Q4 2025 Vista Energy Earnings Call

February 26, 2026

Speaker #1: On a listen-only mode. After the speaker's presentation, there will be a question-answer session. To ask a question during the session, you will need to press star 11 on your telephone.

Speaker #1: UT4 2025 Total Revenues were $689 million. 46% higher than the previous year, driven by a vast increase in oil production which more than offset overall prices.

Speaker #1: You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded and I'd like to hand the conference over to your speaker today, Alejandro Cheracov, Vista Strategic Planning and Investor Relations Officer, please go ahead.

Speaker #1: Oil exports doubled year over year, reaching $7.1 million in Q4 2025. Representing 64% of our total sales volume. Paralyzed oil price was $58.9 per barrel, just down 12% on the annual basis, and 9% on essential basis, in both cases driven by lower oil prices.

Speaker #2: Thanks. Good morning, everyone. We are happy to welcome you to Vista's fourth quarter and full year 2025 results conference call. I am here with Miguel Galuccio, Vista's Chairman and CEO, Pablo Verapinto, Vista's CFO, Juan Garovi, Vista's CTO, and Matas Cattaruzzi, Vista's COO.

Speaker #1: In Q4 again, we saw 100% oil volumes at 8.52 prices, both domestically and internationally. In Q4, lifting costs was $4.1 per BOE, 12% below the same quarter of last year, and 8% below the previous quarter.

Speaker #2: Before we begin, I would like to draw your attention to our cautionary statement on slide 2. Please be advised that our remarks today, including the answers to your questions, may include forward-looking statements.

Speaker #1: Reflecting our low-cost asset base and fixed cost scale. Selling expenses were $4.2 per BOE, down 48% on inter-annual basis, driven by the elimination of oil tracking as of the end of Q1.

Speaker #2: These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by these remarks.

Speaker #2: Our financial figures are stated in US dollars and in accordance with international financial reporting standards, IFRS. However, during this conference call, we may discuss certain non-IFRS financial measures such as adjusted EBITDA and adjusted net income.

Speaker #1: As the WDA during the quarter was $444 million, 62% higher in the annually, mainly driven by the consolidation of 50% working interest in La Marga Chica and organic production growth in our core development hub.

Speaker #2: Reconciliations of these measures with the closest IFRS measure can be found in the earnings release that we issued yesterday. Please check our website for further information.

Speaker #1: Which more than offset lower oil prices. On a sequential basis, as the WDA declined 6%, as lower oil and natural gas prices offset production growth.

Speaker #2: Our company is a sociedad anónima bursátil de capital variable, organized under the laws of Mexico, registered in the Bolsa Mexicana de Valores, and the New York Stock Exchange.

Speaker #1: As the WDA margin was 64%, up 8% points compared to the same quarter of last year, as the decrease in selling expenses offset lower oil prices.

Speaker #2: Our tickers are VISTA in the Bolsa Mexicana de Valores and VIST in the New York Stock Exchange. I will now turn the call over to Miguel.

Speaker #3: Thanks, Ale. Good morning, everyone, and welcome to this earning call. 2025 was a year of many achievements for Vista. Marked by the substantial value creation for our shareholders, through growth in our core development, significant wealth cost savings, and a creative M&A.

Speaker #1: Similarly, net back was 35.6 per BOE, up 2% on an inter-annual basis. During Q4 2025, cash flow from operating activities was very robust at $435 million even after income tax payment of $32 million and an increase in working capital of $16 million.

Speaker #3: The acquisition of 50% stake in La Marga Chica, marked a major milestone in our successful growth journey. Turning Vista into the largest independent oil producer of Argentina.

Speaker #1: Cash flow used in investing activities was $360 million, reflecting a true capex of $355 million and a decrease in capex-related working capital of $16 million.

Speaker #3: We also held our third investor day, during which we unveiled an updated strategic plan targeting to produce more than 200,000 BOEs per day by end of the decade.

Speaker #1: As a result, free cash flow was positive at $76 million during the quarter, and $47 million during the second semester. Hence, we achieved our positive free cash flow guidance for the second half of 2025.

Speaker #3: Today, we will go in over our Q4 results and a summary of the highlights of the full year. During the fourth quarter of 2025, we continue to deliver robust production growth.

Speaker #3: On the back of new wealth tie-ins and a strong productivity in Bajada del Palo Oeste, Aguada Federal, and La Marga Chica. Total production was 135,000 BOEs per day, an increase of 59% year over year, and 7% quarter over quarter.

Speaker #1: Cash flow from financing activities was $143 million, driven by proceeds from borrowings for $618 million partially offset by the repayment of borrowings for $368 million and interest payment of $75 million.

Speaker #3: Oil production was 118,000 barrels per day, and inter-annual increase of 61% and 8% sequentially. Total revenues during the quarter were 389 million dollars, 46% above the same quarter of the last year, and 2% below the previous quarter.

Speaker #1: Finally, our position remains very strong standing at $538 million at year-end, our net leverage ratio on a performance basis reflecting the Petronas Argentina transaction stood at 1.5 times as the WDA, flat vis-à-vis the previous quarter.

Speaker #3: Driven by lower oil prices. Lifting costs was 4.1 dollars per BOE, 12% below year over year, and 8% below vis-à-vis Q3. Capital expenditure was 355 million dollars, driven by new oil activity during the quarter.

Speaker #1: Good day and thank you for standing by. Welcome to the Vista's fourth quarter and full year 2025 earnings webcast conference call. At this time, all participants, owners, and only mode.

Speaker #1: The fourth quarter of 2025 marks the completion of an outstanding year at Vista, and these are some of our key achievements. Combining the successful degrees of the structural four-area embajada del Palo Este with the acquisition of a 50% working interest in La Marga Chica, we enlarge our oil inventory to more than 1,600 wells.

Speaker #1: After the speakers' presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone.

Speaker #3: Asset EBITDA was 444 million dollars, an inter-annual increase of 62%. Net income was 86 million dollars, leading to earnings per share of 0.8 dollars during the quarter.

Speaker #1: when I like to hand the conference over to your speaker today, Alejandro Cheracov, Vista Strategic Planning and Investor Relations Officer. Please go ahead.

Speaker #1: P1 reserve increased by 57% year over year, to $588 million BOEs, with a strong additions both on the organic and inorganic side, leading to a reserve replacement ratio of $605%.

Speaker #3: Free cash flow was 76 million dollars, driven by a strong cash flow of operation. And finally, our net leverage ratio at year-end was 1.5 times on a performance basis, flat quarter on quarter.

Speaker #1: Our organic reserves replacement ratio stood at $260%. We tie in $74 wells during the year, up from $50 in 2024, reflecting the capex acceleration in our strong portfolio of a short-cycle, high-return wells in the oil window of Vaca Muerta.

Speaker #3: Total production during Q4 was 135.4 thousand BOEs per day. As in the previous quarter, we record a solid 7% growth on a sequential basis, driven by robust wealth productivity and 60 net tie-ins during the quarter, nine in Bajada del Palo Oeste, three in Bajada del Palo Oeste, and four corresponding to our 50% share in La Marga Chica.

Speaker #2: Juan Garobi, Vista's CTO, and Matías Hueso, Vista's COO. Before we begin, I would like to draw your attention to our cautionary statement on slide 2.

Speaker #2: Please be advised that our remarks today, including the answers to your questions, may include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by these remarks.

Speaker #1: This boost total production to over 115,000 barrels of oil per day, 66% above 2024. Our solid operational performance was also reflected by the cost reduction, with 3% lifting cost savings and 15% DNC cost savings compared to 2024.

Speaker #3: On an inter-annual basis, production growth was 59%, reflecting our larger scale after the acquisition of La Marga Chica, combined with the organic growth. Oil production was 118.3 thousand barrels per day, 8% above Q3, and 61% higher year over year.

Speaker #2: Our financial figures are stated in US dollars, and in accordance with international financial reporting standards, IFRS. However, during this conference call, we may discuss certain non-IFRS financial measures such as adjusted EBITDA and adjusted net income.

Speaker #1: Operational excellence remains one of our top priorities in 2025. Our total recordable incident rate remained below 1 for the six consecutive years. By investing mildly in decarbonization process in our facilities, we reduced scope one and two greenhouse gas emissions intensity by 23% to 6.8 kilos of CO2 equivalent per BOE.

Speaker #2: Reconciliations of these measures with the closest IFRS measure can be found in the earnings release that we issued yesterday. Please check our website for further information.

Speaker #3: Gas production increased 45% on an inter-annual basis. In Q4 2025, total revenues were 689 million dollars, 46% higher than the previous year, driven by a robust increase in oil production which more than offset lower oil prices.

Speaker #2: Our company is a sociedad anónima bursátil de capital variable, organized under the laws of Mexico, registered in the Bolsa Mexicana de Valores, and the New York Stock Exchange.

Speaker #2: Our tickers are VISTA in the Bolsa Mexicana de Valores and VIST in the New York Stock Exchange. I will now turn the call over to Miguel.

Speaker #1: This placed Vista's operation within the first decile at the global level. We continue to invest in nature-based solutions in Argentina to develop our own carbon credits.

Speaker #3: Oil exports doubled year over year, reaching 7.1 million barrels in Q4 2025, representing 64% of our total sales volume. Realized oil price was 58.9 dollars per barrel on average, down 12% on inter-annual basis, and 9% on a sequential basis, in both cases driven by lower oil prices.

Speaker #1: We have made progress in 2025 to ensure that in 2026 we will have enough credit to balance the scope one and two emissions of our operated oil and gas production.

Speaker #3: The acquisition of 50% stake in La Marga Chica, marked a major milestone in our successful growth journey. Turning Vista into the largest independent oil producer of Argentina.

Speaker #1: Finally, in 2025, we continue delivering a strong financial performance. As the WDA grew 46% compared to the previous year, reaching 1.6 billion dollars. Earnings per share amounted to $7 and ROC was 29%.

Speaker #3: During Q4 again, we sold 100% of oil volumes at export parity prices, both domestically and internationally. In Q4, lifting costs was 4.1 dollars per BOE, 12% below the same quarter of last year, and 8% below the previous quarter, reflecting our low-cost asset base and fixed cost dilution as we continue to gain scale.

Speaker #3: We also held our third investor day, during which we unveiled an updated strategic plan targeting to produce more than 200,000 BOEs per day by end of the decade.

Speaker #1: Finally, we executed a share buyback program of $50 million buying 1.2 million shares at an average price of $41.2 per share, a significant discount relative to current prices.

Speaker #3: Today, we will go in over our Q4 results and a summary of the highlights of the full year. During the fourth quarter of 2025, we continue to deliver robust production growth.

Speaker #3: Selling expenses were 4.2 dollars per BOE, down 48% on inter-annual basis, driven by the elimination of oil tracking as of the end of Q1.

Speaker #1: Our 2025 performance leaves us well-poised to continue our growth sector in 2026. Total production at 115,000 BOEs per day was about the 112th to 114th guidance rate.

Speaker #3: On the back of new well tie-ins and strong productivity in Bajada del Palo Oeste, Aguada Federal, and La Marga Chica, total production was 135,000 BOE per day, an increase of 59% year over year and 7% quarter over quarter.

Speaker #3: Asset EBITDA during the quarter was 444 million dollars, 62% higher inter-annually, mainly driven by the consolidation of 50% working interest in La Marga Chica and organic production growth in our core development hub, which more than offset lower oil prices.

Speaker #1: Production during the second semester was also above guidance, 131,000 BOEs per day, compared to the guidance of 125 to 128,000. As the WDA was 1.6 billion dollars and stood at the top end of the range we guided at mid-year, we also met the WDA guidance for the second semester, recording 0.92 billion dollars or an equivalent of 1.83 billion dollars on annualized basis.

Speaker #3: On a sequential basis, asset EBITDA declined 6%, as lower oil and natural gas prices offset production growth. Asset EBITDA margin was 64%, up 8% points compared to the same quarter of last year, as the decrease in selling expenses offset lower oil prices.

Speaker #1: Lifting costs at 4.4 dollars per BOE mark an overdelivery with respect of our 4.5 dollars guidance. We were also very efficient with the use of the capital.

Speaker #3: Similarly, net back was 35.6 dollars per BOE, up 2% on an inter-annual basis. During Q4 2025, cash flow from operating activities was very robust at 435 million dollars, even after income tax payment of 32 million dollars and an increase in working capital of 16 million dollars.

Speaker #3: Assessed EBITDA was 444 million dollars, and inter-annual increase of 62%. Net income was 86 million dollars, leading to earnings per share of 0.8 dollars during the quarter.

