VIST 6-K 2025 - Equibles

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 2025

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, 18^th^ 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 ☐

LOGO

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:

Exhibit 1: Unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024.

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:

[email protected]

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 10, 2025

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

LOGO

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

Unaudited interim condensed consolidated financial statements as of June 30, 2025 and

December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024

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

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

TABLE OF CONTENTS

•	Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the six-month periods ended June 30, 2025 and 2024
•	Unaudited interim condensed consolidated statements of financial position as of June 30, 2025 and<br>December 31, 2024
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•	Unaudited interim condensed consolidated statements of changes in equity for the<br>six-month periods ended June 30, 2025 and 2024
---	---
•	Unaudited interim condensed consolidated statements of cash flows for the<br>six-month periods ended June 30, 2025 and 2024
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•	Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and<br>December 31, 2024 and for the six-month periods ended June 30, 2025 and 2024
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VISTA ENERGY, S.A.B. DE C.V.

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

(Amounts expressed in thousands of US Dollars)

	Notes			Period fromJanuary 1,through June<br>30, 2025			Period from<br>January 1,<br>through June<br>30, 2024			Period from<br>April 1,<br>through June<br>30, 2025			Period from<br>April 1,<br>through June<br>30, 2024
Revenue from contracts with customers	****	4	****		1,048,998			714,067			610,542			396,715
Cost of sales:
Operating costs	****	5.1	****		(84,354	)		(48,356	)		(50,290	)		(26,738	)
Crude oil stock fluctuation	****	5.2	****		2,826			4,863			(6,206	)		3,654
Royalties and others	****	5.3	****		(152,545	)		(101,572	)		(84,291	)		(56,790	)
Depreciation, depletion and amortization	****	11/12/13	****		(302,917	)		(183,378	)		(176,940	)		(101,005	)
Other non-cash costs related to the transfer of<br>conventional assets	****	15	****		(14,859	)		(16,897	)		(7,619	)		(7,792	)

Gross profit				****	497,149	****	****	368,727	****	****	285,196	****	****	208,044	****

Selling expenses	****	6	****		(87,473	)		(40,979	)		(40,705	)		(22,140	)
General and administrative expenses	****	7	****		(57,743	)		(44,500	)		(29,712	)		(22,390	)
Exploration expenses					(344	)		(33	)		(164	)		(2	)
Other operating income	****	8.1	****		214,482			26,484			208,073			16,987
Other operating expenses	****	8.2	****		(25,161	)		(1,023	)		(23,969	)		(908	)
Impairment of long-lived assets	****	2.4.1	****		(38,252	)		—			(38,252	)		—

Operating profit				****	502,658	****	****	308,676	****	****	360,467	****	****	179,591	****

Income (loss) from investments in associates	****	17	****		(979	)		—			(979	)		—
Interest income	****	9.1	****		1,330			1,800			274			1,319
Interest expense	****	9.2	****		(64,387	)		(16,116	)		(40,106	)		(11,219	)
Other financial income (expense)	****	9.3	****		(9,849	)		(22,760	)		(25,841	)		(130	)

Financial income (expense), net				****	(72,906	)	****	(37,076	)	****	(65,673	)	****	(10,030	)

Profit before income tax				****	428,773	****	****	271,600	****	****	293,815	****	****	169,561	****

Current income tax (expense)	****	14	****		(146,608	)		(169,402	)		(80,286	)		(105,613	)
Deferred income tax benefit	****	14	****		35,917			116,093			21,760			75,692

Income tax (expense)				****	(110,691	)	****	(53,309	)	****	(58,526	)	****	(29,921	)

Profit for the period, net				****	318,082	****	****	218,291	****	****	235,289	****	****	139,640	****

Other comprehensive income
Other comprehensive income that shall not be reclassified to profit (loss) in subsequentperiods
- (Loss) profit from actuarial remeasurement related to employee benefits	****	25	****		(1,854	)		66			(1,832	)		17
- Deferred income tax benefit (expense)	****	14	****		649			(23	)		642			(6	)

Other comprehensive income for the period				****	(1,205	)	****	43	****	****	(1,190	)	****	11	****

Total comprehensive profit for the period				****	316,877	****	****	218,334	****	****	234,099	****	****	139,651	****

Earnings per share
Basic (in US Dollars per share)	****	10	****	****	3.169	****	****	2.266	****	****	2.257	****	****	1.444	****
Diluted (in US Dollars per share)	****	10	****	****	3.032	****	****	2.183	****	****	2.164	****	****	1.390	****

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

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

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

(Amounts expressed in thousands of US Dollars)

	Notes			As of June 30, 2025			As of December 31, 2024
Assets
Noncurrent assets
Property, plant and equipment	****	11	****		4,792,465			2,805,983
Goodwill	****	12	****		22,576			22,576
Other intangible assets	****	12	****		13,646			15,443
Right-of-use<br>assets	****	13	****		92,941			105,333
Biological assets					13,472			10,027
Investments in associates	****	17	****		48,558			11,906
Trade and other receivables	****	15	****		366,855			205,268
Deferred income tax assets					71,560			3,565

Total noncurrent assets				****	5,422,073	****	****	3,180,101	****

Current assets
Inventories	****	18	****		12,244			6,469
Trade and other receivables	****	15	****		476,920			281,495
Cash, bank balances and other short-term investments	****	19	****		153,823			764,307

Total current assets				****	642,987	****	****	1,052,271	****

Total assets				****	6,065,060	****	****	4,232,372	****

Equity and liabilities
Equity
Capital stock	****	20.1	****		697,752			398,064
Other equity instruments					32,144			32,144
Legal reserve					8,233			8,233
Share-based payments					(67,591	)		45,628
Share repurchase reserve	****	20.2	****		179,324			129,324
Other accumulated comprehensive income (losses)					(12,262	)		(11,057	)
Accumulated profit (losses)					1,286,959			1,018,877

Total equity				****	2,124,559	****	****	1,621,213	****

Liabilities
Noncurrent liabilities
Deferred income tax liabilities					91,672			64,398
Lease liabilities	****	13	****		47,388			37,638
Provisions	****	21	****		36,060			33,058
Borrowings	****	16.1	****		1,900,236			1,402,343
Trade and other payables	****	24	****		281,352			—
Employee benefits	****	25	****		17,942			15,968
Income tax liability					14,170			—

Total noncurrent liabilities				****	2,388,820	****	****	1,553,405	****

Current liabilities
Provisions	****	21	****		16,315			3,910
Lease liabilities	****	13	****		27,627			58,022
Borrowings	****	16.1	****		698,360			46,224
Salaries and payroll taxes	****	22	****		17,388			32,656
Income tax liability					328,414			382,041
Other taxes and royalties	****	23	****		33,235			47,715
Trade and other payables	****	24	****		430,342			487,186

Total current liabilities				****	1,551,681	****	****	1,057,754	****

Total liabilities				****	3,940,501	****	****	2,611,159	****

Total equity and liabilities				****	6,065,060	****	****	4,232,372	****

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

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

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

(Amounts expressed in thousands of US Dollars)

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

Profit for the period, net			—			—			—			—			—			—			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)^			299,687			—			—			—			—			—			—			299,687
Share-based payments			1			—			—			(113,219	)^(3)^		—			—			—			(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.
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^(2)^	See Note 1.2.2 and 29.
---	---
^(3)^	Including 19,517 of expenses (Note 7).
---	---

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

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

Unaudited interim condensed consolidated statement of changes in equity for the six-month period endedJune 30, 2024

(Amounts expressed in thousands of US Dollars)

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

Profit for the period, net			—			—			—			—			—			—			218,291			218,291
Other comprehensive income for the period			—			—			—			—			—			43			—			43

Total comprehensive income		****	—	****	****	—	****	****	—	****	****	—	****	****	—	****	****	43	****	****	218,291	****	****	218,334	****

Share repurchase ^(1)^			(49,982	)		—			—			—			—			—			—			(49,982	)
Share-based payments			1			—			—			(12,905	)^(2)^	****	—	****	****	—	****	****	—	****		(12,904	)

Amounts as of June 30, 2024		****	467,893	****	****	32,144	****	****	8,233	****	****	29,571	****	****	79,324	****	****	(4,384	)	****	789,682	****	****	1,402,463	****

^(1)^	See Note 20.1.
---	---
^(2)^	Including 16,423 of expenses (Note 7).
---	---

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

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

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

(Amounts expressed in thousands of US Dollars)

