6-K

SECURITIES AND EXCHANGECOMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2025

Commission File Number: 001-12102

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal 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 ☐

YPF Sociedad Anónima

TABLE OF CONTENT

ITEM 1 YPF S.A.’s Condensed Interim Consolidated Financial Statements as of September 30, 2025 and Comparative Information (Unaudited) (US$).

ITEM 2 **** YPF S.A.’s Condensed Interim Consolidated Financial Statements as of September 30, 2025 and Comparative Information (Unaudited) (AR$).

Item 1

LOGO

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIALSTATEMENTS AS OF SEPTEMBER 30, 2025

AND COMPARATIVE INFORMATION

YPF SOCIEDAD ANONIMA<br><br><br>CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30,2025 AND COMPARATIVE INFORMATION

CONTENT

Note	Description	Page
	Glossary of terms	1
	Legal information	2
	Condensed interim consolidated statements of financial position	3
	Condensed interim consolidated statements of comprehensive income	4
	Condensed interim consolidated statements of changes in shareholders’<br>equity	5
	Condensed interim consolidated statements of cash flow	7
	Notes to the condensed interim consolidated financial statements:
1	General information, structure and organization of the Group’s business	8
2	Basis of preparation of the condensed interim consolidated financial statements	9
3	Seasonality of operations	10
4	Acquisitions and disposals	11
5	Financial risk management	13
6	Business segment information	13
7	Financial instruments by category	18
8	Intangible assets	18
9	Property, plant and equipment	19
10	Right-of-use assets	22
11	Investments in associates and joint ventures	22
12	Assets held for sale and associated liabilities	25
13	Inventories	28
14	Other receivables	28
15	Trade receivables	29
16	Investments in financial assets	29
17	Cash and cash equivalents	29
18	Provisions	30
19	Income tax	30
20	Taxes payable	31
21	Salaries and social security	31
22	Lease liabilities	31
23	Loans	32
24	Other liabilities	34
25	Accounts payable	34
26	Revenues	34
27	Costs	36
28	Expenses by nature	37
29	Other net operating results	38
30	Net financial results	38
31	Investments in joint operations and consortiums	39
32	Shareholders’ equity	39
33	Earnings per share	39
34	Contingent assets and liabilities	40
35	Contractual commitments	41
36	Main regulations	43
37	Balances and transactions with related parties	47
38	Employee benefit plans and similar obligations	49
39	Subsequent events	50

	1
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION

GLOSSARY OF TERMS

Term	Definition
ADR	American Depositary Receipt
ADS	American Depositary Share
AESA	Subsidiary A-Evangelista S.A.
AFIP	Argentine Tax Authority (Administración Federal de Ingresos Públicos)
ANSES	National Administration of Social Security (Administración Nacional de la Seguridad Social)
ARCA	Collection and Customs Control Agency (Agencia de Recaudación y Control Aduanero) (formerly “AFIP”)
Argentina LNG	Subsidiary Argentina LNG S.A.U.
ASC	Accounting Standards Codification
Associate	Company over which YPF has significant influence as provided for in IAS 28 “Investments in associates and joint ventures”
B2B	Business to Business
B2C	Business to Consumer
BCRA	Central Bank of the Argentine Republic (Banco Central de la República Argentina)
BNA	Bank of the Argentine Nation (Banco de la Nación Argentina)
BO	Official Gazette of the Argentine Republic (Boletín Oficial de la República Argentina)
CAMMESA	Compañía Administradora del Mercado Mayorista Eléctrico S.A.
CAN	Northern Argentine basin (cuenca Argentina Norte)
CDS	Associate Central Dock Sud S.A.
CGU	Cash-generating unit
CNDC	Argentine Antitrust Authority (Comisión Nacional de Defensa de la Competencia)
CNV	Argentine Securities Commission (Comisión Nacional de Valores)
CSJN	Argentine Supreme Court of Justice (Corte Suprema de Justicia de la Nación Argentina)
CT Barragán	Joint venture CT Barragán S.A.
Eleran	Subsidiary Eleran Inversiones 2011 S.A.U.
ENARGAS	Argentine Gas Regulator (Ente Nacional Regulador del Gas)
ENARSA	Energía Argentina S.A. (formerly Integración Energética Argentina S.A., “IEASA”)
ENRE	National Electricity Regulatory Agency
FASB	Financial Accounting Standards Board
FOB	Free on board
Gas Austral	Associate Gas Austral S.A.
GPA	Associate Gasoducto del Pacífico (Argentina) S.A.
Group	YPF and its subsidiaries
IAS	International Accounting Standard
IASB	International Accounting Standards Board
IDS	Associate Inversora Dock Sud S.A.
IFRIC	International Financial Reporting Interpretations Committee
IFRS	International Financial Reporting Standard
INDEC	National Institute of Statistics and Census (Instituto Nacional de Estadística y Censos)
IPC	Consumer Price Index (Índice de Precios al Consumidor) published by INDEC
JO	Joint operation (Unión Transitoria)
Joint venture	Company jointly owned by YPF as provided for in IFRS 11 “Joint arrangements”
LGS	General Corporations Law (Ley General de Sociedades) No. 19,550
LNG	Liquefied natural gas
LPG	Liquefied petroleum gas
MBtu	Million British thermal units
MEGA	Joint venture Compañía Mega S.A.
Metroenergía	Subsidiary Metroenergía S.A.
Metrogas	Subsidiary Metrogas S.A.
MINEM	Ministry of Energy and Mining (Ministerio de Energía y Minería)
MLO	West Malvinas basin (cuenca Malvinas Oeste)
MTN	Medium-term note
NO	Negotiable obligations
OLCLP	Subsidiary Oleoducto Loma Campana - Lago Pellegrini S.A.U.
Oldelval	Associate Oleoductos del Valle S.A.
OPESSA	Subsidiary Operadora de Estaciones de Servicios S.A.
OTA	Joint venture OleoductoTrasandino (Argentina) S.A.
OTAMERICA	Associate OTAMERICA Ebytem S.A.
OTC	Joint venture OleoductoTrasandino (Chile) S.A.
PEN	National Executive Branch (Poder Ejecutivo Nacional)
Peso	Argentine peso
PIST	Transportation system entry point (Punto de ingreso al sistema de transporte)
Profertil	Joint venture Profertil S.A.
PSAR	Performance stock appreciation rights
Refinor	Joint venture Refinería del Norte S.A.
ROD	Record of decision
RQT	Quinquennial Tariff Review (Revisión Quinquenal Tarifaria)
RTI	Integral Tariff Review (Revisión Tarifaria Integral)
RTT	Transitional Tariff Regime (Régimen Tarifario de Transición)
SC Gas	Subsidiary SC Gas S.A.U.
SE	Secretariat of Energy (Secretaría de Energía) (formerly “MINEM” and “SGE”)
SEC	U.S. Securities and Exchange Commission
SEE	Secretariat of Electric Energy (Secretaría de Energía Eléctrica)
SGE	Government Secretariat of Energy (Secretaría de Gobierno de Energía)
SRH	Hydrocarbon Resources Secretariat (Secretaría de Recursos Hidrocarburíferos)
SSHyC	Under-Secretariat of Hydrocarbons and Fuels (Subsecretaría de Hidrocarburos y Combustibles)
Subsidiary	Company controlled by YPF as provided for in IFRS 10 “Consolidated financial statements”
Sur Inversiones Energéticas	Subsidiary Sur Inversiones Energéticas S.A.U.
Sustentator	Joint venture Sustentator S.A.
Termap	Associate Terminales Marítimas Patagónicas S.A.
Turnover tax	Impuesto a los ingresos brutos
U.S. dollar	United States dollar
UNG	Unaccounted natural gas
US$	United States dollar
US$/bbl	U.S. dollar per barrel
UVA	Unit of Purchasing Power
VAT	Value added tax
VMI	Subsidiary Vaca Muerta Inversiones S.A.U.
VMOS	Associate VMOS S.A.
WEM	Wholesale Electricity Market
YPF Chile	Subsidiary YPF Chile S.A.
YPF EE	Joint venture YPF Energía Eléctrica S.A.
YPF Gas	Associate YPF Gas S.A.
YPF or the Company	YPF S.A.
YPF Perú	Subsidiary YPF E&P Perú S.A.C.
YPF Ventures	Subsidiary YPF Ventures S.A.U.
Y-TEC	Subsidiary YPF Tecnología S.A.
Y-LUZ	Subsidiary Y-LUZ Inversora S.A.U. controlled by YPF EE

	2
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION

LEGAL INFORMATION

Legal address

Macacha Güemes 515 - Ciudad Autónoma de Buenos Aires, Argentina.

Fiscal year

No. 49 beginning on January 1, 2025.

Main business of the Company

The Company’s purpose shall be to perform, on its own, through third parties or in association with third parties, the survey, exploration and exploitation of liquid and/or gaseous hydrocarbon fields and other minerals, as well as the industrialization, transportation and commercialization of these products and their direct and indirect by-products, including petrochemical products, chemical products, whether derived from hydrocarbons or not, and non-fossil fuels, biofuels and their components, as well as the generation of electrical energy through the use of hydrocarbons, to which effect it may manufacture, use, purchase, sell, exchange, import or export them. It shall also be the Company’s purpose the rendering, on its own, through a controlled company or in association with third parties, of telecommunications services in all forms and modalities authorized by the legislation in force after applying for the relevant licenses as required by the regulatory framework, as well as the production, industrialization, processing, commercialization, conditioning, transportation and stockpiling of grains and products derived from grains, as well as any other activity complementary to its industrial and commercial business or any activity which may be necessary to attain its object. To better achieve these purposes, it may set up, become associated with or have an interest in any public or private entity domiciled in Argentina or abroad, within the limits set forth in the Bylaws.

Filing with the Public Registry of Commerce

Bylaws filed on February 5, 1991, under No. 404 of the Book 108 of Corporations, Volume A, with the Public Registry of Commerce of the Autonomous City of Buenos Aires, in charge of the Argentine Registry of Companies (Inspección General de Justicia); and Bylaws in substitution of previous Bylaws, filed on June 15, 1993, under No. 5,109 of the Book 113 of Corporations, Volume A, with the above mentioned Public Registry.

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

January 26, 2024, registered with the Public Registry of Commerce of the Autonomous City of Buenos Aires in charge of the Argentine Registry of Companies (Inspección General de Justicia) on March 15, 2024, under No. 4,735, Book 116 of Corporations.

Capital structure

393,312,793 shares of common stock, $10 par value and 1 vote per share.

Subscribed, paid-in and authorized for stock exchange listing (in pesos)

3,933,127,930.

HORACIO DANIEL MARIN

President

	3
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024

(Amounts expressed in millions of United States dollars)

	Notes	September 30,2025		December 31,2024
ASSETS
Non-current assets
Intangible assets	8		1,056		491
Property, plant and equipment	9		19,627		18,736
Right-of-use assets	10		588		743
Investments in associates and joint ventures	11		1,917		1,960
Deferred income tax assets, net	19		4		330
Other receivables	14		774		337
Trade receivables	15		1		1
Total non-current assets		****	23,967	****	22,598
Current assets
Assets held for sale	12		489		1,537
Inventories	13		1,529		1,546
Contract assets	26		7		30
Other receivables	14		671		552
Trade receivables	15		1,890		1,620
Investments in financial assets	16		217		390
Cash and cash equivalents	17		799		1,118
Total current assets		****	5,602	****	6,793
TOTAL ASSETS		****	29,569	****	29,391
SHAREHOLDERS’ EQUITY
Shareholders’ contributions			4,506		4,506
Retained earnings			6,906		7,146
Shareholders’ equity attributable to shareholders of the parent company		****	11,412	****	11,652
Non-controlling interest			222		218
TOTAL SHAREHOLDERS’ EQUITY		****	11,634	****	11,870
LIABILITIES
Non-current liabilities
Provisions	18		1,123		1,084
Contract liabilities	26		166		114
Deferred income tax liabilities, net	19		389		90
Income tax liability			1		2
Salaries and social security	21		26		34
Lease liabilities	22		314		406
Loans	23		7,958		7,035
Other liabilities	24		452		74
Accounts payable	25		6		6
Total non-current liabilities		****	10,435	****	8,845
Current liabilities
Liabilities directly associated with assets held for sale	12		914		2,136
Provisions	18		132		116
Contract liabilities	26		117		73
Income tax liability			20		126
Taxes payable	20		248		247
Salaries and social security	21		326		412
Lease liabilities	22		311		370
Loans	23		2,653		1,907
Other liabilities	24		372		410
Accounts payable	25		2,407		2,879
Total current liabilities		****	7,500	****	8,676
TOTAL LIABILITIES		****	17,935	****	17,521
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		****	29,569	****	29,391

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN

President

	4
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE NINE AND THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024

(Amounts expressed in millions of United States dollars, except per share information expressed in United States dollars)

		For the nine-month periodsended September 30,				For the three-month periodsended September 30,
Net income	Notes	2025		2024		2025		2024
Revenues	26		13,892		14,542		4,643		5,297
Costs	27		(10,116)		(10,154)		(3,319)		(3,678)
Gross profit		****	3,776	****	4,388	****	1,324	****	1,619
Selling expenses	28		(1,558)		(1,596)		(495)		(552)
Administrative expenses	28		(601)		(575)		(207)		(224)
Exploration expenses	28		(68)		(131)		(17)		(20)
Reversal / (Impairment) of property, plant and equipment and inventories write-down	9-27		4		(26)		(5)		(21)
Other net operating results	29		(397)		(50)		(48)		(48)
Operating profit		****	1,156	****	2,010	****	552	****	754
Income from equity interests in associates and joint ventures	11		107		263		32		107
Financial income	30		72		87		28		19
Financial costs	30		(821)		(911)		(257)		(267)
Other financial results	30		3		71		(16)		38
Net financial results	30		(746)		(753)		(245)		(210)
Net profit before income tax		****	517	****	1,520	****	339	****	651
Income tax	19		(667)		1,157		(537)		834
Net (loss) / profit for the period		****	(150)	****	2,677	****	(198)	****	1,485
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures			(221)		(78)		(99)		(22)
Result from net monetary position in subsidiaries, associates and joint ventures^(1)^			135		485		12		69
Other comprehensive income for the period		****	(86)	****	407	****	(87)	****	47
Total comprehensive income for the period		****	(236)	****	3,084	****	(285)	****	1,532
Net (loss) / profit for the period attributable to:
Shareholders of the parent company			(172)		2,638		(206)		1,470
Non-controlling interest			22		39		8		15
Other comprehensive income for the period attributable to:
Shareholders of the parent company			(68)		339		(71)		40
Non-controlling interest			(18)		68		(16)		7
Total comprehensive income for the period attributable to:
Shareholders of the parent company			(240)		2,977		(277)		1,510
Non-controlling interest			4		107		(8)		22
Earnings per share attributable to shareholders of the parent company:
Basic and diluted	33		(0.44)		6.73		(0.53)		3.75
(1)	Results generated by subsidiaries, associates and joint ventures with the peso as functional currency, see Note 2.b.1) to<br>the annual consolidated financial statements.
---	---

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN

President

	5
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024

(Amounts expressed in millions of United States dollars)

	For the nine-month period ended September 30,2025
	Shareholders’ contributions
	Capital	Treasuryshares	Share-based benefit<br><br><br>plans	Acquisitioncost oftreasuryshares ^(2)^	Share tradingpremiums	Issuancepremiums	Total
Balance at the beginning of the fiscal year	3,922	11	3	(28)	(42)	640	4,506
Accrual of share-based benefit plans ^(3)^	-	-	9	-	-	-	9
Settlement of share-based benefit plans	6	(6)	(10)	3	(2)	-	(9)
Release of reserves ^(5)^	-	-	-	-	-	-	-
Appropriation to reserves ^(5)^	-	-	-	-	-	-	-
Other comprehensive income	-	-	-	-	-	-	-
Net (loss) / profit for the period	-	-	-	-	-	-	-
Balance at the end of the period	3,928	5	2	(25)	(44)	640	4,506
	Retained earnings ^(4)^							Equity attributable to
---	---	---	---	---	---	---	---	---	---	---
	Legal reserve	Reserve<br><br><br>for future dividends	Reserve forinvestments	Reserve forpurchase<br><br><br>of treasuryshares	Othercomprehensiveincome		Unappropriatedretainedearnings andlosses	Shareholdersof the parentcompany	Non-<br><br><br>controllinginterest	Totalshareholders’equity
Balance at the beginning of the fiscal year	787	-	4,236	36	(331)		2,418	11,652	218	11,870
Accrual of share-based benefit plans ^(3)^	-	-	-	-	-		-	9	-	9
Settlement of share-based benefit plans	-	-	-	-	-		-	(9)	-	(9)
Release of reserves ^(5)^	-	-	(4,236)	(36)	-		4,272	-	-	-
Appropriation to reserves ^(5)^	-	-	6,587	33	-		(6,620)	-	-	-
Other comprehensive income	-	-	-	-	(68)		-	(68)	(18)	(86)
Net (loss) / profit for the period	-	-	-	-	-		(172)	(172)	22	(150)
Balance at the end of the period	787	-	6,587	33	(399)	^(1)^	(102)	11,412	222	11,634
(1)	Includes (2,197) corresponding to the effect of the translation of the financial statements of investments in<br>subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar, and 1,798 corresponding to the recognition of the result from net monetary position of subsidiaries, associates and joint ventures with the peso as<br>functional currency. See Note 2.b.1) to the annual consolidated financial statements.
---	---
(2)	Net of employees’ income tax withholding related to the share-based benefit plans.
---	---
(3)	See Note 38.
---	---
(4)	Includes 69 and 70 restricted to the distribution of retained earnings as of September 30, 2025 and December 31,<br>2024, respectively. See Note 31 to the annual consolidated financial statements.
---	---
(5)	As decided in the Shareholders’ Meeting on April 30, 2025.
---	---

HORACIO DANIEL MARÍN

President

	6
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024 (cont.)

(Amounts expressed in millions of United States dollars)

	For the nine-month period ended September 30,2024
	Shareholders’ contributions
	Capital	Treasuryshares	Share-based benefit<br><br><br>plans	Acquisitioncost oftreasuryshares ^(2)^	Share tradingpremiums	Issuancepremiums	Total
Balance at the beginning of the fiscal year	3,919	14	1	(30)	(40)	640	4,504
Accrual of share-based benefit plans ^(3)^	-	-	5	-	-	-	5
Settlement of share-based benefit plans	3	(3)	(5)	2	(2)	-	(5)
Release of reserves and absorption of accumulated losses<br>^(5)^	-	-	-	-	-	-	-
Appropriation to reserves ^(5)^	-	-	-	-	-	-	-
Other comprehensive income	-	-	-	-	-	-	-
Net profit for the period	-	-	-	-	-	-	-
Balance at the end of the period	3,922	11	1	(28)	(42)	640	4,504
	Retained earnings ^(4)^							Equity attributable to
---	---	---	---	---	---	---	---	---	---	---
	Legal reserve	Reserve<br><br><br>for future dividends	Reserve forinvestments	Reserve<br><br><br>for purchaseof treasuryshares	Othercomprehensiveincome		Unappropriatedretainedearnings andlosses	Shareholdersof the parentcompany	Non-<br><br><br>controllinginterest	Totalshareholders’equity
Balance at the beginning of the fiscal year	787	226	5,325	35	(684)		(1,244)	8,949	102	9,051
Accrual of share-based benefit plans ^(3)^	-	-	-	-	-		-	5	-	5
Settlement of share-based benefit plans	-	-	-	-	-		-	(5)	-	(5)
Release of reserves and absorption of accumulated losses<br>^(5)^	-	(226)	(5,325)	(35)	-		5,586	-	-	-
Appropriation to reserves ^(5)^	-	-	4,236	36	-		(4,272)	-	-	-
Other comprehensive income	-	-	-	-	339		-	339	68	407
Net profit for the period	-	-	-	-	-		2,638	2,638	39	2,677
Balance at the end of the period	787	-	4,236	36	(345)	^(1)^	2,708	11,926	209	12,135
(1)	Includes (1,951) corresponding to the effect of the translation of the financial statements of investments in<br>subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar, and 1,606 corresponding to the recognition of the result from net monetary position of subsidiaries, associates and joint ventures with the peso as<br>functional currency. See Note 2.b.1) to the annual consolidated financial statements.
---	---
(2)	Net of employees’ income tax withholding related to the share-based benefit plans.
---	---
(3)	See Note 38.
---	---
(4)	Includes 70 restricted to the distribution of retained earnings as of September 30, 2024 and December 31, 2023,<br>respectively. See Note 31 to the annual consolidated financial statements.
---	---
(5)	As decided in the Shareholders’ Meeting on April 26, 2024.
---	---

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN

President

	7
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW<br><br><br>FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024<br> <br>(Amounts<br>expressed in millions of United States dollars)
	For the nine-month periods endedSeptember 30,
---	---	---	---	---
	2025		2024
Cash flows from operating activities	****	****	****	****
Net (loss) / profit		(150)		2,677
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(107)		(263)
Depreciation of property, plant and equipment		2,172		1,732
Amortization of intangible assets		44		31
Depreciation of right-of-use<br>assets		214		201
Retirement of property, plant and equipment and intangible assets and consumption of materials		337		388
Charge on income tax		667		(1,157)
Net increase in provisions		596		522
(Reversal) / Impairment of property, plant and equipment and inventories write-down		(4)		26
Effect of changes in exchange rates, interest and others		726		583
Share-based benefit plans		9		5
Result from sale of assets		(216)		-
Result from changes in fair value of assets held for sale		240		-
Result from revaluation of companies		(45)		-
Changes in assets and liabilities:
Trade receivables		(535)		(1,087)
Other receivables		(269)		(368)
Inventories		9		(30)
Accounts payable		(156)		714
Taxes payable		30		130
Salaries and social security		(57)		180
Other liabilities		(305)		(49)
Decrease in provisions due to payment/use		(134)		(119)
Contract assets		15		(30)
Contract liabilities		71		8
Dividends received		186		137
Proceeds from collection of profit loss insurance		5		-
Income tax payments		(122)		(25)
Net cash flows from operating activities ^(1)(2)^	****	3,221	****	4,206
Investing activities: ^(3)^
Acquisition of property, plant and equipment and intangible assets		(3,657)		(4,019)
Additions of assets held for sale		(45)		(176)
Contributions and acquisitions of interests in associates and joint ventures		(82)		-
Acquisitions from business combinations net of cash and cash equivalents		(750)		-
Proceeds from sales of financial assets		210		205
Payments from purchase of financial assets		(61)		(222)
Interests received from financial assets		4		34
Proceeds from concessions, assignment agreements and sale of assets		78		67
Net cash flows used in investing activities	****	(4,303)	****	(4,111)
Financing activities: ^(3)^
Payments of loans		(1,875)		(1,994)
Payments of interests		(538)		(601)
Proceeds from loans		3,592		2,652
Account overdrafts, net		-		(48)
Payments of leases		(306)		(298)
Payments of interests in relation to income tax		(2)		(3)
Net cash flows from / (used in) financing activities	****	871	****	(292)
Effect of changes in exchange rates on cash and cash equivalents	****	(108)	****	(49)
Decrease in cash and cash equivalents	****	(319)	****	(246)
Cash and cash equivalents at the beginning of the fiscal year		1,118		1,123
Cash and cash equivalents at the end of the period		799		877
Decrease in cash and cash equivalents	****	(319)	****	(246)
(1)	Does not include the effect of changes in exchange rates generated by cash and cash equivalents, which is disclosed<br>separately in this statement.
---	---
(2)	Includes 52 and 109 for the nine-month periods ended September 30, 2025 and 2024, respectively, for payments of<br>short-term leases and payments of the variable charge of leases related to the underlying asset use or performance.
---	---
(3)	The main investing and financing transactions that have not affected cash and cash equivalents correspond to:<br>
---	---
	For the nine-month periods endedSeptember 30,
---	---	---	---	---
	2025		2024
Unpaid acquisitions of property, plant and equipment and intangible assets		566		424
Unpaid additions of assets held for sale		1		24
Additions of right-of-use<br>assets		168		164
Capitalization of depreciation of<br>right-of-use assets		44		47
Capitalization of financial accretion for lease liabilities		6		6
Capitalization in associates and joint ventures		12		-
Contract liabilities arising from company acquisitions		14		-
Receivables from the sale of non-cash-settled assets		433		-

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN

President

	8
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
1.	GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE GROUP’S BUSINESS
---	---

General information

YPF S.A. (“YPF” or the “Company”) is a stock corporation (sociedad anónima) incorporated under the Argentine laws, with a registered office at Macacha Güemes 515, in the Autonomous City of Buenos Aires.

YPF and its subsidiaries (the “Group”) form the leading energy group in Argentina, which operates a fully integrated oil and gas chain with leading market positions across the domestic Upstream, Midstream and Downstream, LNG and Integrated Gas and New Energies business segments (see Note 6).

Structure and organization of the economic group

The following table presents the main companies of the Group as of September 30, 2025:

Entity	Country	Main business	% of ownership ofcapital stock ^(1)^	Relationship
Upstream
Eleran	Spain	Hydrocarbon exploration through the subsidiary YPF E&P Bolivia S.A.	100%	Subsidiary
SC Gas ^(4)^	Argentina	Hydrocarbon exploitation	100%	Subsidiary
VMI ^(8)^	Argentina	Hydrocarbon exploitation	100%	Subsidiary
Midstream and Downstream
OPESSA	Argentina	Gas stations	99.99%	Subsidiary
OLCLP ^(6)^	Argentina	Hydrocarbon transportation	100%	Subsidiary
Refinor	Argentina	Industrialization and commercialization of hydrocarbons	50%	Joint venture
OTA	Argentina	Hydrocarbon transportation	36%	Joint venture
OTC	Chile	Hydrocarbon transportation	36%	Joint venture
Oldelval	Argentina	Hydrocarbon transportation	37%	Associate
OTAMERICA	Argentina	Hydrocarbon transportation	30%	Associate
Termap	Argentina	Hydrocarbon transportation	33.15%	Associate
VMOS ^(3) (7)^	Argentina	Hydrocarbon transportation	24.49%	Associate
YPF Gas	Argentina	Commercialization of natural gas	33.99%	Associate
LNG and Integrated Gas
YPF Chile	Chile	Commercialization of natural gas	100%	Subsidiary
Argentina LNG	Argentina	Industrialization and commercialization of LNG	100%	Subsidiary
Sur Inversiones Energéticas	Argentina	Industrialization and commercialization of LNG through Southern Energy S.A. associate.	100%	Subsidiary
MEGA	Argentina	Separation of natural gas liquids and their fractionation	38%	Joint venture
New Energies
Metrogas ^(2)^	Argentina	Distribution of natural gas	70%	Subsidiary
Metroenergía	Argentina	Commercialization of natural gas	71.50%	Subsidiary
Y-TEC	Argentina	Research and development of technology	51%	Subsidiary
YPF Ventures	Argentina	Corporate investments	100%	Subsidiary
YPF EE	Argentina	Generation of electric power	75%	Joint venture
Profertil	Argentina	Production and commercialization of fertilizers	50%	Joint venture
CT Barragán	Argentina	Generation of electric power	50%	Joint venture
CDS ^(5)^	Argentina	Generation of electric power	10.25%	Associate
Central Administration and Others
AESA	Argentina	Engineering and construction services	100%	Subsidiary
(1)	Held directly by YPF and indirectly through its subsidiaries.
---	---
(2)	See Note 36.c.3) “Note from ENARGAS related to YPF’s equity interest in Metrogas” section to the annual<br>consolidated financial statements.
---	---
(3)	On December 13, 2024, YPF together with Pan American Sur S.A., Vista Energy S.A.U. and Pampa Energía S.A.<br>signed a shareholders’ agreement to form a new company, VMOS, which main purpose is the construction of the “Vaca Muerta Sur Project”, an oil transportation infrastructure project. VMOS has granted stock options to Pluspetrol S.A.,<br>Chevron Argentina S.R.L., CDC ApS, Shell Compañía Argentina de Petróleo S.A., Shell Overseas Investments B.V., Gas y Petróleo del Neuquén S.A. and Tecpetrol S.A. As of the date of issuance of these condensed<br>interim consolidated financial statements, the aforementioned companies have exercised such stock options becoming shareholders of VMOS.
---	---
(4)	See Note 4 “Acquisition of Mobil Argentina S.A.” section.
---	---
(5)	Additionally, the Group has a 22.36% indirect holding in capital stock through YPF EE.
---	---
(6)	See Note 4 “Acquisition of equity participation of OLCLP” section.
---	---
(7)	See Note 35.c).
---	---
(8)	See Note 4 “Acquisition of VMI” section.
---	---

HORACIO DANIEL MARÍN

President

	9
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
1.	GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE GROUP’S BUSINESS (cont.)
---	---

Organization of the business

As of September 30, 2025, the Group carries out its operations in accordance with the following structure:

-	Upstream
-	Midstream and Downstream
---	---
-	LNG and Integrated Gas
---	---
-	New Energies
---	---
-	Central Administration and Others
---	---

Activities covered by each business segment are detailed in Note 6.

