Vista Energy S.A.B. de C.V.

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Alejandro Chernyakov, Vista's Strategic Planning and Investor Relations Officer. Please go ahead.

Thanks. Good morning, everyone. We are happy to welcome you to Vista's third quarter of 2025 results conference calls. I'm here with Miguel Gallucho, Vista's Chairman and CEO. Pablo Verapinto, VISTA CFO, Juan Garobi, VISTA CTO, and Matias Waisel, VISTA COO. Before we begin, I would like to draw your attention to our cautionary statements on slide two. Please be advised that our remarks today, including the answer to your questions, may include forward-looking statements. These forward-looking statements 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 US dollars and in accordance with International Financial Reporting Standards, IFRS. However, during this conference call, we may discuss certain non-IFRS financial measures, such as adjusted EBITDA and adjusted net income. Reconciliation of these measures to the closest IFRS measures can be found in the earnings release that we issued yesterday, so please check our website for further information. Our company is A Sociedad Anónima Bustátil de Capital Variable, organized under the laws of Mexico, registered in the Bolsa Mexicana de Valores and the New York Stock Exchange. Our tickets are Vista in the Bolsa Mexicana de Valores and BISP in the New York Stock Exchange. I will now turn the call over to Miguel.

Thanks, Ale. Good morning and welcome to this earnings call. During the third quarter of 2025, we recorded a strong performance across key operational and financial metrics. especially on sequential basis, driven by strong productivity in New Gueltaín, Embajada del Palo Oeste, and La Margachita. Total production was 127,000 BOEs per day, an increase of 74% year over year, and 7% quarter on quarter. Oil production was 110,000 barrels per day, an interannual increase of 73% and 7% sequentially. Total revenues during the quarter were $706 million, 53% above the same quarter of last year, and 16% above the previous quarter. Listing cost was $4.4 per DOE, 6% below year over year. Capital expenditure was $351 million, driven by new well activity during the quarter. Adjusted EBITDA was $472 million, an interannual increase of 52% and a sequential increase of 70%. Adjusted net income during the quarter was $155 million. Net income was $315 million, reflecting a non-recurring gain of $288 million from the Petronas Argentina acquisition. Earnings per share was $3 and adjusted earnings per share was $1.5. Free cash flow in this quarter was almost neutral at minus $29 million driven by higher adjusted EBITDA and a decrease in working capital. Finally, our net labor ratio at quarter end was 1.5 times on performance basis. During Q3, we connected 24 wells, 11 in Baja del Paro Oeste, four in Agua Federal, and nine corresponding to our 50% working interest in La Marga Chica. We recorded solid productivity in the latest well times, which boosted Q3 production by 7% compared to the previous quarter. Based on robust well performance, improvement in our oil realization prices, and financial flexibility at work by the $500 million term loan close in July, we have decided to accelerate new well activity in Q4. We are now planning between 12 and 16 tie-ins in the next quarter, leading to between 70 and 74 connections for the year. We are seeing Q4 production about 130,000 DOEs per day, which leaves us on track to over deliver on production guidance for the year and the second semester. Total production in Q3 was 126.8 thousand BOEs per day, an inter-annual increase of 74 percent. Oil production was 109.7 thousand barrels per day, 73 about year over year. On a sequential basis, both oil and total production increased 7 percent, reflecting solid execution of our drilling campaign and robust oil productivity during Q3. especially in Bajada del Palo Oeste and La Amarga Chica. Bajada del Palo Oeste also drawn production in our operating block, which increased 50% compared to a year ago and 6% compared to a previous quarter. Gas production increased 87% on an interannual basis and 9% on a sequential basis. In Q3 2025, total revenues were $706 million, 53% above Q3 2024, driven by a strong increase in oil production, which more than offset lower oil prices. On a sequential basis, total revenues increased 16%, driven by 7% increase in total production, and 4% higher oil prices. Oil export increased 84% year-over-year to 6.3 million barrels for the quarter. Realized oil prices were $64.6 per barrel on average, down 5% on inter-annual basis, and up 4% on a sequential basis, in both cases driven by international prices. We captured higher brand prices and lower discounts which were around $1 per barrel during the quarter. During Q3, 100% of all volumes were sold at export parity prices. In Q3, lifting cost was $4.4 per DOE, 6% lower compared to both the previous quarter and the same quarter of last year. This reflects our continuous focus on efficiency. Selling expenses per DOE were down 24% on an inter-annual basis, driven by the elimination of oil tracking services as of the start of the last quarter. Adjusted EBITDA during the quarter was $472 million, 52% higher on inter-annual basis, mainly driven by production growth, explained by the 15% in our operating production and the consolidation of 50 percent of La Amarga Chica. Compared to the previous quarter, adjusted EVDA increased 70 percent, mainly driven by oil production growth. Adjusted EVDA margin was 67 percent, up 2 percent points compared to the same quarter of last year, as production growth and the elimination of oil tracking offset lower oil prices. $40.5 per VOE, up 8% on a sequential basis. During Q3 2025, cash flow from operating activities was $304 million, reflecting in-contact payments of $179 million, partially offset by a decrease in working capital of $43 million. Cash flow used in investing activities was $333 million, reflecting accrued CAPEX of $351 million, partially offset by a decrease in CAPEX-related working capital of $70 million. Free cash flow during the quarter was minus $29 million, reflecting higher adjusted EBITDA that drawn cash from operations and a decrease of $59 million in working capital. Cash flow for financing activities was $195 million, driven by proceeds from borrowings of $500 million, partially offset by the repayment of borrowing capital of $193 million and the repurchase of shares of $50 million. Finally, cash at period end was $320 million, Our net leverage ratio on a performance basis reflecting the Petronas-Argentina transaction stood at 1.5 times adjusted VDA. To conclude this call, and before we move to Q&A, I will make some closing remarks. During Q3, we recorded the robust world productivity in new world times, reflecting our high-quality asset base and peer-leading operating performance. This led to material increase in adjusted EBITDA both in a sequential and interannual basis, driven by production growth and continued focus on cost control. Q3 production was well within guidance range for the second semester. Production growth in the fourth quarter on the back of solid productivity and more investment in our profitable ready-to-drill inventory leave us on track to potentially over-deliver on our guidance. I remind you that we will be hosting our third investor day on November 12th. During this virtual event, we will present an updated strategic plan, focusing on profitable growth, cost efficiency, and cash generation. Before we move to Q&A, I would like to thank everyone at Vista for delivering a remarkable quarter. we can now move to Q&A.