	Notes			Period from<br>January 1,<br>through June<br>30, 2025			Period from<br>January 1,<br>through June<br>30, 2024			Period from<br>April 1,<br>through June<br>30, 2025			Period from<br>April 1,<br>through June<br>30, 2024
Cash flows from operating activities:
Profit for the period, net					318,082			218,291			235,289			139,640
Adjustments to reconcile net cash flows
Items related to operating activities:
Share-based payments	****	7	****		19,517			16,423			9,302			9,780
Net increase in provisions	****	8.2	****		1,418			1,023			226			908
Net changes in foreign exchange rate	****	9.3	****		(36,408	)		11,779			(23,664	)		(509	)
Discount of assets and liabilities at present value	****	9.3	****		3,348			(55	)		2,194			316
Discount for well plugging and abandonment	****	9.3	****		836			540			410			286
Income tax expense	****	14	****		110,691			53,309			58,526			29,921
Other non-cash costs related to the transfer of<br>conventional assets	****	15	****		14,859			16,897			7,619			7,792
Employee benefits	****	25	****		396			157			198			76
Items related to investing activities:
Gain from Business Combination	****	8.1	****		(202,474	)		—			(202,474	)		—
Income (loss) from investment in associates	****	17	****		979			—			979			—
Interest income	****	9.1	****		(1,330	)		(1,800	)		(274	)		(1,319	)
Changes in the fair value of financial assets	****	9.3	****		(16,049	)		2,087			(7,051	)		(6,548	)
Depreciation and depletion	****	11/13	****		298,667			180,732			174,837			99,647
Amortization of intangible assets	****	12	****		4,250			2,646			2,103			1,358
Impairment of long-lived assets	****	2.4.1	****		38,252			—			38,252			—
Items related to financing activities:
Interest expense	****	9.2	****		64,387			16,116			40,106			11,219
Amortized cost	****	9.3	****		6,683			684			6,216			367
Interest expense on lease liabilities	****	9.3	****		1,708			1,614			902			756
Other taxes interest	****	9.3	****		38,687			—			38,687			—
Other financial income (expense)	****	9.3	****		11,044			6,111			8,147			5,462
Changes in working capital:
Trade and other receivables					(115,390	)		(136,331	)		(95,519	)		(19,797	)
Inventories	****	5.2	****		(2,826	)		(4,863	)		6,206			(3,654	)
Trade and other payables					(79,824	)		12,605			(7,452	)		16,459
Payments of employee benefits	****	25	****		(276	)		(167	)		(137	)		(110	)
Salaries and payroll taxes					(127,680	)		(31,898	)		(50,235	)		3,001
Other taxes and royalties					(73,750	)		(13,815	)		(37,791	)		(5,068	)
Provisions	****	8.2	****		(638	)		(841	)		—			(747	)
Income tax payment					(220,155	)		(16,586	)		(215,004	)		(7,823	)

Net cash flows provided by (used in) operating activities				****	57,004	****	****	334,658	****	****	(9,402	)	****	281,413	****

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

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

(Amounts expressed in thousands of US Dollars)

	Notes			Period from<br>January 1,<br>through June<br>30, 2025			Period from<br>January 1,<br>through June<br>30, 2024			Period from<br>April 1,<br>through June<br>30, 2025			Period from<br>April 1,<br>through June<br>30, 2024
Cash flows from investing activities:
Payments for acquisitions of property, plant and equipment and biological assets					(782,080	)		(419,856	)		(495,925	)		(272,202	)
Payment for Business Combination, net of cash acquired	****	29	****		(841,555	)		—			(841,555	)		—
Proceeds from the transfer of conventional assets	****	15	****		5,734			10,734			—			—
Payments for acquisitions of other intangible assets	****	12	****		(2,476	)		(2,428	)		(601	)		(1,679	)
Payments for investments in associates	****	17	****		(37,631	)		(466	)		(8,980	)		(594	)
Interest received	****	9.1	****		1,330			1,800			274			1,319

Net cash flows (used in) investing activities				****	(1,656,678	)	****	(410,216	)	****	(1,346,787	)	****	(273,156	)

Cash flows from financing activities:
Proceeds from borrowings	****	16.2	****		1,719,917			342,293			1,378,570			246,417
Payment of borrowings principal	****	16.2	****		(612,747	)		(56,537	)		(514,153	)		(11,537	)
Payment of borrowings interest	****	16.2	****		(54,234	)		(10,102	)		(43,668	)		(4,424	)
Payment of borrowings cost	****	16.2	****		(10,225	)		(923	)		(9,617	)		(566	)
Payment of lease	****	13	****		(46,784	)		(21,927	)		(23,710	)		(10,916	)
Share repurchase	****	20.1	****		—			(49,982	)		—			(49,982	)
Payments of other taxes interest	****	9.3	****		(10,256	)		—			(10,256	)		—
Payments of other financial results	****	9.3	****		(4,869	)		(7,390	)		(8,147	)		(6,457	)

Net cash flow provided by financing activities				****	980,802	****	****	195,432	****	****	769,019	****	****	162,535	****

Net (decrease) increase in cash and cash equivalents				****	(618,872	)	****	119,874	****	****	(587,170	)	****	170,792	****
Cash and cash equivalents at beginning of period	****	19	****		755,610			209,516			733,403			144,762
Effect of exposure to changes in the foreign currency rate and other financial results of cash and<br>cash equivalents					10,262			(7,828	)		767			6,008
Net (decrease) increase in cash and cash equivalents					(618,872	)		119,874			(587,170	)		170,792

Cash and cash equivalents at end of period	****	19	****	****	147,000	****	****	321,562	****	****	147,000	****	****	321,562	****

Significant transactions that generated no cash flows
Acquisition of Vista Lach through the issuance of Serie A shares and an increase in trade and<br>other payables	****	1.2.2 / 29	****		506,754		****	—	****		506,754		****	—	****
Acquisition of property, plant and equipment through increase in trade and<br>other payables					156,422			299,950			156,422			299,950
Acquisition of property, plant and equipment through increase in trade and other payables<br>related to the Farmout Agreement	****	11	****		109,538			—			109,538			—
Changes in well plugging and abandonment with an impact in property, plant<br>and equipment	****	11	****		(8,881	)		4,662			(4,166	)		3,061

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

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

Note 1. Group information

1.1 Company general information

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

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

Its main office is located in City of Mexico, Mexico, at Mapfre Tower, Paseo de la Reforma Avenue 243, 18th floor, Colonia Renacimiento, Alcaldía Cuauhtémoc, zip code 06600.

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

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

1.2 Significant transactions for the period

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

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

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

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

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

As of June 30, 2025, Vista Argentina had offset an amount of 14,000 against the liability under the Farmout Agreement.

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

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

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

For further information see Note 29.

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

1.2.3 Corporate bond (“ON”) issuance under New York legislation by Vista Argentina

On June 10, 2025, the Company, through its subsidiary Vista Argentina, issued ON XXIX for 500,000 and an average 8-year term. It will be amortized in equal parts in 2031, 2032 and 2033; and has an annual interest rate of 8.50% payable on a semi-annual basis.

This ON is governed by United States and other foreign jurisdictions pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933. It is issued under the “Programa de Notas” approved by the National Securities Commission in Argentina (“CNV” by its Spanish acronym).

For further information, see Note 16.1.

Note 2. Basis ofpreparation and material accounting policies

2.1 Basis of preparation and presentation

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

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

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

These unaudited interim condensed consolidated financial statements were approved for publication by the Board of Directors on July 10, 2025 and the subsequent events through that date are considered.

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

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

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

2.3 Basis of consolidation

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

2.4 Summary of material accounting policies

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

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

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

As of June 30, 2025, the Company oil and gas properties were grouped as follow:

•	In Argentina: (i) operated exploitation concessions of unconventional oil and gas; and (ii) non-operating exploitation concessions of conventional oil and gas; (iii) non-operating exploitation concessions of unconventional oil and gas.<br>
•	In Mexico: (i) operated exploitation concessions of conventional oil and gas.
---	---

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

For the six months period ended as of June 30, 2025, the Company identified trigger events related to the CGU operated exploitation concessions of conventional oil and gas in Mexico. As result of the impairment analysis performed, for the six-month period ended June 30, 2025, the Company recorded an impairment of 38,252.

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

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

(i)	The consideration transferred; and
(ii)	The fair value of net identifiable assets acquired.
---	---

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

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

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

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

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

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

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

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

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

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

2.5 Regulatory framework

A -	Argentina

2.5.1 Changes in the foreign exchange framework

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

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

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

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

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

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

2.5.2 Gas market

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

For the six-month period ended June 30, 2025, and 2024, the Company received a net amount of 1,325 and 326, respectively.