Speaker #1: By delivering 74 wells tie-ins with 1.3 billion dollars of capex, we outperformed the original guidance of 59 tie-ins with 1.2 billion dollars. Importantly, the delivery of 2025 full-year result, in particular the momentum achieved in the fourth quarter, leaves us very well-placed to deliver on 2026 guidance.

Speaker #3: Free cash flow was 76 million dollars, driven by strong cash flow of operation. And finally, our net leverage ratio at year-end was 1.5 times on a performance basis, flat quarter on quarter.

Speaker #3: Cash flow used in investing activities was 360 million dollars, reflecting accrued CAPEX of 355 million dollars and a decrease in CAPEX-related working capital of 16 millions.

Speaker #1: As a reminder, this guidance includes 140,000 BOEs per day of total production, reflecting 80 to 90 well tie-ins, 1.5 to 1.6 billion dollars of capex, and 1.9 billion dollars of WDA assuming brand at $65 per barrel on average.

Speaker #3: Total production during Q4 was 135.4 thousand BOEs per day. As in the previous quarter, we record a solid 7% growth on a sequential basis, driven by robust well productivity and 60 net tains during the quarter, nine in Bajada del Palo Oeste, three in Bajada del Palo Oeste, and four corresponding to our 50% share in La Marga Chica.

Speaker #3: As a result, free cash flow was positive at 76 million dollars during the quarter, and 47 million dollars during the second semester. Hence, we achieved our positive free cash flow guidance for the second half of 2025.

Speaker #1: Early this month, we announced an agreement to acquire Equinor's asset in Vaca Muerta. This contributes a highly accretive transaction for our shareholders, as reflected by the implied EV to EBITDA and EV per flowing barrels metrics compared to Vista's market value.

Speaker #3: Cash flow from financing activities was 143 million dollars, driven by proceeds from borrowings for 618 million partially offset by the repayment of borrowings for 368 million and interest payment of 75 million dollars.

Speaker #3: On an inter-annual basis, production growth was

Speaker #1: The acquired asset will enhance our portfolio by adding more than 27,000 net acreage which currently produce around 22,000 barrels of oil per day, and generate positive free cash flow.

Speaker #3: Finally, our position remains very strong, standing at 538 million dollars at year-end. Our net leverage ratio on a performance basis reflecting the Petronas Argentina transaction stood at 1.5 times asset EBITDA, flat vis-à-vis the previous quarter.

Speaker #1: Importantly, the blocks have production growth potential as they add 244 net wells to our drilling inventory. As shown on the map, the new blocks are next to our existing blocks.

[Company Representative] (Vista Energy): In Q4 2025, total revenues were $689 million, 46% higher than the previous year, driven by a robust increase in oil production, which more than offset lower oil prices. Oil exports doubled year-over-year, reaching 7.1 million barrels in Q4 2025, representing 64% of our total safety volume. Realized oil price was $58.9 per barrel on average, down 12% on the annual basis and 9% on a sequential basis, in both cases, driven by lower oil prices. In Q4 again, we saw 100% oil volumes at equal quality prices, both domestically and internationally.

Miguel Galuccio: In Q4 2025, total revenues were $689 million, 46% higher than the previous year, driven by a robust increase in oil production, which more than offset lower oil prices. Oil exports doubled year-over-year, reaching 7.1 million barrels in Q4 2025, representing 64% of our total safety volume. Realized oil price was $58.9 per barrel on average, down 12% on the annual basis and 9% on a sequential basis, in both cases, driven by lower oil prices. In Q4 again, we saw 100% oil volumes at equal quality prices, both domestically and internationally.

Speaker #3: The fourth quarter of 2025 marks the completion of an outstanding year at Vista, and these are some of our key achievements. Combining the successful degrees of the structural fall area in Bajada del Palo Oeste with the acquisition of a 50% working interest in La Marga Chica, we enlarge our growth inventory to more than 1,600 wells.

Speaker #1: Which creates many opportunities for synergies in the subsurface characterization, surface facilities, mixing capacity, cruise scheduling, and oil field services contracting. As disclosed in our filings, the agreement is subject to two conditions present.

Speaker #1: The first one was already achieved last week we were informed that Shell has waived its right of first refusal over Vandurri Azur. Regarding the second one, we have already filed the relevant documents with the Chilean antitrust authority on February 11th.

Speaker #3: P1 reserve increased by 57% year over year, to 588 million BOEs, with a strong addition both on the organic and inorganic side, leading to a reserve replacement ratio of 605%.

Speaker #1: Based on the timeline of this process, we expect the transaction to close around mid-May. To conclude this call and before we move to Q&A, I will make some closing remarks.

Speaker #3: Our organic reserves replacement ratio stood at 260%, with tie-in 74 wells during the year. Up from 50 in 2024, reflecting the CAPEX acceleration in our strong portfolio of a short-cycle, high-return wells in the oil window of Vaca Muerta.

[Company Representative] (Vista Energy): In Q4, lifting cost was $4.1 per BOE, 12% below the same quarter of last year and 8% below the previous quarter, reflecting our low-cost asset base and fixed cost dilution as we continue to gain scale. Selling expenses were $4.2 per BOE, down 48% on interannual basis, driven by the elimination of oil tracking as of the end of Q1. Adjusted EBITDA during the quarter was $444 million, 62% higher interannually, mainly driven by the consolidation of 50% working interest in La Amarga Chica and organic production growth in our core development hub, which more than offset lower oil prices. On a sequential basis, adjusted EBITDA declined 6%, as lower oil and natural gas prices offset production growth.

Miguel Galuccio: In Q4, lifting cost was $4.1 per BOE, 12% below the same quarter of last year and 8% below the previous quarter, reflecting our low-cost asset base and fixed cost dilution as we continue to gain scale. Selling expenses were $4.2 per BOE, down 48% on interannual basis, driven by the elimination of oil tracking as of the end of Q1. Adjusted EBITDA during the quarter was $444 million, 62% higher interannually, mainly driven by the consolidation of 50% working interest in La Amarga Chica and organic production growth in our core development hub, which more than offset lower oil prices. On a sequential basis, adjusted EBITDA declined 6%, as lower oil and natural gas prices offset production growth.

Speaker #1: Q4 marked the completion of a transformational year for the company. During which we gained significant scale and delivered on an annual guidance across all key metrics.

Speaker #1: During 2025, we record robust operational performance. Increasing total production P1 reserve and expanding well inventory. We achieved material lifting costs and selling cost savings that improve our margins, offsetting lower oil prices.

Speaker #3: This boost total production to over 115,000 barrels of oil per day, 66% above 2024. Our solid operational performance was also reflected by the cost reduction with 3% lifting cost saving and 15% DNC cost savings compared to 2024.

Speaker #1: We also captured significant DNC cost reductions through the commercial, supply chains, and technological innovation. This strong operational performance, combined with the acquisition of 50% worthy interest in La Marga Chica, led to superior profitable growth during the year.

Speaker #3: Operational excellence remains one of our top priorities in 2025. Our total recordable incident rate remained below 1 for the six consecutive years. By investing in decarbonization process in our facilities, we reduced scope one and two greenhouse gas emissions intensity by 23% to 6.8 kilos of CO2 equivalent per BOE.

Speaker #1: Materially expanding, as the WDA and earnings per share. More recently, we continue to demonstrate our unique ability to execute accretive M&A. Gaining further scale, enhancing portfolio depth, and long-term cash flow generation through the acquisition of participation in Vandurri Azur and Bajo del Toro, two premium assets in Vaca Muerta.

[Company Representative] (Vista Energy): Adjusted EBITDA margin was 64%, up eight percentage points compared to the same Q4 of last year, as the decrease in selling expenses offset lower oil prices. Similarly, netback was $35.6 per BOE, up 2% on an interannual basis. During Q4 2025, cash flow from operating activities was very robust at $435 million, even after income tax payment of $32 million and an increase in working capital of $16 million. Cash flow used in investing activities was $360 million, reflecting accrued CapEx of $355 million and a decrease in CapEx-relating working capital of $16 million. As a result, free cash flow was positive at $76 million during the Q4 and $47 million during the second semester.

Miguel Galuccio: Adjusted EBITDA margin was 64%, up eight percentage points compared to the same Q4 of last year, as the decrease in selling expenses offset lower oil prices. Similarly, netback was $35.6 per BOE, up 2% on an interannual basis. During Q4 2025, cash flow from operating activities was very robust at $435 million, even after income tax payment of $32 million and an increase in working capital of $16 million. Cash flow used in investing activities was $360 million, reflecting accrued CapEx of $355 million and a decrease in CapEx-relating working capital of $16 million. As a result, free cash flow was positive at $76 million during the Q4 and $47 million during the second semester.

Speaker #3: This placed Vista's operation within the first decile at the global level. We continue to invest in nature-based solutions in Argentina to develop our own carbon credits.

Speaker #1: Before we move to Q&A, I would like to express my gratitude to our staff for having delivered another remarkable year for our company. I am also thankful to our shareholders for their continued support.

Speaker #3: We have made progress in 2025 to ensure that in 2026 we will have enough credit to balance the scope one and two emissions of our operated oil and gas production.

Speaker #1: Operator, we can now move to Q&A.

Speaker #3: Finally, in 2025, we continue delivering a strong financial performance. Asset EBITDA grew 46% compared to the previous year, reaching 1.6 billion dollars. Earnings per share amounted to $7 and ROC was 29%.

Speaker #2: Thank you. As a reminder to ask a question, you will need to press star 11 on your telephone and wait for a name to be announced.

Speaker #2: To withdraw your question, please press star please press star 11 again. Please stand by while we compile the Q&A roster. One moment for our first question.

Speaker #3: Finally, we executed a share buyback program of 50 million dollars, buying 1.2 million shares at an average price of 41.2 dollars per share, a significant discount relative to current prices.

Speaker #2: Our first question will come from Lana Walter, Chad Versio, from Santender, Yolanda's open.

Speaker #3: yes, hello. Can you hear me?

Speaker #4: Yes, we hear well, Walter.

[Company Representative] (Vista Energy): We achieved our positive free cash flow guidance for the second half of 2025. Cash flow from financing activities was $143 million, driven by proceeds from borrowings for $680 millions, partially offset by the repayment of borrowings for $368 million, an interest payment of $75 million. Finally, our position remains very strong, standing at $538 million at year-end. Our net leverage ratio on a pro forma basis, reflecting the Petronas Argentina transaction, stood at 1.5 times adjusted EBITDA, flat vis-a-vis the previous Q. Q4 2025 marks the completion of an outstanding year at Vista, and these are some of our key achievements.

Miguel Galuccio: We achieved our positive free cash flow guidance for the second half of 2025. Cash flow from financing activities was $143 million, driven by proceeds from borrowings for $680 millions, partially offset by the repayment of borrowings for $368 million, an interest payment of $75 million. Finally, our position remains very strong, standing at $538 million at year-end. Our net leverage ratio on a pro forma basis, reflecting the Petronas Argentina transaction, stood at 1.5 times adjusted EBITDA, flat vis-a-vis the previous Q. Q4 2025 marks the completion of an outstanding year at Vista, and these are some of our key achievements.

Speaker #3: perfect. Okay, thank you. for taking my question and congratulations. For such moving year for the company. my question is regarding, the acquisition of, Vandurri Azur: what are the next steps in terms of, especially in terms of capex reallocation if there is any?

Speaker #3: Our 2025 performance leaves us well-poised to continue our growth trajectory in 2026. Total production at 115,000 BOEs per day was about the 112 to 114 guidance range.

Speaker #3: I see that the numbers of wells for the year remain the same. but i-if you think that there will be some capex reallocation, and what is the situation regarding facilities with, the new situation of the company, and the acquisition o-o-of all the blocks in 2025?

Speaker #3: Production during the second semester was also above guidance, 131,000 BOEs per day, compared to the guidance of 125 to 128,000. Asset EBITDA was 1.6 billion dollars, and it stood at the top end of the range we guided at mid-year.

Speaker #3: Thank you.

Speaker #3: We also met the asset EBITDA guidance for the second semester, recording 0.92 billion dollars or an equivalent of 1.83 billion dollars on annualized basis.

Speaker #4: Thank you, Walter, for your question. so the main milestones of starting with your first part of the question, the next step, the main milestone which was, Shell's right of first refusal was already clear.

Speaker #3: Lifting costs at 4.4 dollars per BOE mark an overdelivery with respect of our 4.5 dollars guidance. We were also very efficient with the use of the capital.

