VIST 6-K
Vista Energy, S.A.B. de C.V. (VIST)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER SECURITIES EXCHANGE ACT OF 1934
For the month of July 2026
Commission File No. 001-39000
Vista Energy, S.A.B. de C.V.
(Exact Name of the Registrant as Specified in the Charter)
N.A.
(Translation ofRegistrant’s Name into English)
Torre Mapfre,
243 Paseo de la Reforma Avenue, 18th Floor
Colonia Renacimiento, Alcaldía Cuauhtémoc
06600, Mexico City
Mexico
(Address ofPrincipal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Contents of this Form 6-K
This Form 6-K for Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) contains the following exhibit:
Forward-Looking Statements
Any statements contained herein or in the attachments hereto regarding Vista that are not historical or current facts are forward-looking statements. These forward-looking statements convey Vista’s current expectations or forecasts of future events. Vista undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated events. Forward-looking statements regarding Vista involve known and unknown risks, uncertainties and other factors that may cause Vista’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” “Forward-Looking Statements” and other applicable sections of Vista’s annual report filed with the SEC on Form 20-F and other applicable filings with the SEC and Vista’s latest annual report available on the Mexican Stock Exchange’s (Bolsa Mexicana de Valores, S.A.B. de C.V.) website: www.bmv.com.mx, the Mexican National Banking and Securities Commission’s (Comisión Nacional Bancaria y de Valores) website: www.gob.mx/cnbv and our website: www.vistaenergy.com.
Enquiries:
Investor Relations:
Argentina: +54 11 3754 8500
Mexico: + 52 55 1555 7104
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: July 16, 2026
| VISTA ENERGY, S.A.B. DE C.V. | |
|---|---|
| By: | /s/ Alejandro Cherñacov |
| Name: | Alejandro Cherñacov |
| Title: | Strategic Planning and Investor Relations Officer |
EX-1
Exhibit 1
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated financial statements as of June 30, 2026 and
December 31, 2025 and for the six-month periods ended June 30, 2026 and 2025
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for thesix-month periods ended June 30, 2026 and 2025
TABLE OF CONTENTS
| • | Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the six-month periods ended June 30, 2026 and 2025 |
|---|---|
| • | Unaudited interim condensed consolidated statements of financial position as of June 30, 2026 and<br>December 31, 2025 |
| --- | --- |
| • | Unaudited interim condensed consolidated statements of changes in equity for the<br>six-month periods ended June 30, 2026 and 2025 |
| --- | --- |
| • | Unaudited interim condensed consolidated statements of cash flows for the<br>six-month periods ended June 30, 2026 and 2025 |
| --- | --- |
| • | Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and<br>December 31, 2025 and for the six-month periods ended June 30, 2026 and 2025 |
| --- | --- |
2
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for thesix-month periods ended June 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars)
| Notes | Period fromJanuary 1,through June<br>30, 2026 | Period fromJanuary 1,through June<br>30, 2025 | Period fromApril 1,through June<br>30, 2026 | Period fromApril 1,through June<br>30, 2025 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from contracts with customers | 4 | 2,099,914 | 1,048,998 | 1,234,902 | 610,542 | ||||||||||
| Cost of sales: | |||||||||||||||
| Operating costs | 5.1 | (117,108 | ) | (84,354 | ) | (64,789 | ) | (50,290 | ) | ||||||
| Crude oil stock fluctuation | 5.2 | 10,258 | 2,826 | 10,445 | (6,206 | ) | |||||||||
| Royalties and others | 5.3 | (286,176 | ) | (152,545 | ) | (190,319 | ) | (84,291 | ) | ||||||
| Purchases of crude oil | (15,371 | ) | — | (5,802 | ) | — | |||||||||
| Depreciation, depletion and amortization | 11/12/13 | (502,909 | ) | (302,917 | ) | (273,183 | ) | (176,940 | ) | ||||||
| Other non-cash costs related to the transfer of<br>conventional assets | 15 | (7,921 | ) | (14,859 | ) | (2,924 | ) | (7,619 | ) | ||||||
| Gross profit | **** | 1,180,687 | **** | **** | 497,149 | **** | **** | 708,330 | **** | **** | 285,196 | **** | |||
| Selling expenses | 6 | (188,270 | ) | (87,473 | ) | (122,113 | ) | (40,705 | ) | ||||||
| General and administrative expenses | 7 | (85,783 | ) | (57,743 | ) | (44,457 | ) | (29,712 | ) | ||||||
| Exploration expenses | — | (344 | ) | — | (164 | ) | |||||||||
| Other operating income | 8.1 | 3,323 | 214,482 | 512 | 208,073 | ||||||||||
| Other operating expenses | 8.2 | (3,679 | ) | (25,161 | ) | (2,294 | ) | (23,969 | ) | ||||||
| Commodity risk management contracts | 2.4.3 | (145,114 | ) | — | 5,598 | — | |||||||||
| Impairment of long-lived assets | 2.4.1 | — | (38,252 | ) | — | (38,252 | ) | ||||||||
| Operating profit | **** | 761,164 | **** | **** | 502,658 | **** | **** | 545,576 | **** | **** | 360,467 | **** | |||
| Income (loss) from investments in associates | 17 | 368 | (979 | ) | 4,069 | (979 | ) | ||||||||
| Interest income | 9.1 | 8,181 | 1,330 | 5,001 | 274 | ||||||||||
| Interest expense | 9.2 | (119,380 | ) | (64,387 | ) | (64,495 | ) | (40,106 | ) | ||||||
| Other financial income (expense) | 9.3 | (53,880 | ) | (9,849 | ) | (37,227 | ) | (25,841 | ) | ||||||
| Financial income (expense), net | **** | (165,079 | ) | **** | (72,906 | ) | **** | (96,721 | ) | **** | (65,673 | ) | |||
| Profit before income tax | **** | 596,453 | **** | **** | 428,773 | **** | **** | 452,924 | **** | **** | 293,815 | **** | |||
| Current income tax (expense) | 14 | (241,384 | ) | (146,608 | ) | (185,878 | ) | (80,286 | ) | ||||||
| Deferred income tax benefit | 14 | 85,630 | 35,917 | 65,940 | 21,760 | ||||||||||
| Income tax (expense) | **** | (155,754 | ) | **** | (110,691 | ) | **** | (119,938 | ) | **** | (58,526 | ) | |||
| Profit for the period, net | **** | 440,699 | **** | **** | 318,082 | **** | **** | 332,986 | **** | **** | 235,289 | **** | |||
| Other comprehensive income | |||||||||||||||
| Other comprehensive income that shall not be reclassified to profit (loss) in subsequentperiods | |||||||||||||||
| - (Loss) from actuarial remeasurement related to employee benefits | 25 | (4,432 | ) | (1,854 | ) | (4,419 | ) | (1,832 | ) | ||||||
| -Deferred income tax benefit | 14 | 1,552 | 649 | 1,547 | 642 | ||||||||||
| Other comprehensive income for the period | **** | (2,880 | ) | **** | (1,205 | ) | **** | (2,872 | ) | **** | (1,190 | ) | |||
| Total comprehensive profit for the period | **** | 437,819 | **** | **** | 316,877 | **** | **** | 330,114 | **** | **** | 234,099 | **** | |||
3
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for thesix-month periods ended June 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars)
| Notes | Period fromJanuary 1,through June<br>30, 2026 | Period fromJanuary 1,through June<br>30, 2025 | Period fromApril 1,through June<br>30, 2026 | Period fromApril 1,through June<br>30, 2025 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit for the period, net attributable to: | ||||||||||||||||
| Shareholders of the parent company | **** | 1.2.1 | **** | 429,448 | 318,082 | 321,735 | 235,289 | |||||||||
| Non-controlling interests | **** | 1.2.1 | **** | 11,251 | — | 11,251 | — | |||||||||
| Total comprehensive income for the period attributable to: | ||||||||||||||||
| Shareholders of the parent company | **** | 1.2.1 | **** | 426,568 | 316,877 | 318,863 | 234,099 | |||||||||
| Non-controlling interests | **** | 1.2.1 | **** | 11,251 | — | 11,251 | — | |||||||||
| Earnings per share | ||||||||||||||||
| Basic (in US Dollars per share) | **** | 10.1 | **** | 4.127 | 3.169 | 3.057 | 2.257 | |||||||||
| Diluted (in US Dollars per share) | **** | 10.2 | **** | 3.925 | 3.032 | 2.903 | 2.164 |
Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.
4
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated statements of financial position as of June 30, 2026 and December 31, 2025
(Amounts expressed in thousands of US Dollars)
| Notes | As of June 30,<br>2026 | As of December 31,2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||
| Noncurrent assets | |||||||||||
| Property, plant and equipment | **** | 11 | **** | 7,406,581 | 5,543,032 | ||||||
| Goodwill | **** | 12 | **** | 22,576 | 22,576 | ||||||
| Other intangible assets | **** | 12 | **** | 16,406 | 18,485 | ||||||
| Right-of-use<br>assets | **** | 13 | **** | 112,171 | 153,283 | ||||||
| Biological assets | 18,343 | 15,855 | |||||||||
| Investments in associates | **** | 17 | **** | 74,934 | 54,542 | ||||||
| Trade and other receivables | **** | 15 | **** | 466,887 | 373,026 | ||||||
| Deferred income tax assets | 77,542 | 36,514 | |||||||||
| Total noncurrent assets | **** | 8,195,440 | **** | **** | 6,217,313 | **** | |||||
| Current assets | |||||||||||
| Inventories | **** | 18 | **** | 22,779 | 9,457 | ||||||
| Trade and other receivables | **** | 15 | **** | 487,349 | 347,681 | ||||||
| Cash, bank balances and other short-term investments | **** | 19 | **** | 604,657 | 538,402 | ||||||
| Total current assets | **** | 1,114,785 | **** | **** | 895,540 | **** | |||||
| Total assets | **** | 9,310,225 | **** | **** | 7,112,853 | **** | |||||
| Equity and liabilities | |||||||||||
| Equity | |||||||||||
| Capital stock | **** | 20.1 | **** | 816,166 | 491,165 | ||||||
| Other equity instruments | 32,144 | 32,144 | |||||||||
| Other equity accounts | **** | 20.3 | **** | 72,909 | — | ||||||
| Legal reserve | **** | 20.2 | **** | 10,560 | 8,233 | ||||||
| Share-based payments | (33,485 | ) | (32,765 | ) | |||||||
| Share repurchase reserve | **** | 20.2 | **** | 329,324 | 179,324 | ||||||
| Other accumulated comprehensive income (losses) | (13,914 | ) | (11,034 | ) | |||||||
| Accumulated profit (losses) | 2,121,648 | 1,844,527 | |||||||||
| Equity attributable to shareholders of the parent company | **** | 3,335,352 | **** | **** | 2,511,594 | **** | |||||
| Equity attributable to non-controlling interests | 189,990 | — | |||||||||
| Total equity | **** | 3,525,342 | **** | **** | 2,511,594 | **** | |||||
| Liabilities | |||||||||||
| Noncurrent liabilities | |||||||||||
| Deferred income tax liabilities | 445,963 | 298,664 | |||||||||
| Lease liabilities | **** | 13 | **** | 57,003 | 88,451 | ||||||
| Provisions | **** | 21 | **** | 64,539 | 51,513 | ||||||
| Borrowings | **** | 16.1 | **** | 2,965,648 | 2,803,982 | ||||||
| Employee benefits | **** | 25 | **** | 20,824 | 16,226 | ||||||
| Income tax liability | 13,314 | 13,964 | |||||||||
| Trade and other payables | **** | 24 | **** | 606,358 | 292,236 | ||||||
| Total noncurrent liabilities | **** | 4,173,649 | **** | **** | 3,565,036 | **** | |||||
5
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated statements of financial position as of June 30, 2026 and December 31, 2025
(Amounts expressed in thousands of US Dollars)
| Notes | As of June 30,<br>2026 | As of December 31,2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current liabilities | ||||||||||||
| Provisions | **** | 21 | **** | 2,148 | 10,800 | |||||||
| Lease liabilities | **** | 13 | **** | 36,158 | 55,452 | |||||||
| Borrowings | **** | 16.1 | **** | 695,760 | 350,095 | |||||||
| Salaries and payroll taxes | **** | 22 | **** | 14,368 | 35,891 | |||||||
| Income tax liability | 209,805 | 120,910 | ||||||||||
| Other taxes and royalties | **** | 23 | **** | 68,761 | 43,945 | |||||||
| Trade and other payables | **** | 24 | **** | 584,234 | 419,130 | |||||||
| Total current liabilities | **** | 1,611,234 | **** | **** | 1,036,223 | **** | ||||||
| Total liabilities | **** | 5,784,883 | **** | **** | 4,601,259 | **** | ||||||
| Total equity and liabilities | **** | 9,310,225 | **** | **** | 7,112,853 | **** | ||||||
Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.