As of June 30, 2025, and December 31, 2024, the receivables related to such plan stand at 2,452 and 3,007, respectively (Note 15).

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

B -	Mexico

2.5.3 Exploration and production activities regulatory framework

2.5.3.1 Energy Reform

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

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

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

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

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

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

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

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

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

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

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

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

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

Market Regulations

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

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

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

Note 3. Segment information

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

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

For the six-month periods ended June 30, 2025, the Company generated 100% of its revenues related to assets located in Argentina. And for the six-month periods ended June 30, 2024, the Company generated 99% and 1% of its revenues related to assets located in Argentina and Mexico, respectively.

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

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

The following chart summarizes noncurrent assets per geographical area:

	As of June 30, 2025			As of December 31, 2024
Argentina		5,372,653			3,128,742
Mexico		49,420			51,359

Total noncurrent assets	****	5,422,073	****	****	3,180,101	****

Note 4. Revenue from contracts with customers

	Period fromJanuary 1,through June<br>30, 2025			Period fromJanuary 1,through June<br>30, 2024			Period fromApril 1,through June<br>30, 2025			Period fromApril 1,through June<br>30, 2024
Goods sold		1,048,998			714,067			610,542			396,715

Total revenue from contracts with customers	****	1,048,998	****	****	714,067	****	****	610,542	****	****	396,715	****

Recognized at a point in time	****	1,048,998	****	****	714,067	****	****	610,542	****	****	396,715	****

4.1 Information broken down by revenue from contracts with customers

Type of products		Period fromJanuary 1,through June<br>30, 2025				Period fromJanuary 1,through June<br>30, 2024				Period fromApril 1,through June<br>30, 2025				Period fromApril 1,through June<br>30, 2024
Revenues from crude oil sales			1,007,231				677,173				584,261				374,688
Revenues from natural gas sales			38,427				36,417				24,808				21,751
Revenues from LPG sales			3,340				477				1,473				276

Total revenue from contracts with customers		****	1,048,998	****		****	714,067	****		****	610,542	****		****	396,715	****

Distribution channels		Period fromJanuary 1,through June<br>30, 2025				Period fromJanuary 1,through June<br>30, 2024				Period fromApril 1,through June30, 2025				Period fromApril 1,through June<br>30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Exports of crude oil			596,497				288,567				359,798				160,103
Local crude oil			410,734				388,606				224,463				214,585
Local natural gas			32,404				23,324				22,043				15,803
Exports of natural gas			6,023				13,093				2,765				5,948
LPG sales			3,340				477				1,473				276

Total revenue from contracts with customers		****	1,048,998	****		****	714,067	****		****	610,542	****		****	396,715	****

Note 5. Cost of sales

5.1 Operating costs

	Period fromJanuary 1,through June<br>30, 2025			Period fromJanuary 1,through June<br>30, 2024			Period fromApril 1,through June<br>30, 2025			Period fromApril 1,through June<br>30, 2024
Fees and compensation for services		51,240			25,732			33,272			13,815
Salaries and payroll taxes		14,994			11,760			7,761			6,433
Employee benefits		6,040			3,746			3,026			2,251
Easements and fees		3,693			1,486			1,606			828
Consumption of materials and spare parts		1,953			1,959			768			1,225
Transport		1,792			1,456			1,116			846
Other		4,642			2,217			2,741			1,340

Total operating costs	****	84,354	****	****	48,356	****	****	50,290	****	****	26,738	****

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

5.2 Crude oil stock fluctuation

	Period fromJanuary 1,through June<br>30, 2025			Period fromJanuary 1,through June<br>30, 2024			Period fromApril 1,through June<br>30, 2025			Period fromApril 1,through June<br>30, 2024
Crude oil stock at beginning of the period (Note 18)		4,384			2,664			13,416			3,873
Increase from Business Combination (Note 29)		1,451			—			1,451			—
Less: Crude oil stock at end of the period (Note 18)		(8,661	)		(7,527	)		(8,661	)		(7,527	)

Total crude oil stock fluctuation	****	(2,826	)	****	(4,863	)	****	6,206	****	****	(3,654	)

5.3 Royalties and others

	Period fromJanuary 1,through June<br>30, 2025			Period fromJanuary 1,through June<br>30, 2024			Period fromApril 1,through June<br>30, 2025			Period fromApril 1,through June<br>30, 2024
Royalties		117,347			80,200			66,718			44,972
Export duties		35,198			21,372			17,573			11,818

Total royalties and others	****	152,545	****	****	101,572	****	****	84,291	****	****	56,790	****

Note 6. Selling expenses

	Period fromJanuary 1,through June<br>30, 2025			Period fromJanuary 1,through June<br>30, 2024			Period fromApril 1,through June<br>30, 2025			Period fromApril 1,through June<br>30, 2024
Transport		55,780			18,377			22,296			9,706
Taxes, rates and contributions		12,679			12,450			6,652			6,855
Fees and compensation for services		9,739			4,719			4,620			2,605
Tax on bank account transactions		9,275			5,433			7,137			2,974

Total selling expenses	****	87,473	****	****	40,979	****	****	40,705	****	****	22,140	****

Note 7. General and administrative expenses

	Period fromJanuary 1,through June<br>30, 2025			Period fromJanuary 1,through June<br>30, 2024			Period fromApril 1,through June<br>30, 2025			Period fromApril 1,through June<br>30, 2024
Salaries and payroll taxes		21,371			16,814			11,121			7,100
Share-based payments		19,517			16,423			9,302			9,780
Fees and compensation for services		10,497			5,307			5,295			2,160
Employee benefits		3,111			2,413			1,590			1,511
Other		3,247			3,543			2,404			1,839

Total general and administrative expenses	****	57,743	****	****	44,500	****	****	29,712	****	****	22,390	****

Note 8. Other operating income and expenses

8.1 Other operating income

		Period fromJanuary 1,through June<br>30, 2025			Period fromJanuary 1,through June<br>30, 2024			Period fromApril 1,through June<br>30, 2025			Period fromApril 1,through June<br>30, 2024
Gain from Business Combination ^(1)^			202,474			—			202,474			—
Gain from Exports Increase Program<br>^(2)^			4,961			20,910			—			13,469
Other income			7,047			5,574			5,599			3,518

Total other operating income		****	214,482	****	****	26,484	****	****	208,073	****	****	16,987	****

^(1)^	See Note 1.2.2 and 29.
---	---
^(2)^	For the six-month periods ended June 30, 2025 and 2024, including<br>5,378 and 17,754 of gain, net of related costs, respectively (see Note 2.5.2 of the annual consolidated financial statements as of December 31, 2024).
---	---

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

8.2 Other operating expenses

		Period fromJanuary 1,throughJune 30, 2025			Period fromJanuary 1,throughJune 30, 2024			Period fromApril 1,throughJune 30, 2025			Period fromApril 1,throughJune 30, 2024
Restructuring expenses ^(1)^			(23,743	)		—			(23,743	)		—
(Provision for) contingencies ^(2)^			(677	)		(596	)		(11	)		(534	)
(Provision for) reversal of materials and spare parts obsolescence ^(2)^			(625	)		(270	)		(126	)		(361	)
(Provision for) environmental remediation<br>^(2)^			(116	)		(157	)		(89	)		(13	)

Total other operating expenses		****	(25,161	)	****	(1,023	)	****	(23,969	)	****	(908	)

^(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, 2025, including 638 related to payments of contingencies.
---	---

Note 9. Financial income (expense), net

9.1 Interest income

	Period fromJanuary 1,throughJune 30, 2025			Period fromJanuary 1,throughJune 30, 2024			Period fromApril 1,throughJune 30, 2025			Period fromApril 1,throughJune 30, 2024
Financial interest		1,330			1,800			274			1,319

Total interest income	****	1,330	****	****	1,800	****	****	274	****	****	1,319	****

9.2 Interest expense

	Period fromJanuary 1,throughJune 30, 2025			Period fromJanuary 1,throughJune 30, 2024			Period fromApril 1,throughJune 30, 2025			Period fromApril 1,throughJune 30, 2024
Borrowings interest (Note 16.2)		(64,387	)		(16,116	)		(40,106	)		(11,219	)

Total interest expense	****	(64,387	)	****	(16,116	)	****	(40,106	)	****	(11,219	)