Speaker #4: we are now go through the Chilean antitrust process that, on was filed on February 11, jointly with Equinor. So the relevant documents are already in the Fiscalía Nacional of Economía.

[Company Representative] (Vista Energy): Combining the successful de-risk of the structural four area in Bajada del Palo Este with the acquisition of a 50% working interest in La Amarga Chica, we enlarged our well inventory to more than 1,600 wells. 1P reserve increased by 57% year-over-year to 588 million BOEs, with strong additions both on the organic and inorganic side, leading to a reserve replacement ratio of 605%. Our organic reserve replacement ratio stood at 260%. We tied in 74 wells during the year, up from 50 in 2024, reflecting the CapEx acceleration in our strong portfolio of a short cycle, high return wells in the oil window of Vaca Muerta. This boost total production to over 115,000 barrels of oil per day, 66% over 2024.

Miguel Galuccio: Combining the successful de-risk of the structural four area in Bajada del Palo Este with the acquisition of a 50% working interest in La Amarga Chica, we enlarged our well inventory to more than 1,600 wells. 1P reserve increased by 57% year-over-year to 588 million BOEs, with strong additions both on the organic and inorganic side, leading to a reserve replacement ratio of 605%. Our organic reserve replacement ratio stood at 260%. We tied in 74 wells during the year, up from 50 in 2024, reflecting the CapEx acceleration in our strong portfolio of a short cycle, high return wells in the oil window of Vaca Muerta. This boost total production to over 115,000 barrels of oil per day, 66% over 2024.

Speaker #3: By delivering 74 wells tie-ins, with 1.3 billion dollars of CAPEX, we outperformed the original guidance of 59 tie-ins with 1.2 billion dollars. Importantly, the delivery of 2025 full-year result, in particular the momentum achieved in the fourth quarter, leaves us very well-placed to deliver on 2026 guidance.

Speaker #4: So based on all that presence, we believe, we should be closing during Q2. Related to capital allocation and, the Equinor acquisition, going to the Equinor deal, we are currently focused on the process of closing the deal.

Speaker #4: And it's, for us a bit premature to cover to comment anything related to the new plan. But in term in general principles that we assume assuming 65-dollar brand, the capex plan for the existing asset is not affected by the new asset.

Speaker #3: As a reminder, this guidance includes 140,000 BOEs per day of total production, reflecting 80 to 90 well tie-ins, 1.5 to 1.6 billion dollars of CAPEX, and 1.9 billion dollars of asset EBITDA, assuming Brent at 65 dollars per barrel on average.

Speaker #4: That mean, we will we will continue having the plan as we have. and the acquisition that we have done, we'll be self-fund by the EBITDA and capex generation of the asset that we have, acquired.

Speaker #3: Early this month, we announced an agreement to acquire Equinor's asset in Vaca Muerta. This constitutes a highly accretive transaction for our shareholders. As reflected by the implied EV to EBITDA and EV per flowing barrels metrics compared to Vista market value.

Speaker #4: You, you asked it it also, another question related to the, facilities. So we don't see any issues with the facilities and, in the acquisition of Baja of Vandurri Azur.

[Company Representative] (Vista Energy): Our solid operational performance was also reflected by the cost reduction, with 3% lifting cost savings and 15% DNC cost savings compared to 2024. Operational excellence remains one of our top priorities. In 2025, our total recordable incident rate remained below 1 for the 6th consecutive year. By investing mildly in the carbonization process in our facilities, we reduced the Scope 1 and 2 greenhouse gas emissions intensity by 23% to 6.8 kilos of CO₂ equivalent per BOE. This place Vista's operation within the first decile at the global level. We continue to invest in nature-based solutions in Argentina to develop our own carbon credits. We have made progress in 2025 to ensure that in 2026, we will have enough credit to balance the Scope 1 and 2 emissions of our operated oil and gas production.

Miguel Galuccio: Our solid operational performance was also reflected by the cost reduction, with 3% lifting cost savings and 15% DNC cost savings compared to 2024. Operational excellence remains one of our top priorities. In 2025, our total recordable incident rate remained below 1 for the 6th consecutive year. By investing mildly in the carbonization process in our facilities, we reduced the Scope 1 and 2 greenhouse gas emissions intensity by 23% to 6.8 kilos of CO₂ equivalent per BOE. This place Vista's operation within the first decile at the global level. We continue to invest in nature-based solutions in Argentina to develop our own carbon credits. We have made progress in 2025 to ensure that in 2026, we will have enough credit to balance the Scope 1 and 2 emissions of our operated oil and gas production.

Speaker #3: The acquired asset will enhance our portfolio by adding more than 27,000 net acreage which currently produce around 22,000 barrels of oil per day, and generate positive free cash flow.

Speaker #4: we have plenty of facilities there. We have they have a spare capacity also. We have a spare capacity. Different will be for the development of Baja del Toro.

Speaker #3: Importantly, the blocks have production growth potential as they add 244 net wells to our drilling inventory. As shown on the map, the new blocks are next to our existing blocks.

Speaker #4: where it's very close to, one of assets there, Aguilamora. But that will require a new facilities. As far as we know, a duplicar norte is ongoing.

Speaker #4: so one option that we have is to tap into that, to that pipeline. And that, is being, I, I think it's being leaned by, by other companies, Blue Petrol, CVX, and, and Tech Petrol.

Speaker #3: Which create many opportunities for synergies in the subsurface characterization, surface facilities, mixing capacity, cruise scheduling, and oil field services contracting. As disclosed in our filings, the agreement is subject to two conditions present.

Speaker #4: So that is that could be an option. But that will not happen in the in the next year, neither in the next few years.

Speaker #3: The first one was already achieved last week; we were informed that Shell has waived its right of first refusal over Vandurri Azur. Regarding the second one, we have already filed the relevant documents with the Chilean antitrust authority on February 11th.

Speaker #3: Okay, perfect. Thank you very much, Miguel.

[Company Representative] (Vista Energy): Finally, in 2025, we continued delivering a strong financial performance. Adjusted EBITDA grew 46% compared to the previous year, reaching $1.6 billion. Earnings per share amounted to $7, and ROC was 29%. Finally, we executed a share buyback program of $50 million, buying 1.2 million shares at an average price of $41.2 per share, a significant discount relative to current prices. Our 2025 performance leaves us well poised to continue our growth trajectory in 2026. Total production at 115,000 BOE per day, was about the 112 to 114 guidance rate. Production during the second semester was also above guidance, 131,000 BOEs per day, compared to the guidance of 125 to 128,000.

Miguel Galuccio: Finally, in 2025, we continued delivering a strong financial performance. Adjusted EBITDA grew 46% compared to the previous year, reaching $1.6 billion. Earnings per share amounted to $7, and ROC was 29%. Finally, we executed a share buyback program of $50 million, buying 1.2 million shares at an average price of $41.2 per share, a significant discount relative to current prices. Our 2025 performance leaves us well poised to continue our growth trajectory in 2026. Total production at 115,000 BOE per day, was about the 112 to 114 guidance rate. Production during the second semester was also above guidance, 131,000 BOEs per day, compared to the guidance of 125 to 128,000.

Speaker #2: Thank you for that question. One moment for our next question. Our next question will come from Lana Bruno, Montanari, from Morgan Stanley. Your line is open.

Speaker #3: Based on the timeline of this process, we expect the transaction to close around mid-May. To conclude this call and before we move to Q&A, I will make some closing remarks.

Speaker #5: good morning. Miguel, Ale, everyone. Thanks for taking my question. my question is, is also about capital allocation, but, more on a broad perspective. so the company is generating cash and, we, we believe that that cash generation, should increase, substantially in 2026 and beyond.

Speaker #3: Q4 marked the completion of a transformational year for the company. During which we gained significant scale and delivered on an annual guidance across all key metrics.

Speaker #5: so can you help us, how to think about options, such as accelerating really activity in case oil prices increase, or pursuing acquisitions around, your existing acreage, and/or distributing cash back to shareholders?

Speaker #3: During 2025, we record robust operational performance. Increasing total production P1 reserve and expanding well inventory. We achieved material lifting costs and selling cost savings that improve our margins.

Speaker #5: So how do you think about, using that incremental cash that will be generated in the in the coming years? Thank you very much.

Speaker #3: Offsetting lower oil prices. We also captured significant DNC cost reductions through the commercial supply chain and technological innovation. This strong operational performance, combined with the acquisition of 50% working interest in La Marga Chica, led to superior profitable growth during the year.

Speaker #4: Thank you for your question. with, the actual operation is running with between four and five rigs. from now to 2028. And we have an inventory life of 15 years.

[Company Representative] (Vista Energy): Adjusted EBITDA was $1.6 billion and stood at the top end of the range we guided at mid-year. We also met the adjusted EBITDA guidance for the second semester, recording $0.92 billion, or an equivalent of $1.83 billion on an annualized basis. Lifting costs at $4.4 per BOE, mark another delivery with respect of our $4.5 guidance. We were also very efficient with the use of the capital by delivering 74 well tie-ins with $1.3 billion of CapEx. We outperformed the original guidance of 59 tie-ins with $1.2 billion. Importantly, the delivery of 2025 full year results, in particular, the momentum achieved in the Q4, leave us very well placed to deliver on 2026 guidance.

Miguel Galuccio: Adjusted EBITDA was $1.6 billion and stood at the top end of the range we guided at mid-year. We also met the adjusted EBITDA guidance for the second semester, recording $0.92 billion, or an equivalent of $1.83 billion on an annualized basis. Lifting costs at $4.4 per BOE, mark another delivery with respect of our $4.5 guidance. We were also very efficient with the use of the capital by delivering 74 well tie-ins with $1.3 billion of CapEx. We outperformed the original guidance of 59 tie-ins with $1.2 billion. Importantly, the delivery of 2025 full year results, in particular, the momentum achieved in the Q4, leave us very well placed to deliver on 2026 guidance.

Speaker #3: Materially expanding asset EBITDA and earnings per share. More recently, we continue to demonstrate our unique ability to execute accretive M&A. Gaining further scale, enhancing portfolio depth, and long-term cash flow generation through the acquisition of participation in Vandurri Azur, and Bajo del Toro, two premium assets in Vaca Muerta.

Speaker #4: So we are we think that we are close to the optimum activity level relative to the size of the asset that we have. If we see the oil price go above assumptions in our plan, you could see that we had some wells to the plan.

Speaker #4: But wouldn't expect that we will have anything that is completely material change compared to what we have in the plan today toward 2028. most of the gas that, we will generate will be allocated through our, capital allocation framework that we present in the investor day.

Speaker #3: Before we move to Q&A, I would like to express my gratitude to our staff for having delivered another remarkable year for our company. I am also thankful to our shareholders for their continued support.

Speaker #3: Operator, we can now move to Q&A.

Speaker #1: Thank you. As a reminder to ask a question, you will need to press star 11 on your telephone and wait for a name to be announced.

Speaker #4: That is buybacks and dividends, M&As, and debt reduction. How we are going to split between the three—I mean, we would like to maintain that flexibility based on the options that we have.

Speaker #1: To withdraw your question, please press star please press star 11 again. Please stand by while we compile the Q&A roster. One moment for our first question.

Speaker #4: At the moment, but, this is basically what we plan to do with the cash. Thanks for your question, Bruno.

[Company Representative] (Vista Energy): As a reminder, this guidance includes 140,000 BOEs per day of total production, reflecting 80 to 90 well tie-ins, $1.5 to 1.6 billion of CapEx, and $1.9 billion of adjusted EBITDA, assuming Brent at $65 per barrel on average. Early this month, we announced an agreement to acquire Equinor's asset in Vaca Muerta. This constitutes a highly accretive transaction for our shareholders, as reflected by the implied EV to EBITDA and EV per flowing barrels metrics compared to Vista's market value. The acquired asset will enhance our portfolio by adding more than 27,000 net acreage, which currently produce around 22,000 barrel oil per day and generate positive free cash flow. Importantly, the blocks have production growth potential, as they add 244 net wells to our drilling inventory.

Miguel Galuccio: As a reminder, this guidance includes 140,000 BOEs per day of total production, reflecting 80 to 90 well tie-ins, $1.5 to 1.6 billion of CapEx, and $1.9 billion of adjusted EBITDA, assuming Brent at $65 per barrel on average. Early this month, we announced an agreement to acquire Equinor's asset in Vaca Muerta. This constitutes a highly accretive transaction for our shareholders, as reflected by the implied EV to EBITDA and EV per flowing barrels metrics compared to Vista's market value. The acquired asset will enhance our portfolio by adding more than 27,000 net acreage, which currently produce around 22,000 barrel oil per day and generate positive free cash flow. Importantly, the blocks have production growth potential, as they add 244 net wells to our drilling inventory.