The operations, properties and clients of the Group are mainly located in Argentina. However, the Group also holds participating interest in exploratory areas in Bolivia and sells natural gas, lubricants and derivatives in Chile.

2.	BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

2.a) Applicable accounting framework

The condensed interim consolidated financial statements of the Company for the nine-month period ended September 30, 2025, are presented in accordance with IAS 34 “Interim financial reporting”. Therefore, they should be read together with the annual consolidated financial statements of the Company as of December 31, 2024 (“annual consolidated financial statements”) presented in U.S. dollars and in accordance with IFRS Accounting Standards as issued by the IASB.

These condensed interim consolidated financial statements corresponding to the nine-month period ended September 30, 2025, are unaudited. The Company believes they include all necessary adjustments to reasonably present the results of each period on a basis consistent with the audited annual consolidated financial statements. Net Income for the nine-month period ended September 30, 2025 does not necessarily reflect the proportion of the Group’s full-year net income.

2.b) Material accounting policies

The material accounting policies are described in Note 2.b) to the annual consolidated financial statements.

The accounting policies adopted in the preparation of these condensed interim consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements, except for the valuation policy for income tax described in Note 19 and the change in the presentation of exchange differences generated by deferred tax described in Note 2.d).

Functional currency

As mentioned in Note 2.b.1) to the annual consolidated financial statements, YPF has defined the U.S. dollar as its functional currency.

The consolidated financial statements used by YPF for statutory, legal and regulatory purposes in Argentina are those in pesos and filed with the CNV and approved by the Board of Directors and authorized to be issued on November 7, 2025.

Business combinations

The Group analyzes whether the assets acquired and liabilities assumed in a purchase transaction qualify as a business combination in accordance with IFRS 3 “Business combinations”. Business combinations are accounted for using the acquisition method, which requires, among others, the recognition and measurement at fair value of the identifiable assets acquired, the liabilities assumed and any non-controlling interest. The excess of the consideration transferred over such fair value is recognized as goodwill and the shortfall as a gain in profit or loss for the period.

When the assets acquired are not a business, the Group accounts for the transaction as the acquisition of an asset.

HORACIO DANIEL MARÍN

President

	10
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
2.	BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (cont.)
---	---

Adoption of new standards and interpretations effective as from January 1, 2025

The Company has adopted all new and revised standards and interpretations issued by the IASB, relevant to its operations which are of mandatory and effective application as of September 30, 2025, as described in Note 2.b.14) to the annual consolidated financial statements.

The adoption of the amendments mentioned in Note 2.b.14) “Amendments to IAS 21 - Lack of exchangeability” section to the annual consolidated financial statements has not had a significant effect on these condensed interim consolidated financial statements.

Standards and interpretations issued by the IASB whose application is not mandatory at the closing date of these condensed interim consolidated financial statements and have not been adopted by the Group

In accordance with Article 1, Chapter III, Title IV of the CNV rules, the early application of the IFRS and/or their amendments is not permitted for issuers filing financial statements with the CNV, unless specifically admitted by such agency.

2.c) Significant estimates and key sources of estimation uncertainty

In preparing the financial statements at a certain date, the Group is required to make estimates and assessments affecting the amount of assets and liabilities recorded and the contingent assets and liabilities disclosed at such date, as well as income and expenses recognized in the fiscal year or period. Actual future profit or loss might differ from the estimates and assessments made at the date of preparation of these condensed interim consolidated financial statements.

The assumptions relating to the future and other key sources of uncertainty about the estimates made for the preparation of these condensed interim consolidated financial statements are consistent with those used by the Group in the preparation of the annual consolidated financial statements, which are disclosed in Note 2.c) to the annual consolidated financial statements.

2.d) Comparative information

Amounts and other financial information corresponding to the fiscal year ended December 31, 2024 and for the nine-month period ended September 30, 2024 are an integral part of these condensed interim consolidated financial statements and are intended to be read only in relation to these financial statements. Likewise, changes have been made to the comparative figures in Notes 6 and 26 as mentioned in Note 6.

Additionally, the Group has changed the presentation of exchange differences generated by deferred tax classifying these items as deferred tax expense (income) in accordance with IAS 12 “Income taxes”. Previously, these exchange differences were presented in the “Other exchange differences, net” line item under “Other financial results” in the statement of comprehensive income and, from this period, they are presented in the “Income tax” line item in the statement of comprehensive income (see Note 19). The purpose of this change is to provide more useful information and improve the comparability of the Group’s financial statements with its peers. The comparative information has been restated by reclassifying a gain of 170 and 47 from “Other financial results” line item to “Income tax” line item in the statement of comprehensive income for the nine and three-month periods ended September 30, 2024, respectively. This change had no effect on the Group’s statements of financial position, statements of changes in shareholders’ equity, cash flows, operating profit or loss and net profit or loss.

3.	SEASONALITY OF OPERATIONS

Historically, the Group’s results have been subject to seasonal fluctuations throughout the year, particularly as a result of the increase in natural gas sales during the winter driven by the increased demand in the residential segment. Consequently, the Group is subject to seasonal fluctuations in its sales volumes and prices, with higher sales of natural gas during the winter at higher prices.

HORACIO DANIEL MARÍN

President

	11
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
4.	ACQUISITIONS AND DISPOSALS
---	---

The most relevant acquisitions and disposals of companies that took place during the nine-month period ended September 30, 2025 are described below:

Acquisition of Mobil Argentina S.A.

On December 17, 2024, the Company entered into a share purchase and sale agreement with ExxonMobil Argentina Upstream B.V., ExxonMobil Exploration and Production Gemini B.V., and QatarEnergy Argentina Holdings LLC (collectively, the “Sellers”) whereby, subject to the fulfillment of closing conditions set forth in such agreement, YPF acquired 100% of the shares and capital stock of Mobil Argentina S.A. (“MASA”).

MASA owns 54.45% of Sierra Chata unconventional exploitation concession in the Province of Neuquén. Pampa Energía S.A., operator of such concession, owns the remaining working interest.

On January 29, 2025 (“acquisition date”), after the fulfillment of the closing conditions, the sale and transfer by the Sellers to YPF of 100% of MASA’s shares and capital stock was completed. The amount of the transaction was 327 in cash. As of the acquisition date, MASA will continue to operate under the corporate name SC Gas S.A.U. (“SC Gas”), being YPF its sole shareholder.

The transaction described above qualifies as a business combination in accordance with IFRS 3 and is accounted for using the acquisition method (see Note 2.b) “Business combinations” section). The following table details the consideration transferred, the fair values of the identifiable assets acquired and the liabilities assumed by YPF at the acquisition date:

	Fair value at acquisitiondate
Fair value of identifiable assets and liabilities assumed:
Intangible assets		117
Property, plant and equipment		161
Other receivables		7
Trade receivables		10
Cash and cash equivalents		60
Provisions		(6)
Deferred income tax liabilities, net		(15)
Accounts payable		(7)
Total identifiable net assets / Consideration		327

Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)

On January 31, 2025, after the fulfillment of the closing conditions of the share purchase and sale agreement of the subsidiary YPF Brasil, the sale and transfer by YPF to the GMZ HOLDING LTDA. and IGP HOLDING PARTICIPAÇÕES S.A., with the intervention of USIQUÍMICA DO BRASIL LTDA. as guarantor of the transaction, of 100% of the shares and capital stock of YPF Brasil was completed. The sale price of the transaction was US$ 2.3 million. See Note 3 “Sale of equity participation in YPF Brasil” section to the annual consolidated financial statements.

Based on the closing of the aforementioned share purchase and sale agreement and considering the fair value of the assets and liabilities of YPF Brasil classified as held for sale, as of the closing date of the transaction, the result from the sale did not have significant effects. In addition, the translation differences accumulated in the “Other comprehensive income” account and reclassified to the profit or loss due to the loss of control of the subsidiary amounted to a loss of 9.

Acquisition of equity participation of OLCLP

On January 31, 2025, the Company entered into a share purchase and sale agreement with Tecpetrol S.A. whereby, subject to the fulfillment of closing conditions set forth in such agreement, YPF acquired 15% of the shares and capital stock of OLCLP joint venture. On June 4, 2025 (“acquisition date”), after the fulfillment of the closing conditions, the sale and transfer by Tecpetrol S.A. to YPF of 15% of the shares and capital stock of OLCLP was completed.

HORACIO DANIEL MARÍN

President

	12
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
4.	ACQUISITIONS AND DISPOSALS (cont.)
---	---

As of the acquisition date, YPF, which owned 85% of the capital stock of OLCLP prior to aforementioned share purchase and sale agreement, is the sole owner and shareholder of 100% of capital stock of OLCLP.

The amount of the transaction was 15, which was cancelled by offsetting payment obligations assumed by Tecpetrol S.A. under a firm transportation services agreement for the “Vaca Muerta Sur” Pipeline of 13.6, and the remaining balance of 1.4 in cash.

The transaction described above qualifies as a business combination achieved in stages in accordance with IFRS 3 and is accounted for using the acquisition method (see Note 2.b) “Business combinations” section). The following table sets forth the fair values of the identifiable assets acquired and the liabilities assumed by YPF at the acquisition date of 100% of OLCLP:

	Fair value at acquisitiondate
Fair value of identifiable assets and liabilities assumed:
Property, plant and equipment		93
Trade receivables		4
Investments in financial assets		2
Cash and cash equivalents		14
Deferred income tax liabilities, net		(1)
Taxes payable		(2)
Accounts payable		(3)
Total identifiable net assets		107

As a result of the transaction, YPF recognized a gain of 45 in “Other operating results, net” line item in the statement of comprehensive income corresponding to the revaluation to fair value at the acquisition date of the previous equity participation held by YPF in the equity of OLCLP.

Acquisition of VMI

On August 6, 2025, the Company entered into a share purchase agreement with Total Austral S.A. whereby, subject to the fulfillment of closing conditions set forth in such agreement, YPF will acquire 100% of the shares and capital stock of VMI.

On September 29, 2025 (“acquisition date”), after the fulfillment of the closing conditions, the sale and transfer by Total Austral S.A. to YPF of 100% of the shares and capital stock of VMI, which holds a 45% working interest in the “La Escalonada” and “Rincón La Ceniza” unconventional exploitation concessions in the Province of Neuquén, was completed. The amount of the transaction was 523 in cash.

The transaction described above qualifies as a business combination in accordance with IFRS 3 and is accounted for using the acquisition method (see Note 2.b) “Business combinations” section). The following table sets forth the fair values of the identifiable assets acquired and liabilities assumed by YPF at the acquisition date of 100% of VMI:

	Fair value at acquisitiondate ^(1)^
Fair value of identifiable assets and liabilities assumed:
Intangible assets		463
Property, plant and equipment		81
Other receivables		23
Cash and cash equivalents		3
Provisions		(6)
Other liabilities		(24)
Accounts payable		(17)
Total identifiable net assets		523
(1)	In accordance with IFRS 3, during the measurement period, an entity may adjust the provisional amounts recognized in a<br>business combination, therefore, fair values may be adjusted during the period.
---	---

HORACIO DANIEL MARÍN

President

	13
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
4.	ACQUISITIONS AND DISPOSALS (cont.)
---	---

Acquisition of Refinor

On October 28, 2025, the Company entered into a share purchase and sale agreement with Hidrocarburos del Norte S.A. whereby YPF acquired 50% of the shares and capital stock of Refinor joint venture. As of that date YPF, which owned 50% of the capital stock of Refinor prior to aforementioned share purchase and sale agreement, is the sole owner and shareholder of 100% of capital stock of Refinor. The amount of the transaction was 25.2.

The transaction described above qualifies as a business combination achieved in stages in accordance with IFRS 3.

As of the date of issuance of these condensed interim consolidated financial statements and due to the recent closing of the transaction, the Group is in the process of determining the accounting impact of this transaction. Consequently, it is not possible to disclose the information required by IFRS 3 in relation to the measurement of the assets acquired and liabilities assumed at their fair values at the acquisition date and the impact on the Group’s results and cash flows from the recording of this acquisition.

5.	FINANCIAL RISK MANAGEMENT

The Group’s activities expose it to a variety of financial risks: Market risk (including exchange rate risk, interest rate risk, and price risk), liquidity risk and credit risk. Within the Group, risk management functions are conducted in relation to financial risks associated to financial instruments to which the Group is exposed during a certain period or as of a specific date.

During the nine-month period ended September 30, 2025, there were no significant changes in the administration or policies of risk management implemented by the Group as described in Note 4 to the annual consolidated financial statements.

•	Liquidity risk management

Most of the Group’s loans contain market-standard covenants for contracts of this nature, which include financial covenants in respect of the Group’s leverage ratio and debt service coverage ratio, and events of defaults triggered by materially adverse judgements, among others. See Notes 17, 33 and 34 to the annual consolidated financial statements and Notes 18 and 34.

The Group monitors compliance with covenants on a quarterly basis. As of September 30, 2025, the Group is in compliance with its covenants.

6.	BUSINESS SEGMENT INFORMATION

The different business segments in which the Group’s organization is structured consider the different activities from which the Group can obtain revenues and incur expenses. Such organizational structure is based on the way in which the chief decision maker analyzes the main operating and financial magnitudes for making decisions about resource allocation and performance assessment, also considering the business strategy of the Group.

Business segment information is presented consistently with the manner of reporting the information used by the chief decision maker to allocate resources and assess business segment performance.

HORACIO DANIEL MARÍN

President

	14
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
6.	BUSINESS SEGMENT INFORMATION (cont.)
---	---

As of the current fiscal year, as a consequence of the organizational structure changes in which the New Energies Vice Presidency was created and the Gas and Power Vice Presidency and the Downstream Vice Presidency were reformulated as the LNG and Integrated Gas Vice Presidency and the Midstream and Downstream Vice Presidency, respectively, the complete management scope of these new business units was determined. On January 1, 2025, these organizational changes resulted in a modification of the composition of the business segments according to how the chief decision maker allocates resources and assesses the performance of these business segments, creating the New Energies business segment and readjusting the composition and definition of the businesses of the remaining business segments. The changes in the business segments had no impact on the CGUs defined in Note 2.b.5) to the annual consolidated financial statements.

As aforementioned and in Note 5 to the annual consolidated financial statements, the comparative information for the fiscal year ended December 31, 2024 and the nine-month period ended September 30, 2024 has been restated.

The business segments structure is organized as follows:

•	Upstream

It performs all activities related to the exploration and exploitation of hydrocarbon fields and production of crude oil and natural gas.

On July 1, 2024, certain assets related to the production of frac sand for well drilling/fracking purposes, which were formerly included in this business segment, were assigned to Central Administration and Others.

Its revenues are mainly derived from: (i) the sale of the produced crude oil to the Midstream and Downstream business segment; (ii) the sale of the produced natural gas to the LNG and Integrated Gas business segment; and (iii) the sale of the natural gas retained in plant to the Midstream and Downstream business segment.

It incurs all costs related to the aforementioned activities.

•	Midstream and Downstream

It performs activities related to: (i) the refining, transportation and commercialization of refined products; (ii) the production, transportation and commercialization of petrochemical products; (iii) the transportation and commercialization of crude oil; and (iv) the commercialization of specialties for the agribusiness industry and of grains and their by-products.

Its revenues are mainly derived from the sale of crude oil, refined and petrochemical products, and specialties for agribusiness industry and grains and their by-products, through the businesses of B2C (Retail), B2B (Commercial Networks, Industries, Transportation, Aviation, Agro, Lubricants and Specialties), LPG, Chemicals, International Trade and Transportation and Sales to Companies. In addition, it obtains revenues from midstream oil, midstream gas and natural gas storage operations and the provision of LNG regasification services.

It incurs all costs related to the aforementioned activities, including the purchase of: (i) crude oil from the Upstream business segment and third parties; (ii) natural gas to be consumed in the refinery and petrochemical industrial complexes from the LNG and Integrated Gas business segment; and (iii) natural gas retained in plant from the Upstream business segment.

HORACIO DANIEL MARÍN

President

	15
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
6.	BUSINESS SEGMENT INFORMATION (cont.)
---	---
•	LNG and Integrated Gas
---	---

It performs activities related to: (i) natural gas transportation and commercialization to third parties and to the Midstream and Downstream business segment; (ii) the separation of natural gas liquids and their fractionation, storage and transportation for the production of ethane, propane, butane and gasoline, and its commercialization, through our investment in joint venture Mega; and (iii) the development of LNG capacity.

On January 1, 2025, as a consequence of the organizational changes described above, the assets related to the natural gas transportation, the conditioning and processing of natural gas retained in plant for the separation and fractionation of gasoline, propane and butane, the storage of the produced natural gas, and the commercial and technical operation of the LNG regasification terminal in Escobar, which were formerly included in the Gas and Power business segment, were assigned to the Midstream and Downstream business segment. Furthermore, the assets related to the distribution of natural gas through our subsidiary Metrogas, the generation of conventional thermal electric power and renewable energy, and the production, storage, distribution and sale of fertilizers through our investments in associates and joint ventures, which were formerly included in the Gas and Power business segment, were assigned to the New Energies business segment.

Its revenues are mainly derived from the commercialization of natural gas as producers to third parties and to the Midstream and Downstream and the New Energies business segments.

It incurs all costs related to the aforementioned activities, including the purchase of natural gas from the Upstream business segment.

•	New Energies

On January 1, 2025, as a consequence of the organizational changes described above, the New Energies Vice Presidency was created and during the current fiscal year the complete management scope of this new business unit was determined. As of that date, the assets related to the distribution of natural gas through our subsidiary Metrogas, the generation of conventional thermal electric power and renewable energy and the production, storage, distribution and sale of fertilizers through our investments in associates and joint ventures, which were formerly included in the Gas and Power business segment, were assigned to this business segment. In addition, the assets related to the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary Y-TEC, previously included in Central Administration and Others, were assigned to this business segment.

It performs activities related to: (i) the definition and development of the new energy portfolio; (ii) the definition and development of sustainability and energy transitions programs; (iii) the distribution of natural gas through our subsidiary Metrogas; and (iv) the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary Y-TEC. Furthermore, through our investments in associates and joint ventures, this business segment performs activities related to: (i) the generation of conventional thermal electric power and renewable energy; and (ii) the production, storage, distribution and sale of fertilizers.

Its revenues are mainly derived from the sale of natural gas through our subsidiary Metrogas.

It incurs all costs related to the aforementioned activities, including the purchase of natural gas from the LNG and Integrated Gas business segment.

•	Central Administration and Others

It includes the remaining activities performed by the Group that do not fall within the aforementioned business segments and which are not reporting business segments, mainly comprising revenues, expenses and assets related to: (i) corporate administrative; (ii) the production of frac sand for well drilling/fracking purposes; and (iii) the construction activities through our subsidiary AESA.

On July 1, 2024, certain assets related to the production of frac sand for well drilling/fracking purposes, which were formerly included in the Upstream business segment, were assigned to Central Administration and Others. In addition, on January 1, 2025, as a consequence of the organizational changes described above, the assets related to the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary Y-TEC, previously included in Central Administration and Others, were assigned to the New Energies business segment.

Sales between business segments were made at internal transfer prices established by the Group, which approximately reflect domestic market prices.

Operating profit or loss and assets of each business segment have been determined after consolidation adjustments.

HORACIO DANIEL MARÍN

President

	16
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
6.	BUSINESS SEGMENT INFORMATION (cont.)
---	---
	Upstream			Midstream and Downstream		LNG and Integrated Gas			New Energies			Central Administration and Others			Consolidation adjustments ^(1)^			Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the nine-month period ended September 30, 2025
Revenues		66			11,229		1,371			650			576			-			13,892
Revenues from intersegment sales		5,863			151		256			5			821			(7,096	)		-
Revenues		5,929			11,380		1,627			655			1,397			(7,096	)		13,892
Operating profit or loss		472	^(3)^		826		(11	)		86			(209	)		(8	)		1,156
Income from equity interests in associates and joint ventures		-			14		30			63			-			-			107
Net financial results																			(746	)
Net profit before income tax																			517
Income tax																			(667	)
Net loss for the period																			(150	)
Acquisitions of property, plant and equipment		2,845			749		26			25			79			-			3,724
Acquisitions of right-of-use<br>assets		35			125		-			-			8			-			168
Increases from business combinations ^(4)^		822			93		-			-			-			-			915
Other income statement items
Depreciation of property, plant and equipment<br>^(2)^		1,691			392		2			25			62			-			2,172
Amortization of intangible assets		-			27		-			9			8			-			44
Depreciation of right-of-use<br>assets		114			93		1			-			6			-			214
Reversal of impairment losses of property, plant and equipment and inventories write-down		-			-		-			(4	)		-			-			(4	)
Balance as of September 30, 2025
Assets		13,300			11,194		953			2,458			1,899			(235	)		29,569

HORACIO DANIEL MARÍN

President

	17
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
6.	BUSINESS SEGMENT INFORMATION (cont.)
---	---
	Upstream			Midstream and Downstream		LNG and Integrated Gas			New Energies		Central<br>Administration<br>and Others			Consolidation adjustments^(1)^			Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the nine-month period ended September 30, 2024
Revenues		37			11,861		1,339			691		614			-			14,542
Revenues from intersegment sales		6,269			91		227			6		742			(7,335	)		-
Revenues		6,306			11,952		1,566			697		1,356			(7,335	)		14,542
Operating profit or loss		1,095	^(3)^		1,156		(45	)		83		(170	)		(109	)		2,010
Income from equity interests in associates and joint ventures		-			20		60			183		-			-			263
Net financial results																		(753	)
Net profit before income tax																		1,520
Income tax																		1,157
Net profit for the period																		2,677
Acquisitions of property, plant and equipment		3,023			888		8			23		70			-			4,012
Acquisitions of right-of-use<br>assets		60			104		-			-		-			-			164
Increases from business combinations		-			-		-			-		-			-			-
Other income statement items
Depreciation of property, plant and equipment<br>^(2)^		1,279			365		1			24		63			-			1,732
Amortization of intangible assets		-			21		-			10		-			-			31
Depreciation of right-of-use<br>assets		118			83		-			-		-			-			201
Impairment of property, plant and equipment and inventories<br>write-down ^(5)^		21			-		-			5		-			-			26
Balance as of December 31, 2024
Assets		12,795			10,735		743			2,524		2,822			(228	)		29,391
(1)	Corresponds to the eliminations among the business segments of the Group.
---	---
(2)	Includes depreciation of charges for impairment of property, plant and equipment.
---	---
(3)	Includes (1) and (56) of unproductive exploratory drillings as of September 30, 2025 and 2024, respectively.<br>
---	---
(4)	See Notes 8 and 9.
---	---
(5)	See Notes 2.b.8), 2.c) and 8 to the annual consolidated financial statements and Note 27.
---	---

HORACIO DANIEL MARÍN

President

	18
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
7.	FINANCIAL INSTRUMENTS BY CATEGORY
---	---

Fair value measurements

Fair value measurements are described in Note 6 to the annual consolidated financial statements.

The tables below present the Group’s financial assets measured at fair value through profit or loss as of September 30, 2025 and December 31, 2024, and their allocation to their fair value hierarchy levels:

	As of September 30, 2025
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		208		-		-		208
- Private securities - NO		9		-		-		9
		217		-		-		217
Cash and cash equivalents:
- Mutual funds		325		-		-		325
- Public securities		4		-		-		4
		329		-		-		329
		546		-		-		546
	As of December 31, 2024
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		381		-		-		381
- Private securities - NO		9		-		-		9
		390		-		-		390
Cash and cash equivalents:
- Mutual funds		439		-		-		439
- Public securities		-		-		-		-
		439		-		-		439
		829		-		-		829

The Group has no financial liabilities measured at fair value through profit or loss.

During the nine-month period ended September 30, 2025, there were no transfers between the different hierarchies used to determine the fair value of the Group’s financial instruments.

Fair value of financial assets and financial liabilities measured at amortized cost

The estimated fair value of loans, considering unadjusted listed prices (Level 1) for NO and interest rates offered to the Group (Level 3) for the remaining loans, amounted to 10,410 and 8,811 as of September 30, 2025 and December 31, 2024, respectively.

The fair value of other receivables, trade receivables, cash and cash equivalents, other liabilities and accounts payable at amortized cost, do not differ significantly from their carrying amount.

