6-K

YPF Sociedad Anónima

Date: May 14, 2025

/s/ Margarita Chun

Margarita Chun

Market Relations Officer

6-K 1 d919767d6k.htm 6-K 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2025

Commission File Number: 001-12102

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

YPF Sociedad Anónima

TABLE OF CONTENT

ITEM 1 YPF S.A.’s Condensed Interim Consolidated Financial Statements as of March 31, 2025 and Comparative Information (Unaudited) (US$).

ITEM 2 YPF S.A.’s Condensed Interim Consolidated Financial Statements as of March 31, 2025 and Comparative Information (Unaudited) (AR$).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Item 1

LOGO

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF MARCH 31, 2025

AND COMPARATIVE INFORMATION

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

CONTENT


Note	Description	Page
	Glossary of terms	1
	Legal information	2
	Condensed interim consolidated statements of financial position	3
	Condensed interim consolidated statements of comprehensive income	4
	Condensed interim consolidated statements of changes in shareholders’ equity	5
	Condensed interim consolidated statements of cash flow	7
	Notes to the condensed interim consolidated financial statements:
1	General information, structure and organization of the Group’s business	8
2	Basis of preparation of the condensed interim consolidated financial statements	9
3	Seasonality of operations	10
4	Acquisitions and disposals	11
5	Financial risk management	12
6	Business segment information	12
7	Financial instruments by category	17
8	Intangible assets	17
9	Property, plant and equipment	18
10	Right-of-use assets	21
11	Investments in associates and joint ventures	21
12	Assets held for sale and associated liabilities	24
13	Inventories	26
14	Other receivables	26
15	Trade receivables	27
16	Investments in financial assets	27
17	Cash and cash equivalents	27
18	Provisions	28
19	Income tax	28
20	Taxes payable	30
21	Salaries and social security	30
22	Lease liabilities	30
23	Loans	31
24	Other liabilities	33
25	Accounts payable	33
26	Revenues	33
27	Costs	35
28	Expenses by nature	36
29	Other net operating results	37
30	Net financial results	37
31	Investments in joint operations and consortiums	37
32	Shareholders’ equity	38
33	Earnings per share	38
34	Contingent assets and liabilities	38
35	Contractual commitments	39
36	Main regulations	40
37	Balances and transactions with related parties	43
38	Employee benefit plans and similar obligations	45
39	Subsequent events	46


		1
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

GLOSSARY OF TERMS


Term		Definition
ADR		American Depositary Receipt
ADS		American Depositary Share
AESA		Subsidiary A-Evangelista S.A.
AFIP		Argentine Tax Authority (Administración Federal de Ingresos Públicos)
ANSES		National Administration of Social Security (Administración Nacional de la Seguridad Social)
ARCA		Collection and Customs Control Agency (Agencia de Recaudación y Control Aduanero) (formerly “AFIP”)
Argentina LNG		Subsidiary Argentina LNG S.A.U.
ASC		Accounting Standards Codification
Associate		Company over which YPF has significant influence as provided for in IAS 28 “Investments in associates and joint ventures”
B2B		Business to Business
B2C		Business to Consumer
BCRA		Central Bank of the Argentine Republic (Banco Central de la República Argentina)
BNA		Bank of the Argentine Nation (Banco de la Nación Argentina)
BO		Official Gazette of the Argentine Republic (Boletín Oficial de la República Argentina)
CAMMESA		Compañía Administradora del Mercado Mayorista Eléctrico S.A.
CAN		Northern Argentine basin (cuenca Argentina Norte)
CDS		Associate Central Dock Sud S.A.
CGU		Cash-generating unit
CNDC		Argentine Antitrust Authority (Comisión Nacional de Defensa de la Competencia)
CNV		Argentine Securities Commission (Comisión Nacional de Valores)
CPI		Consumer Price Index published by INDEC
CSJN		Argentine Supreme Court of Justice (Corte Suprema de Justicia de la Nación Argentina)
CT Barragán		Joint venture CT Barragán S.A.
Eleran		Subsidiary Eleran Inversiones 2011 S.A.U.
ENARGAS		Argentine Gas Regulator (Ente Nacional Regulador del Gas)
ENARSA		Energía Argentina S.A. (formerly Integración Energética Argentina S.A., “IEASA”)
FASB		Financial Accounting Standards Board
FOB		Free on board
Gas Austral		Associate Gas Austral S.A.
GPA		Associate Gasoducto del Pacífico (Argentina) S.A.
Group		YPF and its subsidiaries
IAS		International Accounting Standard
IASB		International Accounting Standards Board
IDS		Associate Inversora Dock Sud S.A.
IFRIC		International Financial Reporting Interpretations Committee
IFRS		International Financial Reporting Standard
INDEC		National Institute of Statistics and Census (Instituto Nacional de Estadística y Censos)
JO		Joint operation (Unión Transitoria)
Joint venture		Company jointly owned by YPF as provided for in IFRS 11 “Joint arrangements”
LGS		General Corporations Law (Ley General de Sociedades) No. 19,550
LNG		Liquefied natural gas
LPG		Liquefied petroleum gas
MBtu		Million British thermal units
MEGA		Joint venture Compañía Mega S.A.
Metroenergía		Subsidiary Metroenergía S.A.
Metrogas		Subsidiary Metrogas S.A.
MINEM		Ministry of Energy and Mining (Ministerio de Energía y Minería)
MLO		West Malvinas basin (cuenca Malvinas Oeste)
MTN		Medium-term note
NO		Negotiable obligations
Oiltanking		Associate Oiltanking Ebytem S.A.
OLCLP		Joint venture Oleoducto Loma Campana—Lago Pellegrini S.A.
Oldelval		Associate Oleoductos del Valle S.A.
OPESSA		Subsidiary Operadora de Estaciones de Servicios S.A.
OTA		Joint venture OleoductoTrasandino (Argentina) S.A.
OTC		Joint venture OleoductoTrasandino (Chile) S.A.
PEN		National Executive Branch (Poder Ejecutivo Nacional)
Peso		Argentine peso
PIST		Transportation system entry point (Punto de ingreso al sistema de transporte)
Profertil		Joint venture Profertil S.A.
Refinor		Joint venture Refinería del Norte S.A.
ROD		Record of decision
RQT		Quinquennial Tariff Review (Revisión Quinquenal Tarifaria)
RTI		Integral Tariff Review (Revisión Tarifaria Integral)
RTT		Transitional Tariff Regime (Régimen Tarifario de Transición)
SC Gas		Subsidiary SC Gas S.A.U.
SE		Secretariat of Energy (Secretaría de Energía) (formerly “MINEM” and “SGE”)
SEC		U.S. Securities and Exchange Commission
SEE		Secretariat of Electric Energy (Secretaría de Energía Eléctrica)
SGE		Government Secretariat of Energy (Secretaría de Gobierno de Energía)
SRH		Hydrocarbon Resources Secretariat (Secretaría de Recursos Hidrocarburíferos)
SSHyC		Under-Secretariat of Hydrocarbons and Fuels (Subsecretaría de Hidrocarburos y Combustibles)
Subsidiary		Company controlled by YPF as provided for in IFRS 10 “Consolidated financial statements”
Sur Inversiones Energéticas		Subsidiary Sur Inversiones Energéticas S.A.U.
Sustentator		Joint venture Sustentator S.A.
Termap		Associate Terminales Marítimas Patagónicas S.A.
Turnover tax		Impuesto a los ingresos brutos
U.S. dollar		United States dollar
UNG		Unaccounted natural gas
US$		United States dollar
US$/bbl		U.S. dollar per barrel
UVA		Unit of Purchasing Power
VAT		Value added tax
VMOS		Associate VMOS S.A.
WEM		Wholesale Electricity Market
YPF Chile		Subsidiary YPF Chile S.A.
YPF EE		Joint venture YPF Energía Eléctrica S.A.
YPF Gas		Associate YPF Gas S.A.
YPF or the Company		YPF S.A.
YPF Perú		Subsidiary YPF E&P Perú S.A.C.
YPF Ventures		Subsidiary YPF Ventures S.A.U.
Y-TEC		Subsidiary YPF Tecnología S.A.
Y-LUZ		Subsidiary Y-LUZ Inversora S.A.U. controlled by YPF EE


		2
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

LEGAL INFORMATION

Legal address

Macacha Güemes 515 - Ciudad Autónoma de Buenos Aires, Argentina.

Fiscal year

No. 49 beginning on January 1, 2025.

Main business of the Company

The Company’s purpose shall be to perform, on its own, through third parties or in association with third parties, the survey, exploration and exploitation of liquid and/or gaseous hydrocarbon fields and other minerals, as well as the industrialization, transportation and commercialization of these products and their direct and indirect by-products, including petrochemical products, chemical products, whether derived from hydrocarbons or not, and non-fossil fuels, biofuels and their components, as well as the generation of electrical energy through the use of hydrocarbons, to which effect it may manufacture, use, purchase, sell, exchange, import or export them. It shall also be the Company’s purpose the rendering, on its own, through a controlled company or in association with third parties, of telecommunications services in all forms and modalities authorized by the legislation in force after applying for the relevant licenses as required by the regulatory framework, as well as the production, industrialization, processing, commercialization, conditioning, transportation and stockpiling of grains and products derived from grains, as well as any other activity complementary to its industrial and commercial business or any activity which may be necessary to attain its object. To better achieve these purposes, it may set up, become associated with or have an interest in any public or private entity domiciled in Argentina or abroad, within the limits set forth in the Bylaws.

Filing with the Public Registry of Commerce

Bylaws filed on February 5, 1991, under No. 404 of the Book of Corporations 108, Volume A, with the Public Registry of Commerce of the Autonomous City of Buenos Aires, in charge of the Argentine Registry of Companies (Inspección General de Justicia); and Bylaws in substitution of previous Bylaws, filed on June 15, 1993, under No. 5,109 of the Book of Corporations 113, Volume A, with the above mentioned Public Registry.

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

January 26, 2024, registered with the Public Registry of Commerce of the Autonomous City of Buenos Aires in charge of the Argentine Registry of Companies (Inspección General de Justicia) on March 15, 2024, under No. 4,735, Book 116 of Corporations.

Capital structure

393,312,793 shares of common stock, $10 par value and 1 vote per share.

Subscribed, paid-in and authorized for stock exchange listing (in pesos)

3,933,127,930.

HORACIO DANIEL MARÍN

President


		3
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF MARCH 31, 2025 AND DECEMBER 31, 2024

(Amounts expressed in millions of United States dollars)


	Notes	March 31, 2025		December 31, 2024
ASSETS
Non-current assets
Intangible assets	8		594		491
Property, plant and equipment	9		18,957		18,736
Right-of-use assets	10		656		743
Investments in associates and joint ventures	11		2,104		1,960
Deferred income tax assets, net	19		309		330
Other receivables	14		438		337
Trade receivables	15		2		1

Total non-current assets			23,060		22,598

Current assets
Assets held for sale	12		1,534		1,537
Inventories	13		1,617		1,546
Contract assets	26		25		30
Other receivables	14		634		552
Trade receivables	15		1,614		1,620
Investments in financial assets	16		292		390
Cash and cash equivalents	17		938		1,118

Total current assets			6,654		6,793

TOTAL ASSETS			29,714		29,391


SHAREHOLDERS’ EQUITY
Shareholders’ contributions			4,508		4,506
Retained earnings			7,167		7,146

Shareholders’ equity attributable to shareholders of the parent company			11,675		11,652

Non-controlling interest			233		218

TOTAL SHAREHOLDERS’ EQUITY			11,908		11,870


LIABILITIES
Non-current liabilities
Provisions	18		1,079		1,084
Contract liabilities	26		149		114
Deferred income tax liabilities, net	19		95		90
Income tax liability			2		2
Salaries and social security	21		33		34
Lease liabilities	22		344		406
Loans	23		7,543		7,035
Other liabilities	24		136		74
Accounts payable	25		6		6

Total non-current liabilities			9,387		8,845

Current liabilities
Liabilities directly associated with assets held for sale	12		2,087		2,136
Provisions	18		115		116
Contract liabilities	26		83		73
Income tax liability			138		126
Taxes payable	20		226		247
Salaries and social security	21		428		412
Lease liabilities	22		349		370
Loans	23		2,023		1,907
Other liabilities	24		260		410
Accounts payable	25		2,710		2,879

Total current liabilities			8,419		8,676

TOTAL LIABILITIES			17,806		17,521

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			29,714		29,391

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN

President


		4
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024

(Amounts expressed in millions of United States dollars, except per share information expressed in United States dollars)


		For the three-month periods ended March 31,
Net income	Notes	2025		2024

Revenues	26		4,608		4,310
Costs	27		(3,329)		(3,019)

Gross profit			1,279		1,291


Selling expenses	28		(528)		(467)
Administrative expenses	28		(206)		(141)
Exploration expenses	28		(30)		(23)
Other net operating results	29		(323)		6

Operating profit			192		666


Income from equity interests in associates and joint ventures	11		81		129

Financial income	30		16		36
Financial costs	30		(285)		(336)
Other financial results	30		13		41

Net financial results	30		(256)		(259)



Net profit before income tax			17		536


Income tax	19		(27)		121


Net (loss) / profit for the period			(10)		657


Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures			(38)		(27)
Result from net monetary position in subsidiaries, associates and joint ventures⁽¹⁾			84		285

Other comprehensive income for the period			46		258



Total comprehensive income for the period			36		915


Net (loss) / profit for the period attributable to:
Shareholders of the parent company			(16)		649
Non-controlling interest			6		8
Other comprehensive income for the period attributable to:
Shareholders of the parent company			37		214
Non-controlling interest			9		44
Total comprehensive income for the period attributable to:
Shareholders of the parent company			21		863
Non-controlling interest			15		52
Earnings per share attributable to shareholders of the parent company:
Basic and diluted	33		(0.04)		1.66

(1)	Result associated to subsidiaries, associates and joint ventures with the peso as functional currency, see Note 2.b.1) to the annual consolidated financial statements.

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN

President


		5
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024

(Amounts expressed in millions of United States dollars)


	For the three-month period ended March 31, 2025
	Shareholders’ contributions
	Capital	Treasury shares	Share-based benefit plans	Acquisition cost of treasury shares ⁽²⁾	Share trading premiums	Issuance premiums	Total
Balance at the beginning of the fiscal year	3,922	11	3	(28)	(42)	640	4,506
Accrual of share-based benefit plans ⁽³⁾	-	-	2	-	-	-	2
Settlement of share-based benefit plans	-	-	-	-	-	-	-
Other comprehensive income	-	-	-	-	-	-	-
Net (loss) / profit for the period	-	-	-	-	-	-	-

Balance at the end of the period	3,922	11	5	(28)	(42)	640	4,508


	Retained earnings ⁽⁴⁾							Equity attributable to
	Legal reserve	Reserve for future dividends	Reserve for investments	Reserve for purchase of treasury shares	Other comprehensive income		Unappropriated retained earnings and losses	Shareholders of the parent company	Non- controlling interest	Total shareholders’ equity
Balance at the beginning of the fiscal year	787	-	4,236	36	(331)		2,418	11,652	218	11,870
Accrual of share-based benefit plans ⁽³⁾	-	-	-	-	-		-	2	-	2
Settlement of share-based benefit plans	-	-	-	-	-		-	-	-	-
Other comprehensive income	-	-	-	-	46		(9)	37	9	46
Net (loss) / profit for the period	-	-	-	-	-		(16)	(16)	6	(10)

Balance at the end of the period	787	-	4,236	36	(285)	⁽¹⁾	2,393	11,675	233	11,908

(1) Includes (2,005) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar, and 1,720 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency. See Note 2.b.1) to the annual consolidated financial statements.

(2) Net of employees’ income tax withholding related to the share-based benefit plans.

(3) See Note 38.

(4) Includes 70 restricted to the distribution of retained earnings as of March 31, 2025 and December 31, 2024, respectively. See Note 31 to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President


		6
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024 (cont.)

(Amounts expressed in millions of United States dollars)


	For the three-month period ended March 31, 2024
	Shareholders’ contributions
	Capital	Treasury shares	Share-based benefit plans	Acquisition cost of treasury shares ⁽²⁾	Share trading premiums	Issuance premiums	Total
Balance at the beginning of the fiscal year	3,919	14	1	(30)	(40)	640	4,504
Accrual of share-based benefit plans ⁽³⁾	-	-	1	-	-	-	1
Settlement of share-based benefit plans	-	-	-	-	-	-	-
Other comprehensive income	-	-	-	-	-	-	-
Net profit for the period	-	-	-	-	-	-	-

Balance at the end of the period	3,919	14	2	(30)	(40)	640	4,505


	Retained earnings ⁽⁴⁾							Equity attributable to
	Legal reserve	Reserve for future dividends	Reserve for investments	Reserve for purchase of treasury shares	Other comprehensive income		Unappropriated retained earnings and losses	Shareholders of the parent company	Non- controlling interest	Total shareholders’ equity
Balance at the beginning of the fiscal year	787	226	5,325	35	(684)		(1,244)	8,949	102	9,051
Accrual of share-based benefit plans ⁽³⁾	-	-	-	-	-		-	1	-	1
Settlement of share-based benefit plans	-	-	-	-	-		-	-	-	-
Other comprehensive income	-	-	-	-	214		-	214	44	258
Net profit for the period	-	-	-	-	-		649	649	8	657

Balance at the end of the period	787	226	5,325	35	(470)	⁽¹⁾	(595)	9,813	154	9,967

(1) Includes (1,900) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar, and 1,430 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency. See Note 2.b.1) to the annual consolidated financial statements.

(2) Net of employees’ income tax withholding related to the share-based benefit plans.

(3) See Note 38.

(4) Includes 70 restricted to the distribution of retained earnings as of March 31, 2024 and December 31, 2023, respectively. See Note 31 to the annual consolidated financial statements.

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN

President


		7
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024

(Amounts expressed in millions of United States dollars)


	For the three-month periods ended March 31,
	2025		2024
Cash flows from operating activities
Net (loss) / profit		(10)		657
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(81)		(129)
Depreciation of property, plant and equipment		718		576
Amortization of intangible assets		14		10
Depreciation of right-of-use assets		74		66
Retirement of property, plant and equipment and intangible assets and consumption of materials		99		90
Charge on income tax		27		(121)
Net increase in provisions		261		163
Effect of changes in exchange rates, interest and others		254		242
Share-based benefit plans		2		1
Result from sale of assets		(14)		-
Result from changes in fair value of assets held for sale		200		-
Changes in assets and liabilities:
Trade receivables		(14)		(448)
Other receivables		(224)		(128)
Inventories		(69)		125
Accounts payable		(282)		41
Taxes payable		(12)		107
Salaries and social security		27		(48)
Other liabilities		(104)		(49)
Decrease in provisions due to payment/use		(59)		(36)
Contract assets		5		(8)
Contract liabilities		45		(16)
Proceeds from collection of profit loss insurance		1		-
Income tax payments		(8)		(6)

Net cash flows from operating activities ^(1) (2)		850		1,089


Investing activities: ⁽³⁾
Acquisition of property, plant and equipment and intangible assets		(1,205)		(1,181)
Additions of assets held for sale		(33)		-
Contributions and acquisitions of interests in associates and joint ventures		(71)		-
Acquisitions from business combinations net of cash and cash equivalents		(243)		-
Proceeds from sales of financial assets		97		84
Payments from purchase of financial assets		-		(130)
Interests received from financial assets		1		17
Proceeds from concessions, assignment agreements and sale of assets		71		2

Net cash flows used in investing activities		(1,383)		(1,208)


Financing activities: ⁽³⁾
Payments of loans		(1,087)		(554)
Payments of interests		(221)		(202)
Proceeds from loans		1,767		1,114
Account overdrafts, net		-		56
Payments of leases		(105)		(101)
Payments of interests in relation to income tax		-		(1)

Net cash flows from financing activities		354		312



Effect of changes in exchange rates on cash and cash equivalents		(1)		(7)



(Decrease) / Increase in cash and cash equivalents		(180)		186



Cash and cash equivalents at the beginning of the fiscal year		1,118		1,123
Cash and cash equivalents at the end of the period		938		1,309

(Decrease) / Increase in cash and cash equivalents		(180)		186

(1) Does not include the effect of changes in exchange rates generated by cash and cash equivalents, which is exposed separately in this statement.

(2) Includes 20 and 31 for the three-month periods ended March 31, 2025 and 2024, respectively, for payments of short-term leases and payments of the variable charge of leases related to the underlying asset use or performance.

(3) The main investing and financing transactions that have not affected cash and cash equivalents correspond to:


	For the three-month periods ended March 31,
	2025		2024
Unpaid acquisitions of property, plant and equipment and intangible assets		590		492
Unpaid additions of assets held for sale		5		-
Additions of right-of-use assets		11		64
Capitalization of depreciation of right-of-use assets		16		18
Capitalization of financial accretion for lease liabilities		3		3

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN

President


		8
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

1.	GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE GROUP’S BUSINESS

General information

YPF S.A. (“YPF” or the “Company”) is a stock corporation (sociedad anónima) incorporated under the Argentine laws, with a registered office at Macacha Güemes 515, in the Autonomous City of Buenos Aires.

YPF and its subsidiaries (the “Group”) form the leading energy group in Argentina, which operates a fully integrated oil and gas chain with leading market positions across the domestic Upstream, Midstream and Downstream, LNG and Integrated Gas and New Energies business segments (see Note 6).

Structure and organization of the economic group

The following table presents the main companies of the Group as of March 31, 2025:


Entity	Country	Main business	% of ownership of capital stock ⁽¹⁾	Relationship
Upstream
Eleran	Spain	Hydrocarbon exploration through the subsidiary YPF E&P Bolivia S.A.	100%	Subsidiary
SC Gas ⁽⁴⁾	Argentina	Hydrocarbon exploitation	100%	Subsidiary

Midstream and Downstream
OPESSA	Argentina	Gas stations	100%	Subsidiary
Refinor	Argentina	Industrialization and commercialization of hydrocarbons	50%	Joint venture
OLCLP	Argentina	Hydrocarbon transportation	85%	Joint venture
OTA	Argentina	Hydrocarbon transportation	36%	Joint venture
OTC	Chile	Hydrocarbon transportation	36%	Joint venture
Oldelval	Argentina	Hydrocarbon transportation	37%	Associate
Oiltanking	Argentina	Hydrocarbon transportation	30%	Associate
Termap	Argentina	Hydrocarbon transportation	33.15%	Associate
VMOS ⁽³⁾	Argentina	Hydrocarbon transportation	26.67%	Associate
YPF Gas	Argentina	Commercialization of natural gas	33.99%	Associate

LNG and Integrated Gas
YPF Chile	Chile	Commercialization of natural gas	100%	Subsidiary
Argentina LNG	Argentina	Industrialization and commercialization of LNG	100%	Subsidiary
Sur Inversiones Energéticas	Argentina	Industrialization and commercialization of LNG	100%	Subsidiary
MEGA	Argentina	Separation of natural gas liquids and their fractionation	38%	Joint venture

New Energies
Metrogas ⁽²⁾	Argentina	Distribution of natural gas	70%	Subsidiary
Metroenergía	Argentina	Commercialization of natural gas	71.50%	Subsidiary
Y-TEC	Argentina	Research and development of technology	51%	Subsidiary
YPF Ventures	Argentina	Corporate investments	100%	Subsidiary
YPF EE	Argentina	Generation of electric power	75%	Joint venture
Profertil	Argentina	Production and commercialization of fertilizers	50%	Joint venture
CT Barragán	Argentina	Generation of electric power	50%	Joint venture
CDS ⁽⁵⁾	Argentina	Generation of electric power	10.25%	Associate

Central Administration and Others
AESA	Argentina	Engineering and construction services	100%	Subsidiary

(1)	Held directly and indirectly.

(2)	See Note 36.c.3) “Note from ENARGAS related to YPF’s equity interest in Metrogas” section to the annual consolidated financial statements.

(3)

On December 13, 2024, YPF, together with Pan American Sur S.A., Vista Energy S.A.U. and Pampa Energía S.A. signed a shareholders’ agreement to form a new company, VMOS, which main purpose is the construction of the “Vaca Muerta Sur Project”, an oil transportation infrastructure project. VMOS has granted stock options to Pluspetrol S.A., Chevron Argentina S.R.L., CDC ApS, Shell Compañía Argentina de Petróleo S.A., Shell Overseas Investments B.V., and Gas y Petróleo del Neuquén S.A. As of the date of issuance of these condensed interim consolidated financial statements, the aforementioned companies have exercised such stock options becoming shareholders of VMOS.

(4)	The change of MASA’s corporate name to SC Gas is in the process of being registered with the Argentine Registry of Companies (Inspección General de Justicia), see Note 4 “Acquisition of Mobil Argentina S.A.” section.

(5)	Additionally, the Group has a 22.36% indirect holding in capital stock through YPF EE.

HORACIO DANIEL MARÍN

President


		9
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

1.	GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE GROUP’S BUSINESS (cont.)

Organization of the business

As of March 31, 2025, the Group carries out its operations in accordance with the following structure:

Upstream

Midstream and Downstream

LNG and Integrated Gas

New Energies

Central Administration and Others

Activities covered by each business segment are detailed in Note 6.

The operations, properties and clients of the Group are mainly located in Argentina. However, the Group also holds participating interest in exploratory areas in Bolivia and sells natural gas, lubricants and derivatives in Chile.

2.	BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

2.a) Applicable accounting framework

The condensed interim consolidated financial statements of the Company for the three-month period ended March 31, 2025, are presented in accordance with IAS 34 “Interim financial reporting”. Therefore, they should be read together with the annual consolidated financial statements of the Company as of December 31, 2024 (“annual consolidated financial statements”) presented in U.S. dollars and in accordance with IFRS Accounting Standards as issued by the IASB.

These condensed interim consolidated financial statements corresponding to the three-month period ended March 31, 2025 are unaudited. The Company believes they include all necessary adjustments to reasonably present the results of each period on a basis consistent with the audited annual consolidated financial statements. Net Income for the three-month period ended March 31, 2025 does not necessarily reflect the proportion of the Group’s full-year net income.

2.b) Material accounting policies

The material accounting policies are described in Note 2.b) to the annual consolidated financial statements.

The accounting policies adopted in the preparation of these condensed interim consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements, except for the valuation policy for income tax detailed in Note 19.

Functional currency

As mentioned in Note 2.b.1) to the annual consolidated financial statements, YPF has defined the U.S. dollar as its functional currency.

The consolidated financial statements used by YPF for statutory, legal and regulatory purposes in Argentina are those in pesos and filed with the CNV and approved by the Board of Directors and authorized to be issued on May 7, 2025.

Business combinations

The Group analyzes whether the assets acquired and liabilities assumed in a transaction qualify as a business combination in accordance with IFRS 3 “Business combinations”. Business combinations are accounted for using the acquisition method, which requires, among others, the recognition and measurement at fair value of the identifiable assets acquired, the liabilities assumed and any non-controlling interest. The excess of the consideration transferred over such fair value is recognized as goodwill and the shortfall as a gain in profit or loss for the period.

When the assets acquired are not a business, the Group accounts for the transaction as the acquisition of an asset.

HORACIO DANIEL MARÍN

President


		10
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

2.	BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (cont.)

Adoption of new standards and interpretations effective as from January 1, 2025

The Company has adopted all new and revised standards and interpretations, issued by the IASB, relevant to its operations which are of mandatory and effective application as of March 31, 2025, as described in Note 2.b.14) to the annual consolidated financial statements.

Standards and interpretations issued by the IASB whose application is not mandatory at the closing date of these condensed interim consolidated financial statements and have not been adopted by the Group

In accordance with Article 1, Chapter III, Title IV of the CNV rules, the early application of the IFRS and/or their amendments is not permitted for issuers filing financial statements with the CNV, unless specifically admitted by such agency.

2.c) Significant estimates and key sources of estimation uncertainty

In preparing the financial statements at a certain date, the Group is required to make estimates and assessments affecting the amount of assets and liabilities recorded and the contingent assets and liabilities disclosed at such date, as well as income and expenses recognized in the fiscal year or period. Actual future profit or loss might differ from the estimates and assessments made at the date of preparation of these condensed interim consolidated financial statements.

The assumptions relating to the future and other key sources of uncertainty about the estimates made for the preparation of these condensed interim consolidated financial statements are consistent with those used by the Group in the preparation of the annual consolidated financial statements, which are disclosed in Note 2.c) to the annual consolidated financial statements.

2.d) Comparative information

Amounts and other financial information corresponding to the fiscal year ended December 31, 2024 and for the three-month period ended March 31, 2024 are an integral part of these condensed interim consolidated financial statements and are intended to be read only in relation to these financial statements. Likewise, changes have been made to the comparative figures in Notes 6 and 26 as mentioned in Note 6.