6
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated statement of changes in equity for the six-month period ended June 30,2026
(Amounts expressed in thousands of US Dollars)
| Capitalstock | Otherequityinstruments | Otherequityaccounts^(1)^ | Legal<br>reserve | Share-basedpayments | Sharerepurchasereserve | Otheraccumulatedcomprehensiveincome (losses) | Accumulatedprofit(losses) | Equityattributabletoshareholdersof theparentcompany | Equityattributableto non-controllinginterests | Totalequity | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amounts as of December 31, 2025 | **** | 491,165 | **** | **** | 32,144 | **** | **** | — | **** | **** | 8,233 | **** | **** | (32,765 | ) | **** | 179,324 | **** | **** | (11,034 | ) | **** | 1,844,527 | **** | **** | 2,511,594 | **** | **** | — | **** | **** | 2,511,594 | **** |
| Profit for the period, net | **** | — | **** | **** | — | **** | **** | — | **** | **** | — | **** | **** | — | **** | **** | — | **** | **** | — | **** | **** | 429,448 | **** | **** | 429,448 | **** | **** | 11,251 | **** | **** | 440,699 | **** |
| Other comprehensive income for the period | **** | — | **** | **** | — | **** | **** | — | **** | **** | — | **** | **** | — | **** | **** | — | **** | **** | (2,880 | ) | **** | — | **** | **** | (2,880 | ) | **** | — | **** | **** | (2,880 | ) |
| Total comprehensive income | **** | — | **** | **** | — | **** | **** | — | **** | **** | — | **** | **** | — | **** | **** | — | **** | **** | (2,880 | ) | **** | 429,448 | **** | **** | 426,568 | **** | **** | 11,251 | **** | **** | 437,819 | **** |
| Ordinary and General Shareholder’s meeting on April 28, 2026^(2)^: | |||||||||||||||||||||||||||||||||
| Creation of legal reserve | — | — | — | 2,327 | — | — | — | (2,327 | ) | — | — | — | |||||||||||||||||||||
| Creation of reserve for share repurchase | — | — | — | — | — | 150,000 | — | (150,000 | ) | — | — | — | |||||||||||||||||||||
| Board of Directors’ Meeting on May 7, 2026: | |||||||||||||||||||||||||||||||||
| Issuance of Series A shares ^(3)^ | 325,000 | — | 84,488 | — | — | — | — | — | 409,488 | — | 409,488 | ||||||||||||||||||||||
| Transactions with non-controlling interest ^(1)^ | **** | — | **** | **** | — | **** | **** | (11,579 | ) | **** | — | **** | **** | — | **** | **** | — | **** | **** | — | **** | **** | — | **** | **** | (11,579 | ) | **** | 178,739 | **** | **** | 167,160 | **** |
| Share-based payments | **** | 1 | **** | **** | — | **** | **** | — | **** | **** | — | **** | **** | (720 | )^(4)^ | **** | — | **** | **** | — | **** | **** | — | **** | **** | (719 | ) | **** | — | **** | **** | (719 | ) |
| Amounts as of June 30, 2026 | **** | 816,166 | **** | **** | 32,144 | **** | **** | 72,909 | **** | **** | 10,560 | **** | **** | (33,485 | ) | **** | 329,324 | **** | **** | (13,914 | ) | **** | 2,121,648 | **** | **** | 3,335,352 | **** | **** | 189,990 | **** | **** | 3,525,342 | **** |
| ^(1)^ | See Note 20.3. | ||||||||||||||||||||||||||||||||
| --- | --- | ||||||||||||||||||||||||||||||||
| ^(2)^ | See Note 20.2. | ||||||||||||||||||||||||||||||||
| --- | --- | ||||||||||||||||||||||||||||||||
| ^(3)^ | See Note 20.1 and 1.2.1 | ||||||||||||||||||||||||||||||||
| --- | --- | ||||||||||||||||||||||||||||||||
| ^(4)^ | Including 37,890 of expenses (Note 7). | ||||||||||||||||||||||||||||||||
| --- | --- |
Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.
7
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated statement of changes in equity for the six-month period ended June 30,2025
(Amounts expressed in thousands of US Dollars)
| Capitalstock | Other equityinstruments | Legal<br>reserve | Share-basedpayments | Sharerepurchasereserve | Otheraccumulatedcomprehensiveincome (losses) | Accumulatedprofit (losses) | Total equity | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amounts as of December 31, 2024 | **** | 398,064 | **** | **** | 32,144 | **** | **** | 8,233 | **** | **** | 45,628 | **** | **** | 129,324 | **** | **** | (11,057 | ) | **** | 1,018,877 | **** | **** | 1,621,213 | **** | |||||
| Profit for the period, net | — | — | — | — | — | — | 318,082 | 318,082 | |||||||||||||||||||||
| Other comprehensive income for the period | — | — | — | — | — | (1,205 | ) | — | (1,205 | ) | |||||||||||||||||||
| Total comprehensive income | **** | — | **** | **** | — | **** | **** | — | **** | **** | — | **** | **** | — | **** | **** | (1,205 | ) | **** | 318,082 | **** | **** | 316,877 | **** | |||||
| Ordinary and General Shareholder’s meeting on April 9, 2025: | |||||||||||||||||||||||||||||
| Creation of share repurchase<br>reserve ^(1)^ | — | — | — | — | 50,000 | — | (50,000 | ) | **** | — | **** | ||||||||||||||||||
| Board of Directors’ Meeting on April 11, 2025: | |||||||||||||||||||||||||||||
| Issuance of Serie A shares ^(2) (3)^ | 299,687 | — | — | — | — | — | — | 299,687 | |||||||||||||||||||||
| Share-based payments | 1 | — | — | (113,219 | )^(4)^ | — | — | — | (113,218 | ) | |||||||||||||||||||
| Amounts as of June 30, 2025 | **** | 697,752 | **** | **** | 32,144 | **** | **** | 8,233 | **** | **** | (67,591 | ) | **** | 179,324 | **** | **** | (12,262 | ) | **** | 1,286,959 | **** | **** | 2,124,559 | **** | |||||
| ^(1)^ | See Note 20.2. | ||||||||||||||||||||||||||||
| --- | --- | ||||||||||||||||||||||||||||
| ^(2)^ | See Note 20.1. | ||||||||||||||||||||||||||||
| --- | --- | ||||||||||||||||||||||||||||
| ^(3)^ | See Note 1.2.2 and 32 to the annual consolidated financial statements as of December 31, 2025.<br> | ||||||||||||||||||||||||||||
| --- | --- | ||||||||||||||||||||||||||||
| ^(4)^ | Including 19,517 of expenses (Note 7). | ||||||||||||||||||||||||||||
| --- | --- |
Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.
8
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated statements of cash flows for the six-month periods ended June 30, 2026and 2025
(Amounts expressed in thousands of US Dollars)
| Notes | Period fromJanuary 1,through June30, 2026 | Period fromJanuary 1,through June30, 2025 | Period fromApril 1,through June30, 2026 | Period fromApril 1,through June30, 2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||||||||
| Profit for the period, net | 440,699 | 318,082 | 332,986 | 235,289 | |||||||||||||
| Adjustments to reconcile net cash flows | |||||||||||||||||
| Items related to operating activities: | |||||||||||||||||
| Allowance for expected credit losses | **** | 6 | **** | 26 | — | — | — | ||||||||||
| Share-based payments | **** | 7 | **** | 37,890 | 19,517 | 19,104 | 9,302 | ||||||||||
| Net increase in provisions | **** | 8.2 | **** | 2,359 | 1,418 | 1,503 | 226 | ||||||||||
| Net changes in foreign exchange rate | **** | 9.3 | **** | 10,288 | (36,408 | ) | 5,870 | (23,664 | ) | ||||||||
| Discount of assets and liabilities at present value | **** | 9.3 | **** | 20,840 | 3,348 | 12,345 | 2,194 | ||||||||||
| Discount for well plugging and abandonment | **** | 9.3 | **** | 1,882 | 836 | 1,074 | 410 | ||||||||||
| Income tax expense | **** | 14 | **** | 155,754 | 110,691 | 119,938 | 58,526 | ||||||||||
| Other non-cash costs related to the transfer of<br>conventional assets | **** | 15 | **** | 7,921 | 14,859 | 2,924 | 7,619 | ||||||||||
| Employee benefits | **** | 25 | **** | 408 | 396 | 203 | 198 | ||||||||||
| Items related to investing activities: | |||||||||||||||||
| Gain from Business Combination | **** | 8.1 | **** | — | (202,474 | ) | — | (202,474 | ) | ||||||||
| Interest income | **** | 9.1 | **** | (8,181 | ) | (1,330 | ) | (5,001 | ) | (274 | ) | ||||||
| Changes in the fair value of financial assets | **** | 9.3 | **** | (7,278 | ) | (16,049 | ) | (3,789 | ) | (7,051 | ) | ||||||
| Depreciation and depletion | **** | 11/13 | **** | 497,732 | 298,667 | 270,447 | 174,837 | ||||||||||
| Amortization of intangible assets | **** | 12 | **** | 5,177 | 4,250 | 2,736 | 2,103 | ||||||||||
| Impairment of long-lived assets | **** | 2.4.1 | **** | — | 38,252 | — | 38,252 | ||||||||||
| Income (loss) from investment in associates | **** | 17 | **** | (368 | ) | 979 | (4,069 | ) | 979 | ||||||||
| Items related to financing activities: | |||||||||||||||||
| Interest expense | **** | 9.2 | **** | 119,380 | 64,387 | 64,495 | 40,106 | ||||||||||
| Amortized cost | **** | 9.3 | **** | 2,695 | 6,683 | 1,424 | 6,216 | ||||||||||
| Interest expense on lease liabilities | **** | 9.3 | **** | 1,708 | 1,708 | 840 | 902 | ||||||||||
| Other taxes interest | **** | 9.3 | **** | 1,618 | 38,687 | 748 | 38,687 | ||||||||||
| Other financial income (expense) | **** | 9.3 | **** | 22,127 | 11,044 | 18,715 | 8,147 | ||||||||||
| Changes in working capital: | |||||||||||||||||
| Trade and other receivables | (127,288 | ) | (115,390 | ) | 211,672 | (95,519 | ) | ||||||||||
| Inventories | **** | 5.2 | **** | (10,258 | ) | (2,826 | ) | (10,445 | ) | 6,206 | |||||||
| Trade and other payables | 75,045 | (79,824 | ) | 6,328 | (7,452 | ) | |||||||||||
| Payments of employee benefits | **** | 25 | **** | (242 | ) | (276 | ) | (122 | ) | (137 | ) | ||||||
| Salaries and payroll taxes | (39,212 | ) | (127,680 | ) | 1,604 | (50,235 | ) | ||||||||||
| Other taxes and royalties | (10,523 | ) | (73,750 | ) | (470 | ) | (37,791 | ) | |||||||||
| Provisions | **** | 8.2 | **** | (5,531 | ) | (638 | ) | (3,446 | ) | — | |||||||
| Income tax payment | (121,794 | ) | (220,155 | ) | (60,413 | ) | (215,004 | ) | |||||||||
| Net cash flows provided by (used in) operating activities | **** | 1,072,874 | **** | **** | 57,004 | **** | **** | 987,201 | **** | **** | (9,402 | ) | |||||
9
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated statements of cash flows for the six-month periods ended June 30, 2026and 2025
(Amounts expressed in thousands of US Dollars)
| Notes | Period fromJanuary 1,through June30, 2026 | Period fromJanuary 1,through June30, 2025 | Period fromApril 1,through June30, 2026 | Period fromApril 1,through June30, 2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from investing activities: | |||||||||||||||||
| Payments for acquisitions of property, plant and equipment and biological assets | (837,576 | ) | (782,080 | ) | (499,335 | ) | (495,925 | ) | |||||||||
| Payment for Business Combination, net of cash acquired | **** | 1.2.1/29 | **** | (666,404 | ) | (841,555 | ) | (586,662 | ) | (841,555 | ) | ||||||
| Proceeds from BSP and Bajo del Toro Sale | **** | 1.2.1 | **** | 203,907 | — | 203,907 | — | ||||||||||
| Payments for acquisitions of other intangible assets | **** | 12 | **** | (3,098 | ) | (2,476 | ) | (3,098 | ) | (601 | ) | ||||||
| Proceeds from the transfer of conventional assets | **** | 15 | **** | — | 5,734 | — | — | ||||||||||
| Payments for acquisition of investments in associates | **** | 17 | **** | (20,025 | ) | (37,631 | ) | (7,750 | ) | (8,980 | ) | ||||||
| Interest received | **** | 9.1 | **** | 8,181 | 1,330 | 5,001 | 274 | ||||||||||
| Net cash flows (used in) investing activities | **** | (1,315,015 | ) | **** | (1,656,678 | ) | **** | (887,937 | ) | **** | (1,346,787 | ) | |||||
| Cash flows from financing activities: | |||||||||||||||||
| Proceeds from borrowings | **** | 16.2 | **** | 1,445,217 | 1,719,917 | 855,717 | 1,378,570 | ||||||||||
| Payment of borrowings principal | **** | 16.2 | **** | (939,243 | ) | (612,747 | ) | (809,705 | ) | (514,153 | ) | ||||||
| Payment of borrowings interest | **** | 16.2 | **** | (114,738 | ) | (54,234 | ) | (87,870 | ) | (43,668 | ) | ||||||
| Payment of borrowings cost | **** | 16.2 | **** | (5,903 | ) | (10,225 | ) | (4,899 | ) | (9,617 | ) | ||||||
| Payments of other taxes interest | **** | 9.3 | **** | (1,618 | ) | (10,256 | ) | (748 | ) | (10,256 | ) | ||||||
| Payments of other financial income (expense) | **** | 9.3 | **** | (13,409 | ) | (4,869 | ) | (9,997 | ) | (8,147 | ) | ||||||
| Payment of lease | **** | 13 | **** | (44,616 | ) | (46,784 | ) | (25,901 | ) | (23,710 | ) | ||||||
| Net cash flow provided by (used in) financing activities | **** | 325,690 | **** | **** | 980,802 | **** | **** | (83,403 | ) | **** | 769,019 | **** | |||||
| Net increase (decrease) in cash and cash equivalents | **** | 83,549 | **** | **** | (618,872 | ) | **** | 15,861 | **** | **** | (587,170 | ) | |||||
| Cash and cash equivalents at beginning of period | **** | 19 | **** | 526,184 | 755,610 | 586,304 | 733,403 | ||||||||||
| Effect of exposure to changes in the foreign currency rate and other financial results of cash and<br>cash equivalents | (12,711 | ) | 10,262 | (5,143 | ) | 767 | |||||||||||
| Net increase (decrease) in cash and cash equivalents | 83,549 | (618,872 | ) | 15,861 | (587,170 | ) | |||||||||||
| Cash and cash equivalents at end of period | **** | 19 | **** | **** | 597,022 | **** | **** | 147,000 | **** | **** | 597,022 | **** | **** | 147,000 | **** | ||
| Significant transactions that generated no cash flows | |||||||||||||||||
| Business Combination transactions through the issuance of Serie A shares and an increase in<br>trade and other payables | **** | 1.2.1 /29 | **** | 717,409 | 506,754 | 717,409 | 506,754 | ||||||||||
| BSP and Bajo del Toro Sale through an increase in trade and other receivables | **** | 1.2.1 | **** | 62,267 | — | 62,267 | — | ||||||||||
| Acquisition of property, plant and equipment through increase in trade and other payables | 319,719 | 156,422 | 319,719 | 156,422 | |||||||||||||
| Acquisition of property, plant and equipment through increase in trade and other payables related<br>to the Farmout Agreement | — | 109,538 | — | 109,538 | |||||||||||||
| Changes in well plugging and abandonment with an impact in property, plant and<br>equipment | **** | 11 | **** | 8,328 | (8,881 | ) | 4,406 | (4,166 | ) |
Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.
10
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
Note 1. Group information
1.1 Company general information
Vista Energy, S.A.B. de C.V. (“VISTA”, the “Company” or the “Group”), was organized as a variable-capital stock company on March 22, 2017, under the laws of the United Mexican States (“Mexico”). The Company adopted the public corporation or “Sociedad An ó nima Burs á til de Capital Variable ” ( “ S.A.B. de C.V. ” ) on July 28, 2017.
