Total production in Q4 2025 was 135,414 boe/d, a 7% increase q-o-q, driven by strong performance in operated and non-operated blocks, and a 59% increase compared to Q4 2024, mainly driven by the acquisition of a 50% working interest in La Amarga Chica block in April 2025. Oil production in Q4 2025 was 118,285 bbl/d, an 8% sequential increase and a 61% increase y-o-y.

In Q4 2025, the average realized crude oil price was 58.9 $/bbl, a 9% decrease compared to the average realized crude oil price in Q3 2025, and a 12% decrease compared to Q4 2024, in both cases mainly driven by lower Brent. ⁽¹⁾

The realized natural gas price for Q4 2025 was 1.8 $/MMBtu, a 23% decrease y-o-y, mainly driven by lower gas prices in the industrial sector.

Total revenues in Q4 2025 were 689.2 $MM, 46% above Q4 2024, mainly driven by oil production growth, and partially offset by lower oil prices. Total revenues were 2% below Q3 2025, as oil production growth was offset by lower oil prices. Net revenues during the quarter were 669.6 $MM. Net oil revenues from sales at export parity prices, combining both international and domestic markets, were 100% of total net oil revenues. Net revenues from oil and gas exports were 421.2 $MM, representing 63% of total net revenues. ⁽¹⁾

Lifting cost in Q4 2025 was 4.1 $/boe, 8% below the previous quarter, driven by the dilution of fixed costs due to production growth and the focus on cost control.

Selling expenses in Q4 2025 were 4.2 $/boe, 48% below Q4 2024, driven by the elimination of trucking as of the end of Q1 2025, as the Oldelval Duplicar pipeline became online. ⁽¹⁾

Adjusted EBITDA for Q4 2025 was 444.0 $MM, a 62% increase y-o-y, mainly driven by 59% production growth, combining organic growth and the consolidation of 50% working interest in La Amarga Chica block. Adjusted EBITDA margin was 64%, 8 p.p. above Q4 2024.

Net income in Q4 2025 was 85.7 $MM, compared to 93.8 $MM in Q4 2024, reflecting a higher Profit before income tax, offset by higher Income tax expense. Adjusted net income during Q4 2025 totaled 51.5 $MM, compared to 22.1 $MM in Q4 2024. EPS was 0.8 $/share in Q4 2025, compared to 1.0 $/share in Q4 2024. Adjusted EPS was 0.5 $/share in Q4 2025, compared to 0.2 $/share in Q4 2024.

Capex during Q4 2025 was 355.1 $MM. The Company invested 301.3 $MM in drilling, completion and workover of Vaca Muerta wells, mainly in connection with the drilling of 22 wells, the completion of 18 wells and the tie-in of 16 new wells during the quarter. Additionally, the Company invested 23.7 $MM in development facilities, and 30.0 $MM in G&G studies, IT and other projects. The average D&C cost for wells tied-in in Bajada del Palo Oeste during the second semester of 2025, normalized at 2,800 meters of lateral length and 47 stages, was 12.1 $MM per well.

In Q4 2025, the Company recorded a free cash flow of 75.6 $MM. Cash flow generated by operating activities was 435.3 $MM, reflecting income tax payments of 32.3 $MM and an increase in working capital of 15.5 $MM. Cash flow used in investing activities reached 359.7 $MM for the quarter, reflecting accrued capex of 355.1 $MM and a 15.9 $MM decrease in capex-related working capital. Cash flow from financing activities totaled 143.1 $MM, mainly driven by proceeds from borrowings of 618.3 $MM, partially offset by the repayment of borrowings’ capital for 367.6 $MM and the payment of borrowings’ interests of 74.6 $MM. ⁽²⁾

Revenues for Q4 2025 as filed and reported were 719 $MM. For comparison purposes, revenues, avg. realized oil price and selling expenses exclude 29.8 $MM of Sea freight selling expenses, collected as revenues and incurred by our trading subsidiary VEISA in Q4 2025.

Q4 2025 Cash flow from financing activities is the sum of: (i) cash flow generated by financing activities for 141.8 $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for -5.9 $MM; (iii) the variation in Government bonds for 1.7 $MM; and (iv) Other investments for 5.6 $MM.