3.	SEASONALITY OF OPERATIONS

Historically, the Group’s results have been subject to seasonal fluctuations throughout the year, particularly as a result of the increase in natural gas sales during the winter driven by the increased demand in the residential segment. Consequently, the Group is subject to seasonal fluctuations in its sales volumes and prices, with higher sales of natural gas during the winter at higher prices.

HORACIO DANIEL MARÍN

President


		11
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

4.	ACQUISITIONS AND DISPOSALS

The most relevant acquisitions and disposals of companies that took place during the three-month period ended March 31, 2025 are described below:

Acquisition of Mobil Argentina S.A.

On December 17, 2024, the Company entered into a share purchase and sale agreement with ExxonMobil Argentina Upstream B.V., ExxonMobil Exploration and Production Gemini B.V., and QatarEnergy Argentina Holdings LLC (collectively, the “Sellers”) whereby, subject to the fulfillment of the closing conditions set forth in such agreement, YPF acquired 100% of the shares and capital stock of Mobil Argentina S.A. (“MASA”).

MASA owns 54.45% of Sierra Chata unconventional exploitation concession in the Province of Neuquén. Pampa Energía S.A., operator of such concession, owns the remaining working interest.

On January 29, 2025 (“acquisition date”), after the fulfillment of all the closing conditions, the sale and transfer by the Sellers to YPF of 100% of MASA’s shares and capital stock was completed. The amount of the transaction was 327 in cash. As of the acquisition date, MASA will continue to operate under the corporate name SC Gas S.A.U. (“SC Gas”), being YPF its sole shareholder.

The transaction described above qualifies as a business combination in accordance with IFRS 3 and is accounted for using the acquisition method (see Note 2.b)). The following table details the consideration transferred, the fair values of the identifiable assets acquired and the liabilities assumed by YPF at the acquisition date:


	Fair value at acquisition date ⁽¹⁾
Fair value of identifiable assets and liabilities assumed:
Intangible assets		108
Property, plant and equipment		154
Other receivables		7
Trade receivables		10
Cash and cash equivalents		60
Provisions		(5)
Accounts payable		(7)

Total identifiable net assets / Consideration		327

(1)	In accordance with IFRS 3, during the measurement period, an entity may adjust the provisional amounts recognized in a business combination, therefore, fair values may be adjusted during the period.

Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)

On January 31, 2025, after the fulfillment of all the closing conditions of the share purchase and sale agreement of the subsidiary YPF Brasil, the sale and transfer by YPF to the GMZ HOLDING LTDA. and IGP HOLDING PARTICIPAÇÕES S.A., with the intervention of USIQUÍMICA DO BRASIL LTDA. as guarantor of the transaction, of 100% of the shares and capital stock of YPF Brasil was completed. The sale price of the transaction agreed by the parties was US$ 2.3 million. See Note 3 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section to the annual consolidated financial statements.

Based on the closing of the aforementioned share purchase and sale agreement and considering the fair value of the assets and liabilities of YPF Brasil classified as held for sale, as of the closing date of the transaction, the result from the sale did not have significant effects. In addition, the translation differences accumulated in the “Other comprehensive income” account and reclassified to the “Unappropriated retained earnings and losses” account in the statement of changes in shareholders’ equity due to the loss of control of the subsidiary amounts to a loss of 9.

HORACIO DANIEL MARÍN

President


		12
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

5.	FINANCIAL RISK MANAGEMENT

The Group’s activities expose it to a variety of financial risks: Market risk (including exchange rate risk, interest rate risk, and price risk), liquidity risk and credit risk. Within the Group, risk management functions are conducted in relation to financial risks associated to financial instruments to which the Group is exposed during a certain period or as of a specific date.

During the three-month period ended March 31, 2025, there were no significant changes in the administration or policies of risk management implemented by the Group as described in Note 4 to the annual consolidated financial statements.

•

Liquidity risk management

Most of the Group’s loans contain market-standard covenants for contracts of this nature, which include financial covenants in respect of the Group’s leverage ratio and debt service coverage ratio, and events of defaults triggered by materially adverse judgements, among others. See Notes 17, 33 and 34 to the annual consolidated financial statements and Notes 18 and 34.

The Group monitors compliance with covenants on a quarterly basis. As of March 31, 2025, the Group is in compliance with its covenants.

6.	BUSINESS SEGMENT INFORMATION

The different business segments in which the Group’s organization is structured consider the different activities from which the Group can obtain revenues and incur expenses. Such organizational structure is based on the way in which the chief decision maker analyzes the main operating and financial magnitudes for making decisions about resource allocation and performance assessment, also considering the business strategy of the Group.

Business segment information is presented consistently with the manner of reporting the information used by the chief decision maker to allocate resources and assess business segment performance.

As of the current fiscal year, as a consequence of the organizational structure changes in which the New Energies Vice Presidency was created and the Gas and Power Vice Presidency and the Downstream Vice Presidency were reformulated as the LNG and Integrated Gas Vice Presidency and the Midstream and Downstream Vice Presidency, respectively, the complete management scope of these new business units was determined. On January 1, 2025, these organizational changes resulted in a modification of the composition of the business segments according to how the chief decision maker allocates resources and assesses the performance of these business segments, creating the New Energies business segment and readjusting the composition and definition of the businesses of the remaining business segments. The changes in the business segments had no impact on the CGUs defined in Note 2.b.5) to the annual consolidated financial statements.

As aforementioned and in Note 5 to the annual consolidated financial statements, the comparative information for the fiscal year ended December 31, 2024 and the three-month period ended March 31, 2024 has been restated.

The business segments structure is organized as follows:

•

Upstream

The Upstream business segment performs all activities related to the exploration and exploitation of hydrocarbon fields and production of crude oil and natural gas.

Its revenues are mainly derived from: (i) the sale of the produced crude oil to the Midstream and Downstream business segment; (ii) the sale of the produced natural gas to the LNG and Integrated Gas business segment; and (iii) the sale of the natural gas retained in plant to the Midstream and Downstream business segment.

It incurs all costs related to the aforementioned activities.

HORACIO DANIEL MARÍN

President


		13
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6.	BUSINESS SEGMENT INFORMATION (cont.)

•

Midstream and Downstream

The Midstream and Downstream business segment performs activities related to: (i) the refining, transportation and commercialization of refined products; (ii) the production, transportation and commercialization of petrochemical products; (iii) the transportation and commercialization of crude oil; and (iv) the commercialization of specialties for the agribusiness industry and of grains and their by-products.

Its revenues are mainly derived from the sale of crude oil, refined and petrochemical products, and specialties for agribusiness industry and grains and their by-products, through the businesses of B2C (Retail), B2B (Commercial Networks, Industries, Transportation, Aviation, Agro, Lubricants and Specialties), LPG, Chemicals, International Trade and Transportation and Sales to Companies. In addition, it obtains revenues from midstream oil, midstream gas and natural gas storage operations and the provision of LNG regasification services.

It incurs all costs related to the aforementioned activities, including the purchase of: (i) crude oil from the Upstream business segment and third parties; (ii) natural gas to be consumed in the refinery and petrochemical industrial complexes from the LNG and Integrated Gas business segment; and (iii) natural gas retained in plant from the Upstream business segment.

•

LNG and Integrated Gas

The LNG and Integrated Gas business segment performs activities related to: (i) natural gas commercialization to third parties and to the Midstream and Downstream business segment; (ii) the separation of natural gas liquids and their fractionation, storage and transportation for the production of ethane, propane, butane and gasoline, and its commercialization, through our investment in joint venture Mega; and (iii) the development of LNG capacity.

On January 1, 2025, as a consequence of the organizational changes described above, the assets related to the natural gas transportation, the conditioning and processing of natural gas retained in plant for the separation and fractionation of gasoline, propane and butane, the storage of the produced natural gas, and the commercial and technical operation of the LNG regasification terminal in Escobar, which were formerly included in the Gas and Power business segment, were assigned to the Midstream and Downstream business segment. Furthermore, the assets related to the distribution of natural gas through our subsidiary Metrogas, the generation of conventional thermal electric power and renewable energy, and the production, storage, distribution and sale of fertilizers through our investments in associates and joint ventures, which were formerly included in the Gas and Power business segment, were assigned to the New Energies business segment.

Its revenues are mainly derived from the commercialization of natural gas as producers to third parties and to the Midstream and Downstream and the New Energies business segments.

It incurs all costs related to the aforementioned activities, including the purchase of natural gas from the Upstream business segment.

HORACIO DANIEL MARÍN

President


		14
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6.	BUSINESS SEGMENT INFORMATION (cont.)

•

New Energies

On January 1, 2025, as a consequence of the organizational changes described above, the New Energies Vice Presidency was created and during the current fiscal year the complete management scope of this new business unit was determined. As of that date, the assets related to the distribution of natural gas through our subsidiary Metrogas, the generation of conventional thermal electric power and renewable energy and the production, storage, distribution and sale of fertilizers through our investments in associates and joint ventures, which were formerly included in the Gas and Power business segment, were assigned to the New Energies business segment. In addition, the assets related to the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary Y-TEC, previously included in Central Administration and Others, were assigned to the New Energies business segment.

The New Energies business segment performs activities related to: (i) the definition and development of the new energy portfolio; (ii) the definition and development of sustainability and energy transitions programs; (iii) the distribution of natural gas through our subsidiary Metrogas; and (iv) the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary Y-TEC. Furthermore, through our investments in associates and joint ventures, the New Energies business segment performs activities related to: (i) the generation of conventional thermal electric power and renewable energy; and (ii) the production, storage, distribution and sale of fertilizers.

Its revenues are mainly derived from the sale of natural gas through our subsidiary Metrogas.

It incurs all costs related to the aforementioned activities, including the purchase of natural gas from the LNG and Integrated Gas business segment.

•

Central Administration and Others

It includes the remaining activities performed by the Group that do not fall within the aforementioned business segments and which are not reporting business segments, mainly comprising revenues, expenses and assets related to: (i) corporate administrative; (ii) the production of frac sand for well drilling/fracking purposes; and (iii) the construction activities through our subsidiary AESA.

On July 1, 2024, certain assets related to the production of frac sand for well drilling/fracking purposes, which were formerly included in the Upstream business segment, were assigned to Central Administration and Others. In addition, on January 1, 2025, as a consequence of the organizational changes described above, the assets related to the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary Y-TEC, previously included in Central Administration and Others, were assigned to the New Energies business segment.

Sales between business segments were made at internal transfer prices established by the Group, which approximately reflect domestic market prices.

Operating profit or loss and assets of each business segment have been determined after consolidation adjustments.

HORACIO DANIEL MARÍN

President


		15
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6.	BUSINESS SEGMENT INFORMATION (cont.)


	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Consolidation adjustments ⁽¹⁾		Total
For the three-month period ended March 31, 2025
Revenues		18		3,856		333		189		212		-		4,608
Revenues from intersegment sales		2,049		62		67		3		281		(2,462)		-

Revenues		2,067		3,918		400		192		493		(2,462)		4,608


Operating profit or loss		(119)		382		(5)		24		(59)		(31)		192
Income from equity interests in associates and joint ventures		-		14		22		45		-		-		81

Net financial results														(256)
Net profit before income tax														17
Income tax														(27)
Net loss for the period														(10)

Acquisitions of property, plant and equipment		1,060		213		3		10		20		-		1,306
Acquisitions of right-of-use assets		2		1		-		-		8		-		11
Increases from business combinations ⁽⁴⁾		262		-		-		-		-		-		262

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		561		125		1		10		21		-		718
Amortization of intangible assets		-		9		-		4		1		-		14
Depreciation of right-of-use assets		41		31		-		-		2		-		74

Balance as of March 31, 2025
Assets		13,072		10,982		757		2,629		2,532		(258)		29,714

HORACIO DANIEL MARÍN

President


		16
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6.	BUSINESS SEGMENT INFORMATION (cont.)


	Upstream			Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Consolidation adjustments ⁽¹⁾		Total
For the three-month period ended March 31, 2024
Revenues		14			3,768		311		76		141		-		4,310
Revenues from intersegment sales		1,933			22		55		2		221		(2,233)		-

Revenues		1,947			3,790		366		78		362		(2,233)		4,310


Operating profit or loss		400	⁽³⁾		560		(33)		(25)		(26)		(210)		666
Income from equity interests in associates and joint ventures		-			13		27		89		-		-		129

Net financial results															(259)
Net profit before income tax															536
Income tax															121
Net profit for the period															657

Acquisitions of property, plant and equipment		1,009			214		-		5		24		-		1,252
Acquisitions of right-of-use assets		6			58		-		-		-		-		64
Increases from business combinations		-			-		-		-		-		-		-

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		431			118		-		8		19		-		576
Amortization of intangible assets		-			7		-		3		-		-		10
Depreciation of right-of-use assets		42			24		-		-		-		-		66

Balance as of December 31, 2024
Assets		12,795			10,735		743		2,524		2,822		(228)		29,391

(1)	Corresponds to the eliminations among the business segments of the Group.

(2)	Includes depreciation of charges for impairment of property, plant and equipment.

(3)	Includes (6) of unproductive exploratory drillings as of March 31, 2024.

(4)	See Notes 8 and 9.

HORACIO DANIEL MARÍN

President


		17
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

7.	FINANCIAL INSTRUMENTS BY CATEGORY

Fair value measurements

Fair value measurements are described in Note 6 to the annual consolidated financial statements.

The tables below present the Group’s financial assets measured at fair value through profit or loss as of March 31, 2025 and December 31, 2024, and their allocation to their fair value hierarchy levels:


	As of March 31, 2025
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		284		-		-		284
- Private securities - NO		8		-		-		8

		292		-		-		292

Cash and cash equivalents:
- Mutual funds		353		-		-		353

		353		-		-		353

		645		-		-		645


	As of December 31, 2024
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		381		-		-		381
- Private securities - NO		9		-		-		9

		390		-		-		390

Cash and cash equivalents:
- Mutual funds		439		-		-		439

		439		-		-		439

		829		-		-		829

The Group has no financial liabilities measured at fair value through profit or loss.

Fair value estimates

During the three-month period ended March 31, 2025, there have been no changes in macroeconomic circumstances that significantly affect the Group’s financial instruments measured at fair value through profit or loss.

During the three-month period ended March 31, 2025, there were no transfers between the different hierarchies used to determine the fair value of the Group’s financial instruments.

Fair value of financial assets and financial liabilities measured at amortized cost

The estimated fair value of loans, considering unadjusted listed prices (Level 1) for NO and interest rates offered to the Group (Level 3) for the remaining loans, amounted to 9,462 and 8,811 as of March 31, 2025 and December 31, 2024, respectively.

The fair value of other receivables, trade receivables, cash and cash equivalents, other liabilities and accounts payable at amortized cost, do not differ significantly from their carrying amount.

8.	INTANGIBLE ASSETS


	March 31, 2025	December 31, 2024
Net carrying amount of intangible assets	634	531
Provision for impairment of intangible assets	(40)	(40)

	594	491

HORACIO DANIEL MARÍN

President


		18
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

8.	INTANGIBLE ASSETS (cont.)

The evolution of the Group’s intangible assets for the three-month period ended March 31, 2025 and as of the year ended December 31, 2024 is as follows:


	Service concessions		Exploration rights		Other intangibles		Total
Cost		964		110		431		1,505
Accumulated amortization		703		-		395		1,098

Balance as of December 31, 2023		261		110		36		407


Cost
Increases		86		-		4		90
Increases from business combinations		-		-		-		-
Translation effect		-		-		(12)		(12)
Adjustment for inflation ⁽¹⁾		-		-		51		51
Decreases, reclassifications and other movements		-		-		62		62

Accumulated amortization
Increases		27		-		16		43
Translation effect		-		-		(7)		(7)
Adjustment for inflation ⁽¹⁾		-		-		31		31
Decreases, reclassifications and other movements		-		-		-		-

Cost		1,050		110		536		1,696
Accumulated amortization		730		-		435		1,165

Balance as of December 31, 2024		320		110		101		531


Cost
Increases		21		-		1		22
Increases from business combinations		-		108		-		108
Translation effect		-		-		(4)		(4)
Adjustment for inflation ⁽¹⁾		-		-		8		8
Decreases, reclassifications and other movements		-		(26)		12		(14)

Accumulated amortization
Increases		7		-		7		14
Translation effect		-		-		(3)		(3)
Adjustment for inflation ⁽¹⁾		-		-		6		6
Decreases, reclassifications and other movements		-		-		-		-


Cost		1,071		192		553		1,816
Accumulated amortization		737		-		445		1,182

Balance as of March 31, 2025		334		192		108		634

(1)	Corresponds to the adjustment for inflation of opening balances of intangible assets of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

9.	PROPERTY, PLANT AND EQUIPMENT


	March 31, 2025		December 31, 2024
Net carrying amount of property, plant and equipment		19,778		19,456
Provision for obsolescence of materials and equipment		(361)		(223)
Provision for impairment of property, plant and equipment		(460)		(497)

		18,957		18,736

HORACIO DANIEL MARÍN

President


		19
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

9.	PROPERTY, PLANT AND EQUIPMENT (cont.)

Changes in Group’s property, plant and equipment for the three-month periods ended March 31, 2025 and as of the year ended December 31, 2024 are as follows:


	Land and buildings		Mining property, wells and related equipment		Refinery equipment and petrochemical plants		Transportation equipment		Materials and equipment in warehouse		Drilling and work in progress		Exploratory drilling in progress		Furniture, fixtures and installations		Selling equipment		Infrastructure for natural gas distribution		Other property		Total
Cost		1,340		53,101		8,911		677		1,439		5,665		131		869		1,382		810		843		75,168
Accumulated depreciation		688		44,894		5,858		370		-		-		-		786		981		411		648		54,636

Balance as of December 31, 2023		652		8,207		3,053		307		1,439		5,665		131		83		401		399		195		20,532


Cost
Increases		1		169		95		28		1,263		3,928		99		2		-		-		15		5,600
Increases from business combinations		-		-		-		-		-		-		-		-		-		-		-		-
Translation effect		(43)		-		-		(12)		(4)		(6)		-		(7)		-		(176)		(42)		(290)
Adjustment for inflation⁽¹⁾		151		-		-		48		16		24		-		31		-		746		182		1,198
Decreases, reclassifications and other movements		(94)		(24,759)		325		(13)		(1,151)		(3,543)		(171)		1		183		(5)		(45)		(29,272)	⁽²⁾

Accumulated depreciation
Increases		29		2,160		372		41		-		-		-		39		72		25		33		2,771
Translation effect		(19)		-		-		(8)		-		-		-		(5)		-		(89)		(30)		(151)
Adjustment for inflation⁽¹⁾		80		-		-		32		-		-		-		22		-		376		129		639
Decreases, reclassifications and other movements		(63)		(24,725)		-		(57)		-		-		-		(42)		(12)		(12)		(36)		(24,947)	⁽²⁾

Cost		1,355		28,511		9,331		728		1,563		6,068		59		896		1,565		1,375		953		52,404
Accumulated depreciation		715		22,329		6,230		378		-		-		-		800		1,041		711		744		32,948

Balance as of December 31, 2024		640		6,182		3,101		350		1,563		6,068		59		96		524		664		209		19,456


Cost
Increases		1		149		14		1		235		896		7		2		-		-		1		1,306
Increases from business combinations		-		146		-		-		8		-		-		-		-		-		-		154
Translation effect		(10)		-		-		(4)		(1)		(3)		-		(2)		-		(54)		(10)		(84)
Adjustment for inflation⁽¹⁾		20		-		-		8		3		4		-		5		-		112		27		179
Decreases, reclassifications and other movements		26		767		4		(10)		(247)		(1,163)		-		6		13		8		3		(593)	⁽³⁾

Accumulated depreciation
Increases		6		605		89		11		-		-		-		10		19		8		8		756
Translation effect		(6)		-		-		(2)		-		-		-		(1)		-		(29)		(8)		(46)
Adjustment for inflation⁽¹⁾		11		-		-		4		-		-		-		3		-		60		20		98
Decreases, reclassifications and other movements		(5)		(146)		-		(10)		-		(1)		-		(5)		-		-		(1)		(168)	⁽³⁾

Cost		1,392		29,573		9,349		723		1,561		5,802		66		907		1,578		1,441		974		53,366
Accumulated depreciation		721		22,788		6,319		381		-		(1)		-		807		1,060		750		763		33,588

Balance as of March 31, 2025		671		6,785		3,030		342		1,561		5,803		66		100		518		691		211		19,778

(1)	Corresponds to the adjustment for inflation of opening balances of property, plant and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

(2)	Includes 28,586 and 24,915 of cost and accumulated depreciation, respectively, reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project“ section to the annual consolidated financial statements.

(3)	Includes 380 and 74 of cost and accumulated depreciation, respectively, reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 2.b.13) to the annual consolidated financial statements and Note 12.

HORACIO DANIEL MARÍN

President


		20
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

9.	PROPERTY, PLANT AND EQUIPMENT (cont.)

The Group capitalizes the financial cost of loans as part of the cost of the property, plant and equipment. For the three-month periods ended March 31, 2025 and 2024, the rate of capitalization was 6.57% and 7.71%, respectively, and the amount capitalized amounted to 3 and 2, respectively.

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the three-month period ended March 31, 2025 and as of the year ended December 31, 2024:


	Provision for obsolescence of materials and equipment
Balance as of December 31, 2023		171

Increases charged to profit or loss		53
Applications due to utilization		(2)
Translation effect		-
Adjustment for inflation⁽¹⁾		1

Balance as of December 31, 2024		223

Increases charged to profit or loss		139
Applications due to utilization		(1)
Translation effect		-
Adjustment for inflation⁽¹⁾		-

Balance as of March 31, 2025		361

(1)	Corresponds to the adjustment for inflation of opening balances of the provision for obsolescence of materials and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

Set forth below is the evolution of the provision for impairment of property, plant and equipment for the three-month period ended March 31, 2025 and as of the year ended December 31, 2024:


	Provision for impairment of property, plant and equipment
Balance as of December 31, 2023		2,649

Increases charged to profit or loss⁽¹⁾		66
Depreciation⁽²⁾		(325)
Translation effect		(2)
Adjustment for inflation⁽³⁾		5
Reclassifications⁽⁴⁾		(1,896)

Balance as of December 31, 2024		497

Increases charged to profit or loss		-
Depreciation⁽²⁾		(38)
Translation effect		-
Adjustment for inflation⁽³⁾		1
Reclassifications		-

Balance as of March 31, 2025		460

(1)	See Notes 2.c) and 8 to the annual consolidated financial statements.

(2)	Included in “Depreciation of property, plant and equipment” line item in the statement of comprehensive income, see Note 28.

(3)	Corresponds to the adjustment for inflation of opening balances of the provision for impairment of property, plant and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

(4)	Includes 1,896 reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project“ section to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President


		21
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

10. RIGHT-OF-USE ASSETS

The evolution of the Group’s right-of-use assets for the three-month period ended March 31, 2025 and as of the year ended December 31, 2024 is as follows:


	Land and buildings		Exploitation facilities and equipment		Machinery and equipment		Gas stations		Transportation equipment		Total
Cost		40		567		451		94		498		1,650
Accumulated depreciation		24		416		252		49		278		1,019

Balance as of December 31, 2023		16		151		199		45		220		631


Cost
Increases		12		16		219		11		186		444
Translation effect		-		-		-		(3)		-		(3)
Adjustment for inflation ⁽¹⁾		1		-		-		14		-		15
Decreases, reclassifications and other movements		(1)		(15)		(59)		(2)		(11)		(88)

Accumulated depreciation
Increases		7		101		88		12		123		331
Translation effect		-		-		-		(3)		-		(3)
Adjustment for inflation ⁽¹⁾		1		-		-		10		-		11
Decreases, reclassifications and other movements		-		(15)		(56)		(1)		(11)		(83)

Cost		52		568		611		114		673		2,018
Accumulated depreciation		32		502		284		67		390		1,275

Balance as of December 31, 2024		20		66		327		47		283		743


Cost
Increases		-		-		1		-		10		11
Translation effect		-		-		-		-		-		-
Adjustment for inflation ⁽¹⁾		-		-		-		2		-		2
Decreases, reclassifications and other movements		-		(9)		-		-		-		(9)

Accumulated depreciation
Increases		1		11		26		5		47		90
Translation effect		-		-		-		-		-		-
Adjustment for inflation ⁽¹⁾		-		-		-		1		-		1
Decreases, reclassifications and other movements		-		-		-		-		-		-

Cost		52		559		612		116		683		2,022
Accumulated depreciation		33		513		310		73		437		1,366

Balance as of March 31, 2025		19		46		302		43		246		656

(1)	Corresponds to the adjustment for inflation of opening balances of right-of-use assets of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table presents the value of the investments in associates and joint ventures at an aggregate level as of March 31, 2025 and December 31, 2024:


	March 31, 2025		December 31, 2024
Amount of investments in associates		281		212
Amount of investments in joint ventures		1,823		1,748

		2,104		1,960

HORACIO DANIEL MARÍN

President


		22
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (cont.)

The main concepts which affected the value of the aforementioned investments during the three-month period ended March 31, 2025 and as of the year ended December 31, 2024, correspond to:


	Investments in associates and joint ventures
Balance as of December 31, 2023		1,676

Acquisitions and contributions		-
Income on investments in associates and joint ventures		396
Distributed dividends		(174)
Translation differences		(13)
Adjustment for inflation ⁽¹⁾		75

Balance as of December 31, 2024		1,960

Acquisitions and contributions		72
Income on investments in associates and joint ventures		81
Distributed dividends		(13)
Translation differences		(5)
Adjustment for inflation ⁽¹⁾		9

Balance as of March 31, 2025		2,104

(1)	Corresponds to the adjustment for inflation of opening balances of associates and joint ventures with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income, see Note 2.b.1) to the annual consolidated financial statements.

The following table presents the principal amounts of the results of the investments in associates and joint ventures of the Group, calculated according to the equity method, for the three-month periods ended March 31, 2025 and 2024. The values reported by these companies have been adjusted, if applicable, to adapt them to the accounting policies used by the Company for the calculation of the equity method value in the aforementioned dates:


	Associates				Joint ventures
	For the three-month periods ended March 31,				For the three-month periods ended March 31,
	2025		2024		2025		2024
Net income		9		6		72		123
Other comprehensive income		3		16		1		13

Comprehensive income		12		22		73		136

The Company has no investments in subsidiaries with significant non-controlling interests. Likewise, the Company has no significant investments in associates and joint ventures, except for the investment in YPF EE.

HORACIO DANIEL MARÍN

President


		23
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (cont.)

The financial information corresponding to YPF EE’s assets and liabilities as of March 31, 2025 and December 31, 2024, as well as the results for the three-month periods ended March 31, 2025 and 2024, are detailed below:


	March 31, 2025 ⁽¹⁾		December 31, 2024 ⁽¹⁾
Total non-current assets		2,194		2,147
Cash and cash equivalents		207		240
Other current assets		232		243
Total current assets		439		483

Total assets		2,633		2,630


Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other liabilities” items)		732		736
Other non-current liabilities		94		64
Total non-current liabilities		826		800
Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other liabilities” items)		245		291
Other current liabilities		192		213
Total current liabilities		437		504

Total liabilities		1,263		1,304



Total shareholders’ equity ⁽²⁾		1,370		1,326


Dividends received ⁽³⁾		-		36

Closing exchange rates ⁽⁴⁾		1,072.50		1,030.50

	For the three-month periods ended March 31,
	2025 ⁽¹⁾		2024 ⁽¹⁾
Revenues		150		122
Interest income		3		14
Depreciation and amortization		(38)		(35)
Interest loss		(16)		(14)
Income tax		(7)		(5)
Operating profit		66		34


Net profit		44		31
Other comprehensive income		53		67

Total comprehensive income		97		98


Average exchange rates ⁽⁴⁾		1,054.66		832.15

(1) The financial information arises from the statutory condensed interim consolidated financial statements of YPF EE and the amounts are translated to U.S. dollars using the exchange rates indicated. On this information, accounting adjustments have been made for the calculation of the equity method value and in the results of YPF EE. The adjusted equity and results do not differ significantly from the financial information disclosed here.

(2) Includes the non-controlling interest.

(3) The amounts are translated to U.S. dollars using the exchange rate at the date of the dividends’ payment.

(4) Corresponds to the average seller/buyer exchange rate of BNA.