8.	INTANGIBLE ASSETS
	September 30, 2025		December 31, 2024
---	---	---	---	---
Net carrying amount of intangible assets		1,096		531
Provision for impairment of intangible assets		(40)		(40)
		1,056		491

HORACIO DANIEL MARÍN

President

	19
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
8.	INTANGIBLE ASSETS (cont.)
---	---

The evolution of the Group’s intangible assets for the nine-month period ended September 30, 2025 and as of the year ended December 31, 2024 is as follows:

	Service concessions		Exploration rights
Cost		964		110		431		1,505
Accumulated amortization		703		-		395		1,098
Balance as of December 31, 2023		261		110		36		407
Cost
Increases		86		-		4		90
Increases from business combinations		-		-		-		-
Translation effect		-		-		(12)		(12)
Adjustment for inflation ^(1)^		-		-		51		51
Decreases, reclassifications and other movements		-		-		62		62
Accumulated amortization
Increases		27		-		16		43
Translation effect		-		-		(7)		(7)
Adjustment for inflation ^(1)^		-		-		31		31
Decreases, reclassifications and other movements		-		-		-		-
Cost		1,050		110		536		1,696
Accumulated amortization		730		-		435		1,165
Balance as of December 31, 2024		320		110		101		531
Cost
Increases		56		-		7		63
Increases from business combinations		-		580		-		580
Translation effect		-		-		(27)		(27)
Adjustment for inflation ^(1)^		-		-		17		17
Decreases, reclassifications and other movements		-		(54	)	22		(32)
Accumulated amortization
Increases		20		-		24		44
Translation effect		-		-		(17)		(17)
Adjustment for inflation ^(1)^		-		-		11		11
Decreases, reclassifications and other movements		-		-		(2	)	(2	)
Cost		1,106		636		555		2,297
Accumulated amortization		750		-		451		1,201
Balance as of September 30, 2025		356		636		104		1,096
(1)	Corresponds to the adjustment for inflation of opening balances of intangible assets of subsidiaries with the peso as<br>functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.
---	---
9.	PROPERTY, PLANT AND EQUIPMENT
---	---
	September 30, 2025		December 31, 2024
---	---	---	---	---
Net carrying amount of property, plant and equipment		20,457		19,456
Provision for obsolescence of materials and equipment		(435)		(223)
Provision for impairment of property, plant and equipment		(395)		(497)
		19,627		18,736

HORACIO DANIEL MARÍN

President

	20
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
9.	PROPERTY, PLANT AND EQUIPMENT (cont.)
---	---

Changes in Group’s property, plant and equipment for the nine-month periods ended September 30, 2025 and as of the year ended December 31, 2024 are as follows:

	Land and<br>buildings
Cost		1,340	53,101	8,911	677	1,439	5,665	131	869	1,382	810	843	75,168
Accumulated depreciation		688	44,894	5,858	370	-	-	-	786	981	411	648	54,636
Balance as of December 31, 2023		652	8,207	3,053	307	1,439	5,665	131	83	401	399	195	20,532
Cost
Increases		1	169	95	28	1,263	3,928	99	2	-	-	15	5,600
Increases from business combinations		-	-	-	-	-	-	-	-	-	-	-	-
Translation effect		(43)	-	-	(12)	(4)	(6)	-	(7)	-	(176)	(42)	(290)
Adjustment for inflation^(1)^		151	-	-	48	16	24	-	31	-	746	182	1,198
Decreases, reclassifications and other movements		(94)	(24,759)	325	(13)	(1,151)	(3,543)	(171)	1	183	(5)	(45)	(29,272)	^(2)^
Accumulated depreciation
Increases		29	2,160	372	41	-	-	-	39	72	25	33	2,771
Translation effect		(19)	-	-	(8)	-	-	-	(5)	-	(89)	(30)	(151)
Adjustment for inflation^(1)^		80	-	-	32	-	-	-	22	-	376	129	639
Decreases, reclassifications and other movements		(63)	(24,725)	-	(57)	-	-	-	(42)	(12)	(12)	(36)	(24,947)	^(2)^
Cost		1,355	28,511	9,331	728	1,563	6,068	59	896	1,565	1,375	953	52,404
Accumulated depreciation		715	22,329	6,230	378	-	-	-	800	1,041	711	744	32,948
Balance as of December 31, 2024		640	6,182	3,101	350	1,563	6,068	59	96	524	664	209	19,456
Cost
Increases		1	172	123	12	685	2,691	32	3	-	-	5	3,724
Increases from business combinations		-	188	-	93	12	42	-	-	-	-	-	335
Translation effect		(70)	-	-	(26)	(8)	(14)	-	(17)	-	(345)	(86)	(566)
Adjustment for inflation^(1)^		47	-	-	18	5	9	-	11	-	226	57	373
Decreases, reclassifications and other movements		19	2,252	320	169	(845)	(3,011)	(1)	8	31	36	3	(1,019)	^(3)^
Accumulated depreciation
Increases		21	1,805	281	36	-	-	-	28	56	19	22	2,268
Translation effect		(39)	-	-	(17)	-	-	-	(9)	-	(178)	(63)	(306)
Adjustment for inflation^(1)^		25	-	-	11	-	-	-	7	-	117	42	202
Decreases, reclassifications and other movements		(12)	(279)	-	(16)	-	-	-	(8)	(1)	-	(2)	(318)	^(3)^
Cost		1,352	31,123	9,774	994	1,412	5,785	90	901	1,596	1,292	932	55,251
Accumulated depreciation		710	23,855	6,511	392	-	-	-	818	1,096	669	743	34,794
Balance as of September 30, 2025		642	7,268	3,263	602	1,412	5,785	90	83	500	623	189	20,457
(1)	Corresponds to the adjustment for inflation of opening balances of property, plant and equipment of subsidiaries with the<br>peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.
---	---
(2)	Includes 28,586 and 24,915 of cost and accumulated depreciation, respectively, reclassified to the “Assets held for<br>sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project“ section to the annual consolidated financial statements.
---	---
(3)	Includes 380 and 74 of cost and accumulated depreciation, respectively, reclassified to the “Assets held for<br>sale” line item in the statement of financial position, see Note 2.b.13) to the annual consolidated financial statements and Note 35.b) “Aguada del Chañar” section.
---	---

HORACIO DANIEL MARÍN

President

	21
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
9.	PROPERTY, PLANT AND EQUIPMENT (cont.)
---	---

The Group capitalizes the financial cost of loans as part of the cost of the property, plant and equipment. For the nine-month periods ended September 30, 2025 and 2024, the rate of capitalization was 6.75% and 7.44%, respectively, and the amount capitalized amounted to 9 and 5, respectively.

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the nine-month period ended September 30, 2025 and as of the year ended December 31, 2024:

	Provision for obsolescenceof materials and equipment
Balance as of December 31, 2023		171
Increases charged to profit or loss		53
Decreases charged to profit or loss		-
Applications due to utilization		(2)
Translation effect		-
Adjustment for inflation^(1)^		1
Reclassifications		-
Balance as of December 31, 2024		223
Increases charged to profit or loss		285
Decreases charged to profit or loss		(41	)
Applications due to utilization		(10	)
Translation effect		(2	)
Adjustment for inflation^(1)^		1
Reclassifications		(21	)
Balance as of September 30, 2025		435
(1)	Corresponds to the adjustment for inflation of opening balances of the provision for obsolescence of materials and<br>equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.
---	---

Set forth below is the evolution of the provision for impairment of property, plant and equipment for the nine-month period ended September 30, 2025 and as of the year ended December 31, 2024:

	Provision for impairmentof property, plant andequipment
Balance as of December 31, 2023		2,649
Increases charged to profit or loss^(1)^		66
Decreases charged to profit or loss		-
Depreciation^(2)^		(325)
Translation effect		(2	)
Adjustment for inflation^(3)^		5
Reclassifications^(4)^		(1,896	)
Balance as of December 31, 2024		497
Increases charged to profit or loss		2
Decreases charged to profit or loss		(7	)
Depreciation^(2)^		(96	)
Translation effect		(3	)
Adjustment for inflation^(3)^		2
Reclassifications		-
Balance as of September 30, 2025		395
(1)	See Notes 2.c) and 8 to the annual consolidated financial statements.
---	---
(2)	Included in “Depreciation of property, plant and equipment” line item in the statement of comprehensive<br>income, see Note 28.
---	---
(3)	Corresponds to the adjustment for inflation of opening balances of the provision for impairment of property, plant and<br>equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.
---	---
(4)	Includes 1,896 reclassified to the “Assets held for sale” line item in the statement of financial position,<br>see Notes 2.b.13) and 11 “Mature Fields Project“ section to the annual consolidated financial statements.
---	---

HORACIO DANIEL MARÍN

President

	22
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
10.	RIGHT-OF-USE ASSETS
---	---

The evolution of the Group’s right-of-use assets for the nine-month period ended September 30, 2025 and as of the year ended December 31, 2024 is as follows:

	Land and<br>buildings
Cost		40		567		451		94		498		1,650
Accumulated depreciation		24		416		252		49		278		1,019
Balance as of December 31, 2023		16		151		199		45		220		631
Cost
Increases		12		16		219		11		186		444
Translation effect		-		-		-		(3	)	-		(3	)
Adjustment for inflation ^(1)^		1		-		-		14		-		15
Decreases, reclassifications and other movements		(1	)	(15	)	(59	)	(2	)	(11	)	(88	)
Accumulated depreciation
Increases		7		101		88		12		123		331
Translation effect		-		-		-		(3	)	-		(3	)
Adjustment for inflation ^(1)^		1		-		-		10		-		11
Decreases, reclassifications and other movements		-		(15	)	(56	)	(1	)	(11	)	(83	)
Cost		52		568		611		114		673		2,018
Accumulated depreciation		32		502		284		67		390		1,275
Balance as of December 31, 2024		20		66		327		47		283		743
Cost
Increases		-		-		36		-		132		168
Translation effect		-		-		-		(7	)	-		(7	)
Adjustment for inflation ^(1)^		-		-		-		4		-		4
Decreases, reclassifications and other movements		(8	)	(11	)	-		-		(48	)	(67	)
Accumulated depreciation
Increases		3		28		81		9		137		258
Translation effect		-		-		-		(5	)	-		(5	)
Adjustment for inflation ^(1)^		-		-		-		3		-		3
Decreases, reclassifications and other movements		(1	)	(2	)	-		-		-		(3	)
Cost		44		557		647		111		757		2,116
Accumulated depreciation		34		528		365		74		527		1,528
Balance as of September 30, 2025		10		29		282		37		230		588
(1)	Corresponds to the adjustment for inflation of opening balances of right-of-use assets of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.
---	---

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table presents the value of the investments in associates and joint ventures at an aggregate level as of September 30, 2025 and December 31, 2024:


Amount of investments in associates	313	212
Amount of investments in joint ventures	1,604	1,748
	1,917	1,960

HORACIO DANIEL MARÍN

President

	23
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
11.	INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (cont.)
---	---

The main concepts which affected the value of the aforementioned investments during the nine-month period ended September 30, 2025 and as of the year ended December 31, 2024, correspond to:

	Investments in associatesand joint ventures
Balance as of December 31, 2023		1,676
Acquisitions and contributions		-
Income on investments in associates and joint ventures		396
Distributed dividends		(174	)
Translation differences		(13	)
Adjustment for inflation ^(1)^		75
Capitalization in associates and joint ventures		-
Other movements		-
Balance as of December 31, 2024		1,960
Acquisitions and contributions		82
Income on investments in associates and joint ventures		107
Distributed dividends		(201	)
Translation differences		(11	)
Adjustment for inflation ^(1)^		16
Capitalization in associates and joint ventures		12
Other movements ^(2)^		(48	)
Balance as of September 30, 2025		1,917
(1)	Corresponds to the adjustment for inflation of opening balances of associates and joint ventures with the peso as<br>functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income, see Note 2.b.1) to the annual consolidated financial statements.
---	---
(2)	See Note 4 “Acquisition of equity participation of OLCLP” section.
---	---

The following table presents the principal amounts of the results of the investments in associates and joint ventures of the Group, calculated according to the equity method, for the nine-month periods ended September 30, 2025 and 2024. The values reported by these companies have been adjusted, if applicable, to adapt them to the accounting policies used by the Company for the calculation of the equity method value in the aforementioned dates:

	Associates				Joint ventures
	For the nine-month periods ended September30,				For the nine-month periods ended September30,
	2025		2024		2025		2024
Net income		34		4		73		259
Other comprehensive income		(7)		38		12		19
Comprehensive income		27		42		85		278

The Company has no investments in subsidiaries with significant non-controlling interests. Likewise, the Company has no significant investments in associates and joint ventures, except for the investment in YPF EE.

HORACIO DANIEL MARÍN

President

	24
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
11.	INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (cont.)
---	---

The financial information corresponding to YPF EE’s assets and liabilities as of September 30, 2025 and December 31, 2024, as well as the results for the nine-month periods ended September 30, 2025 and 2024, are detailed below:

	September 30, 2025 ^(1)^		December 31, 2024 ^(1)^
Total non-current assets		2,169		2,147
Cash and cash equivalents		164		240
Other current assets		218		243
Total current assets		382		483
Total assets		2,551		2,630
Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other<br>liabilities” items)		790		736
Other non-current liabilities		84		64
Total non-current liabilities		874		800
Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other<br>liabilities” items)		177		291
Other current liabilities		163		213
Total current liabilities		340		504
Total liabilities		1,214		1,304
Total shareholders’ equity ^(2)^		1,337		1,326
Dividends received ^(3)^		-		36
Closing exchange rates ^(4)^		1,375.50		1,030.50
	For the nine-month periods ended September 30,
	2025 ^(1)^		2024 ^(1)^
Revenues		497		393
Interest income		10		26
Depreciation and amortization		(112)		(113)
Interest loss		(45)		(47)
Income tax		(119)		61
Operating profit		205		153
Net profit		31		170
Other comprehensive income		390		212
Total comprehensive income		421		382
Average exchange rates ^(4)^		1,180.41		887.24
(1)	The financial information arises from the statutory condensed interim consolidated financial statements of YPF EE and the<br>amounts are translated to U.S. dollars using the exchange rates indicated. On this information, accounting adjustments have been made for the calculation of the equity method value and in the results of YPF EE. The adjusted equity and results do not<br>differ significantly from the financial information disclosed here.
---	---
(2)	Includes the non-controlling interest.
---	---
(3)	The amounts are translated to U.S. dollars using the exchange rate at the date of the dividends’ payment.<br>
---	---
(4)	Corresponds to the average seller/buyer exchange rate of BNA.
---	---

HORACIO DANIEL MARÍN

President

	25
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
12.	ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES
---	---

The following table presents the main assets held for sale and associated liabilities as of September 30, 2025 and December 31, 2024:

	Upstream		Midstream and Downstream		Total
Balance as of September 30, 2025
Assets held for sale
Property, plant and equipment - Mature Fields Project		479		-		479
Property, plant and equipment - Gas stations		-		10		10
Assets of subsidiary YPF Brasil ^(2)^		-		-		-
	****	479	****	10	****	489
Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations - Mature Fields Project		908		-		908
Provision for environmental liabilities - Mature Fields Project		2		-		2
Liabilities for concessions - Mature Fields Project		4		-		4
Liabilities of subsidiary YPF Brasil ^(2)^		-		-		-
	****	914	****	-	****	914
	Upstream		Midstream andDownstream		Total
Balance as of December 31, 2024
Assets held for sale
Property, plant and equipment - Mature Fields Project<br>^(1)^		1,506		-		1,506
Property, plant and equipment - Gas stations		-		10		10
Assets of subsidiary YPF Brasil ^(2)^		-		21		21
	****	1,506	****	31	****	1,537
Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations - Mature Fields Project ^(1)^		2,051		-		2,051
Provision for environmental liabilities - Mature Fields Project<br>^(1)^		53		-		53
Liabilities for concessions - Mature Fields Project<br>^(1)^		14		-		14
Liabilities of subsidiary YPF Brasil ^(2)^		-		18		18
	****	2,118	****	18	****	2,136
(1)	See Note 11 “Mature Fields Project“ section to the annual consolidated financial statements.<br>
---	---
(2)	See Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF<br>Brasil”)” section.
---	---

Mature Fields Project

The Mature Fields Project is described in Note 11 “Mature Fields Project” section to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2025, are described below:

•	Description of the Mature Fields Project

The assignment agreements that met the agreed closing conditions during the nine-month period ended September 30, 2025, and therefore the transaction was settled are described below:

Estación Fernández Oro

On December 19, 2024, Decree No. 525/2024 was published in the Official Gazette of the Province of Río Negro, which authorized the transfer of 100% of YPF’s rights and obligations in the “Estación Fernández Oro” exploitation concession in favor of Quintana E&P Argentina S.R.L., Quintana Energy Investments S.A., and Gas Storage and Midstream Services S.A. (“Quintana Consortium”).

On February 3, 2025, after the fulfillment of the closing conditions by YPF and Quintana Consortium, the transfer of 100% of the rights and obligations of YPF in such exploitation concession in favor of Quintana Consortium was formalized.

Campamento Central - Cañadón Perdido

On January 6, 2025, Decree No. 1,892/2024 was published in the Official Gazette of the Province of Chubut, which authorized the transfer of 100% of the rights and obligations in the “Campamento Central - Cañadón Perdido” exploitation concession, in which YPF held a working interest of 50%, in favor of PECOM Servicios Energía S.A.U. (“PECOM”).

On January 31, 2025, after the fulfillment of the closing conditions by YPF and PECOM, the transfer of 100% of the rights and obligations of YPF in such exploitation concession in favor of PECOM was formalized.

HORACIO DANIEL MARÍN

President

	26
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
12.	ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES (cont.)
---	---

Barrancas, Vizcacheras, La Ventana, Ceferino, Mesa Verde and Río Tunuyán

On January 29, 2025, Resolution No. 16/2025 was published in the Official Gazette of the Province of Mendoza, which authorized the transfer of 100% of YPF’s rights and obligations in “Barrancas”, “Vizcacheras”, “La Ventana”, “Ceferino”, “Mesa Verde” and “Río Tunuyán” exploitation concessions in favor of Petróleos Sudamericanos S.A. (“PS”).

On March 27, 2025, after the fulfillment of the closing conditions by YPF and PS, the transfer of 100% of the rights and obligations of YPF in such exploitation concessions in favor of PS was formalized with effective date as of April 1, 2025.

Señal Cerro Bayo, Volcán Auca Mahuida, Don Ruiz and Las Manadas

On April 7, 2025, Decree No. 372/2025 was published in the Official Gazette of the Province of Neuquén, which authorized the transfer of 100% of YPF’s rights and obligations in “Señal Cerro Bayo”, “Volcán Auca Mahuida”, “Don Ruiz” and “Las Manadas” exploitation concessions in favor of Bentia Energy S.A. (“Bentia”) and Ingeniería SIMA S.A.

On June 6, 2025, after the fulfillment of the closing conditions by YPF, Bentia and Ingeniería SIMA S.A., the transfer of 100% of the rights and obligations of YPF in such exploitation concessions in favor of Bentia and Ingeniería SIMA S.A.

Al Norte de la Dorsal, Octógono and Dadín

On April 9, 2025, Decree No. 380/2025 was published in the Official Gazette of the Province of Neuquén, which authorized the transfer of 100% of YPF’s rights and obligations in “Al Norte de la Dorsal” and “Octógono” exploitation concessions in favor of Bentia.

On June 10, 2025, after the fulfillment of the closing conditions by YPF and Bentia related to “Al Norte de la Dorsal” and “Octógono” exploitation concessions, the transfer of 100% of the rights and obligations of YPF in such exploitation concessions in favor of Bentia was formalized. As of the date of issuance of these condensed interim consolidated financial statements, YPF and Bentia entered into a transitory operation agreement for the “Dadín” exploitation concession, pending the transfer regarding this concession by the Province of Neuquén.

Cerro Piedra - Cerro Guadal Norte, Barranca Yankowsky, Los Monos, El Guadal - Lomas del Cuy, Cañadón Vasco, Cañadón Yatel, Pico Truncado - El Cordón, Los Perales - Las Mesetas, Cañadón León - Meseta Espinosa and Cañadón de la Escondida - Las Heras

On April 2, 2025, YPF signed a Memorandum of Understanding (“MOU”) with the Province of Santa Cruz and Fomicruz S.E. (“Fomicruz”) for the purpose of establishing the general terms and conditions upon which the assignment by YPF to Fomicruz of the exploitation concessions “Cerro Piedra - Cerro Guadal Norte”, “Barranca Yankowsky”, “Los Monos”, “El Guadal - Lomas del Cuy”, “Cañadón Vasco”, “Cañadón Yatel”, “Pico Truncado - El Cordón”, “Los Perales - Las Mesetas”, “Cañadón León - Meseta Espinosa”, “Cañadón de la Escondida - Las Heras” and the transportation concessions associated with such concessions will be negotiated. The aforementioned MOU, subject to approval by YPF’s Board of Directors and the issuance of the corresponding decree by the Province of Santa Cruz, was approved by YPF’s Board of Directors on April 9, 2025 and Decree No. 376/2025 was issued by the Province of Santa Cruz on May 6, 2025.

On June 2, 2025, YPF and Fomicruz signed an assignment agreement for the transfer of 100% of the participating interest in the aforementioned exploitation and transportation concessions. The transfer was approved by Decree No. 539/2025 published in the Official Gazette of the Province of Santa Cruz on June 18, 2025.

On June 19, 2025, YPF and Fomicruz executed the notarial deed, thereby formalizing and perfecting the aforementioned assignment. Additionally, YPF and Fomicruz signed a transitory operation agreement for all the assigned exploitation concessions, pursuant to which YPF shall continue to operate said concessions for a maximum period of up to 6 months.

El Portón (Mendoza - Neuquén), Chihuido de la Salina, Altiplanicie del Payún, Cañadón Amarillo, Chihuido de la Salina Sur and Confluencia Sur

On February 20, 2025, Resolution No. 28/2025 of the Ministry of Energy and Environment was published in the Official Gazette of the Province of Mendoza, which authorized the transfer of 100% of YPF’s rights and obligations in “El Portón”, “Chihuido de la Salina”, “Altiplanicie del Payún”, “Cañadón Amarillo”, “Chihuido de la Salina Sur” and “Confluencia Sur” exploitation concessions in favor of Consorcio Quintana and Compañía TSB S.A. (“TSB”).

On June 19, 2025, after the fulfillment of the closing conditions by YPF, Consorcio Quintana and TSB, the transfer of 100% of the rights and obligations of YPF in such exploitation concessions in favor of Consorcio Quintana and TSB was formalized with effective date as of July 1, 2025. As of the date of issuance of these condensed interim consolidated financial statements, YPF, Consorcio Quintana and TSB, entered into a transitory operation agreement for the “El Portón” exploitation concession, pending the authorization by the Province of Neuquén of the transfer regarding this concession.

HORACIO DANIEL MARÍN

President

	27
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
12.	ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES (cont.)
---	---

The assignment and/or reversion agreements that YPF signed during the nine-month period ended September 30, 2025, which are subject to the fulfillment of closing conditions, including applicable regulatory and provincial approvals, are described below:

Señal Picada - Punta Barda

On May 23, 2025 YPF signed an assignment agreement with PS for the “Señal Picada - Punta Barda” exploitation concession located in the Provinces of Río Negro and Neuquén. As of the date of issuance of these condensed interim consolidated financial statements, the assignment agreement is subject to the fulfillment of closing conditions, including the formal resolution by the corresponding enforcement authorities.

El Tordillo, Puesto Quiroga and La Tapera

On June 4, 2025 YPF signed an assignment agreement to transfer its 7.1960% participating interest in “El Tordillo”, “Puesto Quiroga” and “La Tapera” exploitation concessions and the transportation concessions associated with such exploitation concessions, in favor of Crown Point Energía S.A. As of the date of issuance of these condensed interim consolidated financial statements, the assignment agreement is subject to the fulfillment of closing conditions, including the formal resolution by the corresponding enforcement authorities.

Restinga Alí

On June 19, 2025 YPF signed an agreement that establishes the terms and conditions for the reversion of the “Restinga Alí” exploitation concession, located in the Province of Chubut. On July 24, 2025 the Legislature of the Province of Chubut approved the agreement through Law XVII No. 162/2025, which was enacted on August 1, 2025 and published in the Official Gazette of the Province of Chubut on August 7, 2025. Additionally, as of the issuance date of these condensed interim consolidated financial statements, the reversion agreement is subject to the approval by decree of the Executive Branch of the Province of Chubut.

As of the date of issuance of these condensed interim consolidated financial statements, the Company has signed assignment agreements for certain groups of assets as held for sale that are subject to closing conditions mainly related to regulatory and provincial approvals, for which the Company is taking the necessary steps to close; and it is highly probable that these assets will be disposed. In addition, the Company maintains groups of assets as held for sale for which agreements have not yet been signed but continues in negotiations with third parties for their disposal or reversal. The delay in the fulfillment of the plan for the disposal of mature fields is due to the complexity of the negotiations, which is beyond the Company’s control. As of the date of issuance of these condensed interim consolidated financial statements, the Company considers that the disposal of such assets continues to be highly probable during 2025.

•	Accounting matters

Considering that the assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell (“fair value”), the Company evaluates the changes in fair value, recognizing a profit up to the limit of the impairment loss previously recognized or an impairment loss in addition to that previously recognized for such changes, (see Note 2.b.13) to the annual consolidated financial statements). The carrying amount of the assets held for sale and associated liabilities may be adjusted in future periods depending on the results of the disposal process carry out by YPF and the economic consideration to be agreed with third parties for such assets.

HORACIO DANIEL MARÍN

President

	28
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
12.	ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES (cont.)
---	---

Based on the assessment of the changes in the fair value, the Company recognized a loss due to changes in the fair value of assets held for sale of 240 in the “Other net operating results” line item in the statement of comprehensive income, mainly associated with expenses of various nature arising from the general terms and conditions of the MOU signed with the Province of Santa Cruz and Fomicruz. Additionally, in relation to aforementioned MOU, YPF recognized a liability in the “Liabilities under agreements” line under the “Other liabilities” line item in the statement of financial position related to (i) the execution of an environmental remediation and abandonment program, and (ii) the payment of a compensatory bonus to the Province of Santa Cruz. As of September 30, 2025, the balance of this liability amounts to 361.

Based on the fair value of the groups of assets at the closing date of each of the assignment agreements mentioned in the “Description of the Mature Fields Project” section, YPF additionally recognized a gain on the sale of such groups of assets amounts to a gain of 197. The total consideration agreed includes cash payment of 63 and crude oil deliveries for a period of 4 years as payment in kind. Additionally, the derecognition of the carrying amount of the liabilities directly associated with assets held for sale net of the assets held for sale related to such exploitation concessions was 519.

