Argentina · Delayed Price · Currency is ARS YPF Sociedad Anónima Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw record revenues and EBITDA, driven by shale oil growth, operational efficiencies, and strong free cash flow. Net leverage improved, CapEx guidance was reaffirmed, and major LNG and infrastructure projects advanced, despite temporary fuel price freezes and market volatility.
Fiscal Year 2025
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Record adjusted EBITDA of $5B in 2025 was achieved despite a 15% Brent price drop, driven by a strategic shift to shale, cost reductions, and major M&A. 2026 guidance targets further shale growth, $5.8–$6.2B EBITDA, and continued divestment of conventional assets.
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Operational efficiency and a shift to shale drove strong profitability despite a 12% revenue drop, with record refinery performance and major progress in divesting mature assets. Net leverage rose to 2.1x due to acquisitions, while the Argentina LNG project advanced with new partners.
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Q2 saw stable revenue and strong shale production growth, offsetting mature field divestments and Brent price volatility. Major milestones included a $2B BEMOS pipeline loan, a $500M shale asset acquisition, and a 24% reduction in lifting costs.
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Adjusted EBITDA rose 48% sequentially to $1.24B, driven by shale growth and efficiency gains, while revenues grew 7% year-over-year. Net loss narrowed to $10M, CapEx was $1.21B, and net debt increased to $8.3B. Guidance targets $5.2–$5.5B EBITDA for 2025.
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A major strategic shift is underway, focusing on profitability, efficiency, and transforming into a pure shale and world-class downstream company. Ambitious production and export targets are supported by large-scale infrastructure, technology, and LNG projects, with financial resilience and active portfolio management at the core.
Fiscal Year 2024
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2024 saw a strategic shift to shale oil, record operational and financial results, and major progress in divesting mature assets. Revenues rose 11% to $19.3B, EBITDA grew 15%, and net income reached $2.4B, with continued focus on efficiency and growth in 2025.
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Q3 2024 saw strong EBITDA and net income growth, driven by shale expansion and higher fuel prices, despite weather and demand headwinds. Major infrastructure projects advanced, with robust financing and a focus on divesting mature fields. Guidance remains positive for production and cash flow in coming years.
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Shale oil output rose 20% year-over-year, driving revenue and EBITDA growth, while efficiency gains and asset divestitures support a strategic shift to Vaca Muerta. CapEx focused on upstream and midstream, with new pipeline and LNG projects advancing. Net leverage remains stable at 1.7x.