Speaker #1: Our first question will come from Elena Walter Cheraversio. From Santander, Yolanda's open.

Speaker #2: Thank you.

Speaker #5: One moment for our next question. Our next question will come from Lana Alejandro Demichelis from Jefferies. Your line is open.

Speaker #3: Yes. Hello. Can you hear me?

Speaker #4: Yes. We hear well, Walter.

Speaker #3: Perfect. Okay. Thank you, for taking my question and congratulations for such moving year for the company. My question is regarding the acquisition of Vandurri Azur: what are the next steps in terms of especially in terms of CAPEX reallocation if there is any?

Speaker #6: Yes, good morning. Thank you very much for taking my question. Miguel, you mentioned the, very sharp decrease in drilling and completion cost that you have achieved, and that has been great.

Speaker #6: Could you please kind of comment where do you see kind of, drilling and completion costs right now? Where do you think that those could end up, say, over the next few quarters?

Speaker #3: I see that the numbers of wells for the year remain the same. But if you think that there will be some CAPEX reallocation, and what is the situation regarding facilities with the new situation of the company and the acquisition of all the blocks in 2025?

Speaker #6: And, and, and, and, and, and also, are you seeing also similar kind of decreases in your non-operated acreage?

Speaker #4: Thank you, Ale, for your question. And, yes, we are one of the things and one of the initiatives that we are very proud of is the reduction of DNC costs, where we are putting a lot lot of effort and a lot of innovation.

Speaker #3: Thank you.

Speaker #4: Thank you, Walter, for your question. So the main milestones of starting with your first part of the question, the next step, the main milestone which was Shell's right of first refusal was already clear.

Speaker #4: So we made very good progress, during the second semester. We fully implemented the use of bulk wet sand. As well as our property, frack real-time monitoring tool, streaming the completion show.

[Company Representative] (Vista Energy): As shown on the map, the new blocks are next to our existing blocks, which creates many opportunities for synergies in the subsurface characterization, surface facilities, mixing capacity, crews, scheduling, and oil field services contracting. As disclosed in our filings, the agreement is subject to 2 conditions present. The 1st one was already achieved. Last week, we were informed that Shell has waived its right of first refusal over Bandurria Sur. Regarding the 2nd one, we have already filed the relevant documents with the Chilean Antitrust Authority on 11 February. Based on the timeline of this process, we expect the transaction to close around mid-May. To conclude this call, Before we move to Q&A, I will make some closing remarks. Q4 marked the completion of a transformational year for the company, during which we gained significant scale and delivered on an annual guidance across all key metrics.

Miguel Galuccio: As shown on the map, the new blocks are next to our existing blocks, which creates many opportunities for synergies in the subsurface characterization, surface facilities, mixing capacity, crews, scheduling, and oil field services contracting. As disclosed in our filings, the agreement is subject to 2 conditions present. The 1st one was already achieved. Last week, we were informed that Shell has waived its right of first refusal over Bandurria Sur. Regarding the 2nd one, we have already filed the relevant documents with the Chilean Antitrust Authority on 11 February. Based on the timeline of this process, we expect the transaction to close around mid-May. To conclude this call, Before we move to Q&A, I will make some closing remarks. Q4 marked the completion of a transformational year for the company, during which we gained significant scale and delivered on an annual guidance across all key metrics.

Speaker #4: We are now going through the Chilean antitrust process that was filed on February 11th, jointly with Equinor. So the relevant documents are already in the Fiscalía Nacional of Economía.

Speaker #4: We talk about that tool a bit during our investor day. On the contractual side, we renegotiated our contract with our major provider, and the bundle, the drilling services.

Speaker #4: So based on all that presence, we believe we should be closing during Q2. Related to capital allocation and the Equinor acquisition, going to the Equinor deal, we are currently focused on the process of closing the deal.

Speaker #4: All that led to an important, important savings in all these initiatives led to a DNC cost of 12.1 million per well in the second half of 2025 in Baja del Palo Oeste.

Speaker #4: And it's for us a bit premature to comment anything related to the new plan. But in terms and general principles that we assume in 65-dollar brand, the CAPEX plan for the existing asset is not affected by the new asset.

Speaker #4: This taking consideration, normalized well of 2,800 meters, with 47 frack stages. We are currently working on other cost reduction projects. Last week, we started operating, the sandwashing plan that we moved from Baja del Palo Oeste, sourced from our new mine in Basin.

Speaker #4: That means we will continue having the plan as we have. And the acquisition that we have done will be self-fund by the EBITDA and CAPEX generation of the asset that we have, acquired.

Speaker #4: This, new mine is 100 kilometers from our operation. So it's probably the closest any operation in, in Bacamorte today. with that, we plan to save some entire core development hub.

[Company Representative] (Vista Energy): During 2025, we recorded robust operation performance, increasing total production, 1P reserve, and expanding well inventory. We achieved material lifting costs and selling cost savings that improved our margin, offsetting lower oil prices. We also captured significant DNC cost reductions through the commercial, supply chain, and technological innovation. This strong operational performance, combined with the acquisition of 50% working interest in La Amarga Chica, led to superior profitable growth during the year, materially expanding adjusted EBITDA and earnings per share. More recently, we continue to demonstrate our unique ability to execute accretive M&A, gaining further scale, enhancing portfolio depth, and long-term cash flow generation through the acquisition of participation in Bandurria Sur and Bajo del Toro, two premium assets in Vaca Muerta. Before we move to Q&A, I would like to express my gratitude to our staff for having delivered another remarkable year for our company.

Miguel Galuccio: During 2025, we recorded robust operation performance, increasing total production, 1P reserve, and expanding well inventory. We achieved material lifting costs and selling cost savings that improved our margin, offsetting lower oil prices. We also captured significant DNC cost reductions through the commercial, supply chain, and technological innovation. This strong operational performance, combined with the acquisition of 50% working interest in La Amarga Chica, led to superior profitable growth during the year, materially expanding adjusted EBITDA and earnings per share. More recently, we continue to demonstrate our unique ability to execute accretive M&A, gaining further scale, enhancing portfolio depth, and long-term cash flow generation through the acquisition of participation in Bandurria Sur and Bajo del Toro, two premium assets in Vaca Muerta. Before we move to Q&A, I would like to express my gratitude to our staff for having delivered another remarkable year for our company.

Speaker #4: You asked it also another question related to the facilities. So we don't see any issues with the facilities in the acquisition of Vandurri Azur.

Speaker #4: We are also working on the debundling of completion services. We are testing new pump technology that can replace diesel for natural gas. And also, we are testing new casing design that reduces steel costs.

Speaker #4: This project will drive 2026 and 2027 world cost savings. We are on track to deliver 11.7 per well this year. And 11.3 in 2027.

Speaker #4: We have plenty of facilities there. They have a spare capacity also. We have a spare capacity. Different will be for the development of Baja del Toro.

Speaker #4: Where it's very close to one of the assets there, Ilamora. But that will require a new facilities. As far as we know, a duplicar norte is ongoing.

Speaker #4: And my personal opinion, that we can go farther down on that target if all these come into place. that's clear. Thank you. Yeah, you're welcome.

Speaker #4: So one option that we have is to tap into that pipeline. That is being, I think, is being leaned by other companies, Blue Petrol, CVX, and Tech Petrol.

Speaker #2: Thank you. One moment for our next question. Our next question will come from Lana Andres Cardona from Citi. Your line is open.

Speaker #7: Hi, good morning, Miguel and team. Congratulations on the good set of results. And my question has to do with the recent inclusion of the option business, to the region.

Speaker #4: So that could be an option. But that will not happen in the next year, neither in the next few years.

[Company Representative] (Vista Energy): I am also thankful to our shareholders for their continued support. Operator, we can now move to Q&A.

Miguel Galuccio: I am also thankful to our shareholders for their continued support. Operator, we can now move to Q&A.

Speaker #3: Okay. Perfect. Thank you very much, Miguel.

Speaker #7: And how it could change the development plan of the cluster of Baja del Toro and Águila Mora. Thank you.

Operator: Thank you. As a reminder, to ask a question, you will need to press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster. One moment for our first question. Our first question will come from the line of Walter Chiarvesio from Santander. Your line is open.

Speaker #1: Thank you for that question. One moment for our next question. Our next question will come from Elena Bruno Montanari from Morgan Stanley. Yolanda's open.

Speaker #4: Thank you, Andrés, for the question. So first, probably to put that question in context, I will talk a bit about the region.

Speaker #5: Good morning. Miguel, Ale, everyone. Thanks for taking my question. My question is also about capital allocation, but more on a broad perspective. So the company is generating cash and we believe that the cash generation should increase substantially in 2026 and beyond.

Speaker #4: So the new region scheme, consists of incorporating basically upstream projects, during the lay bases upstream or not part of the scope of the region.

Speaker #4: In our view, this is a very positive change in regulation, as it creates conditions to accelerate investment and grow and grow on the Basin. Under the terms outlined by the decree, there is a minimum investment commitment of $600 million, of which 40% needs to be spent in the first two years.

Walter Chiarvesio: Yes, hello. Can you hear me?

[Company Representative] (Vista Energy): Yes, we hear you well, Walter.

Miguel Galuccio: Yes, we hear you well, Walter.

Speaker #5: So can you help us how to think about options such as accelerating really activity in case oil prices increase, or pursuing acquisitions around your existing acreage, and/or distributing cash back to shareholders?

Walter Chiarvesio: Perfect. Okay. Thank you for taking my question, and congratulations for such moving year for the company. My question is regarding the acquisition of Bandurria Sur. What are the next steps in terms of, especially in terms of CapEx reallocation, if there is any? I see that the numbers of wells for the years remain the same. If you think that there will be some CapEx reallocation, and what is the situation regarding facilities with, the new situation of the company, and the acquisition of all the blocks in 2025? Thank you.

Speaker #5: So how do you think about using that incremental cash that will be generated in the coming years? Thank you very much.

Speaker #4: Also, there is a ratio between cash from operation and total capex. The main the benefit that the region brings includes accelerated mo amortization, a decrease in corporate tax from 35% to 25%, zero export taxes after the third year, and being able to keep partially export proceeds abroad also after the third year.

Speaker #4: Thank you for your question. The actual operation is running between four and five rigs. From now to 2028. And we have an inventory life of 15 years.

Speaker #4: So we are analyzing the scheme in detail by based on our preliminary analysis. We believe that that could be applicable to some of our development blocks, as you mentioned.

Speaker #4: So we think that we are close to the optimum activity level relative to the size of the asset that we have. If we see the oil price go above assumptions in our plan, you could see that we had some wells to the plan.

[Company Representative] (Vista Energy): Thank you, Walter, for your question. The main milestone, starting with your first part of the question, the next step, the main milestone, which was a Shell right of first refusal, was already clear. We are now go through the Chilean antitrust process that was filed on 11 February, shortly with Equinor. The relevant documents are already in the Fiscalía Nacional Económica. Based on all that presence, we believe we should be closing during Q2. Related to capital allocation and the Equinor acquisition, going to the Equinor deal, we are currently focused on the process of closing the deal, and it's for us, it is premature to comment anything related to the new plan.

Miguel Galuccio: Thank you, Walter, for your question. The main milestone, starting with your first part of the question, the next step, the main milestone, which was a Shell right of first refusal, was already clear. We are now go through the Chilean antitrust process that was filed on 11 February, shortly with Equinor. The relevant documents are already in the Fiscalía Nacional Económica. Based on all that presence, we believe we should be closing during Q2. Related to capital allocation and the Equinor acquisition, going to the Equinor deal, we are currently focused on the process of closing the deal, and it's for us, it is premature to comment anything related to the new plan.

Speaker #4: One, if Anduria Norte. The other one could be Águila Mora. And eventually, also can be applied to Baja del Toro. So very, very good initiative from the government.

Speaker #4: But we wouldn't expect that we will have anything that is completely material change compared to what we have in the plan today. Toward 2028.

Speaker #4: Very, very very welcome by us and by the industry.

Speaker #4: Most of the gas that we will generate will be allocated through our capital allocation framework that we present in the investor day. That is buyback and dividends, M&As, and debt reduction.

Speaker #2: Thank you. One moment for our next question. Our next question will come from Lana Milena Carvalho from JP Morgan. Your line is open.