During 2025, the Company completed and tied-in 74 new shale oil net wells. Nine pads were tied-in in Bajada del Palo Oeste (BPO-31 to BPO-39), which added 36 new wells on production; three pads were tied-in in Bajada del Palo Este (BPE-8 to BPE-10), which added 9 new wells on production; one 4-well pad was tied-in in Aguada Federal (AF-9); and 25 net wells were tied-in in La Amarga Chica. Total shale production averaged 110,666 boe/d in 2025. The number of cumulative shale wells tied-in increased to 153 in Bajada del Palo Oeste, 153 in La Amarga Chica (reflecting Vista’s 50% working interest), 26 in Bajada del Palo Este, 17 in Aguada Federal and 2 in Águila Mora, for a total of 351 net cumulative shale wells tied-in in Vaca Muerta by year-end.

Total proved reserves as of December 31, 2025, totaled 588.1 MMboe, a 57% increase compared to 375.2 MMboe as of December 31, 2024. The increase was mainly driven by solid progress in the Vaca Muerta development hub and the acquisition of 50% working interest in La Amarga Chica block in April 2025. The implied reserve replacement ratio was 605%, while the organic reserve replacement ratio (excluding acquisitions) was 260%.

During 2025, total production was 115,479 boe/d, composed of 100,104 bbl/d of oil, representing 86.7% of the total production, 2.36 MMm3/d of natural gas, representing 12.9% of the total production, and 534 boe/d of NGL, representing the remaining 0.4%. Total production in 2025 increased 66% vis-à -vis 2024. The Company exported 22.2 MMbbl of oil, a 109% increase y-o-y, which represented 61% of oil sales volumes.

During 2025, the average realized crude oil price was 62.9 $/bbl, a 9% decrease compared to 2024. The average realized natural gas price during 2025 was 2.6 $/MMBtu, an 18% decrease compared to 2024. ⁽¹⁾

Total revenues during 2025 were 2,444 $MM, a 48% increase compared to 1,648 $MM during 2024, mainly driven by oil production growth. Net oil revenues from sales at export parity prices, combining both international and domestic markets, were 2,241 $MM, or 98% of total net oil revenues. Net revenues from oil and gas exports were 1,403 $MM in 2025, an 83% increase y-o-y and representing 59% of total net revenues. ⁽¹⁾

Lifting cost in 2025 was 4.4 $/boe, down from 4.6 $/boe in 2024, reflecting the benefits of a larger scale and continuous focus on efficiency.

Selling expenses in 2025 were 4.5 $/boe, 19% below 2024, mainly driven by the elimination of trucking as of the end of Q1 2025, as the Oldelval Duplicar pipeline became online.⁽¹⁾

During 2025, the Company reduced scope 1 and 2 GHG emissions intensity by 23% vis-à-vis 2024, from 8.8 kg CO2e/boe to 6.8 kg CO2e/boe.

Adjusted EBITDA during 2025 was 1,596 $MM, resulting in an Adjusted EBITDA margin of 65%, and a 46% increase compared to an Adjusted EBITDA of 1,092 $MM during 2024.

Net income during 2025 totaled 719 $MM, compared to 478 $MM in 2024, mainly impacted by higher Profit before income tax (including the gain from the Acquisition of La Amarga Chica of 491 $MM), partially offset by a higher Income tax expense. Adjusted net income during 2025 totaled 340 $MM, compared to 194 $MM during 2024. EPS was 7.0 $/share in 2025, compared to 5.0 $/share in 2024. Adjusted EPS was 3.3 $/share in 2025, compared to 2.0 $/share in 2024.

Total capex for 2025 was 1,331 $MM, of which 1,141 $MM were invested in the Company’s shale oil wells (including La Amarga Chica), 114 $MM in development facilities, and 76 $MM in G&G studies, IT and other projects.

In 2025, the Company recorded a negative free cash flow of 1,553 $MM. Cash flow generated by operating activities was 796 $MM, while cash flow used in investing activities reached 2,349 $MM for the year (including 842 $MM used in La Amarga Chica Acquisition, net of cash). Cash flow generated by financing activities totaled 1,327 $MM, mainly driven by proceeds from borrowings of 2,838 $MM, partially offset by payment of borrowings’ principal of 1,174 $MM, payment of borrowings’ interests of 148 $MM and the repurchase of shares of 50 $MM. ⁽²⁾

Cash at the end of 2025 was 538 $MM. Gross debt totaled 3,154 $MM as of year-end, resulting in a net debt of 2,616 $MM. At year-end 2025, net leverage ratio was 1.5x on a pro forma basis and 1.6x on a non-pro forma basis. ⁽³⁾

Revenues for 2025 as filed and reported were 2,474 $MM. For comparison purposes, revenues, avg. realized oil price and selling expenses exclude 29.8 $MM of Sea freight selling expenses, collected as revenues and incurred by our trading subsidiary VEISA in Q4 2025.