HORACIO DANIEL MARÍN

President


		24
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES

The following table presents the main assets held for sale and associated liabilities as of March 31, 2025 and December 31, 2024:


	Upstream		Midstream and Downstream		Total
Balance as of March 31, 2025
Assets held for sale
Property, plant and equipment - Mature Fields Project		1,192		-		1,192
Property, plant and equipment and intangible assets - Aguada del Chañar ⁽³⁾		332		-		332
Property, plant and equipment - Gas stations		-		10		10
Assets of subsidiary YPF Brasil ⁽²⁾		-		-		-

		1,524		10		1,534


Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations - Mature Fields Project		2,009		-		2,009
Provision for hydrocarbon wells abandonment obligations - Aguada del Chañar ⁽³⁾		1		-		1
Provision for environmental liabilities - Mature Fields Project		63		-		63
Liabilities for concessions - Mature Fields Project		14		-		14
Liabilities of subsidiary YPF Brasil ⁽²⁾		-		-		-

		2,087		-		2,087


	Upstream		Midstream and Downstream		Total
Balance as of December 31, 2024
Assets held for sale
Property, plant and equipment - Mature Fields Project ⁽¹⁾		1,506		-		1,506
Property, plant and equipment and intangible assets - Aguada del Chañar		-		-		-
Property, plant and equipment - Gas stations		-		10		10
Assets of subsidiary YPF Brasil ⁽²⁾		-		21		21

		1,506		31		1,537

Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations - Mature Fields Project ⁽¹⁾		2,051		-		2,051
Provision for hydrocarbon wells abandonment obligations - Aguada del Chañar		-		-		-
Provision for environmental liabilities - Mature Fields Project ⁽¹⁾		53		-		53
Liabilities for concessions - Mature Fields Project ⁽¹⁾		14		-		14
Liabilities of subsidiary YPF Brasil ⁽²⁾		-		18		18

		2,118		18		2,136

(1)	See Note 11 “Mature Fields Project“ section to the annual consolidated financial statement.

(2)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”) section.

(3)	See Note 35.b) “Aguada del Chañar” section.

Mature Fields Project

The Mature Fields Project is described in Note 11 “Mature Fields Project” section to the annual consolidated financial statements. Updates for the three-month period ended March 31, 2025, are described below:

•

Description of the Mature Fields Project

The assignment agreements that have met the agreed closing conditions during the three-month period ended March 31, 2025, and therefore the transaction was settled are described below:

Estación Fernández Oro

On December 19, 2024, Decree No. 525/2024 was published in the Official Gazette of the Province of Río Negro, which authorized the transfer of 100% of YPF’s rights and obligations in the “Estación Fernández Oro” exploitation concession in favor of Quintana E&P Argentina S.R.L., Quintana Energy Investments S.A., and Gas Storage and Midstream Services S.A. (“Quintana Consortium”).

On February 3, 2025, after the fulfillment of all the closing conditions by YPF and Quintana Consortium, the transfer of 100% of the rights and obligations of YPF in such exploitation concessions in favor of Quintana Consortium was formalized. In the context of this transaction, YPF received 23.

Campamento Central - Cañadón Perdido

On January 6, 2025, Decree No. 1,892/2024 was published in the Official Gazette of the Province of Chubut, which authorized the transfer of 100% of the rights and obligations in the “Campamento Central - Cañadón Perdido” exploitation concession, in which YPF held a working interest of 50%, in favor of PECOM.

HORACIO DANIEL MARÍN

President


		25
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES (cont.)

On January 31, 2025, after the fulfillment of all the closing conditions by YPF and PECOM, the transfer of 100% of the rights and obligations of YPF in such exploitation concessions in favor of PECOM was formalized. In the context of this transaction, YPF received 28.

As of March 31, 2025, based on the closing of the aforementioned assignment agreements for the “Estación Fernández Oro”, and “Campamento Central - Cañadón Perdido” exploitation concessions and considering the fair value less costs to sell of such groups of assets, the result from the sale of such assets did not have significant effects. Additionally, the derecognition of the carrying amount of net assets held for sale and liabilities directly associated with assets held for sale related to such exploitation concessions was 45 as of such date.

The assignment agreements that have met the agreed closing conditions as of the date of issuance of these condensed interim consolidated financial statements, for which the transaction was settled after the end of the period ended March 31, 2025, are described below. Consequently, the disposal of these groups of assets as held for sale did not meet the requirements of IFRS 5 to recognize their sale at the end of the three-month period ended March 31, 2025, and therefore these groups of assets continue to be classified as held for sale as of that date.

Barrancas, Vizcacheras, La Ventana, Ceferino, Mesa Verde and Río Tunuyán

On January 29, 2025, Resolution No. 16/2025 was published in the Official Gazette of the Province of Mendoza, which authorized the transfer of 100% of YPF’s rights and obligations in “Barrancas”, “Vizcacheras”, “La Ventana”, “Ceferino”, “Mesa Verde” and “Río Tunuyán” exploitation concessions in favor of Petróleos Sudamericanos S.A. (“PS”).

On March 27, 2025, after the fulfillment of all the closing conditions by YPF and PS, the transfer of 100% of the rights and obligations of YPF in such exploitation concessions in favor of PS was formalized with effective date as of April 1, 2025. In the context of this transaction, YPF received 3 and, in addition, contemplates crude oil deliveries for a period of 2 years as payment in kind.

At the closing date of the aforementioned assignment agreements for the “Barrancas”, “Vizcacheras”, “La Ventana”, “Ceferino”, “Mesa Verde” and “Río Tunuyán” exploitation concessions and considering the fair value less costs to sell of such groups of assets, the result from the sale of such assets amounts to a gain of 78. Additionally, the derecognition of the carrying amount of net liabilities directly associated with assets held for sale and assets held for sale related to such exploitation concessions is 31.

In addition, at the date of issuance of these condensed interim consolidated financial statements, the following assignment agreements, although they have been formally resolved by the corresponding enforcement authorities, are subject to the fulfillment of closing conditions:

Señal Cerro Bayo, Volcán Auca Mahuida, Don Ruiz and Las Manadas

On April 7, 2025, Decree No. 372/2025 was published in the Official Gazette of the Province of Neuquén, which authorized the transfer of 100% of YPF’s rights and obligations in “Señal Cerro Bayo”, “Volcán Auca Mahuida”, “Don Ruiz” and “Las Manadas” exploitation concessions in favor of Bentia Energy S.A. (“Bentia”) and Ingeniería SIMA S.A. As of the date of issuance of these condensed interim consolidated financial statements, the assignment agreement is subject to the fulfillment of closing conditions.

Al Norte de la Dorsal and Octógono

On April 9, 2025, Decree No. 380/2025 was published in the Official Gazette of the Province of Neuquén, which authorized the transfer of 100% of YPF’s rights and obligations in “Al Norte de la Dorsal” and “Octógono” exploitation concessions in favor of Bentia. As of the date of issuance of these condensed interim consolidated financial statements, the assignment agreement is subject to the fulfillment of closing conditions.

As of the date of issuance of these condensed interim consolidated financial statements, the Company has signed assignment agreements for certain groups of assets as held for sale that are subject to closing conditions mainly related to regulatory and provincial approvals, for which the Company is taking the necessary steps to close; and it is highly probable that these assets will be disposed. In addition, the Company maintains groups of assets as held for sale for which agreements have not yet been signed but continues in negotiations with third parties for their disposal or reversal. The delay in the fulfillment of the plan for the disposal of mature fields is due to the complexity of the negotiations, which is beyond the Company’s control. As of the date of issuance of these condensed interim consolidated financial statements, the Company considers that the disposal of such assets continues to be highly probable during 2025.

HORACIO DANIEL MARÍN

President


		26
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES (cont.)

•

Accounting matters

Considering that the assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell (“fair value”), the Company evaluates the changes in fair value, recognizing a profit up to the limit of the impairment loss previously recognized or an impairment loss in addition to that previously recognized for such changes, (see Note 2.b.13) to the annual consolidated financial statement).

For the three-month period ended March 31, 2025, based on the aforementioned evaluation of the changes in the fair value, the Company recognized a loss due to changes in the fair value of assets held for sale of 200 in the “Other net operating results” line item in the statement of comprehensive income, mainly generated by higher costs associated with expenses of different nature that are expected to arise related to the assets in connection with the ongoing negotiations progress. The carrying amount of the assets held for sale may be adjusted in future periods depending on the results of the disposal process carry out by YPF and the economic consideration to be agreed with third parties for such assets.

In relation to the Company’s own personnel, the Company recognized for the three-month period ended March 31, 2025 a charge for severance indemnities of 26 in the “Provision for severance indemnities” line under “Other operating results, net” line item in the statement of comprehensive income.

13. INVENTORIES


	March 31, 2025		December 31, 2024
Finished goods	983		925
Crude oil and natural gas ⁽²⁾	471		456
Products in process	47		49
Raw materials, packaging materials and others	116		116

	1,617	⁽¹⁾	1,546	⁽¹⁾

(1)	As of March 31, 2025 and December 31, 2024, the carrying amount of inventories does not exceed their net realizable value.

(2)	Includes 21 corresponding to the provision of inventories write-down as of March 31, 2025 and December 31, 2024, respectively, see Note 2.b.8) to the annual consolidated financial statements.

14. OTHER RECEIVABLES


	March 31, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Receivables from services, sales of other assets and other advance payments		14		7		11		35
Tax credit and export rebates		148		173		129		150
Loans and balances with related parties ⁽¹⁾		189		76		159		35
Collateral deposits		-		17		-		20
Prepaid expenses		56		60		15		42
Advances and loans to employees		1		6		-		5
Advances to suppliers and custom agents ⁽²⁾		24		88		16		74
Receivables with partners in JO and Consortiums		1		179		2		164
Insurance receivables		-		4		-		5
Miscellaneous		30		24		31		22

		463		634		363		552
Provision for other doubtful receivables		(25)		-		(26)		-

		438		634		337		552

(1)	See Note 37 for information about related parties.

(2)	Includes, among others, advances to custom agents for the payment of taxes and import rights related to the imports of fuels and goods.

HORACIO DANIEL MARÍN

President


		27
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

15. TRADE RECEIVABLES


	March 31, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Accounts receivable and related parties ^{(1) (2)}		11		1,669		10		1,672
Provision for doubtful trade receivables		(9)		(55)		(9)		(52)

		2		1,614		1		1,620

(1)	See Note 37 for information about related parties.

(2)	See Note 26 for information about credits for contracts included in trade receivables.

Set forth below is the evolution of the provision for doubtful trade receivables for the three-month period ended March 31, 2025 and for the fiscal year ended December 31, 2024:


	Provision for doubtful trade receivables
	Non-current			Current
Balance as of December 31, 2023		12	⁽²⁾		47

Increases charged to expenses		-			74	⁽³⁾
Decreases charged to income		-			(8)	⁽³⁾
Applications due to utilization		-			(49)	⁽³⁾
Net exchange and translation differences		(3)			(5)
Result from net monetary position ⁽¹⁾		-			(6)
Reclassifications ⁽⁴⁾		-			(1)

Balance as of December 31, 2024		9	⁽²⁾		52

Increases charged to expenses		-			5
Decreases charged to income		-			(1)
Applications due to utilization		-			-
Net exchange and translation differences		-			(1)
Result from net monetary position ⁽¹⁾		-			-
Reclassifications		-			-

Balance as of March 31, 2025		9	⁽²⁾		55

(1)

Includes the adjustment for inflation of opening balances of the provision for doubtful trade receivables of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income, and the adjustment for inflation of the period which was charged to net profit or loss in the statement of comprehensive income.

(2)	Mainly including credits with distributors of natural gas for the accumulated daily differences pursuant to Decree No. 1,053/2018, see Note 36.c.1) to the annual consolidated financial statements.

(3)	Mainly including credits with CAMMESA, see Note 37 to the annual consolidated financial statements.

(4)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.

16. INVESTMENTS IN FINANCIAL ASSETS


	March 31, 2025		December 31, 2024
Investments at fair value through profit or loss
Public securities ⁽¹⁾		284		381
Private securities-NO		8		9

		292		390

(1)	See Note 37.

17. CASH AND CASH EQUIVALENTS


	March 31, 2025		December 31, 2024
Cash and banks ⁽¹⁾		343		304
Short-term investments ⁽²⁾		242		375
Financial assets at fair value through profit or loss ⁽³⁾		353		439

		938		1,118

(1)	Includes balances granted as collateral, see Note 35.d) to the annual consolidated financial statements.

(2)	Includes 21 and 146 of term deposits and other investments with BNA as of March 31, 2025 and December 31, 2024, respectively.

(3)	See Note 7.

HORACIO DANIEL MARÍN

President


		28
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

18. PROVISIONS

Changes in the Group’s provisions for the three-month period ended March 31, 2025 and for the fiscal year ended December 31, 2024 are as follows:


	Provision for lawsuits and contingencies				Provision for environmental liabilities				Provision for hydrocarbon wells abandonment obligations				Total
	Non-current		Current		Non-current		Current		Non-current		Current		Non-current		Current
Balance as of December 31, 2023		66		21		48		34		2,546		126		2,660		181

Increases charged to expenses		105		-		187		-		134		-		426		-
Decreases charged to income		(5)		-		(1)		-		(7)		-		(13)		-
Increases from business combinations		-		-		-		-		-		-		-		-
Applications due to utilization		(3)		(17)		-		(72)		-		(30)		(3)		(119)
Net exchange and translation differences		(14)		-		-		(7)		-		-		(14)		(7)
Result from net monetary position ⁽¹⁾		(2)		-		-		-		-		-		(2)		-
Reclassifications and other movements ⁽²⁾		(18)		17		(135)		81		(1,817)		(37)		(1,970)		61

Balance as of December 31, 2024		129		21		99		36		856		59		1,084		116

Increases charged to expenses		9		-		4		-		31		-		44		-
Decreases charged to income		(1)		-		-		-		-		-		(1)		-
Increases from business combinations		-		-		-		-		5		-		5		-
Applications due to utilization		-		(16)		-		(24)		-		(8)		-		(48)
Net exchange and translation differences		(2)		(1)		-		-		-		-		(2)		(1)
Result from net monetary position ⁽¹⁾		-		-		-		-		-		-		-		-
Reclassifications and other movements		(16)		16		(34)		32		(1)		-		(51)		48

Balance as of March 31, 2025		119		20		69		44		891		51		1,079		115

(1)

Includes the adjustment for inflation of opening balances of provisions of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income, and the adjustment for inflation of the period which was charged to net profit or loss in the statement of comprehensive income.

(2)

Includes 2,023 and 54 corresponding to the provisions for hydrocarbon wells abandonment obligations and for environmental liabilities, respectively, reclassified to the “Liabilities directly associated with assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project“ section to the annual consolidated financial statements. Additionally, includes the balance of the provision for lawsuits and contingencies of the subsidiary YPF Brasil reclassified to “Assets held for sale” in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.

Provisions are described in Note 17 to the annual consolidated financial statements.

19. INCOME TAX

According to IAS 34, income tax expense is recognized in each interim period based on the best estimate of the effective income tax rate expected as of the closing date of these condensed interim consolidated financial statements, considering the tax criteria that the Group assumes to apply during the fiscal year. If the estimate of such rate is modified based on new elements of judgment, the income tax expense could require adjustments in subsequent periods.

Uncertain tax positions on income tax treatments in accordance with the guidelines of IFRIC 23 “Uncertainty over income tax treatments” (see Note 2.c) “Income tax and deferred taxes” section to the annual consolidated financial statements), and its effects, are described in Note 18 to the annual consolidated financial statements.

The amount accrued of income tax charge for the three-month periods ending March 31, 2025 and 2024 is as follows:


	For the three-month periods ended March 31,
	2025		2024
Current income tax		(18)		(15)
Deferred income tax		(9)		136

		(27)		121

HORACIO DANIEL MARÍN

President


		29
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

19. INCOME TAX (cont.)

The reconciliation between the income tax charge for the three-month periods ended March 31, 2025 and 2024 and the one that would result from applying the prevailing tax rate on net profit or loss before income tax arising from the consolidated statements of comprehensive income for each period is as follows:


	For the three-month periods ended March 31,
	2025		2024
Net profit before income tax		17		536
Average tax rate ⁽¹⁾		23.53%		25.37%

Average tax rate applied to net profit before income tax		(4)		(136)
Effect of the valuation of property, plant and equipment, intangible assets and assets held for sale, net		1		897
Effect of exchange differences and other results associated to the valuation of the currency, net ⁽²⁾		(53)		(1,013)
Effect of the valuation of inventories		(21)		(41)
Income on investments in associates and joint ventures		20		32
Effect of tax rate change ⁽³⁾		55		98
Effect of application of indexation mechanisms		-		260
Miscellaneous		(25)		24

Income tax		(27)		121

(1)	Corresponds to the average projected tax rate of YPF and its subsidiaries in compliance with amendment to Law No. 27,630. See Note 36.f.1) to the annual consolidated financial statements.

(2)	Includes the effect of tax inflation adjustments.

(3)	Corresponds to the remediation of deferred income tax balances at the time of reversal, see Note 36.f.1) to the annual consolidated financial statements.

The breakdown of the Group’s deferred tax assets and liabilities as of March 31, 2025 and December 31, 2024 is as follows:


	March 31, 2025		December 31, 2024
Deferred tax assets
Provisions and other non-deductible liabilities		236		202
Property, plant and equipment and Assets held for sale		237		524
Lease liabilities		243		258
Tax losses carryforward		11		13
Miscellaneous		2		1

Total deferred tax assets		729		998

Deferred tax liabilities
Intangible assets and Inventories		(256)		(224)
Adjustment for tax inflation ⁽¹⁾		-		(271)
Right-of-use assets		(229)		(247)
Miscellaneous		(30)		(16)

Total deferred tax liabilities		(515)		(758)

Total net deferred tax ⁽²⁾		214		240

(1)	Includes the effect of the deferral of the tax inflation adjustment. See Note 36.f.1) “Budget Law 2023 - Deferral of tax adjustment for inflation” section to the annual consolidated financial statements.

(2)

Includes (8) corresponding to adjustment for inflation of the opening deferred tax liability of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income and includes (9) corresponding to the effect of the translation.

As of March 31, 2025 and December 31, 2024, the causes that generated charges within “Other comprehensive income” line item in the statement of comprehensive income did not generate temporary differences subject to income tax.

As of March 31, 2025 and December 31, 2024 the Group has classified as deferred tax asset 309 and 330, respectively, and as deferred tax liability 95 and 90, respectively, all of which arise from the net deferred tax balances of each of the separate companies included in these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN

President


		30
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

20. TAXES PAYABLE


	March 31, 2025		December 31, 2024
VAT		30		19
Withholdings and perceptions		65		71
Royalties		65		84
Fuels tax		32		30
Turnover tax		8		7
Miscellaneous		26		36

		226		247

21. SALARIES AND SOCIAL SECURITY


	March 31, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Salaries and social security		-		112		-		95
Bonuses and incentives provision		-		164		-		179
Cash-settled share-based payments provision ⁽¹⁾		32		-		33		-
Vacation provision		-		69		-		66
Provision for severance indemnities ⁽²⁾		-		77		-		66
Miscellaneous		1		6		1		6

		33		428		34		412

(1)	Corresponds to the Value Generation Plan, see Note 38.

(2)	See Note 12 “Mature Fields Project“ section.

22. LEASE LIABILITIES

The evolution of the Group’s leases liabilities for the three-month period ended March 31, 2025 and for the fiscal year ended December 31, 2024, is as follows:


	Lease liabilities
Balance as of December 31, 2023		666

Increases of leases		444
Financial accretions		71
Decreases of leases		(5)
Payments		(400)

Balance as of December 31, 2024		776

Increases of leases		11
Financial accretions		19
Decreases of leases		(8)
Payments		(105)

Balance as of March 31, 2025		693

HORACIO DANIEL MARÍN

President


		31
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

23. LOANS


			March 31, 2025					December 31, 2024
	Interest rate⁽¹⁾	Maturity	Non-current			Current		Non-current			Current
Pesos:
Export pre-financing ⁽⁵⁾	-	-		-			-		-			31
Loans	40.48% - 44.10%	2025-2026		13			11		18			8

				13			11		18			39

Currencies other than the peso:

NO ^{(2) (3)}	0.00% - 10.00%	2025-2047		6,902			1,051		6,255			1,317
Export pre-financing ⁽⁴⁾	1.90% - 10.50%	2025		-			496		-			383
Imports financing	8.70% - 16.00%	2025-2026		19			20		19			17
Loans	2.40% - 11.06%	2025-2030		609	⁽⁶⁾		345		718	⁽⁶⁾		76
Stock market promissory notes	0.00% - 0.00%	2025-2026		-			100		25			75

				7,530			2,012		7,017			1,868

				7,543			2,023		7,035			1,907

(1)	Nominal annual interest rate as of March 31, 2025.

(2)	Disclosed net of 21 and 18 corresponding to YPF’s own NO repurchased through open market transactions, as of March 31, 2025 and December 31, 2024, respectively.

(3)	Includes 1,492 and 1,496 as of March 31, 2025 and December 31, 2024, respectively, of nominal value that will be canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued.

(4)	Includes 134 and 133 as of March 31, 2025 and December 31, 2024, respectively, of pre-financing of exports granted by BNA.

(5)	Corresponds to pre-financing of exports in pesos granted by BNA.

(6)	Includes 199 and 28 of loans granted by BNA as of March 31, 2025 and December 31, 2024, respectively.

Set forth below is the evolution of the loans for three-month period ended March 31, 2025 and for the fiscal year ended December 31, 2024:


	Loans
Balance as of December 31, 2023		8,190

Proceeds from loans		2,967
Payments of loans		(2,102)
Payments of interest		(707)
Account overdrafts, net		(48)
Accrued interest ⁽¹⁾		680
Net exchange and translation differences		(30)
Result from net monetary position ⁽²⁾		(1)
Reclassifications ⁽³⁾		(7)

Balance as of December 31, 2024		8,942

Proceeds from loans		1,767
Payments of loans		(1,087)
Payments of interest		(221)
Account overdrafts, net		-
Accrued interest ⁽¹⁾		167
Net exchange and translation differences		(2)
Result from net monetary position ⁽²⁾		-
Reclassifications		-

Balance as of March 31, 2025		9,566

(1)	Includes capitalized financial costs.

(2)

Includes the adjustment for inflation of opening balances of loans of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income, and the adjustment for inflation of the period which was charged to net profit or loss in the statement of comprehensive income.

(3)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.

HORACIO DANIEL MARÍN

President


		32
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

23. LOANS (cont.)

Details regarding the NO of the Group are as follows:


												March 31, 2025					December 31, 2024
Month	Year		Principal value ⁽³⁾			Class		Interest rate⁽¹⁾			Principal maturity	Non-current		Current			Non-current		Current
YPF
-		1998		U.S. dollar	15		-		Fixed	10.00%	2028		15		1			15		-	⁽⁴⁾
April		2015		U.S. dollar	757		Class XXXIX		-	-	-		-		-			-		785
July, December		2017		U.S. dollar	644		Class LIII		Fixed	6.95%	2027		648		8			649		19
December		2017		U.S. dollar	537		Class LIV		Fixed	7.00%	2047		530		11			530		1
June		2019		U.S. dollar	399		Class I		Fixed	8.50%	2029		398		9			398		-	⁽⁴⁾
July		2020		U.S. dollar	341		Class XIII		-	-	-		-		-			-		44
February		2021		U.S. dollar	776		Class XVI		Fixed	9.00%	2026		-		240			58		243
February		2021		U.S. dollar	748		Class XVII		Fixed	9.00%	2029		756		16			756		-
February		2021		U.S. dollar	576		Class XVIII		Fixed	7.00%	2033		557		-			555		11
July		2021		U.S. dollar	384		Class XX		Fixed	5.75%	2032		357		32			384		10
January		2023		U.S. dollar	230		Class XXI		Fixed	1.00%	2026		-		220			220		-	⁽⁴⁾
April		2023		U.S. dollar	147		Class XXIII		Fixed	0.00%	2025		-		144			-		150
April		2023		U.S. dollar	38		Class XXIV		Fixed	1.00%	2027		38		-	⁽⁴⁾		37		-	⁽⁴⁾
June		2023		U.S. dollar	263		Class XXV		Fixed	5.00%	2026		-		266			263		1
September		2023		U.S. dollar	400		Class XXVI		Fixed	0.00%	2028		400		-			400		-
October		2023		U.S. dollar	128		Class XXVII		Fixed	0.00%	2026		144		-			147		-
January		2024		U.S. dollar	800		Class XXVIII		Fixed	9.50%	2031		790		16			790		35
May		2024		U.S. dollar	178		Class XXIX		Fixed	6.00%	2026		177		1			177		1
July		2024		U.S. dollar	185		Class XXX		Fixed	1.00%	2026		187		-	⁽⁴⁾		187		-	⁽⁴⁾
September ⁽²⁾		2024		U.S. dollar	540		Class XXXI		Fixed	8.75%	2031		539		3			539		15
October		2024		U.S. dollar	125		Class XXXII		Fixed	6.50%	2028		125		4			125		2
October		2024		U.S. dollar	25		Class XXXIII		Fixed	7.00%	2028		25		1			25		-	⁽⁴⁾
January		2025		U.S. dollar	1,100		Class XXXIV		Fixed	8.25%	2034		1,077		19			-		-
February		2025		U.S. dollar	140		Class XXXV		Fixed	6.25%	2027		139		1			-		-
February		2025		U.S. dollar	59		Class XXXVI		Fixed	3.50%	2025		-		59			-		-

													6,902		1,051			6,255		1,317

(1)	Nominal annual interest rate as of March 31, 2025.

(2)	During the three-month period ended March 31, 2025, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements.

(3)	Total nominal value issued without including the nominal values canceled through exchanges or repurchases, expressed in millions.

(4)	The registered amount is less than 1.

HORACIO DANIEL MARÍN

President


		33
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

24. OTHER LIABILITIES


	March 31, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Liabilities for concessions and assignment agreements		100		200		-	94
Liabilities for contractual claims ⁽¹⁾		36		42		74	47
Provision for operating optimizations ⁽²⁾		-		16		-	266
Miscellaneous		-		2		-	3

		136		260		74	410

(1)	See Note 17.a.2) to the annual consolidated financial statements.

(2)	See Note 11 “Mature Fields Project“ section to the annual consolidated financial statement.

25. ACCOUNTS PAYABLE


	March 31, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Trade payable and related parties ⁽¹⁾		4		2,652		4	2,820
Guarantee deposits		1		4		1	4
Payables with partners of JO and Consortiums		1		33		1	38
Miscellaneous		-		21		-	17

		6		2,710		6	2,879

(1)	See Note 37 for information about related parties.

26. REVENUES


	For the three-month periods ended March 31,
	2025		2024
Revenue from contracts with customers		4,600		4,279
National Government incentives ⁽¹⁾		8		31

		4,608		4,310

(1)	See Note 37.

The Group’s transactions and the main revenues by business segments are described in Note 6. The Group classifies revenues from contracts with customers in accordance with Note 25 to the annual consolidated financial statements. The Group’s revenues from contracts with customers are broken down into the following categories, as described in Note 2.b.12) to the annual consolidated financial statements:

•

Breakdown of revenues

Type of good or service


	For the three-month period ended March 31, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		1,586		-		-		-		1,586
Gasolines		-		1,037		-		-		-		1,037
Natural gas ⁽¹⁾		10		5		325		146		-		486
Crude oil		-		251		-		-		-		251
Jet fuel		-		213		-		-		-		213
Lubricants and by-products		-		87		-		-		-		87
LPG		-		141		-		-		-		141
Fuel oil		-		30		-		-		-		30
Petrochemicals		-		95		-		-		-		95
Fertilizers and crop protection products		-		34		-		-		-		34
Flours, oils and grains		-		139		-		-		-		139
Asphalts		-		25		-		-		-		25
Goods for resale at gas stations		-		36		-		-		-		36
Income from services		-		-		-		-		32		32
Income from construction contracts		-		-		-		-		96		96
Virgin naphtha		-		33		-		-		-		33
Petroleum coke		-		63		-		-		-		63
LNG regasification		-		1		-		-		-		1
Other goods and services		8		79		2		42		84		215

		18		3,855		327		188		212		4,600

HORACIO DANIEL MARÍN

President


		34
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

26. REVENUES (cont.)


	For the three-month period ended March 31, 2024
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		1,634		-		-		-		1,634
Gasolines		-		1,022		-		-		-		1,022
Natural gas ⁽¹⁾		-		4		280		63		-		347
Crude oil		-		201		-		-		-		201
Jet fuel		-		269		-		-		-		269
Lubricants and by-products		-		113		-		-		-		113
LPG		-		108		-		-		-		108
Fuel oil		-		27		-		-		-		27
Petrochemicals		-		110		-		-		-		110
Fertilizers and crop protection products		-		55		-		-		-		55
Flours, oils and grains		-		50		-		-		-		50
Asphalts		-		15		-		-		-		15
Goods for resale at gas stations		-		27		-		-		-		27
Income from services		-		-		-		-		34		34
Income from construction contracts		-		-		-		-		62		62
Virgin naphtha		-		36		-		-		-		36
Petroleum coke		-		53		-		-		-		53
LNG regasification		-		1		-		-		-		1
Other goods and services		14		41		3		12		45		115

		14		3,766		283		75		141		4,279

(1)	Includes 342 and 296 corresponding to sales of natural gas produced by the Company for the three-month periods ended March 31, 2025 and 2024, respectively.