Speaker #4: How we are going to split between the three, I mean, we would like to maintain that flexibility based on the options that we have.

Speaker #8: Good morning, everyone. And thank you for the opportunity. After all those questions on the strategic fields, I would like to go back a little bit on the operational side.

Speaker #4: At the moment, but this is basically what we plan to do with the cash. Thanks for your question, Bruno.

[Company Representative] (Vista Energy): In term, in general principle, that we assume, assuming $65 Brent, the CapEx plan for the existing asset is not affected by the new asset. That means, we will continue having the plan as we have, and the acquisition that we have done will be self-funded by the EBITDA and CapEx generation of the asset that we have acquired. You asked also, another question related to the facilities. We don't see any issues with the facilities in the acquisition of Bandurria Sur. We have plenty of facilities there. They have a spare capacity. We have a spare capacity. Different will be for the development of Bajo del Toro, where it's very close to one of the assets there, Aguila Mora. That will require new facilities.

Miguel Galuccio: In term, in general principle, that we assume, assuming $65 Brent, the CapEx plan for the existing asset is not affected by the new asset. That means, we will continue having the plan as we have, and the acquisition that we have done will be self-funded by the EBITDA and CapEx generation of the asset that we have acquired. You asked also, another question related to the facilities. We don't see any issues with the facilities in the acquisition of Bandurria Sur. We have plenty of facilities there. They have a spare capacity. We have a spare capacity. Different will be for the development of Bajo del Toro, where it's very close to one of the assets there, Aguila Mora. That will require new facilities.

Speaker #8: So this quarter, Vista reported record low lifting costs. can you explain a little bit further what were the efficiency measures that have been supporting results besides all the cost dilutions with the production growth?

Speaker #1: Thank you.

Speaker #5: One moment for our next question. Our next question will come from Elena Alejandro Demichelis from Jefferies. Yolanda's open.

Speaker #8: And again, you're very well positioned for the guidance in 2026. But what can we expect as trend in the for the coming quarters? Thank you.

Speaker #4: Yes. Good morning. Thank you very much for taking my question. Miguel, you mentioned the very sharp decrease in drilling and completion costs that you have achieved, and that has been great.

Speaker #4: Hi, Milena. And thanks for your question. and thanks for being back to operation. So during Q4, we captured some savings related to well services.

Speaker #4: Could you please kind of comment where do you see kind of drilling and completion costs right now? Where do you think that those could end up, say, over the next few quarters?

Speaker #4: As in previous quarter, we continue to capture savings as we increase production. We dilute fixed costs. And we have seen that effect, for many years, since we ran the operation in Vista.

Speaker #4: And also, are you seeing also similar kind of decreases in your non-operated acreage?

Speaker #4: This led to a lifting cost of 4.1 dollars that you pointed out during the quarter. In my view, that number, based on what I said before, is an exceptional number.

Speaker #5: Thank you, Ale, for your question. And yes, we are one of the things and one of the initiatives that we are very proud of is the reduction of DNC costs, where we are putting a lot of effort and a lot of innovation.

Speaker #4: for 2026, our plan shows a lifting cost that will continue with the trend of, basically reducing, we, guide, 2026 for a lifting cost of 4.4 that is 2% below, 2026.

Speaker #5: So we made very good progress during the second semester. We fully implemented the use of bulk wet sand. As well as our property frack real-time monitoring tool, streaming the completion show.

[Company Representative] (Vista Energy): As far as we know, Duplicar Norte is ongoing. One option that we have is to tap into that pipeline that, I think, is being led by other companies, Blue Petrol, CVX, and Tecpetrol. That could be an option, but that will not happen in the next year or even in the next few years.

Miguel Galuccio: As far as we know, Duplicar Norte is ongoing. One option that we have is to tap into that pipeline that, I think, is being led by other companies, Blue Petrol, CVX, and Tecpetrol. That could be an option, but that will not happen in the next year or even in the next few years.

Speaker #4: In Q1, we see lifting costs, that probably we expect that lifting costs will probably go sequentially upward, which is typically what happened at the start of the year, with some costs moving from Q4 last year to Q1 this year.

Speaker #5: We talk about that tool a bit during our investor day. On the contractual side, we renegotiated our contract with our major provider, and the band deal, the drilling services.

Speaker #5: All that led to an important saving in all these initiatives led to a DNC cost of 12.1 million per well in the second half of 2025 in Baja del Palo Oeste.

Speaker #4: And also, usually, in the first quarter, we have some one-off maintenance projects that are located to lifting costs. But what you should expect is the 4.4 that we have guided, that is 2% below 2026.

Walter Chiarvesio: Okay, perfect. Thank you very much, Miguel.

Operator: Thank you for that question. One moment for our next question. Our next question comes from the line of Bruno Montanari from Morgan Stanley. Your line is open.

Speaker #5: This taking consideration normalized well of 2,800 meters with 47 frack stages. We are currently working on other cost reduction projects. Last week, we started operating the sandwashing plan that we moved from Baja del Palo Oeste.

Bruno Montanari: Good morning, Miguel, Ale, everyone. Thanks for taking my question. My question is also about capital allocation, but more on a broad perspective. The company is generating cash, and we believe that the cash generation should increase substantially in 2026 and beyond. Can you help us how to think about options such as accelerating drilling activity in case oil prices increase, or pursuing acquisitions around your existing acreage, and/or distributing cash back to shareholders? How do you think about using that incremental cash that will be generated in the coming years? Thank you very much.

Speaker #8: Perfect. Thank you.

Speaker #2: Thank you. One moment for our next question. Our next question will come from Lana Bruno Amorim from Goldman Sachs. Your line is open.

Speaker #5: Sort from our new mine in Basin. This new mine is 100 kilometers from our operation. So it's probably the closest one to any operation in Bacamorte today.

Speaker #9: Thank you. Good morning, everybody. so my question is a follow-up on the 2026 guidance, which you have reconfirmed. Can you provide us with your, expectations for the evolution during the year for, production, maybe diamond-free cash flow, please?

Speaker #5: With that, we plan to save some logistic costs for the entire core development hub. We are also working on the demand dealing of completion services we are testing new pump technology that can replace diesel for natural gas.

Speaker #9: Thank you so much.

Speaker #4: Same Bruno. Good question. And hope you're doing well. So, the 2026 plan includes the pickup in DNC activity. With this 80 to 90 times during the year.

Speaker #5: And also, we are testing new casing design that reduces steel costs. This project will drive 2026 and 2027 world cost savings. We are on track to deliver 11.7 per well this year.

[Company Representative] (Vista Energy): Thank you for your question. The actual operation is running with between 4 and 5 rigs, from now to 2028, and we have an inventory life of 15 years. We think that we are close to the optimum activity level relative to the size of the assets that we have. If we see the oil price go above our assumptions in our plan, you could see that we add some wells to the plan, but wouldn't expect that we will have anything that is completely material change compared what we have in the plan today toward 2028. Most of the cash that we will generate will be allocated through our capital allocation framework that we present in Investor Day. That is buyback and dividends, M&As, and debt reduction.

Miguel Galuccio: Thank you for your question. The actual operation is running with between 4 and 5 rigs, from now to 2028, and we have an inventory life of 15 years. We think that we are close to the optimum activity level relative to the size of the assets that we have. If we see the oil price go above our assumptions in our plan, you could see that we add some wells to the plan, but wouldn't expect that we will have anything that is completely material change compared what we have in the plan today toward 2028. Most of the cash that we will generate will be allocated through our capital allocation framework that we present in Investor Day. That is buyback and dividends, M&As, and debt reduction.

Speaker #4: We plan 20 to 22 well in tie-in during the Q1, of which 10 were put on production in January, with very good productivity readings so far.

Speaker #5: And 11.3 in 2027. And my personal opinion that we can go farther down on that target if all these come into place.

Speaker #4: This will lead, it will lead to a production rate of 132,000 barrels of oil per day in February. We are all placed for March and estimated a very good pickup, surprising, surprising the 140,000 barrels of oil per day.

Speaker #4: That's clear. Thank you.

Speaker #5: Yeah. You're welcome.

Speaker #1: Thank you. One moment for our next question. Our next question will come from Elena Andres Cardona from City. Yolanda's open.

Speaker #4: for March. So we believe in all, Q1 will be flattish or slightly below Q4. But with the very good momentum entering Q2, in Q2, we expect a substantial sequential growth, then relatively flat also, again in Q3, and another very nice and good step in Q4.

Speaker #4: Hi, good morning, Miguel and team. Congratulations on the good set of results. And my question has to do with the recent inclusion of the option business to the region.

Speaker #4: And how it could change the development plan of the cluster of Baja El Toro and Aguilamora. Thank you.

Speaker #4: We will re we reiterate our guidance of 140,000 barrel per day for 2026. And of course, this does not include the keynote acquisition that, will come into place later on when it's closed.

[Company Representative] (Vista Energy): how we are going to split between the three, I mean, we would like to maintain that flexibility based on the options that we have at the moment. This is basically what we plan to do with the cash. Thanks for your question, Bruno.

Miguel Galuccio: how we are going to split between the three, I mean, we would like to maintain that flexibility based on the options that we have at the moment. This is basically what we plan to do with the cash. Thanks for your question, Bruno.

Speaker #5: Thank you, Andrés, for the question. And so first, probably to put that question in context, I will talk a bit about the rig. So the new rig scheme consists of incorporating basically upstream projects.

Speaker #4: In terms of EBITDA, we have reiterated our guidance of 1.9 billion dollars of adjusted EBITDA for 2026. And as a reminder, this also excludes the effect of a keynote transaction.

[Analyst] (JP Morgan): Thank you.

Bruno Montanari: Thank you.

Speaker #5: During the lay bases, upstream were not part of the scope of the rig. In our view, this is a very positive change in regulation.

Operator: One moment for our next question. Our next question will come from the line of Alejandro Demichelis from Jefferies. Your line is open.

Speaker #4: Q1, you should expect that will be flattish or maybe slightly lower than Q4 on adjusted EBITDA. then should it increase that steadily in the coming quarter, and we expect to reach an annualized run rate of around 2 billion dollars in or 2 billion dollars in Q4, assuming, of course, a brand of 65.

Speaker #5: It creates conditions to accelerate investment and growth on the Basin. Under the terms outlined by the decree, there is a minimum investment commitment of 600 million dollars of which 40% need to be spent on the first two years.

Alejandro Demichelis: Yes, good morning. Thank you very much for taking my question. Miguel, you mentioned the very sharp decrease in drilling and completion cost that you have achieved, and that has been great. Could you please kind of comment, where do you see kind of drilling completion costs right now? Where do you think that those could end up, say, over the next few quarters? Also, are you seeing also similar kind of decreases in your non-operated acreage?

Speaker #5: Also, there is a ratio between cash from operation and total CAPEX. The benefit that the rig brings includes accelerated amortization, a decrease in corporate tax from 35% to 25%, zero export taxes after the third year, and being able to keep partially export proceeds abroad also after the third year.

Speaker #4: In terms of free cash flow, free cash flow turned positive in line with the strategic plan of 2026. This new phase of the company combines, as we mentioned in Investor Day, growth and free cash flow generation.

Speaker #4: In 2026, total free cash flow will be around 150 to 200 million dollars, a 65-dollar brand. always I mean, we should expect that free cash flow could be affected by working capital variation, tax payment, and some negative impact in some quarter.

[Company Representative] (Vista Energy): Thank you, Ale, for your question. Yes, one of the things and one of the initiatives that we are very proud of is the reduction of DNC costs, where we are putting a lot of effort and a lot of innovation. We made very good progress during the second half. We fully implemented the use of bulk with sand, as well as our property frack real-time monitoring tool, extremely completion short. We talk about that tool a bit during our Investor Day. On the contractual side, we renegotiate our contract with our measure provider and the bundle, the drilling services. All that led to an important saving. In all, this initiative led to a DNC cost of $12.1 million per well in the second half of 2025 in Bajada del Palo Este.

Miguel Galuccio: Thank you, Ale, for your question. Yes, one of the things and one of the initiatives that we are very proud of is the reduction of DNC costs, where we are putting a lot of effort and a lot of innovation. We made very good progress during the second half. We fully implemented the use of bulk with sand, as well as our property frack real-time monitoring tool, extremely completion short. We talk about that tool a bit during our Investor Day. On the contractual side, we renegotiate our contract with our measure provider and the bundle, the drilling services. All that led to an important saving. In all, this initiative led to a DNC cost of $12.1 million per well in the second half of 2025 in Bajada del Palo Este.

