EX-99.1

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the nine-month periods ended September 30, 2025 and 2024

Unaudited interim condensed consolidated statements of financial position as of September 30, 2025 and December 31, 2024

Unaudited interim condensed consolidated statements of changes in equity for the nine-month periods ended September 30, 2025 and 2024

Unaudited interim condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2025 and 2024

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

EX-99.1 2 d12756dex991.htm EX-99.1 EX-99.1

Exhibit 1

LOGO

VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

TABLE OF CONTENTS

VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars)


	Notes	Period from January 1, through September 30, 2025			Period from January 1, through September 30, 2024			Period from July 1, through September 30, 2025			Period from July 1, through September 30, 2024
Revenue from contracts with customers	4		1,755,133			1,176,450			706,135			462,383
Cost of sales:
Operating costs	5.1		(136,140	)		(79,970	)		(51,786	)		(31,614	)
Crude oil stock fluctuation	5.2		4,241			(2,193	)		1,415			(7,056	)
Royalties and others	5.3		(251,068	)		(170,054	)		(98,523	)		(68,482	)
Depreciation, depletion and amortization	11/12/13		(513,808	)		(298,081	)		(210,891	)		(114,703	)
Other non-cash costs related to the transfer of conventional assets	15		(24,018	)		(25,049	)		(9,159	)		(8,152	)

Gross profit			834,340			601,103			337,191			232,376

Selling expenses	6		(136,289	)		(77,807	)		(48,816	)		(36,828	)
General and administrative expenses	7		(95,090	)		(73,747	)		(37,347	)		(29,247	)
Exploration expenses			(488	)		(36	)		(144	)		(3	)
Other operating income	8.1		504,284			47,660			289,802			21,176
Other operating expenses	8.2		(30,434	)		(1,197	)		(5,273	)		(174	)
Impairment of long-lived assets	2.4.1		(38,252	)		—			—			—

Operating profit			1,038,071			495,976			535,413			187,300

Income (loss) from investments in associates	17		(3,746	)		—			(2,767	)		—
Interest income	9.1		8,933			3,160			7,603			1,360
Interest expense	9.2		(113,260	)		(37,138	)		(48,873	)		(21,022	)
Other financial income (expense)	9.3		(63,721	)		4,142			(53,872	)		26,902

Financial income (expense), net			(168,048	)		(29,836	)		(95,142	)		7,240

Profit before income tax			866,277			466,140			437,504			194,540

Current income tax (expense)	14		(149,727	)		(319,391	)		(3,119	)		(149,989	)
Deferred income tax (expense) benefit	14		(83,182	)		237,001			(119,099	)		120,908

Income tax (expense)			(232,909	)		(82,390	)		(122,218	)		(29,081	)

Profit for the period, net			633,368			383,750			315,286			165,459

Other comprehensive income
Other comprehensive income that shall not be reclassified to profit (loss) in subsequent periods
- (Loss) from actuarial remeasurement related to employee benefits	25		(1,901	)		(14,883	)		(47	)		(14,949	)
- Deferred income tax benefit	14		665			5,209			16			5,232

Other comprehensive income for the period			(1,236	)		(9,674	)		(31	)		(9,717	)

Total comprehensive profit for the period			632,132			374,076			315,255			155,742

Earnings per share
Basic (in US Dollars per share)	10		6.215			3.992			3.006			1.728
Diluted (in US Dollars per share)	10		5.976			3.843			2.908			1.662

Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.

VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of financial position as of September 30, 2025 and December 31, 2024

(Amounts expressed in thousands of US Dollars)


	Notes		As of September 30, 2025			As of December 31, 2024
Assets
Noncurrent assets
Property, plant and equipment		11		5,408,044			2,805,983
Goodwill		12		22,576			22,576
Other intangible assets		12		12,807			15,443
Right-of-use assets		13		73,905			105,333
Biological assets				14,699			10,027
Investments in associates		17		50,668			11,906
Trade and other receivables		15		371,050			205,268
Deferred income tax assets				38,264			3,565

Total noncurrent assets				5,992,013			3,180,101

Current assets
Inventories		18		12,772			6,469
Trade and other receivables		15		414,812			281,495
Cash, bank balances and other short-term investments		19		319,657			764,307

Total current assets				747,241			1,052,271

Total assets				6,739,254			4,232,372

Equity and liabilities
Equity
Capital stock		20.1		647,752			398,064
Other equity instruments				32,144			32,144
Legal reserve				8,233			8,233
Share-based payments				(49,786	)		45,628
Share repurchase reserve		20.2		179,324			129,324
Other accumulated comprehensive income (losses)				(12,293	)		(11,057	)
Accumulated profit (losses)				1,602,245			1,018,877

Total equity				2,407,619			1,621,213

Liabilities
Noncurrent liabilities
Deferred income tax liabilities				338,967			64,398
Lease liabilities		13		44,789			37,638
Provisions		21		47,536			33,058
Borrowings		16.1		2,369,659			1,402,343
Trade and other payables		24		286,206			—
Employee benefits		25		18,073			15,968
Income tax liability				14,922			—

Total noncurrent liabilities				3,120,152			1,553,405

Current liabilities
Provisions		21		13,863			3,910
Lease liabilities		13		18,046			58,022
Borrowings		16.1		558,289			46,224
Salaries and payroll taxes		22		25,246			32,656
Income tax liability				102,609			382,041
Other taxes and royalties		23		37,377			47,715
Trade and other payables		24		456,053			487,186

Total current liabilities				1,211,483			1,057,754

Total liabilities				4,331,635			2,611,159

Total equity and liabilities				6,739,254			4,232,372

Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.

VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statement of changes in equity for the nine-month period ended September 30, 2025

(Amounts expressed in thousands of US Dollars)


	Capital stock			Other equity instruments		Legal reserve		Share-based payments			Share repurchase reserve		Other accumulated comprehensive income (losses)			Accumulated profit (losses)			Total equity
Amounts as of December 31, 2024		398,064			32,144		8,233		45,628			129,324		(11,057	)		1,018,877			1,621,213

Profit for the period, net		—			—		—		—			—		—			633,368			633,368
Other comprehensive income for the period		—			—		—		—			—		(1,236	)		—			(1,236	)

Total comprehensive income		—			—		—		—			—		(1,236	)		633,368			632,132

Ordinary General Shareholder’s meeting on April 9, 2025:
Creation of share repurchase reserve ⁽¹⁾		—			—		—		—			50,000		—			(50,000	)		—
Board of Directors’ Meeting on April 11, 2025:
Issuance of Serie A shares ^{(2) (3)}		299,687			—		—		—			—		—			—			299,687
Share repurchase ⁽³⁾		(50,000	)		—		—		—			—		—			—			(50,000	)
Share-based payments		1			—		—		(95,414	)⁽⁴⁾		—		—			—			(95,413	)

Amounts as of September 30, 2025		647,752			32,144		8,233		(49,786	)		179,324		(12,293	)		1,602,245			2,407,619

⁽¹⁾	See Note 20.2.

⁽²⁾	See Note 1.2.2 and 29.

⁽³⁾	See Note 20.1.

⁽⁴⁾	Including 37,918 of expenses (Note 7).

Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.

VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statement of changes in equity for the nine-month period ended September 30, 2024

(Amounts expressed in thousands of US Dollars)


	Capital stock			Other equity instruments		Legal reserve		Share-based payments			Share repurchase reserve		Other accumulated comprehensive income (losses)			Accumulated profit (losses)			Total equity
Amounts as of December 31, 2023		517,874			32,144		8,233		42,476			79,324		(4,427	)		571,391			1,247,015

Profit for the period, net		—			—		—		—			—		—			383,750			383,750
Other comprehensive income for the period		—			—		—		—			—		(9,674	)		—			(9,674	)

Total comprehensive income		—			—		—		—			—		(9,674	)		383,750			374,076

Ordinary General Shareholder´ meeting on August 6, 2024:
Creation of share repurchase reserve ⁽¹⁾		—			—		—		—			50,000		—			(50,000	)		—
Share repurchase ⁽²⁾		(99,846	)		—		—		—			—		—			—			(99,846	)
Share-based payments		1			—		—		(937	)⁽³⁾		—		—			—			(936	)

Amounts as of September 30, 2024		418,029			32,144		8,233		41,539			129,324		(14,101	)		905,141			1,520,309

⁽¹⁾	See Note 20.2.

⁽²⁾	See Note 20.1.

⁽³⁾	Including 28,638 of expenses (Note 7).

Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.

VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars)


	Notes		Period from January 1, through September 30, 2025			Period from January 1, through September 30, 2024			Period from July 1, through September 30, 2025			Period from July 1, through September 30, 2024
Cash flows from operating activities:
Profit for the period, net				633,368			383,750			315,286			165,459
Adjustments to reconcile net cash flows
Items related to operating activities:
Allowance for expected credit losses		6		44			—			44			—
Share-based payments		7		37,918			28,638			18,401			12,215
Net increase in provisions		8.2		1,713			1,197			295			174
Net changes in foreign exchange rate		9.3		(14,862	)		2,305			21,546			(9,474	)
Discount of assets and liabilities at present value		9.3		13,819			408			10,471			463
Discount for well plugging and abandonment		9.3		1,743			863			907			323
Income tax expense		14		232,909			82,390			122,218			29,081
Other non-cash costs related to the transfer of conventional assets		15		24,018			25,049			9,159			8,152
Employee benefits		25		592			223			196			66
Items related to investing activities:
Impairment of long-lived assets		2.4.1		38,252			—			—			—
Gain from Business Combination		8.1		(490,530	)		—			(288,056	)		—
Interest income		9.1		(8,933	)		(3,160	)		(7,603	)		(1,360	)
Changes in the fair value of financial assets		9.3		(14,107	)		(7,017	)		1,942			(9,104	)
Depreciation and depletion		11/13		507,433			293,964			208,766			113,232
Amortization of intangible assets		12		6,375			4,117			2,125			1,471
Income (loss) from investment in associates		17		3,746			—			2,767			—
Items related to financing activities:
Interest expense		9.2		113,260			37,138			48,873			21,022
Amortized cost		9.3		7,826			1,060			1,143			376
Interest expense on lease liabilities		9.3		2,565			2,258			857			644
Other taxes interest		9.3		53,127			—			14,440			—
Other financial income (expense)		9.3		13,610			(4,019	)		2,566			(10,130	)
Changes in working capital:
Trade and other receivables				(230,438	)		(226,860	)		(115,048	)		(90,529	)
Inventories		5.2		(4,241	)		2,193			(1,415	)		7,056
Trade and other payables				(24,770	)		30,758			55,054			18,153
Payments of employee benefits		25		(388	)		(291	)		(112	)		(124	)
Salaries and payroll taxes				(120,191	)		(20,828	)		7,489			11,070
Other taxes and royalties				(22,944	)		(20,626	)		50,806			(6,811	)
Provisions		8.2		(638	)		(1,035	)		—			(194	)
Income tax payment				(399,381	)		(22,934	)		(179,226	)		(6,348	)