Sales channels


	For the three-month period ended March 31, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		1,740		-		-		-		1,740
Power plants		-		-		127		18		-		145
Distribution companies		-		-		50		-		-		50
Retail distribution of natural gas		-		-		-		92		-		92
Industries, transport and aviation		10		968		150		70		-		1,198
Agriculture		-		381		-		-		-		381
Petrochemical industry		-		138		-		-		-		138
Trading		-		466		-		-		-		466
Oil companies		-		50		-		-		-		50
Commercialization of LPG		-		66		-		-		-		66
Other sales channels		8		46		-		8		212		274

		18		3,855		327		188		212		4,600


	For the three-month period ended March 31, 2024
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		1,789		-		-		-		1,789
Power plants		-		-		112		6		-		118
Distribution companies		-		-		12		-		-		12
Retail distribution of natural gas		-		-		-		15		-		15
Industries, transport and aviation		-		979		159		50		-		1,188
Agriculture		-		290		-		-		-		290
Petrochemical industry		-		158		-		-		-		158
Trading		-		416		-		-		-		416
Oil companies		-		42		-		-		-		42
Commercialization of LPG		-		38		-		-		-		38
Other sales channels		14		54		-		4		141		213

		14		3,766		283		75		141		4,279

HORACIO DANIEL MARÍN

President


		35
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

26. REVENUES (cont.)

Target market

Sales in the domestic market amounted to 3,844 and 3,615 for the three-month periods ended March 31, 2025 and 2024, respectively.

Sales in the international market amounted to 756 and 664 for the three-month periods ended March 31, 2025 and 2024, respectively.

•

Contract balances

The following table presents information regarding credits, contract assets and contract liabilities:


	March 31, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Credits for contracts included in the item of “Trade receivables”		11		1,644		8		1,646
Contract assets		-		25		-		30
Contract liabilities		149		83		114		73

Contract assets are mainly related to the activities carried out by the Group under construction contracts.

Contract liabilities are mainly related to advances received from customers under contracts for the sale of fuels and agribusiness products and transportation service contracts, among others.

For the three-month periods ended March 31, 2025 and 2024 the Group has recognized 42 and 45, respectively, in the “Revenues from contracts with customers” line under the “Revenues” line item in the statement of comprehensive income, which have been included in “Contract liabilities” line item in the statement of financial position at the beginning of each year.

27. COSTS


	For the three-month periods ended March 31,
	2025		2024
Inventories at beginning of year		1,546		1,683
Purchases		1,028		963
Production costs ⁽¹⁾		2,370		1,931
Translation effect		(3)		(2)
Adjustment for inflation ⁽²⁾		5		18
Inventories at end of the period		(1,617)		(1,574)

		3,329		3,019

(1)	See Note 28.

(2)	Corresponds to the adjustment for inflation of opening balances of inventories of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

HORACIO DANIEL MARÍN

President


		36
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

28. EXPENSES BY NATURE

The Group presents the statement of comprehensive income by classifying expenses according to their function as part of the “Costs”, “Administrative expenses”, “Selling expenses” and “Exploration expenses” line items. The following additional information is disclosed as required on the nature of the expenses and their relation to the function within the Group for the three-month periods ended March 31, 2025 and 2024:


	For the three-month period ended March 31, 2025
	Production costs ⁽²⁾		Administrative expenses		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		267		72		37			1		377
Fees and compensation for services		24		70		13			-		107
Other personnel expenses		79		9		3			1		92
Taxes, charges and contributions		41		3		251	⁽¹⁾		-		295
Royalties, easements and fees		287		-		1			1		289
Insurance		21		-		-			-		21
Rental of real estate and equipment		67		-		4			-		71
Survey expenses		-		-		-			16		16
Depreciation of property, plant and equipment		683		10		25			-		718
Amortization of intangible assets		9		4		1			-		14
Depreciation of right-of-use assets		70		-		4			-		74
Industrial inputs, consumable materials and supplies		121		1		4			1		127
Operation services and other service contracts		150		4		12			4		170
Preservation, repair and maintenance		402		8		11			5		426
Unproductive exploratory drillings		-		-		-			-		-
Transportation, products and charges		129		-		125			-		254
Provision for doubtful receivables		-		-		4			-		4
Publicity and advertising expenses		-		18		12			-		30
Fuel, gas, energy and miscellaneous		20		7		21			1		49

		2,370		206		528			30		3,134

(1)	Includes 65 corresponding to export withholdings and 148 corresponding to turnover tax.

(2)	Includes 8 corresponding to research and development activities.


	For the three-month period ended March 31, 2024
	Production costs ⁽²⁾		Administrative expenses		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		180		51		29			2		262
Fees and compensation for services		10		52		8			-		70
Other personnel expenses		56		5		2			-		63
Taxes, charges and contributions		41		4		208	⁽¹⁾		-		253
Royalties, easements and fees		269		-		-			2		271
Insurance		18		2		1			-		21
Rental of real estate and equipment		48		-		3			-		51
Survey expenses		-		-		-			10		10
Depreciation of property, plant and equipment		545		10		21			-		576
Amortization of intangible assets		7		3		-			-		10
Depreciation of right-of-use assets		63		-		3			-		66
Industrial inputs, consumable materials and supplies		115		1		3			-		119
Operation services and other service contracts		93		2		10			2		107
Preservation, repair and maintenance		332		7		8			-		347
Unproductive exploratory drillings		-		-		-			6		6
Transportation, products and charges		116		-		112			-		228
Provision for doubtful receivables		-		-		35			-		35
Publicity and advertising expenses		-		2		11			-		13
Fuel, gas, energy and miscellaneous		38		2		13			1		54

		1,931		141		467			23		2,562

(1)	Includes 33 corresponding to export withholdings and 129 corresponding to turnover tax.

(2)	Includes 8 corresponding to research and development activities.

HORACIO DANIEL MARÍN

President


		37
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

29. OTHER NET OPERATING RESULTS


	For the three-month periods ended March 31,
	2025			2024
Lawsuits		(8)			(8)
Export Increase Program ⁽¹⁾		17			15
Result from sale of assets ⁽²⁾		14			-
Result from changes in fair value of assets held for sale ⁽²⁾		(200)			-
Provision for severance indemnities ⁽²⁾		(26)			-
Provision for obsolescence of materials and equipment		(136)			-
Miscellaneous		16			(1)

		(323	)		6

(1)	See Note 36.h) to the annual consolidated financial statements and Note 36.i).

(2)	See Note 12 “Mature Fields Project“ section.

30. NET FINANCIAL RESULTS


	For the three-month periods ended March 31,
	2025			2024
Financial income
Interest on cash and cash equivalents and investments in financial assets		6			17
Interest on trade receivables		9			18
Other financial income		1			1

Total financial income		16			36


Financial costs
Loan interest		(162	)		(199	)
Hydrocarbon well abandonment provision financial accretion ⁽¹⁾		(95	)		(85	)
Other financial costs		(28	)		(52	)

Total financial costs		(285	)		(336	)


Other financial results
Exchange differences generated by loans		1			7
Exchange differences generated by cash and cash equivalents and investments in financial assets		(10	)		3
Other exchange differences, net		2			4
Result on financial assets at fair value through profit or loss		30			10
Result from derivative financial instruments		1			-
Result from net monetary position		(11	)		17

Total other financial results		13			41



Total net financial results		(256	)		(259	)

(1)

Includes 64 and 19 corresponding to the financial accretion of liabilities directly associated with assets held for sale for the three-month periods ending March 31, 2025 and 2024, respectively, see Note 2.b.13) to the annual consolidated financial statements and Note 12 “Mature Fields Project“ section.

31. INVESTMENTS IN JOINT OPERATIONS AND CONSORTIUMS

The assets and liabilities as of March 31, 2025 and December 31, 2024, and expenses for the three-month periods ended March 31, 2025 and 2024, of JO and Consortiums in which the Group participates are as follows:


	March 31, 2025		December 31, 2024
Non-current assets ⁽¹⁾		6,480		6,286
Current assets		442		579

Total assets		6,922		6,865

Non-current liabilities		414		449
Current liabilities		680		769

Total liabilities		1,094		1,218

(1)	Does not include charges for impairment of property, plant and equipment because they are recorded by the partners participating in the JO and Consortiums.


	For the three-month periods ended March 31,
	2025		2024
Production cost		673		501
Exploration expenses		4		14

HORACIO DANIEL MARÍN

President


		38
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

32. SHAREHOLDERS’ EQUITY

As of March 31, 2025, the Company’s capital amounts to 3,922 and treasury shares amount to 11 represented by 393,312,793 book-entry shares of common stock and divided into four classes of shares (A, B, C and D), with a par value of 10 pesos and 1 vote per share. These shares are fully subscribed, paid-in and authorized for stock exchange listing.

As of March 31, 2025, there are 3,764 Class A outstanding shares. As long as any Class A share remains outstanding, the affirmative vote of the Argentine Government is required for: (i) mergers; (ii) acquisitions of more than 50% of YPF shares in an agreed or hostile bid; (iii) transfers of all the YPF’s exploitation and exploration rights; (iv) the voluntary dissolution of YPF; (v) change of corporate and/or tax address outside Argentina; or (vi) make an acquisition that would result in the purchaser holding 15% or more of the Company’s capital stock, or 20% or more of the outstanding Class D shares. Items (iii) and (iv) also require prior approval by the Argentine Congress.

During the three-month periods ended March 31, 2025 and 2024, the Company has not repurchased any of its own shares.

On April 30, 2025, the General Shareholders’ Meeting was held, which approved the statutory financial statements of YPF (see Note 2.b)) corresponding to the year ended on December 31, 2024 and, additionally, approved the following in relation to the retained earnings: (i) completely disaffect the reserve for purchase of treasury shares and the reserve for investments; (ii) allocate the amount of 34,205 million of pesos (US$ 33 million) to constitute a reserve for purchase of treasury shares; and (iii) allocate the amount of 6,787,343 million of pesos (US$ 6,587 million) to constitute a reserve for investments.

33. EARNINGS PER SHARE

The following table presents the net profit or loss and the number of shares that have been used for the calculation of the basic and diluted earnings per share:


	For the three-month periods ended March 31,
	2025			2024
Net profit / (loss)		(16	)		649
Weighted average number of shares outstanding		392,203,637			391,856,581
Basic and diluted earnings per share		(0.04	)		1.66

There are no financial instruments or other contracts outstanding issued by YPF that imply the issuance of potential ordinary shares, thus the diluted earnings per share equals the basic earnings per share.

34. CONTINGENT ASSETS AND LIABILITIES

34.a) Contingent assets

The Group has no significant contingent assets.

34.b) Contingent liabilities

During the three-month period ended March 31, 2025 there were no significant updates to the contingent liabilities described in Note 34.b) to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President


		39
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

35. CONTRACTUAL COMMITMENTS

35.a) Exploitation concessions, transport concessions and exploration permits

The most relevant agreements of exploitation concessions, transport concessions and exploration permits that took place in the year ended December 31, 2024 are described in Note 35.a) to the annual consolidated financial statements. Updates for the three-month period ended March 31, 2025, are described below:

Hydrocarbon Unconventional Exploitation Concessions (“CENCH”, by its acronym in Spanish) in the Province of Neuquén

On March 10, 2025, by means of Decrees No. 275/2025, 276/2025 and 277/2025 the Executive Branch of the Province of Neuquén approved the granting of the CENCH in the “Aguada de la Arena”, “La Angostura Sur I” and “La Angostura Sur II”, and “Narambuena” blocks, respectively. These CENCH have the following characteristics:

Aguada de la Arena: YPF has 100% of the working interest in this CENCH and the commitments assumed include the execution of a pilot plan of 6 unconventional wells.

La Angostura Sur I: YPF has 100% of the working interest in this CENCH and the commitments assumed include the execution of a pilot plan of 4 unconventional wells.

La Angostura Sur II: YPF has 100% of the working interest in this CENCH and the commitments assumed include the execution of a pilot plan of 3 unconventional wells.

Narambuena: This CENCH is 50% owned by YPF and 50% by Compañía de Desarrollo No Convencional S.R.L. (“CDNC”) and the commitments assumed include the execution of a pilot plan of 14 unconventional wells.

In addition to the aforementioned commitments assumed by YPF, it includes payments for an exploitation bonus and a corporate social responsibility bonus.

35.b) Investment agreements and commitments and assignments

The most relevant investment agreements and commitments and assignments of areas are described in Note 35.b) to the annual consolidated financial statements. Updates for the three-month period ended March 31, 2025, are described below:

Aguada del Chañar

On March 21, 2025, the assignment of 49% of YPF’s rights and obligations in the “Aguada del Chañar” exploitation concession in favor of Compañía General de Combustibles S.A. (“CGC”) was formalized with effective date as of April 1, 2025.

The sale price of the transaction agreed by the parties contemplates a sum of 75 and, in addition, CGC will pay on behalf of YPF 80.40% of the investments in the block attributable to YPF’s working interest up to a maximum sum of 372 for a period of 4 years.

LNG project

YPF, through its subsidiary Sur Inversiones Energéticas, together with Pan American Energy S.L. (“PAE”), Wintershall DEA Argentina S.A. (“Wintershall”), Pampa Energía S.A. (“Pampa”) and Golar FLNG Sub-Holding Company Limited (“Golar Subholding”), collectively the shareholders of Southern Energy S.A. (“SESA”) have agreed to:

To make the final investment decision as provided in the Bareboat Charter Agreement entered into with Golar Hilli Corporation in July 2024, and its subsequent addenda, for the term of 20 years for the charter of the liquefaction vessel Hilli Episeyo (“FLNG Hilli”), with a nominal capacity of 2.45 million tons of LNG per year (“MTPA”), to be located on the coast of the Argentine Sea in the Province of Río Negro, with the purpose of processing natural gas from Vaca Muerta for LNG export (“BBCA Hilli”).

Enter into a second Bareboat Charter Agreement with Golar MKII Corporation, for the construction, lease and operation of a new liquefaction vessel, the FUJI LNG (“FLNG MKII”), for 20 years (extendable for an additional period of 5 years at SESA’s option), with a nominal capacity of 3.5 MTPA, in order to increase the capacity to process natural gas from Vaca Muerta and export LNG, subject to a final future investment decision as provided in such agreement (“BBCA MKII”).

HORACIO DANIEL MARÍN

President


		40
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

35. CONTRACTUAL COMMITMENTS (cont.)

In order to supply the FLNG Hilli and FLNG MKII vessels with natural gas for the liquefaction process, SESA entered into natural gas supply agreements (“GSA”) with PAE, Sur Inversiones Energéticas, Pampa and Wintershall for the term of 20 years (see Note 36.f)). In this regard, in order for both vessels to operate all year round, SESA contemplates the construction of a dedicated gas pipeline between the Province of Neuquén and the San Matías Gulf in the Province of Río Negro. Operations of the FLNG Hilli vessel are expected to commence in late 2027 or early 2028 and those of the FLNG MKII vessel are expected to commence in late 2028.

As of the date of issuance of these condensed interim consolidated financial statements, the shareholding in SESA is as follows: PAE (30%), Sur Inversiones Energéticas (25%), Pampa (20%), Wintershall (15%) and Golar Subholding (10%). The Company has entered into the GSA and the SESA Shareholders’ Agreement guaranteeing the obligations of its subsidiary Sur Inversiones Energéticas under such agreements. In addition, the Company will grant guarantees in favor of Golar Hilli Corporation for up to 137.5 and in favor of Golar MKII Corporation for up to 187.5 representing 25% of Sur Inversiones Energéticas’ equity interest in SESA.

The dates indicated correspond to the date of publication in the respective Official Gazettes, unless otherwise indicated.

36. MAIN REGULATIONS

36.a) Regulations applicable to the hydrocarbon industry

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Note 36.a) to the annual consolidated financial statements.

36.b) Regulations applicable to the Midstream and Downstream business segment

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Notes 36.b), 36.c.1), 36.c.2) “LNG” section and 36.c.4) to the annual consolidated financial statements.

36.c) Regulations applicable to the LNG and Integrated Gas business segment

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Notes 36.c.1) and 36.c.2) to the annual consolidated financial statements.

36.d) Regulations applicable to the New Energies business segment

Updates to the regulatory framework described in Notes 36.c.3), 36.c.5) and 36.c.6) to the annual consolidated financial statements for the three-month period ended March 31, 2025, are described below:

36.d.1) Regulatory requirements applicable to natural gas distribution

Tariff schemes and tariff renegotiations

ENARGAS, through several resolutions, approved the transition tariff schemes to be applied by Metrogas until the rates resulting from the RQT came into force in accordance with the provisions of Decree No. 55/2023.

On April 30, 2025, ENARGAS Resolution No. 257/2025 was published, which approved: (i) the RQT corresponding to Metrogas; (ii) the segmentation of residential users; (iii) the investment plans for the five-year period 2025 - 2030; and (iv) the initial tariff scheme and the schemes of rates and charges corresponding to Metrogas effective as from May 1, 2025. The increase expected as a result of the RQT process will be effective in 31 consecutive monthly increases, which recognizes a cost for the deferral at a real weighted average cost of the capital employed rate in pesos of 7.64% and establishes that the increase in distribution tariffs for May 2025 applicable to residential users and general service customers will be 3%. The application of the remaining increase derived from the RQT will be completed in the remaining 30 installments, plus the recognition of the cost of the aforementioned deferral.

HORACIO DANIEL MARÍN

President


		41
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

36. MAIN REGULATIONS (cont.)

Procedure for the compensation of the lower revenues received by natural gas distributors from their users

On January 31, 2025, SE Resolution No. 24/2025 repealed as from February 1, 2025 MINEM Resolution No. 508-E/2017, which established the procedure to compensate natural gas distributors for lower revenues due to benefits and/or bonuses and higher costs of UNG and unified the compensation mechanisms for lower revenues received as a consequence of the application of incentive programs involving bonuses on the price of natural gas in the PIST. The amounts to be compensated will be deducted from the amounts to be paid by distributors to natural gas producers and will be directly compensated by the SE through the Plan GasAr 2023-2028.

36.d.2) Regulatory framework associated with electric power generation

CAMMESA

The SE, through complementary notes to SE Resolution No. 21/2025, informed to CAMMESA of the “Guidelines for the Standardization of the MEM and its Progressive Adaptation”, which detail the modifications foreseen for the management of fuels, the determination of prices and the operation of the term market and the spot market are detailed.

36.e) Incentive programs for hydrocarbon production

Updates to the regulatory framework described in Note 36.d) to the annual consolidated financial statements for the three-month period ended March 31, 2025, are described below:

36.e.1) Incentive programs for natural gas production

Plan for Reinsurance and Promotion of Federal Hydrocarbon Production Domestic Self-Sufficiency, Exports, Imports Substitution and the Expansion of the Transportation System for all Hydrocarbon Basins in the Country 2023-2028 (“Plan GasAr 2023-2028”)

The SE, through several resolutions, approves the natural gas prices at the PIST to be passed-through to end-users in connection with current contracts entered into within the framework of the Plan GasAr 2023-2028.

The SE, through complementary notes to SE Resolution No. 21/2025, instructed CAMMESA to apply a new order of priority for the dispatch of natural gas and established that the acquisition of fuels will be carried out through 2 modalities: (i) auctions by CAMMESA for the purchase of spot volumes; and (ii) bids by which generators auction volumes with a maximum reference price based on round 4.2. of the Plan GasAr 2023-2028.

36.f) Investment incentive programs

Updates to the regulatory framework described in Note 36.e) to the annual consolidated financial statements for the three-month period ended March 31, 2025, are described below:

Large Investment Incentive Regime (“RIGI”)

As of the date of issuance of these condensed interim consolidated financial statements, the following projects of the Group adhered to the RIGI:

LNG Project, through our subsidiary Sur Inversiones Energéticas, for the installation of a floating natural gas liquefaction plant to obtain LNG, see Note 35.b) section “LNG Project”.

Vaca Muerta Sur Project, through our associate VMOS, for the construction of a crude oil transportation infrastructure project.

El Quemado solar farm, through our joint venture YPF EE, for the construction of a solar farm for electricity generation.

36.g) Tax regulations

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Note 36.f) to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President


		42
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

36. MAIN REGULATIONS (cont.)

36.h) Custom regulations

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Note 36.g) to the annual consolidated financial statements.

36.i) Regulations related to the Foreign Exchange Market

Updates to the regulatory framework described in Note 36.h) to the annual consolidated financial statements for the three-month period ended March 31, 2025, are described below:

On April 11, 2025, the Argentine Government announced measures to loosen the foreign exchange regime and reinforce the monetary framework. By virtue of this, the BCRA implemented a new foreign exchange regime in which certain restrictions to access the Foreign Exchange Market were eliminated. The following are the main measures: (i) the “crawling peg” adjustment mechanism is eliminated and the dollar exchange rate in the Foreign Exchange Market may fluctuate in a range between 1,000 pesos and 1,400 pesos, whose limits will be increased at a rate of 1% per month; (ii) the “blend” dollar was eliminated (see Note 36.i) “Export Increase Program” section); (iii) certain foreign exchange restrictions to individuals for the purchase of foreign currency were eliminated; (iv) access to the Foreign Exchange Market is allowed without prior approval of the BCRA for the payment of dividends to non-resident shareholders accrued as from fiscal years beginning on or after January 1, 2025; and (v) the terms for the payment of foreign trade transactions are flexibilized, eliminating the schedule established by the BCRA for access to the Foreign Exchange Market without prior approval for the payment of imports of goods with customs entry registration as from December 13, 2023 and of services rendered and/or accrued as from such date.

The aforementioned measures adopted by the Argentine Government will be financially supported by a new Extended Facilities Facility (“EFF”) agreed with the International Monetary Fund (“IMF”). In this regard, on March 11, 2025, through DNU No. 179/2025, the PEN approved to enter into a new EFF with the IMF, which was approved by the Chamber of Deputies of the Argentine Congress on March 19, 2025. On April 8 and April 11, 2025, the IMF and the Argentine Government, respectively, announced that they had reached an agreement on a comprehensive economic program based on a 4-year EFF for a total of US$ 20 billion, which includes quarterly reviews of targets.

Export Increase Program

On April 14, 2025, Decree No. 269/2025 repealed the Export Increase Program and as from such date the proceeds from the export of goods and services, pre-export financings, post- export financings and advance payments must be settled 100% through the Foreign Exchange Market within a general term of 20 days.

36.j) Decree of Necessity and Urgency (“DNU” by its acronym in Spanish) No. 70/2023

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Note 36.i) to the annual consolidated financial statements.

36.k) Law of Bases and Starting Points for the Freedom of Argentines No. 27,742 (“Bases Law”) and Regulatory Decree No 1,057/2024 (“Decree No 1,057/2024”)

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Note 36.j) to the annual consolidated financial statements.

The dates indicated correspond to the date of publication in the respective Official Gazettes, unless otherwise indicated.

HORACIO DANIEL MARÍN

President


		43
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

The tables below present the balances with associates and joint ventures as of March 31, 2025 and December 31, 2024:


	March 31, 2025
	Other receivables					Trade receivables			Investments in financial assets			Accounts payable			Contract liabilities		Contract assets
	Non-Current		Current			Current			Current			Current			Current		Current
Joint Ventures:
YPF EE		-		5			8			1			45			-		-
Profertil		-		-	⁽¹⁾		8			-			2			-		-
MEGA		-		-			68			-			-	⁽¹⁾		1		14
Refinor		-		-			9			-			1			-		-
OLCLP		-		-	⁽¹⁾		-			-			4			-		-
Sustentator		-		-			-	⁽¹⁾		-			-			-		-
CT Barragán		-		-			-	⁽¹⁾		-			-			-		-
OTA		-		-			-	⁽¹⁾		-			3			-		-
OTC		-		-			-			-			-			-		-

		-		5			93			1			55			1		14


Associates:
CDS		-		-	⁽¹⁾		-	⁽¹⁾		-			-			-		-
YPF Gas		-		1			16			-			1			-		-
Oldelval		155		11			-	⁽¹⁾		4			13			-		-
Termap		-		-			-			-			2			-		-
GPA		-		-			-			-			2			-		-
Oiltanking		35		13			-	⁽¹⁾		1			4			-		-
Gas Austral		-		-			-	⁽¹⁾		-			-	⁽¹⁾		-		-
VMOS		-		46			26			-			-			20		-

		190		71			42			5			22			20		-

		190		76			135			6			77			21		14


	December 31, 2024
	Other receivables					Trade receivables			Investments in financial assets			Accounts payable			Contract liabilities		Contract assets
	Non-Current		Current			Current			Current			Current			Current		Current
Joint Ventures:
YPF EE		-		5			4			3			43			-		-
Profertil		-		-	⁽¹⁾		14			-			17			-		-
MEGA		-		-			50			-			1			-		16
Refinor		-		-			11			-			1			-		-
OLCLP		-		-	⁽¹⁾		-	⁽¹⁾		-			3			-		-
Sustentator		-		-			-	⁽¹⁾		-			-			-		-
CT Barragán		-		-			-			-			-			-		-
OTA		-		-			-	⁽¹⁾		-			2			-		-
OTC		-		-			-			-			-			-		-

		-		5			79			3			67			-		16


Associates:
CDS		-		-	⁽¹⁾		1			-			-			-		-
YPF Gas		-		1			20			-			1			-		-
Oldelval		140		4			-	⁽¹⁾		4			13			-		-
Termap		-		-			-			-			3			-		-
GPA		-		-			-			-			4			-		-
Oiltanking		19		8			-	⁽¹⁾		-	⁽¹⁾		4			-		-
Gas Austral		-		-			-	⁽¹⁾		-			-	⁽¹⁾		-		-
VMOS		-		17			-			-			-			-		-

		159		30			21			4			25			-		-

		159		35			100			7			92			-		16

(1)	The registered amount is less than 1.

HORACIO DANIEL MARÍN

President


		44
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

The table below presents the transactions with associates and joint ventures for the three-month periods ended March 31, 2025 and 2024:


	For the three-month periods ended March 31,
	2025								2024
	Revenues			Costs and expenses		Net interest income (loss)			Revenues			Costs and expenses			Net interest income (loss)
Joint Ventures:
YPF EE		5			35		-	⁽¹⁾		5			25			-	⁽¹⁾
Profertil		17			15		-			20			25			-	⁽¹⁾
MEGA		85			1		-			59			1			-
Refinor		16			2		-	⁽¹⁾		18			3			-	⁽¹⁾
OLCLP		-	⁽¹⁾		3		-			-	⁽¹⁾		3			-
Sustentator		-			-		-			-			-			-
CT Barragán		-	⁽¹⁾		-		-			-	⁽¹⁾		-			-
OTA		-	⁽¹⁾		6		-			-	⁽¹⁾		3			-
OTC		-			-		-			-			-	⁽¹⁾		-

		123			62		-			102			60			-

Associates:
CDS		-			-		-	⁽¹⁾		-			-			-
YPF Gas		19			1		-	⁽¹⁾		12			-	⁽¹⁾		-	⁽¹⁾
Oldelval		-	⁽¹⁾		18		-	⁽¹⁾		-	⁽¹⁾		15			-	⁽¹⁾
Termap		-			6		-			-			5			-
GPA		-			6		-			-			4			-
Oiltanking		-	⁽¹⁾		6		-	⁽¹⁾		-	⁽¹⁾		5			-
Gas Austral		1			-		-			1			-	⁽¹⁾		-
VMOS		4			-		-			-			-			-

		24			37		-			13			29			-

		147			99		-			115			89			-

(1)	The registered amount is less than 1.

Additionally, in the normal course of business and considering being the main energy group of Argentina, the Group’s clients and suppliers portfolio encompasses both private sector as well as national public sector entities. As required by IAS 24 “Related party disclosures”, among the major transactions above mentioned the most important are:


		Balances ⁽¹⁴⁾						Transactions
		Receivables / (Liabilities)						Income / (Costs)
								For the three-month periods ended March 31,
Client / Suppliers	Ref.	March 31, 2025			December 31, 2024			2025			2024
SE	(1) (13)		19			20			6			28
SE	(2) (13)		6			6			1			1
SE	(3) (13)		-	⁽¹⁵⁾		-	⁽¹⁵⁾		-			-
SE	(4) (13)		2			5			1			1
SE	(5) (13)		6			7			-			-
Secretary of Transport	(6) (13)		-	⁽¹⁵⁾		-	⁽¹⁵⁾		-			1
CAMMESA	(7)		98			80			134			104
CAMMESA	(8)		(2)			(2)			(1)			(10)
ENARSA	(9)		69			67			24			8
ENARSA	(10)		(68)			(68)			(3)			(10)
Aerolíneas Argentinas S.A.	(11)		29			27			80			94
Aerolíneas Argentinas S.A.	(12)		-	⁽¹⁵⁾		-	⁽¹⁵⁾		-	⁽¹⁵⁾		-

(1)	Benefits for the Plan GasAr 2020-2024 and Plan GasAr 2023-2028, see Note 36.d.1) to the annual consolidated financial statements.