Speaker #5: So we are analyzing the scheme in detail based on our preliminary analysis. We believe that that could be applicable to some of our development blocks, as you mentioned.

Speaker #5: One, if Anduria Norte. The other one could be Aguilamora. And eventually, also can be applied to Bajo del Toro. So very good initiative from the government.

Speaker #4: But also, you should expect a negative free cash flow in Q1, turning it into positive in Q2 and onward. So that give you, maybe, quarterly picture of what we think will happen in 2026.

Speaker #5: Very welcome by us and by the industry.

Speaker #2: Thank you. Thank you. One moment for our next question. Our next question will come from Lana Daniel Guardiola from BTG Pactual. Your line is open.

Speaker #1: Thank you. One moment for our next question. Our next question will come from Elena Milene Carvalho from JP Morgan. Yolanda's open.

Speaker #10: Hi. Good morning, Miguel and team. And thank you for your presentation. My question is on, on the acquisition of the assets of a keynote in Argentina.

[Company Representative] (Vista Energy): This take in consideration, normalized well of 2,800 meters with 47 frack stages. We are currently working on other cost reduction projects. Last week, we start operating the sand washing plant that we moved from Bajada del Palo Este, sort from our new mine in basin. This new mine is 100km from our operation, so it's probably the closest one to any operation in Vaca Muerta today. With that, we plan to save some logistic costs for the entire core development hub. We are also working on the debundling of completion services. We are testing new pump technology that can replace diesel for natural gas, and also we are testing new casing design that reduce the cost. This project will drive 2026 and 2027 well cost savings.

Miguel Galuccio: This take in consideration, normalized well of 2,800 meters with 47 frack stages. We are currently working on other cost reduction projects. Last week, we start operating the sand washing plant that we moved from Bajada del Palo Este, sort from our new mine in basin. This new mine is 100km from our operation, so it's probably the closest one to any operation in Vaca Muerta today. With that, we plan to save some logistic costs for the entire core development hub. We are also working on the debundling of completion services. We are testing new pump technology that can replace diesel for natural gas, and also we are testing new casing design that reduce the cost. This project will drive 2026 and 2027 well cost savings.

Speaker #6: Good morning, everyone. And thank you for the opportunity. After all those questions on the strategic fields, I would like to go back a little bit on the operational side.

Speaker #10: And I wanted to know, Miguel, if you could provide us more color on the tight curves on productivity you're seeing in Bandurri Azul and Bajo El Toro, and also during the presentation, you mentioned that there is material upside potential in Bajo El Toro.

Speaker #6: So this quarter, Vista reported record low lifting costs. Can you explain a little bit further what were the efficiency measures that have been supporting results besides all the cost dilutions with the production growth?

Speaker #10: So it'd be great to hear if you could share with us what is the potential growth opportunity that you're seeing in both assets.

Speaker #6: And again, you're very well positioned for the guidance in 2026. But what can we expect as trend for the coming quarters? Thank you.

Speaker #4: Okay, yeah, thank you, Daniel, for the question. Maybe starting with the first part, well-tied curve, I think for Bandurria Azul, very similar to the ones that we have presented of our asset.

Speaker #5: Hi, Milene and thanks for your question. And thanks for being back to operations. So during Q4, we captured some savings related to well services.

Speaker #4: it's enabled asset within we, we, we we evaluate it, and we don't expect anything different. And Bajo El Toro, you should wait for you should wait for us because it's probably too early to comment on that.

Speaker #5: As in previous quarter, we continue to capture savings as we increase production with dilute fixed costs. And we have seen that effect for many years since we ran the operation in Vista.

Speaker #5: This led to a lifting cost of 4.1 dollars, as you pointed out during the quarter. In my view, that number, based on what I said before, is an exceptional number.

[Company Representative] (Vista Energy): We are on track to deliver 11.7 per well this year and 11.3 in 2027. My personal opinion, that we can go farther down on that target if all this come into place.

Miguel Galuccio: We are on track to deliver 11.7 per well this year and 11.3 in 2027. My personal opinion, that we can go farther down on that target if all this come into place.

Speaker #4: then related to the second part of your question, based on the formation that we have, and the analysis that we have done so far, and this is a very primarily view, our, stake of our stake of these assets is currently 22,000 barrel of oil per day.

Speaker #5: For 2026, our plan shows a lifting cost that will continue with the trend of basically reducing we guide 2026 for a lifting cost of 4.4 that is 2% below 2026.

Alejandro Demichelis: That's clear. Thank you.

[Company Representative] (Vista Energy): Yeah, you're welcome.

Miguel Galuccio: Yeah, you're welcome.

Speaker #4: and we think we can double that by 2030. Driven by the growth in Baja Del Toro, once we move Baja Del Toro to full development plan.

Operator: Thank you. One moment for our next question. Our next question will come from line of Andres Cardona from Citi. Your line is open.

Speaker #5: In Q1, we see lifting costs that probably we expect that lifting costs will probably go sequentially upward, which is typically what happened at the start of the year, with some costs moving from Q4 last year to Q1 this year.

Speaker #4: So we will probably see a couple of years with a small growth and free cash flow generation followed by the growth of Baja Del Toro.

Andres Cardona: Good morning, Miguel and team. Congratulations on the good set of results. My question has to do with the recent inclusion of the upstream business to the RIGI, and how it could change the development plan of the cluster of Bajo del Toro and Aguila Mora. Thank you.

Speaker #4: As our working capital interest in Bandurri Azul, we produce approximately 19,000 barrel of oil per day in Q4, an increase to 20,000 in January.

Speaker #5: And also, usually, in the first quarter, we have some one-off maintenance projects that are located to lifting costs. But what you should expect is the 4.4 that we have guided, that is 2% below 2026.

Speaker #4: Based on the inventory inventory site, 106 wells are allocated to our working interest. And, the fill can continue producing on the current rates, until probably 2030.

[Company Representative] (Vista Energy): Thank you, Andres, for the question. So first, probably to put that question in context, I will talk a bit about the RIGI. The new RIGI scheme consists of incorporating basically upstream projects during the lay bases, upstream were not part of the scope of the RIGI. In our view, this is a very positive change in regulation, a clear condition to accelerate investment and grow on the basin. Under the terms outlined by the decree, there is a minimum investment commitment of $600 million, of which 40% need to be spent on the first 2 years. Also, there's a ratio between cash from operation and total CapEx.

Miguel Galuccio: Thank you, Andres, for the question. So first, probably to put that question in context, I will talk a bit about the RIGI. The new RIGI scheme consists of incorporating basically upstream projects during the lay bases, upstream were not part of the scope of the RIGI. In our view, this is a very positive change in regulation, a clear condition to accelerate investment and grow on the basin. Under the terms outlined by the decree, there is a minimum investment commitment of $600 million, of which 40% need to be spent on the first 2 years. Also, there's a ratio between cash from operation and total CapEx.

Speaker #6: Perfect. Thank you.

Speaker #1: Thank you. One moment for our next question. Our next question will come from Elena Bruno Amorim from Goldman Sachs. Yolanda's open.

Speaker #4: So also, in Bandurri Azul, we see some growth potential. In Baja Del Toro, today, they are producing around 2,000 barrel of oil per day.

Speaker #5: Thank you. Good morning, everybody. So my question is a follow-up on the 2026 guidance, which you have reconfirmed. Can you provide us with your expectations for the evolution during the year for production, maybe diamond-free cash flow, please?

Speaker #4: and that is pretty much the same that we saw in January. at our working interest. So this, this block for us present, significant upside.

Speaker #4: Based on the inventory, and, we still analyzing the scenario, to go to full development. But that will happen, during the next, three years. And based on the question that we have before, also, we will have to think about infrastructure evacuation, infrastructure there.

Speaker #5: Thank you so much.

Speaker #4: Same Bruno. Good question and hope you're doing well. So the 2026 plan included pickup in DNC activity. With this 80 to 90 times during the year.

[Company Representative] (Vista Energy): The benefit that the RIGI bring include accelerated amortization, a decrease in corporate tax from 35% to 25%, zero export taxes after the third year, and being able to keep partially export proceed abroad, also after the 30 years. We are analyzing the scheme in detail based on our primary analysis, we believe that could be applicable to some of our development block. As you mentioned, one, Bandurria Norte, the other one could be Aguila Mora, and eventually also can be applied to Bajo del Toro. Very, very good initiative from the government. Very, very welcome by us and by the industry.

Miguel Galuccio: The benefit that the RIGI bring include accelerated amortization, a decrease in corporate tax from 35% to 25%, zero export taxes after the third year, and being able to keep partially export proceed abroad, also after the 30 years. We are analyzing the scheme in detail based on our primary analysis, we believe that could be applicable to some of our development block. As you mentioned, one, Bandurria Norte, the other one could be Aguila Mora, and eventually also can be applied to Bajo del Toro. Very, very good initiative from the government. Very, very welcome by us and by the industry.

Speaker #4: We plan 20 to 22 well in tie-in during the Q1, of which 10 were put on production in January, with very good productivity readings so far.

Speaker #2: Thank you. One moment for our next question. Our next question will come from Lana of Kevin McCurdy from Pickering Energy Partners. Your line is open.

Speaker #4: This will lead to production rate of 132,000 barrel of oil per day in February. We are all placed for March and estimated the very good pickup surprising the 140,000 barrel of oil per day for March.

Speaker #11: Hello and good morning. we've noticed a meaningful progress in the country backdrop along with increased attention on Argentina and the basin overall. Is this the thing vendors or equipment entering the country?

Speaker #11: And if so, would you expect this to translate into further improvement in drilling and completion costs?

Speaker #4: So we believe in all Q1 will be flattish or slightly below Q4, but with a very good momentum in Q2. In Q2, we expect a substantial sequential growth.

Speaker #4: hi, Kevin. thank you. Very good question. yeah, the, the, the short answer is yes. we are seeing, we are seeing a lot of interest from service companies, to come down to Argentina.

Speaker #4: Then relatively flat also against in Q3 and another very nice and good step in Q4. We will reiterate our guidance of 140,000 barrel per day for 2026.

Operator: Thank you. One moment for our next question. Our next question will come from the line of Milene Carvalho from JP Morgan. Your line is open.

Speaker #4: Based on the increase of activities, as you mentioned also, based on the normalization of, of the macro, and the ability to have, more cross-border, freedom, in terms of repatriating, dividends and proceeds.

[Analyst] (JP Morgan): Good morning, everyone, thank you for the opportunity. After all those questions on the strategic deals, I would like to go back a little bit on the operational side. This quarter, we reported record low lifting costs.

Milene Carvalho: Good morning, everyone, thank you for the opportunity. After all those questions on the strategic deals, I would like to go back a little bit on the operational side. This quarter, we reported record low lifting costs.

Speaker #4: And of course, this does not include the quinoa acquisition that will come into place later on when it's closed. In terms of EBITDA, we have reiterated our guidance of 1.9 billion dollars of adjusted EBITDA for 2026.

[Analyst] (BTG Pactual): ... can you explain a little bit further what were the efficiency measures that have been supporting results besides all the cost dilutions with the production growth? You're very well positioned for the guidance in 2026, but what can we expect as trend for the coming quarters? Thank you.

Milene Carvalho: ... can you explain a little bit further what were the efficiency measures that have been supporting results besides all the cost dilutions with the production growth? You're very well positioned for the guidance in 2026, but what can we expect as trend for the coming quarters? Thank you.

Speaker #4: and I will say that is interest. Now, one thing that we are seeing is, most of the companies that are today in the country are adding capacity.

Speaker #4: And as a reminder, this also excludes the effect of a quinoa transaction. Q1, you should expect that will be flattish or maybe slightly lower than Q4 on adjusted EBITDA.

Speaker #4: and also, that, is, is helping today in, as you as, as you saw in the presentation, on, on, on the reduction of the DNC costs.

Speaker #4: Then should it increase that steadily in the coming quarter, and we expect to reach an annualized run rate of around 2 billion dollars or 2 billion dollars in Q4, assuming, of course, a brand of 65.

[Company Representative] (Vista Energy): Hi, Milene, and thanks for your question. And thanks for being back to operation. During Q4, we captured some savings related to well services. As in previous quarter, we continue to capture savings as we increase production, we dilute fixed costs, and we have seen that effect for many years since we run the operation in Vista. This led to a lifting cost of $4.1, as you pointed out, during the quarter. In my view, that number, based on what I said before, is an exceptional number. For 2026, our plan shows a lifting cost that will continue with the trend of basically reducing. We guide 2026 for a lifting cost of $4.4, that is 2% below 2026.