It is listed on the New York Stock Exchange (“NYSE”) under ticker symbol “VIST” as from July 26, 2019.
Its main office is located in City of Mexico, Mexico, at Mapfre Tower, Paseo de la Reforma Avenue 243, 18th floor, Colonia Cuauhtémoc, Alcaldía Cuauhtémoc, zip code 06500.
As of June 30, 2026, and December 31, 2025, the Company´s main activity, through its subsidiaries, is the exploration and production of crude oil and natural gas (“Upstream”).
Except as mentioned in Notes 1.2, there were no significant changes in the Group’s structure and activities as from the date of issuance of the annual consolidated financial statements as of December 31, 2025.
1.2 Significant transactions for the period
1.2.1Acquisition of Equinor Argentina S.A.U. (“Equinor” currently Bandurria Sur Participaciones S.A. “BSP”) and Bajo del Toro block
On February 2, 2026, the Company and its subsidiary Vista Argentina signed several agreements including the following transactions:
(i) the acquisition of 100% of Equinor’s capital stock, which holds a 30% interest in the Bandurria Sur block; and the acquisition of a 50% interest in the Bajo del Toro block from Equinor Argentina B.V. Sucursal Argentina (the “BSP and Bajo del Toro Acquisition”);
(ii) the sale of a 16.3% interest in Equinor’s capital stock, including, indirectly, the assignment of a 4.9% interest in Bandurria Sur, and the assignment of a 15% interest in the Bajo del Toro block to YPF S.A. (“YPF”) (the “BSP and Bajo del Toro Sale”).
As from this corporate restructuring, Vista holds: (i) a 30% non-operated interest in the Bandurria Sur unconventional hydrocarbon concession (25.1% attributable to the shareholders of the parent company and 4.9% attributable to the non-controlling interest) ; (ii) a 35% non-operated interest in Bajo del Toro block; and (iii) certain midstream transport agreements.
Under the terms of the BSP and Bajo del Toro Acquisition, the total consideration amounted to 1,439,606, broken down as follows:
(i) 722,197 paid in cash, comprising 550,000 attributable to the purchase price and 172,197 for purchase price adjustments related to changes in cash, debt, working capital, capital contributions, leakage and other adjustments;
(ii) 409,488 through the transfer of 6,223,220 American Depositary Shares (“ADSs”) representing an equivalent number of subscribed Series A shares, subject to lock-up restrictions, and
(iii) a contingent consideration liability assumed of 307,921, calculated as follows: (a) the price per barrel equal to the average Brent crude oil price for the previous year less USD 65/bbl, subject to a floor of USD 0/bbl where the average Brent price is equal to or less than USD 65/bbl, and a cap of USD 15/bbl where the average Brent is equal to or greater than USD 80/bbl, multiplied by (b) the annual production attributable to the Company’s interest in the assets. This contingent price will be calculated annually and payable during a five-year period as from the closing date, accruing no interest.
Under the terms of the BSP and Bajo del Toro Sale, as mentioned above, the Company received cash of 203,907 and recognized a contingent consideration receivable of 62,267.
This transaction closed on May 7, 2026. Since that date, the Company consolidates 100% of BSP’s assets, liabilities, and results, recognizing a 16.3% non-controlling interest in consolidated equity in accordance with International Financial Reporting Standards (“IFRS”) 10 – “Consolidated Financial Statements”.
For additional information, see Note 29.2.
11
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
1.2.2 Assignment of the non-operated interest in the Acambucoconventional exploitation concession
On April 7, 2026, the Company, through its subsidiary Vista Argentina, entered into an agreement with Pan American Energy, S.L. Sucursal Argentina (“Pan American”) to assign its 1.5% non-operated interest in the Acambuco conventional exploitation concession. The assignment is subject to the fulfillment of certain conditions precedent (the “Closing Date”), and the total consideration price amounts to 600 payable by Pan American within the 10 business days following the closing date of such assignment.
As of the date of issuance of these unaudited interim condensed consolidated financial statements, this agreement has not reached a final closing.
1.2.3 Assignment of the interest in the conventional areas to Tango Energy Argentina S.A. (“Tango Energy”)
On May 8, 2026, through Provincial Decree No. 509/2026, the Province of Río Negro approved the assignment of 100% of Vista Argentina’s interests to Tango Energy related to:
(i) the conventional exploitation concessions of the Entre Lomas, Jarilla Quemada, Jagüel de los Machos, 25 de mayo-Medanito SE and Charco del Palenque areas; and
(ii) the Entre Lomas and Jarilla Quemada gas transportation concessions, and the 25 de mayo-Medanito SE crude oil transportation concession.
The decree also approved the conversion of the exploitation concessions into unconventional hydrocarbon exploitation concessions (CENCH, by its Spanish acronym) with a term of 35 years, for:
(i) the entire Charco del Palenque and Jarilla Quemada areas, and
(ii) a portion of the Entre Lomas area, while the remaining surface area remains under the existing exploitation concession.
Consequently, as of the date of issuance of these unaudited interim condensed consolidated financial statements, Tango Energy holds and operates all these areas, notwithstanding the outstanding payment obligations under the Offer FOA No. 1/2025 of August 28, 2025.
See Note 30 for information on subsequent events.
Note 2. Basis of preparation and material accounting policies
2.1 Basis of preparation and presentation
These unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025, and for the six-month periods ended June 30, 2026 and 2025 were prepared in accordance with the International Accounting Standard (“IAS”) 34 – “Interim Financial Reporting”, issued by the International Accounting Standards Board (“IASB”). The Company prepared its interim financial statements on a condensed basis pursuant to IAS 34. Certain explanatory notes are included to describe the events and transactions that are relevant to understand the changes in the financial position as of June 30, 2026, and the results of operations for the six-month period ended June 30, 2026. Therefore, these unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read together with the annual consolidated financial statements as of December 31, 2025.
These unaudited interim condensed consolidated financial statements were prepared using the same accounting policies as used in preparing the Company’s annual consolidated financial statements as of December 31, 2025, except for the income tax expense that is recognized in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year.
They were prepared on a historical cost basis, except for certain financial assets and liabilities that were measured at fair value. The figures contained herein are stated in US Dollars (“USD”) and are rounded to the nearest thousand, unless otherwise stated.
These unaudited interim condensed consolidated financial statements were approved for publication by the Board of Directors on July 16, 2026 and the subsequent events through that date are considered (Note 30).
12
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
2.2 New effective accounting standards, amendments and interpretations issued by the IASB adopted by theCompany
The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
None of the accounting pronouncements applicable after December 31, 2025, and as of the date of these unaudited interim condensed consolidated financial statements had a material effect on the Company’s financial condition or result of its operations.
2.3 Basis of consolidation
These unaudited interim condensed consolidated financial statements contain the financial statements of the Company and its subsidiaries. Except as mentioned in Notes 1.2, there were no other significant changes in interest in Company subsidiaries during the six-month period ended June 30, 2026.
2.4 Summary of material accounting policies
2.4.1Impairment of goodwill and property, plant and equipment, right-of-use assets and other intangible assets (“long-lived assets”) other than goodwill
Long-lived assets are tested for impairment at the lowest level in which there are separately identifiable cash flows largely independent of the cash flows of other Cash Generating Units (“CGUs”).
The Company conducts its impairment test of long-lived assets when there is an indication that the carrying amount may be impaired. Moreover, Goodwill is tested every December. The Company bases the impairment test on the calculation of value in use and reviews the relationship between the recoverable amount and the carrying amount of its assets.
As of June 30, 2026, the Company did not identify trigger events related to goodwill and long-lived assets other than goodwill.
However, as of June 30, 2025, the Company identified impairment indicators related to the CGU in Mexico. Consequently, the Company performed an impairment test and recorded a full impairment of the assets amounting to 38,252, which includes 38,229 related to “Property, plant and equipment” and 23 related to “Other intangible assets”.
See Note 3.2.2 to the annual consolidated financial statements as of December 31, 2025.
2.4.2 Business combination
The acquisition method is used to book business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for these acquisitions comprises:
| (i) | The fair value of transferred assets; |
|---|---|
| (ii) | The liabilities incurred to former owners of the acquired business; |
| --- | --- |
| (iii) | The equity interests issued by the Company; |
| --- | --- |
| (iv) | The fair value of any asset or liability from a contingent consideration arrangement; and<br> |
| --- | --- |
| (v) | The fair value of any previously held equity interest in the subsidiary. |
| --- | --- |
Identifiable assets acquired and liabilities assumed in a business combination are initially measured at fair values at the date acquisition.
The costs related to the acquisition are booked as incurred expenses. Goodwill is an excess of:
| (i) | The consideration transferred; and |
|---|---|
| (ii) | The fair value of net identifiable assets acquired. |
| --- | --- |
If the fair value of the acquiree’s net identifiable assets exceeds these amounts, before recognizing profit, the Company reassesses whether it has correctly identified all assets acquired and liabilities assumed, reviewing the procedures employed to measure the amounts to be recognized at the acquisition date. If the assessment still results in excess of the fair value of net assets acquired in relation to the total consideration transferred, gain from a bargain purchase is recognized directly in the consolidated statements of profit or loss and other comprehensive income, under “Gain from Business Combination” within “Other operating income”.
13
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
When the settlement of any cash consideration is deferred, the future amounts payable is discounted at their present value at the exchange date. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained under comparable terms and conditions.
Contingent consideration will be recognized at its fair value at the acquisition date. Contingent consideration is classified as equity or as a financial liability. The amounts classified as a financial liability are remeasured at fair value with changes in fair value through the consolidated statements of profit or loss and other comprehensive income. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.
When the Company acquires a business, it assesses the financial assets acquired and liabilities incurred in relation to its adequate classification and designation according to contractual terms, economic circumstances and relevant conditions as of the acquisition date.
Oil reserves and resources acquired that may be measured reliably are recognized separately at fair value upon the acquisition.
Other potential reserves, resources and rights, which fair values cannot be measured reliability, are not recognized separately but are considered part of goodwill.
If the business combination is performed in stages, the previously held equity interest in the acquiree is measured at acquisition-date fair value. Profit or loss from such remeasurement is recognized in the consolidated statements of profit or loss and other comprehensive income.
The Company has a maximum period of 12 months from the date of acquisition to finalize the acquisition accounting. When it is incomplete as of the end of the year in which the business combination takes place, the Company reports provisional amounts.
During the six-month period ended June 30, 2026 and 2025, the Company recorded the BSP and Bajo del Toro Acquisition and Vista Energy Lach S.A. (“Vista Lach”), respectively, as a Business Combination (“Business Combination”) (See Notes 1.2.1 and 29 of these condensed consolidated interim financial statements and Notes 1.2.2 and 32 to the annual consolidated financial statements as of December 31, 2025).
2.4.3 Commodity risk management contracts
The Company has entered into derivative financial instruments to manage its exposure to oil price fluctuation, only for the short term, on a quarterly basis. During the six-month period ended June 30, 2026, these instruments consisted primarily of ICE Brent futures and fixed-price swaps. The derivatives were executed through international brokers, including exchange-cleared accounts and bilateral agreements under ISDA Master Agreements with financial institutions.
The Company’s derivatives are accounted for as non-hedge derivatives and therefore all changes in the fair values of its derivative contracts are recognized as gains or losses in the results of the periods in which they occur.
For the six-month period ended June 30, 2026, the Company recorded a loss of 145,114 related to the commodity risk management contracts.
2.5 Regulatory framework
A- Argentina
2.5.1 Regulatory framework for oil andgas activity
(i) Decree No. 105/2026
On February 19, 2026, Decree No. 105/2026 was published in the Official Bulletin, establishing a one-year extension as from July 8, 2026, to join the Incentive Regime for Large Investments (the “RIGI” by Spanish acronym). The decree includes onshore upstream crude oil and natural gas development projects as eligible promoted activities.
The minimum investment amount is set at 600,000. Qualifying projects must be located in areas with no significant development and must ensure segregation and traceability through a separate measurement system in cases where qualifying and non-qualifying activities coexist. As of the date of issuance of these unaudited interim condensed consolidated financial statements, the Company is assessing whether this regulation applies to its projects.
14
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
Other than mentioned above, there have been no significant changes in Argentina’s regulatory framework during the six-month period ended June 30, 2026 (See Note 2.5 to the annual consolidated financial statements as of December 31, 2025).
B- Mexico
2.5.2 Exploration and production activities regulatory framework
There have been no significant changes in Mexico’s regulatory framework during the six-month period ended June 30, 2026 (See Note 2.5 to the annual consolidated financial statements as of December 31, 2025).
Note 3. Segment information
The Chief Operating Decision Maker (the “Committee” or “CODM”) is in charge of allocating resources and assessing the performance of the operating segment. It supervises operating profit (loss), and the performance of the indicators related to its oil and gas properties on an aggregate basis to make decisions regarding the location of resources, negotiate with international suppliers and determine the method for managing contracts with customers.
The CODM considers as a single segment the exploration and production of crude oil, natural gas and Liquefied Petroleum Gas (“LPG”) (including Exploration and Production commercial activities), through its own activities, subsidiaries and interests in joint operations and based on the nature of the business, customer portfolio and risks involved. The Company aggregated no segment as it has only one.
The accounting criteria used by the subsidiaries to measure profit or loss, assets and liabilities of the segments are consistent with those used in these unaudited interim condensed consolidated financial statements.