Additionally, in relation to the Mature Fields Project, for the nine-month period ended September 30, 2025, the Company:

-	Recognized a charge for the provision for obsolescence of materials and equipment in the “Other net operating<br>results” line item in the statement of comprehensive income for 240.
-	Has committed to an optimization plan that involves operating efficiency measures related to the reduction of third<br>party employees directly or indirectly affected to the operation of areas related to certain groups of assets held for disposal. For such concept, the Company recognized a charge for 90 in the “Provision for operating optimizations” line<br>under “Other operating results, net” line item in the statement of comprehensive income.
---	---
-	In relation to the Company’s own personnel, the Company recognized a charge for severance indemnities of 28 in<br>the “Provision for severance indemnities” line under “Other operating results, net” line item in the statement of comprehensive income.
---	---

13. INVENTORIES

	September 30, 2025		December 31, 2024
Finished goods	1,003		925
Crude oil and natural gas ^(2)^	394		456
Products in process	31		49
Raw materials, packaging materials and others	101		116
	1,529	^(1)^	1,546	^(1)^
	1,529		1,546
(1)	As of September 30, 2025, and December 31, 2024, the carrying amount of inventories does not exceed their net<br>realizable value.
---	---
(2)	Includes 21 corresponding to the provision of inventories write-down as of September 30, 2025 and December 31,<br>2024, respectively, see Note 2.b.8) to the annual consolidated financial statements.
---	---

14. OTHER RECEIVABLES

	September 30, 2025		December 31, 2024
	Non-current	Current	Non-current	Current
Receivables from services, sales of other assets and other advance payments	89	70	11	35
Tax credit and export rebates	160	74	129	150
Loans and balances with related parties ^(1)^	202	44	159	35
Collateral deposits	-	16	-	20
Prepaid expenses	49	37	15	42
Advances and loans to employees	-	7	-	5
Advances to suppliers and custom agents ^(2)^	19	59	16	74
Receivables with partners in JO and Consortiums	249	332	2	164
Insurance receivables	-	-	-	5
Miscellaneous	25	32	31	22
	793	671	363	552
Provision for other doubtful receivables	(19)	-	(26)	-
	774	671	337	552
(1)	See Note 37 for information about related parties.
---	---
(2)	Includes, among others, advances to custom agents for the payment of taxes and import rights related to the imports of<br>fuels and goods.
---	---

HORACIO DANIEL MARÍN

President

	29
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

15. TRADE RECEIVABLES

	September 30, 2025						December 31, 2024
	Non-current			Current			Non-current			Current
Accounts receivable and related parties ^(1) (2)^		8			1,944			10			1,672
Provision for doubtful trade receivables		(7	)		(54	)		(9	)		(52	)
		1			1,890			1			1,620
(1)	See Note 37 for information about related parties.
---	---
(2)	See Note 26 for information about credits for contracts included in trade receivables.
---	---

Set forth below is the evolution of the provision for doubtful trade receivables for the nine-month period ended September 30, 2025 and for the fiscal year ended December 31, 2024:

	Provision for doubtful tradereceivables
	Non-current				Current
Balance as of December 31, 2023		12		^(2)^		47
Increases charged to expenses		-				74		^(3)^
Decreases charged to income		-				(8	)	^(3)^
Applications due to utilization		-				(49	)	^(3)^
Net exchange and translation differences		(3	)			(5	)
Result from net monetary position ^(1)^		-				(6	)
Reclassifications ^(4)^		-				(1	)
Balance as of December 31, 2024		9		^(2)^		52
Increases charged to expenses		-				37
Decreases charged to income		-				(7	)
Applications due to utilization		-				(20	)
Net exchange and translation differences		(2	)			(7	)
Result from net monetary position ^(1)^		-				(1	)
Reclassifications		-				-
Balance as of September 30, 2025		7		^(2)^		54
(1)	Includes the adjustment for inflation of opening balances of the provision for doubtful trade receivables of subsidiaries<br>with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income, and the adjustment for inflation of the period which was charged to net profit or loss in the statement of<br>comprehensive income.
---	---
(2)	Mainly including credits with distributors of natural gas for the accumulated daily differences pursuant to Decree<br>No. 1,053/2018, see Note 36.c.1) to the annual consolidated financial statements.
---	---
(3)	Mainly including credits with CAMMESA, see Note 37 to the annual consolidated financial statements.
---	---
(4)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item<br>in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.
---	---

16. INVESTMENTS IN FINANCIAL ASSETS

	September 30, 2025
Investments at fair value through profit or loss
Public securities ^(1) (2)^		208	381
Private securities - NO		9	9
		217	390
(1)	See Note 37.
---	---
(2)	Includes 56 of public securities provided as collateral for financial loans as of September 30, 2025.<br>
---	---

17. CASH AND CASH EQUIVALENTS

	September 30, 2025
Cash and banks ^(1)^		330	304
Short-term investments ^(2)^		140	375
Financial assets at fair value through profit or loss<br>^(3)^		329	439
		799	1,118
(1)	Includes balances granted as collateral, see Note 35.d) to the annual consolidated financial statements.<br>
---	---
(2)	Includes 72 and 146 of term deposits and other investments with BNA as of September 30, 2025 and December 31,<br>2024, respectively.
---	---
(3)	See Note 7.
---	---

HORACIO DANIEL MARÍN

President

	30
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

18. PROVISIONS

Changes in the Group’s provisions for the nine-month period ended September 30, 2025 and for the fiscal year ended December 31, 2024 are as follows:

	Provision for lawsuits andcontingencies						Provision forenvironmental liabilities						Provision for hydrocarbonwells abandonmentobligations						Total
	Non-current			Current			Non-current			Current			Non-current			Current			Non-current			Current
Balance as of December 31, 2023		66			21			48			34			2,546			126			2,660			181
Increases charged to expenses		105			-			187			-			134			-			426			-
Decreases charged to income		(5	)		-			(1	)		-			(7	)		-			(13	)		-
Increases from business combinations		-			-			-			-			-			-			-			-
Applications due to utilization		(3	)		(17	)		-			(72	)		-			(30	)		(3	)		(119	)
Net exchange and translation differences		(14	)		-			-			(7	)		-			-			(14	)		(7	)
Result from net monetary position ^(1)^		(2	)		-			-			-			-			-			(2	)		-
Reclassifications and other movements ^(2)^		(18	)		17			(135	)		81			(1,817	)		(37	)		(1,970	)		61
Balance as of December 31, 2024		129			21			99			36			856			59			1,084			116
Increases charged to expenses		28			-			58			-			88			-			174			-
Decreases charged to income		(4	)		-			-			-			-			-			(4	)		-
Increases from business combinations		-			-			-			-			12			-			12			-
Applications due to utilization		(1	)		(20	)		-			(69	)		-			(20	)		(1	)		(109	)
Net exchange and translation differences		(20	)		(1	)		-			-			-			-			(20	)		(1	)
Result from net monetary position ^(1)^		-			-			-			-			-			-			-			-
Reclassifications and other movements		(20	)		20			(98	)		103			(4	)		3			(122	)		126
Balance as of September 30, 2025		112			20			59			70			952			42			1,123			132
(1)	Includes the adjustment for inflation of opening balances of provisions of subsidiaries with the peso as functional<br>currency which was charged to “Other comprehensive income” in the statement of comprehensive income, and the adjustment for inflation of the period which was charged to net profit or loss in the statement of comprehensive income.<br>
---	---
(2)	Includes 2,023 and 54 corresponding to the provisions for hydrocarbon wells abandonment obligations and for environmental<br>liabilities, respectively, reclassified to the “Liabilities directly associated with assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project“ section to the<br>annual consolidated financial statements. Additionally, includes the balance of the provision for lawsuits and contingencies of the subsidiary YPF Brasil reclassified to “Assets held for sale” in the statement of financial position, see<br>Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.
---	---

Provisions are described in Note 17 to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2025, are described below:

Regarding the legal proceedings related to liabilities and contingencies assumed by the Argentine Government prior to 1990 mentioned in the Note 17.a.1) to the annual consolidated financial statement, on September 2, 2025, the CSJN issued an order in which it considered that YPF lacked standing as a defendant, as it had no legal relationship with respect to claims for environmental liabilities not assumed by YPF and assumed by the Argentine Government under the terms of the YPF’s Privatization Law.

19. INCOME TAX

According to IAS 34, income tax expense is recognized in each interim period based on the best estimate of the effective income tax rate expected as of the closing date of these condensed interim consolidated financial statements, considering the tax criteria that the Group assumes to apply during the fiscal year. If the estimate of such rate is modified based on new elements of judgment, the income tax expense could require adjustments in subsequent periods.

Uncertain tax positions on income tax treatments in accordance with the guidelines of IFRIC 23 “Uncertainty over income tax treatments” (see Note 2.c) “Income tax and deferred taxes” section to the annual consolidated financial statements), and its effects, are described in Note 18 to the annual consolidated financial statements.

The amount accrued of income tax charge for the nine-month periods ending September 30, 2025 and 2024 is as follows:

	For the nine-month periods endedSeptember 30,
	2025		2024
Current income tax		(47)		(87)
Deferred income tax		(620)		1,244	^(1)^
		(667)		1,157
(1)	See Note 2.d).
---	---

HORACIO DANIEL MARÍN

President

	31
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
19.	INCOME TAX (cont.)
---	---

The effective income tax rate projected at the end of the fiscal year amounts to 129.01%. The variation in this rate compared to the effective rate as of December 31, 2024 (see Note 18 to the annual consolidated financial statements) is mainly explained by the impact of the estimation of certain macroeconomic variables in the measurement of property, plant, and equipment for accounting and tax purposes, which generates an increase in deferred income tax liability related to those assets. The accounting measurement of property, plant and equipment is based on the Company’s functional currency according to IFRS (see Note 2.b)), while the tax measurement is based on inflation-adjusted pesos.

As of September 30, 2025 and December 31, 2024, the causes that generated charges within “Other comprehensive income” line item in the statement of comprehensive income did not generate temporary differences subject to income tax.

As of September 30, 2025 and December 31, 2024 the Group has classified as deferred tax asset 4 and 330, respectively, and as deferred tax liability 389 and 90, respectively, all of which arise from the net deferred tax balances of each of the individual companies included in these condensed interim consolidated financial statements.

20. TAXES PAYABLE


VAT	42	19
Withholdings and perceptions	61	71
Royalties	66	84
Fuels tax	63	30
Turnover tax	10	7
Miscellaneous	6	36
	248	247

21. SALARIES AND SOCIAL SECURITY

	September 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Salaries and social security		-		69		-		95
Bonuses and incentives provision		-		128		-		179
Cash-settled share-based payments provision ^(1)^		26		-		33		-
Vacation provision		-		72		-		66
Provision for severance indemnities ^(2)^		-		51		-		66
Miscellaneous		-		6		1		6
		26		326		34		412
(1)	Corresponds to the Value Generation Plan, see Note 38.
---	---
(2)	See Note 12 “Mature Fields Project“ section.
---	---

22. LEASE LIABILITIES

The evolution of the Group’s leases liabilities for the nine-month period ended September 30, 2025 and for the fiscal year ended December 31, 2024, is as follows:

	Lease liabilities
Balance as of December 31, 2023		666
Increases of leases		444
Financial accretions		71
Decreases of leases		(5)
Payments		(400)
Balance as of December 31, 2024		776
Increases of leases		168
Financial accretions		51
Decreases of leases		(64)
Payments		(306)
Balance as of September 30, 2025		625

HORACIO DANIEL MARÍN

President

	32
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
23.	LOANS
---	---
			September 30, 2025						December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Interest rate^(1)^	Maturity	Non-current			Current			Non-current			Current
Pesos:
Export pre-financing<br>^(5)^	-	-		-			-			-			31
Loans	8.27% - 59.83%	2025-2027		69			72			18			8
				69			72			18			39
Currencies other than the peso:
NO ^(2) (3)^	0.00% - 10.00%	2025-2047		6,899			1,402			6,255			1,317
Export pre-financing<br>^(4)^	2.40% - 8.70%	2025-2026		110			613			-			383
Imports financing	8.80% - 10.50%	2025-2026		-			20			19			17
Loans	2.40% - 11.00%	2026-2030		880	^(6)^		482	^(6)^		718	^(6)^		76
Stock market promissory notes	0.00% - 4.50%	2026-2026		-			64			25			75
				7,889			2,581			7,017			1,868
				7,958			2,653			7,035			1,907
(1)	Nominal annual interest rate as of September 30, 2025.
---	---
(2)	Disclosed net of 113 and 18 corresponding to YPF’s own NO repurchased through open market transactions, as of<br>September 30, 2025 and December 31, 2024, respectively.
---	---
(3)	Includes 1,565 and 1,496 as of September 30, 2025 and December 31, 2024, respectively, of nominal value that<br>will be canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued.
---	---
(4)	Includes 51 and 133 as of September 30, 2025 and December 31, 2024, respectively, of pre-financing of exports granted by BNA.
---	---
(5)	Corresponds to pre-financing of exports in pesos granted by BNA.<br>
---	---
(6)	Includes 260 and 28 of loans granted by BNA as of September 30, 2025 and December 31, 2024, respectively.<br>
---	---

Set forth below is the evolution of the loans for nine-month period ended September 30, 2025 and for the fiscal year ended December 31, 2024:

	Loans
Balance as of December 31, 2023		8,190
Proceeds from loans		2,967
Payments of loans		(2,102)
Payments of interest		(707)
Account overdrafts, net		(48)
Accrued interest ^(1)^		680
Net exchange and translation differences		(30)
Result from net monetary position ^(2)^		(1)
Reclassifications ^(3)^		(7)
Balance as of December 31, 2024		8,942
Proceeds from loans		3,592
Payments of loans		(1,875)
Payments of interest		(538)
Account overdrafts, net		-
Accrued interest ^(1)^		500
Net exchange and translation differences		(10)
Result from net monetary position ^(2)^		-
Reclassifications		-
Balance as of September 30, 2025		10,611
(1)	Includes capitalized financial costs.
---	---
(2)	Includes the adjustment for inflation of opening balances of loans of subsidiaries with the peso as functional currency<br>which was charged to “Other comprehensive income” in the statement of comprehensive income, and the adjustment for inflation of the period which was charged to net profit or loss in the statement of comprehensive income.<br>
---	---
(3)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item<br>in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.
---	---

HORACIO DANIEL MARÍN

President

	33
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

23. LOANS (cont.)

Details regarding the NO of the Group are as follows:

										September 30, 2025					December 31, 2024
Month	Year		Principal value ^(3)^			Class	Interest rate^(1)^		Principal maturity	Non-current		Current			Non-current		Current
YPF
-		1998		U.S. dollar	15	-	Fixed	10.00%	2028		15		1			15		-	^(5)^
April		2015		U.S. dollar	757	Class XXXIX	-	-	-		-		-			-		785
July, December		2017		U.S. dollar	644	Class LIII	Fixed	6.95%	2027		648		8			649		19
December		2017		U.S. dollar	537	Class LIV	Fixed	7.00%	2047		530		11			530		1
June		2019		U.S. dollar	399	Class I	Fixed	8.50%	2029		397		9			398		-	^(5)^
July		2020		U.S. dollar	341	Class XIII	-	-	-		-		-			-		44
February		2021		U.S. dollar	776	Class XVI	Fixed	9.00%	2026		-		121			58		243
February		2021		U.S. dollar	748	Class XVII	Fixed	9.00%	2029		645		126			756		-
February		2021		U.S. dollar	576	Class XVIII	Fixed	7.00%	2033		558		-			555		11
July		2021		U.S. dollar	384	Class XX	Fixed	5.75%	2032		329		59			384		10
January		2023		U.S. dollar	230	Class XXI	Fixed	1.00%	2026		-		219			220		-	^(5)^
April		2023		U.S. dollar	147	Class XXIII	-	-	-		-		-			-		150
April		2023		U.S. dollar	38	Class XXIV	Fixed	1.00%	2027		38		-	^(5)^		37		-	^(5)^
June		2023		U.S. dollar	213	Class XXV	Fixed	5.00%	2026		-		215			263		1
September		2023		U.S. dollar	400	Class XXVI	Fixed	0.00%	2028		400		-			400		-
October		2023		U.S. dollar	128	Class XXVII	Fixed	0.00%	2026		136		-			147		-
January		2024		U.S. dollar	800	Class XXVIII	Fixed	9.50%	2031		714		94			790		35
May		2024		U.S. dollar	131	Class XXIX	Fixed	6.00%	2026		-		132			177		1
July, April		2024/25		U.S. dollar	389	Class XXX	Fixed	1.00%	2026		-		372			187		-	^(5)^
September ^(2)^		2024		U.S. dollar	540	Class XXXI	Fixed	8.75%	2031		539		3			539		15
October ^(2)^		2024		U.S. dollar	125	Class XXXII	Fixed	6.50%	2028		125		2			125		2
October ^(2)^		2024		U.S. dollar	25	Class XXXIII	Fixed	7.00%	2028		25		1			25		-	^(5)^
January ^(2)^		2025		U.S. dollar	1,100	Class XXXIV	Fixed	8.25%	2034		1,079		19			-		-
February ^(2)^		2025		U.S. dollar	140	Class XXXV	Fixed	6.25%	2027		139		1			-		-
February ^(2)^ ^(4)^		2025		U.S. dollar	56	Class XXXVI	-	-	-		-		-			-		-
May		2025		U.S. dollar	140	Class XXXVII	Fixed	7.00%	2027		139		2			-		-
July		2025		U.S. dollar	250	Class XXXVIII	Fixed	7.50%	2027		248		4			-		-
July, August		2025		U.S. dollar	225	Class XXXIX	Fixed	8.75%	2030		145		3			-		-
August		2025		U.S. dollar	51	Class XL	Fixed	7.50%	2028		50		-	^(5)^		-		-
											6,899		1,402			6,255		1,317
(1)	Nominal annual interest rate as of September 30, 2025.
---	---
(2)	During the nine-month period ended September 30, 2025, the Group has fully complied with the use of proceeds<br>disclosed in the corresponding pricing supplements.
---	---
(3)	Total nominal value issued without including the nominal values canceled through exchanges or repurchases, expressed in<br>millions.
---	---
(4)	Corresponds to a NO with an issue date in February 2025 and maturity in August 2025.
---	---
(5)	The registered amount is less than 1.
---	---

HORACIO DANIEL MARÍN

President

	34
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

24. OTHER LIABILITIES

	September 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Liabilities for concessions and assignment agreements		157		100		-	94
Liabilities for contractual claims ^(1)^		57		53		74	47
Provision for operating optimizations ^(2)^		-		94		-	266
Liabilities for agreements^(3)^		238		123		-	-
Miscellaneous		-		2		-	3
		452		372		74	410
(1)	See Note 17.a.2) to the annual consolidated financial statements.
---	---
(2)	Includes, mainly, operating optimizations relating to Mature Fields Project, see Note 11 “Mature Fields<br>Project“ section to the annual consolidated financial statements and Note 12 “Mature Fields Project“ section.
---	---
(3)	See Note 12 “Mature Fields Project“ section.
---	---
25.	ACCOUNTS PAYABLE
---	---
	September 30, 2025				December 31, 2024
---	---	---	---	---	---	---	---
	Non-current		Current		Non-current		Current
Trade payable and related parties ^(1)^		4		2,379		4	2,820
Guarantee deposits		1		3		1	4
Payables with partners of JO and Consortiums		1		11		1	38
Miscellaneous		-		14		-	17
		6		2,407		6	2,879
(1)	See Note 37 for information about related parties.
---	---

26. REVENUES

	For the nine-month periods endedSeptember 30,
	2025		2024
Revenue from contracts with customers		13,740		14,367
National Government incentives ^(1)^		152		175
		13,892		14,542
(1)	See Note 37.
---	---

The Group’s transactions and the main revenues by business segments are described in Note 6. The Group classifies revenues from contracts with customers in accordance with Note 25 to the annual consolidated financial statements. The Group’s revenues from contracts with customers are broken down into the following categories, as described in Note 2.b.12) to the annual consolidated financial statements:

•	Breakdown of revenues

Type of good or service

	For the nine-month period ended September 30, 2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		4,589		-		-		-		4,589
Gasolines		-		2,902		-		-		-		2,902
Natural gas ^(1)^		26		9		1,219		537		-		1,791
Crude oil		1		749		-		-		-		750
Jet fuel		-		568		-		-		-		568
Lubricants and by-products		-		307		-		-		-		307
LPG		-		342		-		-		-		342
Fuel oil		-		90		-		-		-		90
Petrochemicals		-		283		-		-		-		283
Fertilizers and crop protection products		-		218		-		-		-		218
Flours, oils and grains		-		454		-		-		-		454
Asphalts		-		88		-		-		-		88
Goods for resale at gas stations		-		85		-		-		-		85
Income from services		-		-		-		1		103		104
Income from construction contracts		-		-		-		-		214		214
Virgin naphtha		-		118		-		-		-		118
Petroleum coke		-		176		-		-		-		176
LNG regasification		-		43		-		-		-		43
Other goods and services		39		202		7		111		259		618
		66		11,223		1,226		649		576		13,740

HORACIO DANIEL MARÍN

President

	35
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

26. REVENUES (cont.)

	For the nine-month period ended September 30, 2024
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		4,956		-		-		-		4,956
Gasolines		-		3,009		-		-		-		3,009
Natural gas ^(1)^		-		13		1,181		591		-		1,785
Crude oil		-		748		-		-		-		748
Jet fuel		-		708		-		-		-		708
Lubricants and by-products		-		400		-		-		-		400
LPG		-		339		-		-		-		339
Fuel oil		-		99		-		-		-		99
Petrochemicals		-		364		-		-		-		364
Fertilizers and crop protection products		-		271		-		-		-		271
Flours, oils and grains		-		327		-		-		-		327
Asphalts		-		62		-		-		-		62
Goods for resale at gas stations		-		88		-		-		-		88
Income from services		-		-		-		1		132		133
Income from construction contracts		-		-		-		-		303		303
Virgin naphtha		-		112		-		-		-		112
Petroleum coke		-		150		-		-		-		150
LNG regasification		-		43		-		-		-		43
Other goods and services		37		162		10		82		179		470
		37		11,851		1,191		674		614		14,367
(1)	Includes 1,241 and 1,243 corresponding to sales of natural gas produced by the Company for the nine-month periods ended<br>September 30, 2025 and 2024, respectively.
---	---

Sales channels

	For the nine-month period ended September 30, 2025
	Upstream		Midstreamand Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		4,886		-		-		-		4,886
Power plants		-		11		308		35		-		354
Distribution companies		-		-		350		-		-		350
Retail distribution of natural gas		-		-		-		337		-		337
Industries, transport and aviation		27		2,808		568		216		-		3,619
Agriculture		-		1,374		-		-		-		1,374
Petrochemical industry		-		392		-		-		-		392
Trading		-		1,230		-		-		-		1,230
Oil companies		-		135		-		-		-		135
Commercialization of LPG		-		194		-		-		-		194
Other sales channels		39		193		-		61		576		869
		66		11,223		1,226		649		576		13,740
	For the nine-month period ended September 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---
	Upstream		Midstreamand Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		5,255		-		-		-		5,255
Power plants		-		48		314		29		-		391
Distribution companies		-		-		256		-		-		256
Retail distribution of natural gas		-		-		-		353		-		353
Industries, transport and aviation		-		2,968		609		284		-		3,861
Agriculture		-		1,307		-		-		-		1,307
Petrochemical industry		-		510		-		-		-		510
Trading		-		1,251		-		-		-		1,251
Oil companies		-		148		-		-		-		148
Commercialization of LPG		-		127		-		-		-		127
Other sales channels		37		237		12		8		614		908
		37		11,851		1,191		674		614		14,367

HORACIO DANIEL MARÍN

President

	36
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

26. REVENUES (cont.)

Target market

Sales in the domestic market amounted to 11,608 and 12,218 for the nine-month periods ended September 30, 2025 and 2024, respectively.

Sales in the international market amounted to 2,132 and 2,149 for the nine-month periods ended September 30, 2025 and 2024, respectively.

•	Contract balances

The following table presents information regarding credits, contract assets and contract liabilities:

	September 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Credits for contracts included in the item of “Trade receivables”		7		1,829		8		1,646
Contract assets		-		7		-		30
Contract liabilities		166		117		114		73

Contract assets are mainly related to the activities carried out by the Group under construction contracts.

Contract liabilities are mainly related to advances received from customers under contracts for the sale of fuels and agribusiness products and transportation service contracts, among others.

For the nine-month periods ended September 30, 2025 and 2024 the Group has recognized 43 and 57, respectively, in the “Revenues from contracts with customers” line under the “Revenues” line item in the statement of comprehensive income, which have been included in “Contract liabilities” line item in the statement of financial position at the beginning of each year.

27. COSTS

	For the nine-month periods endedSeptember 30,
	2025		2024
Inventories at beginning of year		1,546		1,683
Purchases		3,614		3,511
Production costs ^(1)^		6,493		6,673
Translation effect		(18)		(7)
Inventories write-down ^(2)^		(1)		(21)
Adjustment for inflation ^(3)^		11		28
Inventories at end of the period		(1,529)		(1,713)
		10,116		10,154
(1)	See Note 28.
---	---
(2)	See Note 13.
---	---
(3)	Corresponds to the adjustment for inflation of opening balances of inventories of subsidiaries with the peso as functional<br>currency which was charged to “Other comprehensive income” in the statement of comprehensive income.
---	---

HORACIO DANIEL MARÍN

President

	37
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

28. EXPENSES BY NATURE

The Group presents the statement of comprehensive income by classifying expenses according to their function as part of the “Costs”, “Administrative expenses”, “Selling expenses” and “Exploration expenses” line items. The following additional information is disclosed as required on the nature of the expenses and their relation to the function within the Group for the nine-month periods ended September 30, 2025 and 2024:

	For the nine-month period ended September 30, 2025
	Production costs ^(2)^		Administrative expenses		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		773		209		115			5		1,102
Fees and compensation for services		76		198		33			-		307
Other personnel expenses		199		25		10			6		240
Taxes, charges and contributions		106		9		750	^(1)^		-		865
Royalties, easements and fees		790		-		2			3		795
Insurance		55		2		1			-		58
Rental of real estate and equipment		168		1		11			-		180
Survey expenses		-		-		-			19		19
Depreciation of property, plant and equipment		2,065		33		74			-		2,172
Amortization of intangible assets		29		15		-			-		44
Depreciation of right-of-use<br>assets		205		-		9			-		214
Industrial inputs, consumable materials and supplies		368		4		9			3		384
Operation services and other service contracts		179		11		43			11		244
Preservation, repair and maintenance		1,061		27		28			17		1,133
Unproductive exploratory drillings		-		-		-			1		1
Transportation, products and charges		376		-		349			-		725
Provision for doubtful receivables		-		-		29			-		29
Publicity and advertising expenses		-		44		29			-		73
Fuel, gas, energy and miscellaneous		43		23		66			3		135
		6,493		601		1,558			68		8,720
(1)	Includes 199 corresponding to export withholdings and 412 corresponding to turnover tax.
---	---
(2)	Includes 25 corresponding to research and development activities.
---	---
	For the nine-month period ended September 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---
	Production costs ^(2)^		Administrative expenses		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		765		231		110			11		1,117
Fees and compensation for services		50		184		33			-		267
Other personnel expenses		217		21		11			3		252
Taxes, charges and contributions		138		17		749	^(1)^		-		904
Royalties, easements and fees		864		-		1			2		867
Insurance		62		3		3			-		68
Rental of real estate and equipment		165		1		11			-		177
Survey expenses		-		-		-			24		24
Depreciation of property, plant and equipment		1,631		33		68			-		1,732
Amortization of intangible assets		21		10		-			-		31
Depreciation of right-of-use<br>assets		192		-		9			-		201
Industrial inputs, consumable materials and supplies		390		3		9			2		404
Operation services and other service contracts		452		9		39			12		512
Preservation, repair and maintenance		1,178		28		33			13		1,252
Unproductive exploratory drillings		-		-		-			56		56
Transportation, products and charges		404		-		351			-		755
Provision for doubtful receivables		-		-		66			-		66
Publicity and advertising expenses		-		27		39			-		66
Fuel, gas, energy and miscellaneous		144		8		64			8		224
		6,673		575		1,596			131		8,975
(1)	Includes 166 corresponding to export withholdings and 446 corresponding to turnover tax.
---	---
(2)	Includes 29 corresponding to research and development activities.
---	---

HORACIO DANIEL MARÍN

President

	38
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

29. OTHER NET OPERATING RESULTS

	For the nine-month periods endedSeptember 30,
	2025		2024
Lawsuits		(22)		(54)
Export Increase Program ^(1)^		19		65
Result from sale of assets ^(2) (3)^		216		-
Result from changes in fair value of assets held for sale<br>^(2)^		(240)		-
Provision for severance indemnities ^(2)^		(28)		(63)
Provision for operating optimizations ^(2)^		(90)		-
Provision for obsolescence of materials and equipment<br>^(2)^		(240)		-
Result from revaluation of companies ^(4)^		45		-
Miscellaneous		(57)		2
		(397)		(50)
(1)	See Note 36.h) to the annual consolidated financial statements and Note 36.i).
---	---
(2)	See Note 12 “Mature Fields Project“ section.
---	---
(3)	See Note 35.b) “Aguada del Chañar” section.
---	---
(4)	See Note 4 “Acquisition of equity participation of OLCLP”.
---	---

30. NET FINANCIAL RESULTS

	For the nine-month periods endedSeptember 30,
	2025		2024
Financial income
Interest on cash and cash equivalents and investments in financial assets		24		29
Interest on trade receivables		30		48
Other financial income		18		10
Total financial income		72		87
Financial costs
Loan interest		(490)		(522)
Hydrocarbon well abandonment provision financial accretion<br>^(1)^		(231)		(263)
Other financial costs		(100)		(126)
Total financial costs		(821)		(911)
Other financial results
Exchange differences generated by loans		1		18
Exchange differences generated by cash and cash equivalents and investments in financial assets		(51)		(13)
Other exchange differences, net		28		(107)	^(3)^
Result on financial assets at fair value through profit or loss		67		135
Result from derivative financial instruments		5		-
Result from net monetary position		(47)		42
Export Increase Program ^(2)^		-		3
Result from transactions with financial assets		-		(7)
Total other financial results		3		71
Total net financial results		(746)		(753)
(1)	Includes 143 and 152 corresponding to the financial accretion of liabilities directly associated with assets held for sale<br>for the nine-month periods ending September 30, 2025 and 2024, respectively, see Note 2.b.13) to the annual consolidated financial statements and Note 12 “Mature Fields Project“ section.
---	---
(2)	See Note 36.h) to the annual consolidated financial statements and Note 36.i).
---	---
(3)	See Note 2.d).
---	---

HORACIO DANIEL MARÍN

President

	39
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

31. INVESTMENTS IN JOINT OPERATIONS AND CONSORTIUMS

The assets and liabilities as of September 30, 2025 and December 31, 2024, and expenses for the nine-month periods ended September 30, 2025 and 2024, of JO and Consortiums in which the Group participates are as follows:

	September 30, 2025		December 31, 2024
Non-current assets<br>^(1)^		6,953		6,286
Current assets		367		579
Total assets		7,320		6,865
Non-current liabilities		363		449
Current liabilities		663		769
Total liabilities		1,026		1,218
(1)	Does not include charges for impairment of property, plant and equipment because they are recorded by the partners<br>participating in the JO and Consortiums.
---	---
	For the nine-month periods ended September30,
---	---	---	---	---
	2025		2024
Production cost		2,052		1,755
Exploration expenses		7		23

32. SHAREHOLDERS’ EQUITY

As of September 30, 2025, the Company’s capital amounts to 3,928 and treasury shares amount to 5 represented by 393,312,793 book-entry shares of common stock and divided into four classes of shares (A, B, C and D), with a par value of 10 pesos and 1 vote per share. These shares are fully subscribed, paid-in and authorized for stock exchange listing.

