YPF Sociedad Anonima

Hello everyone. Thank you for joining us and welcome to the YPF second quarter 2026 earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Margarita Chun, IR Manager. Margarita, please go ahead.

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 two. Our remarks today and answers to your questions may include forward-looking statements, which are subject to risk 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 EBTA. 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 Weston. During the presentation we will go through the main aspects and events that shape 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.

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 strong market dynamics. The main drivers of this transformation are shell 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 as the best in the company's history. A 70% increase versus the second highest 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 AJAZ EBITDA, already above the full-year EBITDA reported in 2023. This exceptional performance dropped AJAZ EBITDA margin to 43%. Thank you very much. Operating results reached $1.8 billion, a new record high in the company's history. While net result was $1.2 billion represented, the second-best quarterly performance ever achieved by YPF. The first net result 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 highest level ever achieved of $2.5 billion. As a result, net leverage decreased to 1.1 times its lowest level in more than a decade, and is continuing to improve in YPF's financial position. From an operational standpoint, the quarter reinforced the continued transformation of YPS production mix. Shale oil production reached 213,000 barrels per day, with shale oil now representing 80% of total oil production. This confirms... The increased relevance of unconventional assets with the company's portfolio and the continued progress in scaling up Vaca Muerta as YPF's key growth driver. In parallel, we continue increasing the number of rigs operated by YPF in the Vaca Muerta oil window. As of today, we are operating 16 rigs, significantly higher than the 12 rigs by December last year and expecting to reach 21 rigs by early 2027. On the other hand, let me share with you an important step to accelerate Vaca Muerta. In May, we submitted the RIGI application of Loma La Lata Oil, a project 100% owned by YPF, with a production plateau of roughly 240,000 barrels per day. It represents the largest oil export program in Argentina's history and the largest project submitted under RIGI so far. The project requires cumulative investment of $25 billion over 15 years and is expected to generate more than $100 billion in oil export revenue over its lifetime. Loma La Lata Oil positions YPF and Argentina to build a world-class energy export platform. The approval process may be structured across separate SPVs. We will provide more details later when we have news. Finally, our downstream operations continue to deliver exceptional performance. Refinery processing reaches 351,000 bars per day, reflecting the highest level of refinery utilization ever achieved. It enabled us to generate surplus production and gasoline amid the distillate reaching 43,000 cubic meters per day and setting a new record high. Overall, these results reflect a quarter of exceptional execution with record profitability, strong cash generation, a reinforced balance sheet, and continued operational improvement across the company's main business segments. Before moving to the next slide, let me take a moment to highlight several recent developments that are highly important to the execution of our 4x4 plan strategy. First, regarding the second pillar of our 4x4 plan, active portfolio management, last week we signed an agreement for the sale of two clusters of the UNDER projects in the province of Mendoza. The operating Chachagüen field and the non-operating El Corcovo and CNQ7A blocks. Together, these transactions were closed at a safe price of $405 million and remained subject to the final approval before closing. Importantly, once this conventional field closed, Thank you for watching. More recently, we have just obtained the approval of our board and signed the sale of the 70% equity stake in Metrogas, subject to closing. Moving to Mystery in Oil, Bemos remained on track to reach COD by the end of Q4 this year. We have signed an agreement with the province of Neuquén to establish the project's regulatory and fiscal framework. In addition, we successfully brought ENI and XRG into the upstream development. Thank you very much. We will provide further details later in the presentation. In terms of our local fuel pricing strategy, in mid-May we extended the buffer mechanism for another 45 days alongside a 1% adjustment. The Thank you for watching. With the goal of improving accessibility and affordability for local retail investors in comparison with our peers. In parallel, we adjust the ratio of ADR to shares from 1 to 1 to 1 to 10 with no economic impact on ADR holders. and, most importantly, this split doesn't affect shareholders' economic interest, ownership percentage or voting rights. In addition, users of YPF applications with cash accounts will be able to buy and sell YPF shares directly through the app starting this Friday, August 14. This represents Another meaningful step in expanding access to YPF's heat equity story to a wider investor base. Now, let me share more details on our Loma La Lata Oil project, a key driver to accelerate the development of the South Hub in Bacamorta's oil window. In late May, YPF applied to join the RIGI, the largest Investment Incentive Regime for the SPV Loma La Latoi. This is a large RIGI project and Argentina's major upstream oil export initiative. The SPV is fully owned by YPF, developing five blocks with well inventory of over 1,150 wells and unconventional concession until 2059. These blocks are Langostura Sur 1 and 2. Already delivering exceptional productivity with solid economics. Currently with seven rigs in operation. Besides expansion to Barrial Grande, Langostura Southwest and Langostura North. In terms of investment, we estimate total capex of around 25 billion dollars over the next 15 years. It will be mainly allocated to drilling and completion activities. Liberation shares infrastructure to maximize efficiency. A plateau beyond 2032, production is expected to reach around 240,000 barrels per day, 100% dedicated to export markets through vemos. While also contributing around 10 million cubic meters per day of gas to the local market. This will translate into estimated annual revenue of approximately $7 billion, considering both oil and gas, with an average brand price of $70 per barrel. It is worth mentioning that given its scale, long-term horizon and strong export focus supported by RIGI, this project is a transformational initiative of Argentina's long-term oil development and important value creation for our shareholders. In this sense, based on the scale of the project, the approval process may be structured across different SPVs. Now, I turn the call to Pedro to analyze in detail our financial results.