(2)	Benefits for the propane gas supply agreement for undiluted propane gas distribution networks, see Note 36.d.2) “Propane Network Agreement“ section to the annual consolidated financial statements.

(3)	Benefits for the recognition of the financial cost generated by payment deferral by providers of the distribution service of natural gas and undiluted propane gas through networks, see Note 37 to the annual consolidated financial statements.

(4)	Compensation for the lower income that natural gas distribution service by networks licensed companies receive from their users for the benefit of Metrogas, see Note 36.c.3) to the annual consolidated financial statements.

(5)	Compensation by Decree No. 1,053/2018, see Note 36.c.1) to the annual consolidated financial statements.

(6)	Compensation for providing diesel to public transport of passengers at a differential price, see Note 37 to the annual consolidated financial statements.

(7)	Sales of fuel oil, diesel, natural gas and transportation and distribution service.

(8)	Purchases of electrical energy.

(9)	Sales of natural gas and provision of regasification service of LNG and construction inspection service.

(10)	Purchases of natural gas and crude oil.

(11)	Sales of jet fuel.

(12)	Purchases of miles for YPF Serviclub Program and publicity expenses.

(13)	Income from incentives recognized according to IAS 20 “Accounting for government grants and disclosure of government assistance”, see Note 2.b.12) Income from Government incentive programs” section to the annual consolidated financial statements.

(14)	Do not include, if applicable, the provision for doubtful trade receivables.

(15)	The registered amount is less than 1.

HORACIO DANIEL MARIN

President


		45
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

Additionally, the Group has entered into certain financing and insurance transactions with entities related to the national public sector. Such transactions consist of certain financial transactions that are described in Notes 16, 17 and 23 and transactions with Nación Seguros S.A. related to certain insurance policies contracts.

As of March 31, 2025, the Group holds Bonds of the Argentine Republic 2029 and 2030, BCRA bonds (BOPREAL, for its acronym in spanish) and bills issued by the National Government identified as investments in financial assets (see Note 16).

In addition, in connection with the investment agreement signed between YPF and subsidiaries of Chevron Corporation, YPF has an indirect non-controlling interest in Compañía de Hidrocarburo No Convencional S.R.L. (“CHNC”). During the three-month periods ended March 31, 2025 and 2024, YPF and CHNC carried out transactions such as the purchases of crude oil by YPF for 133 and 115, respectively, among others. These transactions were consummated in accordance with the general and regulatory conditions of the market. The net balance payable to CHNC as of March 31, 2025 and December 31, 2024 amounts to 53 and 85, respectively. See Note 37 to the annual consolidated financial statements.

The table below presents the accrued compensation for the YPF’s key management personnel, including members of the Board of Directors and first-line executives, managers with executive functions appointed by the Board of Directors, for the three-month periods ended March 31, 2025 and 2024:


	For the three-month periods ended March 31,
	2025			2024
Short-term benefits ⁽¹⁾		6			5
Share-based benefits		3			1
Post-retirement benefits		-	⁽²⁾		-	⁽²⁾

		9			6

(1)	Does not include social security contributions of 1 and 1 for the three-month periods ended March 31, 2025 and 2024, respectively.

(2)	The registered amount is less than 1.

38. EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS

Note 38 to the annual consolidated financial statements describes the main characteristics and accounting treatment for employee benefit plans and similar obligations implemented by the Group.

Retirement plan

The amount charged to expense related to the Retirement Plan was 1 and 1 for the three-month periods ended March 31, 2025 and 2024, respectively.

Short-term benefit programs

The amount charged to expense related to the short-term benefit programs was 38 and 15 for the three-month periods ended March 31, 2025 and 2024, respectively.

Share-based benefit plans

As of March 31, 2025, there are 4.6 million number of PSARs outstanding with and a weighted average fair value of US$ 20.77 per PSARs. The amount charged to expense in relation with Value Generation Plan was a recovery due to changes in the fair value estimate of the option of 1 for the three-month period ended March 31, 2025. As of December 31, 2024, weighted average fair value was US$ 28.6 per PSARs.

The amount charged to expense in relation with the remaining share-based benefit plans was 2 and 1 to be settled in equity instruments, for the three-month periods ended March 31, 2025 and 2024, respectively, and 4 to be settled in cash, for the three-month period ended March 31, 2024.

Note 2.b.11) to the annual consolidated financial statements describes the accounting policies for share-based benefit plans. Repurchases of treasury shares are disclosed in Note 32.

HORACIO DANIEL MARIN

President


		46
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, or as otherwise indicated)

39. SUBSEQUENT EVENTS

On April 9, 2025, the Company issued additional Class XXX NO for 204 maturing in July 2026 at an issue price of 96.5% of nominal value. The integration of additional Class XXX NO was made in kind through the delivery of Class XXIII NO for 39 and in cash for 165.

On May 6, 2025, the Company announced the results of the tender of the Class XXXVII NO denominated and payable in U.S. dollars maturing in May 2027, having accepted offers for 140 at a fixed nominal annual interest rate of 7%. The Class XXXVII NO will be issued and integrated in U.S. dollars on May 7, 2025.

On April 2, 2025, a Memorandum of Understanding (“MOU”) was signed with the Province of Santa Cruz and Fomicruz S.E. for the purpose of establishing the general terms and conditions upon which the assignment to the latter of the exploitation concessions “Cerro Piedra - Cerro Guadal Norte”, “Barranca Yankowsky”, “Los Monos”, “El Guadal - Lomas del Cuy”, “Cañadón Vasco”, “Cañadón Yatel”, “Pico Truncado - El Cordón”, “Los Perales - Las Mesetas”, “Cañadón León - Meseta Espinosa”, “Cañadón de la Escondida - Las Heras” and the transportation concessions associated with such concessions will be negotiated. The MOU, subject to the approval by YPF’s Board of Directors and the issuance of the corresponding provincial decree, was approved by YPF’s Board of Directors on April 9, 2025, and issued Provincial Decree No. 376/2025 on May 6, 2025.

As of the date of issuance of these condensed interim consolidated financial statements, there have been no other significant subsequent events whose effect on Group’s financial position, results of operations or their disclosure in notes to the financial statements for the period ended as of March 31, 2025, should have been considered in said financial statements under IFRS.

These condensed interim consolidated financial statements were approved by the Board of Directors’ meeting and authorized to be issued on May 7, 2025.

HORACIO DANIEL MARIN

President

Item 2

LOGO

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF MARCH 31, 2025

AND COMPARATIVE INFORMATION (UNAUDITED)

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

CONTENT


Note	Description	Page
	Glossary of terms	1
	Legal information	2
	Condensed interim consolidated statements of financial position	3
	Condensed interim consolidated statements of comprehensive income	4
	Condensed interim consolidated statements of changes in shareholders’ equity	5
	Condensed interim consolidated statements of cash flow	7
	Notes to the condensed interim consolidated financial statements:
1	General information, structure and organization of the Group’s business	8
2	Basis of preparation of the condensed interim consolidated financial statements	9
3	Seasonality of operations	10
4	Acquisitions and disposals	11
5	Financial risk management	12
6	Business segment information	12
7	Financial instruments by category	17
8	Intangible assets	17
9	Property, plant and equipment	18
10	Right-of-use assets	22
11	Investments in associates and joint ventures	22
12	Assets held for sale and associated liabilities	24
13	Inventories	27
14	Other receivables	27
15	Trade receivables	28
16	Investments in financial assets	28
17	Cash and cash equivalents	28
18	Provisions	29
19	Income tax	29
20	Taxes payable	31
21	Salaries and social security	31
22	Lease liabilities	31
23	Loans	32
24	Other liabilities	34
25	Accounts payable	34
26	Revenues	34
27	Costs	36
28	Expenses by nature	37
29	Other net operating results	38
30	Net financial results	38
31	Investments in joint operations and consortiums	38
32	Shareholders’ equity	39
33	Earnings per share	39
34	Contingent assets and liabilities	39
35	Contractual commitments	40
36	Main regulations	41
37	Balances and transactions with related parties	45
38	Employee benefit plans and similar obligations	47
39	Assets and liabilities in currencies other than the peso	48
40	Subsequent events	49

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

GLOSSARY OF TERMS


Term				Definition
ADR				American Depositary Receipt
ADS				American Depositary Share
AESA				Subsidiary A-Evangelista S.A.
AFIP				Argentine Tax Authority (Administración Federal de Ingresos Públicos)
ANSES				National Administration of Social Security (Administración Nacional de la Seguridad Social)
ARCA				Collection and Customs Control Agency (Agencia de Recaudación y Control Aduanero) (formerly “AFIP”)
Argentina LNG				Subsidiary Argentina LNG S.A.U.
ASC				Accounting Standards Codification
Associate				Company over which YPF has significant influence as provided for in IAS 28 “Investments in associates and joint ventures”
B2B				Business to Business
B2C				Business to Consumer
BCRA				Central Bank of the Argentine Republic (Banco Central de la República Argentina)
BNA				Bank of the Argentine Nation (Banco de la Nación Argentina)
BO				Official Gazette of the Argentine Republic (Boletín Oficial de la República Argentina)
CAMMESA				Compañía Administradora del Mercado Mayorista Eléctrico S.A.
CAN				Northern Argentine basin (cuenca Argentina Norte)
CDS				Associate Central Dock Sud S.A.
CGU				Cash-generating unit
CNDC				Argentine Antitrust Authority (Comisión Nacional de Defensa de la Competencia)
CNV				Argentine Securities Commission (Comisión Nacional de Valores)
CPI				Consumer Price Index published by INDEC
CSJN				Argentine Supreme Court of Justice (Corte Suprema de Justicia de la Nación Argentina)
CT Barragán				Joint venture CT Barragán S.A.
Eleran				Subsidiary Eleran Inversiones 2011 S.A.U.
ENARGAS				Argentine Gas Regulator (Ente Nacional Regulador del Gas)
ENARSA				Energía Argentina S.A. (formerly Integración Energética Argentina S.A., “IEASA”)
FASB				Financial Accounting Standards Board
FOB				Free on board
Gas Austral				Associate Gas Austral S.A.
GPA				Associate Gasoducto del Pacífico (Argentina) S.A.
Group				YPF and its subsidiaries
IAS				International Accounting Standard
IASB				International Accounting Standards Board
IDS				Associate Inversora Dock Sud S.A.
IFRIC				International Financial Reporting Interpretations Committee
IFRS				International Financial Reporting Standard
INDEC				National Institute of Statistics and Census (Instituto Nacional de Estadística y Censos)
JO				Joint operation (Unión Transitoria)
Joint venture				Company jointly owned by YPF as provided for in IFRS 11 “Joint arrangements”
LGS				General Corporations Law (Ley General de Sociedades) No. 19,550
LNG				Liquefied natural gas
LPG				Liquefied petroleum gas
MBtu				Million British thermal units
MEGA				Joint venture Compañía Mega S.A.
Metroenergía				Subsidiary Metroenergía S.A.
Metrogas				Subsidiary Metrogas S.A.
MINEM				Ministry of Energy and Mining (Ministerio de Energía y Minería)
MLO				West Malvinas basin (cuenca Malvinas Oeste)
MTN				Medium-term note
NO				Negotiable obligations
Oiltanking				Associate Oiltanking Ebytem S.A.
OLCLP				Joint venture Oleoducto Loma Campana - Lago Pellegrini S.A.
Oldelval				Associate Oleoductos del Valle S.A.
OPESSA				Subsidiary Operadora de Estaciones de Servicios S.A.
OTA				Joint venture OleoductoTrasandino (Argentina) S.A.
OTC				Joint venture OleoductoTrasandino (Chile) S.A.
PEN				National Executive Branch (Poder Ejecutivo Nacional)
Peso				Argentine peso
PIST				Transportation system entry point (Punto de ingreso al sistema de transporte)
Profertil				Joint venture Profertil S.A.
Refinor				Joint venture Refinería del Norte S.A.
ROD RQT				Record of decision Quinquennial Tariff Review (Revisión Quinquenal Tarifaria)
RTI				Integral Tariff Review (Revisión Tarifaria Integral)
RTT SC Gas				Transitional Tariff Regime (Régimen Tarifario de Transición) Subsidiary SC Gas S.A.U.
SE				Secretariat of Energy (Secretaría de Energía) (formerly “MINEM” and “SGE”)
SEC				U.S. Securities and Exchange Commission
SEE				Secretariat of Electric Energy (Secretaría de Energía Eléctrica)
SGE				Government Secretariat of Energy (Secretaría de Gobierno de Energía)
SRH				Hydrocarbon Resources Secretariat (Secretaría de Recursos Hidrocarburíferos)
SSHyC				Under-Secretariat of Hydrocarbons and Fuels (Subsecretaría de Hidrocarburos y Combustibles)
Subsidiary				Company controlled by YPF as provided for in IFRS 10 “Consolidated financial statements”
Sur Inversiones Energéticas				Subsidiary Sur Inversiones Energéticas S.A.U.
Sustentator				Joint venture Sustentator S.A.
Termap				Associate Terminales Marítimas Patagónicas S.A.
Turnover tax				Impuesto a los ingresos brutos
U.S. dollar				United States dollar
UNG				Unaccounted natural gas
US$				United States dollar
US$/bbl				U.S. dollar per barrel
UVA				Unit of Purchasing Power
VAT				Value added tax
VMOS				Associate VMOS S.A.
WEM				Wholesale Electricity Market
YPF Chile				Subsidiary YPF Chile S.A.
YPF EE				Joint venture YPF Energía Eléctrica S.A.
YPF Gas				Associate YPF Gas S.A.
YPF or the Company				YPF S.A.
YPF Perú				Subsidiary YPF E&P Perú S.A.C.
YPF Ventures				Subsidiary YPF Ventures S.A.U.
Y-TEC				Subsidiary YPF Tecnología S.A.
Y-LUZ				Subsidiary Y-LUZ Inversora S.A.U. controlled by YPF EE

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

LEGAL INFORMATION

Legal address

Macacha Güemes 515 - Ciudad Autónoma de Buenos Aires, Argentina.

Fiscal year

No. 49 beginning on January 1, 2025.

Main business of the Company

Filing with the Public Registry of Commerce

Bylaws filed on February 5, 1991, under No. 404, of the Book of Corporations 108, Volume A, with the Public Registry of Commerce of the Autonomous City of Buenos Aires, in charge of the Argentine Registry of Companies (Inspección General de Justicia); and Bylaws in substitution of previous Bylaws, filed on June 15, 1993, under No. 5,109 of the Book of Corporations 113, Volume A, with the above mentioned Public Registry.

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

Capital structure

393,312,793 shares of common stock, $10 par value and 1 vote per share.

Subscribed, paid-in and authorized for stock exchange listing (in pesos)

3,933,127,930.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF MARCH 31, 2025 AND DECEMBER 31, 2024 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos)


	Notes	March 31, 2025		December 31, 2024
ASSETS
Non-current assets
Intangible assets	8		636,869		505,827
Property, plant and equipment	9		20,331,453		19,307,423
Right-of-use assets	10		703,360		765,243
Investments in associates and joint ventures	11		2,256,051		2,019,790
Deferred income tax assets, net	19		331,060		339,492
Other receivables	14		470,310		348,051
Trade receivables	15		1,955		1,333

Total non-current assets			24,731,058		23,287,159

Current assets
Assets held for sale	12		1,644,519		1,583,158
Inventories	13		1,733,983		1,593,666
Contract assets	26		26,362		31,207
Other receivables	14		680,472		569,910
Trade receivables	15		1,731,140		1,668,947
Investments in financial assets	16		313,225		401,382
Cash and cash equivalents	17		1,006,981		1,151,868

Total current assets			7,136,682		7,000,138

TOTAL ASSETS			31,867,740		30,287,297


SHAREHOLDERS’ EQUITY
Shareholders’ contributions			9,823		7,128
Retained earnings			12,512,123		12,000,469

Shareholders’ equity attributable to shareholders of the parent company			12,521,946		12,007,597

Non-controlling interest			250,165		224,363

TOTAL SHAREHOLDERS’ EQUITY			12,772,111		12,231,960


LIABILITIES
Non-current liabilities
Provisions	18		1,156,872		1,117,925
Contract liabilities	26		159,559		116,883
Deferred income tax liabilities, net	19		101,353		92,701
Income tax liability			2,273		2,514
Taxes payable	20		230		224
Salaries and social security	21		35,301		34,891
Lease liabilities	22		368,831		418,510
Loans	23		8,089,348		7,249,715
Other liabilities	24		145,529		76,561
Accounts payable	25		6,894		5,904

Total non-current liabilities			10,066,190		9,115,828

Current liabilities
Liabilities directly associated with assets held for sale	12		2,238,496		2,201,617
Provisions	18		123,054		119,391
Contract liabilities	26		89,517		74,795
Income tax liability			147,595		130,347
Taxes payable	20		242,660		254,619
Salaries and social security	21		458,535		423,974
Lease liabilities	22		373,777		381,146
Loans	23		2,169,836		1,964,777
Other liabilities	24		279,176		422,209
Accounts payable	25		2,906,793		2,966,634

Total current liabilities			9,029,439		8,939,509

TOTAL LIABILITIES			19,095,629		18,055,337

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			31,867,740		30,287,297

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except per share information expressed in Argentine pesos)


		For the three-month periods ended March 31,
	Notes	2025		2024
Net income

Revenues	26		4,870,820		3,602,196
Costs	27		(3,525,670)		(2,551,981)

Gross profit			1,345,150		1,050,215


Selling expenses	28		(558,526)		(392,538)
Administrative expenses	28		(220,023)		(118,459)
Exploration expenses	28		(32,495)		(16,982)
Other net operating results	29		(342,297)		9,975

Operating profit			191,809		532,211



Income from equity interests in associates and joint ventures	11		86,034		106,382
Financial income	30		17,677		30,445
Financial costs	30		(296,717)		(267,492)
Other financial results	30		17,187		38,893

Net financial results	30		(261,853)		(198,154)



Net profit before income tax			15,990		440,439

Income tax	19		(28,960)		103,743


Net (loss) / profit for the period			(12,970)		544,182


Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures			(40,032)		(24,682)
Result from net monetary position in subsidiaries, associates and joint ventures⁽¹⁾			98,348		249,042
Items that may not be reclassified subsequently to profit or loss:
Translation differences from YPF ⁽²⁾			492,110		464,069

Other comprehensive income for the period			550,426		688,429



Total comprehensive income for the period			537,456		1,232,611


Net (loss) /profit for the period attributable to:
Shareholders of the parent company			(19,864)		537,090
Non-controlling interest			6,894		7,092
Other comprehensive income for the period attributable to:
Shareholders of the parent company			531,518		645,678
Non-controlling interest			18,908		42,751
Total comprehensive income for the period attributable to:
Shareholders of the parent company			511,654		1,182,768
Non-controlling interest			25,802		49,843
Earnings per share attributable to shareholders of the parent company:
Basic and diluted	33		(50.65)		1,370.63

(1)	Result associated to subsidiaries, associates and joint ventures with the peso as functional currency, see Note 2.b.1) to the annual consolidated financial statements.

(2)	Correspond to the effect of the translation to YPF´s presentation currency, see Note 2.b.1).

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos)


	For the three-month period ended March 31, 2025
	Shareholders’ contributions
	Capital		Adjustment to capital		Treasury shares		Adjustment to treasury shares		Share-based benefit plans			Acquisition cost of treasury shares ⁽²⁾		Share trading premiums		Issuance premiums		Total
Balance at the beginning of the fiscal year		3,922		6,083		11		18		3,563			(9,655)		2,546		640		7,128
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		2,770			-		-		-		2,770
Settlement of share-based benefit plans		-		-		-		-		(54)			(65)		44		-		(75)
Other comprehensive income		-		-		-		-		-			-		-		-		-
Net (loss) / profit for the period		-		-		-		-		-			-		-		-		-

Balance at the end of the period		3,922		6,083		11		18		6,279			(9,720)		2,590		640		9,823


	Retained earnings ⁽⁴⁾													Equity attributable to
	Legal reserve		Reserve for future dividends		Reserve for investments		Reserve for purchase of treasury shares		Other comprehensive income			Unappropriated retained earnings and losses		Shareholders of the parent company		Non- controlling interest		Total shareholders’ equity
Balance at the beginning of the fiscal year		810,651		-		4,365,198		36,708		4,296,133			2,491,779		12,007,597		224,363		12,231,960
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		-			-		2,770		-		2,770
Settlement of share-based benefit plans		-		-		-		-		-			-		(75)		-		(75)
Other comprehensive income		33,040		-		177,912		1,496		224,401			94,669		531,518		18,908		550,426
Net (loss) / profit for the period		-		-		-		-		-			(19,864)		(19,864)		6,894		(12,970)

Balance at the end of the period		843,691		-		4,543,110		38,204		4,520,534	⁽¹⁾		2,566,584		12,521,946		250,165		12,772,111

(1) Includes 4,825,541 corresponding to the effect of the translation of the shareholders’ contributions (see Note 36.l) “Effect of the translation of the shareholders’ contributions” section), (2,149,854) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar (which includes (1,587,169) corresponding to the effect of the translation to YPF´s presentation currency) and 1,844,847 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency (which includes 1,165,400 corresponding to the effect of the translation to YPF´s presentation currency). See Notes 2.b.1) and 2.b.10) to the annual consolidated financial statements.

(2) Net of employees’ income tax withholding related to the share-based benefit plans.

(3) See Note 38.

(4) Includes 75,099 and 72,137 restricted to the distribution of retained earnings as of March 31, 2025 and December 31, 2024, respectively. See Note 31 to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024 (UNAUDITED) (cont.)

(Amounts expressed in millions of Argentine pesos)


	For the three-month period ended March 31, 2024
	Shareholders’ contributions
	Capital		Adjustment to capital		Treasury shares		Adjustment to treasury shares		Share-based benefit plans			Acquisition cost of treasury shares ⁽²⁾		Share trading premiums		Issuance premiums		Total
Balance at the beginning of the fiscal year		3,919		6,078		14		23		855			(5,635)		(387)		640		5,507
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		754			-		-		-		754
Settlement of share-based benefit plans		-		-		-		-		(37)			(37)		22		-		(52)
Other comprehensive income		-		-		-		-		-			-		-		-		-
Net profit for the period		-		-		-		-		-			-		-		-		-

Balance at the end of the period		3,919		6,078		14		23		1,572			(5,672)		(365)		640		6,209


	Retained earnings ⁽⁴⁾													Equity attributable to
	Legal reserve		Reserve for future dividends		Reserve for investments		Reserve for purchase of treasury shares		Other comprehensive income			Unappropriated retained earnings and losses		Shareholders of the parent company		Non- controlling interest		Total shareholders’ equity
Balance at the beginning of the fiscal year		634,747		182,371		4,297,009		28,243		3,077,042			(1,003,419)		7,221,500		82,315		7,303,815
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		-			-		754		-		754
Settlement of share-based benefit plans		-		-		-		-		-			-		(52)		-		(52)
Other comprehensive income		38,976		11,198		263,854		1,735		372,727			(42,812)		645,678		42,751		688,429
Net profit for the period		-		-		-		-		-			537,090		537,090		7,092		544,182

Balance at the end of the period		673,723		193,569		4,560,863		29,978		3,449,769	⁽¹⁾		(509,141)		8,404,970		132,158		8,537,128

(1) Includes 3,852,324 corresponding to the effect of the translation of the shareholders’ contributions (see Note 36.l) “Effect of the translation of the shareholders’ contributions” section), (1,627,350) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar (which includes (1,177,533) corresponding to the effect of the translation to YPF´s presentation currency) and 1,224,795 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency (which includes 728,893 corresponding to the effect of the translation to YPF´s presentation currency). See Notes 2.b.1) and 2.b.10) to the annual consolidated financial statements.

(2) Net of employees’ income tax withholding related to the share-based benefit plans.

(3) See Note 38.

(4) Includes 59,955 and 56,487 restricted to the distribution of retained earnings as of March 31, 2024 and December 31, 2023, respectively. See Note 31 to the annual consolidated financial statements.

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos)


	For the three-month periods ended March 31,
	2025		2024
Cash flows from operating activities
Net (loss) / profit		(12,970)		544,182
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(86,034)		(106,382)
Depreciation of property, plant and equipment		757,677		479,358
Amortization of intangible assets		15,249		8,352
Depreciation of right-of-use assets		77,536		54,350
Retirement of property, plant and equipment and intangible assets and consumption of materials		104,639		75,645
Charge on income tax		28,960		(103,743)
Net increase in provisions		278,736		137,900
Effect of changes in exchange rates, interest and others		249,015		193,482
Share-based benefit plans		2,770		754
Result from sale of assets		(15,042)		-
Result from changes in fair value of assets held for sale		214,500		-
Changes in assets and liabilities:
Trade receivables		(26,840)		(323,089)
Other receivables		(208,368)		(167,626)
Inventories		(71,353)		104,566
Accounts payable		(316,130)		225,538
Taxes payable		(15,339)		89,739
Salaries and social security		33,351		(42,846)
Other liabilities		(109,306)		(39,706)
Decrease in provisions due to payment/use		(62,159)		(31,774)
Contract assets		4,845		(6,574)
Contract liabilities		60,475		(8,982)
Proceeds from collection of profit loss insurance		1,474		-
Income tax payments		(9,269)		(5,194)

Net cash flows from operating activities ^(1) (2)		896,417		1,077,950


Investing activities: ⁽³⁾
Acquisition of property, plant and equipment and intangible assets		(1,279,802)		(1,144,236)
Additions of assets held for sale		(34,607)		-
Contributions and acquisitions of interests in associates and joint ventures		(74,621)		-
Acquisitions from business combinations net of cash and cash equivalents		(256,152)		-
Proceeds from sales of financial assets		101,514		69,920
Payments from purchase of financial assets		-		(107,083)
Interests received from financial assets		1,421		14,433
Proceeds from concessions, assignment agreements and sale of assets		75,669		3,088

Net cash flows used in investing activities		(1,466,578)		(1,163,878)


Financing activities: ⁽³⁾
Payments of loans		(1,144,695)		(465,349)
Payments of interests		(232,177)		(167,343)
Proceeds from loans		1,854,108		921,480
Account overdrafts, net		-		46,778
Payments of leases		(110,201)		(84,528)
Payments of interests in relation to income tax		(459)		(797)

Net cash flows from financing activities		366,576		250,241



Effect of changes in exchange rates on cash and cash equivalents		58,698		51,275



(Decrease) / Increase in cash and cash equivalents		(144,887)		215,588


Cash and cash equivalents at the beginning of the fiscal year		1,151,868		905,956
Cash and cash equivalents at the end of the period		1,006,981		1,121,544

(Decrease) / Increase in cash and cash equivalents		(144,887)		215,588

(1)	Does not include the effect of changes in exchange rates generated by cash and cash equivalents, which is exposed separately in this statement.

(2)	Includes 32,376 and 23,900 for the three-month periods ended March 31, 2025 and 2024, respectively, for payments of short-term leases and payments of the variable charge of leases related to the underlying asset use or performance.

(3)	The main investing and financing transactions that have not affected cash and cash equivalents correspond to:


	For the three-month periods ended March 31,
	2025		2024
Unpaid acquisitions of property, plant and equipment and intangible assets		643,447		434,353
Unpaid additions of assets held for sale		5,217		-
Additions of right-of-use assets		11,869		54,842
Capitalization of depreciation of right-of-use assets		17,313		15,317
Capitalization of financial accretion for lease liabilities		2,896		2,566

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

1. GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE GROUP’S BUSINESS

General information

YPF and its subsidiaries (the “Group”) form the leading energy group in Argentina, which operates a fully integrated oil and gas chain with leading market positions across the domestic Upstream, Midstream and Downstream LNG and Integrated Gas and New Energies business segments (see Note 6).