As of September 30, 2025, there are 3,764 Class A outstanding shares. As long as any Class A share remains outstanding, the affirmative vote of the Argentine Government is required for: (i) mergers; (ii) acquisitions of more than 50% of YPF shares in an agreed or hostile bid; (iii) transfers of all the YPF’s exploitation and exploration rights; (iv) the voluntary dissolution of YPF; (v) change of corporate and/or tax address outside Argentina; or (vi) make an acquisition that would result in the purchaser holding 15% or more of the Company’s capital stock, or 20% or more of the outstanding Class D shares. Items (iii) and (iv) also require prior approval by the Argentine Congress.

During the nine-month periods ended September 30, 2025 and 2024, the Company has not repurchased any of its own shares. Furthermore, on October 14, 2025, the Company repurchased 343,654 of its own shares issued for an amount of 10 for purposes of compliance with the share-based benefit plans.

On April 30, 2025, the General Shareholders’ Meeting was held, which approved the statutory financial statements of YPF (see Note 2.b)) corresponding to the year ended on December 31, 2024 and, additionally, approved the following in relation to the retained earnings: (i) completely release the reserve for purchase of treasury shares and the reserve for investments; (ii) allocate the amount of 34,205 million of pesos (US$ 33 million) to appropriate a reserve for purchase of treasury shares; and (iii) allocate the amount of 6,787,343 million of pesos (US$ 6,587 million) to appropriate a reserve for investments.

33. EARNINGS PER SHARE

The following table presents the net profit or loss and the number of shares that have been used for the calculation of the basic and diluted earnings per share:

	For the nine-month periods ended September 30,
	2025		2024
Net (loss) / profit		(172)		2,638
Weighted average number of shares outstanding		392,566,782		392,063,964
Basic and diluted earnings per share		(0.44)		6.73

There are no financial instruments or other contracts outstanding issued by YPF that imply the issuance of potential ordinary shares, thus the diluted earnings per share equals the basic earnings per share.

HORACIO DANIEL MARÍN

President

	40
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

34. CONTINGENT ASSETS AND LIABILITIES

34.a) Contingent assets

The Group has no significant contingent assets.

34.b) Contingent liabilities

Contingent liabilities are described in Note 34.b) to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2025, are described below:

34.b.1) Contentious claims

•	Petersen Energía Inversora, S.A.U. and Petersen Energía, S.A.U. (collectively, “Petersen”)– Eton Park Capital Management, L.P., Eton Park Master Fund, LTD. and Eton Park Fund, L.P. (collectively, “Eton Park”, and together with Petersen, the “Plaintiffs”)

On June 30, 2025, the District Court granted Plaintiffs’ turnover motion, ordering the Republic to: (i) transfer its Class D shares of YPF to a global custody account at the Bank of New York Mellon (“BNYM”) in New York within 14 days of the date of the order; and (ii) instruct BNYM to initiate a transfer of the Republic’s ownership interests in its Class D shares of YPF to Plaintiffs or their designees within one business day of the date on which the shares are deposited into the account.

Also on June 30, 2025, in proceedings brought by Bainbridge Fund Ltd. against the Republic, the District Court issued a similar order directing the Republic to turn over its Class A and Class D shares of YPF.

The Republic filed motions to stay the June 30, 2025 turnover orders pending its appeal of those orders, which were denied by the District Court.

On July 10, 2025, the Republic filed with the Court of Appeals: (i) notices of appeal of the June 30, 2025 turnover orders in both Plaintiffs’ and Bainbridge Fund Ltd.’s proceedings; and (ii) emergency motions for a stay pending appeal of the June 30, 2025 turnover orders and an immediate administrative stay. On July 15, 2025, the Court of Appeals granted a temporary administrative stay of the turnover orders pending resolution of the stay motions. On August 15, 2025, the Court of Appeals granted a stay pending resolution of the Republic’s appeal of the June 30, 2025 turnover orders.

YPF is not a party to the aforementioned turnover proceedings.

On July 29, 2025, the District Court lifted the stay of alter ego discovery entered on November 15, 2024, including regarding YPF.

On September 17, 2025, the District Court denied YPF’s request to permanently enjoin Plaintiffs from pursuing recovery from YPF in connection with their September 15, 2023 final judgment against the Republic and ordered Plaintiffs and YPF to continue with the discovery process. It should be noted that the District Court’s decision does not decide the question of whether YPF is an alter ego of the Republic, which YPF strongly denies.

On October 1, 2025, YPF filed a motion for reconsideration of the September 17, 2025 order with the District Court, as well as a pre-motion letter requesting to stay discovery from YPF. On October 6, 2025, Plaintiffs submitted a letter opposing a discovery stay and YPF replied on October 7, 2025. On October 15, 2025, Plaintiffs filed an opposition to YPF’s motion for reconsideration. On October 16, 2025, the District Court held a conference regarding YPF’s request to stay alter ego discovery from YPF. The Court granted the request for a stay pending resolution of YPF’s reconsideration motion. On October 17, 2025, YPF filed its notice of appeal of the September 17, 2025 order. On October 22, 2025, YPF filed its reply to Plaintiffs’ opposition of October 15, 2025.

With respect to the appeal of the final judgment issued on September 15, 2023, the Court of Appeals held oral argument on October 29, 2025.

HORACIO DANIEL MARÍN

President

	41
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
34.	CONTINGENT ASSETS AND LIABILITIES (cont.)
---	---

YPF will continue to defend itself in accordance with the applicable legal procedures and available defenses.

The Company will continue to reassess the status of these litigations and their possible impact on the results and financial situation of the Group, as needed.

35. CONTRACTUAL COMMITMENTS

35.a) Exploitation concessions, transport concessions and exploration permits

The most relevant agreements of exploitation concessions, transport concessions and exploration permits that took place in the year ended December 31, 2024 are described in Note 35.a) to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2025, are described below:

Hydrocarbon Unconventional Exploitation Concessions (“CENCH”, by its acronym in Spanish) in the Province of Neuquén

On March 10, 2025, by means of Decrees No. 275/2025, 276/2025 and 277/2025 the Executive Branch of the Province of Neuquén approved the granting of the CENCH in the “Aguada de la Arena”, “La Angostura Sur I” and “La Angostura Sur II”, and “Narambuena” blocks, respectively. These CENCH have the following characteristics:

-	Aguada de la Arena: YPF has 100% of the working interest in this CENCH and the commitments assumed include the<br>execution of a pilot plan of 6 unconventional wells.
-	La Angostura Sur I: YPF has 100% of the working interest in this CENCH and the commitments assumed include the<br>execution of a pilot plan of 4 unconventional wells.
---	---
-	La Angostura Sur II: YPF has 100% of the working interest in this CENCH and the commitments assumed include the<br>execution of a pilot plan of 3 unconventional wells.
---	---
-	Narambuena: This CENCH is 50% owned by YPF and 50% by Compañía de Desarrollo No Convencional S.R.L.<br>(“CDNC”) and the commitments assumed include the execution of a pilot plan of 14 unconventional wells.
---	---

In addition to the aforementioned commitments assumed by YPF, it includes payments for an exploitation bonus and a corporate social responsibility bonus.

Los Parlamentos

On September 19, 2025, the Company entered into a Settlement Agreement with the Province of Mendoza, through which: (i) “Los Parlamentos” exploration permit is reverted, where existed outstanding commitments to be fulfilled for 14; and (ii) YPF undertakes the commitment to drill a well in the Vaca Muerta formation under the “CN VII/A” exploration permit, with an investment of up to 22; among others. The aforementioned agreement became effective on October 21, 2025, through notification to the Company of Decree No. 2,266/2025 of the Province of Mendoza.

The dates indicated correspond to the date of publication in the respective Official Gazettes, unless otherwise indicated.

35.b) Investment agreements and commitments and assignments

The most relevant investment agreements and commitments and assignments of areas are described in Note 35.b) to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2025, are described below:

Aguada del Chañar

On March 21, 2025, the assignment of 49% of YPF’s rights and obligations in the “Aguada del Chañar” exploitation concession in favor of Compañía General de Combustibles S.A. (“CGC”) was formalized with effective date as of April 1, 2025.

HORACIO DANIEL MARÍN

President

	42
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
35.	CONTRACTUAL COMMITMENTS (cont.)
---	---

The sale price of the transaction agreed by the parties contemplates a sum of 75 and, in addition, CGC will pay on behalf of YPF 80.40% of the investments in the block attributable to YPF’s working interest up to a maximum sum of 372 for a period of 4 years. As of the closing date of the transaction, YPF recognized a gain as a result of the sale of this asset of 19 in the “Other operating results, net” line item in the statement of comprehensive income.

LNG project

On May 2, 2025, YPF, through its subsidiary Sur Inversiones Energéticas, together with Pan American Energy S.L. (“PAE”), Wintershall DEA Argentina S.A. (“Wintershall”), Pampa Energía S.A. (“Pampa”) and Golar FLNG Sub-Holding Company Limited (“Golar Subholding”), collectively the shareholders of Southern Energy S.A. (“SESA”) have agreed to:

Make the final investment decision as provided in the Bareboat Charter Agreement entered into with Golar Hilli Corporation in July 2024, and its subsequent addenda, for the term of 20 years for the charter of the liquefaction vessel Hilli Episeyo (“FLNG Hilli”), with a nominal capacity of 2.45 million tons of LNG per year (“MTPA”), to be located on the coast of the Argentine Sea in the Province of Río Negro, with the purpose of processing natural gas from Vaca Muerta for LNG export (“BBCA Hilli”).

Enter into a second Bareboat Charter Agreement with Golar MKII Corporation, for the construction, lease and operation of a new liquefaction vessel, the FUJI LNG (“FLNG MKII”), for 20 years (extendable for an additional period of 5 years at SESA’s option), with a nominal capacity of 3.5 MTPA, in order to increase the capacity to process natural gas from Vaca Muerta and export LNG, subject to closing conditions including, among others, the final future investment decision as provided in such agreement (“BBCA MKII”). On November 4, 2025, after the fulfillment of the closing conditions, the Bareboat Charter Agreement with Golar MKII Corporation became effective.

---

In order to supply the FLNG Hilli and FLNG MKII vessels with natural gas for the liquefaction process, SESA entered into natural gas supply agreements (“GSA”) with PAE, Sur Inversiones Energéticas, Pampa and Wintershall for the term of 20 years (see Note 36.f)). In this regard, in order for both vessels to operate all year round, SESA contemplates the construction of a dedicated gas pipeline between the Province of Neuquén and the San Matías Gulf in the Province of Río Negro. Operations of the FLNG Hilli vessel are expected to commence in late 2027 or early 2028 and those of the FLNG MKII vessel are expected to commence in late 2028.

As of the date of issuance of these condensed interim consolidated financial statements, the shareholding in SESA is as follows: PAE (30%); Sur Inversiones Energéticas (25%); Pampa (20%); SE Argentina Holding B.V., by transfer from Wintershall on July 24, 2025 (15%); and Golar Subholding (10%).

The Company has entered into the GSA and the SESA Shareholders’ Agreement guaranteeing the obligations of its subsidiary Sur Inversiones Energéticas under such agreements. In addition, related to the 25% equity interest of Sur Inversiones Energéticas in SESA, on May 30, 2025, and October 27, 2025, the Company granted guarantees in favor of Golar Hilli Corporation for up to 137.5 and in favor of Golar MKII Corporation for up to 187.5, respectively.

35.c) Granted guarantees

Vaca Muerta Sur Project guarantee

On July 8, 2025, our associated VMOS signed an international syndicated loan for 2,000 to finance the construction of the Vaca Muerta Sur Project. As guarantee for the obligations assumed in this loan, VMOS’s shareholders, including YPF, have granted a fiduciary assignment of their VMOS’s shares as collateral for such financing, which will remain in force until the completion of the Vaca Muerta Sur Project.

HORACIO DANIEL MARÍN

President

	43
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

36. MAIN REGULATIONS

36.a) Regulations applicable to the hydrocarbon industry

During the nine-month period ended September 30, 2025, there were no significant updates to the regulatory framework described in Note 36.a) to the annual consolidated financial statements.

36.b) Regulations applicable to the Midstream and Downstream business segment

Updates to the regulatory framework described in Notes 36.b), 36.c.1), 36.c.2) and 36.c.4) to the annual consolidated financial statements for the nine-month period ended September 30, 2025, are described below:

36.b.1) Regulatory framework associated with the LPG industry

On July 3, 2025, Decree No. 446/2025 was published modifying the LPG Law, which: (i) confirms the free import of LPG; (ii) removes the authority of the PEN to impose restrictions on prices and commercialization conditions; and (iii) limits the intervention of the SE in the LPG industry to technical and safety aspects.

36.c) Regulations applicable to the LNG and Integrated Gas business segment

Updates to the regulatory framework described in Notes 36.c.1) and 36.c.2) to the annual consolidated financial statements for the nine-month period ended September 30, 2025, are described below:

36.c.1) Exports of natural gas and LNG

LNG

On April 21, 2025, SE Resolution No. 157/2025 was published, which approved the declaration of sufficiency of natural gas resources in Argentina that would supply local demand and LNG export projects for 63 years, which must be updated by the SE at least every 5 years.

36.d) Regulations applicable to the New Energies business segment

Updates to the regulatory framework described in Notes 36.c.3), 36.c.5) and 36.c.6) to the annual consolidated financial statements for the nine-month period ended September 30, 2025, are described below:

36.d.1) Regulatory requirements applicable to natural gas distribution

Tariff schemes and tariff renegotiations

ENARGAS, through several resolutions, approved the transition tariff schemes to be applied by Metrogas until the rates resulting from the RQT came into force in accordance with the provisions of Decree No. 55/2023.

On April 30, 2025, ENARGAS Resolution No. 257/2025 was published, which approved: (i) the RQT corresponding to Metrogas; (ii) the segmentation of residential users; (iii) the investment plans for the five-year period 2025—2030; and (iv) the initial tariff scheme and the schemes of rates and charges corresponding to Metrogas effective as from May 1, 2025. The increase expected as a result of the RQT process will be effective in 31 consecutive monthly increases, which recognizes a cost for the deferral at a real weighted average cost of the capital employed rate in pesos of 7.64% and establishes that the increase in distribution tariffs for May 2025 applicable to residential users and general service customers will be 3%. The application of the remaining increase derived from the RQT will be completed in the remaining 30 installments, plus the recognition of the cost of the aforementioned deferral.

On June 5, 2025, SE Resolution No. 241/2025 was published, which established that the transportation and distribution tariffs will be adjusted on a monthly basis according to the variations in the indexes established by ENARGAS in the RQT, which correspond to the variation in equal parts of the IPC and the Internal Wholesale Price Index (“IPIM” by its acronym in Spanish) published by the INDEC.

HORACIO DANIEL MARÍN

President

	44
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
36.	MAIN REGULATIONS (cont.)
---	---

On June 6, 2025, ENARGAS Resolution No. 363/2025 was published, which approved: (i) the methodology for the monthly adjustment of tariffs; and (ii) the tariff charts to be applied by Metrogas effective as from June 6, 2025.

Procedure for the compensation of the lower revenues received by natural gas distributors from their users

On January 31, 2025, SE Resolution No. 24/2025 repealed as from February 1, 2025 MINEM Resolution No. 508-E/2017, which established the procedure to compensate natural gas distributors for lower revenues due to benefits and/or bonuses and higher costs of UNG and unified the compensation mechanisms for lower revenues received as a consequence of the application of incentive programs involving bonuses on the price of natural gas in the PIST. The amounts to be compensated will be deducted from the amounts to be paid by distributors to natural gas producers and will be directly compensated by the SE through the Plan GasAr 2023-2028.

36.d.2) Regulatory framework associated with electric powergeneration

On July 7, 2025, Decree No. 450/2025 was published, which approves the following amendments to the Regulatory Framework associated with electric power generation: (i) maximum competition and free contracting is guaranteed to generators; (ii) supply contracts will be freely negotiated between the parties; (iii) the figure of “storer” is introduced as the owner of energy storage facilities; (iv) the figure of “free user” is introduced, who, together with large users, may contract independently and for own consumption the energy supply; (v) allows the PEN to authorize generators, distributors and/or large users to build, at their exclusive cost and to satisfy their own needs, a line and/or extension of the transmission grid, which will not provide a public transportation service; and (vi) the extensions of the Argentine Electricity Grid (“SADI”, by its acronym in Spanish) may be of free initiative and at the own risk of whoever executes them.

CAMMESA

The SE, through several complementary notes to SE Resolution No. 21/2025, informed CAMMESA of the “Guidelines for the Standardization of the WEM and its Progressive Adaptation”, which details among others the modifications foreseen for the management of fuels, the determination of prices and the operation of the term market and the spot market, approved by SE Resolution No. 400/2025 and applicable as from November 1, 2025.

36.d.3) Decree No. 55/2023 “Emergency in the National Energy Sector”

On June 2, 2025, Decree No. 370/2025 was published extending the emergency of the national energy sector until July 9, 2026. It also provided for the extension of the intervention of ENRE and ENARGAS until July 9, 2026 or until the constitution, commencement and appointment of the members of the Board of Directors of the National Gas and Electricity Regulatory Agency.

On July 7, 2025, Decree No. 452/2025 was published, establishing the National Gas and Electricity Regulatory Agency and granting a term of 180 days for its commencement of operations.

36.e) Incentive programs for hydrocarbon production

Updates to the regulatory framework described in Note 36.d) to the annual consolidated financial statements for the nine-month period ended September 30, 2025, are described below:

36.e.1) Incentive programs for natural gas production

Plan for Reinsurance and Promotion of Federal Hydrocarbon Production Domestic Self-Sufficiency, Exports, Imports Substitution and the Expansion of the Transportation System for all Hydrocarbon Basins in the Country 2023-2028 (“Plan GasAr 2023-2028”)

The SE, through several resolutions, approves the natural gas prices at the PIST to be passed-through to end-users in connection with current contracts entered into within the framework of the Plan GasAr 2023-2028.

HORACIO DANIEL MARÍN

President

	45
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
36.	MAIN REGULATIONS (cont.)
---	---

The SE, through several complementary notes to SE Resolution No. 21/2025, instructed CAMMESA to apply a new order of priority for the dispatch of natural gas and established that the acquisition of said fuel will be carried out through 2 modalities: (i) auctions by CAMMESA for the purchase of spot volumes; and (ii) bids by which generators auction volumes with a maximum reference price based on round 4.2. of the Plan GasAr 2023-2028.

36.f) Investment incentive programs

Updates to the regulatory framework described in Note 36.e) to the annual consolidated financial statements for the nine-month period ended September 30, 2025, are described below:

Large Investment Incentive Regime (“RIGI”)

As of the date of issuance of these condensed interim consolidated financial statements, the following projects of the Group adhered to the RIGI:

-	LNG Project, through our subsidiary Sur Inversiones Energéticas, for the installation of two floating natural<br>gas liquefaction plants to obtain LNG.
-	Vaca Muerta Sur Project, through our associate VMOS, for the construction of a crude oil transportation infrastructure<br>project.
---	---
-	El Quemado solar farm, through our joint venture YPF EE, for the construction of a solar farm for electricity<br>generation.
---	---

36.g) Tax regulations

During the nine-month period ended September 30, 2025, there were no significant updates to the regulatory framework described in Note 36.f) to the annual consolidated financial statements.

36.h) Custom regulations

Updates to the regulatory framework described in Note 36.g) to the annual consolidated financial statements for the nine-month period ended September 30, 2025, are described below:

36.h.1)Export duties

Agricultural products

On July 31, 2025, Decree No. 526/2025 was published, which established the permanent reduction in export duties established by Decree No. 38/2025. As from such date, the rates are set at 26% for soybean, 24.5% for soybean byproducts such as soybean oil and soybean meal, and 9.5% for grains such as wheat, corn and sorghum.

36.i) Regulations related to the Foreign Exchange Market

Updates to the regulatory framework described in Note 36.h) to the annual consolidated financial statements for the nine-month period ended September 30, 2025, are described below:

On April 11, 2025, the Argentine Government announced measures to loosen the foreign exchange regime and reinforce the monetary framework. By virtue of this, the BCRA implemented a new foreign exchange regime in which certain restrictions to access the Foreign Exchange Market were eliminated. The following are the main measures: (i) the “crawling peg” adjustment mechanism is eliminated and the dollar exchange rate in the Foreign Exchange Market may fluctuate in a range between 1,000 pesos and 1,400 pesos, whose limits will be increased at a rate of 1% per month; (ii) the “blend” dollar was eliminated (see Note 36.i) “Export Increase Program” section); (iii) certain foreign exchange restrictions to individuals for the purchase of foreign currency were eliminated; (iv) access to the Foreign Exchange Market is allowed without prior approval of the BCRA for the payment of dividends to non-resident shareholders accrued as from fiscal years beginning on or after January 1, 2025; and (v) the terms for the payment of foreign trade transactions are flexibilized, eliminating the schedule established by the BCRA for access to the Foreign Exchange Market without prior approval for the payment of imports of goods with customs entry registration as from December 13, 2023 and of services rendered and/or accrued as from such date.

HORACIO DANIEL MARÍN

President

	46
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)
36.	MAIN REGULATIONS (cont.)
---	---

Export Increase Program

On April 14, 2025, Decree No. 269/2025 repealed the Export Increase Program and as from such date the proceeds from the export of goods and services, pre-export financings, post- export financings and advance payments must be settled 100% through the Foreign Exchange Market within a general term of 20 days.

36.j) Decree of Necessity and Urgency (“DNU” by its acronym in Spanish) No. 70/2023

During the nine-month period ended September 30, 2025, there were no significant updates to the regulatory framework described in Note 36.i) to the annual consolidated financial statements.

36.k) Law of Bases and Starting Points for the Freedom of Argentines No. 27,742 (“Bases Law”) andRegulatory Decree No 1,057/2024 (“Decree No 1,057/2024”)

During the nine-month period ended September 30, 2025, there were no significant updates to the regulatory framework described in Note 36.j) to the annual consolidated financial statements.

The dates indicatedcorrespond to the date of publication in the respective Official Gazettes, unless otherwise indicated.

