 million was primarily due to acquisitions from business combinations net of cash and cash equivalents, partially offset by lower payments of acquisition of property, plant and equipment and intangible assets and of additions of assets held for sale, and by higher proceeds from concessions, assignment agreements and sales of assets. Net cash flows used in investing activities in 2024 amounted to US$ 5,511 million compared to US$ 5,332 million in 2023, this increase of US$ 179 million was primarily due to lower proceeds from sales of financial assets net of US$ 323 million (proceeds from sales of financial assets and interests received from financial assets, net of payments from purchase of financial assets), and higher proceeds from concessions, assignment agreements and sales of assets for US$ 127 million. Net cash flows from financing activities in 2025 amounted to US$ 517 million mainly due to proceeds from loans net of debt repayments of US$ 1,610 million (proceeds from loans net of payments of loans), partially offset by payments of interest for US$ 670 million, and payments of leases for US$ 406 million. Net cash flows used in financing activities in 2024 amounted to US$ 293 million mainly due to payments of interest for US$ 707 million, payments of leases for US$ 400 million, and repayments of account overdrafts, net for US$ 48 million, partially offset by proceeds from loans net of debt repayments of US$ 865 million (proceeds from loans net of payments of loans). Net cash flows from financing activities in 2023 amounted to US$ 278 million mainly due to proceeds from loans net of debt repayments of US$ 1,271 million (proceeds from loans net of payments of loans), partially offset by payments of interest for US$ 623 million and payments of leases for US$ 359 million. Material cash requirements The following paragraphs set forth our main material commitments under commercial contracts as of December 31, 2025: • Indebtedness: Total debt amounted to US$ 14,082 million as of December 31, 2025, of which US$ 2,870 million correspond to debt maturing in less than one year. These amounts include interests due throughout the life of the instruments. Interest on variable rate instruments is calculated using the rate as of December 31, 2025 (5% of our debt accrue interest at a variable rate). For a description of our loans and rate that they accrue see “Item 5. Operating and financial review and prospects—Liquidity and capital resources—Loans” and Note 22 to the Audited Consolidated Financial Statements. • Lease liabilities: Total undiscounted (in nominal terms) lease liabilities amounted to US$ 683 million as of December 31, 2025, of which US$ 335 million correspond to lease liabilities maturing in less than one year. See Note 21 to the Audited Consolidated Financial Statements. • Purchases of goods and services: Purchase obligations are obligations under contractual agreements to purchase goods or services, including investments projects. These obligations enforceable and legally binding on the Company and specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the timing of the transaction. For obligations with cancellation provisions, we considered the non-cancellable portion of the agreement or the minimum cancellation fee. In addition, purchase commitments under commercial agreements that do not provide for a total fixed amount have been determined using our best estimates. Accordingly, our actual purchase obligations may differ from the estimated amounts as of December 31, 2025. As of December 31, 2025, the Company was committed to purchase goods and services for approximately US$ 6,735 million, of which US$ 1,778 million correspond to purchases maturing in less than one year. Our analysis was focused on quantitatively and/or qualitatively significant contracts (the contracts not analyzed are not quantitatively and/or qualitatively material to our business as a whole). The expected timing for payments under these purchase obligations is estimated based on current information. Timing of payments and actual amounts paid may be different, depending on the time of receipt of goods or services, or changes to agreed-upon amounts. • Other liabilities: Total other liabilities amounted to US$ 6,404 million as of December 31, 2025, and include: - Provisions, including provisions for lawsuits and contingencies, environmental liabilities and hydrocarbon wells abandonment obligations. See Note 17 to the Audited Consolidated Financial Statements. - Accounts payable, contract liabilities, salaries and social security, taxes payable, other liabilities, income tax liability, deferred income tax liabilities, net, and liabilities directly associated with assets held for sale as set forth in our Audited Consolidated Financial Statements. As of December 31, 2025, the exploration and development commitments until the expiration of the main exploration permits and exploitation concessions amount to US$ 699 million. See Note 34.c) to the Audited Consolidated Financial Statements. In addition, we have additional commitments under granted guarantees. See Note 34.d) to the Audited Consolidated Financial Statements and. “Item 3. Key information—Risk factors— Risks relating to our business — We may continue to consider acquisition opportunities, which may not be successful”. Capital investments, expenditures and divestitures