Miguel Galuccio: Hi, Milene, and thanks for your question. And thanks for being back to operation. During Q4, we captured some savings related to well services. As in previous quarter, we continue to capture savings as we increase production, we dilute fixed costs, and we have seen that effect for many years since we run the operation in Vista. This led to a lifting cost of $4.1, as you pointed out, during the quarter. In my view, that number, based on what I said before, is an exceptional number. For 2026, our plan shows a lifting cost that will continue with the trend of basically reducing. We guide 2026 for a lifting cost of $4.4, that is 2% below 2026.

Speaker #4: Also, we continue evolving in terms of, of, innovation. And, practices are changing. We are a clear example of that, where you can see, for example, on the completion site, a lot of integration, between, delivering the sand, the logistic, wet sand project.

Speaker #4: In terms of free cash flow, free cash flow turned positive in line with the strategic plan of 2026. This new phase of the company combines as we mentioned in Investor Day growth and free cash flow generation.

Speaker #4: In 2026, total free cash flow will be around 150 to 200 million dollars, a 65-dollar brand. Always, I mean, we should expect that free cash flow could be affected by working capital variation, tax payment, and some negative impact in some quarter.

Speaker #4: And. probably demanding the completion services to have better numbers and, and, and better rates on services. there are many we have seen or we have have inquired of many, service companies that are today working in the Permian.

Speaker #4: Looking in what they can do in, in Argentina. Hope I have.

Speaker #4: But also, you should expect a negative free cash flow in Q1 turning into positive in Q2 and onward. So that gives you maybe a quarterly picture of what we think will happen in 2026.

Speaker #2: Thank you, Miguel. Thank you, Miguel. I look forward to seeing you at our PA conference in a few weeks.

[Company Representative] (Vista Energy): In Q1, we see lifting costs that probably we expect the lifting cost will probably go sequentially upward, which is typically what happened at the start of the year, with some costs moving from Q4 last year to Q1 this year. Usually, in Q1, we have some one-off maintenance projects that are allocated to lifting costs. What you should expect is the $4.40 that we have guide, that is 2% below 2026.

Miguel Galuccio: In Q1, we see lifting costs that probably we expect the lifting cost will probably go sequentially upward, which is typically what happened at the start of the year, with some costs moving from Q4 last year to Q1 this year. Usually, in Q1, we have some one-off maintenance projects that are allocated to lifting costs. What you should expect is the $4.40 that we have guide, that is 2% below 2026.

Speaker #4: Super looking for, Nicolás. Kevin.

Speaker #5: Thank you.

Speaker #4: You're welcome.

Speaker #1: Thank you. One moment for our next question. Our next question will come from Elena Daniel Guardiola from BTG Pactual. Your line is open.

Speaker #2: Thank you. One moment for our next question. Our next question will come from Lana of Nicholas Barros from Bank of America. Your line your line is open.

Speaker #12: Hello. Good morning. Just one question here. So we saw that you're trading arms started operations this quarter, right? So, so just interested to see if you could provide more color on Veisa, right, and, your expectations on how it can, help you to unlock more value in the company.

Speaker #7: Hi. Good morning, Miguel and team. And thank you for your our presentation. My question is on the acquisition of the assets of a quinoa in Argentina.

Speaker #7: And I wanted to know, Miguel, if you could provide us more color on the tide curves and productivity you're seeing in Vandurri Azul and Bajo El Toro and also during the presentation, you mentioned that there is material upside potential in Bajo El Toro.

[Analyst] (BTG Pactual): Perfect. Thank you.

Milene Carvalho: Perfect. Thank you.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Bruno Amorim from Goldman Sachs. Your line is open.

Speaker #12: Thank you.

Bruno Amorim: Thank you. Good morning, everybody. My question is a follow-up on the 2026 guidance, which you have reconfirmed. Can you provide us with your expectations for the evolution during the year for production, EBITDA, and free cash flow, please? Thank you so much.

Speaker #7: So it'd be great to hear if you could share with us what is the potential growth opportunity that you're seeing in both assets.

Speaker #4: Okay. Yeah. Thank you, Daniel, for the question. Maybe starting with the first part, well tide curve, I think for Vandurri Azul, very similar to the ones that we have presented on our asset is a neighbor asset within we evaluate it and we don't expect anything different.

[Company Representative] (Vista Energy): Thanks, Bruno. Good question, and hope you're doing well. The 2026 plan includes the pickup in the NC activity, with 80 to 90 tie-ins during the year. We plan 20 to 22 well tie-in during the Q1, of which 10 were put on production in January, with very good productivity reading so far. This will lead to production rate of 132,000 barrels of oil per day in February. We are all placed for March, and estimated a very good pre-cast surprise, surpassing the 140,000 barrels per day for March. We believe in all Q1 will be flattish or slightly below Q4, but with a very good momentum ending in Q2.

Miguel Galuccio: Thanks, Bruno. Good question, and hope you're doing well. The 2026 plan includes the pickup in the NC activity, with 80 to 90 tie-ins during the year. We plan 20 to 22 well tie-in during the Q1, of which 10 were put on production in January, with very good productivity reading so far. This will lead to production rate of 132,000 barrels of oil per day in February. We are all placed for March, and estimated a very good pre-cast surprise, surpassing the 140,000 barrels per day for March. We believe in all Q1 will be flattish or slightly below Q4, but with a very good momentum ending in Q2.

Speaker #4: And Bajo El Toro, you should wait for you should wait for us because it's probably too early to comment on that. Then related to the second part of your question, based on the formation that we have and the analysis that we have done so far, and this is a very preliminary view, our stake of these assets is currently 22,000 barrel of oil per day.

Speaker #4: And we think we can double that by 2030. Driven by the growth in Baja del Toro once we move Baja del Toro to full development plan.

Speaker #4: So we will probably see a couple of years with a small growth and free cash flow generation followed by the growth of Baja del Toro.

[Company Representative] (Vista Energy): In Q2, we expect a substantial sequential growth, then relatively flat also, again, in Q3, and another very nice and good step in Q4. We reiterate our guidance of 140,000 barrels per day for 2026, and of course, this does not include the Equinor acquisition that will come into place later on when it's closed. In term of EBITDA, we have reiterated our wide and $1.9 billion of adjusted EBITDA for 2026. As a reminder, this also excludes the effect of a Equinor transaction. Q1, you should expect that will be flattish or maybe slightly lower than Q4 on adjusted EBITDA, then should increase that steadily in the coming quarter.

Miguel Galuccio: In Q2, we expect a substantial sequential growth, then relatively flat also, again, in Q3, and another very nice and good step in Q4. We reiterate our guidance of 140,000 barrels per day for 2026, and of course, this does not include the Equinor acquisition that will come into place later on when it's closed. In term of EBITDA, we have reiterated our wide and $1.9 billion of adjusted EBITDA for 2026. As a reminder, this also excludes the effect of a Equinor transaction. Q1, you should expect that will be flattish or maybe slightly lower than Q4 on adjusted EBITDA, then should increase that steadily in the coming quarter.

Speaker #4: As our working capital interest in Vandurri Azul will produce approximately 19,000 barrel of oil per day in Q4 and increase to 20,000 in January.

Speaker #4: Based on the inventory site, 106 wells are allocated to our working interest. And the fill can continue producing on the current rate until probably 2030.

Speaker #4: So also in Vandurri Azul, we see some growth potential. In Baja del Toro, today, they are producing around 2,000 barrel of oil per day.

Speaker #4: And that is pretty much the same that we saw in January. Our working interest. So this block for us present significant upside based on the inventory.

[Company Representative] (Vista Energy): We expect to reach an annualized run rate of around $2 billion in Q4, assuming, of course, a Brent of $65. In terms of free cash flow, free cash flow turned positive in line with the strategic plan of 2026. This new phase of the company combines, as we mentioned in Investor Day, growth and free cash flow generation. In 2026, total free cash flow will be around $150 to 200 million, a $65 Brent. Always, I mean, we should expect that free cash flow could be affected by working capital variation, tax payment, and can negative impact in some quarter. You should expect a negative free cash flow in Q1, turning into positive in Q2 and onward.

Miguel Galuccio: We expect to reach an annualized run rate of around $2 billion in Q4, assuming, of course, a Brent of $65. In terms of free cash flow, free cash flow turned positive in line with the strategic plan of 2026. This new phase of the company combines, as we mentioned in Investor Day, growth and free cash flow generation. In 2026, total free cash flow will be around $150 to 200 million, a $65 Brent. Always, I mean, we should expect that free cash flow could be affected by working capital variation, tax payment, and can negative impact in some quarter. You should expect a negative free cash flow in Q1, turning into positive in Q2 and onward.

Speaker #4: And we still analyzing the scenarios to go to full development. But that will happen during the next three years. And based on the question that we have before, also we will have to think about infrastructure evacuation, infrastructure there.

Speaker #1: Thank you. One moment for our next question. Our next question will come from Elena Kevin McCurdy, from Pickering Energy Partners. Your line is open.

Speaker #5: Hello and good morning. We've noticed a meaningful progress in the country backdrop along with increased attention on Argentina and the basin overall. Is this the seeing an expansion in oil field service vendors or equipment entering the country?

Speaker #5: And if so, would you expect this to translate into further improvement in drilling and completion costs?

[Company Representative] (Vista Energy): that give you, maybe a quarterly picture of what we think will happen in 2026.

Miguel Galuccio: that give you, maybe a quarterly picture of what we think will happen in 2026.

Speaker #4: Hi, Kevin. Thank you. Very good question. Yeah, the short answer is yes. We are seeing a lot of interest from service companies to come down to Argentina.

Bruno Amorim: Thank you.

[Company Representative] (Vista Energy): You're welcome.

Miguel Galuccio: You're welcome.

Operator: Thank you. One moment for our next question. Next question comes line of Daniel Guardiola from BTG Pactual. Your line is open.

[Analyst] (BTG Pactual): Hi, good morning, Miguel and team, and thank you for your presentation. My question is on the acquisition of the assets of Equinor in Argentina. I wanted to know, Miguel, if you could provide us more color on the type curves and productivity you're seeing in Bandurria Sur and Bajo del Toro. Also, during the presentation, you mentioned that there is material upside potential in Bajo del Toro. It'd be great to hear, if you could share with us, what is the potential growth opportunity that you're seeing in both assets?

Daniel Guardiola: Hi, good morning, Miguel and team, and thank you for your presentation. My question is on the acquisition of the assets of Equinor in Argentina. I wanted to know, Miguel, if you could provide us more color on the type curves and productivity you're seeing in Bandurria Sur and Bajo del Toro. Also, during the presentation, you mentioned that there is material upside potential in Bajo del Toro. It'd be great to hear, if you could share with us, what is the potential growth opportunity that you're seeing in both assets?

Speaker #4: Based on the increase of activities, as you mentioned also, based on the normalization of the macro and the ability to have more cross-border freedom in terms of repatriating dividends and proceeds.

Speaker #4: And I will say that is interest. Now, one thing that we are seeing is most of the companies that are today in the country are adding capacity.

Speaker #4: And also that is helping today in, as you saw in the presentation, on the reduction of the DNC cost. Also, we continue evolving in terms of innovation.

[Company Representative] (Vista Energy): Okay. Yeah, thank you, Daniel, for the question. Maybe starting with the first part, Hualtaki curve, I think, for Bandurria Sur, very similar to the ones that we have present of our asset, is a neighbor asset. We evaluated it, and we don't expect anything different. On Bajada del Toro, you should wait for us because it's probably too early to comment on that. Related to the second part of your question, based on the information that we have and the analysis that we have done so far, and this is a very preliminary view, our stake of this asset is currently 22,000 barrels per day.

Miguel Galuccio: Okay. Yeah, thank you, Daniel, for the question. Maybe starting with the first part, Hualtaki curve, I think, for Bandurria Sur, very similar to the ones that we have present of our asset, is a neighbor asset. We evaluated it, and we don't expect anything different. On Bajada del Toro, you should wait for us because it's probably too early to comment on that. Related to the second part of your question, based on the information that we have and the analysis that we have done so far, and this is a very preliminary view, our stake of this asset is currently 22,000 barrels per day.

Speaker #4: And practices are changing. We are a clear example of that, where you can see, for example, on the completion site, a lot of integration between SAN, delivering the SAN, the logistic, well SAN project.

Speaker #4: And now probably demanding the completion services to have better numbers and better rates on services. There are many we have seen or we have inquired of many service companies that are today working in the Permian.