HORACIO DANIEL MARÍN

President

	47
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

The tables below present the balances with associates and joint ventures as of September 30, 2025 and December 31, 2024:

	September 30, 2025
	Other receivables					Tradereceivables			Investmentsin financialassets		Accountspayable			Contractliabilities			Contractassets
	Non-Current		Current			Current			Current		Current			Current			Current
Joint Ventures:
YPF EE		-		6			9			3		34			-			-
Profertil		-		-	^(1)^		24			-		25			-			-
MEGA		-		-			81			-		-	^(1)^		-	^(1)^		2
Refinor		-		-			7			-		1			-			-
OLCLP ^(2)^		-		-			-			-		-			-			-
Sustentator		-		-			-	^(1)^		-		-			-			-
CT Barragán		-		-			-	^(1)^		-		-			-			-
OTA		-		-			-	^(1)^		-		2			-			-
OTC		-		-			-			-		-			-			-
		-		6			121			3		62			-			2
Associates:
CDS		-		-			-	^(1)^		-		-			-			-
YPF Gas		-		2			20			-		3			-			-
Oldelval		156		13			-	^(1)^		4		28			-			-
Termap		-		-			-			-		2			-			-
GPA		-		-			-			-		2			-			-
OTAMERICA		46		11			-	^(1)^		1		5			-			-
Gas Austral		-		-			-	^(1)^		-		-	^(1)^		-			-
VMOS		-		12			25			-		-			34			-
		202		38			45			5		40			34			-
		202		44			166			8		102			34			2
	December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Other receivables					Tradereceivables			Investments infinancial assets			Accountspayable			Contractliabilities		Contractassets
	Non-Current		Current			Current			Current			Current			Current		Current
Joint Ventures:
YPF EE		-		5			4			3			43			-		-
Profertil		-		-	^(1)^		14			-			17			-		-
MEGA		-		-			50			-			1			-		16
Refinor		-		-			11			-			1			-		-
OLCLP ^(2)^		-		-	^(1)^		-	^(1)^		-			3			-		-
Sustentator		-		-			-	^(1)^		-			-			-		-
CT Barragán		-		-			-			-			-			-		-
OTA		-		-			-	^(1)^		-			2			-		-
OTC		-		-			-			-			-			-		-
		-		5			79			3			67			-		16
Associates:
CDS		-		-	^(1)^		1			-			-			-		-
YPF Gas		-		1			20			-			1			-		-
Oldelval		140		4			-	^(1)^		4			13			-		-
Termap		-		-			-			-			3			-		-
GPA		-		-			-			-			4			-		-
OTAMERICA		19		8			-	^(1)^		-	^(1)^		4			-		-
Gas Austral		-		-			-	^(1)^		-			-	^(1)^		-		-
VMOS		-		17			-			-			-			-		-
		159		30			21			4			25			-		-
		159		35			100			7			92			-		16
(1)	The registered amount is less than 1.
---	---
(2)	As of June 4, 2025 OLCLP is a subsidiary of YPF, see Note 4 “Acquisition of equity participation of<br>OLCLP” section.
---	---

HORACIO DANIEL MARÍN

President

	48
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

The table below presents the transactions with associates and joint ventures for the nine-month periods ended September 30, 2025 and 2024:

	For the nine-month periods ended September 30,
	2025									2024
	Revenues			Costs andexpenses			Net interestincome (loss)			Revenues			Costs andexpenses			Net interestincome (loss)
Joint Ventures:
YPF EE		18			98			-	^(1)^		21			77			-	^(1)^
Profertil		65			82			-			80			95			-	^(1)^
MEGA		289			1			-			282			8			-	^(1)^
Refinor		53			8			-	^(1)^		55			8			1
OLCLP ^(2)^		-			-			-			1			10			-
Sustentator		-			-			-			-			-			-
CT Barragán		-	^(1)^		-			-			-	^(1)^		-			-
OTA		-	^(1)^		16			-			-	^(1)^		14			-
OTC		-			-			-			-			-	^(1)^		-
		425			205			-			439			212			1
Associates:
CDS		6			-			-	^(1)^		-	^(1)^		-			-	^(1)^
YPF Gas		69			2			-	^(1)^		50			3			-	^(1)^
Oldelval		-	^(1)^		83			-	^(1)^		-	^(1)^		46			-	^(1)^
Termap		-			16			-			-			18			-
GPA		-			18			-			-			15			-
OTAMERICA		3	^(1)^		36			-	^(1)^		-	^(1)^		23			-
Gas Austral		3			-	^(1)^		-	^(1)^		3			-	^(1)^		-
VMOS		42			-			-			-			-			-
		123			155			-			53			105			-
		548			360			-			492			317			1
(1)	The registered amount is less than 1.
---	---
(2)	As of June 4, 2025 OLCLP is a subsidiary of YPF, see Note 4 “Acquisition of equity participation of<br>OLCLP” section.
---	---

Additionally, in the normal course of business and considering being the main energy group of Argentina, the Group’s clients and suppliers portfolio encompasses both private sector as well as national public sector entities. As required by IAS 24 “Related party disclosures”, among the major transactions above mentioned the most important are:

		Balances ^(14)^							Transactions
		Receivables / (Liabilities)							Income / (Costs)
		September 30, 2025			December 31, 2024				For the nine-month periods endedSeptember 30,
Client / Suppliers	Ref.						2025				2024
SE	(1) (13)		108			20				142			148
SE	(2) (13)		5			6				6			6
SE	(3) (13)		-	^(15)^		-		^(15)^		-			-
SE	(4) (13)		2			5				4			17
SE	(5) (13)		5			7				-			-
Secretary of Transport	(6) (13)		-	^(15)^		-		^(15)^		-			4
CAMMESA	(7)		73			80				318			347
CAMMESA	(8)		(3)			(2)				(12)			(43)
ENARSA	(9)		201			67				270			190
ENARSA	(10)		(58)			(68)				(34)			(62)
Aerolíneas Argentinas S.A.	(11)		29			27				221			249
Aerolíneas Argentinas S.A.	(12)		-	^(15)^		-		^(15)^		-		^(15)^	-	^(15)^
(1)	Benefits for the Plan GasAr 2020-2024 and Plan GasAr 2023-2028, see Note 36.d.1) to the annual consolidated financial<br>statements.
---	---
(2)	Benefits for the propane gas supply agreement for undiluted propane gas distribution networks, see Note 36.d.2)<br>“Propane Network Agreement“ section to the annual consolidated financial statements.
---	---
(3)	Benefits for the recognition of the financial cost generated by payment deferral by providers of the distribution service<br>of natural gas and undiluted propane gas through networks, see Note 37 to the annual consolidated financial statements.
---	---
(4)	Compensation for the lower income that natural gas distribution service by networks licensed companies receive from their<br>users, see Note 36.c.3) to the annual consolidated financial statements and Note 36.d.1).
---	---
(5)	Compensation by Decree No. 1,053/2018, see Note 36.c.1) to the annual consolidated financial statements.<br>
---	---
(6)	Compensation for providing diesel to public transport of passengers at a differential price, see Note 37 to the annual<br>consolidated financial statements.
---	---
(7)	Sales of fuel oil, diesel, natural gas and transportation and distribution services.
---	---
(8)	Purchases of electrical energy.
---	---
(9)	Sales of natural gas and provision of regasification service of LNG and construction inspection service.<br>
---	---
(10)	Purchases of natural gas and crude oil.
---	---
(11)	Sales of jet fuel.
---	---
(12)	Purchases of miles for YPF Serviclub Program and publicity expenses.
---	---
(13)	Income from incentives recognized according to IAS 20 “Accounting for government grants and disclosure of government<br>assistance”, see Note 2.b.12) “Income from Government incentive programs” section to the annual consolidated financial statements.
---	---
(14)	Do not include, if applicable, the provision for doubtful trade receivables.
---	---
(15)	The registered amount is less than 1.
---	---

HORACIO DANIEL MARÍN

President

	49
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

Additionally, the Group has entered into certain financing and insurance transactions with entities related to the national public sector. Such transactions consist of certain financial transactions that are described in Notes 16, 17 and 23 and transactions with Nación Seguros S.A. related to certain insurance policies contracts.

As of September 30, 2025, the Group holds Bonds of the Argentine Republic 2029 and 2030, BCRA bonds (BOPREAL, for its acronym in spanish) and bills issued by the National Government identified as investments in financial assets (see Note 16).

In addition, in connection with the investment agreement signed between YPF and subsidiaries of Chevron Corporation, YPF has an indirect non-controlling interest in Compañía de Hidrocarburo No Convencional S.R.L. (“CHNC”). During the nine-month periods ended September 30, 2025 and 2024, YPF and CHNC carried out transactions such as the purchases of crude oil by YPF for 331 and 368, respectively, among others. These transactions were consummated in accordance with the general and regulatory conditions of the market. The net balance payable to CHNC as of September 30, 2025 and December 31, 2024 amounts to 23 and 84, respectively. See Note 37 to the annual consolidated financial statements.

The table below presents the accrued compensation for the YPF’s key management personnel, including members of the Board of Directors and first-line executives, managers with executive functions appointed by the Board of Directors, for the nine-month periods ended September 30, 2025 and 2024:

	For the nine-month periods endedSeptember 30,
	2025		2024
Short-term benefits ^(1)^		22		20
Share-based benefits ^(2)^		(1)		7
Post-retirement benefits		1		1
Termination benefits		4		-
		26		28
(1)	Does not include social security contributions of 5 and 5 for the nine-month periods ended September 30, 2025 and<br>2024, respectively.
---	---
(2)	Include Value Generation Plan, see Note 38 and Note 38 to the annual consolidated financial statements.<br>
---	---

38. EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS

Note 38 to the annual consolidated financial statements describes the main characteristics and accounting treatment for employee benefit plans and similar obligations implemented by the Group.

Retirement plan

The amount charged to expense related to the Retirement Plan was 3 and 3 for the nine-month periods ended September 30, 2025 and 2024, respectively.

Short-term benefit programs

The amount charged to expense related to the short-term benefit programs was 146 and 165 for the nine-month periods ended September 30, 2025 and 2024, respectively.

Share-based benefit plans

As of September 30, 2025, there are 4.6 million number of PSARs outstanding with and a weighted average fair value of US$ 10.87 per PSARs. The amount charged to expense in relation with Value Generation Plan was a recovery of 7 due to changes in the fair value estimate of the option and a loss of 7, for the nine-month periods ended September 30, 2025 and 2024, respectively. As of December 31, 2024, weighted average fair value was US$ 28.6 per PSARs.

The amount charged to expense in relation with the remaining share-based benefit plans was 9 and 5 to be settled in equity instruments, for the nine-month periods ended September 30, 2025 and 2024, respectively, and 1 and 8 to be settled in cash, for the nine-month periods ended September 30, 2025 and 2024, respectively.

Note 2.b.11) to the annual consolidated financial statements describes the accounting policies for share-based benefit plans. Repurchases of treasury shares are disclosed in Note 32.

HORACIO DANIEL MARÍN

President

	50
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, or as otherwise indicated)

39. SUBSEQUENT EVENTS

Issuance of NO

On October 8, 2025, the Company issued in the local market Class XLI NO denominated and payable in U.S. dollars for a nominal amount of 99, maturing in January 2027 and quarterly interest payments at a fixed nominal annual rate of 6%.

On November 5, 2025, the Company issued Additional Class XXXI NO for a nominal amount of 500 at an issue price of US$ 102.07 per US$ 100 of nominal value in the international market. The Additional Class XXXI NO mature in September 2031 and pay semi-annual interest at a fixed nominal annual rate of 8.75%.

As of the date of issuance of these condensed interim consolidated financial statements, there have been no other material subsequent events additional to those mentioned in notes whose effect on Group’s financial position, results of operations or their disclosure in notes to the financial statements for the period ended as of September 30, 2025, should have been considered in said financial statements under IFRS.

These condensed interim consolidated financial statements were approved by the Board of Directors’ meeting and authorized to be issued on November 7, 2025.

HORACIO DANIEL MARÍN

President

Item 2

LOGO

YPF SOCIEDAD ANONIMA<br> <br><br><br><br>CONDENSED INTERIM CONSOLIDATED<br> <br><br><br><br>FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2025<br> <br><br><br><br>AND COMPARATIVE INFORMATION (UNAUDITED)

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.<br><br><br>In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA<br><br><br>CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

CONTENT

Note	Description	Page
	Glossary of terms	1
	Legal information	2
	Condensed interim consolidated statements of financial position	3
	Condensed interim consolidated statements of comprehensive income	4
	Condensed interim consolidated statements of changes in shareholders’ equity	5
	Condensed interim consolidated statements of cash flow	7
	Notes to the condensed interim consolidated financial statements:
1	General information, structure and organization of the Group’s business	8
2	Basis of preparation of the condensed interim consolidated financial statements	9
3	Seasonality of operations	10
4	Acquisitions and disposals	11
5	Financial risk management	13
6	Business segment information	13
7	Financial instruments by category	19
8	Intangible assets	19
9	Property, plant and equipment	20
10	Right-of-use assets	24
11	Investments in associates and joint ventures	24
12	Assets held for sale and associated liabilities	26
13	Inventories	30
14	Other receivables	30
15	Trade receivables	31
16	Investments in financial assets	31
17	Cash and cash equivalents	31
18	Provisions	32
19	Income tax	32
20	Taxes payable	33
21	Salaries and social security	33
22	Lease liabilities	33
23	Loans	34
24	Other liabilities	36
25	Accounts payable	36
26	Revenues	36
27	Costs	38
28	Expenses by nature	39
29	Other net operating results	40
30	Net financial results	40
31	Investments in joint operations and consortiums	41
32	Shareholders’ equity	41
33	Earnings per share	41
34	Contingent assets and liabilities	42
35	Contractual commitments	43
36	Main regulations	45
37	Balances and transactions with related parties	50
38	Employee benefit plans and similar obligations	52
39	Assets and liabilities in currencies other than the peso	53
40	Subsequent events	54

1

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV. In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation. YPF SOCIEDAD ANONIMA CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

GLOSSARY OF TERMS

Term	Definition
ADR	American Depositary Receipt
ADS	American Depositary Share
AESA	Subsidiary A-Evangelista S.A.
AFIP	Argentine Tax Authority (Administración Federal de Ingresos Públicos)
ANSES	National Administration of Social Security (Administración Nacional de la Seguridad Social)
ARCA	Collection and Customs Control Agency (Agencia de Recaudación y Control Aduanero) (formerly “AFIP”)
Argentina LNG	Subsidiary Argentina LNG S.A.U.
ASC	Accounting Standards Codification
Associate	Company over which YPF has significant influence as provided for in IAS 28 “Investments in associates and joint ventures”
B2B	Business to Business
B2C	Business to Consumer
BCRA	Central Bank of the Argentine Republic (Banco Central de la República Argentina)
BNA	Bank of the Argentine Nation (Banco de la Nación Argentina)
BO	Official Gazette of the Argentine Republic (Boletín Oficial de la República Argentina)
CAMMESA	Compañía Administradora del Mercado Mayorista Eléctrico S.A.
CAN	Northern Argentine basin (cuenca Argentina Norte)
CDS	Associate Central Dock Sud S.A.
CGU	Cash-generating unit
CNDC	Argentine Antitrust Authority (Comisión Nacional de Defensa de la Competencia)
CNV	Argentine Securities Commission (Comisión Nacional de Valores)
CSJN	Argentine Supreme Court of Justice (Corte Suprema de Justicia de la Nación Argentina)
CT Barragán	Joint venture CT Barragán S.A.
Eleran	Subsidiary Eleran Inversiones 2011 S.A.U.
ENARGAS	Argentine Gas Regulator (Ente Nacional Regulador del Gas)
ENARSA<br><br><br>ENRE	Energía Argentina S.A. (formerly Integración Energética Argentina S.A., “IEASA”)<br><br><br>National Electricity Regulatory Agency
FASB	Financial Accounting Standards Board
FOB	Free on board
Gas Austral	Associate Gas Austral S.A.
GPA	Associate Gasoducto del Pacífico (Argentina) S.A.
Group	YPF and its subsidiaries
IAS	International Accounting Standard
IASB	International Accounting Standards Board
IDS	Associate Inversora Dock Sud S.A.
IFRIC	International Financial Reporting Interpretations Committee
IFRS	International Financial Reporting Standard
INDEC	National Institute of Statistics and Census (Instituto Nacional de Estadística y Censos)
IPC	Consumer Price Index (Índice de Precios al Consumidor) published by INDEC
JO	Joint operation (Unión Transitoria)
Joint venture	Company jointly owned by YPF as provided for in IFRS 11 “Joint arrangements”
LGS	General Corporations Law (Ley General de Sociedades) No. 19,550
LNG	Liquefied natural gas
LPG	Liquefied petroleum gas
MBtu	Million British thermal units
MEGA	Joint venture Compañía Mega S.A.
Metroenergía	Subsidiary Metroenergía S.A.
Metrogas	Subsidiary Metrogas S.A.
MINEM	Ministry of Energy and Mining (Ministerio de Energía y Minería)
MLO	West Malvinas basin (cuenca Malvinas Oeste)
MTN	Medium-term note
NO	Negotiable obligations
OLCLP	Subsidiary Oleoducto Loma Campana - Lago Pellegrini S.A.U.
Oldelval	Associate Oleoductos del Valle S.A.
OPESSA	Subsidiary Operadora de Estaciones de Servicios S.A.
OTA	Joint venture OleoductoTrasandino (Argentina) S.A.
OTAMERICA	Associate OTAMERICA Ebytem S.A.
OTC	Joint venture OleoductoTrasandino (Chile) S.A.
PEN	National Executive Branch (Poder Ejecutivo Nacional)
Peso	Argentine peso
PIST	Transportation system entry point (Punto de ingreso al sistema de transporte)
Profertil	Joint venture Profertil S.A.
PSAR	Performance stock appreciation rights
Refinor	Joint venture Refinería del Norte S.A.
ROD	Record of decision
RQT	Quinquennial Tariff Review (Revisión Quinquenal Tarifaria)
RTI	Integral Tariff Review (Revisión Tarifaria Integral)
RTT	Transitional Tariff Regime (Régimen Tarifario de Transición)
SC Gas	Subsidiary SC Gas S.A.U.
SE	Secretariat of Energy (Secretaría de Energía) (formerly “MINEM” and “SGE”)
SEC	U.S. Securities and Exchange Commission
SEE	Secretariat of Electric Energy (Secretaría de Energía Eléctrica)
SGE	Government Secretariat of Energy (Secretaría de Gobierno de Energía)
SRH	Hydrocarbon Resources Secretariat (Secretaría de Recursos Hidrocarburíferos)
SSHyC	Under-Secretariat of Hydrocarbons and Fuels (Subsecretaría de Hidrocarburos y Combustibles)
Subsidiary	Company controlled by YPF as provided for in IFRS 10 “Consolidated financial statements”
Sur Inversiones Energéticas	Subsidiary Sur Inversiones Energéticas S.A.U.
Sustentator	Joint venture Sustentator S.A.
Termap	Associate Terminales Marítimas Patagónicas S.A.
Turnover tax	Impuesto a los ingresos brutos
U.S. dollar	United States dollar
UNG	Unaccounted natural gas
US$	United States dollar
US$/bbl	U.S. dollar per barrel
UVA	Unit of Purchasing Power
VAT	Value added tax
VMI	Subsidiary Vaca Muerta Inversiones S.A.U.
VMOS	Associate VMOS S.A.
WEM	Wholesale Electricity Market
YPF Chile	Subsidiary YPF Chile S.A.
YPF EE	Joint venture YPF Energía Eléctrica S.A.
YPF Gas	Associate YPF Gas S.A.
YPF or the Company	YPF S.A.
YPF Perú	Subsidiary YPF E&P Perú S.A.C.
YPF Ventures	Subsidiary YPF Ventures S.A.U.
Y-TEC	Subsidiary YPF Tecnología S.A.
Y-LUZ	Subsidiary Y-LUZ Inversora S.A.U. controlled by YPF EE

2

LEGAL INFORMATION

Legal address

Macacha Güemes 515 - Ciudad Autónoma de Buenos Aires, Argentina.

Fiscal year

No. 49 beginning on January 1, 2025.

Main business of the Company

Filing with the Public Registry of Commerce

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

Capital structure

393,312,793 shares of common stock, $10 par value and 1 vote per share.

Subscribed, paid-in and authorized for stock exchange listing (in pesos)

3,933,127,930.

HORACIO DANIEL MARÍN<br><br><br>President

<br> 3<br>
English translation of the condensed interim consolidated<br>financial statements originally filed in Spanish with the CNV.<br> <br>In case of discrepancy, the condensed interim consolidated financial statements filed<br>with the CNV prevail over this translation.<br> <br><br> <br>YPF SOCIEDADANONIMA<br> <br>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION<br><br><br>AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024 (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos)
	Notes	September 30,2025		December 31,2024
---	---	---	---	---	---
ASSETS
Non-current assets
Intangible assets	8		1,452,458		505,827
Property, plant and equipment	9		26,997,455		19,307,423
Right-of-use assets	10		808,301		765,243
Investments in associates and joint ventures	11		2,636,990		2,019,790
Deferred income tax assets, net	19		6,043		339,492
Other receivables	14		1,064,415		348,051
Trade receivables	15		1,185		1,333
Total non-current assets		****	32,966,847	****	23,287,159
Current assets
Assets held for sale	12		672,258		1,583,158
Inventories	13		2,103,267		1,593,666
Contract assets	26		9,890		31,207
Other receivables	14		922,330		569,910
Trade receivables	15		2,599,944		1,668,947
Investments in financial assets	16		297,953		401,382
Cash and cash equivalents	17		1,099,247		1,151,868
Total current assets		****	7,704,889	****	7,000,138
TOTAL ASSETS		****	40,671,736	****	30,287,297
SHAREHOLDERS’ EQUITY
Shareholders’ contributions			4,952		7,128
Retained earnings			15,691,847		12,000,469
Shareholders’ equity attributable to shareholders of the parent company		****	15,696,799	****	12,007,597
Non-controlling interest			305,545		224,363
TOTAL SHAREHOLDERS’ EQUITY		****	16,002,344	****	12,231,960
LIABILITIES
Non-current liabilities
Provisions	18		1,543,329		1,117,925
Contract liabilities	26		228,484		116,883
Deferred income tax liabilities, net	19		535,530		92,701
Income tax liability			1,791		2,514
Taxes payable	20		348		224
Salaries and social security	21		35,789		34,891
Lease liabilities	22		431,251		418,510
Loans	23		10,947,289		7,249,715
Other liabilities	24		621,394		76,561
Accounts payable	25		7,872		5,904
Total non-current liabilities		****	14,353,077	****	9,115,828
Current liabilities
Liabilities directly associated with assets held for sale	12		1,257,387		2,201,617
Provisions	18		183,114		119,391
Contract liabilities	26		161,517		74,795
Income tax liability			27,530		130,347
Taxes payable	20		341,801		254,619
Salaries and social security	21		448,807		423,974
Lease liabilities	22		427,153		381,146
Loans	23		3,647,962		1,964,777
Other liabilities	24		511,242		422,209
Accounts payable	25		3,309,802		2,966,634
Total current liabilities		****	10,316,315	****	8,939,509
TOTAL LIABILITIES		****	24,669,392	****	18,055,337
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		****	40,671,736	****	30,287,297

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN<br><br><br>President

<br> 4<br>
English translation of the condensed interim consolidated<br>financial statements originally filed in Spanish with the CNV.<br> <br>In case of discrepancy, the condensed interim consolidated financial statements filed<br>with the CNV prevail over this translation.<br> <br><br> <br>YPF SOCIEDADANONIMA<br> <br>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME<br><br><br>FOR THE NINE AND THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except per share information expressed in Argentine pesos)
		For the nine-month periodsended September 30,				For the three-month periodsended September 30,
---	---	---	---	---	---	---	---	---	---
	Notes	2025		2024		2025		2024
Net income
Revenues	26		16,621,228		13,050,823		6,337,445		5,058,762
Costs	27		(12,122,374)		(9,179,609)		(4,533,716)		(3,532,607)
Gross profit		****	4,498,854	****	3,871,214	****	1,803,729	****	1,526,155
Selling expenses	28		(1,858,841)		(1,433,817)		(675,362)		(526,528)
Administrative expenses	28		(718,380)		(524,334)		(279,509)		(216,433)
Exploration expenses	28		(78,166)		(119,862)		(22,339)		(24,122)
Reversal / (Impairment) of property, plant and equipment and inventories write-down	9-27		5,326		(24,896)		(5,134)		(20,740)
Other net operating results	29		(451,267)		(42,311)		(64,572)		(44,758)
Operating profit		****	1,397,526	****	1,725,994	****	756,813	****	693,574
Income from equity interests in associates and joint ventures	11		132,706		225,507		41,357		99,532
Financial income	30		85,900		78,787		38,728		17,908
Financial costs	30		(945,623)		(777,953)		(336,753)		(245,518)
Other financial results	30		35,225		95,033		(4,156)		43,761
Net financial results	30		(824,498)		(604,133)		(302,181)		(183,849)
Net profit before income tax		****	705,734	****	1,347,368	****	495,989	****	609,257
Income tax	19		(887,372)		1,077,802		(739,322)		799,908
Net (loss) / profit for the period		****	(181,638)	****	2,425,170	****	(243,333)	****	1,409,165
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures			(315,873)		(77,494)		(159,775)		(25,216)
Result from net monetary position in subsidiaries, associates and joint ventures^(1)^			259,299		487,428		74,621		100,684
Items that may not be reclassified subsequently to profit or loss:
Translation differences from YPF ^(2)^			4,010,772		1,620,440		2,023,718		621,269
Other comprehensive income for the period		****	3,954,198	****	2,030,374	****	1,938,564	****	696,737
Total comprehensive income for the period		****	3,772,560	****	4,455,544	****	1,695,231	****	2,105,902
Net (loss) / profit for the period attributable to:
Shareholders of the parent company			(213,448)		2,387,951		(257,626)		1,393,486
Non-controlling interest			31,810		37,219		14,293		15,679
Other comprehensive income for the period attributable to:
Shareholders of the parent company			3,904,826		1,946,892		1,924,091		678,923
Non-controlling interest			49,372		83,482		14,473		17,814
Total comprehensive income for the period attributable to:
Shareholders of the parent company			3,691,378		4,334,843		1,666,465		2,072,409
Non-controlling interest			81,182		120,701		28,766		33,493
Earnings per share attributable to shareholders of the parent company:
Basic and diluted	33		(543.72)		6,090.72		(656.36)		3,552.91
(1) Results generated by subsidiaries, associates and joint ventures with the peso<br>as functional currency, see Note 2.b.1) to the annual consolidated financial statements.
---
(2) Correspond to the effect of the translation to YPF´s presentation<br>currency, see Note 2.b.1) to the annual consolidated financial statements.

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN<br><br><br>President

<br> 5<br>
English translation of the condensed interim consolidated<br>financial statements originally filed in Spanish with the CNV.<br> <br>In case of discrepancy, the condensed interim consolidated financial statements filed<br>with the CNV prevail over this translation.<br> <br><br> <br>YPF SOCIEDADANONIMA<br> <br>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY<br><br><br>FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos)
	For the nine-month period ended September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Shareholders’ contributions
	Capital		Adjustmentto capital		Treasuryshares		Adjustmentto treasuryshares		Share-basedbenefit plans			Acquisitioncost of treasuryshares ^(2)^		Share tradingpremiums		Issuancepremiums		Total
Balance at the beginning of the fiscal year		3,922		6,083		11		18		3,563			(9,655)		2,546		640		7,128
Accrual of share-based benefit plans ^(3)^		-		-		-		-		10,341			-		-		-		10,341
Settlement of share-based benefit plans		6		9		(6)		(9)		(13,095)			(10,566)		11,144		-		(12,517)
Release of reserves ^(5)^		-		-		-		-		-			-		-		-		-
Appropriation to reserves ^(5)^		-		-		-		-		-			-		-		-		-
Other comprehensive income		-		-		-		-		-			-		-		-		-
Net (loss) / profit for the period		-		-		-		-		-			-		-		-		-
Balance at the end of the period		3,928		6,092		5		9		809			(20,221)		13,690		640		4,952
	Retained earnings ^(4)^													Equity attributable to
	Legalreserve		Reserve forfuturedividends		Reserve forinvestments		Reserve forpurchaseof treasuryshares		Othercomprehensiveincome			Unappropriatedretainedearnings andlosses		Shareholdersof the parentcompany		Non-<br>controllinginterest		Totalshareholders’equity
Balance at the beginning of the fiscal year		810,651		-		4,365,198		36,708		4,296,133			2,491,779		12,007,597		224,363		12,231,960
Accrual of share-based benefit plans ^(3)^		-		-		-		-		-			-		10,341		-		10,341
Settlement of share-based benefit plans		-		-		-		-		-			-		(12,517)		-		(12,517)
Release of reserves ^(5)^		-		-		(4,365,198)		(36,708)		-			4,401,906		-		-		-
Appropriation to reserves ^(5)^		-		-		6,787,343		34,205		-			(6,821,548)		-		-		-
Other comprehensive income		271,397		-		2,272,327		11,451		1,350,050			(399)		3,904,826		49,372		3,954,198
Net (loss) / profit for the period		-		-		-		-		-			(213,448)		(213,448)		31,810		(181,638)
Balance at the end of the period		1,082,048		-		9,059,670		45,656		5,646,183	^(1)^		(141,710)		15,696,799		305,545		16,002,344
(1)	Includes 6,191,834 corresponding to the effect of the translation of the shareholders’ contributions (see Note<br>36.l) “Effect of the translation of the shareholders’ contributions” section), (3,021,199) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures<br>with functional currencies other than the U.S. dollar (which includes (2,173,020) corresponding to the effect of the translation to YPF´s presentation currency) and 2,475,548 corresponding to the recognition of the result from the net monetary<br>position of subsidiaries, associates and joint ventures with the peso as functional currency (which includes 1,506,278 corresponding to the effect of the translation to YPF´s presentation currency). See Notes 2.b.1) and 2.b.10) to the annual<br>consolidated financial statements.
---	---
(2)	Net of employees’ income tax withholding related to the share-based benefit plans.
---	---
(3)	See Note 38.
---	---
(4)	Includes 94,706 and 72,137 restricted to the distribution of retained earnings as of September 30, 2025 and<br>December 31, 2024, respectively. See Note 31 to the annual consolidated financial statements.
---	---
(5)	As decided in the Shareholders’ Meeting on April 30, 2025.
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