Net cash flows provided by operating activities				360,895			589,541			303,891			254,883

VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars)


	Notes		Period from January 1, through September 30, 2025			Period from January 1, through September 30, 2024			Period from July 1, through September 30, 2025			Period from July 1, through September 30, 2024
Cash flows from investing activities:
Payments for acquisitions of property, plant and equipment and biological assets				(1,116,249	)		(746,044	)		(334,169	)		(326,188	)
Interest received		9.1		8,933			3,160			7,603			1,360
Payments for acquisitions of other intangible assets		12		(3,762	)		(5,138	)		(1,286	)		(2,710	)
Proceeds from the transfer of conventional assets		15		5,734			10,734			—			—
Payments for investments in associates		17		(42,508	)		(2,211	)		(4,877	)		(1,745	)
Payment for Business Combination, net of cash acquired		29		(841,555	)		—			—			—

Net cash flows (used in) investing activities				(1,989,407	)		(739,499	)		(332,729	)		(329,283	)

Cash flows from financing activities:
Proceeds from borrowings		16.2		2,219,917			485,017			500,000			142,724
Payment of borrowings principal		16.2		(806,032	)		(130,647	)		(193,285	)		(74,110	)
Payment of borrowings interest		16.2		(73,677	)		(20,714	)		(19,443	)		(10,612	)
Payment of borrowings cost		16.2		(17,888	)		(1,437	)		(7,663	)		(514	)
Payments of other taxes interest		9.3		(21,075	)		—			(10,819	)		—
Payments of other financial results		9.3		(7,435	)		(5,969	)		(2,566	)		1,421
Payment of lease		13		(58,035	)		(32,849	)		(11,251	)		(10,922	)
Share repurchase		20.1		(50,000	)		(99,846	)		(50,000	)		(49,864	)

Net cash flow provided by (used in) financing activities				1,185,775			193,555			204,973			(1,877	)

Net (decrease) increase in cash and cash equivalents				(442,737	)		43,597			176,135			(76,277	)
Cash and cash equivalents at beginning of period		19		755,610			209,516			147,000			321,562
Effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents				1,827			(4,051	)		(8,435	)		3,777
Net (decrease) increase in cash and cash equivalents				(442,737	)		43,597			176,135			(76,277	)

Cash and cash equivalents at end of period		19		314,700			249,062			314,700			249,062

Significant transactions that generated no cash flows
Acquisition of Vista Lach through the issuance of Serie A shares and an increase in trade and other payables		1.2.2 / 29		506,754			—			—			—
Acquisition of property, plant and equipment through increase in trade and other payables				160,124			330,590			160,124			330,590
Acquisition of property, plant and equipment through increase in trade and other payables related to the Farmout Agreement		11		109,538			—			—			—
Changes in well plugging and abandonment with an impact in property, plant and equipment		11		1,768			10,158			10,649			5,496

Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 1. Group information

1.1 Company general information

Vista Energy, S.A.B. de C.V. (“VISTA”, the “Company” or the “Group”), formerly known as Vista Oil & Gas, S.A.B. de C.V., was organized as a variable-capital stock company on March 22, 2017, under the laws of the United Mexican States (“Mexico”). The Company adopted the public corporation or “Sociedad Anónima Bursátil de Capital Variable” (“S.A.B. de C.V.”) on July 28, 2017. On April 26, 2022, Vista Oil & Gas, S.A.B. de C.V. changed the Company’s corporate name to “Vista Energy, S.A.B. de C.V.”.

It is listed on the New York Stock Exchange (“NYSE”) under ticker symbol “VIST” as from July 26, 2019.

Its main office is located in City of Mexico, Mexico, at Mapfre Tower, Paseo de la Reforma Avenue 243, 18th floor, Colonia Cuauhtémoc, Alcaldía Cuauhtémoc, zip code 06500.

As of September 30, 2025, and December 31, 2024, the Company´s main activity, through its subsidiaries, is the exploration and production of crude oil and natural gas (“Upstream”).

Except as mentioned in Note 1.2.2, there were no significant changes in the Group’s structure and activities as from the date of issuance of the annual consolidated financial statements as of December 31, 2024.

1.2 Significant transactions for the period

1.2.1 Agreement signed with Trafigura Argentina S.A. (“Trafigura”) related to the joint investment agreements in Bajada del Palo Oeste area (“Farmout Agreement”)

On December 16, 2024, the Company, through its subsidiary Vista Energy Argentina S.A.U. (“Vista Argentina”), agreed to the assignment of Trafigura’s interest in the farmout agreements I and II in its own favor (See Notes 29.2.1.1 and 29.2.1.2 of the consolidated financial statements as of December 31, 2024), effective as from January 1, 2025, at which time the Company holds rights to 100% of the production from the pads subject to the Farmout Agreement.

Under the Farmout Agreement, Vista Argentina will pay 128,000 to Trafigura in 48 monthly and consecutive installments through December 2028 (“purchase price”).

In addition, Vista Argentina and Trafigura signed a crude oil marketing agreement (“COMA”), which is effective since January 1, 2025, by virtue of which Vista Argentina will sell 10,000 m³ of crude oil per month to Trafigura. The amount payable by Trafigura under the COMA its offset with Vista Argentina’s obligations under the Farmout Agreement.

As a consequence of the Farmout Agreement, the Company recognized: (i) an account payable of 107,749 related to the purchase price at fair value; and (ii) a net asset addition of 78,454, including 80,243 in “Property, plant and equipment” under “Production wells and facilities” (Note 11). Finally, the Company recognized an “Oil and gas properties” for 29,295 (Note 11).

As of September 30, 2025, Vista Argentina had offset an amount of 21,000 against the liability under the Farmout Agreement.

1.2.2 Acquisition of Petronas E&P Argentina S.A. (“PEPASA” currently Vista Energy Lach S.A. “Vista Lach”)

On April 15, 2025, the Company, through its subsidiary Vista Argentina, acquired the 100% of the capital stock of PEPASA, which holds a 50% working interest in La Amarga Chica unconventional concession (“LACh”), located in the Province of Neuquén, Argentina, from Petronas Carigali Canada B.V. and Petronas Carigali International E&P B.V. (the “Transaction”).

Under the terms of the Transaction, the total consideration amounted to 1,406,441, broken down as follows: (i) 899,687 paid in cash on the Transaction date; (ii) 299,687 paid through the transfer of 7,297,507 American Depositary Shares representing an identical number of Vista´s Serie A shares (“ADSs”) which are subject to lock-up restrictions, and (iii) a liability assumed with a nominal value of 300,000, to be settled in cash, with 50% due on April 15, 2029, and the remainder 50% due on April 15, 2030, without accruing interest (“liability assumed”). As of the Transaction date, the present value of the assumed liability amounts to 207,067.

For further information see Note 29.

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 2. Basis of preparation and material accounting policies

2.1 Basis of preparation and presentation

These unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024, and for the nine-month periods ended September 30, 2025 and 2024 were prepared in accordance with the International Accounting Standard (“IAS”) 34 – “Interim Financial Reporting”, issued by the International Accounting Standards Board (“IASB”). The Company prepared its interim financial statements on a condensed basis pursuant to IAS 34. Certain explanatory notes are included to describe the events and transactions that are relevant to understand the changes in the financial position as of September 30, 2025, and the results of operations for the nine-month period ended September 30, 2025. Therefore, these interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read together with the annual consolidated financial statements as of December 31, 2024.

These unaudited interim condensed consolidated financial statements were prepared using the same accounting policies as used in preparing the Company’s consolidated financial statements as of December 31, 2024, except for the income tax expense that is recognized in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year.

They were prepared on a historical cost basis, except for certain financial assets and liabilities that were measured at fair value. The figures contained herein are stated in US Dollars (“USD”) and are rounded to the nearest thousand, unless otherwise stated.

These unaudited interim condensed consolidated financial statements were approved for publication by the Board of Directors on October 22, 2025 and the subsequent events through that date are considered.

2.2 New effective accounting standards, amendments and interpretations issued by the IASB adopted by the Company

The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

None of the accounting pronouncements applicable after December 31, 2024, and as of the date of these interim condensed consolidated financial statements had a material effect on the Company’s financial condition or result of its operations.

2.3 Basis of consolidation

These unaudited interim condensed consolidated financial statements contain the financial statements of the Company and its subsidiaries. Except as mentioned in Note 1.2.2, there were no other significant changes in interest in Company subsidiaries during the nine-month period ended September 30, 2025.

2.4 Summary of material accounting policies

2.4.1 Impairment of goodwill and property, plant and equipment, right-of-use assets and identifiable intangible assets (“long-lived assets”) other than goodwill

Long-lived assets are tested for impairment at the lowest level in which there are separately identifiable cash flows largely independent of the cash flows of other Cash Generating Units (“CGUs”).

The Company conducts its impairment test of nonfinancial assets when there is an indication that the carrying amount may be impaired. Moreover, Goodwill is tested every December. The Company bases the impairment test on the calculation of value in use and reviews the relationship between the recoverable amount and the carrying amount of its assets.

For the nine-month period ended as of September 30, 2025, the Company identified trigger events related to the CGU operated exploitation concessions of conventional oil and gas in Mexico. As result of the impairment analysis performed, for the nine-month period ended September 30, 2025, the Company recorded an impairment of 38,252, which includes 38,229 related to “Property, plant and equipment” and 23 to “Other intangible assets” (See Note 11 and 12).

See Note 3.2.2 to the annual consolidated financial statements as of December 31, 2024.

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

2.4.2 Business combination

The acquisition method is used to book business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for these acquisitions comprises:

(i)	The fair value of transferred assets;

(ii)	The liabilities incurred to former owners of the acquired business;

(iii)

The equity interests issued by the Company;

(iv)	The fair value of any asset or liability from a contingent consideration arrangement; and

(v)	The fair value of any previously held equity interest in the subsidiary.

Identifiable assets acquired and contingent liabilities assumed in a business combination are initially measured at fair values at the date of purchase.

The costs related to the acquisition are booked as incurred expenses. Goodwill is an excess of:

(i)	The consideration transferred; and

(ii)	The fair value of net identifiable assets acquired.

If the fair value of the acquiree’s net identifiable assets exceeds these amounts, before recognizing profit, the Company reassesses whether it has correctly identified all assets acquired and liabilities assumed, reviewing the procedures employed to measure the amounts to be recognized at the acquisition date. If the assessment still results in excess of the fair value of net assets acquired in relation to the total consideration transferred, gain from a bargain purchase is recognized directly in the consolidated statements of profit or loss and other comprehensive income, under “Gain from business combination” within “Other operating income”.

When the settlement of any cash consideration is deferred, the future amounts payable is discounted at their present value at the exchange date. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained under comparable terms and conditions.

Contingent consideration will be recognized at its fair value at the acquisition date. Contingent consideration is classified as equity or as a financial liability. The amounts classified as a financial liability are remeasured at fair value with changes in fair value through the consolidated statements of profit or loss and other comprehensive income. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.