9.3 Other financial income (expense)

		Period fromJanuary 1,throughJune 30, 2025			Period fromJanuary 1,throughJune 30, 2024			Period fromApril 1,throughJune 30, 2025			Period fromApril 1,throughJune 30, 2024
Amortized cost (Note 16.2)			(6,683	)		(684	)		(6,216	)		(367	)
Net changes in foreign exchange rate			36,408			(11,779	)		23,664			509
Discount of assets and liabilities at present value			(3,348	)		55			(2,194	)		(316	)
Changes in the fair value of financial assets			16,049			(2,087	)		7,051			6,548
Interest expense on lease liabilities (Note 13)			(1,708	)		(1,614	)		(902	)		(756	)
Discount for well plugging and abandonment			(836	)		(540	)		(410	)		(286	)
Other taxes interest ^(1)^			(38,687	)		—			(38,687	)		—
Other ^(2)^			(11,044	)		(6,111	)		(8,147	)		(5,462	)

Total other financial income (expense)		****	(9,849	)	****	(22,760	)	****	(25,841	)	****	(130	)

^(1)^	For the six-month period ended June 30, 2025, including a non-cash transaction of 28,431.
---	---
^(2)^	For the six-month periods ended June 30, 2025 and 2024, including non-cash transactions of 6,175 and 1,279, respectively.
---	---

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

Note 10. Earnings per share

a)	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,throughJune 30, 2025			Period fromJanuary 1,throughJune 30, 2024			Period fromApril 1,throughJune 30, 2025			Period fromApril 1,throughJune 30, 2024
Profit for the period, net			318,082			218,291			235,289			139,640
Weighted average number of ordinary shares			100,381,546			96,333,092			104,263,344			96,690,120

Basic earnings per share		****	3.169	****	****	2.266	****	****	2.257	****	****	1.444	****

b)	Diluted
---	---

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

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

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

		Period fromJanuary 1,throughJune 30, 2025			Period fromJanuary 1,throughJune 30, 2024			Period fromApril 1,throughJune 30, 2025			Period fromApril 1,throughJune 30, 2024
Profit for the period, net			318,082			218,291			235,289			139,640
Weighted average number of ordinary shares<br>^(1)^			104,903,939			100,008,628			108,744,460			100,456,945

Diluted earnings per share		****	3.032	****	****	2.183	****	****	2.164	****	****	1.390	****

^(1)^	As of June 30, 2025, the Company has 105,469,783 outstanding shares that cannot exceed 106,078,535 shares.<br>
---	---

Likewise, in accordance with IFRS accounting standards the average number of ordinary shares with a potential dilutive effect amounts to 104,903,939.

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

Note 11. Property, plant and equipment

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

		Land andbuildings			Vehicles, machinery,facilities, computerhardware andfurniture andfixtures			Oil and gasproperties			Productionwells andfacilities^^			Works inprogress			Materials andspare parts			Total
Cost
Amounts as of December 31, 2024		****	8,264	****	****	54,066	****	****	500,908	****	****	3,216,787	****	****	191,207	****	****	89,085	****	****	4,060,317	****
Additions			—			—			—			—			538,633			86,004		****	624,637	****
Additions of Farmout Agreement<br>^(1)^			—			—			29,295			80,243			—			—		****	109,538	****
Additions of Business Combination<br>^(2)^			—			867			108,639			1,043,763			385,249			55,546		****	1,594,064	****
Transfers			—			2,354		****	—	****		466,096			(379,248	)		(89,202	)	****	—	****
Disposals			—			(19	)		—			(10,611	)^(3)^		—		****	—	****	****	(10,630	)
Impairment of long-lived assets<br>^(4)^			(6	)		(549	)		(20,295	)		(21,997	)		(2,182	)		(226	)	****	(45,255	)

Amounts as of June 30, 2025		****	8,258	****	****	56,719	****	****	618,547	****	****	4,774,281	****	****	733,659	****	****	141,207	****	****	6,332,671	****

Accumulated depreciation
Amounts as of December 31, 2024		****	(232	)	****	(21,463	)	****	(101,791	)	****	(1,130,848	)	****	—	****	****	—	****	****	(1,254,334	)
Depreciation			—			(3,509	)		(14,366	)		(275,149	)	****	—	****	****	—	****	****	(293,024	)
Disposals			—			19			—			107		****	—	****	****	—	****	****	126	****
Impairment of long-lived assets<br>^(4)^			—			421			1,341			5,264		****	—	****	****	—	****	****	7,026	****

Amounts as of June 30, 2025		****	(232	)	****	(24,532	)	****	(114,816	)	****	(1,400,626	)	****	—	****	****	—	****	****	(1,540,206	)

Net value
Amounts as of June 30, 2025		****	8,026	****	****	32,187	****	****	503,731	****	****	3,373,655	****	****	733,659	****	****	141,207	****	****	4,792,465	****

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

^(1)^	See Note 1.2.1.
---	---
^(2)^	See Note 1.2.2 and 29.
---	---
^(3)^	Including 8,881 related to the re-estimation of well plugging and<br>abandonment. This transaction did not generate cash flows.
---	---
^(4)^	See Note 2.4.1.
---	---

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

Note 12. Goodwill and other intangible assets

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

		Goodwill			Other intangible assets
Cost
Amounts as of December 31, 2024		****	22,576	****	****	35,724	****
Additions^^			—			2,476
Impairment of long-lived assets^(1)^			—			(365	)

Amounts as of June 30, 2025		****	22,576	****	****	37,835	****

Accumulated amortization
Amounts as of December 31, 2024		****	—	****	****	(20,281	)
Amortization		****	—	****		(4,250	)
Impairment of long-lived assets<br>^(1)^		****	—	****		342

Amounts as of June 30, 2025		****	—	****	****	(24,189	)

Net value
Amounts as of June 30, 2025		****	22,576	****	****	13,646	****

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

^(1)^	See Note 2.4.1.
---	---

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

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

		Right-of-use assets									Total leaseliabilities
		Land andBuildings			Facilities andmachinery			Total
Amounts as of December 31, 2024		****	15,551	****	****	89,782	****	****	105,333	****	****	(95,660	)

Additions of Business Combination<br>^(1)^			499			—			499			(594	)
Additions, net			116			19,628			19,744			(19,738	)
Depreciation ^(2)^			(424	)		(32,211	)		(32,635	)	****	—	****
Payments		****	—	****	****	—	****	****	—	****		46,784
Interest expense ^(3)^		****	—	****	****	—	****	****	—	****		(5,807	)

Amounts as of June 30, 2025		****	15,742	****	****	77,199	****	****	92,941	****	****	(75,015	)

^(1)^	See Note 1.2.2.
---	---
^(2)^	Including the depreciation of drilling services capitalized as “Works in progress” for 26,992.<br>
---	---
^(3)^	Including drilling agreements capitalized as “Works in progress” for 4,099.
---	---

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 63 and 56 for the six-month periods ended June 30, 2025 and 2024, respectively.

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

Note 14. Income tax

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

	Period fromJanuary 1,throughJune 30, 2025			Period fromJanuary 1,throughJune 30, 2024			Period fromApril 1,throughJune 30, 2025			Period fromApril 1,throughJune 30, 2024
Income tax
Current income tax		(146,608	)		(169,402	)		(80,286	)		(105,613	)
Deferred income tax		35,917			116,093			21,760			75,692

Income tax (expense) charged to statement of profit or loss	****	(110,691	)	****	(53,309	)	****	(58,526	)	****	(29,921	)

Deferred income tax charged to other comprehensive income		649			(23	)		642			(6	)

Total income tax (expense)	****	(110,042	)	****	(53,332	)	****	(57,884	)	****	(29,927	)

For the six-month periods ended June 30, 2025 and 2024, the Company’s effective rate was 26% and 20%, respectively.

