YPF’s positive 6% market reaction reflects investor approval of its outperformance on volume growth, margin expansion, and free cash flow generation despite cautious signaling on local fuel pricing amid demand softness.

• Revenues reached $4.95 billion in Q1 2026, up 9% quarter-over-quarter and 7% year-over-year, driven by higher international prices and record refinery utilization.
• Adjusted EBITDA hit approximately $1.6 billion, a 24% sequential increase and 28% year-over-year, yielding a 32% margin supported by increased shale oil production and upstream cost efficiencies.
• Shale oil production rose 5% sequentially to 205,000 barrels per day (39% growth year-over-year), now comprising 76% of total oil output, on track to meet full-year targets.
• Free cash flow significantly improved by $1.8 billion year-over-year to $871 million, underpinned by operational cash generation and $500 million in strategic M&A proceeds.
• In April, YPF initiated a temporary 45-day hold on passing through international price increases to mitigate early signs of domestic demand contraction, reflecting prudent commercial management without government intervention.