When the Company acquires a business, it assesses the financial assets acquired and liabilities incurred in relation to its adequate classification and designation according to contractual terms, economic circumstances and relevant conditions as of the acquisition date.

Oil reserves and resources acquired that may be measured reliably are recognized separately at fair value upon the acquisition.

Other potential reserves, resources and rights, which fair values cannot be measured reliability, are not recognized separately but are considered part of goodwill.

If the business combination is performed in stages, the previously held equity interest in the acquiree is measured at acquisition-date fair value. Profit or loss from such remeasurement is recognized in the consolidated statements of profit or loss and other comprehensive income.

The Company has a maximum period of 12 months from the date of acquisition to finalize the acquisition accounting. When it is incomplete as of the end of the year in which the business combination takes place, the Company reports provisional amounts.

As detailed in Note 1.2.2 and 29, during the nine-month period ended September 30, 2025 the Company recognized the acquisition of Vista Lach as a business combination (“Business Combination”).

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

2.5 Regulatory framework

A-	Argentina

2.5.1 Changes in the foreign exchange framework

On April 11, 2025, the Central Bank of Argentina (“BCRA” by Spanish acronym) published a series of measures to loosen foreign exchange regulations, including:

(i)	Establishing fluctuation bands within which the market value of the USD may range between 1,000 Argentine Pesos (“ARS”) and ARS 1,400, with the caps to be increased by 1% every month;

(ii)	Removing the Export Increase Program for settling exports (see Note 2.5.2 to the annual financial statements as of December 31, 2024);

(iii)

Authorizing profit distribution to foreign shareholders for fiscal years beginning as from 2025;

(iv)	Relaxing the payment terms for foreign trade transactions;

(v)	Lifting the 90-day restriction set by Communiqué “A” 7340 applicable to companies.

2.5.2 Gas market

2.5.2.1 Argentine promotion plan to stimulate natural gas production (“Gas IV Plan”)

For the nine-month period ended September 30, 2025, and 2024, the Company received a net amount of 1,975 and 2,387, respectively.

As of September 30, 2025, and December 31, 2024, the receivables related to such plan stand at 4,448 and 3,007, respectively (Note 15).

Other than mentioned above, there have been no significant changes in Argentina’s regulatory framework for the nine-month period ended September 30, 2025 (see Note 2.5 to the annual consolidated financial statements as of December 31, 2024).

B-	Mexico

2.5.3 Exploration and production activities regulatory framework

2.5.3.1 Energy Reform

On March 18, 2025, the Mexican government enacted a reform introducing new legislation related to: (i) the Law governing the State-Owned Public Company Law Petróleos Mexicanos (“Pemex”) and (ii) the Hydrocarbons Sector Law. This reform includes, among other measures, the following provisions:

(i)

Hydrocarbon exploration and exploitation contracts previously signed with the Mexican State prior to the enactment of the new legal provisions will remain effective and will continue to be governed by the terms and conditions under which they were originally granted, pursuant to laws and provisions in effect upon execution;

(ii)

The management of these contracts, along with the regulatory and oversight powers related to hydrocarbon exploration and extraction, have been fully centralized under Mexico’s Secretariat of Energy (“SENER”), which has assumed the roles and responsibilities of the former National Hydrocarbons Commission (“CNH”);

(iii)

Regulations issued by regulatory authorities prior to the reform will remain in effect and continue to apply, provided they do not conflict with the new legislation;

(iv)	Authorizations and permits previously granted to the upstream sector by the SENER, the CNH or the former Energy Regulatory Commission (“CRE”) will remain valid and retain their legal effect.

(v)	The issuance, amendment, or termination of upstream sector authorizations or permits will now be subject to the public policy established by the Mexican State through the SENER;

(vi)	All subsidiary production companies of Pemex have been merged into the latter. The agreements entered into by these dissolved companies will remain in force and continue to have the same effects under the originally agreed-upon terms and conditions.

Likewise, the exploration and extraction activities will be carried out under three methods:

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

(i)

Allocations for own development, which will be exclusively owned by Pemex, making it the sole operator. However, Pemex may enter into service provision contracts with third parties, provided that such agreements aim to maximize productivity and profitability, and that the consideration is paid in cash.

(ii)	Mixed-use development allocations, which may be granted by SENER. This plan allows private investment in projects operated by Pemex, provided that the latter maintains at least a 40% interest.

(iii)

E&P agreements, which may be entered into by the SENER only in exceptional cases if Pemex either refuses or is unable to carry out hydrocarbon development under the aforementioned plans. These contracts may be service agreements, production- or profit-sharing agreements, or licensing agreements.

The Energy Reform also involved an administrative reorganization, under which the responsibilities of the CNH and the CRE were transferred to the SENER and the newly established National Energy Commission (“CNE”). The SENER will oversee the regulation of the upstream sector.

Market Regulations

In February 2025, the Executive signed a voluntary agreement with Mexican gas station owners to cap the price of regular gasoline at Mexican Peso (“MXN”) 24 per liter for an initial six-month period. This measure aims to alleviate financial pressure on consumers.

The import and export of oil byproducts, petrochemicals and hydrocarbons, as well as their sale within Mexico are regulated activities subject to permits issued by the SENER. At present, in onshore projects, private operators sell their entire hydrocarbon production domestically to Pemex.

Other than mentioned above, there have been no significant changes in Mexico’s regulatory framework during the nine-month period ended September 30, 2025 (see Note 2.5 to the annual consolidated financial statements as of December 31, 2024).

Note 3. Segment information

The Chief Operating Decision Maker (the “Committee” or “CODM”) is in charge of allocating resources and assessing the performance of the operating segment. It supervises operating profit (loss), and the performance of the indicators related to its oil and gas properties on an aggregate basis to make decisions regarding the location of resources, negotiate with international suppliers and determine the method for managing contracts with customers.

The CODM considers as a single segment the exploration and production of crude oil, natural gas and Liquefied Petroleum Gas (“LPG”) (including Exploration and Production commercial activities), through its own activities, subsidiaries and interests in joint operations and based on the nature of the business, customer portfolio and risks involved. The Company aggregated no segment as it has only one.

For the nine-month periods ended September 30, 2025, the Company generated 99.64% and 0.36% of its revenues related to assets located in Argentina and Mexico, respectively. And for the nine-month periods ended September 30, 2024, the Company generated 99.14% and 0.86% of its revenues related to assets located in Argentina and Mexico, respectively.

The accounting criteria used by the subsidiaries to measure profit or loss, assets and liabilities of the segments are consistent with those used in these unaudited interim condensed consolidated financial statements.

The following chart summarizes noncurrent assets per geographical area:


	As of September 30, 2025		As of December 31, 2024
Argentina		5,937,735		3,128,742
Mexico		54,278		51,359

Total noncurrent assets		5,992,013		3,180,101

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 4. Revenue from contracts with customers

Period from
January 1, through
September 30, 2025

Period from
January 1, through
September 30, 2024

Period from
July 1, through
September 30, 2025

Period from
July 1, through
September 30, 2024

Goods sold

1,755,133

1,176,450

706,135

462,383

Total revenue from contracts with customers

1,755,133

1,176,450

706,135

462,383

Recognized at a point in time

1,755,133

1,176,450

706,135

462,383

4.1 Information broken down by revenue from contracts with customers


Type of products	Period from January 1, through September 30, 2025		Period from January 1, through September 30, 2024		Period from July 1, through September 30, 2025		Period from July 1, through September 30, 2024
Revenues from crude oil sales		1,683,594		1,118,366		676,363		441,193
Revenues from natural gas sales		67,068		56,499		28,641		20,082
Revenues from LPG sales		4,471		1,585		1,131		1,108

Total revenue from contracts with customers		1,755,133		1,176,450		706,135		462,383


Distribution channels	Period from January 1, through September 30, 2025		Period from January 1, through September 30, 2024		Period from July 1, through September 30, 2025		Period from July 1, through September 30, 2024
Exports of crude oil		1,026,302		545,374		429,805		256,807
Local crude oil		657,292		572,992		246,558		184,386
Local natural gas		57,614		40,570		25,210		17,246
Exports of natural gas		9,454		15,929		3,431		2,836
LPG sales		4,471		1,585		1,131		1,108

Total revenue from contracts with customers		1,755,133		1,176,450		706,135		462,383

Note 5. Cost of sales

5.1 Operating costs


	Period from January 1, through September 30, 2025		Period from January 1, through September 30, 2024		Period from July 1, through September 30, 2025		Period from July 1, through September 30, 2024
Fees and compensation for services		84,565		41,536		33,325		15,804
Salaries and payroll taxes		24,061		19,784		9,067		8,024
Employee benefits		8,870		6,501		2,830		2,755
Easements and fees		5,116		2,412		1,423		926
Consumption of materials and spare parts		4,158		3,137		2,205		1,178
Transport		2,856		2,689		1,064		1,233
Other		6,514		3,911		1,872		1,694

Total operating costs		136,140		79,970		51,786		31,614

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

5.2 Crude oil stock fluctuation


	Period from January 1, through September 30, 2025			Period from January 1, through September 30, 2024			Period from July 1, through September 30, 2025			Period from July 1, through September 30, 2024
Crude oil stock at beginning of the period (Note 18)		4,384			2,664			8,661			7,527
Increase from Business Combination (Note 29)		1,451			—			—			—
Less: Crude oil stock at end of the period (Note 18)		(10,076	)		(471	)		(10,076	)		(471	)

Total crude oil stock fluctuation		(4,241	)		2,193			(1,415	)		7,056

5.3 Royalties and others


	Period from January 1, through September 30, 2025		Period from January 1, through September 30, 2024		Period from July 1, through September 30, 2025		Period from July 1, through September 30, 2024
Royalties		197,035		129,872		79,688		49,672
Export duties		54,033		40,182		18,835		18,810

Total royalties and others		251,068		170,054		98,523		68,482

Note 6. Selling expenses


	Period from January 1, through September 30, 2025		Period from January 1, through September 30, 2024		Period from July 1, through September 30, 2025		Period from July 1, through September 30, 2024
Transport		85,953		41,239		30,173		22,862
Taxes, rates and contributions		20,926		18,592		8,247		6,142
Fees and compensation for services		14,831		9,273		5,092		4,554
Tax on bank account transactions		14,535		8,703		5,260		3,270
Allowances for expected credit losses		44		—		44		—

Total selling expenses		136,289		77,807		48,816		36,828

Note 7. General and administrative expenses


	Period from January 1, through September 30, 2025		Period from January 1, through September 30, 2024		Period from July 1, through September 30, 2025		Period from July 1, through September 30, 2024
Share-based payments		37,918		28,638		18,401		12,215
Salaries and payroll taxes		31,182		27,184		9,811		10,370
Fees and compensation for services		14,661		9,150		4,164		2,929
Employee benefits		4,914		4,011		1,803		1,598
Other		6,415		4,764		3,168		2,135

Total general and administrative expenses		95,090		73,747		37,347		29,247

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 8. Other operating income and expenses

8.1 Other operating income


	Period from January 1, through September 30, 2025		Period from January 1, through September 30, 2024		Period from July 1, through September 30, 2025		Period from July 1, through September 30, 2024
Gain from Business Combination ⁽¹⁾		490,530		—		288,056		—
Gain from Exports Increase Program ⁽²⁾		4,961		36,303		—		15,393
Other income		8,793		11,357		1,746		5,783

Total other operating income		504,284		47,660		289,802		21,176

⁽¹⁾	See Note 1.2.2 and 29.