2025 Cash flow from financing activities is the sum of: (i) cash flow generated by financing activities for 1,328 $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for -4 $MM; (iii) the variation in Government bonds for -2 $MM; and (iv) Other investments for 6 $MM.

Pro forma values calculated as if La Amarga Chica Acquisition had occurred on January 1, 2024. Pro forma Net Leverage Ratio (1.5x) = (Gross financial debt (3,154 $MM) – Cash, bank balances and other short-term investments (538 $MM)) / Pro forma LTM Adj. EBITDA (1,752 $MM).

Proved reserves breakdown by type (MMboe)

Proved developed reserves

Oil

Natural Gas

Proved undeveloped reserves

Oil

Natural Gas

Total proved reserves

Reserves replacement ratio

Proved reserves YE 2024

(-) Production

(+) Total additions

Acquisitions ⁽²⁾

Organic additions

Proved reserves YE 2025

Reserves replacement ratio ⁽³⁾

Organic reserve replacement ratio ⁽⁴⁾

Reserves life (years)

Excludes the acquisition of 100% of the capital stock of Petronas E&P Argentina S.A., which holds 50% working interest in La Amarga Chica unconventional concession (“La Amarga Chica Acquisition”, see Glossary), and the assignment of Trafigura’s interest in 10 pads in Bajada del Palo Oeste to Vista Argentina (the “Trafigura Agreement”, see Glossary).

Acquisitions include 139.2 MMboe from La Amarga Chica Acquisition and 6.1 MMboe from the Trafigura Agreement

Reserve replacement ratio is calculated as Total additions divided by Production

Organic reserve replacement ratio is calculated as Organic additions (i.e. Total additions minus Acquisitions) divided by Production

Proved net reserves by concession

Bajada del Palo Oeste

La Amarga Chica

Bajada del Palo Este

Aguada Federal

Conventional Assets ⁽¹⁾

Aguila Mora

Coirón Amargo Norte

Bandurria Norte

Total

Conventional Assets include Acambuco, CS-01 and Transferred Conventional Assets. The latter are operated by Tango Energy S.A. (“Tango”, formerly Petrolera Aconcagua Energía S. A.) as of March 1, 2023. Under the agreement, as amended and restated from time to time, Vista is entitled to 20% of crude oil production and reserves and 100% of natural gas and LPG and condensates production and reserves of the Transferred Conventional Assets.

Total (boe/d)

Oil (bbl/d)

Natural Gas (MMm³/d)

NGL (boe/d)

Total WI production per concession

Aguada Federal

Águila Mora

Bajada del Palo Este

Bajada del Palo Oeste

Bandurria Norte

Bajada del Palo Este

Bajada del Palo Oeste

Coirón Amargo Norte

CS-01 (Mexico) ⁽¹⁾

Total operated production

La Amarga Chica

25 de Mayo-Medanito SE ⁽²⁾

Acambuco

Agua Amarga ⁽²⁾

Entre Lomas ⁽²⁾

Jagüel de los Machos ⁽²⁾

Total non-operated production

Total shale production

Total conventional production

On November 6, 2025, the Company submitted a notice of irrevocable relinquishment of the CS-01 block to the Mexican Secretariat of Energy (“SENER” by its acronym in Spanish), which is pending confirmation to the date of issuance of this earnings release.

Transferred Conventional Assets operated by Aconcagua, effective March 1, 2023. Under the latest amendment to the agreement, entered into in September 2025, Vista is entitled to 20% of crude oil production and reserves, and 100% of natural gas and LPG and condensates production and reserves of the Transferred Conventional Assets.

Revenues per product—in $MM

Revenues

Sea freight selling expenses

Revenues, net of sea freight exp.

Export Duties

Net Revenues

Oil

Export market

Domestic market

Domestic market at export parity

Natural Gas

Export market

Domestic market

NGL

Product

Oil ($/bbl)

Export market

Domestic market

Domestic market at export parity

Natural Gas ($/MMBTU)

Export market

Domestic market

NGL ($/tn)

Product

Oil (MMbbl)

Export market

Domestic market

Domestic market at export parity

Natural Gas (millions of MMBTU)

Export market

Domestic market

NGL (Mtn)

Inventory withdrawal of 0.19 MMbbl, resulting from a production of 10.88 MMbbl and sales of 11.07 MMbbl.