Note 4. Revenue from contracts with customers
| Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,through June 30,2026 | Period fromApril 1,through June 30,2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Goods and services sold | 2,099,914 | 1,048,998 | 1,234,902 | 610,542 | ||||||||||||
| Total revenue from contracts with customers^(1)^ | **** | 2,099,914 | **** | **** | 1,048,998 | **** | **** | 1,234,902 | **** | **** | 610,542 | **** | ||||
| ^(1)^ | For the six-month period ended June 30, 2026 including 98%<br>recognized at a point in time. | |||||||||||||||
| --- | --- |
4.1 Information broken down by revenue from contracts with customers
| Type of products | Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,through June 30,2026 | Period fromApril 1,through June 30,2025 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenues from crude oil sales and other services | 2,044,134 | 1,007,231 | 1,198,951 | 584,261 | ||||||||||||
| Revenues from natural gas sales | 52,323 | 38,427 | 34,055 | 24,808 | ||||||||||||
| Revenues from LPG sales | 3,457 | 3,340 | 1,896 | 1,473 | ||||||||||||
| Total revenue from contracts with customers | **** | 2,099,914 | **** | **** | 1,048,998 | **** | **** | 1,234,902 | **** | **** | 610,542 | **** | ||||
| Distribution channels | Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,through June 30,2026 | Period fromApril 1,through June 30,2025 | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Exports of crude oil and other services^(1)^ | 1,483,698 | 596,497 | 860,800 | 359,798 | ||||||||||||
| Local crude oil | 560,436 | 410,734 | 338,151 | 224,463 | ||||||||||||
| Local natural gas | 47,037 | 32,404 | 31,303 | 22,043 | ||||||||||||
| Exports of natural gas | 5,286 | 6,023 | 2,752 | 2,765 | ||||||||||||
| LPG sales | 3,457 | 3,340 | 1,896 | 1,473 | ||||||||||||
| Total revenue from contracts with customers | **** | 2,099,914 | **** | **** | 1,048,998 | **** | **** | 1,234,902 | **** | **** | 610,542 | **** | ||||
| ^(1)^ | For the six-month period ended June 30, 2026 including 51,952 of<br>sea freight services. | |||||||||||||||
| --- | --- |
15
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
Note 5. Cost of sales
5.1 Operating costs
| Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,through June 30,2026 | Period fromApril 1,through June 30,2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fees and compensation for services | 72,178 | 51,240 | 40,462 | 33,272 | ||||||||||||
| Salaries and payroll taxes | 21,851 | 14,994 | 12,133 | 7,761 | ||||||||||||
| Employee benefits | 6,665 | 6,040 | 3,426 | 3,026 | ||||||||||||
| Consumption of materials and spare parts | 5,352 | 1,953 | 2,882 | 768 | ||||||||||||
| Transport | 4,053 | 1,792 | 2,302 | 1,116 | ||||||||||||
| Easements and fees | 3,705 | 3,693 | 1,741 | 1,606 | ||||||||||||
| Other | 3,304 | 4,642 | 1,843 | 2,741 | ||||||||||||
| Total operating costs | **** | 117,108 | **** | **** | 84,354 | **** | **** | 64,789 | **** | **** | 50,290 | **** | ||||
5.2 Crude oil stock fluctuation
| Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,through June 30,2026 | Period fromApril 1,through June 30,2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Crude oil stock at beginning of the period (Note 18) | 6,881 | 4,384 | 6,694 | 13,416 | ||||||||||||
| Increase from Business Combination (Note 29.2) | 2,054 | 1,451 | 2,054 | 1,451 | ||||||||||||
| Less: Crude oil stock at end of the period (Note 18) | (19,193 | ) | (8,661 | ) | (19,193 | ) | (8,661 | ) | ||||||||
| Total crude oil stock fluctuation | **** | (10,258 | ) | **** | (2,826 | ) | **** | (10,445 | ) | **** | 6,206 | **** | ||||
5.3 Royalties and others
| Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,through June 30,2026 | Period fromApril 1,through June 30,2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Royalties | 210,449 | 117,347 | 138,370 | 66,718 | ||||||||||||
| Export duties | 75,727 | 35,198 | 51,949 | 17,573 | ||||||||||||
| Total royalties and others | **** | 286,176 | **** | **** | 152,545 | **** | **** | 190,319 | **** | **** | 84,291 | **** | ||||
Note 6. Selling expenses
| Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,through June 30,2026 | Period fromApril 1,through June 30,2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sea freight | 83,092 | — | 63,137 | — | ||||||||||||
| Transport | 63,980 | 55,780 | 36,205 | 22,296 | ||||||||||||
| Taxes, rates and contributions | 19,130 | 12,679 | 11,596 | 6,652 | ||||||||||||
| Fees and compensation for services | 11,754 | 9,739 | 3,954 | 4,620 | ||||||||||||
| Tax on bank account transactions | 10,288 | 9,275 | 7,221 | 7,137 | ||||||||||||
| Allowances for expected credit losses | 26 | — | — | — | ||||||||||||
| Total selling expenses | **** | 188,270 | **** | **** | 87,473 | **** | **** | 122,113 | **** | **** | 40,705 | **** | ||||
16
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
Note 7. General and administrative expenses
| Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,through June 30,2026 | Period fromApril 1,through June 30,2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share-based payments | 37,890 | 19,517 | 19,104 | 9,302 | ||||||||||||
| Salaries and payroll taxes | 15,853 | 21,371 | 7,390 | 11,121 | ||||||||||||
| Fees and compensation for services | 15,842 | 10,497 | 9,137 | 5,295 | ||||||||||||
| Personal assets tax | 7,265 | (1,104 | ) | 4,028 | (1,104 | ) | ||||||||||
| Employee benefits | 3,280 | 3,111 | 1,896 | 1,590 | ||||||||||||
| Institutional promotion and advertising | 1,082 | 1,105 | 647 | 590 | ||||||||||||
| Other | 4,571 | 3,246 | 2,255 | 2,918 | ||||||||||||
| Total general and administrative expenses | **** | 85,783 | **** | **** | 57,743 | **** | **** | 44,457 | **** | **** | 29,712 | **** | ||||
Note 8. Other operating income and expenses
8.1 Other operating income
| Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,through June 30,2026 | Period fromApril 1,through June 30,2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gain from Business Combination ^(1)^ | — | 202,474 | — | 202,474 | ||||||||||||
| Gain from Exports Increase Program | — | 4,961 | — | — | ||||||||||||
| Other income | 3,323 | 7,047 | 512 | 5,599 | ||||||||||||
| Total other operating income | **** | 3,323 | **** | **** | 214,482 | **** | **** | 512 | **** | **** | 208,073 | **** | ||||
| ^(1)^ | See Note 29.1. | |||||||||||||||
| --- | --- |
8.2 Other operating expenses
| Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,through June 30,2026 | Period fromApril 1,through June 30,2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Restructuring expenses ^(1)^ | (1,320 | ) | (23,743 | ) | (791 | ) | (23,743 | ) | ||||||||
| (Provision for) contingencies ^(2)^ | (338 | ) | (677 | ) | (60 | ) | (11 | ) | ||||||||
| (Provision for) materials and spare parts obsolescence ^(2)^ | (1,987 | ) | (625 | ) | (1,397 | ) | (126 | ) | ||||||||
| (Provision for) environmental remediation<br>^(2)^ | (34 | ) | (116 | ) | (46 | ) | (89 | ) | ||||||||
| Total other operating expenses | **** | (3,679 | ) | **** | (25,161 | ) | **** | (2,294 | ) | **** | (23,969 | ) | ||||
| ^(1)^ | The Company booked restructuring expenses including payments, fees and transaction costs related to the changes<br>in the Group´s structure. | |||||||||||||||
| --- | --- | |||||||||||||||
| ^(2)^ | These transactions did not generate cash flows. For the six-month<br>period ended June 30, 2026 and 2025, including 5,531 and 638 related to payments of contingencies, respectively. | |||||||||||||||
| --- | --- |
Note 9.Financial income (expense), net
9.1 Interest income
| Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,through June 30,2026 | Period fromApril 1,through June 30,2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial interest | 8,181 | 1,330 | 5,001 | 274 | ||||||||||||
| Total interest income | **** | 8,181 | **** | **** | 1,330 | **** | **** | 5,001 | **** | **** | 274 | **** | ||||
17
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
9.2 Interest expense
| Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,through June 30,2026 | Period fromApril 1,through June 30,2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Borrowings interest (Note 16.2) | (119,380 | ) | (64,387 | ) | (64,495 | ) | (40,106 | ) | ||||||||
| Total interest expense | **** | (119,380 | ) | **** | (64,387 | ) | **** | (64,495 | ) | **** | (40,106 | ) | ||||
9.3 Other financial income (expense)
| Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,through June 30,2026 | Period fromApril 1,through June 30,2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amortized cost (Note 16.2) | (2,695 | ) | (6,683 | ) | (1,424 | ) | (6,216 | ) | ||||||||
| Net changes in foreign exchange rate | (10,288 | ) | 36,408 | (5,870 | ) | 23,664 | ||||||||||
| Discount of assets and liabilities at present value | (20,840 | ) | (3,348 | ) | (12,345 | ) | (2,194 | ) | ||||||||
| Changes in the fair value of financial assets | 7,278 | 16,049 | 3,789 | 7,051 | ||||||||||||
| Interest expense on lease liabilities (Note 13) | (1,708 | ) | (1,708 | ) | (840 | ) | (902 | ) | ||||||||
| Discount for well plugging and abandonment | (1,882 | ) | (836 | ) | (1,074 | ) | (410 | ) | ||||||||
| Other taxes interest ^(1)^ | (1,618 | ) | (38,687 | ) | (748 | ) | (38,687 | ) | ||||||||
| Other ^(2)^ | (22,127 | ) | (11,044 | ) | (18,715 | ) | (8,147 | ) | ||||||||
| Total other financial income (expense) | **** | (53,880 | ) | **** | (9,849 | ) | **** | (37,227 | ) | **** | (25,841 | ) | ||||
| ^(1)^ | For the six-month period ended June 30, 2025, including a non-cash transaction of 28,431. | |||||||||||||||
| --- | --- | |||||||||||||||
| ^(2)^ | For the six-month period ended June 30, 2026, and 2025, including<br>a loss of 8,718 and 6,175 that is non-cash transactions. | |||||||||||||||
| --- | --- |
Note 10. Earnings per share
10.1 Basic
Basic earnings per share is calculated by dividing the Company’s profit by the weighted average number of ordinary shares outstanding during the period.
| Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,through June 30,2026 | Period fromApril 1,through June 30,2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit for the period, net | 440,699 | 318,082 | 332,986 | 235,289 | ||||||||||||
| Weighted average number of ordinary shares | 106,774,535 | 100,381,546 | 108,909,959 | 104,263,344 | ||||||||||||
| Basic earnings per share | **** | 4.127 | **** | **** | 3.169 | **** | **** | 3.057 | **** | **** | 2.257 | **** | ||||
18
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
10.2 Diluted
Diluted earnings per share are calculated by dividing the Company’s profit by the weighted average number of ordinary shares outstanding during the period, plus the weighted average of dilutive potential ordinary shares.
Potential ordinary shares will be considered dilutive when their conversion to ordinary shares may reduce earnings per share or increase losses per share. They will be considered antidilutive when their conversion to ordinary shares may result in an increase in earnings per share or a reduction in loss per share.
The calculation of diluted earnings per share does not involve a conversion; the exercise or other issue of shares that may have an antidilutive effect on loss per share, or when the exercise price is higher than the average price of ordinary shares during the period, no dilution effect is booked, as diluted earnings per share is equal to basic earnings per share.
| Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,through June 30,2026 | Period fromApril 1,through June 30,2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit for the period, net | 440,699 | 318,082 | 332,986 | 235,289 | ||||||||||||
| Weighted average number of ordinary shares<br>^(1)^ | 112,278,341 | 104,903,939 | 114,499,217 | 108,744,460 | ||||||||||||
| Diluted earnings per share | **** | 3.925 | **** | **** | 3.032 | **** | **** | 2.903 | **** | **** | 2.164 | **** | ||||
| ^(1)^ | As of June 30, 2026, the Company has 111,442,404 outstanding shares that cannot exceed 112,301,755 shares.<br> | |||||||||||||||
| --- | --- |
Likewise, in accordance with IFRS accounting standards the average number of ordinary shares with a potential dilutive effect amounts to 112,037,041.
19
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
Note 11. Property, plant and equipment
The changes in property, plant and equipment for the six-month period ended June 30, 2026 are as follows:
| Land andbuildings | Vehicles, machinery,facilities, computerhardware andfurniture and fixtures | Oil and gasproperties | Productionwells andfacilities^^ | Works inprogress | Materialsand spareparts | Total | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost | ||||||||||||||||||||||
| Amounts as of December 31, 2025 | **** | 8,342 | **** | **** | 58,912 | **** | **** | 1,080,000 | **** | **** | 5,628,605 | **** | **** | 596,810 | **** | **** | 136,198 | **** | **** | 7,508,867 | **** | |
| Additions | — | 18 | 2,462 | 8,328 | ^(1)^ | 792,301 | 65,447 | **** | 868,556 | **** | ||||||||||||
| Incorporation through Business<br>Combination ^(2)^ | — | — | 694,316 | 571,251 | 211,287 | 11,919 | **** | 1,488,773 | **** | |||||||||||||
| Transfers | 1 | 22,592 | — | 709,332 | (655,005 | ) | (76,920 | ) | **** | — | **** | |||||||||||
| Disposals | — | (124 | ) | — | — | — | — | **** | (124 | ) | ||||||||||||
| Amounts as of June 30, 2026 | **** | 8,343 | **** | **** | 81,398 | **** | **** | 1,776,778 | **** | **** | 6,917,516 | **** | **** | 945,393 | **** | **** | 136,644 | **** | **** | 9,866,072 | **** | |
| Accumulated depreciation | ||||||||||||||||||||||
| Amounts as of December 31, 2025 | **** | (232 | ) | **** | (28,198 | ) | **** | (171,219 | ) | **** | (1,766,186 | ) | **** | — | **** | **** | — | **** | **** | (1,965,835 | ) | |
| Depreciation | — | (4,668 | ) | (56,038 | ) | (433,074 | ) | — | — | **** | (493,780 | ) | ||||||||||
| Disposals | — | 124 | — | — | — | — | **** | 124 | **** | |||||||||||||
| Amounts as of June 30, 2026 | **** | (232 | ) | **** | (32,742 | ) | **** | (227,257 | ) | **** | (2,199,260 | ) | **** | — | **** | **** | — | **** | **** | (2,459,491 | ) | |
| Net value | ||||||||||||||||||||||
| Amounts as of June 30, 2026 | **** | 8,111 | **** | **** | 48,656 | **** | **** | 1,549,521 | **** | **** | 4,718,256 | **** | **** | 945,393 | **** | **** | 136,644 | **** | **** | 7,406,581 | **** | |
| Amounts as of December 31, 2025 | **** | 8,110 | **** | **** | 30,714 | **** | **** | 908,781 | **** | **** | 3,862,419 | **** | **** | 596,810 | **** | **** | 136,198 | **** | **** | 5,543,032 | **** | |
| ^(1)^ | Related to the re-estimation of well plugging and abandonment. This<br>transaction did not generate cash flows. | |||||||||||||||||||||
| --- | --- | |||||||||||||||||||||
| ^(2)^ | See Note 1.2.1 and 29.2. | |||||||||||||||||||||
| --- | --- |
20
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
Note 12. Goodwill and other intangible assets
Below are the changes in goodwill and other intangible assets for the six-month period ended June 30, 2026:
| Goodwill | Other intangible assets | |||||||
|---|---|---|---|---|---|---|---|---|
| Cost | ||||||||
| Amounts as of December 31, 2025 | **** | 22,576 | **** | **** | 47,079 | **** | ||
| Additions^^ | — | 3,098 | ||||||
| Amounts as of June 30, 2026 | **** | 22,576 | **** | **** | 50,177 | **** | ||
| Accumulated amortization | ||||||||
| Amounts as of December 31, 2025 | **** | — | **** | **** | (28,594 | ) | ||
| Amortization | **** | — | **** | (5,177 | ) | |||
| Amounts as of June 30, 2026 | **** | — | **** | **** | (33,771 | ) | ||
| Net value | ||||||||
| Amounts as of June 30, 2026 | **** | 22,576 | **** | **** | 16,406 | **** | ||
| Amounts as of December 31, 2025 | **** | 22,576 | **** | **** | 18,485 | **** | ||
Note 13. Right-of-use assets and leaseliabilities
The carrying amount of the Company’s right-of-use assets and lease liabilities, as well as the changes for the six-month period ended June 30, 2026, are detailed below:
| Right-of-use assets | Total leaseliabilities | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Land andBuildings | Facilities andmachinery | Total | ||||||||||||||
| Amounts as of December 31, 2025 | **** | 16,042 | **** | **** | 137,241 | **** | **** | 153,283 | **** | **** | (143,903 | ) | ||||
| Additions, net | 1,228 | (13,389 | ) | (12,161 | ) | 12,243 | ||||||||||
| Depreciation ^(1)^ | (472 | ) | (28,479 | ) | (28,951 | ) | **** | — | **** | |||||||
| Payments | **** | — | **** | **** | — | **** | **** | — | **** | 44,616 | ||||||
| Interest expense ^(2)^ | **** | — | **** | **** | — | **** | **** | — | **** | (6,117 | ) | |||||
| Amounts as of June 30, 2026 | **** | 16,798 | **** | **** | 95,373 | **** | **** | 112,171 | **** | **** | (93,161 | ) | ||||
| ^(1)^ | Including the depreciation of drilling services capitalized as “Works in progress” for 24,999.<br> | |||||||||||||||
| --- | --- | |||||||||||||||
| ^(2)^ | Including drilling agreements capitalized as “Works in progress” for 4,409. | |||||||||||||||
| --- | --- |
Short-term and low-value lease agreements were recognized under “General and administrative expenses” in the statements of profit or loss and other comprehensive income for 164 and 63 for the six-month periods ended June 30, 2026 and 2025, respectively.