⁽²⁾	For the nine-month periods ended September 30, 2025 and 2024, including 5,378 and 34,470 of gain, net of related costs, respectively (see Note 2.5.2 of the annual consolidated financial statements as of December 31, 2024).

8.2 Other operating expenses


	Period from January 1, through September 30, 2025			Period from January 1, through September 30, 2024			Period from July 1, through September 30, 2025			Period from July 1, through September 30, 2024
Restructuring expenses ⁽¹⁾		(28,721	)		—			(4,978	)		—
(Provision for) reversal of materials and spare parts obsolescence ⁽²⁾		(881	)		(174	)		(256	)		96
(Provision for) contingencies ⁽²⁾		(677	)		(721	)		—			(125	)
(Provision for) environmental remediation ⁽²⁾		(155	)		(302	)		(39	)		(145	)

Total other operating expenses		(30,434	)		(1,197	)		(5,273	)		(174	)

⁽¹⁾	The Company booked restructuring expenses including payments, fees and transaction costs related to the changes in the Group´s structure.

⁽²⁾	These transactions did not generate cash flows. For the nine-month period ended September 30, 2025, including 638 related to payments of contingencies.

Note 9. Financial income (expense), net

9.1 Interest income

Period from
January 1, through
September 30, 2025

Period from
January 1, through
September 30, 2024

Period from
July 1, through
September 30, 2025

Period from
July 1, through
September 30, 2024

Financial interest

8,933

3,160

7,603

1,360

Total interest income

8,933

3,160

7,603

1,360

9.2 Interest expense


	Period from January 1, through September 30, 2025			Period from January 1, through September 30, 2024			Period from July 1, through September 30, 2025			Period from July 1, through September 30, 2024
Borrowings interest (Note 16.2)		(113,260	)		(37,138	)		(48,873	)		(21,022	)

Total interest expense		(113,260	)		(37,138	)		(48,873	)		(21,022	)

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

9.3 Other financial income (expense)


	Period from January 1, through September 30, 2025			Period from January 1, through September 30, 2024			Period from July 1, through September 30, 2025			Period from July 1, through September 30, 2024
Amortized cost (Note 16.2)		(7,826	)		(1,060	)		(1,143	)		(376	)
Net changes in foreign exchange rate		14,862			(2,305	)		(21,546	)		9,474
Discount of assets and liabilities at present value		(13,819	)		(408	)		(10,471	)		(463	)
Changes in the fair value of financial assets		14,107			7,017			(1,942	)		9,104
Interest expense on lease liabilities (Note 13)		(2,565	)		(2,258	)		(857	)		(644	)
Discount for well plugging and abandonment		(1,743	)		(863	)		(907	)		(323	)
Other taxes interest ⁽¹⁾		(53,127	)		—			(14,440	)		—
Other ⁽²⁾		(13,610	)		4,019			(2,566	)		10,130

Total other financial income (expense)		(63,721	)		4,142			(53,872	)		26,902

⁽¹⁾	For the nine-month period ended September 30, 2025, including a non-cash transaction of 32,052.

⁽²⁾	For the nine-month periods ended September 30, 2025 and 2024, including non-cash transactions of 6,175 and 9,988, respectively.

Note 10. Earnings per share

Basic

Basic earnings per share is calculated by dividing the Company’s profit by the weighted average number of ordinary shares outstanding during the period.


	Period from January 1, through September 30, 2025		Period from January 1, through September 30, 2024		Period from July 1, through September 30, 2025		Period from July 1, through September 30, 2024
Profit for the period, net		633,368		383,750		315,286		165,459
Weighted average number of ordinary shares		101,903,171		96,135,727		104,896,801		95,745,288

Basic earnings per share		6.215		3.992		3.006		1.728

b)	Diluted

Diluted earnings per share is calculated by dividing the Company’s profit by the weighted average number of ordinary shares outstanding during the period, plus the weighted average of dilutive potential ordinary shares.

Potential ordinary shares will be considered dilutive when their conversion to ordinary shares may reduce earnings per share or increase losses per share. They will be considered antidilutive when their conversion to ordinary shares may result in an increase in earnings per share or a reduction in loss per share.

The calculation of diluted earnings per share does not involve a conversion; the exercise or other issue of shares that may have an antidilutive effect on loss per share, or when the exercise price is higher than the average price of ordinary shares during the period, no dilution effect is booked, as diluted earnings per share is equal to basic earnings per share.


	Period from January 1, through September 30, 2025		Period from January 1, through September 30, 2024		Period from July 1, through September 30, 2025		Period from July 1, through September 30, 2024
Profit for the period, net		633,368		383,750		315,286		165,459
Weighted average number of ordinary shares ⁽¹⁾		105,990,422		99,863,026		108,404,281		99,557,121

Diluted earnings per share		5.976		3.843		2.908		1.662

⁽¹⁾	As of September 30, 2025, the Company has 104,256,412 outstanding shares that cannot exceed 106,078,535 shares.

Likewise, in accordance with IFRS accounting standards the average number of ordinary shares with a potential dilutive effect amounts to 105,990,422.

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 11. Property, plant and equipment

The changes in property, plant and equipment for the nine-month period ended September 30, 2025 are as follows:


	Land and buildings			Vehicles, machinery, facilities, computer hardware and furniture and fixtures			Oil and gas properties			Production wells and facilities			Works in progress			Materials and spare parts			Total
Cost
Amounts as of December 31, 2024		8,264			54,066			500,908			3,216,787			191,207			89,085			4,060,317
Additions		—			—			—			1,768	⁽³⁾		856,479			117,198			975,445
Additions of Farmout Agreement ⁽¹⁾		—			—			29,295			80,243			—			—			109,538
Additions of Business Combination ⁽²⁾		—			867			570,092			1,043,763			385,249			55,546			2,055,517
Transfers		84			2,856			—			973,002			(856,500	)		(119,442	)		—
Disposals		—			(23	)		—			(1,730	)		—			—			(1,753	)
Impairment of long-lived assets ⁽⁴⁾		(6	)		(549	)		(20,295	)		(21,997	)		(2,182	)		(226	)		(45,255	)

Amounts as of September 30, 2025		8,342			57,217			1,080,000			5,291,836			574,253			142,161			7,153,809

Accumulated depreciation
Amounts as of December 31, 2024		(232	)		(21,463	)		(101,791	)		(1,130,848	)		—			—			(1,254,334	)
Depreciation		—			(5,286	)		(47,513	)		(445,788	)		—			—			(498,587	)
Disposals		—			23			—			107			—			—			130
Impairment of long-lived assets ⁽⁴⁾		—			421			1,341			5,264			—			—			7,026

Amounts as of September 30, 2025		(232	)		(26,305	)		(147,963	)		(1,571,265	)		—			—			(1,745,765	)

Net value
Amounts as of September 30, 2025		8,110			30,912			932,037			3,720,571			574,253			142,161			5,408,044

Amounts as of December 31, 2024		8,032			32,603			399,117			2,085,939			191,207			89,085			2,805,983

⁽¹⁾	See Note 1.2.1.

⁽²⁾	Including 461,453 related to the acquisition of Vista Lach. See Note 1.2.2 and 29.

⁽³⁾	Related to the re-estimation of well plugging and abandonment. This transaction did not generate cash flows.

⁽⁴⁾	See Note 2.4.1.

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 12. Goodwill and other intangible assets

Below are the changes in goodwill and other intangible assets for the nine-month period ended September 30, 2025:


	Goodwill		Other intangible assets
Cost
Amounts as of December 31, 2024		22,576		35,724
Additions		—		3,762
Impairment of long-lived assets⁽¹⁾		—		(365	)

Amounts as of September 30, 2025		22,576		39,121

Accumulated amortization
Amounts as of December 31, 2024		—		(20,281	)
Amortization		—		(6,375	)
Impairment of long-lived assets ⁽¹⁾		—		342

Amounts as of September 30, 2025		—		(26,314	)

Net value
Amounts as of September 30, 2025		22,576		12,807

Amounts as of December 31, 2024		22,576		15,443

⁽¹⁾	See Note 2.4.1.

Note 13. Right-of-use assets and lease liabilities

The carrying amount of the Company’s right-of-use assets and lease liabilities, as well as the changes for the nine-month period ended September 30, 2025, are detailed below:


	Right-of-use assets									Total lease liabilities
	Land and Buildings			Facilities and machinery			Total			Total lease liabilities
Amounts as of December 31, 2024		15,551			89,782			105,333			(95,660	)

Additions of Business Combination ⁽¹⁾		499			—			499			(594	)
Additions, net		836			16,571			17,407			(17,400	)
Depreciation ⁽²⁾		(634	)		(48,700	)		(49,334	)		—
Payments		—			—			—			58,035
Interest expense ⁽³⁾		—			—			—			(7,216	)

Amounts as of September 30, 2025		16,252			57,653			73,905			(62,835	)

⁽¹⁾	See Note 1.2.2 and 29.

⁽²⁾	Including the depreciation of drilling services capitalized as “Works in progress” for 40,488.

⁽³⁾	Including drilling agreements capitalized as “Works in progress” for 4,651.

Short-term and low-value lease agreements were recognized under “General and administrative expenses” in the statements of profit or loss and other comprehensive income for 98 and 92 for the nine-month periods ended September 30, 2025 and 2024, respectively.

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 14. Income tax

The most significant components of the income tax expense in the statements of profit or loss and other comprehensive income of these interim condensed consolidated financial statements are as follows:


	Period from January 1, through September 30, 2025			Period from January 1, through September 30, 2024			Period from July 1, through September 30, 2025			Period from July 1, through September 30, 2024
Income tax
Current income tax		(149,727	)		(319,391	)		(3,119	)		(149,989	)
Deferred income tax		(83,182	)		237,001			(119,099	)		120,908

Income tax (expense) charged to statement of profit or loss		(232,909	)		(82,390	)		(122,218	)		(29,081	)

Deferred income tax charged to other comprehensive income		665			5,209			16			5,232

Total income tax (expense)		(232,244	)		(77,181	)		(122,202	)		(23,849	)

For the nine-month periods ended September 30, 2025 and 2024, the Company’s effective rate was 27% and 18%, respectively.

The differences between the effective and statutory rate mainly include: (i) the application of the tax adjustment for inflation in Argentina; (ii) the depreciation of the Argentine peso (“ARS”) with respect to the USD affecting the Company’s tax deductions of nonmonetary assets; (iii) the accumulative tax losses not recognized in the period; and (iv) the Gain from Business Combination (Note 8.1).

See Note 30 to the annual consolidated financial statements as of December 31, 2024.