Lifting Cost ($MM)

Lifting cost ($/boe)

Selling expenses ($MM)

Selling expenses ($/boe)

Adjusted EBITDA reconciliation

($MM)

Profit for the period, net

(+) Income tax expense / (benefit)

(+) Financial income (expense), net

(+) Income (loss) from investment in associates

Operating profit

(+) Depreciation, depletion and amortization

(+) Restructuring and Reorganization expenses

(+) Impairment of long-lived assets

(+) Gain related to the transfer of conventional assets

(+) Other non-cash costs related to the transfer of conventional assets

(+) Gain from business combination

Adjusted EBITDA ⁽¹⁾

Adjusted EBITDA Margin (%) ⁽²⁾

Adj. EBITDA = Profit for the period, net + Income tax (expense) / benefit + Financial income (expense), net + Depreciation, depletion and amortization + Transaction costs related to business combinations + Restructuring and reorganization expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment of long-lived assets + Gain from business combination.

Adj. EBITDA Margin = Adj. EBITDA / (Total Revenues + Gain from Exports Increase Program – Sea freight selling expenses). Gain from Exports Increase Program is zero as of Q2-25. Adj. EBITDA Margin for Q4-25 (64%) = Adj. EBITDA (444.0 $MM) / (Total Revenues (719.1 $MM) + Gain from Exports Increase Program (0.0 $MM) – Sea freight selling expenses (-29.8 $MM)).

Adjusted Net Income reconciliation

($MM)

Profit for the period, net

Adjustments:

(+) Deferred Income tax

(+) Changes in the fair value of Warrants

(+) Impairment of long-lived assets

(+) Gain related to the transfer of conventional assets

(+) Other non-cash costs related to the transfer of conventional assets

(+) Gain from Business Combination

Adjustments to Net Income

Adjusted Net Income

Adjusted EPS ($/share) ⁽¹⁾

EPS ($/share) ⁽¹⁾

EPS (Earnings per share): Profit for the period, net divided by weighted average number of ordinary shares. Adjusted EPS (Earnings per share): Adjusted Net Income divided by weighted average number of ordinary shares. The weighted average number of ordinary shares for Q4 2025, Q3 2025, Q4 2024, 2025 and 2024 were 104,269,588, 104,896,801, 95,223,600, 102,499,637 and 95,906,449 respectively.

Concession

Pad number

Landing zone

Bajada del Palo Oeste

Bajada del Palo Oeste

Bajada del Palo Oeste

Bajada del Palo Oeste

Bajada del Palo Oeste

Bajada del Palo Oeste

Bajada del Palo Oeste

Bajada del Palo Oeste

Bajada del Palo Oeste

Bajada del Palo Este

Bajada del Palo Este

Bajada del Palo Este

Q4 2025 Cash flow from financing activities is the sum of: (i) cash flow generated by financing activities for 141.8 $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for -5.9 $MM; (iii) the variation in Government bonds for 1.7 $MM; and (iv) Other investments for 5.6 $MM.

Pro forma values calculated as if La Amarga Chica Acquisition had occurred on January 1, 2024. Pro forma Net Leverage Ratio (1.5x) = (Gross financial debt (3,154.1 $MM) – Cash, bank balances and other short-term investments (538.4 $MM)) / Pro forma LTM Adj. EBITDA (1,752.0 $MM).

Total Revenues ⁽¹⁾

Oil

Natural Gas

NGL and others

Cost of Sales

Operating costs

Crude oil stock fluctuation

Royalties and others

Depreciation, depletion and amortization

Other non-cash costs related to the transfer of conventional assets

Gross profit

Selling expenses ⁽¹⁾

General and administrative expenses

Exploration expenses

Other operating income

Other operating expenses

Impairment of long-lived assets

Operating profit

Income (loss) from investments in associates

Interest income

Interest expense

Other financial income (expense)

Other financial income (expense), net

Profit before income tax

Current income tax (expense)/benefit

Deferred income tax (expense)/benefit

Income tax (expense)/benefit

Profit for the period, net

Includes 29.8 $MM of Sea freight selling expenses, collected as revenues and incurred by our trading subsidiary VEISA in Q4 2025.

Property, plant and equipment

Goodwill

Other intangible assets

Right-of-use assets

Biological assets

Investments in associates

Trade and other receivables

Deferred income tax assets

Total noncurrent assets

Inventories

Trade and other receivables

Cash, bank balances and other short-term investments

Total current assets

Total assets

Deferred income tax liabilities

Lease liabilities

Provisions

Borrowings

Employee benefits

Income tax liability

Trade and other payables

Total noncurrent liabilities

Provisions

Lease liabilities

Borrowings

Salaries and payroll taxes

Income tax liability

Other taxes and royalties

Trade and other payables

Total current liabilities

Total liabilities

Total equity

Total equity and liabilities