21
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
Note 14. Income tax
The most significant components of the income tax expense in the statements of profit or loss and other comprehensive income of these unaudited interim condensed consolidated financial statements are as follows:
| Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,through June 30,2026 | Period fromApril 1,through June 30,2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income tax | ||||||||||||||||
| Current income tax | (241,384 | ) | (146,608 | ) | (185,878 | ) | (80,286 | ) | ||||||||
| Deferred income tax | 85,630 | 35,917 | 65,940 | 21,760 | ||||||||||||
| Income tax (expense) charged to statement of profit or loss | **** | (155,754 | ) | **** | (110,691 | ) | **** | (119,938 | ) | **** | (58,526 | ) | ||||
| Deferred income tax charged to other comprehensive income | 1,552 | 649 | 1,547 | 642 | ||||||||||||
| Total income tax (expense) | **** | (154,202 | ) | **** | (110,042 | ) | **** | (118,391 | ) | **** | (57,884 | ) | ||||
For the six-month periods ended June 30, 2026 and 2025, the Company’s effective rate was 26%.
The differences between the effective and statutory rate mainly include: (i) the application of the tax adjustment for inflation in Argentina; (ii) fluctuations in Argentine peso (“ARS”) with respect to the USD affecting the Company’s tax deductions of nonmonetary assets; (iii) the accumulative tax losses not recognized in the period; and (iv) the gain from Business Combination (Note 8.1).
See Note 30 to the annual consolidated financial statements as of December 31, 2025.
Note 15. Trade and other receivables
| As of June 30, 2026 | As of December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Noncurrent | ||||||||
| Other receivables: | ||||||||
| Prepayments, tax receivables and other: | ||||||||
| Advance payments for transportation services (Note 27)^^ | 354,718 | 311,087 | ||||||
| Receivables related to the transfer of conventional assets ^(1)^ | 28,526 | 40,945 | ||||||
| Prepaid expenses and other receivables | 19,511 | 19,409 | ||||||
| Income tax | 785 | 785 | ||||||
| Turnover tax | 826 | 670 | ||||||
| **** | 404,366 | **** | **** | 372,896 | **** | |||
| Financial assets: | ||||||||
| Other financial receivables ^(2)^ | 62,267 | — | ||||||
| Loans to employees | 254 | 130 | ||||||
| **** | 62,521 | **** | **** | 130 | **** | |||
| Total noncurrent trade and other receivables | **** | 466,887 | **** | **** | 373,026 | **** | ||
| Current | ||||||||
| Trade: | ||||||||
| Oil and gas accounts receivable (net of allowance for expected credit losses) | 305,543 | 186,403 | ||||||
| **** | 305,543 | **** | **** | 186,403 | **** | |||
| Other receivables: | ||||||||
| Prepayments, tax credits and other: | ||||||||
| Value added tax | 80,803 | 77,160 | ||||||
| Advance payments for transportation services (Note 27) | 29,210 | 26,098 | ||||||
| Receivables related to the transfer of conventional assets ^(1)^ | 19,288 | 23,984 | ||||||
| Income tax | 10,363 | 9,283 | ||||||
| Prepaid expenses and other receivables | 8,751 | 7,253 | ||||||
| Turnover tax | 3,481 | 3,047 | ||||||
| **** | 151,896 | **** | **** | 146,825 | **** | |||
22
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
| As of June 30, 2026 | As of December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Financial assets: | ||||||||
| Accounts receivable from third parties^^ | 16,089 | 9,404 | ||||||
| Receivables from joint operations | 8,749 | 1,368 | ||||||
| Gas IV Plan | 2,915 | 2,316 | ||||||
| Other | 2,157 | 1,365 | ||||||
| **** | 29,910 | **** | **** | 14,453 | **** | |||
| Other receivables | **** | 181,806 | **** | **** | 161,278 | **** | ||
| Total current trade and other receivables | **** | 487,349 | **** | **** | 347,681 | **** | ||
| ^(1)^ | Related to the agreement signed with Tango Energy Argentina S.A. connected with the transfer of conventional<br>assets (“transfer of conventional assets”). For the six-month periods ended June 30, 2026 and 2025, the Company recognized 7,921 and 14,859, respectively, mainly related to the amortization of<br>the account receivable, in the unaudited interim condensed consolidated statement of profit or loss under “Other non-cash costs related to the transfer of conventional assets”. Additionally, for<br>the period ended June 30, 2025 the Company received 5,734, related to the transaction (See Note 3.2.8 to the annual consolidated financial statements as of December 31, 2025). | |||||||
| --- | --- | |||||||
| ^(2)^ | Related to the contingent consideration arising from the BSP and Bajo del Toro Sale (Note 1.2.1)<br> | |||||||
| --- | --- |
Due to the short-term nature of current trade and other receivables, it carrying amount is considered similar to its fair value. The fair values of noncurrent trade and other receivables do not differ significantly from it carrying amounts either.
As of June 30, 2026, in general, accounts receivable has a 15-day term for sales of crude oil and a 38-day term for sales of natural gas and LPG.
The Company sets up a provision for trade receivables when there is information showing that the debtor is facing severe financial difficulties and that there is no realistic probability of recovery, for example, when the debtor goes into liquidation or files for bankruptcy proceedings. Trade receivables that are derecognized are not subject to compliance activities. The Company recognized an allowance for expected credit losses against all trade receivables that are 90 days past due because based on its history these receivables are generally not recovered.
As of June 30, 2026, and December 31, 2025, the provision for expected credit losses was recorded for 96 and 70 respectively.
As of the date of these unaudited interim condensed consolidated financial statements, maximum exposure to credit risk is related to the carrying amount of each class of accounts receivable.
Note 16. Financial assets and liabilities
16.1 Borrowings
| As of June 30, 2026 | As of December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Noncurrent | ||||||||
| Corporate bond (“ON”) | 2,485,250 | 2,257,997 | ||||||
| Financial loans | 394,289 | 446,730 | ||||||
| Exports pre-financing | 86,109 | 99,255 | ||||||
| Total noncurrent | **** | 2,965,648 | **** | **** | 2,803,982 | **** | ||
| Current | ||||||||
| ON | 335,546 | 182,347 | ||||||
| Financial loans | 110,864 | 72,738 | ||||||
| Exports pre-financing | 249,350 | 95,010 | ||||||
| Total current | **** | 695,760 | **** | **** | 350,095 | **** | ||
| Total Borrowings | **** | 3,661,408 | **** | **** | 3,154,077 | **** | ||
23
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
Below are the maturity dates of Company borrowings (excluding lease liabilities) and their exposure to interest rates:
| As of June 30, 2026 | As of December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Fixed interest | ||||||||
| Less than 1 year | 640,990 | 322,766 | ||||||
| From 1 to 2 years | 123,572 | 348,369 | ||||||
| From 2 to 5 years | 441,801 | 392,044 | ||||||
| Over 5 years | 2,055,820 | 1,666,879 | ||||||
| Total | **** | 3,262,183 | **** | **** | 2,730,058 | **** | ||
| Variable interest | ||||||||
| Less than 1 year | 54,770 | 27,329 | ||||||
| From 1 to 2 years | 105,543 | 105,677 | ||||||
| From 2 to 5 years | 238,912 | 291,013 | ||||||
| Over 5 years | — | — | ||||||
| Total | **** | 399,225 | **** | **** | 424,019 | **** | ||
| Total Borrowings | **** | 3,661,408 | **** | **** | 3,154,077 | **** | ||
See Note 16.4 for information on the fair value of the borrowings.
Vista Argentina issued ON, under the name “Programa de Notas” approved by CNV. The following chart shows the details and carrying amount of ON as of June 30, 2026 and December 31, 2025:
| Instrument | Execution<br><br><br>date | Currency | Principal | Interest | Annualrate | Maturity<br><br><br>date | As of<br>June 30,2026 | As ofDecember<br>31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ON XII | August, 2021 | -linked (1) | 100,769 | Fixed | 5.85 | % | August, 2031 | 82,075 | 87,233 | ||||||
| ON XVI | December, 2022 | -linked (1) | 104,236 | Fixed | 0.00 | % | June, 2026 | — | 104,151 | ||||||
| ON XVII | December, 2022 | -linked (1) | 39,118 | Fixed | 0.00 | % | December, 2026 | 39,093 | 39,064 | ||||||
| ON XVIII | March, 2023 | -linked (1) | 118,542 | Fixed | 0.00 | % | March, 2027 | 118,422 | 118,319 | ||||||
| ON XIX | March, 2023 | -linked (1) | 16,458 | Fixed | 1.00 | % | March, 2028 | 16,440 | 16,432 | ||||||
| ON XXI | August, 2023 | -linked (1) | 70,000 | Fixed | 0.99 | % | August, 2028 | 69,936 | 69,899 | ||||||
| ON XXII | December, 2023 | 14,669 | Fixed | 5.00 | % | June, 2026 | — | 14,726 | |||||||
| ON XXIII | March, 2024 | 92,203 | Fixed | 6.50 | % | March, 2027 | 73,553 | ^(2)^ | 73,463 | ^(2)^ | |||||
| ON XXIV | May, 2024 | 46,562 | Fixed | 8.00 | % | May, 2029 | 46,982 | 46,942 | |||||||
| ON XXV | July, 2024 | -linked (1) | 53,195 | Fixed | 3.00 | % | July, 2028 | 53,298 | 53,239 | ||||||
| ON XXVI | October, 2024 | 150,000 | Fixed | 7.65 | % | October, 2031 | 151,802 | 151,747 | |||||||
| ON XXVII | December, 2024 | 600,000 | Fixed | 7.63 | % | December, 2035 | 598,129 | 597,954 | |||||||
| ON XXVIII | March, 2025 | 92,414 | Fixed | 7.50 | % | March, 2030 | 94,189 | 94,038 | |||||||
| ON XXIX | June, 2025 | 900,000 | Fixed | 8.50 | % | June, 2033 | 898,785 | 899,341 | |||||||
| ON XXX | October, 2025 | 73,256 | Fixed | 6.00 | % | April, 2027 | 73,921 | 73,796 | |||||||
| ON XXXI | April, 2026 | 500,000 | Fixed | 7.88 | % | April, 3038 | 504,171 | — | |||||||
| Total ON | **** | 2,820,796 | **** | **** | 2,440,344 | **** | |||||||||
All values are in US Dollars.
| ^(1)^ | Subscribed in USD, payable in ARS at the exchange rate applicable on maturity date. |
|---|---|
| ^(2)^ | As of June 30, 2026 and December 31, 2025, the carrying amount of ON XXIII include 20,000 ON<br>repurchased by the Company. |
| --- | --- |
Certain borrowings includes the Company’s obligation to comply with certain financial ratios and debt service coverage requirements (the “covenants”). Non-compliance with these covenants could restrict the ability of the Company and its subsidiaries to, among other things, pay dividends, provide guarantees, incur additional indebtedness, or dispose of material assets, among others.
24
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
As of June 30, 2026, the Company was in compliance with all financial covenants and other commitments associated with such borrowings.
See Note 30 for information on subsequent events.
On March 20, 2026, Vista Argentina increased the amount of the Programa de Notas, approved by CNV for a total principal
up to 4,000,000 or its equivalent in other currencies.