Capital investments and expenditures The table below sets forth, for each of the periods indicated, information regarding our capital investments and expenditures by activity: For the year ended December 31, 2025 2024 (3) 2023 (3) (millions of US$) (%) (millions of US$) (%) (millions of US$) (%) Capital expenditures and investments (1) Upstream (2) 3,781 75.7 % 4,114 74.2 % 4,250 74.3 % Midstream and Downstream 1,024 20.5 % 1,233 22.3 % 1,285 22.5 % LNG and Integrated Gas 42 0.8 % 26 0.5 % 14 0.2 % New Energies 38 0.8 % 37 0.7 % 24 0.4 % Central Administration and Others 108 2.2 % 127 2.3 % 151 2.6 % Total 4,993 100.0 % 5,537 100.0 % 5,724 100.0 % (1) These figures may differ from amounts reported as “capital expenditures”, “CAPEX” or similar terms in our earnings releases and other presentations and materials, which may include amounts consumed in operating costs and other adjustments, as described in those earnings releases, presentations and materials. (2) Includes acquisitions of property, plant and equipment and exploration expenses, net of unproductive exploratory drillings expenses and hydrocarbon wells abandonment obligations costs. (3) Comparative information for fiscal years ended December 31, 2024 and 2023 has been restated due to 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. See “Item 4. Information on the Company—Business organization” and Note 5 to the Audited Consolidated Financial Statements. 58 Table of Contents YPF | Form 20-F | 2025 Capital divestitures Optimization plan of the conventional upstream portfolio On February 29, 2024 YPF’s Board of Directors resolved the disposal of certain groups of assets related to the Upstream business segment, mainly mature fields from Golfo San Jorge, Neuquina, Cuyana and Austral certain basins. This disposal of assets related to the Mature Fields Project is consistent with the Company’s management plans, which considers that the ongoing portfolio optimization through the divestment of non-core assets, such as mature fields, is one of the drivers on which YPF’s strategy is based, focusing on activities and investments in unconventional fields. In this sense, during 2024 and significantly in 2025, the Company made progress in the execution of assignment agreements. Additionally, in 2025, the Company included further conventional exploitation concessions to the optimization plan of the conventional upstream portfolio related to mature fields. As of December 31, 2025, the agreed closing conditions for 10 assignment agreements were satisfied. During 2024, the agreed closing conditions for the following exploitation concessions were satisfied: (i) Escalante - El Trébol. (ii) Llancanelo and Llancanelo R. During 2025, the agreed closing conditions for the following exploitation concessions were satisfied: (i) Estación Fernández Oro. (ii) Campamento Central - Cañadón Perdido. (iii) Barrancas, Vizcacheras, La Ventana, Ceferino, Mesa Verde and Río Tunuyán. (iv) Señal Cerro Bayo, Volcán Auca Mahuida, Don Ruiz and Las Manadas. (v) Al Norte De La Dorsal, Octógono and Dadín. (vi) 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. (vii) El Portón (Mendoza - Neuquén), Chihuido de la Salina, Altiplanicie del Payún, Cañadón Amarillo, Chihuido de la Salina Sur and Confluencia Sur. (viii) El Tordillo, Puesto Quiroga and La Tapera. Additionally, in January 2026, the agreed closing conditions for the “Restinga Alí” exploitation concession were satisfied. For the assignment agreement of Los Chorrillos, Lago Fuego, Tierra del Fuego - Fracción A, Tierra del Fuego - Fracción B, Tierra del Fuego - Fracción C, Tierra del Fuego - Fracción D and Tierra del Fuego - Fracción E exploitations concessions, the closing conditions were fulfilled and the transfer of 100% of YPF’s rights and obligations in favor of Terra Ignis Energía S.A. was formalized in January 2026. Also, in January 2026, YPF executed an assignment agreement with Venoil S.A. for the transfer of Cerro Fortunoso and Valle del Río Grande exploitation concessions, located in the Mendoza Province. As of the date of this annual report, the agreement remains subject to the fulfillment of closing conditions, including the formal approval by the relevant regulatory authorities. On February 18, 2026, YPF’s Board of Directors approved entering into agreements with Pecom Servicios Energía S.A.U. (51%) and its affiliate San Benito Upstream S.A.U. (49%) for the transfer of the Manantiales Behr conventional exploitation concession, the associated hydrocarbon transportation concession, and for the partial sale of stock materials located at the Manantiales Behr and Km 20 warehouses. As of the date of this annual report, the transaction is subject to the fulfillment of closing conditions. As of the date of this annual report, the assignment agreement that we signed during 2025 for Señal Picada - Punta Barda exploitation concession remains subject to the fulfillment of closing conditions. As of the date of this annual report, the Company maintains groups of assets as held for sale for which assignment agreements have not yet been signed and continue in negotiations with third parties for their disposal or reversal, and/or are still subject to the fulfillment of closing conditions, including applicable regulatory and provincial approvals. We remain committed to the plan and active negotiations for the disposal of such