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

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

Note 15. Trade and other receivables

	As of June 30, 2025			As of December 31, 2024
Noncurrent
Other receivables:
Prepayments, tax receivables and other:
Advance payments for transportation services (Note 27)^^		314,197			134,436
Receivables related to the transfer of conventional assets ^(1)^		41,371			57,194
Prepaid expenses and other receivables		10,233			11,820
Turnover tax		275			164

	****	366,076	****	****	203,614	****

Financial assets:
Receivables from joint operations		643			1,243
Loans to employees		136			411

	****	779	****	****	1,654	****

Total noncurrent trade and other receivables	****	366,855	****	****	205,268	****

Current
Trade:
Oil and gas accounts receivable (net of allowance for expected credit losses)		203,846			77,351

	****	203,846	****	****	77,351	****

Other receivables:
Prepayments, tax credits and other:
Value added tax (“VAT”)		147,021			90,704
Receivables related to the transfer of conventional assets ^(1)^		40,073			46,018
Advance payments for transportation services (Note 27)		23,463			7,054
Prepaid expenses and other receivables		10,838			9,322
Income tax		4,824			4,431
Turnover tax		2,780			2,867

	****	228,999	****	****	160,396	****

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

		As of June 30, 2025			As of December 31, 2024
Financial assets:
Accounts receivable from third parties^(2)^			11,081			29,040
Balances with related parties (Note 26)			—			4,741
Receivables from joint operations			29,298			5,586
Gas IV Plan (Note 2.5.2.1)			2,452			3,007
Advances to directors and loans to employees			612			742
Other			632			632

		****	44,075	****	****	43,748	****

Other receivables		****	273,074	****	****	204,144	****

Total current trade and other receivables		****	476,920	****	****	281,495	****

^(1)^	Related to the agreement signed with Petrolera Aconcagua Energía S.A. (“Aconcagua”) connected<br>with the transfer of conventional assets (“transfer of conventional assets”). For the six-month periods ended June 30, 2025 and 2024, the Company recognized 14,859 and 16,897, respectively,<br>mainly related to the amortization of the account receivable, in the unaudited interim condensed consolidated statement of profit or loss under “Other non-cash costs related to the transfer of<br>conventional assets”.
---	---

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

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

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

As of June 30, 2025, in general, accounts receivable has a 13-day term for sales of crude oil and a 57-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, 2025, and December 31, 2024, the provision for expected credit losses was recorded for 35 and 41 respectively.

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

Note 16. Financial assets and liabilities

16.1 Borrowings

	As of June 30, 2025			As of December 31, 2024
Noncurrent
Borrowings		1,900,236			1,402,343

Total noncurrent	****	1,900,236	****	****	1,402,343	****

Current
Borrowings		698,360			46,224

Total current	****	698,360	****	****	46,224	****

Total Borrowings	****	2,598,596	****	****	1,448,567	****

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

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

	As of June 30, 2025			As of December 31, 2024
Fixed interest
Less than 1 year		697,531			45,381
From 1 to 2 years		283,939			185,356
From 2 to 5 years		314,579			404,395
Over 5 years		1,276,718			787,592

Total	****	2,572,767	****	****	1,422,724	****

Variable interest
Less than 1 year		829			843
From 1 to 2 years		25,000			25,000
From 2 to 5 years		—			—
Over 5 years		—			—

Total	****	25,829	****	****	25,843	****

Total Borrowings	****	2,598,596	****	****	1,448,567	****

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

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

Subsidiary	Company	Execution date	Principal	Interest			Maturity date
Vista Argentina	Santander<br> <br>International	January, 2021	11,700	Fixed	1.80	%	January, 2026	31	^(1)^	68	^(1)^
Vista Argentina	Santander<br> <br>International	July, 2021	43,500	Fixed	2.05	%	July, 2026	77	^(1)^	79	^(1)^
Vista Argentina	Santander<br> <br>International	January, 2022	13,500	Fixed	2.45	%	January, 2027	28	^(1)^	28	^(1)^
Vista Argentina	ConocoPhillips Company	January, 2022	25,000	Variable	SOFR <br> <br>+ 2.01	^(2)^<br> <br>%	September, 2026	25,829		25,843
Vista Argentina	Citibank N.A.	April, 2024	45,000	Fixed	5.00	%	April, 2026	20,129		20,009
Vista Argentina	Banco Patagonia S.A.	July, 2024	548	Fixed	11.00	%	January, 2025	—		144
Vista Argentina	Citibank N.A.	January, 2025	25,000	Fixed	5.00	%	April, 2026	25,188		—
Vista Argentina	Banco de Galicia y Buenos Aires S.A.U.	January, 2025	18,000	Fixed	6.50	%	July, 2025	18,224		—
Vista Argentina	Banco de Galicia y Buenos Aires S.A.U.	January, 2025	30,000	Fixed	6.50	%	August, 2025	30,374		—
Vista Argentina	Banco de la Nación Argentina	January, 2025	30,000	Fixed	2.00	%	July, 2025	30,258		—
Vista Argentina	Banco de la Provincia de Buenos Aires	January, 2025	20,000	Fixed	1.90	%	September, 2025	20,033		—
Vista Argentina	Banco de la Provincia de Buenos Aires	January, 2025	20,000	Fixed	1.90	%	September, 2025	20,033		—
Vista Argentina	Banco Ciudad de Buenos Aires	February, 2025	18,000	Fixed	4.50	%	December, 2025	18,027		—
Vista Argentina	Banco Ciudad de Buenos Aires	April, 2025	27,000	Fixed	3.00	%	September, 2025	27,186		—

All values are in US Dollars.

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

Subsidiary	Company	Execution date		Interest	Annualrate			As of<br>June<br>30, 2025			As of<br>December<br>31, 2024
Vista Argentina	Banco Macro S.A.	April, 2025	25,000	Fixed	6.90	%	October, 2025	25,321			—
Vista Argentina	Banco de Galicia y Buenos Aires S.A.U.	April, 2025	20,000	Fixed	6.50	%	July, 2025	20,242			—
Vista Argentina	Banco de Galicia y Buenos Aires S.A.U.	April, 2025	40,000	Fixed	6.25	%	October, 2025	40,466			—
Vista Argentina	Banco Santander Argentina S.A.	April, 2025	ARS 10,000,000	Fixed	42.50	%	July, 2025	771			—
Vista Argentina	Banco de la Nación Argentina	May 2025	40,000	Fixed	5.50	%	May, 2026	40,271			—
Vista Argentina	Banco Macro S.A.	May 2025	10,000	Fixed	7.00	%	November, 2025	10,161			—
Vista Argentina	BBVA Argentina S.A.	May 2025	30,000	Fixed	7.10	%	December, 2025	30,181			—
Vista Argentina	Citibank N.A.	May 2025	40,000	Fixed	5.00	%	May, 2027	40,178			—
Vista Argentina	Citibank N.A.	June, 2025	10,000	Fixed	5.00	%	May, 2027	10,008			—
Vista Argentina	Banco Macro S.A.	June, 2025	ARS 12,000,000	Fixed	35.00	%	July, 2025	9,968			—
Vista Lach	Banco de Galicia y Buenos Aires S.A.U.	November, 2024	20,000	Fixed	5.60	%	November, 2025	20,666			—
Vista Lach	Banco de Galicia y Buenos Aires S.A.U.	March, 2025	30,000	Fixed	7.60	%	March, 2026	30,687			—
Vista Lach	Banco de Galicia y Buenos Aires S.A.U.	May, 2025	30,000	Fixed	6.25	%	November, 2025	30,288			—
Vista Lach	Banco de Galicia y Buenos Aires S.A.U.	May, 2025	30,000	Fixed	6.25	%	November, 2025	30,272			—
Vista Lach	Banco de Galicia y Buenos Aires S.A.U.	May, 2025	20,000	Fixed	6.70	%	December, 2025	20,180			—
Vista Lach	Banco de Galicia y Buenos Aires S.A.U.	June, 2025	20,000	Fixed	8.00	%	January, 2026	20,105			—

					****	Total		****	615,182	****	****	46,171	****

All values are in US Dollars.

