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

Hello and thank you for standing by. Welcome to VISTA's third quarter 2026 earnings call. After the speaker's presentation, there will be a question and answer session. To ask a question, you will need to press star 1-1 on your telephone. You will then hear a message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. Now it's my pleasure to turn the call to VISTA's strategic planning and IRO, Alejandro Chernacov. Please proceed.

Thanks. Good morning, everyone. We are happy to welcome you to VISTA's third quarter of 2026 results conference calls. I am here with Miguel Galuccio, VISTA's chairman and CEO, Verapinto, Vistas CFO, Juan Garoby, Vistas CTO, and Matias Weissel, Vistas COO. Before we begin, I would like to draw your attention to our cautionary statement on slide two. Please be advised that our remarks today, including the answers 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 U.S. dollars and in accordance with International Financial Reporting Standards . However, during this conference call, we may discuss certain non-IFRS financial measures, such as adjusted EBITDA and adjusted net income. Reconciliations of these measures to the closest IFRS measure can be found in the earnings release that we issued yesterday. Please check our website for further information. Results shown in this presentation are adjusted to exclude a 16.3% non-controlling interest in Bandurria Sur Participaciones S.A., holder of 30% non-operated working interest in Bandurria Sur Bloc, of which 25.1% is finally attributable to ISTA. Our company is a Sociedad Anónima Bursátil de Capital Variable organized under the laws of Mexico, registered in the Bolsa Mexicana de Valores and the New York Stock Exchange. Our tickers are VISTA in the Bolsa Mexicana de Valores and BIST in the New York Stock Exchange. I will now turn the call over to Miguel.

Thanks, Ale. Good morning and welcome to this earning call. The third quarter of 2026 was marked by the robust operational and financial performance. Organic production, growth, and the full consolidation of Eginor assets led to a record quarterly production. Combined with the strong oil realization prices and focus on cost efficiency, this led to a solid adjusted EVDA and free cash flow generation during the quarter. Total production was 169,000 VOEs per day, 33% above previous year. Oil production was 147,000 barrels per day, up 34% vis-a-vis the previous year. Total revenues during the quarter were $1.23 billion, an outstanding growth of 75% compared with Q3 2025. Lifting costs was $4.7 per BOE, 6% above the previous year. Capital expenditure was $460 million, sequentially flat. Adjusted VDA was $841 million, an interannual increase of 78%. Net income was $293 million, significantly above Q3 of 2025, which was $27 million after excluding the non-recurring gains of $288 million, corresponding to the Petronas acquisition. Earning per share were $2.6 during the quarter. Pre-cash flow was $334 million, mostly as a consequence of the significant boost in Asset EVA generation. Finally, our net leverage ratio at quarter end was 1.12 times Asset EVA, on a performance basis reflecting LTM figures for the acquired asset. The ratio was 1.04 times adjusted VDA, marking a significant reduction year over year and reflecting a very solid balance sheet. Total production during Q3 averaged 169,000 VOEs per day, reflecting an interannual increase of 33% and sequential increase of 8%. We connected 25 new wells during the quarter, currently running operation at the run rate of 100 wells per year. The cumulative 90 new wells tie-in during the last 12 months provide a substantial drive to production growth in the period. The consolidation of our working interest in Bandurria Sur and Bajo del Toro also drove growth. As the consolidation was as of May 1st, We have three months of production from this asset in the third quarter, compared to two months in the previous quarter. Quarterly oil production averaged 147.1 thousand barrels per day, 34% higher year over year, and 9% above the previous quarter. Gas production increased 29% on an inter-annual basis, and 8% sequentially. Total revenues during Q3 were $1.23 billion, a material growth of 75% compared to the previous year, driven by a solid increase in oil and gas production and higher oil prices. On a sequential basis, revenue increased by 7%, driven by higher production, which upset lower oil realization prices. Oil exports increased 56% year over year, reaching 9.9 million barrels in the quarter, representing 73% of our oil sales volume. During the quarter, exports reached $935 million. Realized oil prices were $84.2 per barrel, 30% above Q3 2025, and 6% below the previous quarter. The sequential decrease is only explained by the decrease in Brent from $97 to $91 per barrel. We sold 100% of our volumes at export parity prices both domestically and internationally. In Q3, lifting cost was $4.7 per VOE, an increase of 6% compared to the previous year. This reflects the impact of inflation on pesos-denominated goods and services amid flood effect rates. Selling expenses were $3.6 per year, a 14% decrease year over year, mainly driven by the dilution of a ship or pay cost on a per barrel basis in the duplicated pipeline as we continue to ramp up production volumes. During Q3, adjusted EBITDA was $841 million, 78% higher inter-annually driven by a strong expansion of revenues amid flat unit costs. On a sequential basis, adjusted EVDA increased 4% as production growth offset lower realized oil prices. Adjusted EVDA margin was 68%, an expansion of 1% point compared to the same quarter of last year. Similarly, net back increase and Javier Rodríguez Galli. In Q3 2026, cash flow from operating activities was $773 million, maintaining working capital flat amid the larger operation and including income tax payment for $50 million. Cash flow used in investing activities was $439 million, driven by accrued capex of $460 million and a decrease in capex-related working capital of $20 million. Free cash flow was very strong at $334 million during the quarter. Year-to-date, free cash flow excluding M&A payment was $563 million. Cash flow from financing activities was negative 164 million dollars, reflecting net capital debt repayment of 60 million dollars, share buyback of 55 million dollars, and interest payment of 24 million dollars. Our CASCO position continues to grow, standing at 775 million dollars at the end of Q3. Finally, our net leverage ratio stood at 1.12 times ASATI-DBDA, a strong reduction from 1.41 times in the previous quarter. On a pro forma basis, considering last 12 months of ASATI-DBDA for the acquired asset, net liberation was 1.04 times at quarter end, improving from 1.25 times in the previous quarter. To conclude this call, and before we move to Q&A, I will make some closing remarks. During Q3, we delivered robust production growth on the back of strong execution and solid productivity of new wells and also the full quarter consolidation of Bandurria Sur and Bajo del Toro. Production growth in combination with the high oil prices and flat unit costs led to a strong adjusted EVDA and free cash flow generation. These allow us to strengthen our cash position and continue reducing our net leverage. Finally, we made very good progress on our annual work program and are well on track to deliver our 2026 items. Before we move to Q&A, I would like to thank all Vista employees for their outstanding work during the quarter and also our investors for their continued support. Operator, we can now move to a Q&A.