16.2Changes in liabilities from financing activities
Changes in the borrowings were as follows:
| As of June 30,2026 | As of December 31,2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Amounts at beginning of period | **** | 3,154,077 | **** | **** | 1,448,567 | **** | ||
| Proceeds from borrowings | 1,445,217 | 2,838,173 | ||||||
| Proceeds from borrowings of Business Combination | — | 50,505 | ||||||
| Payment of borrowings principal | (939,243 | ) | (1,173,623 | ) | ||||
| Payment of borrowings interest | (114,738 | ) | (148,310 | ) | ||||
| Payment of borrowings cost | (5,903 | ) | (17,935 | ) | ||||
| Borrowings interest ^(1)^ (Note 9.2) | 119,380 | 163,356 | ||||||
| Amortized cost ^(1)^ (Note 9.3) | 2,695 | 7,880 | ||||||
| Changes in foreign exchange rate ^(1)^ | (77 | ) | (14,536 | ) | ||||
| Amounts at end of period | **** | 3,661,408 | **** | **** | 3,154,077 | **** | ||
| ^(1)^ | These transactions did not generate cash flows. | |||||||
| --- | --- |
16.3 Financial instruments by category
The following chart includes the financial instruments broken down by category:
| As of June 30, 2026 | Financial assets/ liabilities at<br>amortized cost | Financial assets/liabilities at fair<br>value | Total financialassets /liabilities | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Trade and other receivables (Note 15) | 254 | 62,267 | 62,521 | |||||||||
| Total noncurrent financial assets | **** | 254 | **** | **** | 62,267 | **** | **** | 62,521 | **** | |||
| Short-term investments (Note 19) | 390,571 | 96,017 | 486,588 | |||||||||
| Trade and other receivables (Note 15) | 335,453 | — | 335,453 | |||||||||
| Total current financial assets | **** | 726,024 | **** | **** | 96,017 | **** | **** | 822,041 | **** | |||
| Liabilities | ||||||||||||
| Borrowings (Note 16.1) | 2,965,648 | — | 2,965,648 | |||||||||
| Trade and other payables (Note 24) | 298,437 | 307,921 | 606,358 | |||||||||
| Lease liabilities (Note 13) | 57,003 | — | 57,003 | |||||||||
| Total noncurrent financial liabilities | **** | 3,321,088 | **** | **** | 307,921 | **** | **** | 3,629,009 | **** | |||
| Borrowings (Note 16.1) | 695,760 | — | 695,760 | |||||||||
| Trade and other payables (Note 24) | 584,234 | — | 584,234 | |||||||||
| Lease liabilities (Note 13) | 36,158 | — | 36,158 | |||||||||
| Total current financial liabilities | **** | 1,316,152 | **** | **** | — | **** | **** | 1,316,152 | **** | |||
25
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
| As of December 31, 2025 | Financial assets /liabilities atamortized cost | Financial assets /liabilities at fairvalue | Total financialassets /liabilities | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Plan assets (Note 25) | — | 1,865 | 1,865 | |||||||||
| Trade and other receivables (Note 15) | 130 | — | 130 | |||||||||
| Total noncurrent financial assets | **** | 130 | **** | **** | 1,865 | **** | **** | 1,995 | **** | |||
| Short-term investments (Note 19) | 90,414 | 109,433 | 199,847 | |||||||||
| Trade and other receivables (Note 15) | 200,856 | — | 200,856 | |||||||||
| Total current financial assets | **** | 291,270 | **** | **** | 109,433 | **** | **** | 400,703 | **** | |||
| Liabilities | ||||||||||||
| Borrowings (Note 16.1) | 2,803,982 | — | 2,803,982 | |||||||||
| Trade and other payables (Note 24) | 292,236 | — | 292,236 | |||||||||
| Lease liabilities (Note 13) | 88,451 | — | 88,451 | |||||||||
| Total noncurrent financial liabilities | **** | 3,184,669 | **** | **** | — | **** | **** | 3,184,669 | **** | |||
| Borrowings (Note 16.1) | 350,095 | — | 350,095 | |||||||||
| Trade and other payables (Note 24) | 419,130 | — | 419,130 | |||||||||
| Lease liabilities (Note 13) | 55,452 | — | 55,452 | |||||||||
| Total current financial liabilities | **** | 824,677 | **** | **** | — | **** | **** | 824,677 | **** | |||
Below are income, expenses, profit, or loss from each category of financial instrument:
For the six-month period ended June 30, 2026:
| Financial<br>assets/liabilities<br>at amortized cost | Financial<br>assets/liabilitiesat fair value | Total financialassets /liabilities | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest income (Note 9.1) | 8,181 | — | 8,181 | |||||||||
| Interest expense (Note 9.2) | (119,380 | ) | — | (119,380 | ) | |||||||
| Amortized cost (Note 9.3) | (2,695 | ) | — | (2,695 | ) | |||||||
| Net changes in foreign exchange rate (Note 9.3) | (10,288 | ) | — | (10,288 | ) | |||||||
| Discount of assets and liabilities at present value (Note 9.3) | (20,840 | ) | — | (20,840 | ) | |||||||
| Changes in the fair value of financial assets (Note 9.3) | — | 7,278 | 7,278 | |||||||||
| Interest expense on lease liabilities (Note 9.3) | (1,708 | ) | — | (1,708 | ) | |||||||
| Discount for well plugging and abandonment (Note 9.3) | (1,882 | ) | — | (1,882 | ) | |||||||
| Other taxes interest (Note 9.3) | (1,618 | ) | — | (1,618 | ) | |||||||
| Other (Note 9.3) | (22,127 | ) | — | (22,127 | ) | |||||||
| Total | **** | (172,357 | ) | **** | 7,278 | **** | **** | (165,079 | ) | |||
For the six-month period ended June 30, 2025:
| Financial<br>assets/liabilities<br>at amortized cost | Financial<br>assets/liabilitiesat fair value | Total financial<br>assets /liabilities | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest income (Note 9.1) | 1,330 | — | 1,330 | |||||||||
| Interest expense (Note 9.2) | (64,387 | ) | — | (64,387 | ) | |||||||
| Amortized cost (Note 9.3) | (6,683 | ) | — | (6,683 | ) | |||||||
| Net changes in foreign exchange rate (Note 9.3) | 36,408 | — | 36,408 | |||||||||
| Discount of assets and liabilities at present value (Note 9.3) | (3,348 | ) | — | (3,348 | ) | |||||||
| Changes in the fair value of financial assets (Note 9.3) | — | 16,049 | 16,049 | |||||||||
| Interest expense on lease liabilities (Note 9.3) | (1,708 | ) | — | (1,708 | ) | |||||||
| Discount for well plugging and abandonment (Note 9.3) | (836 | ) | — | (836 | ) | |||||||
| Other taxes interest (Note 9.3) | (38,687 | ) | (38,687 | ) | ||||||||
| Other (Note 9.3) | (11,044 | ) | — | (11,044 | ) | |||||||
| Total | **** | (88,955 | ) | **** | 16,049 | **** | **** | (72,906 | ) | |||
26
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
16.4 Fair value
This note includes information on the Company’s method for assessing the fair value of its financial assets and liabilities.
16.4.1 Fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis
The Company classifies the measurements at fair value of financial instruments using a fair value hierarchy, which shows the relevance of the variables applied to carry out these measurements. The fair value hierarchy has the following levels:
| • | Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. |
|---|---|
| • | Level 2: data other than the quoted prices included in Level 1 that are observable for assets or<br>liabilities, either directly (that is prices) or indirectly (that is derived from prices). |
| --- | --- |
| • | Level 3: data on the asset or liability that are based on information that cannot be observed in the market (that<br>is, non-observable data). |
| --- | --- |
The following chart shows the Company’s financial assets measured at fair value as of June 30, 2026 and December 31, 2025:
| As of June 30, 2026 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||||||
| Financial assets at fair value through profit or loss | ||||||||||||||||
| Trade and other receivables | — | — | 62,267 | 62,267 | ||||||||||||
| Short-term investments | 96,017 | — | — | 96,017 | ||||||||||||
| Total assets | **** | 96,017 | **** | — | **** | 62,267 | **** | **** | 158,284 | **** | ||||||
| Liabilities | ||||||||||||||||
| Financial liabilities at fair value through profit or loss | ||||||||||||||||
| Trade and other payables | — | — | 307,921 | 307,921 | ||||||||||||
| Total liabilities | — | — | **** | 307,921 | **** | **** | 307,921 | **** | ||||||||
| As of December 31, 2025 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets | ||||||||||||||||
| Financial assets at fair value through profit or loss | ||||||||||||||||
| Plan assets | 1,865 | — | — | 1,865 | ||||||||||||
| Short-term investments | 109,433 | — | — | 109,433 | ||||||||||||
| Total assets | **** | 111,298 | **** | **** | — | **** | **** | — | **** | **** | 111,298 | **** | ||||
The value of financial instruments traded in active markets is based on quoted market prices as of the date of these accompanying unaudited interim condensed consolidated financial statements. A market is considered active when quoted prices are available regularly through a stock exchange, a broker, a specific sector entity or regulatory agency, and these prices reflect regular and current market transactions between parties at arm’s length. The quoted market price used for financial assets held by the Company is the current offer price. These instruments are included in Level 1.
For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. These valuation techniques maximize the use of observable market data, when available, and minimize the use of Company’s specific estimates. Should all significant variables used to establish the fair value of a financial instrument be observable, the instrument is included in Level 2.
Should one or more variables used in determining the fair value not be observable in the market, the financial instrument is included in Level 3.
There were no transfers between Level 1, Level 2 and Level 3 from December 31, 2025, through June 30, 2026.
27
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
16.4.2 Fair value of financial assets and liabilities that are not measured at fair value (but requirefair value disclosures)
Except for the information included in the following chart, the Company considers that the carrying amounts of financial assets and liabilities recognized in the unaudited interim condensed consolidated financial statements approximate to its fair values, as explained in the related notes.
| As of June 30, 2026 | Carrying amount | Fair value | Level | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Liabilities | ||||||||||||
| Borrowings | 3,661,408 | 3,796,950 | **** | 2 | **** | |||||||
| Total liabilities | **** | 3,661,408 | **** | **** | 3,796,950 | **** | ||||||
16.5 Risk management objectives and policies concerning financial instruments
16.5.1 Financial risk factors
The Company’s activities are exposed to several financial risks: market risk (including exchange rate risk, interest rate risk and price risk), credit risk and liquidity risk.
Financial risk management is included in the Company’s global policies, and it adopts a comprehensive risk management policy focused on tracking risks affecting the entire Company. This strategy aims at striking a balance between profitability targets and risk exposure levels. Financial risks are derived from the financial instruments to which the Company is exposed during each period or as of every period-end.
The Company’s financial department, controls financial risk by identifying, assessing and covering financial risks. The risk management systems and policies are reviewed regularly to show the changes in market conditions and the Company’s activities.
The Company reviewed its exposure to financial risk factors and identified no significant changes in the risk analysis included in its annual consolidated financial statements as of December 31, 2025, except for the following:
16.5.1.1 Market risk
Exchange rate risk
The Company’s financial position and results of operations are sensitive to exchange rate changes between USD and ARS. As of December 31, 2025, the Company performed foreign exchange currency transactions, and the impact in the results of the period is recognized in the consolidated statement of profit or loss in “Other financial income (expense)”.
Most Company revenues are denominated in USD, or the changes in sales follow the changes in USD listed price.
During the six-month period ended June 30, 2026, and for the year ended December 31, 2025, ARS depreciated by about 2% and 41%, respectively.
The following chart shows the sensitivity to a modification in the exchange rate of ARS to USD while maintaining the remainder variables constant. Impact on profit before taxes is related to changes in the fair value of monetary assets and liabilities denominated in currencies other than the USD, the Company’s functional currency. The Company’s exposure to changes in foreign exchange rates for the remainder currencies is immaterial.
| As of June 30, 2026 | As of December 31, 2025 | |||||
|---|---|---|---|---|---|---|
| Changes in exchange rate: | +/- 10% | +/- 10% | ||||
| Effect on profit or loss before income taxes | 28,898 / (28,898) | 8,169 / (8,169) | ||||
| Effect on equity before income taxes | 28,898 / (28,898) | 8,169 / (8,169) |
28
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
Interest rate risk
The purpose of interest rate risk management is to minimize finance costs and limit the Company’s exposure to interest rate increases.
Variable-rate indebtedness exposes the Company’s cash flows to interest rate risk due to potential volatility. Fixed-rate indebtedness exposes the Company to interest rate risk on the fair value of its liabilities as they could be considerably higher than variable rates. As of June 30, 2026 and December 31, 2025, about 11% and 13% of indebtedness was subject to variable interest rates, respectively.
For the six-month periods ended June 30, 2025, the average interest rate for borrowings in ARS was 38.08%.
For the six-month periods ended June 30, 2026, and 2025, the variable interest rate of borrowings denominated in USD stood at 6.77% and 6.42%, respectively.
The Company expects to lessen its interest rate exposure by analyzing and assessing (i) the different sources of liquidity available in domestic and international financial and capital markets (if available); (ii) alternative (fixed or variable) interest rates, currencies and contractual terms available for companies in a sector, industry and risk similar to the Company’s; and (iii) the availability, access and cost of interest rate hedge contracts. Hence, the Company assesses the impact on profit or loss of each strategy on the obligations that represent the main positions to the main interest-bearing positions.
The Company considers that the risk of an increase in interest rates is low; therefore, it does not expect substantial debt risk.
For the six-month period ended June 30, 2026, and for the year ended December 31, 2025, the Company did not use derivative financial instruments to mitigate interest rate risks.
Note 17. Investments in associates
As of June 30, 2026, and December 31, 2025, the Company holds the following interests in associates:
| Company | Equity interest | Income (loss) frominvestments in associates | Investments in<br><br><br>associates | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of<br>June 30,<br>2026 | As ofDecember 31,2025 | Period from<br>January 1, throughJune 30, 2026 | PeriodfromJanuary 1,throughJune 30,2025 | As ofJune 30,2026 | As ofDecember 31,2025 | Main activity | ||||||||||||||||||
| VMOS S.A. | 10.20 | % | 10.20 | % | 368 | (979 | ) | 49,520 | 30,702 | Midstream | ||||||||||||||
| Other | — | — | — | — | 25,414 | 23,840 | — | |||||||||||||||||
| Total investments in associates | **** | **** | 368 | **** | **** | (979 | ) | **** | 74,934 | **** | **** | 54,542 | **** | |||||||||||
For the six-month period ended June 30, 2026 and 2025, the Company made payments related to investment in associates for 20,025 and 37,631, respectively.
See Note 30 for information on subsequent events.