<br> 6<br>
English translation of the condensed interim consolidated<br>financial statements originally filed in Spanish with the CNV.<br> <br>In case of discrepancy, the condensed interim consolidated financial statements filed<br>with the CNV prevail over this translation.<br> <br><br> <br>YPF SOCIEDADANONIMA<br> <br>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY<br><br><br>FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED) (cont.)<br><br><br>(Amounts expressed in millions of Argentine pesos)
	For the nine-month period ended September 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Shareholders’ contributions
	Capital		Adjustmentto capital		Treasuryshares		Adjustmentto treasuryshares		Share-basedbenefit plans			Acquisitioncost oftreasury shares ^(2)^		Sharetradingpremiums		Issuancepremiums		Total
Balance at the beginning of the fiscal year		3,919		6,078		14		23		855			(5,635)		(387)		640		5,507
Accrual of share-based benefit plans ^(3)^		-		-		-		-		4,119			-		-		-		4,119
Settlement of share-based benefit plans		3		5		(3)		(5)		(3,466)			(3,669)		2,429		-		(4,706)
Release of reserves and absorption of accumulated losses<br>^(5)^		-		-		-		-		-			-		-		-		-
Appropriation to reserves ^(5)^		-		-		-		-		-			-		-		-		-
Other comprehensive income		-		-		-		-		-			-		-		-		-
Net profit for the period		-		-		-		-		-			-		-		-		-
Balance at the end of the period		3,922		6,083		11		18		1,508			(9,304)		2,042		640		4,920
	Retained earnings ^(4)^													Equity attributable to
	Legalreserve		Reserve forfuturedividends		Reserve forinvestments		Reserve forpurchaseof treasuryshares		Othercomprehensiveincome			Unappropriatedretained<br>earnings andlosses		Shareholdersof the parentcompany		Non-<br>controllinginterest		Totalshareholders’equity
Balance at the beginning of the fiscal year		634,747		182,371		4,297,009		28,243		3,077,042			(1,003,419)		7,221,500		82,315		7,303,815
Accrual of share-based benefit plans ^(3)^		-		-		-		-		-			-		4,119		-		4,119
Settlement of share-based benefit plans		-		-		-		-		-			-		(4,706)		-		(4,706)
Release of reserves and absorption of accumulated losses<br>^(5)^		-		(182,371)		(4,297,009)		(28,243)		-			4,507,623		-		-		-
Appropriation to reserves ^(5)^		-		-		3,418,972		28,745		-			(3,447,717)		-		-		-
Other comprehensive income		127,525		-		685,712		5,773		948,446			179,436		1,946,892		83,482		2,030,374
Net profit for the period		-		-		-		-		-			2,387,951		2,387,951		37,219		2,425,170
Balance at the end of the period		762,272		-		4,104,684		34,518		4,025,488	^(1)^		2,623,874		11,555,756		203,016		11,758,772
(1)	Includes 4,359,209 corresponding to the effect of the translation of the shareholders’ contributions (see Note<br>36.l) “Effect of the translation of the shareholders’ contributions” section), (1,890,429) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures<br>with functional currencies other than the U.S. dollar (which includes (1,387,801) corresponding to the effect of the translation to YPF´s presentation currency) and 1,556,708 corresponding to the recognition of the result from the net monetary<br>position of subsidiaries, associates and joint ventures with the peso as functional currency (which includes 863,151 corresponding to the effect of the translation to YPF´s presentation currency). See Notes 2.b.1) and 2.b.10) to the annual<br>consolidated financial statements.
---	---
(2)	Net of employees’ income tax withholding related to the share-based benefit plans.
---	---
(3)	See Note 38.
---	---
(4)	Includes 68,008 and 56,487 restricted to the distribution of retained earnings as of September 30, 2024 and<br>December 31, 2023, respectively. See Note 31 to the annual consolidated financial statements.
---	---
(5)	As decided in the Shareholders’ Meeting on April 26, 2024.
---	---

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN<br><br><br>President

<br> 7<br>
English translation of the condensed interim consolidated<br>financial statements originally filed in Spanish with the CNV.<br> <br>In case of discrepancy, the condensed interim consolidated financial statements filed<br>with the CNV prevail over this translation.<br> <br><br> <br>YPF SOCIEDADANONIMA<br> <br>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW<br><br><br>FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos)
	For the nine-month periods<br>ended September 30,
---	---	---	---	---
	2025		2024
Cash flows from operating activities
Net (loss) / profit		(181,638)		2,425,170
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(132,706)		(225,507)
Depreciation of property, plant and equipment		2,571,186		1,539,948
Amortization of intangible assets		55,124		28,314
Depreciation of right-of-use<br>assets		252,473		178,540
Retirement of property, plant and equipment and intangible assets and consumption of materials		391,510		334,451
Charge on income tax		887,372		(1,077,802)
Net increase in provisions		691,928		468,893
(Reversal) / Impairment of property, plant and equipment and inventories write-down		(5,326)		24,896
Effect of changes in exchange rates, interest and others		676,016		509,280
Share-based benefit plans		10,341		4,119
Result from sale of assets		(244,313)		-
Result from changes in fair value of assets held for sale		260,132		-
Result from revaluation of companies		(52,934)		-
Changes in assets and liabilities:
Trade receivables		(660,580)		(828,591)
Other receivables		(256,603)		(329,251)
Inventories		6,169		(40,220)
Accounts payable		(231,211)		705,173
Taxes payable		50,952		101,887
Salaries and social security		3,224		165,687
Other liabilities		(332,229)		(38,901)
Decrease in provisions due to payment/use		(154,881)		(109,421)
Contract assets		21,317		(29,450)
Contract liabilities		134,542		14,023
Dividends received		208,260		116,435
Proceeds from collection of profit loss insurance		5,372		-
Income tax payments		(167,965)		(24,004)
Net cash flows from operating activities ^(1)(2)^	****	3,805,532	****	3,913,669
Investing activities: ^(3)^
Acquisition of property, plant and equipment and intangible assets		(4,290,491)		(3,747,844)
Additions of assets held for sale		(45,680)		(159,993)
Contributions and acquisitions of interests in associates and joint ventures		(87,814)		-
Acquisitions from business combinations net of cash and cash equivalents		(956,098)		-
Proceeds from sales of financial assets		243,733		183,603
Payments from purchase of financial assets		(80,406)		(190,319)
Interests received from financial assets		4,277		28,859
Proceeds from concessions, assignment agreements and sale of assets		84,975		57,429
Net cash flows used in investing activities	****	(5,127,504)	****	(3,828,265)
Financing activities: ^(3)^
Payments of loans		(2,112,223)		(1,800,992)
Payments of interests		(630,256)		(537,420)
Proceeds from loans		4,154,321		2,355,129
Account overdrafts, net		-		(45,089)
Payments of leases		(359,662)		(260,023)
Payments of interests in relation to income tax		(2,789)		(2,362)
Net cash flows from / (used in) financing activities	****	1,049,391	****	(290,757)
Effect of changes in exchange rates on cash and cash equivalents	****	219,960	****	148,520
Decrease in cash and cash equivalents	****	(52,621)	****	(56,833)
Cash and cash equivalents at the beginning of the fiscal year		1,151,868		905,956
Cash and cash equivalents at the end of the period		1,099,247		849,123
Decrease in cash and cash equivalents	****	(52,621)	****	(56,833)
(1)	Does not include the effect of changes in exchange rates generated by cash and cash equivalents, which is disclosed<br>separately in this statement.
---	---
(2)	Includes 60,104 and 94,238 for the nine-month periods ended September 30, 2025 and 2024, respectively, for payments<br>of short-term leases and payments of the variable charge of leases related to the underlying asset use or performance.
---	---
(3)	The main investing and financing transactions that have not affected cash and cash equivalents correspond to:<br>
---	---
	For the nine-month periods<br>ended September 30,
---	---	---	---	---
	2025		2024
Unpaid acquisitions of property, plant and equipment and intangible assets		779,445		425,932
Unpaid additions of assets held for sale		912		20,934
Additions of right-of-use<br>assets		200,528		151,247
Capitalization of depreciation of<br>right-of-use assets		52,175		41,688
Capitalization of financial accretion for lease liabilities		7,466		4,697
Capitalization in associates and joint ventures		13,726		-
Contract liabilities arising from company acquisitions		16,110		-
Receivables from the sale of non-cash-settled assets		595,592		-

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

1. GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THEGROUP’S BUSINESS

General information

YPF and its subsidiaries (the “Group”) form the leading energy group in Argentina, which operates a fully integrated oil and gas chain with leading market positions across the domestic Upstream, Midstream and Downstream LNG and Integrated Gas and New Energies business segments (see Note 6).

Structure and organization of the economic group

The following table presents the main companies of the Group as of September 30, 2025:

Entity	Country	Main business	% ofownershipof capitalstock ^(1)^	Relationship
Upstream
Eleran	Spain	Hydrocarbon exploration through the subsidiary YPF E&P Bolivia S.A.	100%	Subsidiary
SC Gas ^(4)^	Argentina	Hydrocarbon exploitation	100%	Subsidiary
VMI ^(8)^	Argentina	Hydrocarbon exploitation	100%	Subsidiary
Midstream and Downstream
OPESSA	Argentina	Gas stations	99,99%	Subsidiary
OLCLP ^(6)^	Argentina	Hydrocarbon transportation	100%	Subsidiary
Refinor	Argentina	Industrialization and commercialization of hydrocarbons	50%	Joint venture
OTA	Argentina	Hydrocarbon transportation	36%	Joint venture
OTC	Chile	Hydrocarbon transportation	36%	Joint venture
Oldelval	Argentina	Hydrocarbon transportation	37%	Associate
OTAMERICA	Argentina	Hydrocarbon transportation	30%	Associate
Termap	Argentina	Hydrocarbon transportation	33,15%	Associate
VMOS ^(3) (7)^	Argentina	Hydrocarbon transportation	24,49%	Associate
YPF Gas	Argentina	Commercialization of natural gas	33,99%	Associate
LNG and Integrated Gas
YPF Chile	Chile	Commercialization of natural gas	100%	Subsidiary
Argentina LNG	Argentina	Industrialization and commercialization of LNG	100%	Subsidiary
Sur Inversiones Energéticas	Argentina	Industrialization and commercialization of LNG through Southern Energy S.A. associate.	100%	Subsidiary
MEGA	Argentina	Separation of natural gas liquids and their fractionation	38%	Joint venture
New Energies
Metrogas ^(2)^	Argentina	Distribution of natural gas	70%	Subsidiary
Metroenergía	Argentina	Commercialization of natural gas	71,50%	Subsidiary
Y-TEC	Argentina	Research and development of technology	51%	Subsidiary
YPF Ventures	Argentina	Corporate investments	100%	Subsidiary
YPF EE	Argentina	Generation of electric power	75%	Joint venture
Profertil	Argentina	Production and commercialization of fertilizers	50%	Joint venture
CT Barragán	Argentina	Generation of electric power	50%	Joint venture
CDS ^(5)^	Argentina	Generation of electric power	10,25%	Associate
Central Administration and Others
AESA	Argentina	Engineering and construction services	100%	Subsidiary
(1)	Held directly by YPF and indirectly through its subsidiaries.
---	---
(2)	See Note 36.c.3) “Note from ENARGAS related to YPF’s equity interest in Metrogas” section to the<br>annual consolidated financial statements.
---	---
(3)	On December 13, 2024, YPF together with Pan American Sur S.A., Vista Energy S.A.U. and Pampa Energía S.A.<br>signed a shareholders’ agreement to form a new company, VMOS, which main purpose is the construction of the “Vaca Muerta Sur Project”, an oil transportation infrastructure project. VMOS has granted stock options to Pluspetrol S.A.,<br>Chevron Argentina S.R.L., CDC ApS, Shell Compañía Argentina de Petróleo S.A., Shell Overseas Investments B.V., Gas y Petróleo del Neuquén S.A. and Tecpetrol S.A. As of the date of issuance of these condensed<br>interim consolidated financial statements, the aforementioned companies have exercised such stock options becoming shareholders of VMOS.
---	---
(4)	See Note 4 “Acquisition of Mobil Argentina S.A.” section.
---	---
(5)	Additionally, the Group has a 22.36% indirect holding in capital stock through YPF EE.
---	---
(6)	See Note 4 “Acquisition of equity participation of OLCLP” section.
---	---
(7)	See Note 35.c).
---	---
(8)	See Note 4 “Acquisition of VMI” section.
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

1. GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE GROUP’S BUSINESS (cont.)

Organization of the business

As of September 30, 2025, the Group carries out its operations in accordance with the following structure:

-	Upstream
-	Midstream and Downstream
---	---
-	LNG and Integrated Gas
---	---
-	New Energies
---	---
-	Central Administration and Others
---	---

Activities covered by each business segment are detailed in Note 6.

2. BASIS OF PREPARATION OF THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

2.a) Applicable accounting framework

The condensed interim consolidated financial statements of the Company for the nine-month period ended September 30, 2025, are presented in accordance with IAS 34 “Interim financial reporting”. Therefore, they should be read together with the annual consolidated financial statements of the Company as of December 31, 2024 (“annual consolidated financial statements”) presented in accordance with IFRS Accounting Standards as issued by the IASB.

Moreover, some additional information required by the LGS and/or CNV’s Rules have been included.

2.b) Material accounting policies

The material accounting policies are described in Note 2.b) to the annual consolidated financial statements.

Functional and presentation currency

As mentioned in Note 2.b.1) to the annual consolidated financial statements, YPF has defined the U.S. dollar as its functional currency. Additionally, in accordance with the provisions of the LGS and the CNV rules, the Company must present its financial statements in pesos.

Business combinations

When the assets acquired are not a business, the Group accounts for the transaction as the acquisition of an asset.

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (cont.)

Adoption of new standards and interpretations effective as from January 1, 2025

The Company has adopted all new and revised standards and interpretations, issued by the IASB, relevant to its operations which are of mandatory and effective application as of September 30, 2025, as described in Note 2.b.14) to the annual consolidated financial statements.

2.c) Significant estimates and key sources of estimation uncertainty

2.d) Comparative information

Additionally, the Group has changed the presentation of exchange differences generated by deferred tax classifying these items as deferred tax expense (income) in accordance with IAS 12 “Income taxes”. Previously, these exchange differences were presented in the “Other exchange differences, net” line item under “Other financial results” in the statement of comprehensive income and, from this period, they are presented in the “Income tax” line item in the statement of comprehensive income (see Note 19). The purpose of this change is to provide more useful information and improve the comparability of the Group’s financial statements with its peers. The comparative information has been restated by reclassifying a gain of 148,702 and 43,699 from “Other financial results” line item to “Income tax” line item in the statement of comprehensive income for the nine and three-month periods ended September 30, 2024, respectively. This change had no effect on the Group’s statements of financial position, statements of changes in shareholders’ equity, cash flows, operating profit or loss and net profit or loss.

3. SEASONALITY OF OPERATIONS

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

4. ACQUISITIONS AND DISPOSALS

The most relevant acquisitions and disposals of companies that took place during the nine-month period ended September 30, 2025 are described below:

Acquisition of Mobil Argentina S.A.

MASA owns 54.45% of Sierra Chata unconventional exploitation concession in the Province of Neuquén. Pampa Energía S.A., operator of such concession, owns the remaining working interest.

On January 29, 2025 (“acquisition date”), after the fulfillment of the closing conditions, the sale and transfer by the Sellers to YPF of 100% of MASA’s shares and capital stock was completed. The amount of the transaction was US$ 327 million in cash. As of the acquisition date, MASA will continue to operate under the corporate name SC Gas S.A.U. (“SC Gas”), being YPF its sole shareholder.

	Fair value at acquisitiondate in millions of U.S.dollars ^(1)^
Fair value of identifiable assets and liabilities assumed:
Intangible assets		117	123,084
Property, plant and equipment		161	169,372
Other receivables		7	7,364
Trade receivables		10	10,520
Cash and cash equivalents		60	63,120
Provisions		(6)	(6,312)
Deferred income tax liabilities, net		(15)	(15,780)
Accounts payable		(7)	(7,364)
Total identifiable net assets / Consideration		327	344,004
(1)	The amounts correspond to the pesos at the exchange rate on the date of purchase.
---	---

Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)

Acquisition of equity participation of OLCLP

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

4. ACQUISITIONS AND DISPOSALS (cont.)

The amount of the transaction was US$ 15 million, which was cancelled by offsetting payment obligations assumed by Tecpetrol S.A. under a firm transportation services agreement for the “Vaca Muerta Sur” Pipeline of US$ 13.6 million, and the remaining balance of US$ 1.4 million in cash.

	Fair value at acquisitiondate in millions of U.S.dollars ^(1)^
Fair value of identifiable assets and liabilities assumed:
Property, plant and equipment		93	110,066
Trade receivables		4	4,734
Investments in financial assets		2	2,367
Cash and cash equivalents		14	16,569
Deferred income tax liabilities, net		(1)	(1,184)
Taxes payable		(2)	(2,367)
Accounts payable		(3)	(3,551)
Total identifiable net assets		107	126,634
(1)	The amounts correspond to the pesos at the exchange rate on the date of purchase.
---	---

As a result of the transaction, YPF recognized a gain of 52,934 in “Other operating results, net” line item in the statement of comprehensive income corresponding to the revaluation to fair value at the acquisition date of the previous equity participation held by YPF in the equity of OLCLP.

Acquisition of VMI

On September 29, 2025 (“acquisition date”), after the fulfillment of the closing conditions, the sale and transfer by Total Austral S.A. to YPF of 100% of the shares and capital stock of VMI, which holds a 45% working interest in the La Escalonada and Rincón La Ceniza unconventional exploitation concessions in the Province of Neuquén, was completed. The amount of the transaction was US$ 523 million in cash.

The transaction described above qualifies as a business combination in accordance with IFRS 3 and is accounted for using the acquisition method (see Note 2.b) “Business combinations” section). The following table sets forth the fair values of the identifiable assets acquired and liabilities assumed by YPF at the acquisition date of 100% of VMI:

	Fair value at acquisitiondate in millions of U.S.dollars ^(1)^
Fair value of identifiable assets and liabilities assumed:
Intangible assets		463	636,857
Property, plant and equipment		81	111,416
Other receivables		23	31,636
Cash and cash equivalents		3	4,127
Provisions		(6)	(8,253)
Other liabilities		(24)	(33,012)
Accounts payable		(17)	(23,384)
Total identifiable net assets / Consideration		523	719,387
(1)	In accordance with IFRS 3, during the measurement period, an entity may adjust the provisional amounts recognized in a<br>business combination, therefore, fair values may be adjusted during the period.
---	---
(2)	The amounts correspond to the pesos at the exchange rate on the date of purchase.
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

4. ACQUISITIONS AND DISPOSALS (cont.)

Acquisition of Refinor

The transaction described above qualifies as a business combination achieved in stages in accordance with IFRS 3. As of the date of issuance of these condensed interim consolidated financial statements and due to the recent closing of the transaction, the Group is in the process of determining the accounting impact of this transaction. Consequently, it is not possible to disclose the information required by IFRS 3 in relation to the measurement of the assets acquired and liabilities assumed at their fair values at the acquisition date and the impact on the Group’s results and cash flows from the recording of this acquisition.

5. FINANCIAL RISK MANAGEMENT

●	Liquidity risk management

The Group monitors compliance with covenants on a quarterly basis. As of September 30, 2025, the Group is in compliance with its covenants.

6. BUSINESS SEGMENT INFORMATION

Business segment information is presented in U.S. dollars, the functional currency of the Company (see Note 2.b)), consistently with the manner of reporting the information used by the chief decision maker to allocate resources and assess business segment performance.

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)

As of the current fiscal year, as a consequence of the organizational structure changes in which the New Energies Vice Presidency was created, and the Gas and Power Vice Presidency and the Downstream Vice Presidency were reformulated as the LNG and Integrated Gas Vice Presidency and the Midstream and Downstream Vice Presidency respectively, the complete management scope of these new business units was determined. On January 1, 2025, these organizational changes resulted in a modification of the composition of the business segments according to how the chief decision maker allocates resources and assesses the performance of these business segments, creating the New Energies business segment and readjusting the composition and definition of the businesses of the remaining business segments. The changes in the business segments had no impact on the CGUs defined in Note 2.b.5) to the annual consolidated financial statements.

The business segments structure is organized as follows:

•	Upstream

It performs all activities related to the exploration and exploitation of hydrocarbon fields and production of crude oil and natural gas.

It incurs all costs related to the aforementioned activities.

•	Midstream and Downstream

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)

•	LNG and Integrated Gas

Its revenues are mainly derived from the commercialization of natural gas as producers to third parties and to the Midstream and Downstream and the New Energies business segments.

It incurs all costs related to the aforementioned activities, including the purchase of natural gas from the Upstream business segment.

•	New Energies

Its revenues are mainly derived from the sale of natural gas through our subsidiary Metrogas.

It incurs all costs related to the aforementioned activities, including the purchase of natural gas from the LNG and Integrated Gas business segment.

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)

•	Central Administration and Others

Sales between business segments were made at internal transfer prices established by the Group, which approximately reflect domestic market prices.

Operating profit or loss and assets of each business segment have been determined after consolidation adjustments.

HORACIO DANIEL MARÍN<br><br><br>President

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)

	In millions of U.S. dollars															In millionsof pesos
	Upstream			Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Consolidation adjustments ^(1)^		Total		Total
For the nine-month period ended September 30, 2025
Revenues		66			11,229		1,371		650		576		-		13,892		16,621,228
Revenues from intersegment sales		5,863			151		256		5		821		(7,096)		-		-
Revenues		5,929			11,380		1,627		655		1,397		(7,096)		13,892		16,621,228
Operating profit or loss		472	^(3)^		826		(11)		86		(209)		(8)		1,156		1,397,526
Income from equity interests in associates and joint ventures		-			14		30		63		-		-		107		132,706
Net financial results															(746)		(824,498)
Net profit before income tax															517		705,734
Income tax															(667)		(887,372)
Net loss for the period															(150)		(181,638)
Acquisitions of property, plant and equipment		2,845			749		26		25		79		-		3,724		4,560,144
Acquisitions of<br>right-of-use assets		35			125		-		-		8		-		168		200,528
Increases from business combinations ^(4)^		822			93		-		-		-		-		915		1,150,795
Other income statement items
Depreciation of property, plant and equipment<br>^(2)^		1,691			392		2		25		62		-		2,172		2,571,186
Amortization of intangible assets		-			27		-		9		8		-		44		55,124
Depreciation of<br>right-of-use assets		114			93		1		-		6		-		214		252,473
Reversal of impairment losses of property, plant and equipment and inventories write-down		-			-		-		(4)		-		-		(4)		(5,326)
Balance as of September 30, 2025
Assets		13,300			11,194		953		2,458		1,899		(235)		29,569		40,671,736
HORACIO DANIEL MARÍN<br><br><br>President
---

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)

	In millions of U.S. dollars															In millionsof pesos
	Upstream			Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Consolidation adjustments ^(1)^		Total		Total
For the nine-month period ended September 30, 2024
Revenues		37			11,861		1,339		691		614		-		14,542		13,050,823
Revenues from intersegment sales		6,269			91		227		6		742		(7,335)		-		-
Revenues		6,306			11,952		1,566		697		1,356		(7,335)		14,542		13,050,823
Operating profit or loss		1,095	^(3)^		1,156		(45)		83		(170)		(109)		2,010		1,725,994
Income from equity interests in associates and joint ventures		-			20		60		183		-		-		263		225,507
Net financial results															(753)		(604,133)
Net profit before income tax															1,520		1,347,368
Income tax															1,157		1,077,802
Net profit for the period															2,677		2,425,170
Acquisitions of property, plant and equipment		3,023			888		8		23		70		-		4,012		3,748,463
Acquisitions of<br>right-of-use assets		60			104		-		-		-		-		164		151,247
Increases from business combinations		-			-		-		-		-		-		-		-
Other income statement items
Depreciation of property, plant and equipment<br>^(2)^		1,279			365		1		24		63		-		1,732		1,539,948
Amortization of intangible assets		-			21		-		10		-		-		31		28,314
Depreciation of<br>right-of-use assets		118			83		-		-		-		-		201		178,540
Impairment of property, plant and equipment and inventories write-down ^(5)^		21			-		-		5		-		-		26		24,896
Balance as of December 31, 2024
Assets		12,795			10,735		743		2,524		2,822		(228)		29,391		30,287,297
(1)	Corresponds to the eliminations among the business segments of the Group.
---	---
(2)	Includes depreciation of charges for impairment of property, plant and equipment.
---	---
(3)	Includes US$ (1) million and US$ (56) million of unproductive exploratory drillings as of September 30,<br>2025 and 2024, respectively.
---	---
(4)	See Notes 8 and 9.
---	---
(5)	See Notes 2.b.8), 2.c) and 8 to the annual consolidated financial statements and Note 27.
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

7. FINANCIAL INSTRUMENTS BY CATEGORY

Fair value measurements

Fair value measurements are described in Note 6 to the annual consolidated financial statements.

	As of September 30, 2025
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		284,989		-		-		284,989
- Private securities - NO		12,964		-		-		12,964
		297,953		-		-		297,953
Cash and cash equivalents:
- Mutual funds		446,925		-		-		446,925
- Public securities		5,502		-		-		5,502
		452,427		-		-		452,427
		750,380		-		-		750,380
	As of December 31, 2024
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		392,011		-		-		392,011
- Private securities - NO		9,371		-		-		9,371
		401,382		-		-		401,382
Cash and cash equivalents:
- Mutual funds		451,416		-		-		451,416
- Public securities		-		-		-		-
		451,416		-		-		451,416
		852,798		-		-		852,798

The Group has no financial liabilities measured at fair value through profit or loss.

During the nine-month period ended September 30, 2025, there were no transfers between the different hierarchies used to determine the fair value of the Group’s financial instruments.

Fair value of financial assets and financial liabilities measured at amortized cost

The estimated fair value of loans, considering unadjusted listed prices (Level 1) for NO and interest rates offered to the Group (Level 3) for the remaining loans, amounted to 14,318,606 and 9,079,899 as of September 30, 2025 and December 31, 2024, respectively.

The fair value of other receivables, trade receivables, cash and cash equivalents, other liabilities and accounts payable at amortized cost, do not differ significantly from their carrying amount.