Structure and organization of the economic group

The following table presents the main companies of the Group as of March 31, 2025:


Entity	Country	Main business	% of ownership of capital stock ⁽¹⁾	Relationship

Upstream
Eleran	Spain	Hydrocarbon exploration through the subsidiary YPF E&P Bolivia S.A.	100%	Subsidiary
SC Gas ⁽⁴⁾	Argentina	Hydrocarbon exploitation	100%	Subsidiary

Midstream and Downstream
OPESSA	Argentina	Gas stations	100%	Subsidiary
Refinor	Argentina	Industrialization and commercialization of hydrocarbons	50%	Joint venture
OLCLP	Argentina	Hydrocarbon transportation	85%	Joint venture
OTA	Argentina	Hydrocarbon transportation	36%	Joint venture
OTC	Chile	Hydrocarbon transportation	36%	Joint venture
Oldelval	Argentina	Hydrocarbon transportation	37%	Associate
Oiltanking	Argentina	Hydrocarbon transportation	30%	Associate
Termap	Argentina	Hydrocarbon transportation	33.15%	Associate
VMOS ⁽³⁾	Argentina	Hydrocarbon transportation	26.67%	Associate
YPF Gas	Argentina	Commercialization of natural gas	33.99%	Associate

LNG and Integrated Gas
YPF Chile	Chile	Commercialization of natural gas	100%	Subsidiary
Argentina LNG	Argentina	Industrialization and commercialization of LNG	100%	Subsidiary
Sur Inversiones Energéticas	Argentina	Industrialization and commercialization of LNG	100%	Subsidiary
MEGA	Argentina	Separation of natural gas liquids and their fractionation	38%	Joint venture

New Energies
Metrogas ⁽²⁾	Argentina	Distribution of natural gas	70%	Subsidiary
Metroenergía	Argentina	Commercialization of natural gas	71.50%	Subsidiary
Y-TEC	Argentina	Research and development of technology	51%	Subsidiary
YPF Ventures	Argentina	Corporate investments	100%	Subsidiary
YPF EE	Argentina	Generation of electric power	75%	Joint venture
Profertil	Argentina	Production and commercialization of fertilizers	50%	Joint venture
CT Barragán	Argentina	Generation of electric power	50%	Joint venture
CDS ⁽⁵⁾	Argentina	Generation of electric power	10.25%	Associate

Central Administration and Others
AESA	Argentina	Engineering and construction services	100%	Subsidiary

(1)	Held directly and indirectly.

(2)	See Note 36.c.3) “Note from ENARGAS related to YPF’s equity interest in Metrogas” section to the annual consolidated financial statements.

(3)

(4)	The change of MASA’s corporate name to SC Gas is in the process of being registered with the Argentine Registry of Companies (Inspección General de Justicia). see Note 4 “Acquisition of Mobil Argentina S.A.” section.

(5)	Additionally, the Group has a 22.36% indirect holding in capital stock through YPF EE.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

1. GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE GROUP’S BUSINESS (cont.)

Organization of the business

As of March 31, 2025, the Group carries out its operations in accordance with the following structure:

Upstream

Midstream and Downstream

LNG and Integrated Gas

New Energies

Central Administration and Others

Activities covered by each business segment are detailed in Note 6.

2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

2.a) Applicable accounting framework

The condensed interim consolidated financial statements of the Company for the three-month period ended March 31, 2025, are presented in accordance with IAS 34 “Interim financial reporting”. Therefore, they should be read together with the annual consolidated financial statements of the Company as of December 31, 2024 (“annual consolidated financial statements”) presented in accordance with IFRS Accounting Standards as issued by the IASB.

Moreover, some additional information required by the LGS and/or CNV’s Rules have been included.

These condensed interim consolidated financial statements corresponding to the three-month period ended March 31, 2025, are unaudited. The Company believes they include all necessary adjustments to reasonably present the results of each period on a basis consistent with the audited annual consolidated financial statements. Net Income for the three-month period ended March 31, 2025 does not necessarily reflect the proportion of the Group’s full-year net income.

2.b) Material accounting policies

The material accounting policies are described in Note 2.b) to the annual consolidated financial statements.

Functional and presentation currency

As mentioned in Note 2.b.1) to the annual consolidated financial statements, YPF has defined the U.S. dollar as its functional currency. Additionally, in accordance with the provisions of the LGS and the CNV rules, the Company must present its financial statements in pesos.

Business combinations

When the assets acquired are not a business, the Group accounts for the transaction as the acquisition of an asset.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (cont.)

Adoption of new standards and interpretations effective as from January 1, 2025

2.c) Significant estimates and key sources of estimation uncertainty

2.d) Comparative information

3. SEASONALITY OF OPERATIONS

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

4. ACQUISITIONS AND DISPOSALS

The most relevant acquisitions and disposals of companies that took place during the three-month period ended March 31, 2025 are described below:

Acquisition of Mobil Argentina S.A.

MASA owns 54.45% of Sierra Chata unconventional exploitation concession in the Province of Neuquén. Pampa Energía S.A., operator of such concession, owns the remaining working interest.

On January 29, 2025 (“acquisition date”), after the fulfillment of all the closing conditions, the sale and transfer by the Sellers to YPF of 100% of MASA’s shares and capital stock was completed. The amount of the transaction was US$ 327 million in cash. As of the acquisition date, MASA will continue to operate under the corporate name SC Gas S.A.U. (“SC Gas”), being YPF its sole shareholder.


	Fair value at acquisition date in millions of U.S. dollars ⁽¹⁾		Fair value at acquisition date in millions of pesos ^(1) (2)
Fair value of identifiable assets and liabilities assumed:
Intangible assets		108		113,616
Property, plant and equipment		154		162,008
Other receivables		7		7,364
Trade receivables		10		10,520
Cash and cash equivalents		60		63,120
Provisions		(5)		(5,260)
Accounts payable		(7)		(7,364)

Total identifiable net assets / Consideration		327		344,004

(1)

In accordance with IFRS 3, during the measurement period, an entity may adjust the provisional amounts recognized in a business combination, therefore, fair values may be adjusted during the period.

(2)

The amounts correspond to the pesos at the exchange rate on the date of purchase.

Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

5. FINANCIAL RISK MANAGEMENT

•

Liquidity risk management

The Group monitors compliance with covenants on a quarterly basis. As of March 31, 2025, the Group is in compliance with its covenants.

6. BUSINESS SEGMENT INFORMATION

Business segment information is presented in U.S. dollars, the functional currency of the Company (see Note 2.b)), consistently with the manner of reporting the information used by the chief decision maker to allocate resources and assess business segment performance.

As of the current fiscal year, as a consequence of the organizational structure changes in which the New Energies Vice Presidency was created, and the Gas and Power Vice Presidency and the Downstream Vice Presidency were reformulated as the LNG and Integrated Gas Vice Presidency and the Midstream and Downstream Vice Presidency respectively, the complete management scope of these new business units was determined. On January 1, 2025, these organizational changes resulted in a modification of the composition of the business segments according to how the chief decision maker allocates resources and assesses the performance of these business segments, creating the New Energies business segment and readjusting the composition and definition of the businesses of the remaining business segments. The changes in the business segments had no impact on the CGUs defined in Note 2.b.5) to the annual consolidated financial statements.

The business segments structure is organized as follows:

•

Upstream

The Upstream business segment performs all activities related to the exploration and exploitation of hydrocarbon fields and production of crude oil and natural gas.

It incurs all costs related to the aforementioned activities.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)

•

Midstream and Downstream

The Midstream and Downstream business segment performs activities related to: (i) the refining, transportation and commercialization of refined products, (ii) the production, transportation and commercialization of petrochemical products; (iii) the transportation and commercialization of crude oil; and (iv) the commercialization of specialties for the agribusiness industry and of grains and their by-products.

•

LNG and Integrated Gas

Its revenues are mainly derived from the commercialization of natural gas as producers to third parties and to the Midstream and Downstream and the New Energies business segments.

It incurs all costs related to the aforementioned activities, including the purchase of natural gas from the Upstream business segment.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)

•

New Energies

Its revenues are mainly derived from the sale of natural gas through our subsidiary Metrogas.

It incurs all costs related to the aforementioned activities, including the purchase of natural gas from the LNG and Integrated Gas business segment.

•

Central Administration and Others

Sales between business segments were made at internal transfer prices established by the Group, which approximately reflect domestic market prices.

Operating profit or loss and assets of each business segment have been determined after consolidation adjustments.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)


	In millions of U.S. dollars																	In millions of pesos
	Upstream			Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Consolidation adjustments ⁽¹⁾			Total			Total
For the three-month period ended March 31, 2025
Revenues		18			3,856		333		189		212		-			4,608			4,870,820
Revenues from intersegment sales		2,049			62		67		3		281		(2,462	)		-			-

Revenues		2,067			3,918		400		192		493		(2,462	)		4,608			4,870,820


Operating profit or loss		(119	)		382		(5)		24		(59)		(31	)		192			191,809
Income from equity interests in associates and joint ventures		-			14		22		45		-		-			81			86,034

Net financial results																(256	)		(261,853	)
Net profit before income tax																17			15,990
Income tax																(27	)		(28,960	)
Net loss for the period																(10	)		(12,970	)

Acquisitions of property, plant and equipment		1,060			213		3		10		20		-			1,306			1,425,770
Acquisitions of right-of-use assets		2			1		-		-		8		-			11			11,869
Increases from business combinations ⁽⁴⁾		262			-		-		-		-		-			262			275,624

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		561			125		1		10		21		-			718			757,677
Amortization of intangible assets		-			9		-		4		1		-			14			15,249
Depreciation of right-of-use assets		41			31		-		-		2		-			74			77,536

Balance as of March 31, 2025
Assets		13,072			10,982		757		2,629		2,532		(258	)		29,714			31,867,740

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)


	In millions of U.S. dollars																		In millions of pesos
	Upstream			Midstream and Downstream		LNG and Integrated Gas		New Energies			Central Administration and Others		Consolidation adjustments ⁽¹⁾			Total			Total
For the three-month period ended March 31, 2024
Revenues		14			3,768		311		76			141		-			4,310			3,602,196
Revenues from intersegment sales		1,933			22		55		2			221		(2,233	)		-			-

Revenues		1,947			3,790		366		78			362		(2,233	)		4,310			3,602,196


Operating profit or loss		400	⁽³⁾		560		(33)		(25	)		(26)		(210	)		666			532,211
Income from equity interests in associates and joint ventures		-			13		27		89			-		-			129			106,382

Net financial results																	(259	)		(198,154	)
Net profit before income tax																	536			440,439
Income tax																	121			103,743
Net profit for the period																	657			544,182

Acquisitions of property, plant and equipment		1,009			214		-		5			24		-			1,252			1,162,996
Acquisitions of right-of-use assets		6			58		-		-			-		-			64			54,842
Increases from business combinations		-			-		-		-			-		-			-			-

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		431			118		-		8			19		-			576			479,358
Amortization of intangible assets		-			7		-		3			-		-			10			8,352
Depreciation of right-of-use assets		42			24		-		-			-		-			66			54,350

Balance as of December 31, 2024
Assets		12,795			10,735		743		2,524			2,822		(228	)		29,391			30,287,297

(1)	Corresponds to the eliminations among the business segments of the Group.

(2)	Includes depreciation of charges for impairment of property, plant and equipment.

(3)	Includes US$ (6) million of unproductive exploratory drillings as of March 31, 2024.

(4)	See Notes 8 and 9.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

7. FINANCIAL INSTRUMENTS BY CATEGORY

Fair value measurements

Fair value measurements are described in Note 6 to the annual consolidated financial statements.


	As of March 31, 2025
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		304,703		-		-		304,703
- Private securities - NO		8,522		-		-		8,522

		313,225		-		-		313,225

Cash and cash equivalents:
- Mutual funds		379,102		-		-		379,102

		379,102		-		-		379,102

		692,327		-		-		692,327


	As of December 31, 2024
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		392,011		-		-		392,011

- Private securities - NO		9,371		-		-		9,371

		401,382		-		-		401,382

Cash and cash equivalents:
- Mutual funds		451,416		-		-		451,416

		451,416		-		-		451,416

		852,798		-		-		852,798

The Group has no financial liabilities measured at fair value through profit or loss.

Fair value estimates

During the three-month period ended March 31, 2025, there were no transfers between the different hierarchies used to determine the fair value of the Group’s financial instruments.

Fair value of financial assets and financial liabilities measured at amortized cost

The estimated fair value of loans, considering unadjusted listed prices (Level 1) for NO and interest rates offered to the Group (Level 3) for the remaining loans, amounted to 10,148,502 and 9,079,899 as of March 31, 2025 and December 31, 2024, respectively.

The fair value of other receivables, trade receivables, cash and cash equivalents, other liabilities and accounts payable at amortized cost, do not differ significantly from their carrying amount.

8. INTANGIBLE ASSETS


	March 31, 2025		December 31, 2024
Net carrying amount of intangible assets		679,475		546,765
Provision for impairment of intangible assets		(42,606)		(40,938)

		636,869		505,827

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

8. INTANGIBLE ASSETS (cont.)

The evolution of the Group’s intangible assets for the three-month period ended March 31, 2025 and as of the year ended December 31, 2024 is as follows:


	Service concessions	Exploration rights	Other intangibles	Total
Cost	778,570	88,737	347,634	1,214,941
Accumulated amortization	567,910	-	318,457	886,367
Balance as of December 31, 2023	210,660	88,737	29,177	328,574


Cost
Increases	80,146	-	14,218	94,364
Increases from business combinations	-	-	-	-
Translation effect	223,954	24,583	85,173	333,710
Adjustment for inflation ⁽¹⁾	-	-	52,369	52,369
Decreases, reclassifications and other movements	-	-	52,373	52,373

Accumulated amortization
Increases	25,017	-	17,127	42,144
Translation effect	160,502	-	81,135	241,637
Adjustment for inflation ⁽¹⁾	-	-	30,945	30,945
Decreases, reclassifications and other movements	-	-	(101)	(101)

Cost	1,082,670	113,320	551,767	1,747,757
Accumulated amortization	753,429	-	447,563	1,200,992
Balance as of December 31, 2024	329,241	113,320	104,204	546,765


Cost
Increases	23,018	-	815	23,833
Increases from business combinations	-	113,616	-	113,616
Translation effect	44,292	6,590	18,132	69,014
Adjustment for inflation ⁽¹⁾	-	-	9,341	9,341
Decreases, reclassifications and other movements	-	(27,902)	12,338	(15,564)

Accumulated amortization
Increases	6,864	-	8,385	15,249
Translation effect	30,818	-	15,379	46,197
Adjustment for inflation ⁽¹⁾	-	-	6,084	6,084
Decreases, reclassifications and other movements	-	-	-	-

Cost	1,149,980	205,624	592,393	1,947,997
Accumulated amortization	791,111	-	477,411	1,268,522
Balance as of March 31, 2025	358,869	205,624	114,982	679,475

(1)	Corresponds to the adjustment for inflation of opening balances of intangible assets of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

9. PROPERTY, PLANT AND EQUIPMENT


	March 31, 2025			December 31, 2024
Net carrying amount of property, plant and equipment		21,211,779			20,049,632
Provision for obsolescence of materials and equipment		(387,360	)		(229,813	)
Provision for impairment of property, plant and equipment		(492,966	)		(512,396	)

		20,331,453			19,307,423

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Changes in Group’s property, plant and equipment for the three-month periods ended March 31, 2025 and as of the year ended December 31, 2024 are as follows:


	Land and buildings			Mining property, wells and related equipment			Refinery equipment and petrochemical plants			Transportation equipment			Materials and equipment in warehouse			Drilling and work in progress			Exploratory drilling in progress			Furniture, fixtures and installations			Selling equipment			Infrastructure for natural gas distribution			Other property			Total
Cost		1,082,634			42,849,530			7,191,844			545,647			1,157,739			4,573,051			105,041			700,464			1,115,998			653,172			683,871			60,658,991
Accumulated depreciation		554,636			36,228,745			4,727,278			297,862			-			-			-			635,432			791,998			329,442			525,391			44,090,784

Balance as of December 31, 2023		527,998			6,620,785			2,464,566			247,785			1,157,739			4,573,051			105,041			65,032			324,000			323,730			158,480			16,568,207


Cost
Increases		507			175,785			82,395			28,183			1,191,783			3,753,330			107,648			2,210			-			-			14,688			5,356,529
Increases from business combinations		-			-			-			-			-			-			-			-			-			-			-			-
Translation effect		240,319			6,913,347			2,031,025			135,356			288,903			1,067,400			10,202			180,482			320,721			-			140,517			11,328,272
Adjustment for inflation⁽¹⁾		155,605			-			-			50,009			16,763			24,791			-			31,817			-			769,175			185,137			1,233,297
Decreases, reclassifications and other movements		(81,297	)		(20,558,160	)		311,632			(8,984	)		(1,049,173	)		(3,162,649	)		(162,656	)		6,390			177,438			(4,730	)		(40,697	)		(24,572,886	)	⁽²⁾

Accumulated depreciation
Increases		26,316			1,973,824			342,722			38,468			-			-			-			36,186			67,073			25,870			32,778			2,543,237
Translation effect		123,342			5,510,439			1,350,293			67,335			-			-			-			165,544			226,056			-			109,961			7,552,970
Adjustment for inflation⁽¹⁾		81,978			-			-			33,454			-			-			-			22,907			-			387,951			131,921			658,211
Decreases, reclassifications and other movements		(52,381	)		(20,701,202	)		(57	)		(47,621	)		-			-			-			(34,141	)		(11,851	)		(12,806	)		(30,572	)		(20,890,631	)	⁽²⁾

Cost		1,397,768			29,380,502			9,616,896			750,211			1,606,015			6,255,923			60,235			921,363			1,614,157			1,417,617			983,516			54,004,203
Accumulated depreciation		733,891			23,011,806			6,420,236			389,498			-			-			-			825,928			1,073,276			730,457			769,479			33,954,571

Balance as of December 31, 2024		663,877			6,368,696			3,196,660			360,713			1,606,015			6,255,923			60,235			95,435			540,881			687,160			214,037			20,049,632

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)


	Land and buildings			Mining property, wells and related equipment			Refinery equipment and petrochemical plants		Transportation equipment			Materials and equipment in warehouse			Drilling and work in progress			Exploratory drilling in progress			Furniture, fixtures and installations			Selling equipment			Infrastructure for natural gas distribution		Other property			Total
Cost		1,397,768			29,380,502			9,616,896		750,211			1,606,015			6,255,923			60,235			921,363			1,614,157			1,417,617		983,516			54,004,203
Accumulated depreciation		733,891			23,011,806			6,420,236		389,498			-			-			-			825,928			1,073,276			730,457		769,479			33,954,571

Balance as of December 31, 2024		663,877			6,368,696			3,196,660		360,713			1,606,015			6,255,923			60,235			95,435			540,881			687,160		214,037			20,049,632


Cost
Increases		710			159,580			12,152		1,096			252,109			989,280			8,275			1,728			-			-		840			1,425,770
Increases from business combinations		-			153,592			-		-			8,416			-			-			-			-			-		-			162,008
Translation effect		45,558			1,235,857			395,130		26,189			59,167			184,851			1,517			34,877			66,068			-		25,564			2,074,778
Adjustment for inflation⁽¹⁾		22,416			-			-		8,540			3,134			4,525			-			5,121			-			121,490		28,538			193,764
Decreases, reclassifications and other movements		28,437			787,632			3,977		(11,443	)		(258,689	)		(1,207,032	)		(282	)		6,101			14,173			9,104		3,649			(624,373	)	⁽³⁾

Accumulated depreciation
Increases		7,323			638,965			93,869		11,541			-			-			-			10,021			20,036			8,288		8,287			798,330
Translation effect		23,369			944,378			263,184		12,909			-			-			-			31,780			44,061			-		20,752			1,340,433
Adjustment for inflation⁽¹⁾		12,154			-			-		5,275			-			-			-			3,489			-			62,600		21,172			104,690
Decreases, reclassifications and other movements		(6,484	)		(150,536	)		-		(10,695	)		-			-			-			(5,198	)		(257	)		-		(483	)		(173,653	)	⁽³⁾

Cost		1,494,889			31,717,163			10,028,155		774,593			1,670,152			6,227,547			69,745			969,190			1,694,398			1,548,211		1,042,107			57,236,150
Accumulated depreciation		770,253			24,444,613			6,777,289		408,528			-			-			-			866,020			1,137,116			801,345		819,207			36,024,371

Balance as of March 31, 2025		724,636			7,272,550			3,250,866		366,065			1,670,152			6,227,547			69,745			103,170			557,282			746,866		222,900			21,211,779

(1)	Corresponds to the adjustment for inflation of opening balances of property, plant and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

(2)	Includes 23,924,294 and 20,852,844 of cost and accumulated depreciation, respectively, reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project” section to the annual consolidated financial statements.

(3)	Includes 404,035 and 78,681 of cost and accumulated depreciation, respectively, reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 2.b.13) to the annual consolidated financial statements and Note 12.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the three-month period ended March 31, 2025 and as of the year ended December 31, 2024:


	Provision for obsolescence of materials and equipment
Balance as of December 31, 2023		137,679

Increases charged to profit or loss		53,312
Applications due to utilization		(1,851	)
Translation effect		39,513
Adjustment for inflation⁽¹⁾		1,160

Balance as of December 31, 2024		229,813

Increases charged to profit or loss		149,624
Applications due to utilization		(1,617	)
Translation effect		9,138
Adjustment for inflation⁽¹⁾		402

Balance as of March 31, 2025		387,360

(1)	Corresponds to the adjustment for inflation of opening balances of the provision for obsolescence of materials and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

Set forth below is the evolution of the provision for impairment of property, plant and equipment for the three-month period ended March 31, 2025 and as of the year ended December 31, 2024:


	Provision for impairment of property, plant and equipment
Balance as of December 31, 2023		2,137,101

Increases charged to profit or loss⁽¹⁾		67,084
Depreciation⁽²⁾		(283,138	)
Translation effect		180,250
Adjustment for inflation⁽³⁾		5,117
Reclassifications ⁽⁴⁾		(1,594,018	)

Balance as of December 31, 2024		512,396

Increases charged to profit or loss		-
Depreciation⁽²⁾		(40,653	)
Translation effect		19,553
Adjustment for inflation⁽³⁾		1,670
Reclassifications		-

Balance as of March 31, 2025		492,966

(1)	See Notes 2.c) and 8 to the annual consolidated financial statements.

(2)	Included in “Depreciation of property, plant and equipment” line item in the statement of comprehensive income, see Note 28.

(3)	Corresponds to the adjustment for inflation of opening balances of the provision for impairment of property, plant and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

(4)	Includes 1,594,018 reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project” section to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

10. RIGHT-OF-USE ASSETS

The evolution of the Group’s right-of-use assets for the three-month period ended March 31, 2025 and as of the year ended December 31, 2024 is as follows:


	Land and buildings		Exploitation facilities and equipment		Machinery and equipment		Gas stations		Transportation equipment		Total
Cost		33,180		456,907		365,502		74,771		402,400		1,332,760
Accumulated depreciation		19,543		335,816		203,273		40,368		224,577		823,577

Balance as of December 31, 2023		13,637		121,091		162,229		34,403		177,823		509,183


Cost
Increases		10,773		15,896		216,356		11,394		184,981		439,400
Translation effect		10,643		125,662		105,917		17,174		116,854		376,250
Adjustment for inflation ⁽¹⁾		571		-		-		14,918		-		15,489
Decreases, reclassifications and other movements		(862)		(13,635)		(55,853)		(2,112)		(10,523)		(82,985)

Accumulated depreciation
Increases		6,648		90,856		82,532		9,916		112,564		302,516
Translation effect		6,138		104,355		61,555		9,885		75,240		257,173
Adjustment for inflation ⁽¹⁾		567		-		-		10,117		-		10,684
Decreases, reclassifications and other movements		-		(13,635)		(52,954)		(1,167)		(10,523)		(78,279)

Cost		54,305		584,830		631,922		116,145		693,712		2,080,914
Accumulated depreciation		32,896		517,392		294,406		69,119		401,858		1,315,671

Balance as of December 31, 2024		21,409		67,438		337,516		47,026		291,854		765,243


Cost
Increases		30		-		1,373		-		10,466		11,869
Translation effect		2,168		23,836		26,495		3,604		28,274		84,377
Adjustment for inflation ⁽¹⁾		94		-		-		2,124		-		2,218
Decreases, reclassifications and other movements		-		(9,719)		-		-		-		(9,719)

Accumulated depreciation
Increases		1,507		11,807		28,957		3,078		49,500		94,849
Translation effect		1,320		21,284		13,231		1,980		17,192		55,007
Adjustment for inflation ⁽¹⁾		94		-		-		1,650		-		1,744
Decreases, reclassifications and other movements		-		(972)		-		-		-		(972)

Cost		56,597		598,947		659,790		121,873		732,452		2,169,659
Accumulated depreciation		35,817		549,511		336,594		75,827		468,550		1,466,299

Balance as of March 31, 2025		20,780		49,436		323,196		46,046		263,902		703,360

(1)	Corresponds to the adjustment for inflation of opening balances of right-of-use assets of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table presents the value of the investments in associates and joint ventures at an aggregate level as of March 31, 2025 and December 31, 2024:


	March 31, 2025		December 31, 2024
Amount of investments in associates		301,592		218,296
Amount of investments in joint ventures		1,954,459		1,801,494

		2,256,051		2,019,790

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (cont.)

The main concepts which affected the value of the aforementioned investments during the three-month period ended March 31, 2025 and as of the year ended December 31, 2024, correspond to:


	Investments in associates and joint ventures
Balance as of December 31, 2023		1,351,881

Acquisitions and contributions		30
Income on investments in associates and joint ventures		358,335
Distributed dividends		(154,131)
Translation differences		386,181
Adjustment for inflation ⁽¹⁾		77,494

Balance as of December 31, 2024		2,019,790

Acquisitions and contributions		72,016
Income on investments in associates and joint ventures		86,034
Distributed dividends		(13,475)
Translation differences		81,700
Adjustment for inflation ⁽¹⁾		9,986

Balance as of March 31, 2025		2,256,051

(1)	Corresponds to the adjustment for inflation of opening balances of associates and joint ventures with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income, see Note 2.b.1) to the annual consolidated financial statements.


	Associates				Joint ventures
	For the three-month periods ended March 31,				For the three-month periods ended March 31,
	2025		2024		2025		2024
Net income		10,437		5,503		75,597		100,879
Other comprehensive income		14,352		20,722		77,334		91,533

Comprehensive income		24,789		26,225		152,931		192,412

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (cont.)


	March 31, 2025 ⁽¹⁾		December 31, 2024 ⁽¹⁾
Total non-current assets		2,352,850		2,211,995
Cash and cash equivalents		221,774		247,353
Other current assets		249,188		251,358
Total current assets		470,962		498,711

Total assets		2,823,812		2,710,706


Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other liabilities” items)		785,575		758,135
Other non-current liabilities		100,576		66,714
Total non-current liabilities		886,151		824,849
Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other liabilities” items)		262,962		299,548
Other current liabilities		205,704		219,601
Total current liabilities		468,666		519,149

Total liabilities		1,354,817		1,343,998



Total shareholders’ equity ⁽²⁾		1,468,995		1,366,708


Dividends received		-		37,260

	For the three-month periods ended March 31,
	2025 ⁽¹⁾		2024 ⁽¹⁾
Revenues		158,584		101,656
Interest income		3,311		11,697
Depreciation and amortization		(40,058)		(29,369)
Interest loss		(16,871)		(11,417)
Income tax		(7,823)		(4,548)
Operating profit		69,906		28,560


Net profit		46,156		25,917
Other comprehensive income		56,131		55,489

Total comprehensive income		102,287		81,406

(1) The financial information arises from the statutory condensed interim consolidated financial statements of YPF EE. On this information, accounting adjustments have been made for the calculation of the equity method value and in the results of YPF EE. The adjusted equity and results do not differ significantly from the financial information disclosed here.

(2) Includes the non-controlling interest.

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES

The following table presents the main assets held for sale and associated liabilities as of March 31, 2025 and December 31, 2024:


	Upstream		Midstream and Downstream		Total
Balance as of March 31, 2025
Assets held for sale
Property, plant and equipment - Mature Fields Project		1,277,819		-		1,277,819
Property, plant and equipment and intangible assets - Aguada del Chañar ⁽³⁾		356,518		-		356,518
Property, plant and equipment - Gas stations		-		10,182		10,182
Assets of subsidiary YPF Brasil ⁽²⁾		-		-		-

		1,634,337		10,182		1,644,519

Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations - Mature Fields Project		2,154,036		-		2,154,036
Provision for hydrocarbon wells abandonment obligations - Aguada del Chañar ⁽³⁾		1,236		-		1,236
Provision for environmental liabilities - Mature Fields Project		68,209		-		68,209
Liabilities for concessions - Mature Fields Project		15,015		-		15,015
Liabilities of subsidiary YPF Brasil ⁽²⁾		-		-		-

		2,238,496		-		2,238,496

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES (cont.)