Note 18. Inventories
| As of June 30, 2026 | As of December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Crude oil stock (Note 5.2) | 19,193 | 6,881 | ||||||
| Materials and spare parts | 3,386 | 2,575 | ||||||
| Assigned crude oil stock | 200 | 1 | ||||||
| Total inventories | **** | 22,779 | **** | **** | 9,457 | **** | ||
29
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
Note 19. Cash, bank balances and other short-term investments
| As of June 30, 2026 | As of December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Money market funds | 389,266 | 90,414 | ||||||
| Cash in banks | 118,069 | 333,002 | ||||||
| Mutual funds | 89,687 | 102,768 | ||||||
| Argentine government bonds | 6,330 | 6,665 | ||||||
| Other investments | 1,305 | 5,553 | ||||||
| Total cash, banks balances and other short-term investments | **** | 604,657 | **** | **** | 538,402 | **** | ||
Cash and cash equivalents include cash on hand and at bank and investments maturing within 3 months. For the consolidated statement of cash flows purposes below is the reconciliation between cash, bank and short-term investments and cash and cash equivalents:
| As of June 30, 2026 | As of December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Cash, bank balances and other short-term investments | 604,657 | 538,402 | ||||||
| Less | ||||||||
| Argentine government bonds | (6,330 | ) | (6,665 | ) | ||||
| Other investments | (1,305 | ) | (5,553 | ) | ||||
| Cash and cash equivalents | **** | 597,022 | **** | **** | 526,184 | **** | ||
Note 20. Equity
20.1Capital stock
As of June 30, 2026, and December 31, 2025, the Company’s variable capital stock amounted to 816,166 and 491,165, represented by 111,442,404 and 104,299,705, respectively, of which: (i) 111,442,402 and 104,299,703 respectively, are fully subscribed and paid Series A shares with no face value, each entitled to one vote; and (ii) 2 are Series C shares for both periods.
On May 7, 2026, pursuant to the transaction mentioned in Notes 1.2.1, the Board of Directors approved an increase in the variable portion of the Company’s capital stock by 325,000 and the issuance of 6,223,220 Series A shares.
During the six-month period ended June 30, 2026, 919,479 Series A shares were issued as part of the LTIP granted to Company employees.
On April 11, 2025, through the Board of Directors’ Meeting, the Company approved an increase in the variable portion of its capital stock, as part of the consideration paid for the Transaction (See Note 1.2.2 and Note 29 to the annual consolidated financial statements as of December 31, 2025), through the issuance of 7,297,507 Serie A shares, for a total amount of 299,687.
As of June 30, 2026, and December 31, 2025, the Company’s authorized capital includes 17,349,837 and 24,492,536 Series A ordinary shares, respectively, held in Treasury.
20.2. Legal reserve and reserve for share repurchase
(i) Legal reserve:
As of June 30, 2026, and December 31, 2025, the legal reserve amounts to 10,560 and 8,233, respectively.
On April 28, 2026, through an Ordinary General Shareholders’ Meeting, the Company’s shareholders approved an increase in the legal reserve for a total amount of 2,327, based on the Company’s unconsolidated financial statements.
(ii) Reserve for share repurchase:
On April 28, 2026, and April 9, 2025, through an Ordinary General Shareholders’ Meeting, the Company’s shareholders approved an increase in the reserve for the repurchase of treasury shares for a total amount of 150,000 and 50,000, respectively, based on the Company’s unconsolidated financial statements.
30
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
On April 9, 2025, through the Ordinary General Shareholders’ Meeting, the Company’s shareholders approved an increase of a fund to acquire own shares for 50,000, based on the Company’s nonconsolidated financial statements.
As of June 30, 2026, and December 31, 2025, the total amount of the reserve for share repurchase amount to 329,324 and 179,324, respectively.
20.3. Other equity accounts
As of June 30, 2026, Other equity accounts include: (i) an increase of 84,488 resulting from the adjustment to reflect the fair value of the shares issued as consideration for the BSP and Bajo del Toro Acquisition at the acquisition date; and (ii) a decrease of 11,579 resulting from the difference between amount by which the non-controlling interest was stated and the fair value of the consideration received, which amounted to 167,160.
For further information see Note 21 to the annual consolidated financial statements as of December 31, 2025.
Note 21. Provisions
| As of June 30, 2026 | As of December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Noncurrent | ||||||||
| Well plugging and abandonment | 64,461 | 51,279 | ||||||
| Environmental remediation | 78 | 234 | ||||||
| Total noncurrent provisions | **** | 64,539 | **** | **** | 51,513 | **** | ||
| Current | ||||||||
| Well plugging and abandonment | 1,541 | 3,178 | ||||||
| Contingencies | 499 | 5,244 | ||||||
| Environmental remediation | 108 | 2,378 | ||||||
| Total current provisions | **** | 2,148 | **** | **** | 10,800 | **** | ||
Note 22. Salaries and payroll taxes
| As of June 30, 2026 | As of December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Current | ||||||||
| Provision for bonuses and incentives | 8,529 | 25,658 | ||||||
| Salaries and social security contributions | 5,839 | 10,233 | ||||||
| Total current salaries and payroll taxes | **** | 14,368 | **** | **** | 35,891 | **** | ||
Note 23. Other taxes and royalties
| As of June 30, 2026 | As of December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Current | ||||||||
| Royalties and others | 50,992 | 28,662 | ||||||
| Personal assets tax | 6,707 | 11,122 | ||||||
| Tax withholdings | 5,401 | 2,936 | ||||||
| Value added tax | 4,217 | — | ||||||
| Other | 1,444 | 1,225 | ||||||
| Total current other taxes and royalties | **** | 68,761 | **** | **** | 43,945 | **** | ||
Note 24. Trade and other payables
| As of June 30, 2026 | As of December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Noncurrent | ||||||||
| Payables to third parties ^(1) (2)(3)^ | 606,358 | 292,236 | ||||||
| Total other noncurrent accounts payables | **** | 606,358 | **** | **** | 292,236 | **** | ||
| Total noncurrent accounts payables | **** | 606,358 | **** | **** | 292,236 | **** | ||
31
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
| As of June 30, 2026 | As of December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Current | ||||||||
| Accounts payables: | ||||||||
| Suppliers | 560,235 | 399,373 | ||||||
| Total current accounts payables | **** | 560,235 | **** | **** | 399,373 | **** | ||
| Other accounts payables: | ||||||||
| Payables to third parties ^(2)^ | 23,104 | 19,236 | ||||||
| Payables to partners of joint operations | 660 | 96 | ||||||
| Extraordinary fee for Gas IV Plan | 235 | 425 | ||||||
| Total other current accounts payables | **** | 23,999 | **** | **** | 19,757 | **** | ||
| Total current trade and other payables | **** | 584,234 | **** | **** | 419,130 | **** | ||
| ^(1)^ | As of June 30, 2026 and December 31, 2025, mainly includes 239,716 and 222,749, respectively, in<br>connection with the liability assumed for the acquisition of Vista Lach (See Note 1.2.2 and 29 to the annual consolidated financial statements as of December 31, 2025). | |||||||
| --- | --- | |||||||
| ^(2)^ | As of June 30, 2026, includes 58,721 and 23,104 noncurrent and current payables to third parties,<br>respectively, related to the Farmout Agreement. Likewise, as of December 31, 2025, includes 68,298 and 19,236 noncurrent and current payables to third parties, respectively, related to the Farmout Agreement (See Note 1.2.1 to the annual<br>consolidated financial statements as of December 31, 2025). | |||||||
| --- | --- | |||||||
| ^(3)^ | As of June 30, 2026, includes 307,921 related to the contingent consideration arising from the BSP and<br>Bajo del Toro Acquisition (See Note 1.2.1). | |||||||
| --- | --- |
Other than mentioned above, due to the short-term nature of current trade and other payables, their carrying amount is deemed to be the same as its fair value. The carrying amount of noncurrent trade and other payable does not differ considerably from its fair value.
Note 25. Employee benefits
The following chart summarizes net expense components and the changes in the liability for long-term employee benefits in the unaudited interim condensed consolidated financial statements:
| Period fromJanuary 1,through June 30,2026 | Period fromJanuary 1,through June 30,2025 | Period fromApril 1,throughJune 30,2026 | Period fromApril 1,through June 30,2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of interest | (408 | ) | (392 | ) | (203 | ) | (196 | ) | ||||||||
| Cost of services | — | (4 | ) | — | (2 | ) | ||||||||||
| Total | **** | (408 | ) | **** | (396 | ) | **** | (203 | ) | **** | (198 | ) | ||||
| As of June 30, 2026 | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||
| Present value ofthe obligation | Plan assets | Net liabilities | ||||||||||||||
| Amounts at beginning of period | **** | (19,519 | ) | **** | 3,293 | **** | **** | (16,226 | ) | |||||||
| Items classified as loss or profit | ||||||||||||||||
| Cost of interest | (471 | ) | 63 | (408 | ) | |||||||||||
| Items classified in other comprehensive income | ||||||||||||||||
| Actuarial remeasurement | (4,358 | ) | (74 | ) | (4,432 | ) | ||||||||||
| Payment of contributions | 984 | (742 | ) | 242 | ||||||||||||
| Amounts at end of period | **** | (23,364 | ) | **** | 2,540 | **** | **** | (20,824 | ) | |||||||
The fair value of plan assets as of every period is as follows:
| As of June 30, 2026 | As of December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 2,540 | 1,428 | ||||||
| US government bonds | — | 1,865 | ||||||
| Total | **** | 2,540 | **** | **** | 3,293 | **** | ||
See Note 23 to the annual consolidated financial statements as of December 31, 2025.
32
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
Note 26. Related parties’ transactions and balances
There were no significant changes in related parties and relevant transactions during the three-month period ended June 30, 2026 (See Note 27 to the annual consolidated financial statements as of December 31, 2025).
Note 2.3 to the annual consolidated financial statements as of December 31, 2025, provides information on the Company’s structure.
Note 27. Commitments and contingencies
27.1 Commitments
27.1.1 Transport services commitments
The Company, through its subsidiaries Vista Argentina, Vista Lach and BSP, entered into transportation services commitments under the following projects: (i) the Duplicar Plus Project implemented by Oleoductos del Valle S.A. (“Duplicar”); (ii) the project to expand the Puerto Rosales maritime terminal and pumping station implemented by Oiltanking Ebytem S.A. (“Oiltanking Project”); (iii) the Transportation Service Agreement for Vaca Muerta Centro Pipeline (“VMOC” by Spanish acronym); and (iv) the Transportation Service Agreement for Vaca Muerta Norte Pipeline (“VMON” by Spanish acronym).
As of June 30, 2026 advance payments for transportation services amounted to 383,928 as follows: (i) 229,953 related to Duplicar; (ii) 61,471 related to the Oiltanking Project; (iii) 62,512 related to VMOC; and (iv) 29,992 related to VMON.
As of December 31, 2025 advance payments for transportation services amounted to 337,185 as follows: (i) 206,358 related to the Duplicar; (ii) 53,266 related to Oiltanking Project; (iii) 45,301 related to VMOC; and (iv) 32,260 related to VMON.
See Notes 28.1 to the annual consolidated financial statements as of December 31, 2025 for more information about the commitments.
27.2 Contingencies
(i) Asociación de Superficiarios de la Patagonia (“ASSUPA” by its Spanish acronym)
On July 1, 2004, Vista Argentina was served with notice of a lawsuit filed by ASSUPA against various concession-holding companies operating in the Neuquén Basin. The claim sought, among other remedies, the remediation of an alleged collective environmental damage and the establishment of an environmental restoration fund.
On May 21, 2026, the Supreme Court of Justice of Argentina issued a final judgment in the case, dismissing the claim on the grounds that the plaintiff failed to demonstrate that the reported activities had effectively caused degradation or contamination of environmental resources.
Except for the aforementioned, there were no significant changes in commitments and contingencies for the six-month period ended June 30, 2026 (See Notes 28 to the annual consolidated financial statements as of December 31, 2025).
Note 28. Tax regulations
There were no significant changes in Argentina’s and Mexico’s tax regulations during the six-month period ended June 30, 2026 (See Note 30 to the annual consolidated financial statements as of December 31, 2025).
Note 29. BusinessCombination
29.1. Vista Lach Acquisition
On April 15, 2025, the Company acquired 100% of Vista Lach’s capital stock (“Vista Lach Acquisition”), which was accounted for as a business combination using the acquisition method, effective from the date when the Company obtained control of the acquiree.
33
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
Under the terms of the Vista Lach Acquisition, the total consideration amounted to 1,406,441 according to the following breakdown: (i) 899,687 paid in cash; (ii) 299,687 paid by transferring 7,297,507 ADSs, and (iii) a liability assumed for a nominal value of 300,000 payable in cash, with 50% due on April 15, 2029, and the remaining 50% on April 15, 2030, without accruing interest. As of the date of the Vista Lach Acquisition, the present value of the liabilities assumed amounted to 207,067.
Due to the difference between the consideration paid and the net identifiable assets, for the six-month period ended June 30, 2025 the Company recognized a gain of 202,474, booked in “Gain from Business Combination” within “Other operating income” (Note 8.1). As of June 30, 2025, the purchase price allocation and the resulting gain recognized from the business combination are preliminary.
See Note 1.2.2 and 32 of the annual consolidated financial statements as of December 31, 2025.
29.2. BSP and Bajo del Toro Acquisition
As mentioned in Note 1.2.1, on February 2, 2026, the Company signed several agreements which were booked as a business combination using the acquisition method, effective from May 7, 2026, which was the date when the Company obtained control of the acquiree.
Under the terms of the BSP and Bajo del Toro Acquisition, the total consideration amounted to 1,439,606, broken down as follows: (i) 722,197 paid in cash; (ii) 409,488 paid through the transfer of 6,223,220 ADSs, and (iii) contingent consideration liability assumed amounting to 307,921, payable annually over a five-year period and calculated based on future Brent crude oil prices and the production attributable to the acquired interests
The fair value of identifiable assets and liabilities as of the acquisition date was preliminarily determined in accordance with IFRS 3 as follow:
| As of April 30, 2026 | ||||
|---|---|---|---|---|
| Property, plant and equipment | 1,488,773 | |||
| Trade and other receivables | 158,990 | |||
| Inventories | 2,054 | |||
| Assets held for sale | 107,767 | |||
| Cash, bank balances and other short-term investments | 55,793 | |||
| Total assets acquired | **** | 1,813,377 | **** | |
| Provisions | 6,518 | |||
| Deferred income tax liabilities | 193,452 | |||
| Income tax liability | 47,896 | |||
| Other taxes and royalties | 11,122 | |||
| Trade and other payables | 106,030 | |||
| Liabilities directly associated with assets held for sale | 8,753 | |||
| Total liabilities assumed | **** | 373,771 | **** | |
| Total net assets measured at fair value | **** | 1,439,606 | **** | |
| As of April 30, 2026 | ||||
| --- | --- | --- | --- | --- |
| Cash consideration | 722,197 | |||
| Cash and cash equivalent acquired | (55,793 | ) | ||
| Payment for Business Combination, net of cash acquired | **** | 666,404 | **** | |
The Company considered the identifiable assets and liabilities as of April 30, 2026. There would have been no material differences had the purchase price been allocated as from May 7, 2026.