^(1)^	As of June 30, 2025 and December 31, 2024, it includes 24,350 of collateralized capital. The carrying<br>amount corresponds to interest.
^(2)^	Secured Overnight Financing Rate (“SOFR”).
---	---

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

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

Instrument	Execution<br><br><br>date	Currency					Maturity<br><br><br>date				As of<br>December<br>31, 2024
ON XII	August, 2021	-linked (1)	100,769	Fixed	5.85	%	August, 2031		92,307			97,467
ON XV	December, 2022		13,500	Fixed	4.00	%	January, 2025		—			13,539
ON XVI	December, 2022	-linked (1)	63,450	Fixed	0.00	%	June, 2026		63,350			63,429
	May, 2023	-linked (1)	40,785	Fixed	0.00	%	June, 2026		40,702			40,525
ON XVII	December, 2022	-linked (1)	39,118	Fixed	0.00	%	December, 2026		39,034			37,805	^(2)^
ON XVIII	March, 2023	-linked (1)	118,542	Fixed	0.00	%	March, 2027		118,245			115,657	^(2)^
ON XIX	March, 2023	-linked (1)	16,458	Fixed	1.00	%	March, 2028		16,422			16,414
ON XX	June, 2023		13,500	Fixed	4.50	%	July, 2025		13,535			13,477
ON XXI	August, 2023	-linked (1)	70,000	Fixed	0.99	%	August, 2028		69,861			67,170	^(2)^
ON XXII	December, 2023		14,669	Fixed	5.00	%	June, 2026		14,701			14,657
ON XXIII	March, 2024		60,000	Fixed	6.50	%	March, 2027		40,616	^(2)^		40,569	^(2)^
	May, 2024		32,203	Fixed	6.50	%	March, 2027		32,755			32,722
ON XXIV	May, 2024		46,562	Fixed	8.00	%	May, 2029		46,900			46,860
ON XXV	July, 2024	-linked (1)	53,195	Fixed	3.00	%	July, 2028		53,170			53,111
ON XXVI	October, 2024		150,000	Fixed	7.65	%	October, 2031		151,628			151,573
ON XXVII	December, 2024		600,000	Fixed	7.63	%	December, 2035		597,638	^(3)^		597,421	^(3)^
ON XXVIII	March, 2025		92,414	Fixed	7.50	%	March, 2030		94,038			—
ON XXIX	June, 2025		500,000	Fixed	8.50	%	June, 2033		498,512	^(3)^		—

								Total	****	1,983,414	****	****	1,402,396	****

					****	Total Borrowings			****	2,598,596	****	****	1,448,567	****

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, 2025, the carrying amount of ON XXIII include 20,000 ONs repurchased by the Company, and as<br>of December 31, 2024, the carrying amounts of ONs XVII; XVIII; XXI and XXIII include 1,200, 2,500, 2,650 and 20,000, respectively, of ONs repurchased by the Company.
---	---
^(3)^	As of June 30, 2025 and December 31, 2024, the ON contain covenants that will limit its ability to,<br>among other things: (i) incur additional indebtedness and guarantee indebtedness; (ii) pay dividends or make other distributions or repurchase or redeem our capital stock; (iii) prepay, redeem or repurchase certain debt;<br>(iv) make loans and investments; (v) enter into agreements that restrict its subsidiaries’ ability to pay dividends, transfer assets or make intercompany loans; (vi) incur or permit to exist certain Liens; (vii) sell,<br>transfer or otherwise dispose of assets; (viii) enter into sale and lease-back transactions; (ix) enter into transactions with affiliates; and (x) consolidate, amalgamate, merge.
---	---

With respect to the limitation on incurrence of indebtedness, Vista Argentina will not, and will not permit any of its subsidiaries, if any, to, directly or indirectly, incur any indebtedness. The company or any of its subsidiaries may incur indebtedness if, at the time of and immediately after giving pro forma effect to the incurrence thereof and the application of the net proceeds therefrom:

(i) its Net Leverage Ratio (“NLR”) would not exceed 3.50. The NLR is calculated as the proportion of (a) Net debt (Borrowings and Lease liabilities minus Cash, bank balances and other short-term investments) to (b) EBITDA (“Earnings Before Interest, Tax, Depreciation and Amortization”);

(ii) its Interest Coverage ratio (“ICR”) would not be less than 2.00. The ICR is calculated as the proportion of (a) EBITDA to (b) interest expenses for the year.

All of the financial ratios and limitations described above will no longer apply if (i) the ON have an Investment Grade Rating from at least two Rating Agencies and (ii) no event of default has occurred and is continuing.

As of June 30, 2025 and December 31, 2024, Vista Argentina has been in compliance with all the covenants of its ON.

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

See Note 30 for information on subsequent borrowings events.

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

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

16.2 Changes in liabilities from financing activities

Changes in the borrowings were as follows:

		As of June 30, 2025			As of December 31, 2024
Amounts at beginning of period		****	1,448,567	****	****	616,055	****
Proceeds from borrowings			1,719,917			1,320,897
Proceeds from borrowings of Business Combination (Note 29)			50,505			—
Payment of borrowings principal			(612,747	)		(470,351	)
Payment of borrowings interest			(54,234	)		(53,897	)
Payment of borrowings cost			(10,225	)		(7,631	)
Borrowings interest ^(1)^ (Note 9.2)			64,387			62,499
Amortized cost ^(1)^ (Note 9.3)			6,683			1,649
Changes in foreign exchange rate ^(1)^			(14,257	)		(20,654	)

Amounts at end of period		****	2,598,596	****	****	1,448,567	****

^(1)^	These transactions did not generate cash flows.
---	---

16.3 Financial instruments by category

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

As of June 30, 2025	Financial assets/ liabilities atamortized cost			Financial assets/ liabilities at fairvalue			Total financialassets / liabilities
Assets
Plan assets (Note 25)		—			2,757			2,757
Trade and other receivables (Note 15)		779			—			779

Total noncurrent financial assets	****	779	****	****	2,757	****	****	3,536	****

Cash, bank balances and other short-term investments (Note 19)		20,881			60,220			81,101
Trade and other receivables (Note 15)		247,921			—			247,921

Total current financial assets	****	268,802	****	****	60,220	****	****	329,022	****

Liabilities
Borrowings (Note 16.1)		1,900,236			—			1,900,236
Trade and other payables (Note 24)		281,352			—			281,352
Lease liabilities (Note 13)		47,388			—			47,388

Total noncurrent financial liabilities	****	2,228,976	****	****	—	****	****	2,228,976	****

Borrowings (Note 16.1)		698,360			—			698,360
Trade and other payables (Note 24)		430,342			—			430,342
Lease liabilities (Note 13)		27,627			—			27,627

Total current financial liabilities	****	1,156,329	****	****	—	****	****	1,156,329	****

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

As of December 31, 2024	Financial assets /liabilities atamortized cost			Financial assets /liabilities at fairvalue			Total financialassets / liabilities
Assets
Trade and other receivables (Note 15)		1,654			—			1,654

Total noncurrent financial assets	****	1,654	****	****	—	****	****	1,654	****

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

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

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

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

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

Total current financial liabilities	****	591,432	****	****	—	****	****	591,432	****

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

For the six-month period ended June 30, 2025:

	Financial<br>assets/ liabilities<br>at amortized cost			Financial<br>assets/ liabilitiesat fair value			Total financialassets / 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 interests (Note 9.3)		(38,687	)					(38,687	)
Other (Note 9.3)		(11,044	)		—			(11,044	)

Total	****	(88,955	)	****	16,049	****	****	(72,906	)

For the six-month period ended June 30, 2024:

	Financial<br>assets/liabilities<br>at amortized cost			Financial<br>assets/ liabilitiesat fair value			Total financialassets / liabilities
Interest income (Note 9.1)		1,800			—			1,800
Interest expense (Note 9.2)		(16,116	)		—			(16,116	)
Amortized cost (Note 9.3)		(684	)		—			(684	)
Net changes in foreign exchange rate (Note 9.3)		(11,779	)		—			(11,779	)
Discount of assets and liabilities at present value (Note 9.3)		55			—			55
Changes in the fair value of financial assets (Note 9.3)		—			(2,087	)		(2,087	)
Interest expense on lease liabilities (Note 9.3)		(1,614	)		—			(1,614	)
Discount for well plugging and abandonment (Note 9.3)		(540	)		—			(540	)
Other (Note 9.3)		(6,111	)		—			(6,111	)

Total	****	(34,989	)	****	(2,087	)	****	(37,076	)

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

16.4 Fair value

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

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

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

•	Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
•	Level 2: data other than the quoted prices included in Level 1 that are observable for assets or<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, 2025 and December 31, 2024:

As of June 30, 2025		Level 1				Level 2				Level 3				Total
Assets
Financial assets at fair value through profit or loss
Plan assets			2,757				—				—				2,757
Short-term investments			60,220				—				—				60,220

Total assets		****	62,977	****		****	—	****		****	—	****		****	62,977	****

As of December 31, 2024		Level 1				Level 2				Level 3				Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Assets
Financial assets at fair value through profit or loss
Short-term investments			124,065				—				—				124,065

Total assets		****	124,065	****		****	—	****		****	—	****		****	124,065	****

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

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

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

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

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

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

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

As of June 30, 2025	Carrying amount			Fair value			Level
Liabilities
Borrowings		2,598,596			2,547,468		****	2	****

Total liabilities	****	2,598,596	****	****	2,547,468	****

16.5 Risk management objectives and policies concerning financial instruments

16.5.1 Financial risk factors

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

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

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

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

16.5.1.1 Market risk

Exchange rate risk

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

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

During the six-month period ended June 30, 2025 and for the year ended December 31, 2024, ARS depreciated by about 17% and 28%, respectively.