Note 15. Trade and other receivables


	As of September 30, 2025		As of December 31, 2024
Noncurrent
Other receivables:
Prepayments, tax receivables and other:
Advance payments for transportation services (Note 27)		307,767		134,436
Receivables related to the transfer of conventional assets ⁽¹⁾		47,073		57,194
Prepaid expenses and other receivables		14,987		11,820
Turnover tax		764		164

		370,591		203,614

Financial assets:
Receivables from joint operations		327		1,243
Loans to employees		132		411

		459		1,654

Total noncurrent trade and other receivables		371,050		205,268

Current
Trade:
Oil and gas accounts receivable (net of allowance for expected credit losses)		186,776		77,351

		186,776		77,351

Other receivables:
Prepayments, tax credits and other:
Value Added tax (“VAT”)		93,292		90,704
Income tax		29,611		4,431
Advance payments for transportation services (Note 27)		25,478		7,054
Receivables related to the transfer of conventional assets ⁽¹⁾		21,986		46,018
Prepaid expenses and other receivables		9,000		9,322
Turnover tax		2,676		2,867

		182,043		160,396

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)


	As of September 30, 2025		As of December 31, 2024
Financial assets:
Receivables from joint operations		37,266		5,586
Gas IV Plan (Note 2.5.2.1)		4,448		3,007
Accounts receivable from third parties⁽²⁾		2,970		29,040
Advances to directors and loans to employees		961		742
Balances with related parties (Note 26)		—		4,741
Other		348		632

		45,993		43,748

Other receivables		228,036		204,144

Total current trade and other receivables		414,812		281,495

⁽¹⁾

Related to the agreement signed with Petrolera Aconcagua Energía S.A. (“Aconcagua”) connected with the transfer of conventional assets (“transfer of conventional assets”). For the nine-month periods ended September 30, 2025 and 2024, the Company recognized 24,018 and 25,049, respectively, mainly related to the amortization of the account receivable, in the unaudited interim condensed consolidated statement of profit or loss under “Other non-cash costs related to the transfer of conventional assets”.

Additionally, for the nine-month period ended September 30, 2025, and 2024, the Company received 5,734 and 10,734, respectively, related to the transfer of conventional assets (See Note 3.2.7 to the annual consolidated financial statements as of December 31, 2024).

⁽²⁾	As of December 31, 2024, includes 13,200 with Aconcagua, related to the extension of the Concessions (See Note 28.5 to the annual consolidated financial statements as of December 31, 2024).

Due to the short-term nature of current trade and other receivables, it carrying amount is considered similar to its fair value. The fair values of noncurrent trade and other receivables do not differ significantly from it carrying amounts either.

As of September 30, 2025, in general, accounts receivable has a 17-day term for sales of crude oil and a 45-day term for sales of natural gas and LPG.

The Company sets up a provision for trade receivables when there is information showing that the debtor is facing severe financial difficulties and that there is no realistic probability of recovery, for example, when the debtor goes into liquidation or files for bankruptcy proceedings. Trade receivables that are derecognized are not subject to compliance activities. The Company recognized an allowance for expected credit losses against all trade receivables that are 90 days past due because based on its history these receivables are generally not recovered.

As of September 30, 2025, and December 31, 2024, the provision for expected credit losses was recorded for 74 and 41 respectively.

As of the date of these interim condensed consolidated financial statements, maximum exposure to credit risk is related to the carrying amount of each class of accounts receivable.

Note 16. Financial assets and liabilities

16.1 Borrowings


	As of September 30, 2025		As of December 31, 2024
Noncurrent
Borrowings		2,369,659		1,402,343

Total noncurrent		2,369,659		1,402,343

Current
Borrowings		558,289		46,224

Total current		558,289		46,224

Total Borrowings		2,927,948		1,448,567

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Below are the maturity dates of Company borrowings (excluding lease liabilities) and their exposure to interest rates:


	As of September 30, 2025		As of December 31, 2024
Fixed interest
Less than 1 year		531,525		45,381
From 1 to 2 years		307,582		185,356
From 2 to 5 years		398,714		404,395
Over 5 years		1,266,727		787,592

Total		2,504,548		1,422,724


Variable interest
Less than 1 year		26,764		843
From 1 to 2 years		78,530		25,000
From 2 to 5 years		318,106		—
Over 5 years		—		—

Total		423,400		25,843

Total Borrowings		2,927,948		1,448,567

See Note 16.4 for information on the fair value of the borrowings.

The carrying amounts of the Company’s borrowings as of September 30, 2025 and December 31, 2024 are as follows:

Subsidiary

Company

Execution date

Principal

Interest

Annual
rate

Maturity date

As of
September 30,
2025

As of
December 31,
2024

Vista Argentina

Santander International

January, 2021

11,700

Fixed

1.80%

January, 2026

50⁽¹⁾

68⁽¹⁾

Vista Argentina

Santander International

July, 2021

43,500

Fixed

2.05%

July, 2026

76⁽¹⁾

79⁽¹⁾

Vista Argentina

Santander International

January, 2022

13,500

Fixed

2.45%

January, 2027

27⁽¹⁾

28⁽¹⁾

Vista Argentina

ConocoPhillips Company

January, 2022

25,000

Variable

SOFR⁽²⁾
+ 2.01%

September, 2026

25,338

25,843

Vista Argentina

Citibank N.A.

April, 2024

45,000

Fixed

5.00%

April, 2026

20,114⁽³⁾

20,009

Vista Argentina

Banco Patagonia S.A.

July, 2024

548

Fixed

11.00%

January, 2025

—

144

Vista Argentina

Citibank N.A.

January, 2025

25,000

Fixed

5.00%

April, 2026

25,167⁽³⁾

—

Vista Argentina

Banco Ciudad de Buenos Aires

February, 2025

18,000

Fixed

4.50%

December, 2025

18,231

—

Vista Argentina

Banco Macro S.A.

April, 2025

25,000

Fixed

6.90%

October, 2025

25,756

—

Vista Argentina

Banco de Galicia y Buenos Aires S.A.U.

April, 2025

40,000

Fixed

6.25%

October, 2025

41,096

—

Vista Argentina

Banco de la Nación Argentina

May, 2025

40,000

Fixed

5.50%

May, 2026

40,826

—

Vista Argentina

Banco Macro S.A.

May, 2025

10,000

Fixed

7.00%

November, 2025

10,242

—

Vista Argentina

BBVA Argentina S.A.

May, 2025

30,000

Fixed

7.10%

December, 2025

30,718

—

Vista Argentina

Citibank N.A.

May, 2025

40,000

Fixed

5.00%

May, 2027

40,155⁽³⁾

—

Vista Argentina

Citibank N.A.

June, 2025

10,000

Fixed

5.00%

May, 2027

10,040⁽³⁾

—

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Subsidiary

Company

Execution date

Principal

Interest

Annual
rate

Maturity date

As of
September 30,
2025

As of
December 31,
2024

Vista

Argentina

Banco de Galicia y Buenos Aires S.A.U.

July, 2025

100,000

Fixed

8.80

July, 2030

100,890

⁽³⁾

—

Vista

Argentina

Industrial and Commercial Bank of China S.A.U.

July, 2025

50,000

Variable

SOFR

+ 4.00

⁽²⁾

July, 2030

50,420

⁽³⁾

—

Vista

Argentina

ITAU Unibanco S.A., Nassau Branch

July, 2025

250,000

Variable

SOFR

+ 4.50

⁽²⁾

July, 2030

246,780

⁽³⁾

—

Vista

Argentina

Industrial and Commercial Bank of China S.A.U.

July, 2025

100,000

Variable

SOFR

+ 4.00

⁽²⁾

July, 2030

100,862

⁽³⁾

—

Vista Lach

Banco de Galicia y Buenos Aires S.A.U.

November, 2024

20,000

Fixed

5.60

November, 2025

20,948

—

Vista Lach

Banco de Galicia y Buenos Aires S.A.U.

March, 2025

30,000

Fixed

7.60

March, 2026

31,262

—

Vista Lach

Banco de Galicia y Buenos Aires S.A.U.

May, 2025

30,000

Fixed

6.25

November, 2025

30,760

—

Vista Lach

Banco de Galicia y Buenos Aires S.A.U.

May, 2025

30,000

Fixed

6.25

November, 2025

30,745

—

Vista Lach

Banco de Galicia y Buenos Aires S.A.U.

May, 2025

20,000

Fixed

6.70

December, 2025

20,518

—

Vista Lach

Banco de Galicia y Buenos Aires S.A.U.

June, 2025

20,000

Fixed

8.00

January, 2026

20,508

—

Total

941,529

46,171

⁽¹⁾	As of September 30, 2025 and December 31, 2024, it includes 24,350 of collateralized capital. The carrying amount corresponds to interest.

⁽²⁾	Secured Overnight Financing Rate (“SOFR”).

⁽³⁾

Includes the Company’s obligation to comply with certain financial ratios and debt service coverage requirements (the “covenants”). Non-compliance with these covenants could restrict the ability of the Company and its subsidiaries to, among other things, pay dividends, provide guarantees, incur additional indebtedness, or dispose of material assets.

As of September 30, 2025, the Company was in compliance with all financial covenants and other commitments associated with such borrowings.

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Moreover, Vista Argentina issued ON, under the name “Programa de Notas” approved by CNV. The following chart shows the carrying amount of ON as of September 30, 2025 and December 31, 2024:

Instrument

Execution
date

Currency

Principal

Interest

Annual
rate

Maturity
date

As of
September 30,
2025

As of December 31,
2024

ON XII

August, 2021

USD-linked⁽¹⁾

100,769

Fixed

5.85%

August, 2031

85,959

97,467

ON XV

December, 2022

USD

13,500

Fixed

4.00%

January, 2025

—

13,539

ON XVI

December, 2022

USD-linked⁽¹⁾

63,450

Fixed

0.00%

June, 2026

63,413

63,429

May, 2023

USD-linked⁽¹⁾

40,785

Fixed

0.00%

June, 2026

40,702

40,525

ON XVII

December, 2022

USD-linked⁽¹⁾

39,118

Fixed

0.00%

December, 2026

39,049

37,805

⁽²⁾

ON XVIII

March, 2023

USD-linked⁽¹⁾

118,542

Fixed

0.00%

March, 2027

118,289

115,657

⁽²⁾

ON XIX

March, 2023

USD-linked⁽¹⁾

16,458

Fixed

1.00%

March, 2028

16,427

16,414

ON XX

June, 2023

USD

13,500

Fixed

4.50%

July, 2025

—

13,477

ON XXI

August, 2023

USD-linked⁽¹⁾

70,000

Fixed

0.99%

August, 2028

69,880

67,170

⁽²⁾

ON XXII

December, 2023

USD

14,669

Fixed

5.00%

June, 2026

14,897

14,657

ON XXIII

March, 2024

USD

60,000

Fixed

6.50%

March, 2027

39,977

⁽²⁾

40,569

⁽²⁾

May, 2024

USD

32,203

Fixed

6.50%

March, 2027

32,245

32,722

ON XXIV

May, 2024

USD

46,562

Fixed

8.00%

May, 2029

47,860

46,860

ON XXV

July, 2024

USD-linked⁽¹⁾

53,195

Fixed

3.00%

July, 2028

53,207

53,111

ON XXVI

October, 2024

USD

150,000

Fixed

7.65%

October, 2031

154,564

151,573

ON XXVII

December, 2024

USD

600,000

Fixed

7.63%

December, 2035

609,163

⁽³⁾

597,421

⁽³⁾

ON XXVIII

March, 2025

USD

92,414

Fixed

7.50%

March, 2030

92,348

—

ON XXIX

June, 2025

USD

500,000

Fixed

8.50%

June, 2033

508,439

⁽³⁾

—

Total

1,986,419

1,402,396

Total Borrowings

2,927,948

1,448,567

⁽¹⁾	Subscribed in USD, payable in ARS at the exchange rate applicable on maturity date.