This purchase price allocation is preliminary, as the assessment of the current value is underway. This process will be finalized in 2026.
34
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
As from the acquisition date, BSP and Bajo del Toro contributed revenue of 141,024 and net profit before income tax of 90,237 to the Company. Had the business combination occurred as from January 1, 2026, the Company’s revenue from continuing operations would have amounted to 2,311,031 and its net profit before income tax from continuing operations would have amounted to 695,411.
Note 30. Subsequent events
The Company assessed events subsequent to June 30, 2026, to determine the need of a potential recognition or disclosure in these unaudited interim condensed consolidated financial statements. The Company assessed such events through July 16, 2026, date in which these financial statements were made available for issue:
| • | On July 3, 2026, the Company, through its subsidiary Vista Argentina, assigned to Unconventional Resources<br>S.A. (“URSA”) a 50% interest in the unconventional exploitation rights relating to Charco del Palenque, Jarilla Quemada areas and Entre Lomas area. |
|---|---|
| • | On July 16, 2026, Vista Argentina issued ON XXXII and ON XXXIII, each for an amount of 75,000, at annual<br>interest rates of 3.75% and 5.00% with maturing dates in January 2028 and July 2029, respectively. |
| --- | --- |
| • | On July 16, 2026, Vista Argentina made payments related to VMOS’s investment for an amount of 5,091.<br> |
| --- | --- |
| • | On July 16, 2026, Vista Energy International S.A. (“VEISA”) signed a loan agreement with Bladex,<br>for an amount of 10,000, at an annual interest rate of SOFR plus 1.90% and an expiration date in July 2026. |
| --- | --- |
| • | During July 2026, Vista Argentina paid interest for an amount of 2,175, corresponding to exports pre-financing. |
| --- | --- |
| • | During July 2026, Vista Argentina paid interest for an amount of 1,494, corresponding to ON.<br> |
| --- | --- |
| • | During July 2026, Vista Argentina paid principal and interest for an amount of 9,525, corresponding to financial<br>loans. |
| --- | --- |
There are no other events or transactions between the closing date and the date of issuance of these unaudited interim condensed consolidated financial statements that could significantly affect the Company’s financial position or profit or loss.
Note 31. Supplementary proforma financial information (unaudited)
As mentioned in Note 1.2.1, the Company, through its subsidiary Vista Argentina signed several agreements including the following transactions: (i) the acquisition of 100% of Equinor’s capital stock, which holds a 30% interest in the Bandurria Sur block; and the acquisition of a 50% interest in the Bajo del Toro block from Equinor Argentina B.V. Sucursal Argentina; (ii) the sale of a 16.3% interest in Equinor’s capital stock, including, indirectly, the assignment of a 4.9% interest in Bandurria Sur, and the assignment of a 15% interest in the Bajo del Toro block to YPF.
The Company has prepared this financial information to comply with the regulatory requirements established by the Comisión Nacional Bancaria y deValores (“CNBV” by its Spanish Acronym), which has been prepared in accordance with IFRS issued by the IASB. These were prepared on a historical cost basis, except for certain financial assets and liabilities that were measured at fair value.
This pro forma financial information should not be considered a statement, guarantee or suggestion about past or future performance. No person should rely on the usefulness or accuracy of this pro forma financial information, which is disclosed exclusively to comply with the CNBV. To the maximum extent allowed by applicable law, Vista Energy S.A.B. de C.V. and its directors, Board members, employees, affiliates and subsidiaries are released from all liability related to such pro forma information.
This pro forma information has been prepared using most reliable information at the date of these financial statements, that do not differ materially from the financial information, or pro-forma financial information, previously included in the Folleto Informativo.
35
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
31.1 Pro forma consolidated statement of profit or loss and other comprehensive income for the six monthperiod ended June 30, 2025 (unaudited)
| Period fromJanuary 1,through June 30,2025 | Pro forma<br>adjustments | Period fromJanuary 1,through June 30,2025<br>Pro forma | Period fromApril 1,through June 30,2025 | Pro forma<br>adjustments | Period fromApril 1,through June 30,2025<br>Pro forma | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from contracts with customers | 1,048,998 | 78,327 | 1,127,325 | 610,542 | 78,327 | 688,869 | |||||||||||||
| Cost of sales: | |||||||||||||||||||
| Operating costs | (84,354 | ) | (7,451 | ) | (91,805 | ) | (50,290 | ) | (7,451 | ) | (57,741 | ) | |||||||
| Crude oil stock fluctuation | 2,826 | — | 2,826 | (6,206 | ) | — | (6,206 | ) | |||||||||||
| Royalties and others | (152,545 | ) | (13,371 | ) | (165,916 | ) | (84,291 | ) | (13,371 | ) | (97,662 | ) | |||||||
| Depreciation, depletion and amortization | (302,917 | ) | (21,514 | ) | (324,431 | ) | (176,940 | ) | (21,514 | ) | (198,454 | ) | |||||||
| Other non-cash costs related to the transfer of<br>conventional assets | (14,859 | ) | — | (14,859 | ) | (7,619 | ) | — | (7,619 | ) | |||||||||
| Gross profit | **** | 497,149 | **** | **** | 35,991 | **** | **** | 533,140 | **** | **** | 285,196 | **** | **** | 35,991 | **** | **** | 321,187 | **** | |
| Selling expenses | (87,473 | ) | (4,263 | ) | (91,736 | ) | (40,705 | ) | (4,263 | ) | (44,968 | ) | |||||||
| General and administrative expenses | (57,743 | ) | (1 | ) | (57,744 | ) | (29,712 | ) | (1 | ) | (29,713 | ) | |||||||
| Exploration expenses | (344 | ) | — | (344 | ) | (164 | ) | — | (164 | ) | |||||||||
| Other operating income | 214,482 | 231 | 214,713 | 208,073 | 231 | 208,304 | |||||||||||||
| Other operating expenses | (25,161 | ) | (955 | ) | (26,116 | ) | (23,969 | ) | (955 | ) | (24,924 | ) | |||||||
| Impairment of long-lived assets | (38,252 | ) | — | (38,252 | ) | (38,252 | ) | — | (38,252 | ) | |||||||||
| Operating profit | **** | 502,658 | **** | **** | 31,003 | **** | **** | 533,661 | **** | **** | 360,467 | **** | **** | 31,003 | **** | **** | 391,470 | **** | |
| Income (loss) from investments in associates | (979 | ) | — | (979 | ) | (979 | ) | — | (979 | ) | |||||||||
| Interest income | 1,330 | — | 1,330 | 274 | — | 274 | |||||||||||||
| Interest expense | (64,387 | ) | — | (64,387 | ) | (40,106 | ) | — | (40,106 | ) | |||||||||
| Other financial income (expense) | (9,849 | ) | 2,924 | (6,925 | ) | (25,841 | ) | 2,924 | (22,917 | ) | |||||||||
| Financial income (expense), net | **** | (72,906 | ) | **** | 2,924 | **** | **** | (69,982 | ) | **** | (65,673 | ) | **** | 2,924 | **** | **** | (62,749 | ) | |
| Profit before income tax | **** | 428,773 | **** | **** | 33,927 | **** | **** | 462,700 | **** | **** | 293,815 | **** | **** | 33,927 | **** | **** | 327,742 | **** | |
| Current income tax (expense) | (146,608 | ) | (20,113 | ) | (166,721 | ) | (80,286 | ) | (20,113 | ) | (100,399 | ) | |||||||
| Deferred income tax benefit (expense) | 35,917 | (833 | ) | 35,084 | 21,760 | (833 | ) | 20,927 | |||||||||||
| Income tax (expense) | **** | (110,691 | ) | **** | (20,946 | ) | **** | (131,637 | ) | **** | (58,526 | ) | **** | (20,946 | ) | **** | (79,472 | ) | |
| Profit for the period, net | **** | 318,082 | **** | **** | 12,981 | **** | **** | 331,063 | **** | **** | 235,289 | **** | **** | 12,981 | **** | **** | 248,270 | **** | |
| Other comprehensive income | |||||||||||||||||||
| Other comprehensive income that shall not be reclassified to profit (loss) in subsequentperiods | |||||||||||||||||||
| - (Loss) from actuarial remeasurement related to employee benefits | (1,854 | ) | — | (1,854 | ) | (1,832 | ) | — | (1,832 | ) | |||||||||
| - Deferred income tax benefit | 649 | — | 649 | 642 | — | 642 | |||||||||||||
| Other comprehensive income for the period | **** | (1,205 | ) | **** | — | **** | **** | (1,205 | ) | **** | (1,190 | ) | **** | — | **** | **** | (1,190 | ) | |
| Total comprehensive profit for the period | **** | 316,877 | **** | **** | 12,981 | **** | **** | 329,858 | **** | **** | 234,099 | **** | **** | 12,981 | **** | **** | 247,080 | **** | |
36
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
31.1 Pro forma consolidated statement of profit or loss and other comprehensive income for the six monthperiod ended June 30, 2025 (unaudited)
| Period fromJanuary 1,through June 30,2025 | Pro forma<br>adjustments | Period fromJanuary 1,through June 30,2025<br>Pro forma | Period fromApril 1,through June 30,2025 | Pro forma<br>adjustments | Period fromApril 1,through June 30,2025<br>Pro forma | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net profit for the period attributable to: | ||||||||||||||||||
| Shareholders of the parent company | 318,082 | — | 318,082 | 235,289 | — | 235,289 | ||||||||||||
| Non-controlling interests | — | 12,981 | 12,981 | — | 12,981 | 12,981 | ||||||||||||
| Total comprehensive income for the period attributable to: | ||||||||||||||||||
| Shareholders of the parent company | 316,877 | — | 316,877 | 234,099 | — | 234,099 | ||||||||||||
| Non-controlling interests | — | 12,981 | 12,981 | — | 12,981 | 12,981 |
37
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
31.2 Pro forma consolidated statement of financial position as of June 30, 2025 (unaudited)
| As of June 30,2025 | Pro forma<br>adjustments | As of June 30,2025<br>Pro forma | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Noncurrent assets | ||||||||||||
| Property, plant and equipment | 4,792,465 | 1,727,882 | 6,520,347 | |||||||||
| Goodwill | 22,576 | — | 22,576 | |||||||||
| Other intangible assets | 13,646 | — | 13,646 | |||||||||
| Right-of-use<br>assets | 92,941 | — | 92,941 | |||||||||
| Biological assets | 13,472 | — | 13,472 | |||||||||
| Investments in associates | 48,558 | — | 48,558 | |||||||||
| Trade and other receivables | 366,855 | 82,978 | 449,833 | |||||||||
| Deferred income tax assets | 71,560 | — | 71,560 | |||||||||
| Total noncurrent assets | **** | 5,422,073 | **** | **** | 1,810,860 | **** | **** | 7,232,933 | **** | |||
| Current assets | ||||||||||||
| Inventories | 12,244 | 3,013 | 15,257 | |||||||||
| Trade and other receivables | 476,920 | 134,602 | 611,522 | |||||||||
| Cash, bank balances and other short-term investments | 153,823 | (496,755 | ) | (342,932 | ) | |||||||
| Total current assets | **** | 642,987 | **** | **** | (359,140 | ) | **** | 283,847 | **** | |||
| Total assets | **** | 6,065,060 | **** | **** | 1,451,720 | **** | **** | 7,516,780 | **** | |||
| Equity and liabilities | ||||||||||||
| Equity | ||||||||||||
| Capital stock | 697,752 | 325,000 | 1,022,752 | |||||||||
| Other equity instruments | 32,144 | — | 32,144 | |||||||||
| Other equity accounts | — | 72,909 | 72,909 | |||||||||
| Legal reserve | 8,233 | — | 8,233 | |||||||||
| Share-based payments | (67,591 | ) | — | (67,591 | ) | |||||||
| Share repurchase reserve | 179,324 | — | 179,324 | |||||||||
| Other accumulated comprehensive income (losses) | (12,262 | ) | — | (12,262 | ) | |||||||
| Accumulated profit (losses) | 1,286,959 | (11,445 | ) | 1,275,514 | ||||||||
| Equity attributable to shareholders of the parent company | **** | 2,124,559 | **** | **** | 386,464 | **** | **** | 2,511,023 | **** | |||
| Equity attributable to non-controlling interests | — | 178,740 | 178,740 | |||||||||
| Total equity | **** | 2,124,559 | **** | **** | 565,204 | **** | **** | 2,689,763 | **** | |||
| Liabilities | ||||||||||||
| Noncurrent liabilities | ||||||||||||
| Deferred income tax liabilities | 91,672 | 398,588 | 490,260 | |||||||||
| Lease liabilities | 47,388 | — | 47,388 | |||||||||
| Provisions | 36,060 | 6,220 | 42,280 | |||||||||
| Borrowings | 1,900,236 | — | 1,900,236 | |||||||||
| Employee benefits | 17,942 | — | 17,942 | |||||||||
| Income tax liability | 14,170 | — | 14,170 | |||||||||
| Trade and other payables | 281,352 | 307,921 | 589,273 | |||||||||
| Total noncurrent liabilities | **** | 2,388,820 | **** | **** | 712,729 | **** | **** | 3,101,549 | **** | |||
38
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 and for the six-month periods endedJune 30, 2026 and 2025
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
| As of June 30,2025 | Pro forma<br>adjustments | As of June 30,2025<br>Pro forma | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current liabilities | ||||||||||||
| Provisions | 16,315 | — | 16,315 | |||||||||
| Lease liabilities | 27,627 | — | 27,627 | |||||||||
| Borrowings | 698,360 | — | 698,360 | |||||||||
| Salaries and payroll taxes | 17,388 | — | 17,388 | |||||||||
| Income tax liability | 328,414 | 60,338 | 388,752 | |||||||||
| Other taxes and royalties | 33,235 | 5,157 | 38,392 | |||||||||
| Trade and other payables | 430,342 | 108,292 | 538,634 | |||||||||
| Total current liabilities | **** | 1,551,681 | **** | **** | 173,787 | **** | **** | 1,725,468 | **** | |||
| Total liabilities | **** | 3,940,501 | **** | **** | 886,516 | **** | **** | 4,827,017 | **** | |||
| Total equity and liabilities | **** | 6,065,060 | **** | **** | 1,451,720 | **** | **** | 7,516,780 | **** | |||
39