[Company Representative] (Vista Energy): We think we can double that by 2030, driven by the growth in Bajo del Toro once we move Bajo del Toro to full development plan. We will probably see a couple of years with a small growth on free cash flow generation, followed by the growth of Bajo del Toro. As our working pack capital interest in Bandurria Sur, we produce approximately 19,000 barrels of oil per day in Q4, an increase to 20,000 in January. Based on the inventory site, 106 wells are allocated to our working interest. The field can continue producing at the current rates until probably 2030. Also, in Bandurria Sur, we see some growth potential.

Miguel Galuccio: We think we can double that by 2030, driven by the growth in Bajo del Toro once we move Bajo del Toro to full development plan. We will probably see a couple of years with a small growth on free cash flow generation, followed by the growth of Bajo del Toro. As our working pack capital interest in Bandurria Sur, we produce approximately 19,000 barrels of oil per day in Q4, an increase to 20,000 in January. Based on the inventory site, 106 wells are allocated to our working interest. The field can continue producing at the current rates until probably 2030. Also, in Bandurria Sur, we see some growth potential.

Speaker #4: Looking in what they can do in Argentina. I hope I have answered.

Speaker #5: Thank you, Miguel. Thank you, Miguel. I look forward to seeing you at our PA conference in a few weeks.

Speaker #4: Super. Looking for Nicolas. Kevin.

Speaker #1: Thank you. One moment for our next question. Our next question will come from Elena Nicolas Barros, from Bank of America. Your line is open.

Speaker #6: Hello. Good morning. Just one question here. So we saw that your trading arms started operations this quarter, right? So just interested to see if you could provide more color on VEISA, right, and your expectations on how it can help you to unlock more value in the company.

Speaker #6: Thank you.

Speaker #4: Thank you, Nicolas. Yes, that was a great initiative. I visited them a few weeks ago. The creation of VEISA is part of our export-oriented strategy.

[Company Representative] (Vista Energy): In Bajada del Toro, today, they are producing around 2,000 barrels per day, and that is pretty much the same that we saw in January at our working interest. This block for us present significant upside based on the inventory, and we're still analyzing a scenario to go to full development. That will happen during the next 3 years. Based on the questions that we have before, also, we will have to think about infrastructure, evacuation infrastructure there.

Miguel Galuccio: In Bajada del Toro, today, they are producing around 2,000 barrels per day, and that is pretty much the same that we saw in January at our working interest. This block for us present significant upside based on the inventory, and we're still analyzing a scenario to go to full development. That will happen during the next 3 years. Based on the questions that we have before, also, we will have to think about infrastructure, evacuation infrastructure there.

Speaker #4: Oil exports have increased significantly on the past years. During 2025, we export 22 million barrels of oil. That is an increase of 110% vis-à-vis 2024.

Speaker #4: That generates 1.4 billion of export revenues. So accordingly, when you look at our plans, we plan to double that in 2028. So VEISA is a fully owned subsidiary.

Speaker #4: The rationale behind moving into the trading business is to improve our market reach. Higher volume means that we need to develop more clients in different markets.

Operator: Thank you. One moment for our next question. Our next question will come from the line of Kevin McCurdy from Pickering Energy Partners. Your line is open.

Speaker #4: And we believe that selling cargoes and delivering bases will allow us to be more competitive. So it's very premium to come in and march in.

Kevin McCurdy: Hello, good morning. We've noticed a meaningful progress in the country backdrop, along with increased attention on Argentina and the basin overall. Is this just seeing an expansion in oilfield service vendors or equipment entering the country? If so, would you expect this to translate into further improvement in drilling and completion costs?

Speaker #4: We believe it will not be very material to the results of the entire company. So having our own trading units adds flexibility to our short-term heading hedging program, allowing us to hedge oil sales on short-term basis.

[Company Representative] (Vista Energy): Hi, Kevin. Thank you. Very good question. Yeah, the short answer is yes. We are seeing a lot of interest from service companies to come down to Argentina based on the increase of activities, as you mentioned, also based on the normalization of the macro and the ability to have more cross-border freedom in terms of repatriating dividends and proceeds. I will say that is interest. Now, one thing that we are seeing is most of the companies that are today in the country are adding capacity. Also, that is helping today in, as you saw in the presentation, on the reduction of the DNC costs.

Miguel Galuccio: Hi, Kevin. Thank you. Very good question. Yeah, the short answer is yes. We are seeing a lot of interest from service companies to come down to Argentina based on the increase of activities, as you mentioned, also based on the normalization of the macro and the ability to have more cross-border freedom in terms of repatriating dividends and proceeds. I will say that is interest. Now, one thing that we are seeing is most of the companies that are today in the country are adding capacity. Also, that is helping today in, as you saw in the presentation, on the reduction of the DNC costs.

Speaker #4: And basically, to manage the cash flow of the on-quarterly basis. So we are not planning to today to make any hedge on long-term. But short-term, we believe we will have a benefit having VEISA.

Speaker #1: Thank you. One moment for our next question. Our next question will come from the line of George Gastowtt, from Latin Securities. Your line is open.

Speaker #7: Good morning, Miguel. And thank you for taking my question. You mentioned earlier free cash flow expectations at around 150 to 200 million dollars this year.

Speaker #7: Prices have started to get a little bit above your invested assumption of 65-dollar brent. And I was wondering how you're thinking about capital deployment.

Speaker #7: And the capital deployment framework you also mentioned in the current price context.

Speaker #4: Thanks, George, for your question. So I mean, I will say that we are very happy with the brent prices on Q1 this year. It was not expected.

[Company Representative] (Vista Energy): We continue evolving in term of innovation and practices are changing. We are a clear example of that, where you can see, for example, on the completion side, a lot of integration between sand, delivering the sand, the logistic with sand project, and now, probably demanding the completion services to have better numbers and better rates of services. There are many we have seen or we have inquired of many service companies that are today working in the Permian, looking what they can do in Argentina. Hope I have answered.

Miguel Galuccio: We continue evolving in term of innovation and practices are changing. We are a clear example of that, where you can see, for example, on the completion side, a lot of integration between sand, delivering the sand, the logistic with sand project, and now, probably demanding the completion services to have better numbers and better rates of services. There are many we have seen or we have inquired of many service companies that are today working in the Permian, looking what they can do in Argentina. Hope I have answered.

Speaker #4: And I think it's we believe it's mainly based on the volatility that we see in the market related to geopolitical issues. I think it's very early to change our plan for the entire year.

Speaker #4: So of course, we will watch what happened with oil price. it will affect any short-term decision. Regarding long-term, it's related to the question that Bruno said.

Speaker #4: I mean, we have our capital allocation framework. And anything that we can do in reducing debt and buybacks dividends of M&A acquisition, cash in hand will be helpful to be more aggressive or less aggressive depending on how we build up that cash during the years to come.

Kevin McCurdy: Thank you, Miguel. I look forward to seeing you at our BofA conference in a few weeks.

[Company Representative] (Vista Energy): Super looking forward, Nicholas, Kevin.

Kevin McCurdy: Super looking forward, Nicholas, Kevin.

Operator: Thank you. One moment for our next question. Our next question will come from the line of Nicholas Baros from Bank of America. Your line is open.

Speaker #7: Very clear. Thank you.

Nicholas Baros: Hello, good morning. Just one question here. We saw that your trading arm started operations this quarter, right. Just interested to see if you could provide more color on Veisa, right, and your expectations on how it can help you to unlock more value in the company. Thank you.

Nicolas Barros: Hello, good morning. Just one question here. We saw that your trading arm started operations this quarter, right. Just interested to see if you could provide more color on Veisa, right, and your expectations on how it can help you to unlock more value in the company. Thank you.

Speaker #1: Thank you. One moment for our next question. Our next question will come from the line of Zhao Baricello from UBS. Your line is open.

Speaker #5: Hi, Miguel and team. Thanks for taking my questions. I have only a very quick one from my side. So regarding the acquisition of Valenzolo and Manduria Sur, the company stated that the transaction will be financed by a combination of both cash and bank finance.

[Company Representative] (Vista Energy): Thank you, Nicholas. Yes, that was a great initiative. I visit them...

Kevin McCurdy: Thank you, Nicholas. Yes, that was a great initiative. I visit them...

Speaker #5: So could you provide an update on this financing plan? What are the expectations for the breakdown of cash and banking finance funds? That's it from my side.

Speaker #5: Thanks.

Speaker #4: Thank you, João, for your question. Yes, I mean, the initial 387 million cash payment will be funded 100% with debt. We plan to and we plan to keep the cash balance stable at VISTA.

Speaker #4: Pablo and Ale have agreed with the three top-tier banks. A bridge loan of 600 million dollars of acquisition financing. Which should be used and will be used and should be enough to cover our initial cash payment.

Speaker #4: So again, I mean, we'll do something with that later on. But it will not affect our balance sheet today and our plan in CAPEX that we have for the year.

Speaker #1: One moment for our next question. Our next question will come from the line of Oriana Covault from Balance. Your line is open.

Speaker #8: Hi. Thanks for taking my questions and congratulations on the solid results for the quarter. Just perhaps going into more directly into potential shareholder returns.

Speaker #8: In the more constructive pricing scenario, what are the alternatives you have in place for 2026? And mainly, do you have any thoughts to renew and/or extend the buyback program this year?

Speaker #8: Thank you.

Speaker #4: Hi, Oriana. Oriana, thank you for your question. So in August, we execute the 50 million dollars buyback plan that was approved by the shareholder meeting in April last year.

Speaker #4: We purchased 1.2 million shares at 41.2 dollars per share. So we are considering the current share price considering the current share price, we are super happy with the outcome of that buyback plan.

Speaker #4: We plan to request an extension of the program in the coming shareholder meeting that is coming now in April. And we believe it will be larger insight than the one that we planned ed for 2025.

Speaker #8: Perfect. Thank you very much.

Speaker #4: You're welcome.

Speaker #1: Thank you. One moment for our next question. Our next question will come from the line of Francisco Cascaron from Dawn Capital. Your line is open.

Speaker #9: Hi. Thank you for taking my question. Given that you announced a CAPEX of 1.5 to 1.6 billion dollars annually between 2026 and 2028, what is your maintenance CAPEX expectation in the foreseeable future?

Speaker #4: Hi, Francisco. Thanks for your question. Using 100,000 barrels per day of production as a reference, you need around 700 to 750 million dollars of CAPEX to keep production flat going forward.

Speaker #4: And assuming that by the end of the year, we will be around 150,000 barrels per day. This, of course, is excluding equinor assets. We will need around 60 wells to keep production flat.

Speaker #4: So that will equate around 850 million dollars CAPEX to keep production flat. So you should take more or less those numbers.

Speaker #9: Thank you.

Speaker #1: Thank you. One moment for our next question. Our next question will come from the line of Mathias Cattaruzzi from AdCap Securities. Your line is open.

Speaker #10: Thank you, Miguel and Alejandro. Good morning. How could you characterize VISTA's relationship with YPS today after the Marga Chicas acquisition and now the Equinor deal where YPS is also an operator?

Speaker #4: Hi, Mathias. Thanks for your question. The short answer is the relationship with YPS is great. We have very high hope after the acquisition of Petronas Assets.

Speaker #4: On how the relationship will be put in place and will evolve. And to be honest with you, it turned out even better than we expect.

Speaker #4: It's working very well at all levels. I would say that the top, the strategies are aligned. Both companies want to continue and that make the relationship very easy because we have the same target.

Speaker #4: The technical teams are working side by side. And that, for me, is the more important part. We see them sharing geological information, collaborating in meetings.

Speaker #4: But more importantly, there has been synergies that have been captured. Sharing all treatment capacity, that have led to safe CAPEX. Sharing well services. Enabling both companies to optimize headcount.

Speaker #4: Discussing artificial lease strategies. That we help to improve the long-term productivity of the well and reduce lifting costs. So all in all, I would say great relationship.

Speaker #4: And that, of course, that was the fact that gave us confidence also to execute the Equinor deal. That was something that we took in consideration at the time that we made the decision.

Speaker #10: Okay. Great. Thanks so much.

Speaker #1: Thank you. And I'm not showing any further questions at this time. I'll now let you turn it back over to Miguel for any closing remarks.

Speaker #4: Well, ladies and gentlemen, thank you very much. Once again, for the support. Very good quarter. And we are pretty much on track to deliver our guidance in 2026.

Speaker #4: Very good start of the year. Thank you, everybody.

Q4 2025 Vista Energy Earnings Call

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