	Upstream		Midstream y Downstream		Total
As of December 31, 2024
Assets held for sale
Property, plant and equipment-Mature Fields Project ⁽¹⁾		1,551,664		-		1,551,664
Property, plant and equipment and intangible assets-Aguada del Chañar		-		-		-
Property, plant and equipment-Gas stations		-		9,719		9,719
Assets of subsidiary YPF Brasil ⁽²⁾		-		21,775		21,775

		1,551,664		31,494		1,583,158

Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations-Mature Fields Project ⁽¹⁾		2,113,047		-		2,113,047
Provision for hydrocarbon wells abandonment obligations-Aguada del Chañar		-		-		-
Provision for environmental liabilities-Mature Fields Project ⁽¹⁾		55,422		-		55,422
Liabilities for concessions-Mature Fields Project ⁽¹⁾		14,572		-		14,572
Liabilities of subsidiary YPF Brasil ⁽²⁾		-		18,576		18,576

		2,183,041		18,576		2,201,617

(1)	See Note 11 “Mature Fields Project“ section to the annual consolidated financial statement.

(2)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”) section.

(3)	See Note 35.b) “Aguada del Chañar” section.

Mature Fields Project

•

Description of the Mature Fields Project

The assignment agreements that have met the agreed closing conditions during the three-month period ended March 31, 2025, and therefore the transaction was settled are described below:

Estación Fernández Oro

Campamento Central-Cañadón Perdido

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES (cont.)

Barrancas, Vizcacheras, La Ventana, Ceferino, Mesa Verde and Río Tunuyán

On March 27, 2025, after the fulfillment of all the closing conditions by YPF and PS, the transfer of 100% of the rights and obligations of YPF in such exploitation concessions in favor of PS was formalized with effective date as of April 1, 2025. In the context of this transaction, YPF received US$ 3 million and, in addition, contemplates crude oil deliveries for a period of 2 years as payment in kind.

At the closing date of the aforementioned assignment agreements for the “Barrancas”, “Vizcacheras”, “La Ventana”, “Ceferino”, “Mesa Verde” and “Río Tunuyán” exploitation concessions and considering the fair value less costs to sell of such groups of assets, the result from the sale of such assets amounts to a gain of 83,634. Additionally, the derecognition of the carrying amount of net liabilities directly associated with assets held for sale and assets held for sale related to such exploitation concessions is 33,248.

Señal Cerro Bayo, Volcán Auca Mahuida, Don Ruiz and Las Manadas

Al Norte de la Dorsal and Octógono

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES (cont.)

•

Accounting matters

For the three-month period ended March 31, 2025, based on the aforementioned evaluation of the changes in the fair value, the Company recognized a loss due to changes in the fair value of assets held for sale of 214,500 in the “Other net operating results” line item in the statement of comprehensive income, mainly generated by higher costs associated with expenses of different nature that are expected to arise related to the assets in connection with the ongoing negotiations progress. The carrying amount of the assets held for sale may be adjusted in future periods depending on the results of the disposal process carry out by YPF and the economic consideration to be agreed with third parties for such assets.

In relation to the Company’s own personnel, the Company recognized for the three-month period ended March 31, 2025 a charge for severance indemnities of 28,026 in the “Provision for severance indemnities” line under “Other operating results, net” line item in the statement of comprehensive income.

13. INVENTORIES


	March 31, 2025		December 31, 2024
Finished goods	1,054,627		953,073
Crude oil and natural gas ⁽²⁾	504,723		470,381
Products in process	50,707		50,372
Raw materials, packaging materials and others	123,926		119,840
	1,733,983	⁽¹⁾	1,593,666	⁽¹⁾

(1)	As of March 31, 2025 and December 31, 2024, the carrying amount of inventories does not exceed their net realizable value.

(2)	Includes 20,725 and 20,818 corresponding to the provision of inventories write-down as of March 31, 2025 and December 31, 2024, respectively, see Note 2.b.8) to the annual consolidated financial statements.

14. OTHER RECEIVABLES


	March 31, 2025		December 31, 2024
	Non-current	Current	Non-current	Current
Receivables from services, sales of other assets and other advance payments	14,740	7,602	11,436	35,632
Tax credit and export rebates	158,712	186,556	131,589	155,002
Loans and balances with related parties ⁽¹⁾	203,808	80,484	164,203	35,571
Collateral deposits	2	18,135	2	20,820
Prepaid expenses	59,807	64,684	15,340	43,516
Advances and loans to employees	568	6,191	497	5,469
Advances to suppliers and custom agents ⁽²⁾	25,579	94,677	16,756	76,595
Receivables with partners in JO and Consortiums	913	192,441	2,263	168,855
Insurance receivables	-	3,888	-	5,153
Miscellaneous	33,040	25,877	32,787	23,494
	497,169	680,535	374,873	570,107
Provision for other doubtful receivables	(26,859)	(63)	(26,822)	(197)
	470,310	680,472	348,051	569,910

(1)	See Note 37 for information about related parties.

(2)	Includes, among others, advances to custom agents for the payment of taxes and import rights related to the imports of fuels and goods.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

15. TRADE RECEIVABLES


	March 31, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Accounts receivable and related parties ^{(1) (2)}		11,743		1,790,014		11,121		1,722,704
Provision for doubtful trade receivables		(9,788)		(58,874)		(9,788)		(53,757)

		1,955		1,731,140		1,333		1,668,947

(1)	See Note 37 for information about related parties.

(2)	See Note 26 for information about credits for contracts included in trade receivables.

Set forth below is the evolution of the provision for doubtful trade receivables for the three-month period ended March 31, 2025 and for the fiscal year ended December 31, 2024:


	Provision for doubtful trade receivables
	Non-current			Current
Balance as of December 31, 2023		9,788	⁽²⁾		37,652

Increases charged to expenses		-			64,602	⁽³⁾
Decreases charged to income		-			(7,279)	⁽³⁾
Applications due to utilization		-			(42,980)	⁽³⁾
Net exchange and translation differences		-			9,285
Result from net monetary position ⁽¹⁾		-			(6,356)
Reclassifications ⁽⁴⁾		-			(1,167)

Balance as of December 31, 2024		9,788	⁽²⁾		53,757

Increases charged to expenses		-			5,666
Decreases charged to income		-			(1,322)
Applications due to utilization		-			(1)
Net exchange and translation differences		-			1,118
Result from net monetary position ⁽¹⁾		-			(65)
Reclassifications		-			(279)

Balance as of March 31, 2025		9,788	⁽²⁾		58,874

(1)

Includes the adjustment for inflation of opening balances of the provision for doubtful trade receivables of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income and the adjustment for inflation of the period, which was charged to net profit or loss in the statement of comprehensive income.

(2)	Mainly including credits with distributors of natural gas for the accumulated daily differences pursuant to Decree No. 1,053/2018, see Note 36.c.1) to the annual consolidated financial statements.

(3)	Mainly including credits with CAMMESA, see Note 37 to the annual consolidated financial statements.

(4)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.

16. INVESTMENTS IN FINANCIAL ASSETS


	March 31, 2025		December 31, 2024
Investments at fair value through profit or loss
Public securities ⁽¹⁾		304,703		392,011
Private securities-NO		8,522		9,371

		313,225		401,382

(1)	See Note 37.

17. CASH AND CASH EQUIVALENTS


	March 31, 2025		December 31, 2024
Cash and banks ⁽¹⁾		368,139		314,096
Short-term investments⁽²⁾		259,740		386,356
Financial assets at fair value through profit or loss ⁽³⁾		379,102		451,416

		1,006,981		1,151,868

(1)	Includes balances granted as collateral, see Note 35.d) to the annual consolidated financial statements.

(2)	Includes 22,825 and 150,717 of term deposits and other investments with BNA as of March 31, 2025 and December 31, 2024, respectively.

(3)	See Note 7.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

18. PROVISIONS

Changes in the Group’s provisions for the three-month period ended March 31, 2025 and for the fiscal year ended December 31, 2024 are as follows:


	Provision for lawsuits and contingencies				Provision for environmental liabilities				Provision for hydrocarbon wells abandonment obligations				Total
	Non-current		Current		Non-current		Current		Non-current		Current		Non-current		Current
Balance as of December 31, 2023		53,388		16,868		38,861		27,924		2,054,451		101,337		2,146,700		146,129

Increases charged to expenses		102,598		423		177,257		-		118,526		-		398,381		423
Decreases charged to income		(4,918)		-		(1,044)		-		(7,562)		-		(13,524)		-
Increases from business combinations		-		-		-		-		-		-		-		-
Applications due to utilization		(3,089)		(17,388)		-		(67,045)		-		(29,162)		(3,089)		(113,595)
Net exchange and translation differences		6,689		4,472		17,498		-		201,987		28,073		226,174		32,545
Result from net monetary position ⁽¹⁾		(2,596)		-		-		-		-		-		(2,596)		-
Reclassifications and other movements ⁽²⁾		(18,781)		16,760		(130,224)		76,964		(1,485,116)		(39,835)		(1,634,121)		53,889

Balance as of December 31, 2024		133,291		21,135		102,348		37,843		882,286		60,413		1,117,925		119,391

Increases charged to expenses		11,239		4		3,777		-		30,763		-		45,779		4
Decreases charged to income		(1,456)		(35)		-		-		-		-		(1,456)		(35)
Increases from business combinations		-		-		-		-		5,260		-		5,260		-
Applications due to utilization		(325)		(16,464)		-		(25,629)		-		(7,277)		(325)		(49,370)
Net exchange and translation differences		1,725		840		4,616		-		38,137		923		44,478		1,763
Result from net monetary position ⁽¹⁾		(72)		-		-		-		-		-		(72)		-
Reclassifications and other movements		(16,584)		16,458		(36,897)		34,843		(1,236)		-		(54,717)		51,301

Balance as of March 31, 2025		127,818		21,938		73,844		47,057		955,210		54,059		1,156,872		123,054

(1)

Includes the adjustment for inflation of opening balances of provisions of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income and the adjustment for inflation of the period, which was charged to net profit or loss in the statement of comprehensive income.

(2)

Includes 1,700,736 and 53,260 corresponding to the provisions for hydrocarbon wells abandonment obligations and for environmental liabilities, respectively, reclassified to the “Liabilities directly associated with assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project” section to the annual consolidated financial statements. Additionally, includes the balance of the provision for lawsuits and contingencies of the subsidiary YPF Brasil reclassified to “Assets held for sale” in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.

Provisions are described in Note 17 to the annual consolidated financial statements.

19. INCOME TAX

The amount accrued of income tax charge for the three-month periods ending March 31, 2025 and 2024 is as follows:


	For the three-month periods ended March 31,
	2025		2024
Current income tax		(19,845)		(12,713)
Deferred income tax		(9,115)		116,456

		(28,960)		103,743

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

19. INCOME TAX (cont.)


	For the three-month periods ended March 31,
	2025		2024
Net profit before income tax		15,990		440,439
Average tax rate ⁽¹⁾		59.41%		25.51%

Average tax rate applied to net profit before income tax		(9,500)		(112,338)
Effect of the valuation of property, plant and equipment, intangible assets and assets held for sale, net		549		746,975
Effect of exchange differences and other results associated to the valuation of the currency, net ⁽²⁾		(50,804)		(843,144)
Effect of the valuation of inventories		(22,317)		(34,415)
Income on investments in associates and joint ventures		21,509		26,596
Effect of tax rate change ⁽³⁾		59,188		74,698
Effect of application of indexation mechanisms		-		222,717
Miscellaneous		(27,585)		22,654

Income tax		(28,960)		103,743

(1)	Corresponds to the average projected tax rate of YPF and its subsidiaries in compliance with amendment to Law No. 27,630. See Note 36.f.1) to the annual consolidated financial statements.

(2)	Includes the effect of tax inflation adjustments.

(3)	Corresponds to the remediation of deferred income tax balances at the time of reversal, see Note 36.f.1) to the annual consolidated financial statements.

The breakdown of the Group’s deferred tax assets and liabilities as of March 31, 2025 and December 31, 2024 is as follows:


	March 31, 2025		December 31, 2024
Deferred tax assets
Provisions and other non-deductible liabilities		253,529		208,638
Property, plant and equipment and Assets held for sale		254,669		540,111
Lease liabilities		259,914		265,481
Tax losses carryforward		12,190		13,460
Miscellaneous		1,373		846

Total deferred tax assets		781,675		1,028,536


Deferred tax liabilities
Intangible assets and Inventories		(274,858)		(231,401)
Adjustment for tax inflation ⁽¹⁾		(1)		(279,006)
Right-of-use assets		(245,570)		(254,316)
Miscellaneous		(31,539)		(17,022)

Total deferred tax liabilities		(551,968)		(781,745)

Total net deferred tax ⁽²⁾		229,707		246,791

(1)	Includes the effect of the deferral of the tax inflation adjustment. See Note 36.f.1) “Budget Law 2023-Deferral of tax adjustment for inflation” section to the annual consolidated financial statements.

(2)	Includes (8,465) corresponding to adjustment for inflation of the opening deferred tax liability of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

As of March 31, 2025 and December 31, 2024 the Group has classified as deferred tax asset 331,060 and 339,492, respectively, and as deferred tax liability 101,353 and 92,701, respectively, all of which arise from the net deferred tax balances of each of the separate companies included in these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

20. TAXES PAYABLE


	March 31, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
VAT		-		31,787		-		19,494
Withholdings and perceptions		-		69,979		-		73,206
Royalties		-		70,179		-		86,431
Fuels tax		-		33,798		-		30,638
Turnover tax		-		8,823		-		7,660
Miscellaneous		230		28,094		224		37,190

		230		242,660		224		254,619

21. SALARIES AND SOCIAL SECURITY
	March 31, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Salaries and social security		-		120,237		-		97,426
Bonuses and incentives provision		-		174,598		-		183,805
Cash-settled share-based payments provision ⁽¹⁾		34,520		-		33,758		-
Vacation provision		-		73,945		-		69,150
Provision for severance indemnities ⁽²⁾		-		83,628		-		67,694
Miscellaneous		781		6,127		1,133		5,899

		35,301		458,535		34,891		423,974

(1)	Corresponds to the Value Generation Plan, see Note 38.

(2)	See Note 12 “Mature Fields Project“ section.

22. LEASE LIABILITIES

The evolution of the Group’s leases liabilities for the three-month period ended March 31, 2025 and for the fiscal year ended December 31, 2024, is as follows:


	Lease liabilities
Balance as of December 31, 2023		536,598

Increases of leases		439,400
Financial accretions		64,157
Decreases of leases		(4,706)
Payments		(360,180)
Net exchange and translation differences		124,378
Result from net monetary position ⁽¹⁾		9

Balance as of December 31, 2024		799,656

Increases of leases		11,869
Financial accretions		19,951
Decreases of leases		(8,822)
Payments		(110,201)
Net exchange and translation differences		30,155
Result from net monetary position ⁽¹⁾		-

Balance as of March 31, 2025		742,608

(1)

Includes the adjustment for inflation of opening balances of lease liabilities of subsidiaries with the peso as functional currency, which was charged to “Other comprehensive income” in the statement of comprehensive income and the adjustment for inflation of the period, which was charged to net profit or loss in the statement of comprehensive income.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

23. LOANS


						March 31, 2025					December 31, 2024
	Interest rate⁽¹⁾				Maturity	Non-current			Current		Non-current			Current
Pesos:
Export pre-financing ⁽⁵⁾			-		-		-			-		-			31,842
Loans		40.48%	-	44.10%	2025-2026		14,575			11,846		18,560			8,161

							14,575			11,846		18,560			40,003

Currencies other than the peso:
NO ^{(2) (3)}		0.00%	-	10.00%	2025-2047		7,402,373			1,127,021		6,445,486			1,357,464
Export pre-financing ⁽⁴⁾		1.90%	-	10.50%	2025		-			532,069		-			394,681
Imports financing		8.70%	-	16.00%	2025-2026		20,844			21,281		20,082			17,496
Loans		2.40%	-	11.06%	2025-2030		651,556	⁽⁶⁾		370,369		739,824	⁽⁶⁾		77,846
Stock market promissory notes		0.00%	-	0.00%	2025-2026		-			107,250		25,763			77,287

							8,074,773			2,157,990		7,231,155			1,924,774

							8,089,348			2,169,836		7,249,715			1,964,777

(1)	Nominal annual interest rate as of March 31, 2025.

(2)	Disclosed net of 23,283 and 18,902 corresponding to YPF’s own NO repurchased through open market transactions, as of March 31, 2025, and December 31, 2024, respectively.

(3)	Includes 1,600,226 and 1,541,141 as of March 31, 2025, and December 31, 2024, respectively, of nominal value that will be canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued.

(4)	Includes 143,612 and 137,287 as of March 31, 2025, and December 31, 2024, respectively, of pre-financing of exports granted by BNA.

(5)	Corresponds to pre-financing of exports in pesos granted by BNA.

(6)	Includes 213,112 and 28,854 of loans granted by BNA as of March 31, 2025 and December 31, 2024, respectively.

Set forth below is the evolution of the loans for three-month period ended March 31, 2025 and for the fiscal year ended December 31, 2024:


	Loans
Balance as of December 31, 2023		6,609,071

Proceeds from loans		2,668,015
Payments of loans		(1,908,219)
Payments of interest		(645,077)
Account overdrafts, net		(45,095)
Accrued interest ⁽¹⁾		617,329
Net exchange and translation differences		1,927,056
Result from net monetary position ⁽²⁾		(1,432)
Reclassifications ⁽³⁾		(7,156)

Balance as of December 31, 2024		9,214,492

Proceeds from loans		1,854,108
Payments of loans		(1,144,695)
Payments of interest		(232,177)
Account overdrafts, net		-
Accrued interest ⁽¹⁾		175,814
Net exchange and translation differences		391,780
Result from net monetary position ⁽²⁾		(138)
Reclassifications		-

Balance as of March 31, 2025		10,259,184

(1)	Includes capitalized financial costs.

(2)

Includes the adjustment for inflation of opening balances of loans of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income and the adjustment for inflation of the period, which was charged to net profit or loss in the statement of comprehensive income.

(3)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

23. LOANS (cont.)

Details regarding the NO of the Group are as follows:


													March 31, 2025				December 31, 2024
Month	Year		Principal value⁽³⁾			Class		Interest rate⁽¹⁾			Principal maturity		Non- current		Current		Non- current		Current
YPF
-		1998		U.S. dollar	15		-		Fixed	10.00%		2028		15,892		667		15,270		259
April		2015		U.S. dollar	757		Class XXXIX		-	-		-		-		-		-		808,785
July, December		2017		U.S. dollar	644		Class LIII		Fixed	6.95%		2027		695,454		8,673		669,044		19,946
December		2017		U.S. dollar	537		Class LIV		Fixed	7.00%		2047		568,285		11,679		545,982		1,530
June		2019		U.S. dollar	399		Class I		Fixed	8.50%		2029		426,469		9,569		409,769		391
July		2020		U.S. dollar	341		Class XIII		-	-		-		-		-		-		44,940
February		2021		U.S. dollar	776		Class XVI		Fixed	9.00%		2026		-		258,064		59,632		250,123
February		2021		U.S. dollar	748		Class XVII		Fixed	9.00%		2029		810,377		17,220		778,641		-
February		2021		U.S. dollar	576		Class XVIII		Fixed	7.00%		2033		596,941		-		572,507		10,910
July		2021		U.S. dollar	384		Class XX		Fixed	5.75%		2032		382,632		33,847		395,928		10,102
January		2023		U.S. dollar	230		Class XXI		Fixed	1.00%		2026		-		236,156		226,674		454
April		2023		U.S. dollar	147		Class XXIII		Fixed	0.00%		2025		-		154,820		-		154,330
April		2023		U.S. dollar	38		Class XXIV		Fixed	1.00%		2027		40,238		72		38,662		71
June		2023		U.S. dollar	263		Class XXV		Fixed	5.00%		2026		-		285,948		270,648		684
September		2023		U.S. dollar	400		Class XXVI		Fixed	0.00%		2028		429,000		-		412,200		-
October		2023		U.S. dollar	128		Class XXVII		Fixed	0.00%		2026		154,002		-		151,929		-
January		2024		U.S. dollar	800		Class XXVIII		Fixed	9.50%		2031		848,722		16,962		814,485		36,570
May		2024		U.S. dollar	178		Class XXIX		Fixed	6.00%		2026		189,981		1,012		182,426		1,035
July		2024		U.S. dollar	185		Class XXX		Fixed	1.00%		2026		200,917		76		192,076		76
September ⁽²⁾		2024		U.S. dollar	540		Class XXXI		Fixed	8.75%		2031		577,788		2,834		555,037		14,972
October		2024		U.S. dollar	125		Class XXXII		Fixed	6.50%		2028		134,063		4,106		128,813		1,881
October		2024		U.S. dollar	25		Class XXXIII		Fixed	7.00%		2028		26,813		884		25,763		405
January		2025		U.S. dollar	1,100		Class XXXIV		Fixed	8.25%		2034		1,155,321		20,146		-		-
February		2025		U.S. dollar	140		Class XXXV		Fixed	6.25%		2027		149,478		845		-		-
February		2025		U.S. dollar	59		Class XXXVI		Fixed	3.50%		2025		-		63,441		-		-

														7,402,373		1,127,021		6,445,486		1,357,464

(1)	Nominal annual interest rate as of March 31, 2025.

(2)	During the three-month period ended March 31, 2025, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements.

(3)	Total nominal value issued without including the nominal values canceled through exchanges or repurchases, expressed in millions.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

24. OTHER LIABILITIES


	March 31, 2025			December 31, 2024
	Non-current	Current		Non-current	Current
Liabilities for concessions and assignment agreements	107,274		213,879	-		96,399
Liabilities for contractual claims ⁽¹⁾	38,255		44,723	76,561		48,315
Provision for operating optimizations ⁽²⁾	-		17,786	-		274,113
Miscellaneous	-		2,788	-		3,382

	145,529		279,176	76,561		422,209

(1)	See Note 17.a.2) to the annual consolidated financial statements.

(2)	See Note 11 “Mature Fields Project“ section to the annual consolidated financial statement.

25. ACCOUNTS PAYABLE


	March 31, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Trade payable and related parties ⁽¹⁾		4,989		2,844,352		4,106		2,905,736
Guarantee deposits		869		3,790		803		4,113
Payables with partners of JO and Consortiums		1,036		35,693		995		39,265
Miscellaneous		-		22,958		-		17,520

		6,894		2,906,793		5,904		2,966,634

(1)	See Note 37 for information about related parties.

26. REVENUES


	For the three-month periods ended March 31,
	2025		2024
Revenue from contracts with customers		4,862,236		3,576,612
National Government incentives ⁽¹⁾		8,584		25,584

		4,870,820		3,602,196

(1)	See Note 37.

•

Breakdown of revenues

Type of good or service


	For the three-month period ended March 31, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		1,671,695		-		-		-		1,671,695
Gasolines		-		1,091,366		-		-		-		1,091,366
Natural gas ⁽¹⁾		9,555		3,953		343,434		157,501		-		514,443
Crude oil		-		268,072		-		-		-		268,072
Jet fuel		-		225,711		-		-		-		225,711
Lubricants and by-products		-		90,597		-		-		-		90,597
LPG		-		149,146		-		-		-		149,146
Fuel oil		-		31,949		-		-		-		31,949
Petrochemicals		-		99,902		-		-		-		99,902
Fertilizers and crop protection products		-		36,035		-		-		-		36,035
Flours, oils and grains		-		147,067		-		-		-		147,067
Asphalts		-		26,517		-		-		-		26,517
Goods for resale at gas stations		-		38,298		-		-		-		38,298
Income from services		-		-		-		406		34,860		35,266
Income from construction contracts		-		-		-		-		103,860		103,860
Virgin naphtha		-		34,968		-		-		-		34,968
Petroleum coke		-		66,866		-		-		-		66,866
LNG regasification		-		894		-		-		-		894
Other goods and services		9,439		85,415		1,859		46,398		86,473		229,584

		18,994		4,068,451		345,293		204,305		225,193		4,862,236

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

26. REVENUES (cont.)


	For the three-month period ended March 31, 2024
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		1,365,927		-		-		-		1,365,927
Gasolines		-		839,502		-		-		-		839,502
Natural gas ⁽¹⁾		-		3,369		233,522		53,713		-		290,604
Crude oil		-		177,005		-		-		-		177,005
Jet fuel		-		224,612		-		-		-		224,612
Lubricants and by-products		-		93,939		-		-		-		93,939
LPG		-		89,369		-		-		-		89,369
Fuel oil		-		22,829		-		-		-		22,829
Petrochemicals		-		91,806		-		-		-		91,806
Fertilizers and crop protection products		-		44,060		-		-		-		44,060
Flours, oils and grains		-		41,489		-		-		-		41,489
Asphalts		-		12,185		-		-		-		12,185
Goods for resale at gas stations		-		23,435		-		-		-		23,435
Income from services		-		-		-		350		28,276		28,626
Income from construction contracts		-		-		-		-		50,845		50,845
Virgin naphtha		-		31,201		-		-		-		31,201
Petroleum coke		-		46,068		-		-		-		46,068
LNG regasification		-		768		-		-		-		768
Other goods and services		11,029		39,124		3,374		10,374		38,441		102,342

		11,029		3,146,688		236,896		64,437		117,562		3,576,612

(1)

Includes 360,348 and 246,773 corresponding to sales of natural gas produced by the Company for the three-month periods ended March 31, 2025 and 2024, respectively.

Sales channels


	For the three-month period ended March 31, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		1,828,020		-		-		-		1,828,020
Power plants		-		-		134,011		19,588		-		153,599
Distribution companies		-		-		52,540		-		-		52,540
Retail distribution of natural gas		-		-		-		99,083		-		99,083
Industries, transport and aviation		9,555		1,022,505		158,710		76,482		-		1,267,252
Agriculture		-		402,443		-		-		-		402,443
Petrochemical industry		-		145,412		-		-		-		145,412
Trading		-		496,248		-		-		-		496,248
Oil companies		-		53,255		-		-		-		53,255
Commercialization of LPG		-		69,164		-		-		-		69,164
Other sales channels		9,439		51,404		32		9,152		225,193		295,220

		18,994		4,068,451		345,293		204,305		225,193		4,862,236


	For the three-month period ended March 31, 2024
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		1,483,951		-		-		-		1,483,951
Power plants		-		-		93,471		4,947		-		98,418
Distribution companies		-		-		10,059		-		-		10,059
Retail distribution of natural gas		-		-		-		12,559		-		12,559
Industries, transport and aviation		-		818,119		132,940		44,539		-		995,598
Agriculture		-		239,381		-		-		-		239,381
Petrochemical industry		-		131,951		-		-		-		131,951
Trading		-		357,680		-		-		-		357,680
Oil companies		-		36,034		-		-		-		36,034
Commercialization of LPG		-		30,775		-		-		-		30,775
Other sales channels		11,029		48,797		426		2,392		117,562		180,206

		11,029		3,146,688		236,896		64,437		117,562		3,576,612

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

26. REVENUES (cont.)

Target market

Sales in the domestic market amounted to 4,060,130 and 3,013,482 for the three-month periods ended March 31, 2025 and 2024, respectively.

Sales in the international market amounted to 802,106 and 563,130 for the three-month periods ended March 31, 2025 and 2024, respectively.


●		Contract balances

The following table presents information regarding credits, contract assets and contract liabilities:


	March 31, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Credits for contracts included in the item of “Trade receivables”		11,743		1,762,414		9,408		1,695,892
Contract assets		-		26,362		-		31,207
Contract liabilities		159,559		89,517		116,883		74,795

Contract assets are mainly related to the activities carried out by the Group under construction contracts.

Contract liabilities are mainly related to advances received from customers under contracts for the sale of fuels and agribusiness products and transportation service contracts, among others.

For the three-month periods ended March 31, 2025 and 2024 the Group has recognized 45,112 and 27,245, respectively, in the “Revenues from contracts with customers” line under the “Revenues” line item in the statement of comprehensive income, which have been included in “Contract liabilities” line item in the statement of financial position at the beginning of each year.

27. COSTS


	For the three-month periods ended March 31,
	2025		2024
Inventories at beginning of year		1,593,666		1,357,716
Purchases		1,082,386		806,144
Production costs ⁽¹⁾		2,514,637		1,641,271
Translation effect		64,702		79,391
Adjustment for inflation ⁽²⁾		4,262		15,176
Inventories at end of the period		(1,733,983)		(1,347,717)

		3,525,670		2,551,981

(1)	See Note 28.