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

	As of June 30, 2025	As of December 31, 2024
Changes in exchange rate:	+/- 10%	+/- 10%
Effect on profit or loss before income taxes	24,150 / 24,150)	38,108 / (38,108)
Effect on equity before income taxes	24,150 / (24,150)	38,108 / (38,108)

Interest rate risk

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

Variable-rate indebtedness exposes the Company’s cash flows to interest rate risk due to potential volatility. Fixed-rate indebtedness exposes the Company to interest rate risk on the fair value of its liabilities as they could be considerably higher than variable rates. As of June 30, 2025 and December 31, 2024, about 1% and 2% of indebtedness was subject to variable interest rates, respectively.

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

For the six-month periods ended June 30, 2025, and 2024, the average interest rate for borrowings in ARS was 38.08% and 42.13%, respectively.

For the six-month period ended June 30, 2025, and 2024, the total variable interest rate of borrowings denominated in USD stood at 6.42% and 7.48%, 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, 2025, and for the year ended December 31, 2024, the Company did not use derivative financial instruments to mitigate interest rate risks.

Note 17. Investments in associates

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

Company	Equity interest						Income (loss) frominvestments in associates						Investments in associates						Main activity
	As of June30, 2025			As ofDecember31, 2024			Period fromJanuary 1,through June30, 2025			Period fromJanuary 1,through June30, 2024			As of June30, 2025			As ofDecember<br>31, 2024
VX Ventures AenP		100	%		100	%		—			—			13,622			11,894		Holding company
VMOS S.A.		10,2	%		14,1	%		(979	)		—			34,936			12		Midstream

Total investments in associates						****	****	(979	)	****	—	****	****	48,558	****	****	11,906	****

Note 18. Inventories

	As of June 30, 2025			As of December 31, 2024
Crude oil stock (Note 5.2)		8,661			4,384
Materials and spare parts		2,990			2,082
Assigned crude oil stock		593			3

Total inventories	****	12,244	****	****	6,469	****

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

	As of June 30, 2025			As of December 31, 2024
Cash in banks		72,722			520,401
Mutual funds		53,397			115,368
Money market funds		20,881			119,841
Argentine government bonds		6,823			8,697

Total cash, banks balances and other short-term investments	****	153,823	****	****	764,307	****

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

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

	As of June 30, 2025			As of December 31, 2024
Cash, bank balances and other short-term investments		153,823			764,307
Less
Argentine government bonds		(6,823	)		(8,697	)

Cash and cash equivalents	****	147,000	****	****	755,610	****

Note 20. Equity

20.1Capital stock

As of June 30, 2025, and December 31,2024, the Company’s variable capital stock amounted to 697,752 and 398,064, respectively, represented by 105,469,781 and 95,285,451 fully subscribed and paid Series A shares with no face value, each entitled to one vote.

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

During the six-month period ended June 30, 2024, the Company repurchased 1,062,355 Serie A share for a total amount of 49,982, which, as of the date of issuance of these interim condensed consolidated financial statements, are held in Treasury.

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

As of June 30, 2025, and December 31, 2024, the Company’s authorized capital includes 23,322,458 and 33,506,788 Series A ordinary shares, respectively, held in Treasury.

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

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

20.2 Share repurchase reserve

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

Note 21. Provisions

	As of June 30, 2025			As of December 31, 2024
Noncurrent
Well plugging and abandonment		34,051			31,026
Environmental remediation		2,009			2,032

Total noncurrent provisions	****	36,060	****	****	33,058	****

Current
Contingencies		12,398			14
Environmental remediation		2,473			2,484
Well plugging and abandonment		1,444			1,412

Total current provisions	****	16,315	****	****	3,910	****

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

Note 22. Salaries and payroll taxes

	As of June 30, 2025			As of December 31, 2024
Current
Provision for bonuses and incentives		8,611			23,450
Salaries and social security contributions		8,777			9,206

Total current salaries and payroll taxes	****	17,388	****	****	32,656	****

Note 23. Other taxes and royalties

	As of June 30, 2025			As of December 31, 2024
Current
Royalties and others		28,940			26,008
Tax withholdings		3,669			12,497
Personal assets tax		—			8,132
Other		626			1,078

Total current other taxes and royalties	****	33,235	****	****	47,715	****

Note 24. Trade and other payables

		As of June 30, 2025			As of December 31, 2024
Noncurrent
Payables to third parties ^(1) (2)^			281,352			—

Total other noncurrent accounts payables		****	281,352	****

Total noncurrent accounts payables		****	281,352	****	****	—	****

Current
Accounts payables:
Suppliers			406,843			435,768
Customer advances			—			37,651

Total current accounts payables		****	406,843	****	****	473,419	****

Other accounts payables:
Payables to third parties ^(2) (3)^			23,106			13,200
Extraordinary fee for Gas IV Plan			343			415
Payables to partners of joint operations			50			152

Total other current accounts payables		****	23,499	****	****	13,767	****

Total current trade and other payables		****	430,342	****	****	487,186	****

^(1)^	As of June 30, 2025, includes 207,067 related to the acquisition of Vista Lach (Note 1.2.2 and 29).<br>
---	---
^(2)^	As of June 2025, includes 74,385 and 23,106 related to the Farmout Agreement mentioned in Note 1.2.1.<br>
---	---
^(3)^	As of December 31, 2024, the Company had a payable for 13,200, related to the extension of the Concessions<br>(See Note 28.5 to the annual consolidated financial statements as of December 31, 2024).
---	---

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:

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

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

		Period fromJanuary 1,through June30, 2025				Period fromJanuary 1,through June30, 2024				Period fromApril 1,through June30, 2025			Period fromApril 1,through June30, 2024
Cost of interest			(392	)			(154	)			(196	)		(75	)
Cost of services			(4	)			(3	)			(2	)		(1	)

Total		****	(396	)		****	(157	)		****	(198	)	****	(76	)

		As of June 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
		Present value of theobligation				Plan assets				Net liabilities
Amounts at beginning of period		****	(20,546	)		****	4,578	****		****	(15,968	)
Items classified as loss or profit
Cost of interest			(497	)			105				(392	)
Cost of services			(4	)			—				(4	)
Items classified in other comprehensive income
Actuarial remeasurement			(1,775	)			(79	)			(1,854	)
Payment of contributions			1,013				(737	)			276

Amounts at end of period		****	(21,809	)		****	3,867	****		****	(17,942	)

		As of June 30, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
US government bonds			2,757				—
Cash and cash equivalents			1,110				4,578

Total		****	3,867	****		****	4,578	****

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

Note 26. Related parties’ transactions and balances

As of December 31, 2024, including 4,741, with VMOS S.A. booked under “Trade and other receivables” within the line “Balances with related parties” (Note 15).

As of June 30, 2025 and December 31, 2024, other than mentioned above, the Company carries no other balances with related parties and relevant transactions.

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

Note 27. Commitments and contingencies

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

(i) As of June 30, 2025 and December 31, 2024, 214,835 and 121,813, respectively, related to the Duplicar Plus Project implemented by Oleoductos del Valle S.A.;

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

(iii) As of June 30, 2025, 44,965 related to the Transportation Service Agreement for Vaca Muerta Centro Pipeline (“VMOC” by Spanish acronym);

(iv) As of June 30, 2025, 33,881 related to the Transportation Service Agreement for Vaca Muerta Norte Pipeline (“VMON” by Spanish acronym).

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

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

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

Note 28. Tax regulations

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

Note 29. Business Combination

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

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

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

		As of March 31, 2025
Property, plant and equipment			1,594,064
Right-of-use<br>assets			499
Deferred income tax assets			4,155
Trade and other receivables			321,086
Inventories			1,451
Cash, bank balances and other short-term investments			58,132

Total assets acquired		****	1,979,387	****

Provisions			12,013
Lease liabilities			594
Borrowings			50,505
Salaries and payroll taxes			562
Income tax liability			116,859
Other taxes and royalties			7,733
Trade and other payables			182,206

Total liabilities assumed		****	370,472	****

Total net assets measured at fair value		****	1,608,915	****

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

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

Also, as a consequence of the difference between the consideration paid and the net assets identifiable, the Company recognized a gain for 202,474, booked in “Gain from Business Combination” within “Other operating income” (Note 8.1).

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

The allocation of the aforementioned purchase price is preliminary, as the process for determining the current value is underway and will be completed during 2025.

