YPF Sociedad Anónima (“YPF”) is a leading integrated energy company headquartered in Buenos Aires, Argentina. Historically rooted in the creation of Argentina’s state oil enterprise, YPF today operates as a full value-chain hydrocarbon business, combining upstream activities (exploration, development, and production of crude oil, natural gas, and natural gas liquids) ...YPF Sociedad Anónima (“YPF”) is a leading integrated energy company headquartered in Buenos Aires, Argentina. Historically rooted in the creation of Argentina’s state oil enterprise, YPF today operates as a full value-chain hydrocarbon business, combining upstream activities (exploration, development, and production of crude oil, natural gas, and natural gas liquids) with downstream capabilities (refining, marketing, transportation, and distribution). This integrated model supports end-to-end management of feedstocks, refining runs, product supply, and customer delivery, helping the company respond to domestic demand for transportation fuels and industrial commodities.
On the upstream side, YPF maintains an asset base of oil and gas interests and exploration permits and develops reserves through field operations and development projects. Downstream operations are anchored by multiple refineries (with large combined processing capacity), a network of crude oil pipelines and refined-products transport capability, and significant storage and port terminal infrastructure for handling and logistics. These assets enable YPF to convert produced hydrocarbons into refined petroleum products and derivatives.
In terms of product portfolio and services, YPF markets a broad range of fuels and related products, including gasoline and diesel, petroleum derivatives, liquefied petroleum gas (LPG), and specialty offerings. The company also supplies industrial and agricultural-related products reported in its public descriptions (e.g., lubricants and other chemical or agri inputs), reflecting diversification beyond basic fuels. Retail distribution is supported by a large number of company-branded service stations.
YPF’s business also extends to energy solutions beyond oil and gas refining and marketing. Public descriptions indicate participation in gas separation and natural gas distribution networks, and ownership of stakes in power generation plants, enabling exposure to electricity generation and related operational capabilities.
From a cost and financial perspective, as with other integrated oil and gas firms, YPF’s performance is influenced by crude oil and natural gas price cycles, refining margins, logistics and operating efficiency, and investment levels (capex) required to sustain production, modernize refineries, and expand infrastructure. The company’s scale and infrastructure profile (refining capacity, pipeline/terminal reach, and retail footprint) are key determinants of operating leverage and cash flow generation across market conditions.
Key leadership includes CEO Horacio Daniel Marín, who represents the company’s strategic direction for Argentina’s energy future and operational priorities such as resource development and downstream resilience. YPF’s “wishes” or strategic intent—consistent with its public positioning as an energy leader—focus on securing supply, upgrading and expanding infrastructure, and supporting broader energy transition needs while maintaining competitiveness in core hydrocarbons and expanding into complementary energy areas.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$26530.1B
+48.3%
+25.9%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-1198.5B
-157.7%
+162.9%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+27.0%
-2.3%
+26.1%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+8.9%
-14.5%
+53.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-4.5%
-138.9%
+108.7%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-171.2B
-35994.8%
+60.6%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-0.6%
-24311.7%
+27.5%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
103.1%
+24.0%
-8.3%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.87x
+11.1%
-0.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, everyone. Thank you for joining us, and welcome to the YPF Second Quarter 2026 Earnings Conference Call. [Operator Instructions] I will now hand the conference over to Margarita Chun, IR Manager. Margarita, please go ahead.
Margarita Chun: Good morning, ladies and gentlemen. This is Margarita Chun, YPF's IR Manager. Thank you for joining us today in our second quarter 2026 earnings call. Before we begin, please consider our cautionary statement on Slide 2. Our remarks today and answers to your questions may include forward-looking statements, which are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by these remarks. Our financial figures are stated in accordance with IFRS, but during the presentation, we might discuss some non-IFRS measures such as adjusted EBITDA. Today's presentation will be conducted by our Chairman and CEO, Mr. Horacio Marin; our Finance Vice President, Mr. Pedro Kearney; and our Strategy, New Businesses and Controlling Vice President, Mr. Maximiliano Westen. During the presentation, we will go through the main aspects and events that shaped Q2 results. And finally, we will open the floor for Q&A session together with our management team. I will now turn the call over to Horacio. Please go ahead.
Horacio Marin: Thank you, Margarita, and good morning. Q2 was a landmark quarter in YPF's history with 10 major milestones achieved across all our operations. These results reflect the magnitude of the transformation that YPF has achieved since the launch of the 4x4 plan, supported by a strong market dynamics. The main drivers of this transformation are shale growth, the replacement of conventional assets, cost control, capital discipline and operational efficiency. As a result, we are reshaping the company into a very profitable integrated shale player. We are building a more profitable, more resilient and more export-oriented integrated shale company. Adjusted EBITDA reached $2.8 billion, positioning the quarter at the best in the company's history, a 70% increase versus the second high record that was in Q3 2014 and the third one was last quarter. To put this in perspective, in the first half of 2026, we generated nearly $4.4 billion of adjusted EBITDA, already above the full year EBITDA reported in 2023. This exceptional performance drove adjusted EBITDA margin to 43%, its highest level in the last 2 decades, supported by higher prices, seasonal demand, solid operational execution and operational efficiency. As a result, the outstanding performance was reflected in the income statement. Operating result reached $1.8 billion, a new record high in the company history, while net result was $1.2 billion, representing the second best quarterly performance ever achieved by YPF. The first net results was Q3 last year. In terms of cash generation, free cash flow reached $824 million, top 3 in our history, while liquidity closed at the …