⁽²⁾	As of September 30, 2025, the carrying amount of ON XXIII include 20,000 ONs repurchased by the Company, and as of December 31, 2024, the carrying amounts of ONs XVII; XVIII; XXI and XXIII include 1,200, 2,500, 2,650 and 20,000, respectively, of ONs repurchased by the Company.

⁽³⁾

As of September 30, 2025, the Company was in compliance with all financial covenants and other commitments associated with such ON.

See Note 1.2.1 to the annual consolidated financial statements as of December 31, 2024.

See Note 30 for information on subsequent borrowings events.

Under the aforementioned program, Vista Argentina may list ON in Argentina for a total principal up to 3,000,000 or its equivalent in other currencies at any time.

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

16.2 Changes in liabilities from financing activities

Changes in the borrowings were as follows:


	As of September 30, 2025		As of December 31, 2024
Amounts at beginning of period		1,448,567		616,055
Proceeds from borrowings		2,219,917		1,320,897
Proceeds from borrowings of Business Combination (Note 29)		50,505		—
Payment of borrowings principal		(806,032)		(470,351)
Payment of borrowings interest		(73,677)		(53,897)
Payment of borrowings cost		(17,888)		(7,631)
Borrowings interest ⁽¹⁾ (Note 9.2)		113,260		62,499
Amortized cost ⁽¹⁾ (Note 9.3)		7,826		1,649
Changes in foreign exchange rate ⁽¹⁾		(14,530)		(20,654)

Amounts at end of period		2,927,948		1,448,567

⁽¹⁾	These transactions did not generate cash flows.

16.3 Financial instruments by category

The following chart includes the financial instruments broken down by category:


As of September 30, 2025	Financial assets / liabilities at amortized cost		Financial assets / liabilities at fair value		Total financial assets / liabilities
Assets
Plan assets (Note 25)		—		2,786		2,786
Trade and other receivables (Note 15)		459		—		459

Total noncurrent financial assets		459		2,786		3,245

Cash, bank balances and other short-term investments (Note 19)		57,414		95,275		152,689
Trade and other receivables (Note 15)		232,769		—		232,769

Total current financial assets		290,183		95,275		385,458

Liabilities
Borrowings (Note 16.1)		2,369,659		—		2,369,659
Trade and other payables (Note 24)		286,206		—		286,206
Lease liabilities (Note 13)		44,789		—		44,789

Total noncurrent financial liabilities		2,700,654		—		2,700,654

Borrowings (Note 16.1)		558,289		—		558,289
Trade and other payables (Note 24)		456,053		—		456,053
Lease liabilities (Note 13)		18,046		—		18,046

Total current financial liabilities		1,032,388		—		1,032,388

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)


As of December 31, 2024	Financial assets / liabilities at amortized cost		Financial assets / liabilities at fair value		Total financial assets / liabilities
Assets
Trade and other receivables (Note 15)		1,654		—		1,654

Total noncurrent financial assets		1,654		—		1,654

Cash, bank balances and other short-term investments (Note 19)		119,841		124,065		243,906
Trade and other receivables (Note 15)		121,099		—		121,099

Total current financial assets		240,940		124,065		365,005

Liabilities
Borrowings (Note 16.1)		1,402,343		—		1,402,343
Lease liabilities (Note 13)		37,638		—		37,638

Total noncurrent financial liabilities		1,439,981		—		1,439,981

Borrowings (Note 16.1)		46,224		—		46,224
Trade and other payables (Note 24)		487,186		—		487,186
Lease liabilities (Note 13)		58,022		—		58,022

Total current financial liabilities		591,432		—		591,432

Below are income, expenses, profit, or loss from each category of financial instrument:

For the nine-month period ended September 30, 2025:


	Financial assets/ liabilities at amortized cost			Financial assets/ liabilities at fair value		Total financial assets / liabilities
Interest income (Note 9.1)		8,933			—		8,933
Interest expense (Note 9.2)		(113,260	)		—		(113,260	)
Amortized cost (Note 9.3)		(7,826	)		—		(7,826	)
Net changes in foreign exchange rate (Note 9.3)		14,862			—		14,862
Discount of assets and liabilities at present value (Note 9.3)		(13,819	)		—		(13,819	)
Changes in the fair value of financial assets (Note 9.3)		—			14,107		14,107
Interest expense on lease liabilities (Note 9.3)		(2,565	)		—		(2,565	)
Discount for well plugging and abandonment (Note 9.3)		(1,743	)		—		(1,743	)
Other taxes interests (Note 9.3)		(53,127	)		—		(53,127	)
Other (Note 9.3)		(13,610	)		—		(13,610	)

Total		(182,155	)		14,107		(168,048	)

For the nine-month period ended September 30, 2024:


	Financial assets/ liabilities at amortized cost			Financial assets/ liabilities at fair value		Total financial assets / liabilities
Interest income (Note 9.1)		3,160			—		3,160
Interest expense (Note 9.2)		(37,138	)		—		(37,138	)
Amortized cost (Note 9.3)		(1,060	)		—		(1,060	)
Net changes in foreign exchange rate (Note 9.3)		(2,305	)		—		(2,305	)
Discount of assets and liabilities at present value (Note 9.3)		(408	)		—		(408	)
Changes in the fair value of financial assets (Note 9.3)		—			7,017		7,017
Interest expense on lease liabilities (Note 9.3)		(2,258	)		—		(2,258	)
Discount for well plugging and abandonment (Note 9.3)		(863	)		—		(863	)
Other (Note 9.3)		4,019			—		4,019

Total		(36,853	)		7,017		(29,836	)

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

16.4 Fair value

This note includes information on the Company’s method for assessing the fair value of its financial assets and liabilities.

16.4.1 Fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis

The Company classifies the measurements at fair value of financial instruments using a fair value hierarchy, which shows the relevance of the variables applied to carry out these measurements. The fair value hierarchy has the following levels:

•

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

•

Level 2: data other than the quoted prices included in Level 1 that are observable for assets or liabilities, either directly (that is prices) or indirectly (that is derived from prices).

•

Level 3: data on the asset or liability that are based on information that cannot be observed in the market (that is, non-observable data).

The following chart shows the Company’s financial assets measured at fair value as of September 30, 2025 and December 31, 2024:


As of September 30, 2025	Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit or loss
Plan assets		2,786		—		—		2,786
Short-term investments		95,275		—		—		95,275

Total assets		98,061		—		—		98,061

As of December 31, 2024

Level 1

Level 2

Level 3

Total

Assets

Financial assets at fair value through profit or loss

Short-term investments

124,065

—

124,065

Total assets

124,065

—

124,065

The value of financial instruments traded in active markets is based on quoted market prices as of the date of these accompanying unaudited interim condensed consolidated financial statements. A market is considered active when quoted prices are available regularly through a stock exchange, a broker, a specific sector entity or regulatory agency, and these prices reflect regular and current market transactions between parties at arm’s length. The quoted market price used for financial assets held by the Company is the current offer price. These instruments are included in Level 1.

For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. These valuation techniques maximize the use of observable market data, when available, and minimize the use of Company’s specific estimates. Should all significant variables used to establish the fair value of a financial instrument be observable, the instrument is included in Level 2.

Should one or more variables used in determining the fair value not be observable in the market, the financial instrument is included in Level 3.

There were no transfers between Level 1, Level 2 and Level 3 from December 31, 2024, through September 30, 2025.

16.4.2 Fair value of financial assets and liabilities that are not measured at fair value (but require fair value disclosures)

Except for the information included in the following chart, the Company considers that the carrying amounts of financial assets and liabilities recognized in the interim condensed consolidated financial statements approximate to its fair values, as explained in the related notes.

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

As of September 30, 2025

Carrying amount

Fair value

Level

Liabilities

Borrowings

2,927,948

2,873,429

Total liabilities

2,927,948

2,873,429

16.5 Risk management objectives and policies concerning financial instruments

16.5.1 Financial risk factors

The Company’s activities are exposed to several financial risks: market risk (including exchange rate risk, interest rate risk and price risk), credit risk and liquidity risk.

Financial risk management is included in the Company’s global policies, and it adopts a comprehensive risk management policy focused on tracking risks affecting the entire Company. This strategy aims at striking a balance between profitability targets and risk exposure levels. Financial risks are derived from the financial instruments to which the Company is exposed during each period or as of every period-end.

The Company’s financial department, controls financial risk by identifying, assessing and covering financial risks. The risk management systems and policies are reviewed regularly to show the changes in market conditions and the Company’s activities.

The Company reviewed its exposure to financial risk factors and identified no significant changes in the risk analysis included in its annual consolidated financial statements as of December 31, 2024, except for the following:

16.5.1.1 Market risk

Exchange rate risk

The Company’s financial position and results of operations are sensitive to exchange rate changes between USD and ARS. As of September 30, 2025, and 2024, the Company performed foreign exchange currency transactions, and the impact in the results of the period is recognized in the consolidated statement of profit or loss in “Other financial income (expense)”.

Most Company revenues are denominated in USD, or the changes in sales follow the changes in USD listed price.

During the nine-month period ended September 30, 2025, and for the year ended December 31, 2024, ARS depreciated by about 34% and 28%, respectively.

The following chart shows the sensitivity to a modification in the exchange rate of ARS to USD while maintaining the remainder variables constant. Impact on profit before taxes is related to changes in the fair value of monetary assets and liabilities denominated in currencies other than the USD, the Company’s functional currency. The Company’s exposure to changes in foreign exchange rates for the remainder currencies is immaterial.


	As of September 30, 2025	As of December 31, 2024
Changes in exchange rate:	+/- 10%	+/- 10%
Effect on profit or loss before income taxes	213 / (213)	38,108 / (38,108)
Effect on equity before income taxes	213 / (213)	38,108 / (38,108)

Interest rate risk

The purpose of interest rate risk management is to minimize finance costs and limit the Company’s exposure to interest rate increases.

Variable-rate indebtedness exposes the Company’s cash flows to interest rate risk due to potential volatility. Fixed-rate indebtedness exposes the Company to interest rate risk on the fair value of its liabilities as they could be considerably higher than variable rates. As of September 30, 2025, and December 31, 2024, about 14% and 2% of indebtedness was subject to variable interest rates, respectively.