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

As from acquisition date, Vista Lach contributed 185,290 in revenue from contracts with customers and 73,752 to the Company’s profit before income tax. Had the Business Combination occurred as from January 1, 2025, revenue from contracts with customers from continuing operations would have amounted to 1,265,233, and the Company’s profit before income tax from the continuing operations would have stood at 536,926.

Note 30. Subsequent events

The Company assessed events subsequent to June 30, 2025, to determine the need of a potential recognition or disclosure in these interim condensed consolidated financial statements. The Company assessed such events through July 10, 2025, date in which these financial statements were made available for issue:

•	On July 1, 2025, Vista Argentina signed a loan agreement with Banco Santander S.A. and Itau Unibanco S.A.,<br>Nassau Branch for a total amount of 250,000, at an annual interest rate of SOFR plus 4.50% and an expiration date on July 3, 2030.
•	On July 1, 2025, Vista Argentina signed a loan agreement with Banco de Galicia y Buenos Aires S.A.U. and<br>Banco ICBC for a total amount of 150,000 and an expiration date on July 3, 2030. The fixed tranche will accrue interest at an annual interest rate of 8.80% and the variable tranche at an annual interest rate of adjusted SOFR plus 4%.<br>
---	---
•	On July 2, 2025, Vista Argentina paid interest for an amount of 783 corresponding to loan agreement signed<br>with Banco Santander Argentina S.A
---	---
•	On July 3, 2025, Vista Argentina paid principal and interest for a total amount of 9,968 corresponding to<br>loan agreement signed with Banco Macro S.A. in April 2025.
---	---
•	On July 3, 2025, Vista Argentina entered into a credit line agreement with Banco ICBC for an amount of<br>100,000, at an annual interest rate of adjusted SOFR plus 4% and an expiration date on July 3, 2030. As of the date of these unaudited interim condensed consolidated financial statements, the amount disbursed totaled 50,000.<br>
---	---
•	On July 7, 2025, Vista Argentina paid interest for an amount of 114 corresponding to loan agreements signed<br>with Banco Santander International in July 2021 and January 2022.
---	---
•	On July 8, 2025, Vista Argentina paid interest for an amount of 398 corresponding to ON XXV.<br>
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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 1.2.2, on April 15, 2025, the Company, through its subsidiary Vista Argentina, acquired the 100% of the capital stock of PEPASA, which holds a 50% working interest in La Amarga Chica unconventional concession, located in the Province of Neuquén, Argentina, from Petronas Carigali Canada B.V. and Petronas Carigali International E&P B.V.

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

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

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

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

31.1 Pro forma consolidated statement of profit or loss and other comprehensive income for the six monthperiod ended June 30, 2024 (unaudited)

	Period fromJanuary 1,through June30, 2024			Pro forma<br>adjustments			Period fromJanuary 1,through June30, 2024<br>Pro forma			Period fromApril 1,through June30, 2024			Pro forma<br>adjustments			Period fromApril 1,through June30, 2024<br>Pro forma
Revenue from contracts with customers		714,067			431,598			1,145,665			396,715			243,917			640,632
Cost of sales:
Operating costs		(48,356	)		(22,053	)		(70,409	)		(26,738	)		(11,227	)		(37,965	)
Crude oil stock fluctuation		4,863			(416	)		4,447			3,654			(358	)		3,296
Royalties and others		(101,572	)		(50,218	)		(151,790	)		(56,790	)		(26,053	)		(82,843	)
Depreciation, depletion and amortization		(183,378	)		(105,228	)		(288,606	)		(101,005	)		(55,440	)		(156,445	)
Other non-cash costs related to the transfer of<br>conventional assets		(16,897	)		—			(16,897	)		(7,792	)		—			(7,792	)

Gross profit	****	368,727	****	****	253,683	****	****	622,410	****	****	208,044	****	****	150,839	****	****	358,883	****

Selling expenses		(40,979	)		(21,250	)		(62,229	)		(22,140	)		(8,056	)		(30,196	)
General and administrative expenses		(44,500	)		(16,774	)		(61,274	)		(22,390	)		(8,768	)		(31,158	)
Exploration expenses		(33	)		—			(33	)		(2	)		—			(2	)
Other operating income		26,484			205,613			232,097			16,987			205,078			222,065
Other operating expenses		(1,023	)		(322	)		(1,345	)		(908	)		(323	)		(1,231	)

Operating profit	****	308,676	****	****	420,950	****	****	729,626	****	****	179,591	****	****	338,770	****	****	518,361	****

Interest income		1,800			20,456			22,256			1,319			20,456			21,775
Interest expense		(16,116	)		(10,507	)		(26,623	)		(11,219	)		(5,321	)		(16,540	)
Other financial income (expense)		(22,760	)		(36,333	)		(59,093	)		(130	)		(41,636	)		(41,766	)

Financial income (expense), net	****	(37,076	)	****	(26,384	)	****	(63,460	)	****	(10,030	)	****	(26,501	)	****	(36,531	)

Profit before income tax	****	271,600	****	****	394,566	****	****	666,166	****	****	169,561	****	****	312,269	****	****	481,830	****

Current income tax (expense)		(169,402	)		(43,272	)		(212,674	)		(105,613	)		(9,279	)		(114,892	)
Deferred income tax benefit		116,093			75,532			191,625			75,692			19,008			94,700

Income tax (expense)	****	(53,309	)	****	32,260	****	****	(21,049	)	****	(29,921	)	****	9,729	****	****	(20,192	)

Profit for the period, net	****	218,291	****	****	426,826	****	****	645,117	****	****	139,640	****	****	321,998	****	****	461,638	****

Other comprehensive income
Other comprehensive income that shall not be reclassified to profit (loss) in subsequentperiods
– Profit from actuarial remeasurement related to employee benefits		66			—			66			17			—			17
– Deferred income tax (expense)		(23	)		—			(23	)		(6	)		—			(6	)

Other comprehensive income for the period	****	43	****	****	—	****	****	43	****	****	11	****	****	—	****	****	11	****

Total comprehensive profit for the period	****	218,334	****	****	426,826	****	****	645,160	****	****	139,651	****	****	321,998	****	****	461,649	****

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 and for the six-month periods endedJune 30, 2025 and 2024

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

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

	As of June 30,2024			Pro forma<br>adjustments			As of June 30,2024<br>Pro forma
Assets
Noncurrent assets
Property, plant and equipment		2,339,417			1,449,869			3,789,286
Goodwill		22,576			—			22,576
Other intangible assets		9,808			—			9,808
Right-of-use<br>assets		61,832			677			62,509
Investments in associates		9,085			—			9,085
Trade and other receivables		155,415			87,428			242,843
Deferred income tax assets		3,828			—			3,828

Total noncurrent assets	****	2,601,961	****	****	1,537,974	****	****	4,139,935	****

Current assets
Inventories		9,513			10			9,523
Trade and other receivables		280,332			107,684			388,016
Cash, bank balances and other short-term investments		328,241			(328,241	)		—

Total current assets	****	618,086	****	****	(220,547	)	****	397,539	****

Total assets	****	3,220,047	****	****	1,317,427	****	****	4,537,474	****

Equity and liabilities
Equity
Capital stock		467,893			299,687			767,580
Other equity instruments		32,144			—			32,144
Legal reserve		8,233			—			8,233
Share-based payments		29,571			—			29,571
Share repurchase reserve		79,324			—			79,324
Other accumulated comprehensive income (losses)		(4,384	)		—			(4,384	)
Accumulated profit (losses)		789,682			(214,522	)		575,160

Total equity	****	1,402,463	****	****	85,165	****	****	1,487,628	****

Liabilities
Noncurrent liabilities
Deferred income tax liabilities		265,143			134,004			399,147
Lease liabilities		31,120			—			31,120
Provisions		17,207			5,208			22,415
Trade and other payables		—			393,368			393,368
Borrowings		699,909			300,000			999,909
Employee benefits		5,627		****	—	****		5,627

Total noncurrent liabilities	****	1,019,006	****	****	832,580	****	****	1,851,586	****

Current liabilities
Provisions		3,958			752			4,710
Lease liabilities		23,525			—			23,525
Borrowings		205,082			324			205,406
Salaries and payroll taxes		14,794			13,362			28,156
Income tax liability		151,747			10,574			162,321
Other taxes and royalties		32,024			—			32,024
Trade and other payables		367,448			374,670			742,118

Total current liabilities	****	798,578	****	****	399,682	****	****	1,198,260	****

Total liabilities	****	1,817,584	****	****	1,232,262	****	****	3,049,846	****

Total equity and liabilities	****	3,220,047	****	****	1,317,427	****	****	4,537,474	****