(2)	Corresponds to the adjustment for inflation of opening balances of inventories of subsidiaries with the peso as functional currency, which was charged to “Other comprehensive income” in the statement of comprehensive income.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

28. EXPENSES BY NATURE


	For the three-month period ended March 31, 2025
	Production costs ⁽²⁾		Administrative expenses ⁽³⁾		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		283,855		74,112		37,962			1,040		396,969
Fees and compensation for services		25,159		74,312		13,267			113		112,851
Other personnel expenses		84,634		9,417		3,780			1,269		99,100
Taxes, charges and contributions		43,255		3,129		267,376	⁽¹⁾		-		313,760
Royalties, easements and fees		302,677		-		614			811		304,102
Insurance		22,448		854		307			-		23,609
Rental of real estate and equipment		70,901		38		3,783			-		74,722
Survey expenses		-		-		-			18,491		18,491
Depreciation of property, plant and equipment		720,502		11,109		26,066			-		757,677
Amortization of intangible assets		9,716		4,475		1,058			-		15,249
Depreciation of right-of-use assets		74,219		14		3,303			-		77,536
Industrial inputs, consumable materials and supplies		128,938		1,279		4,593			672		135,482
Operation services and other service contracts		158,866		4,164		12,802			3,957		179,789
Preservation, repair and maintenance		431,523		9,185		11,292			5,508		457,508
Unproductive exploratory drillings		-		-		-			78		78
Transportation, products and charges		136,340		2		131,698			-		268,040
Provision for doubtful receivables		-		-		4,344			-		4,344
Publicity and advertising expenses		-		19,224		13,393			-		32,617
Fuel, gas, energy and miscellaneous		21,604		8,709		22,888			556		53,757

		2,514,637		220,023		558,526			32,495		3,325,681

(1)	Includes 68,109 corresponding to export withholdings and 156,036 corresponding to turnover tax.

(2)	Includes 8,357 corresponding to research and development activities.

(3)	Includes 2,613 corresponding to fees and remunerations of Directors and Statutory Auditors of YPF’s Board of Directors.


	For the three-month period ended March 31, 2024
	Production costs ⁽²⁾		Administrative expenses ⁽³⁾		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		149,717		42,185		23,723			1,801		217,426
Fees and compensation for services		8,545		44,250		7,539			47		60,381
Other personnel expenses		47,266		3,641		2,158			367		53,432
Taxes, charges and contributions		34,747		3,747		172,598	⁽¹⁾		-		211,092
Royalties, easements and fees		222,984		-		283			1,271		224,538
Insurance		14,643		1,004		544			-		16,191
Rental of real estate and equipment		41,052		124		2,756			-		43,932
Survey expenses		-		-		-			6,259		6,259
Depreciation of property, plant and equipment		453,561		8,432		17,365			-		479,358
Amortization of intangible assets		5,956		2,305		91			-		8,352
Depreciation of right-of-use assets		51,900		7		2,443			-		54,350
Industrial inputs, consumable materials and supplies		114,947		537		2,691			9		118,184
Operation services and other service contracts		77,450		1,566		8,968			1,633		89,617
Preservation, repair and maintenance		284,666		5,688		7,040			86		297,480
Unproductive exploratory drillings		-		-		-			5,241		5,241
Transportation, products and charges		97,779		-		93,187			-		190,966
Provision for doubtful receivables		-		-		30,047			-		30,047
Publicity and advertising expenses		-		2,086		10,419			-		12,505
Fuel, gas, energy and miscellaneous		36,058		2,887		10,686			268		49,899

		1,641,271		118,459		392,538			16,982		2,169,250

(1)	Includes 27,901 corresponding to export withholdings and 107,313 corresponding to turnover tax.

(2)	Includes 6,800 corresponding to research and development activities.

(3)	Includes 1,477 corresponding to fees and remunerations of Directors and Statutory Auditors of YPF’s Board of Directors.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

29. OTHER NET OPERATING RESULTS


	For the three-month periods ended March 31,
	2025		2024
Lawsuits		(9,290)		(7,171)
Export Increase Program ⁽¹⁾		17,470		12,918
Result from sale of assets ⁽²⁾		15,042		-
Result from changes in fair value of assets held for sale ⁽²⁾		(214,500)		-
Provision for severance indemnities ⁽²⁾		(28,026)		-
Provision for obsolescence of materials and equipment		(145,544)		-
Miscellaneous		22,551		4,228

		(342,297)		9,975

(1)	See Note 36.h) to the annual consolidated financial statements and Note 36.i).

(2)	See Note 12 “Mature Fields Project” section.

30. NET FINANCIAL RESULTS


	For the three-month periods ended March 31,
	2025		2024
Financial income
Interest on cash and cash equivalents and investments in financial assets		6,794		14,671
Interest on trade receivables		9,549		15,257
Other financial income		1,334		517

Total financial income		17,677		30,445


Financial costs
Loan interest		(171,157)		(165,130)
Hydrocarbon well abandonment provision financial accretion ⁽¹⁾		(99,674)		(73,043)
Other financial costs		(25,886)		(29,319)

Total financial costs		(296,717)		(267,492)


Other financial results
Exchange differences generated by loans		1,476		6,336
Exchange differences generated by cash and cash equivalents and investments in financial assets		(9,522)		2,179
Other exchange differences, net		2,184		3,646
Result on financial assets at fair value through profit or loss		33,373		9,043
Result from derivative financial instruments		738		94
Result from net monetary position		(11,062)		17,595

Total other financial results		17,187		38,893



Total net financial results		(261,853)		(198,154)

(1)

Includes 68,911 and 18,426 corresponding to the financial accretion of liabilities directly associated with assets held for sale for the three-month periods ending March 31, 2025 and 2024 respectively, see Note 2.b.13) to the annual consolidated financial statements and Note 12 “Mature Fields Project” section.

31. INVESTMENTS IN JOINT OPERATIONS AND CONSORTIUMS


	March 31, 2025		December 31, 2024
Non-current assets ⁽¹⁾		6,950,423		6,477,762
Current assets		474,226		596,499

Total assets		7,424,649		7,074,261

Non-current liabilities		444,109		462,812
Current liabilities		729,817		792,368

Total liabilities		1,173,926		1,255,180

(1)	Does not include charges for impairment of property, plant and equipment because they are recorded by the partners participating in the JO and Consortiums.


	For the three-month periods ended March 31,
	2025		2024
Production cost		710,984		422,935
Exploration expenses		4,060		9,402

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

32. SHAREHOLDERS’ EQUITY

During the three-month periods ended March 31, 2025 and 2024, the Company has not repurchased any of its own shares.

On April 30, 2025, the General Shareholders’ Meeting was held, which approved the statutory financial statements of YPF (see Note 2.b)) corresponding to the year ended on December 31, 2024 and, additionally, approved the following in relation to the retained earnings: (i) completely disaffect the reserve for purchase of treasury shares and the reserve for investments; (ii) allocate the amount of 34,205 to constitute a reserve for purchase of treasury shares; and (iii) allocate the amount of 6,787,343 to constitute a reserve for investments.

33. EARNINGS PER SHARE

The following table presents the net profit or loss and the number of shares that have been used for the calculation of the basic and diluted earnings per share:


	For the three-month periods ended March 31,
	2025		2024
Net profit / (loss)		(19,864)		537,090
Weighted average number of shares outstanding		392,203,637		391,856,581
Basic and diluted earnings per share		(50.65)		1,370.63

34. CONTINGENT ASSETS AND LIABILITIES

34.a) Contingent assets

The Group has no significant contingent assets.

34.b) Contingent liabilities

During the three-month period ended March 31, 2025 there were no significant updates to the contingent liabilities described in Note 34.b) to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

35. CONTRACTUAL COMMITMENTS

35.a) Exploitation concessions, transport concessions and exploration permits

Hydrocarbon Unconventional Exploitation Concessions (“CENCH”, by its acronym in Spanish) in the Province of Neuquén

Aguada de la Arena: YPF has 100% of the working interest in this CENCH and the commitments assumed include the execution of a pilot plan of 6 unconventional wells.

La Angostura Sur I: YPF has 100% of the working interest in this CENCH and the commitments assumed include the execution of a pilot plan of 4 unconventional wells.

La Angostura Sur II: YPF has 100% of the working interest in this CENCH and the commitments assumed include the execution of a pilot plan of 3 unconventional wells.

In addition to the aforementioned commitments assumed by YPF, it includes payments for an exploitation bonus and a corporate social responsibility bonus.

35.b) Investment agreements and commitments and assignments

Aguada del Chañar

The sale price of the transaction agreed by the parties contemplates a sum of US$ 75 million and, in addition, CGC will pay on behalf of YPF 80.40% of the investments in the block attributable to YPF’s working interest up to a maximum sum of US$ 372 million for a period of 4 years.

LNG project

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

35. CONTRACTUAL COMMITMENTS (cont.)

As of the date of issuance of these condensed interim consolidated financial statements, the shareholding in SESA is as follows: PAE (30%), Sur Inversiones Energéticas (25%), Pampa (20%), Wintershall (15%) and Golar Subholding (10%). The Company has entered into the GSA and the SESA Shareholders’ Agreement guaranteeing the obligations of its subsidiary Sur Inversiones Energéticas under such agreements. In addition, the Company will grant guarantees in favor of Golar Hilli Corporation for up to US$ 137.5 million and in favor of Golar MKII Corporation for up to US$ 187.5 million representing 25% of Sur Inversiones Energéticas’ equity interest in SESA.

The dates indicated correspond to the date of publication in the respective Official Gazettes, unless otherwise indicated.

36. MAIN REGULATIONS

36.a) Regulations applicable to the hydrocarbon industry

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Note 36.a) to the annual consolidated financial statements.

36.b) Regulations applicable to the Midstream and Downstream business segment

36.c) Regulations applicable to the LNG and Integrated Gas business segment

36.d) Regulations applicable to the New Energies business segment

36.d.1) Regulatory requirements applicable to natural gas distribution

Tariff schemes and tariff renegotiations

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

36. MAIN REGULATIONS (cont.)

Procedure for the compensation of the lower revenues received by natural gas distributors from their users

36.d.2) Regulatory framework associated with electric power generation

CAMMESA

36.e) Incentive programs for hydrocarbon production

Updates to the regulatory framework described in Note 36.d) to the annual consolidated financial statements for the three-month period ended March 31, 2025, are described below:

36.e.1) Incentive programs for natural gas production

36.f) Investment incentive programs

Updates to the regulatory framework described in Note 36.e) to the annual consolidated financial statements for the three-month period ended March 31, 2025, are described below:

Large Investment Incentive Regime (“RIGI”)

As of the date of issuance of these condensed interim consolidated financial statements, the following projects of the Group adhered to the RIGI:

LNG Project, through our subsidiary Sur Inversiones Energéticas, for the installation of a floating natural gas liquefaction plant to obtain LNG, see Note 35.b) section “LNG Project”.

Vaca Muerta Sur Project, through our associate VMOS, for the construction of a crude oil transportation infrastructure project.

El Quemado solar farm, through our joint venture YPF EE, for the construction of a solar farm for electricity generation.

36.g) Tax regulations

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Note 36.f) to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

36. MAIN REGULATIONS (cont.)

36.h) Custom regulations

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Note 36.g) to the annual consolidated financial statements.

36.i) Regulations related to the Foreign Exchange Market

Updates to the regulatory framework described in Note 36.h) to the annual consolidated financial statements for the three-month period ended March 31, 2025, are described below:

Export Increase Program

36.j) Decree of Necessity and Urgency (“DNU” by its acronym in Spanish) No. 70/2023

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Note 36.i) to the annual consolidated financial statements.

36.k) Law of Bases and Starting Points for the Freedom of Argentines No. 27,742 (“Bases Law”) and Regulatory Decree No 1,057/2024 (“Decree No 1,057/2024”)

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Note 36.j) to the annual consolidated financial statements.

The dates indicated correspond to the date of publication in the respective Official Gazettes, unless otherwise indicated.

36.l) CNV regulatory framework

Information requirements as Settlement and Clearing Agent and Trading Agent

As of the date of issuance of these condensed interim consolidated financial statements, the Company is registered in the CNV under the category “Settlement and Clearing Agent and Trading Agent - Direct Participant”, record No. 549. Considering the Company’s business and the CNV Rules, the Company will not, under any circumstance, offer brokerage services to third parties for transactions in markets under the jurisdiction of the CNV, and it will also not open operating accounts to third parties to issue orders and trade in markets under the jurisdiction of the CNV.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

36. MAIN REGULATIONS (cont.)

In accordance with the CNV Rules, the Company is subject to the provisions of Article 5 c), Chapter II, Title VII of the CNV Rules, “Settlement and Clearing Agent - Direct Participant”. In this respect, as set forth in Article 13, Chapter II, Title VII, of the CNV Rules, as of March 31, 2025, the equity of the Company exceeds the minimum equity required by such Rules, which amounts to 657.

Additional and/or complementary information

According to the dispositions established in Article 3, item 7, section d), Chapter III, Title IV of the CNV rules relating to the disclosure requirement of unpaid accrued dividends on preferred shares, we inform that the Company has not issued any preferred shares.

According to the dispositions established in Article 3, item 7, section e), Chapter III, Title IV of the CNV rules relating to the disclosure requirement of the conditions, circumstances and deadlines for the cessation of restrictions to the distribution of unappropriated retained earnings and losses and/or reserves, we inform that the restrictions to the distribution of unappropriated retained earnings and losses and/or reserves are detailed in Note 31 to the annual consolidated financial statements.

In accordance with the limits set forth in Article 31 of the LGS and in accordance with the provisions of Article 6, Chapter III, Title IV of the CNV regulations, we inform those investments in other companies, excluding those with complementary or integrating corporate purpose, do not exceed such limits.

Documentation keeper

According to the dispositions established in Article 48, Section XII, Chapter IV, Title II of the CNV Rules, the Company informs that supporting documentation of YPF’s operations, which is not in YPF’s headquarters, is stored in the following companies:

AdeA Administradora de Archivos S.A., located in Barn 3 - Route 36, Km. 31.5 - Florencio Varela - Province of Buenos Aires.

File S.R.L., located in Panamericana and R.S. Peña - Blanco Encalada - Luján de Cuyo - Province of Mendoza.

Custodia Archivos del Comahue S.A., Parque Industrial Este, Block N Plot No. 2 - Capital of Neuquén, Province of Neuquén.

Additionally, it is placed on record that the detail of the documentation given in custody is available at the registered office, as well as the documents mentioned in Section 5, Subsection a.3, Section I, Chapter V, Title II of the CNV Rules.

Effect of the translation of the shareholders’ contributions

In accordance with the requirement of the Article 5, Chapter III, Title IV, of the CNV Rules, the table below discloses the translation effect corresponding to the accounts of “Capital”, “Adjustment to capital”, “Treasury shares” and “Adjustment to treasury shares”, which is included within “Other comprehensive income” in the statement of changes in shareholder’s equity:


	For the three-month periods ended March 31,
	2025		2024
Balance at the beginning of the fiscal year		4,043,221		3,163,700
Other comprehensive income		165,199		194,881

Balance at the end of the period		4,208,420		3,358,581

As of March 31, 2025 and 2024, the translation effect corresponding to the “Issuance premiums” account amounts to 685,753 and 547,520, respectively, and is included within “Other comprehensive income” in the statement of changes in shareholder’s equity.

In addition, as of March 31, 2025 and 2024, the translation effect corresponding to the accounts “Share-based benefit plans”, “Acquisition cost of treasury shares” and “Share trading premium” amounts to (68,632) and (53,777), respectively, and is included within “Other comprehensive income” in the statement of changes in shareholder’s equity.

The dates indicated correspond to the date of publication in the respective Official Gazettes, unless otherwise indicated.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

The tables below present the balances with associates and joint ventures as of March 31, 2025 and December 31, 2024:


	March 31, 2025
	Other receivables				Trade receivables		Investments in financial assets		Accounts payable		Contract liabilities		Contract assets
	Non-Current		Current		Current		Current		Current		Current		Current
Joint Ventures:
YPF EE		-		4,402		8,485		1,074		48,464		-		-
Profertil		-		108		8,063		-		2,477		-		-
MEGA		-		-		72,474		-		98		607		14,713
Refinor		-		-		10,637		-		850		-		-
OLCLP		-		469		-		-		3,888		-		-
Sustentator		-		-		42		-		-		-		-
CT Barragán		-		-		1		-		-		-		-
OTA		-		-		3		-		2,807		-		-
OTC		-		-		-		-		-		-		-

		-		4,979		99,705		1,074		58,584		607		14,713

Associates:
CDS		-		16		49		-		-		-		-
YPF Gas		-		1,475		16,726		-		1,411		-		-
Oldelval		166,176		10,760		69		4,946		13,340		-		-
Termap		-		-		-		-		2,223		-		-
GPA		-		-		-		-		2,167		-		-
Oiltanking		37,632		13,475		3		629		4,093		-		-
Gas Austral		-		-		401		-		21		-		-
VMOS		-		49,779		27,982		-		-		21,403		-

		203,808		75,505		45,230		5,575		23,255		21,403		-

		203,808		80,484		144,935		6,649		81,839		22,010		14,713


	December 31, 2024
	Other receivables				Trade receivables		Investments in financial assets		Accounts payable		Contract liabilities		Contract assets
	Non-Current		Current		Current		Current		Current		Current		Current
Joint Ventures:
YPF EE		-		3,792		3,665		2,766		44,087		-		-
Profertil		-		150		14,498		-		16,773		-		-
MEGA		-		-		51,473		-		862		-		16,099
Refinor		-		-		11,219		-		866		-		-
OLCLP		-		501		5		-		2,801		-		-
Sustentator		-		-		41		-		-		-		-
CT Barragán		-		-		-		-		-		-		-
OTA		-		-		3		-		2,278		-		-
OTC		-		-		-		-		-		-		-

		-		4,443		80,904		2,766		67,667		-		16,099

Associates:
CDS		-		15		561		-		-		-		-
YPF Gas		-		1,109		20,728		-		1,252		-		-
Oldelval		144,944		4,620		63		4,329		13,136		-		-
Termap		-		-		-		-		2,846		-		-
GPA		-		-		-		-		3,471		-		-
Oiltanking		19,259		8,030		170		559		4,437		-		-
Gas Austral		-		-		323		-		21		-		-
VMOS		-		17,354		-		-		-		-		-

		164,203		31,128		21,845		4,888		25,163		-		-

		164,203		35,571		102,749		7,654		92,830		-		16,099

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

The table below presents the transactions with associates and joint ventures for the three-month periods ended March 31, 2025 and 2024:


	For the three-month periods ended March 31,
	2025						2024
	Revenues		Costs and expenses		Net interest income (loss)		Revenues		Costs and expenses		Net interest income (loss)
Joint Ventures:
YPF EE		5,186		38,232		48		3,981		23,970		84
Profertil		17,572		16,486		-		16,992		21,881		18
MEGA		90,718		1,063		-		50,444		742		-
Refinor		17,259		2,752		215		14,976		2,333		294
OLCLP		216		3,730		-		195		2,827		-
Sustentator		-		-		-		-		-		-
CT Barragán		2		-		-		2		-		-
OTA		11		6,123		-		8		3,049		-
OTC		-		-		-		-		39		-

		130,964		68,386		263		86,598		54,841		396

Associates:
CDS		-		-		3		-		-		-
YPF Gas		19,391		1,164		10		9,862		411		(1)
Oldelval		123		18,892		1		86		13,250		2
Termap		-		6,328		-		-		4,520		-
GPA		-		6,601		-		-		3,654		-
Oiltanking		8		6,345		1		13		4,723		-
Gas Austral		890		-		-		464		4		-
VMOS		4,679		-		-		-		-		-

		25,091		39,330		15		10,425		26,562		1

		156,055		107,716		278		97,023		81,403		397

Additionally, in the normal course of business, and considering being the main energy group of Argentina, the Group’s clients and suppliers portfolio encompasses both private sector as well as national public sector entities. As required by IAS 24 “Related party disclosures”, among the major transactions above mentioned the most important are:


		Balances ⁽¹⁴⁾				Transactions
		Receivables / (Liabilities)				Income / (Costs)
		March 31, 2025		December 31, 2024		For the three-month periods ended March 31,
Client / Suppliers	Ref.	March 31, 2025		December 31, 2024		2025		2024
SE	(1) (13)		20,878		20,800		6,396		22,959
SE	(2) (13)		6,487		5,777		674		660
SE	(3) (13)		167		167		-		-
SE	(4) (13)		1,616		5,259		1,514		781
SE	(5) (13)		6,813		6,813		-		-
Secretary of Transport	(6) (13)		68		68		-		1,184
CAMMESA	(7)		104,686		82,315		143,628		92,192
CAMMESA	(8)		(1,707)		(1,979)		(1,617)		(9,353)
ENARSA	(9)		74,030		69,435		25,928		7,863
ENARSA	(10)		(72,821)		(70,561)		(2,497)		(8,276)
Aerolíneas Argentinas S.A.	(11)		31,311		28,307		84,336		78,543
Aerolíneas Argentinas S.A.	(12)		(8)		(13)		(8)		-

(1)	Benefits for the Plan GasAr 2020-2024 and Plan GasAr 2023-2028, see Note 36.d.1) to the annual consolidated financial statements.

(2)	Benefits for the propane gas supply agreement for undiluted propane gas distribution networks, see Note 36.d.2) “Propane Network Agreement” section to the annual consolidated financial statements.

(3)	Benefits for the recognition of the financial cost generated by payment deferral by providers of the distribution service of natural gas and undiluted propane gas through networks, see Note 37 to the annual consolidated financial statements.

(4)	Compensation for the lower income that natural gas distribution service by networks licensed companies receive from their users for the benefit of Metrogas, see Note 36.c.3) to the annual consolidated financial statements.

(5)	Compensation by Decree No. 1,053/2018, see Note 36.c.1) to the annual consolidated financial statements.

(6)	Compensation for providing diesel to public transport of passengers at a differential price, see Note 37 to the annual consolidated financial statements.

(7)	Sales of fuel oil, diesel, natural gas and transportation and distribution service.

(8)	Purchases of electrical energy.

(9)	Sales of natural gas and provision of regasification service of LNG and construction inspection service.

(10)	Purchases of natural gas and crude oil.

(11)	Sales of jet fuel.

(12)	Purchases of miles for YPF Serviclub Program and publicity expenses.

(13)	Income from incentives recognized according to IAS 20 “Accounting for government grants and disclosure of government assistance”, see Note 2.b.12) “Income from Government incentive programs” section to the annual consolidated financial statements.

(14)	Do not include, if applicable, the provision for doubtful trade receivables.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

In addition, in connection with the investment agreement signed between YPF and subsidiaries of Chevron Corporation, YPF has an indirect non-controlling interest in Compañía de Hidrocarburo No Convencional S.R.L. (“CHNC”). During the three-month periods ended March 31, 2025 and 2024, YPF and CHNC carried out transactions such as the purchases of crude oil by YPF for 142,604 and 104,912, respectively, among others. These transactions were consummated in accordance with the general and regulatory conditions of the market. The net balance payable to CHNC as of March 31, 2025 and December 31, 2024 amounts to 56,357 and 64,886, respectively. See Note 37 to the annual consolidated financial statements.


	For the three-month periods ended March 31,
	2025			2024
Short-term benefits ⁽¹⁾		6,092			4,484
Share-based benefits		3,251			498
Post-retirement benefits		238			96

		9,581	⁽²⁾		5,078	⁽²⁾

(1)	Does not include social security contributions of 1,373 and 739 for the three-month periods ended March 31, 2025 and 2024, respectively.

(2)	The accrued compensation for the YPF’s key management personnel, to the functional currency of the Company, correspond to US$ 9 million and US$ 6 million for the three-month periods ended March 31, 2025 and 2024, respectively.

38. EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS

Note 38 to the annual consolidated financial statements describes the main characteristics and accounting treatment for employee benefit plans and similar obligations implemented by the Group.

Retirement plan

The amount charged to expense related to the Retirement Plan was 1,400 and 753 for the three-month periods ended March 31, 2025 and 2024, respectively.

Short-term benefit programs

The amount charged to expense related to the short-term benefit programs was 45,383 and 12,826 for the three-month periods ended March 31, 2025 and 2024, respectively.

Share-based benefit plans

As of March 31, 2025, there are 4.6 million number of PSARs outstanding with and a weighted average fair value of US$ 20.77 per PSARs. The amount charged to expense in relation with Value Generation Plan was a recovery due to changes in the fair value estimate of the option of 604 for the three-month period ended March 31, 2025. As of December 31, 2024, weighted average fair value was US$ 28.6 per PSARs.

The amount charged to expense in relation with the remaining share-based benefit plans was 2,770 and 754 to be settled in equity instruments, and 197 and 2,872 to be settled in cash, for the three-month periods ended March 31, 2025 and 2024, respectively.

Note 2.b.11) to the annual consolidated financial statements describes the accounting policies for share-based benefit plans. Repurchases of treasury shares are disclosed in Note 32.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

39. ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN THE PESO


	March 31, 2025							December 31, 2024
	Amount in currencies other than the peso			Exchange rate in force ⁽¹⁾		Total		Amount in currencies other than the peso			Exchange rate in force ⁽¹⁾		Total
Non-current assets
Other receivables
U.S. dollar		209			1,071.00		224,262		176			1,029.00		181,133
Bolivian peso		28			153.88		4,290		21			147.84		3,092

Total non-current assets							228,552							184,225

Current assets
Other receivables
U.S. dollar		233			1,071.00		250,047		226			1,029.00		232,470
Euro		-	⁽²⁾		1,156.47		2		-	⁽²⁾		1,068.62		296
Chilean peso		8,619			1.12		9,653		10,305			1.00		10,305
Swiss franc		2			1,209.27		2,207		-	⁽²⁾		1,136.43		341
Trade receivables
U.S. dollar		590			1,071.00		632,179		638			1,029.00		656,575
Euro		-	⁽²⁾		1,156.47		78		-	⁽²⁾		1,068.62		63
Chilean peso		4,788			1.12		5,363		6,183			1.00		6,183
Investments in financial assets
U.S. dollar		269			1,071.00		288,602		368			1,029.00		378,605
Cash and cash equivalents
U.S. dollar		492			1,071.00		526,792		524			1,029.00		538,683
Chilean peso		958			1.12		1,073		11,336			1.00		11,336

Total current assets							1,715,996							1,834,857

Total assets							1,944,548							2,019,082

Non-current liabilities
Provisions
U.S. dollar		997			1,074.00		1,070,940		998			1,032.00		1,029,971
Contract liabilities
U.S. dollar		149			1,074.00		159,559		113			1,032.00		116,883
Salaries and social security
U.S. dollar		32			1,074.00		34,520		33			1,032.00		33,758
Lease liabilities
U.S. dollar		343			1,074.00		368,831		406			1,032.00		418,510
Loans
U.S. dollar		7,518			1,074.00		8,074,773		7,007			1,032.00		7,231,155
Other liabilities
U.S. dollar		136			1,074.00		145,529		74			1,032.00		76,561
Accounts payable
U.S. dollar		5			1,074.00		5,588		5			1,032.00		4,701

Total non-current liabilities							9,859,740							8,911,539

Current liabilities
Liabilities directly associated with assets held for sale
U.S. dollar		2,084			1,074.00		2,238,496		2,133			1,032.00		2,201,617
Provisions
U.S. dollar		114			1,074.00		122,722		115			1,032.00		119,023
Contract liabilities
U.S. dollar		14			1,074.00		14,678		10			1,032.00		10,093
Salaries and social security
U.S. dollar		59			1,074.00		63,743		53			1,032.00		54,380
Chilean peso		1,915			1.12		2,145		1,031			1.00		1,031
Lease liabilities
U.S. dollar		348			1,074.00		373,749		369			1,032.00		381,134
Loans
U.S. dollar		2,009			1,074.00		2,157,990		1,865			1,032.00		1,924,774
Other liabilities
U.S. dollar		241			1,074.00		259,179		141			1,032.00		145,936
Accounts payable
U.S. dollar		1,207			1,074.00		1,296,508		1,301			1,032.00		1,342,952
Euro		13			1,162.39		15,527		12			1,074.31		12,992
Pound sterling		-	⁽²⁾		1,387.14		562		-	⁽²⁾		1,293.79		302
Yen		12			7.16		85		6			6.58		39
Swiss franc		-	⁽²⁾		1,210.31		195		-	⁽²⁾		1,141.31		11
Yuan		2			151.31		292		2			144.43		278
Chilean peso		1,915			1.12		2,145		2,061			1.00		2,061

Total current liabilities							6,548,016							6,196,623

Total liabilities							16,407,756							15,108,162

(1) Exchange rate as of March 31, 2025 and December 31, 2024 according to the BNA.

(2) Registered value less than 1.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, or as otherwise indicated)

40. SUBSEQUENT EVENTS

On April 9, 2025, the Company issued additional Class XXX NO for US$ 204 million maturing in July 2026 at an issue price of 96.5% of nominal value. The integration of additional Class XXX NO was made in kind through the delivery of Class XXIII NO for US$ 39 million and in cash for US$ 165 million.

On May 6, 2025, the Company announced the results of the tender of the Class XXXVII NO denominated and payable in U.S. dollars maturing in May 2027, having accepted offers for US$ 140 million at a fixed nominal annual interest rate of 7%. The Class XXXVII NO will be issued and integrated in U.S. dollars on May 7, 2025.

These condensed interim consolidated financial statements were approved by the Board of Directors’ meeting and authorized to be issued on May 7, 2025.

HORACIO DANIEL MARÍN

President