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

For the nine-month periods ended September 30, 2025, and 2024, the average interest rate for borrowings in ARS was 38.08% and 42.37%, respectively.

For the nine-month period ended September 30, 2025, and 2024, the total variable interest rate of borrowings denominated in USD stood at 7.98% and 7.42%, respectively.

The Company expects to lessen its interest rate exposure by analyzing and assessing (i) the different sources of liquidity available in domestic and international financial and capital markets (if available); (ii) alternative (fixed or variable) interest rates, currencies and contractual terms available for companies in a sector, industry and risk similar to the Company’s; and (iii) the availability, access and cost of interest rate hedge contracts. Hence, the Company assesses the impact on profit or loss of each strategy on the obligations that represent the main positions to the main interest-bearing positions.

The Company considers that the risk of an increase in interest rates is low; therefore, it does not expect substantial debt risk.

For the nine-month period ended September 30, 2025, and for the year ended December 31, 2024, the Company did not use derivative financial instruments to mitigate interest rate risks.

Note 17. Investments in associates

As of September 30, 2025, and December 31, 2024, the Company holds the following interests in associates:


Company	Equity interest						Income (loss) from investments in associates						Investments in associates⁽¹⁾
Company	As of September 30, 2025			As of December 31, 2024			Period from January 1, through September 30, 2025			Period from July 1, through September 30, 2025			As of September 30, 2025		As of December 31, 2024		Main activity
VX Ventures AenP		100	%		100	%		—			—			14,071		11,894	Holding company
VMOS S.A.		10.2	%		14.1	%		(3,746	)		(2,767	)		32,169		12	Midstream
Other		—			—			—			—			4,428		—	—

Total investments in associates								(3,746	)		(2,767	)		50,668		11,906

⁽¹⁾	For the nine-month period ended September 30, 2025 and 2024, includes payments for 42,508 and 2,211, respectively.

Note 18. Inventories


	As of September 30, 2025		As of December 31, 2024
Crude oil stock (Note 5.2)		10,076		4,384
Materials and spare parts		2,376		2,082
Assigned crude oil stock		320		3

Total inventories		12,772		6,469

Note 19. Cash, bank balances and other short-term investments


	As of September 30, 2025		As of December 31, 2024
Cash in banks		166,968		520,401
Mutual funds		90,318		115,368
Money market funds		57,414		119,841
Argentine government bonds		4,957		8,697

Total cash, banks balances and other short-term investments		319,657		764,307

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Cash and cash equivalents include cash on hand and at bank and investments maturing within 3 months. For the consolidated statement of cash flows purposes below is the reconciliation between cash, bank and short-term investments and cash and cash equivalents:


	As of September 30, 2025			As of December 31, 2024
Cash, bank balances and other short-term investments		319,657			764,307
Less
Argentine government bonds		(4,957	)		(8,697	)

Cash and cash equivalents		314,700			755,610

Note 20. Equity

20.1 Capital stock

As of September 30, 2025, and December 31,2024, the Company’s variable capital stock amounted to 647,752 and 398,064, represented by 104,256,410 and 95,285,451, respectively, fully subscribed and paid Series A shares with no face value, each entitled to one vote.

On April 11, 2025, through the Board of Directors’ Meeting, the Company approved an increase in the variable portion of its capital stock, as part of the consideration paid for the Transaction (Note 1.2.2 and Note 29), through the issuance of 7,297,507 Serie A shares, for a total amount of 299,687.

During the nine-month period ended September 30, 2025 and 2024 the Company repurchased 1,213,371 and 2,081,198 Serie A share for a total amount of 50,000 and 99,846, respectively. As of the date of issuance of these interim condensed consolidated financial statements, the shares repurchased during the nine-month period ended September 30, 2025, are held in Treasury.

Additionally, during the nine-month period ended September 30, 2025, the Company issued 2,886,823 Series A shares in connection with the LTIP granted to its employees.

As of September 30, 2025, and December 31, 2024, the Company’s authorized capital includes 24,535,829 and 33,506,788 Series A ordinary shares, respectively, held in Treasury.

As of September 30, 2025 and December 31, 2024, the Company holds the 2 outstanding Series C shares.

For further information see Note 21 to the annual consolidated financial statements as of December 31, 2024.

20.2 Share repurchase reserve

On August 6, 2024, through the Ordinary General Shareholders’ Meeting, the Company’s shareholders approved an increase of a fund to acquire own shares for 50,000 based on the Company’s nonconsolidated financial statements.

On April 9, 2025, through the Ordinary General Shareholders’ Meeting, the Company’s shareholders approved an increase of a fund to acquire own shares for 50,000, based on the Company’s nonconsolidated financial statements.

As of September 30, 2025 and December 31, 2024, the Company’s share repurchase reserve amounted to 179,324 and 129,324, respectively.

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 21. Provisions


	As of September 30, 2025		As of December 31, 2024
Noncurrent
Well plugging and abandonment		45,766		31,026
Environmental remediation		1,770		2,032

Total noncurrent provisions		47,536		33,058

Current
Contingencies		10,450		14
Environmental remediation		1,940		2,484
Well plugging and abandonment		1,473		1,412

Total current provisions		13,863		3,910

Note 22. Salaries and payroll taxes


	As of September 30, 2025		As of December 31, 2024
Current
Provision for bonuses and incentives		15,081		23,450
Salaries and social security contributions		10,165		9,206

Total current salaries and payroll taxes		25,246		32,656

Note 23. Other taxes and royalties


	As of September 30, 2025		As of December 31, 2024
Current
Royalties and others		32,374		26,008
Tax withholdings		3,665		12,497
Personal assets tax		—		8,132
Other		1,338		1,078

Total current other taxes and royalties		37,377		47,715

Note 24. Trade and other payables


	As of September 30, 2025		As of December 31, 2024
Noncurrent
Payables to third parties ^{(1) (2)}		286,206		—

Total other noncurrent accounts payables		286,206		—

Total noncurrent accounts payables		286,206		—

Current
Accounts payables:
Suppliers		433,894		435,768
Customer advances		—		37,651

Total current accounts payables		433,894		473,419

Other accounts payables:
Payables to third parties ^{(2) (3)}		21,118		13,200
Extraordinary fee for Gas IV Plan		600		415
Payables to partners of joint operations		441		152

Total other current accounts payables		22,159		13,767

Total current trade and other payables		456,053		487,186

⁽¹⁾	As of September 30, 2025, includes 215,976 in connection with the liability assumed to acquisition of Vista Lach (Note 1.2.2 and 29).

⁽²⁾	As of September 2025, includes 70,230 and 21,118 noncurrent and current payables to third parties, respectively, related to the Farmout Agreement mentioned in Note 1.2.1.

⁽³⁾	As of December 31, 2024, the Company had a payable for 13,200, related to the extension of the Concessions (See Note 28.5 to the annual consolidated financial statements as of December 31, 2024).

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Other than mentioned above, due to the short-term nature of current trade and other payables, their carrying amount is deemed to be the same as its fair value. The carrying amount of noncurrent trade and other payable does not differ considerably from its fair value.

Note 25. Employee benefits

The following chart summarizes net expense components and the changes in the liability for long-term employee benefits in the unaudited interim condensed consolidated financial statements:


	Period from January 1, through September 30, 2025			Period from January 1, through September 30, 2024			Period from July 1, through September 30, 2025			Period from July 1, through September 30, 2024
Cost of interest		(588	)		(218	)		(196	)		(64	)
Cost of services		(4	)		(5	)		—			(2	)

Total		(592	)		(223	)		(196	)		(66	)


	As of September 30, 2025
	Present value of the obligation			Plan assets			Net liabilities
Amounts at beginning of period		(20,546	)		4,578			(15,968	)
Items classified as loss or profit
Cost of interest		(745	)		157			(588	)
Cost of services		(4	)		—			(4	)
Items classified in other comprehensive income
Actuarial remeasurement		(1,775	)		(126	)		(1,901	)
Payment of contributions		1,401			(1,013	)		388

Amounts at end of period		(21,669	)		3,596			(18,073	)

The fair value of plan assets as of every period/year end per category, is as follows:


	As of September 30, 2025		As of December 31, 2024
US government bonds		2,786		—
Cash and cash equivalents		810		4,578

Total		3,596		4,578

See Note 23 to the annual consolidated financial statements as of December 31, 2024.

Note 26. Related parties’ transactions and balances

There were no significant changes in related parties and relevant transactions during the nine-month period ended September 30, 2025 (See Note 27 to the annual consolidated financial statements as of December 31, 2024).

Note 2.3 to the annual consolidated financial statements as of December 31, 2024, provides information on the Company’s structure.

Note 27. Commitments and contingencies

The Company, through its subsidiary Vista Argentina and Vista Lach, made disbursements related to the commitments, as detailed below:

(i)	As of September 30, 2025 and December 31, 2024, 209,991 and 121,813, respectively, related to the Duplicar Plus Project implemented by Oleoductos del Valle S.A.;

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

(ii)	As of September 30, 2025 and December 31, 2024, 43,979 and 19,677, respectively, related to the project to expand the Puerto Rosales maritime terminal and pumping station implemented by Oiltanking Ebytem S.A.;

(iii)

As of September 30, 2025, 46,043 related to the Transportation Service Agreement for Vaca Muerta Centro Pipeline (“VMOC” by Spanish acronym); and

(iv)	As of September 30, 2025, 33,232 related to the Transportation Service Agreement for Vaca Muerta Norte Pipeline (“VMON” by Spanish acronym).

See Notes 1.2.3.1; 28.1 and 28.2 to the annual consolidated financial statements as of December 31, 2024 for more information about the commitments.

There were no significant changes in commitments and contingencies for the nine-month period ended September 30, 2025 (See Notes 28 and 29 to the annual consolidated financial statements as of December 31, 2024).

Note 28. Tax regulations

There were no significant changes in Argentina’s and Mexico’s tax regulations during the nine-month period ended September 30, 2025 (See Note 30 to the annual consolidated financial statements as of December 31, 2024).

Note 29. Business Combination

As mentioned in Note 1.2.2, on April 15, 2025, the Company acquired 100% of Vista Lach’s shareholding, which was accounted as a business combination using the acquisition method, effective from the date when the Company obtained control of the acquiree.

Under the terms of the Transaction, the total consideration amounted to 1,406,441, broken down as follows: (i) 899,687 paid in cash on the Transaction date; (ii) 299,687 paid through the transfer of 7,297,507 ADSs, and (iii) the liability assumed with a nominal value of 300,000, to be settled in cash, with 50% due on April 15, 2029, and the remainder 50% due on April 15, 2030, without accruing interest. As of the Transaction date, the present value of the assumed liability amounts to 207,067.