assets with third parties are in place. For further information see “Item 3. Key information—Risk Factors—Risks relating to our business—We may fail to execute in whole or in part our optimization plan of the conventional upstream portfolio”, “Item 4. Information on the Company—Business strategy—Strategic pillars: “YPF 4×4”” and Notes 8 and 11.a) to the Audited Consolidated Financial Statements. Aguada del Chañar block In March 2025, YPF sold 49% of its stake in the Aguada del Chañar block to CGC. See “Item 4. Information on the Company—Business organization—Upstream—Exploration & Development activities—Argentina—Development activities—Operated activities—Core hub” and Note 11.b) to the Audited Consolidated Financial Statements. Additionally, see “Item 4. Information on the Company—Business organization—Upstream—Oil and gas reserves”. Profertil In December 2025, YPF sold 50% of its shares and capital stock of Profertil to Agro Inversora. See “Item 4. Information on the Company—Business organization—New Energies—Fertilizers activities”. Additionally, see “Item 3. Key information—Risk factors—Risks relating to Argentina—Our business is largely dependent upon economic conditions in Argentina” and “Item 3. Key information—Risk factors—Risks relating to our business—Our business depends on complex, long-term and capital-intensive projects”. We have made no significant capital divestitures during 2023. Research and development, patents and licenses For a description of our research and development policies, see “Item 4. Information on the Company—Research and development”. Trend information See “Item 3. Key information—Risk factors”. For information about trends that affect our business, see “Item 4. Information on the Company—Business strategy”, “Item 4. Information on the Company—Business organization”, “Item 4. Information on the Company—Competition”, “Item 5. Operating and financial review and prospects—Factors affecting our operations”, “Item 5. Operating and financial review and prospects—Macroeconomic conditions”, and “Item 5. Operating and financial review and prospects—Liquidity and capital resources—Capital investments, expenditures and divestitures”. 59 Table of Contents YPF | Form 20-F | 2025 Policy and regulatory developments in Argentina For information regarding policy and regulatory developments relating to the oil and gas industry in Argentina see “Item 4. Information on the Company—Argentine legal and regulatory framework” and Note 35 to the Audited Consolidated Financial Statements. As discussed in “Item 3. Key information—Risk factors” and elsewhere in this annual report, actions by the Argentine government have had and will continue to have a significant effect on Argentine companies, including us. Critical accounting estimates Our significant estimates and key sources of estimation uncertainty are described in Note 2.c) to the Audited Consolidated Financial Statements. For information regarding the accounting policy of impairment of property, plant and equipment, intangible assets and right-of-use assets and the significant estimates and key sources of estimation uncertainty of the impairment test, see Notes 2.b.5) and 2.c) “Oil and gas reserves” section, respectively, to the Audited Consolidated Financial Statements. The recoverable amount of property, plant and equipment, intangible assets and right-of-use assets analysis is performed on the year-end date or whenever there is any indication of impairment or reversal of impairment of the recoverable value. It is difficult to predict with reasonable certainty the amount of expected future impairment losses or reversal of impairment given the many factors impacting the assets and the cash flows used in the impairment test calculation. These factors include, but are not limited to, crude oil and natural gas future selling prices, volumes of reserves, the distribution overtime of production levels associated with such reserves, future investments, production costs, field depletion rates, the supply and demand in local and international markets, the current legislation and contractual conditions, the discount rate. According to the foregoing, and in connection with the estimation of impairment of property, plant and equipment as of December 31, 2025, if our future crude oil and natural gas prices were reduced by 5 US$/bbl and 0.5 US$/MBtu, respectively, for all years of the future discounted cash flows, and assuming all other factors remain constant, future cash flows for impairment of property, plant and equipment comprising the Upstream business segment CGUs would decrease by approximately US$ 3.1 billion, although no impairment loss would need to be recorded. Actual cash flows may be materially affected by other factors and there are numerous uncertainties inherent in the present value estimate of future cash flows, so this hypothetical calculation should not be construed as indicative of our development plans or future results of operations. In addition, for information regarding impairment charges see Note 8 to the Audited Consolidated Financial Statements, and for information regarding our estimates of oil and gas reserves, see “Item 4. Information on the Company—Business organization—Upstream—Oil and gas reserves” and “Supplemental information on oil and gas producing activities (unaudited)”. 60 Table of Contents YPF | Form 20-F | 2025