YPF delivered solid operational performance in Q3 2025, with adjusted EBITDA remaining flat year-over-year despite a 12% decline in revenues due to falling international prices; strong gains in shale oil production offset conventional output declines.

• Revenues decreased to $4.6 billion, reflecting a 12% year-on-year drop, primarily driven by Brent price contraction.
• Adjusted EBITDA increased over 20% sequentially to approximately $1.4 billion, maintaining profit margins through improved shale production.
• Shale oil production surged by 35% year-on-year to 170,000 barrels per day; preliminary October data indicates further 12% growth.
• Negative free cash flow of $759 million included extraordinary acquisition costs, while pro forma adjustments show a $172 million outflow excluding one-offs.
• Strategic investments continue in unconventional resources, with 70% of CapEx focused on shale development, highlighting operational efficiencies achieved in recent well completions.