The fair value of identifiable assets and liabilities as of the settlement date was determined pursuant to IFRS 3 as follows:


	As of March 31, 2025
Property, plant and equipment		2,055,517
Right-of-use assets		499
Trade and other receivables		321,086
Inventories		1,451
Cash, bank balances and other short-term investments		58,132

Total assets acquired		2,436,685

Provisions		24,064
Lease liabilities		594
Borrowings		50,505
Deferred income tax liabilities ⁽¹⁾		157,353
Salaries and payroll taxes		562
Income tax liability		111,554
Other taxes and royalties		12,167
Trade and other payables		182,915

Total liabilities assumed		539,714

Total net assets measured at fair value		1,896,971

⁽¹⁾	Includes a net deferred tax liability of 194,035 mainly related to the recognized of “Oil and gas property”.

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)


	As of March 31, 2025
Cash consideration		(899,687	)
Cash and cash equivalent acquired		58,132

Payment for Business Combination, net of cash acquired		(841,555	)

As a consequence of the acquisition, the Company recorded: (i) net assets for 1,629,553 related to the book value of the assets and liabilities acquired as of March 31, 2025; (ii) an “Oil and gas property” for 461,453 within “Property, plant and equipment” (Note 11); and (iii) a deferred income tax liabilities for 194,035, mainly related to the to the recognized of “Oil and gas property”.

Finally, as result of the difference between the consideration paid and the net assets identifiable, the Company recognized a gain for 490,530, booked in “Gain from Business Combination” within “Other operating income” (Note 8.1).

Since Vista Lach issues monthly financial information, the Company has considered the identifiable assets and liabilities as of March 31, 2025. Had the purchase price been allocated as from April 15, 2025, it wouldn’t have differed significantly.

As from acquisition date, Vista Lach contributed 433,746 in revenue from contracts with customers and 187,214 to the Company’s profit before income tax. Had the Business Combination occurred as from January 1, 2025, revenue from contracts with customers from continuing operations would have amounted to 1,971,368, and the Company’s profit before income tax from the continuing operations would have stood at 982,359.

Note 30. Subsequent events

The Company assessed events subsequent to September 30, 2025, to determine the need of a potential recognition or disclosure in these interim condensed consolidated financial statements. The Company assessed such events through October 22, 2025, date in which these financial statements were made available for issue:

•

On October 1, 2025, Vista Argentina paid interest for an amount of 2,151 corresponding to loan agreement signed with Industrial and Commercial Bank of China S.A.U. in July 2025.

•

On October 3, 2025, Vista Argentina paid interest for an amount of 5,621 corresponding to loan agreement signed with Itaú Unibanco S.A., Nassau Branch in July 2025.

•

On October 6, 2025, Vista Argentina paid interest for an amount of 110 corresponding to loan agreements signed with Banco Santander International in July 2021 and January 2022.

•

On October 6, 2025, Vista Argentina paid interest for an amount of 3,527 corresponding to loan agreements signed with Banco de Galicia y Buenos Aires S.A.U. and Industrial and Commercial Bank of China S.A.U. in July 2025.

•

On October 6, 2025, Vista Argentina paid principal and interest for an amount of 20,548 corresponding to loan agreement signed with Banco de Galicia y Buenos Aires S.A.U. in April 2025.

•

On October 6, 2025, Vista Lach paid principal and interest for an amount of 10,264 corresponding to loan agreement signed with Banco de Galicia y Buenos Aires S.A.U. in May 2025.

•

On October 7, 2025, Vista Argentina paid principal and interest for an amount of 41,144 corresponding to loan agreement signed with Banco de Galicia y Buenos Aires S.A.U. in April 2025.

•

On October 8, 2025, Vista Argentina paid interest for an amount of 402 corresponding to ON XXV.

•

On October 9, 2025, Vista Argentina signed a loan agreement with Banco Santander S.A. for an amount of 25,000, at an annual interest rate of 5.25% and an expiration date in December 2025.

•

On October 13, 2025, Vista Argentina paid interest for an amount of 5,753 corresponding to ON XXVI.

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

•

On October 15, 2025, Vista Argentina issued ON XXX for an amount of 73,256, at an annual interest rate of 6.00% and an expiration date in April 2027.

•

On October 16, 2025, Vista Lach paid principal and interest for an amount of 20,562 corresponding to loan agreement signed with Banco de Galicia y Buenos Aires S.A.U. in May 2025.

•

On October 20, 2025, Vista Argentina paid principal and interest for an amount of 25,851 corresponding to loan agreement signed with Banco Macro S.A. in April 2025.

There are no other events or transactions between the closing date and the date of issuance of these unaudited interim condensed consolidated financial statements that could significantly affect the Company’s financial position or profit or loss.

Note 31. Supplementary pro forma financial information (unaudited)

As mentioned in Note 1.2.2. on April 15, 2025, the Company, through its subsidiary Vista Argentina, acquired the 100% of the capital stock of PEPASA, which holds a 50% working interest in La Amarga Chica unconventional concession, located in the Province of Neuquén, Argentina, from Petronas Carigali Canada B.V. and Petronas Carigali International E&P B.V.

The Company has prepared this financial information to comply with the regulatory requirements set forth by the CNBV by Spanish acronym, which have been prepared in accordance with IFRS accounting standards as issued by the IASB. They were prepared on a historical cost basis, except for certain financial assets and liabilities that were measured at fair value.

This pro forma financial information should not be considered a statement, guarantee or suggestion about past or future performance. No person should rely on the usefulness or accuracy of this pro forma financial information, which is disclosed exclusively to comply with the CNBV. To the maximum extent allowed by applicable law, Vista Energy S.A.B. de C.V. and its directors, Board members, employees, affiliates and subsidiaries are released from all liability related to such pro forma information.

This pro forma information has been prepared using most reliable information at the date of these financial statements, which is the annual financial statements of Vista Lach, that do not differ materially from the financial information, or pro-forma financial information, previously included in the Folleto Informativo.

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

31.1 Pro forma consolidated statement of profit or loss and other comprehensive income for the nine-month period ended September 30, 2024 (unaudited)


	Period from January 1, through September 30, 2024			Pro forma adjustments			Period from January 1, through September 30, 2024 Pro forma			Period from July, through September 30, 2024			Pro forma adjustments			Period from July 1, through September 30, 2024 Pro forma
Revenue from contracts with customers		1,176,450			671,313			1,847,763			462,383			239,715			702,098
Cost of sales:
Operating costs		(79,970	)		(39,475	)		(119,445	)		(31,614	)		(17,422	)		(49,036	)
Crude oil stock fluctuation		(2,193	)		476			(1,717	)		(7,056	)		892			(6,164	)
Royalties and others		(170,054	)		(76,697	)		(246,751	)		(68,482	)		(26,479	)		(94,961	)
Depreciation, depletion and amortization		(298,081	)		(182,779	)		(480,860	)		(114,703	)		(77,551	)		(192,254	)
Other non-cash costs related to the transfer of conventional assets		(25,049	)		—			(25,049	)		(8,152	)		—			(8,152	)

Gross profit		601,103			372,838			973,941			232,376			119,155			351,531

Selling expenses		(77,807	)		(32,307	)		(110,114	)		(36,828	)		(11,057	)		(47,885	)
General and administrative expenses		(73,747	)		(25,964	)		(99,711	)		(29,247	)		(9,190	)		(38,437	)
Exploration expenses		(36	)		—			(36	)		(3	)		—			(3	)
Other operating income		47,660			493,493			541,153			21,176			288,202			309,378
Other operating expenses		(1,197	)		—			(1,197	)		(174	)		—			(174	)

Operating profit		495,976			808,060			1,304,036			187,300			387,110			574,410

Interest income		3,160			—			3,160			1,360			—			1,360
Interest expense		(37,138	)		(16,907	)		(54,045	)		(21,022	)		(6,400	)		(27,422	)
Other financial income (expense)		4,142			(26,496	)		(22,354	)		26,902			(10,619	)		16,283

Financial income (expense), net		(29,836	)		(43,403	)		(73,239	)		7,240			(17,019	)		(9,779	)

Profit before income tax		466,140			764,657			1,230,797			194,540			370,091			564,631

Current income tax (expense)		(319,391	)		(112,996	)		(432,387	)		(149,989	)		(33,836	)		(183,825	)
Deferred income tax benefit		237,001			186,316			423,317			120,908			56,291			177,199

Income tax (expense) benefit		(82,390	)		73,320			(9,070	)		(29,081	)		22,455			(6,626	)

Profit for the period, net		383,750			837,977			1,221,727			165,459			392,546			558,005

Other comprehensive income
Other comprehensive income that shall not be reclassified to profit (loss) in subsequent periods
- (Loss) from actuarial remeasurement related to employee benefits		(14,883	)		—			(14,883	)		(14,949	)		—			(14,949	)
- Deferred income tax benefit		5,209			—			5,209			5,232			—			5,232

Other comprehensive income for the period		(9,674	)		—			(9,674	)		(9,717	)		—			(9,717	)

Total comprehensive profit for the period		374,076			837,977			1,212,053			155,742			392,546			548,288

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the nine-month periods ended September 30, 2025 and 2024

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

31.2 Pro forma consolidated statement of financial position as of September 30, 2024 (unaudited)


	As of September 30, 2024			Pro forma adjustments			As of September 30, 2024 Pro forma
Assets
Noncurrent assets
Property, plant and equipment		2,596,993			2,009,405			4,606,398
Goodwill		22,576			—			22,576
Other intangible assets		11,047			—			11,047
Right-of-use assets		54,170			677			54,847
Investments in associates		10,830			—			10,830
Trade and other receivables		177,930			100,961			278,891

Total noncurrent assets		2,873,546			2,111,043			4,984,589


Current assets
Inventories		2,434			902			3,336
Trade and other receivables		349,674			119,021			468,695
Cash, bank balances and other short-term investments		256,027			(256,027	)		—

Total current assets		608,135			(136,104	)		472,031

Total assets		3,481,681			1,974,939			5,456,620


Equity and liabilities
Equity
Capital stock		418,029			299,687			717,716
Other equity instruments		32,144			—			32,144
Legal reserve		8,233			—			8,233
Share-based payments		41,539			—			41,539
Share repurchase reserve		129,324			—			129,324
Other accumulated comprehensive income (losses)		(14,101	)		—			(14,101	)
Accumulated profit (losses)		905,141			210,680			1,115,821

Total equity		1,520,309			510,367			2,030,676


Liabilities
Noncurrent liabilities
Deferred income tax liabilities		135,175			186,762			321,937
Lease liabilities		28,677			—			28,677
Provisions		25,882			6,296			32,178
Trade and other payables		—			393,369			393,369
Borrowings		725,239			300,000			1,025,239
Employee benefits		20,518			—			20,518

Total noncurrent liabilities		935,491			886,427			1,821,918


Current liabilities
Provisions		5,052			12,051			17,103
Lease liabilities		16,571			752			17,323
Borrowings		249,991			—			249,991
Salaries and payroll taxes		26,043			388			26,431
Income tax liability		296,852			66,877			363,729
Other taxes and royalties		28,659			14,412			43,071
Trade and other payables		402,713			483,665			886,378

Total current liabilities		1,025,881			578,145			1,604,026

Total liabilities		1,961,372			1,464,572			3,425,944

Total equity and liabilities		3,481,681			1,974,939			5,456,620