8. INTANGIBLE ASSETS


Net carrying amount of intangible assets	1,507,102	546,765
Provision for impairment of intangible assets	(54,644)	(40,938)
	1,452,458	505,827
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

8. INTANGIBLE ASSETS (cont.)

The evolution of the Group’s intangible assets for the nine-month period ended September 30, 2025 and as of the year ended December 31, 2024 is as follows:

	Service concessions	Exploration rights	Other intangibles	Total
Cost	778,570	88,737	347,634	1,214,941
Accumulated amortization	567,910	-	318,457	886,367
Balance as of December 31, 2023	210,660	88,737	29,177	328,574
Cost
Increases	80,146	-	14,218	94,364
Increases from business combinations	-	-	-	-
Translation effect	223,954	24,583	85,173	333,710
Adjustment for inflation ^(1)^	-	-	52,369	52,369
Decreases, reclassifications and other movements	-	-	52,373	52,373
Accumulated amortization
Increases	25,017	-	17,127	42,144
Translation effect	160,502	-	81,135	241,637
Adjustment for inflation ^(1)^	-	-	30,945	30,945
Decreases, reclassifications and other movements	-	-	(101)	(101)
Cost	1,082,670	113,320	551,767	1,747,757
Accumulated amortization	753,429	-	447,563	1,200,992
Balance as of December 31, 2024	329,241	113,320	104,204	546,765
Cost
Increases	66,460	-	9,118	75,578
Increases from business combinations	-	759,941	-	759,941
Translation effect	372,486	59,317	153,500	585,303
Adjustment for inflation ^(1)^	-	-	24,420	24,420
Decreases, reclassifications and other movements	-	(57,196)	23,594	(33,602)
Accumulated amortization
Increases	23,094	-	32,030	55,124
Translation effect	256,206	-	128,263	384,469
Adjustment for inflation ^(1)^	-	-	15,753	15,753
Decreases, reclassifications and other movements	-	-	(4,043)	(4,043)
Cost	1,521,616	875,382	762,399	3,159,397
Accumulated amortization	1,032,729	-	619,566	1,652,295
Balance as of September 30, 2025	488,887	875,382	142,833	1,507,102
(1)	Corresponds to the adjustment for inflation of opening balances of intangible assets of subsidiaries with the peso as<br>functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.
---	---

9. PROPERTY, PLANT AND EQUIPMENT


Net carrying amount of property, plant and equipment	28,139,501	20,049,632
Provision for obsolescence of materials and equipment	(598,357)	(229,813)
Provision for impairment of property, plant and equipment	(543,689)	(512,396)
	26,997,455	19,307,423
HORACIO DANIEL MARÍN<br><br><br>President
---

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION

(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Changes in Group’s property, plant and equipment for the nine-month periods ended September 30, 2025 and as of the year ended December 31, 2024 are as follows:


Cost	1,082,634	42,849,530	7,191,844	545,647	1,157,739	4,573,051	105,041	700,464	1,115,998	653,172	683,871	60,658,991
Accumulated depreciation	554,636	36,228,745	4,727,278	297,862	-	-	-	635,432	791,998	329,442	525,391	44,090,784
Balance as of December 31, 2023	527,998	6,620,785	2,464,566	247,785	1,157,739	4,573,051	105,041	65,032	324,000	323,730	158,480	16,568,207
Cost
Increases	507	175,785	82,395	28,183	1,191,783	3,753,330	107,648	2,210	-	-	14,688	5,356,529
Increases from business combinations	-	-	-	-	-	-	-	-	-	-	-	-
Translation effect	240,319	6,913,347	2,031,025	135,356	288,903	1,067,400	10,202	180,482	320,721	-	140,517	11,328,272
Adjustment for inflation^(1)^	155,605	-	-	50,009	16,763	24,791	-	31,817	-	769,175	185,137	1,233,297
Decreases, reclassifications and other movements	(81,297)	(20,558,160)	311,632	(8,984)	(1,049,173)	(3,162,649)	(162,656)	6,390	177,438	(4,730)	(40,697)	(24,572,886)	^(2)^
Accumulated depreciation
Increases	26,316	1,973,824	342,722	38,468	-	-	-	36,186	67,073	25,870	32,778	2,543,237
Translation effect	123,342	5,510,439	1,350,293	67,335	-	-	-	165,544	226,056	-	109,961	7,552,970
Adjustment for inflation^(1)^	81,978	-	-	33,454	-	-	-	22,907	-	387,951	131,921	658,211
Decreases, reclassifications and other movements	(52,381)	(20,701,202)	(57)	(47,621)	-	-	-	(34,141)	(11,851)	(12,806)	(30,572)	(20,890,631)	^(2)^
Cost	1,397,768	29,380,502	9,616,896	750,211	1,606,015	6,255,923	60,235	921,363	1,614,157	1,417,617	983,516	54,004,203
Accumulated depreciation	733,891	23,011,806	6,420,236	389,498	-	-	-	825,928	1,073,276	730,457	769,479	33,954,571
Balance as of December 31, 2024	663,877	6,368,696	3,196,660	360,713	1,606,015	6,255,923	60,235	95,435	540,881	687,160	214,037	20,049,632
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

	Land and<br>buildings
Cost		1,397,768	29,380,502	9,616,896	750,211	1,606,015	6,255,923	60,235	921,363	1,614,157	1,417,617	983,516	54,004,203
Accumulated depreciation		733,891	23,011,806	6,420,236	389,498	-	-	-	825,928	1,073,276	730,457	769,479	33,954,571
Balance as of December 31, 2024		663,877	6,368,696	3,196,660	360,713	1,606,015	6,255,923	60,235	95,435	540,881	687,160	214,037	20,049,632
Cost
Increases		864	184,112	140,553	15,438	822,264	3,334,957	51,737	3,747	-	-	6,472	4,560,144
Increases from business combinations		-	222,038	-	114,193	9,468	45,155	-	-	-	-	-	390,854
Translation effect		378,699	10,410,423	3,277,143	236,575	477,808	1,850,240	12,684	289,313	546,803	-	210,052	17,689,740
Adjustment for inflation^(1)^		63,739	-	-	24,544	8,035	11,973	-	14,694	-	311,450	78,833	513,268
Decreases, reclassifications and other movements		19,443	2,612,612	411,244	230,008	(992,584)	(3,536,472)	(1,204)	8,103	36,000	49,327	4,155	(1,159,368)	^(3)^
Accumulated depreciation
Increases		24,313	2,127,752	332,328	44,807	-	-	-	34,336	66,107	26,957	27,723	2,684,323
Translation effect		193,698	7,999,926	2,203,121	109,516	-	-	-	265,152	370,439	-	171,923	11,313,775
Adjustment for inflation^(1)^		34,658	-	-	15,099	-	-	-	10,012	-	160,481	57,650	277,900
Decreases, reclassifications and other movements		(13,184)	(325,647)	-	(19,297)	-	-	-	(9,181)	(740)	(950)	(2,230)	(371,229)	^(3)^
Cost		1,860,513	42,809,687	13,445,836	1,370,969	1,931,006	7,961,776	123,452	1,237,220	2,196,960	1,778,394	1,283,028	75,998,841
Accumulated depreciation		973,376	32,813,837	8,955,685	539,623	-	-	-	1,126,247	1,509,082	916,945	1,024,545	47,859,340
Balance as of September 30, 2025		887,137	9,995,850	4,490,151	831,346	1,931,006	7,961,776	123,452	110,973	687,878	861,449	258,483	28,139,501
(1)	Corresponds to the adjustment for inflation of opening balances of property, plant and equipment of subsidiaries with<br>the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.
---	---
(2)	Includes 23,924,294 and 20,852,844 of cost and accumulated depreciation, respectively, reclassified to the<br>“Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project” section to the annual consolidated financial statements.
---	---
(3)	Includes 404,035 and 78,681 of cost and accumulated depreciation, respectively, reclassified to the “Assets held<br>for sale” line item in the statement of financial position, see Note 2.b.13) to the annual consolidated financial statements and Note 35.b) “Aguada del Chañar” section.
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the nine-month period ended September 30, 2025 and as of the year ended December 31, 2024:

	Provision for obsolescenceof materials and equipment
Balance as of December 31, 2023		137,679
Increases charged to profit or loss		53,312
Decreases charged to profit or loss		-
Applications due to utilization		(1,851	)
Translation effect		39,513
Adjustment for inflation^(1)^		1,160
Reclassifications		-
Balance as of December 31, 2024		229,813
Increases charged to profit or loss		325,617
Decreases charged to profit or loss		(54,034	)
Applications due to utilization		(13,056	)
Translation effect		136,823
Adjustment for inflation^(1)^		1,032
Reclassifications		(27,838	)
Balance as of September 30, 2025		598,357
(1)	Corresponds to the adjustment for inflation of opening balances of the provision for obsolescence of materials and<br>equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.
---	---

Set forth below is the evolution of the provision for impairment of property, plant and equipment for the nine-month period ended September 30, 2025 and as of the year ended December 31, 2024:

	Provision for impairmentof property, plant andequipment
Balance as of December 31, 2023		2,137,101
Increases charged to profit or loss^(1)^		67,084
Decreases charged to profit or loss		-
Depreciation^(2)^		(283,138	)
Translation effect		180,250
Adjustment for inflation^(3)^		5,117
Reclassifications^(4)^		(1,594,018	)
Balance as of December 31, 2024		512,396
Increases charged to profit or loss		3,199
Decreases charged to profit or loss		(9,327	)
Depreciation^(2)^		(113,137	)
Translation effect		146,689
Adjustment for inflation^(3)^		3,869
Reclassifications		-
Balance as of September 30, 2025		543,689
(1)	See Notes 2.c) and 8 to the annual consolidated financial statements.
---	---
(2)	Included in “Depreciation of property, plant and equipment” line item in the statement of comprehensive<br>income, see Note 28.
---	---
(3)	Corresponds to the adjustment for inflation of opening balances of the provision for impairment of property, plant and<br>equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.
---	---
(4)	Includes 1,594,018 reclassified to the “Assets held for sale” line item in the statement of financial<br>position, see Notes 2.b.13) and 11 “Mature Fields Project” section to the annual consolidated financial statements.
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

10. RIGHT-OF-USE ASSETS

The evolution of the Group’s right-of-use assets for the nine-month period ended September 30, 2025 and as of the year ended December 31, 2024 is as follows:

	Land and<br>buildings
Cost		33,180		456,907		365,502		74,771		402,400		1,332,760
Accumulated depreciation		19,543		335,816		203,273		40,368		224,577		823,577
Balance as of December 31, 2023		13,637		121,091		162,229		34,403		177,823		509,183
Cost
Increases		10,773		15,896		216,356		11,394		184,981		439,400
Translation effect		10,643		125,662		105,917		17,174		116,854		376,250
Adjustment for inflation ^(1)^		571		-		-		14,918		-		15,489
Decreases, reclassifications and other movements		(862	)	(13,635	)	(55,853	)	(2,112	)	(10,523	)	(82,985	)
Accumulated depreciation
Increases		6,648		90,856		82,532		9,916		112,564		302,516
Translation effect		6,138		104,355		61,555		9,885		75,240		257,173
Adjustment for inflation ^(1)^		567		-		-		10,117		-		10,684
Decreases, reclassifications and other movements		-		(13,635	)	(52,954	)	(1,167	)	(10,523	)	(78,279	)
Cost		54,305		584,830		631,922		116,145		693,712		2,080,914
Accumulated depreciation		32,896		517,392		294,406		69,119		401,858		1,315,671
Balance as of December 31, 2024		21,409		67,438		337,516		47,026		291,854		765,243
Cost
Increases		56		-		43,212		-		157,260		200,528
Translation effect		16,286		192,586		223,753		29,602		248,195		710,422
Adjustment for inflation ^(1)^		242		-		-		6,148		-		6,390
Decreases, reclassifications and other movements		(9,405	)	(11,974	)	-		-		(57,608	)	(78,987	)
Accumulated depreciation
Increases		4,913		31,531		96,426		10,331		161,447		304,648
Translation effect		11,303		178,624		120,646		17,332		161,845		489,750
Adjustment for inflation ^(1)^		241		-		-		4,779		-		5,020
Decreases, reclassifications and other movements		(1,119	)	(2,634	)	-		-		(370	)	(4,123	)
Cost		61,484		765,442		898,887		151,895		1,041,559		2,919,267
Accumulated depreciation		48,234		724,913		511,478		101,561		724,780		2,110,966
Balance as of September 30, 2025		13,250		40,529		387,409		50,334		316,779		808,301
(1)	Corresponds to the adjustment for inflation of opening balances of right-of-use assets of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.
---	---

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table presents the value of the investments in associates and joint ventures at an aggregate level as of September 30, 2025 and December 31, 2024:


Amount of investments in associates	430,382	218,296
Amount of investments in joint ventures	2,206,608	1,801,494
	2,636,990	2,019,790
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (cont.)

The main concepts which affected the value of the aforementioned investments during the nine-month period ended September 30, 2025 and as of the year ended December 31, 2024, correspond to:

	Investments in associatesand joint ventures
Balance as of December 31, 2023		1,351,881
Acquisitions and contributions		30
Income on investments in associates and joint ventures		358,335
Distributed dividends		(154,131)
Translation differences		386,181
Adjustment for inflation ^(1)^		77,494
Capitalization in associates and joint ventures		-
Other movements		-
Balance as of December 31, 2024		2,019,790
Acquisitions and contributions		87,814
Income on investments in associates and joint ventures		132,706
Distributed dividends		(222,738)
Translation differences		640,481
Adjustment for inflation ^(1)^		21,546
Capitalization in associates and joint ventures		13,726
Other movements ^(2)^		(56,335)
Balance as of September 30, 2025		2,636,990
(1)	Corresponds to the adjustment for inflation of opening balances of associates and joint ventures with the peso as<br>functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income, see Note 2.b.1) to the annual consolidated financial statements.
---	---
(2)	See Note 4 “Acquisition of equity participation of OLCLP” section.
---	---

	Associates				Joint ventures
	For the nine-month periodsended September 30,				For the nine-month periodsended September 30,
	2025		2024		2025		2024
Net income		40,157		1,164		92,549		224,343
Other comprehensive income		92,161		61,198		569,866		278,421
Comprehensive income		132,318		62,362		662,415		502,764

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (cont.)

	September 30, 2025 ^(1)^		December 31, 2024 ^(1)^
Total non-current assets		2,983,255		2,211,995
Cash and cash equivalents		225,299		247,353
Other current assets		299,979		251,358
Total current assets		525,278		498,711
Total assets		3,508,533		2,710,706
Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other<br>liabilities” items)		1,086,170		758,135
Other non-current liabilities		115,759		66,714
Total non-current liabilities		1,201,929		824,849
Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other<br>liabilities” items)		243,625		299,548
Other current liabilities		224,766		219,601
Total current liabilities		468,391		519,149
Total liabilities		1,670,320		1,343,998
Total shareholders’ equity ^(2)^		1,838,213		1,366,708
Dividends received		-		37,260
	For the nine-month periods ended September 30,
	2025 ^(1)^		2024 ^(1)^
Revenues		587,101		348,995
Interest income		11,217		23,345
Depreciation and amortization		(131,853)		(100,071)
Interest loss		(52,657)		(41,539)
Income tax		(140,392)		54,300
Operating profit		242,459		135,473
Net profit		36,592		151,144
Other comprehensive income		460,739		188,057
Total comprehensive income		497,331		339,201
(1)	The financial information arises from the statutory condensed interim consolidated financial statements of YPF EE. On<br>this information, accounting adjustments have been made for the calculation of the equity method value and in the results of YPF EE. The adjusted equity and results do not differ significantly from the financial information disclosed here.<br>
---	---
(2)	Includes the non-controlling interest.
---	---

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES

The following table presents the main assets held for sale and associated liabilities as of September 30, 2025 and December 31, 2024:

	Upstream	Midstream and Downstream	Total
Balance as of September 30, 2025
Assets held for sale
Property, plant and equipment - Mature Fields Project	659,017	-	659,017
Property, plant and equipment - Gas stations	-	13,241	13,241
Assets of subsidiary YPF Brasil ^(2)^	-	-	-
	659,017	13,241	672,258
Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations - Mature Fields Project	1,249,075	-	1,249,075
Provision for environmental liabilities - Mature Fields Project	2,422	-	2,422
Liabilities for concessions - Mature Fields Project	5,890	-	5,890
Liabilities of subsidiary YPF Brasil ^(2)^	-	-	-
	1,257,387	-	1,257,387
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES (cont.)

	Upstream		Midstream andDownstream		Total
Balance as of December 31, 2024
Assets held for sale
Property, plant and equipment - Mature Fields Project<br>^(1)^		1,551,664		-		1,551,664
Property, plant and equipment - Gas stations		-		9,719		9,719
Assets of subsidiary YPF Brasil ^(2)^		-		21,775		21,775
	****	1,551,664	****	31,494	****	1,583,158
Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations - Mature Fields Project ^(1)^		2,113,047		-		2,113,047
Provision for environmental liabilities - Mature Fields Project<br>^(1)^		55,422		-		55,422
Liabilities for concessions - Mature Fields Project<br>^(1)^		14,572		-		14,572
Liabilities of subsidiary YPF Brasil ^(2)^		-		18,576		18,576
	****	2,183,041	****	18,576	****	2,201,617
(1)	See Note 11 “Mature Fields Project“ section to the annual consolidated financial statements.<br>
---	---
(2)	See Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF<br>Brasil”)” section.
---	---

Mature Fields Project

•	Description of the Mature Fields Project

The assignment agreements that met the agreed closing conditions during the nine-month period ended September 30, 2025, and therefore the transaction was settled are described below:

Estación Fernández Oro

Campamento Central - Cañadón Perdido

Barrancas, Vizcacheras, La Ventana, Ceferino, Mesa Verde and Río Tunuyán

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES (cont.)

Señal Cerro Bayo, Volcán Auca Mahuida, Don Ruiz and Las Manadas

Al Norte de la Dorsal, Octógono and Dadín

El Portón (Mendoza - Neuquén), Chihuido de la Salina, Altiplanicie del Payún, Cañadón Amarillo, Chihuido de la Salina Sur and Confluencia Sur

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES (cont.)

Señal Picada - Punta Barda

El Tordillo, Puesto Quiroga and La Tapera

Restinga Alí

On June 19, 2025 YPF signed an agreement that establishes the terms and conditions for the reversion of the “Restinga Alí” exploitation concession, located in the Province of Chubut. On July 24, 2025 the Legislature of the Province of Chubut approved the agreement through Law XVII No. 162/2025, which was enacted on August 1, 2025, and published in the Official Gazette of the Province of Chubut on August 7, 2025. Additionally, as of the issuance date of these condensed interim consolidated financial statements, the reversion agreement is subject to the approval by decree of the Executive Branch of the Province of Chubut.

•	Accounting matters

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES (cont.)

Based on the assessment of the changes in the fair value, the Company recognized a loss due to changes in the fair value of assets held for sale of 260,132 in the “Other net operating results” line item in the statement of comprehensive income, mainly associated with expenses of various nature arising from the general terms and conditions of the MOU signed with the Province of Santa Cruz and Fomicruz. Additionally, in relation to aforementioned MOU, YPF recognized a liability in the “Liabilities under agreements” line under the “Other liabilities” line item in the statement of financial position related to (i) the execution of an environmental remediation and abandonment program, and (ii) the payment of a compensatory bonus to the Province of Santa Cruz. As of September 30, 2025, the balance of this liability amounts to 497,014.

Based on the fair value of the groups of assets at the closing date of each of the assignment agreements mentioned in the “Description of the Mature Fields Project” section, YPF additionally recognized a gain on the sale of such groups of assets amounts to a gain of 223,556. The total consideration agreed includes cash payment of US$ 63 million and crude oil deliveries for a period of 4 years as payment in kind. Additionally, the derecognition of the carrying amount of the liabilities directly associated with assets held for sale net of the assets held for sale related to such exploitation concessions was 621,773.

Additionally, in relation to the Mature Fields Project, for the nine-month period ended September 30, 2025, the Company:

-	Recognized a charge for the provision for obsolescence of materials and equipment in the “Other net operating<br>results” line item in the statement of comprehensive income for 266,286.
-	Has committed to an optimization plan that involves operating efficiency measures related to the reduction of third party<br>employees directly or indirectly affected to the operation of areas related to certain groups of assets held for disposal. For such concept, the Company recognized a charge for 119,904 in the “Provision for operating optimizations” line<br>under “Other operating results, net” line item in the statement of comprehensive income.
---	---
-	In relation to the Company’s own personnel, the Company recognized a charge for severance indemnities of 31,646 in<br>the “Provision for severance indemnities” line under “Other operating results, net” line item in the statement of comprehensive income.
---	---

13. INVENTORIES

	September 30,2025		December 31,2024
Finished goods	1,380,380		953,073
Crude oil and natural gas ^(2)^	542,262		470,381
Products in process	42,080		50,372
Raw materials, packaging materials and others	138,545		119,840
	2,103,267	^(1)^	1,593,666	^(1)^
(1)	As of September 30, 2025, and December 31, 2024, the carrying amount of inventories does not exceed their net<br>realizable value.
---	---
(2)	Includes 28,246 and 20,818 corresponding to the provision of inventories write-down as of September 30, 2025 and<br>December 31, 2024, respectively, see Note 2.b.8) to the annual consolidated financial statements.
---	---

14. OTHER RECEIVABLES

	September 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Receivables from services, sales of other assets and other advance payments		120,713		95,692		11,436		35,632
Tax credit and export rebates		219,124		102,395		131,589		155,002
Loans and balances with related parties ^(1)^		278,315		60,304		164,203		35,571
Collateral deposits		2		22,947		2		20,820
Prepaid expenses		68,033		50,891		15,340		43,516
Advances and loans to employees		636		8,113		497		5,469
Advances to suppliers and custom agents ^(2)^		26,353		81,033		16,756		76,595
Receivables with partners in JO and Consortiums		342,058		456,830		2,263		168,855
Insurance receivables		-		-		-		5,153
Miscellaneous		34,763		44,199		32,787		23,494
		1,089,997		922,404		374,873		570,107
Provision for other doubtful receivables		(25,582)		(74)		(26,822)		(197)
		1,064,415		922,330		348,051		569,910
(1)	See Note 37 for information about related parties.
---	---
(2)	Includes, among others, advances to custom agents for the payment of taxes and import rights related to the imports of<br>fuels and goods.
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

15. TRADE RECEIVABLES

	September 30, 2025		December 31, 2024
	Non-current	Current	Non-current	Current
Accounts receivable and related parties ^(1)(2)^	10,973	2,673,294	11,121	1,722,704
Provision for doubtful trade receivables	(9,788)	(73,350)	(9,788)	(53,757)
	1,185	2,599,944	1,333	1,668,947
(1)	See Note 37 for information about related parties.
---	---
(2)	See Note 26 for information about credits for contracts included in trade receivables.
---	---

Set forth below is the evolution of the provision for doubtful trade receivables for the nine-month period ended September 30, 2025 and for the fiscal year ended December 31, 2024:

	Provision for doubtful tradereceivables
	Non-current		Current
Balance as of December 31, 2023	9,788	^(2)^	37,652
Increases charged to expenses	-		64,602	^(3)^
Decreases charged to income	-		(7,279)	^(3)^
Applications due to utilization	-		(42,980)	^(3)^
Net exchange and translation differences	-		9,285
Result from net monetary position ^(1)^	-		(6,356)
Reclassifications ^(4)^	-		(1,167)
Balance as of December 31, 2024	9,788	^(2)^	53,757
Increases charged to expenses	-		47,320
Decreases charged to income	-		(7,709)
Applications due to utilization	-		(29,035)
Net exchange and translation differences	-		10,671
Result from net monetary position ^(1)^	-		(1,385)
Reclassifications	-		(269)
Balance as of September 30, 2025	9,788	^(2)^	73,350
(1)	Includes the adjustment for inflation of opening balances of the provision for doubtful trade receivables of subsidiaries<br>with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income, and the adjustment for inflation of the period, which was charged to net profit or loss in the statement of<br>comprehensive income.
---	---
(2)	Mainly including credits with distributors of natural gas for the accumulated daily differences pursuant to Decree<br>No. 1,053/2018, see Note 36.c.1) to the annual consolidated financial statements.
---	---
(3)	Mainly including credits with CAMMESA, see Note 37 to the annual consolidated financial statements.
---	---
(4)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item<br>in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.
---	---

16. INVESTMENTS IN FINANCIAL ASSETS

	September 30, 2025	December 31, 2024
Investments at fair value through profit or loss
Public securities ^(1)^ ^(2)^	284,989	392,011
Private securities - NO	12,964	9,371
	297,953	401,382
(1)	See Note 37.
---	---
(2)	Includes 77,028 of public securities provided as collateral for financial loans as of September 30, 2025.<br>
---	---

17. CASH AND CASH EQUIVALENTS

	September 30, 2025
Cash and banks ^(1)^		453,568	314,096
Short-term investments^(2)^		193,252	386,356
Financial assets at fair value through profit or loss<br>^(3)^		452,427	451,416
		1,099,247	1,151,868
(1)	Includes balances granted as collateral, see Note 35.d) to the annual consolidated financial statements.<br>
---	---
(2)	Includes 97,860 and 150,717 of term deposits and other investments with BNA as of September 30, 2025 and<br>December 31, 2024, respectively.
---	---
(3)	See Note 7.
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

18. PROVISIONS

Changes in the Group’s provisions for the nine-month period ended September 30, 2025 and for the fiscal year ended December 31, 2024 are as follows:

	Provision for lawsuits andcontingencies		Provision for environmentalliabilities		Provision for hydrocarbonwells abandonmentobligations		Total
	Non-current	Current	Non-current	Current	Non-current	Current	Non-current	Current
Balance as of December 31, 2023	53,388	16,868	38,861	27,924	2,054,451	101,337	2,146,700	146,129
Increases charged to expenses	102,598	423	177,257	-	118,526	-	398,381	423
Decreases charged to income	(4,918)	-	(1,044)	-	(7,562)	-	(13,524)	-
Increases from business combinations	-	-	-	-	-	-	-	-
Applications due to utilization	(3,089)	(17,388)	-	(67,045)	-	(29,162)	(3,089)	(113,595)
Net exchange and translation differences	6,689	4,472	17,498	-	201,987	28,073	226,174	32,545
Result from net monetary position ^(1)^	(2,596)	-	-	-	-	-	(2,596)	-
Reclassifications and other movements ^(2)^	(18,781)	16,760	(130,224)	76,964	(1,485,116)	(39,835)	(1,634,121)	53,889
Balance as of December 31, 2024	133,291	21,135	102,348	37,843	882,286	60,413	1,117,925	119,391
Increases charged to expenses	34,791	371	73,301	-	103,233	-	211,325	371
Decreases charged to income	(6,232)	(41)	(344)	-	-	-	(6,576)	(41)
Increases from business combinations	-	-	-	-	14,565	-	14,565	-
Applications due to utilization	(1,852)	(20,984)	-	(80,328)	-	(23,168)	(1,852)	(124,480)
Net exchange and translation differences	14,498	6,899	36,913	-	313,933	17,303	365,344	24,202
Result from net monetary position ^(1)^	-	-	-	-	-	-	-	-
Reclassifications and other movements	(21,209)	20,619	(131,207)	139,302	(4,986)	3,750	(157,402)	163,671
Balance as of September 30, 2025	153,287	27,999	81,011	96,817	1,309,031	58,298	1,543,329	183,114
(1)	Includes the adjustment for inflation of opening balances of provisions of subsidiaries with the peso as functional<br>currency which was charged to “Other comprehensive income” in the statement of comprehensive income and the adjustment for inflation of the period, which was charged to net profit or loss in the statement of comprehensive income.<br>
---	---
(2)	Includes 1,700,736 and 53,260 corresponding to the provisions for hydrocarbon wells abandonment obligations and for<br>environmental liabilities, respectively, reclassified to the “Liabilities directly associated with assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project”<br>section to the annual consolidated financial statements. Additionally, includes the balance of the provision for lawsuits and contingencies of the subsidiary YPF Brasil reclassified to “Assets held for sale” in the statement of financial<br>position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.
---	---

Provisions are described in Note 17 to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2025, are described below:

19. INCOME TAX

The amount accrued of income tax charge for the nine-month periods ending September 30, 2025 and 2024 is as follows:

	****	For the nine-month periodsended September 30,				****
	2025			2024
Current income tax		(64,510	)		(84,685	)
Deferred income tax		(822,862	)		1,162,487		^(1)^
		(887,372	)		1,077,802
(1)	See Note 2.d).
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

19. INCOME TAX (cont.)

The effective income tax rate projected at the end of the fiscal year amounts to 125.7%. The variation in this rate compared to the effective rate as of December 31, 2024 (see Note 18 to the annual consolidated financial statements) is mainly explained by the impact of the estimation of certain macroeconomic variables in the measurement of property, plant, and equipment for accounting and tax purposes, which generates an increase in deferred income tax liability related to those assets. The accounting measurement of property, plant and equipment is based on the Company’s functional currency according to IFRS (see Note 2.b)), while the tax measurement is based on inflation-adjusted pesos.

As of September 30, 2025 and December 31, 2024 the Group has classified as deferred tax asset 6,043 and 339,492, respectively, and as deferred tax liability 535,530 and 92,701, respectively, all of which arise from the net deferred tax balances of each of the individual companies included in these condensed interim consolidated financial statements.

20. TAXES PAYABLE

	September 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
VAT		-		58,221		-		19,494
Withholdings and perceptions		-		84,505		-		73,206
Royalties		-		91,046		-		86,431
Fuels tax		-		86,713		-		30,638
Turnover tax		-		12,997		-		7,660
Miscellaneous		348		8,319		224		37,190
		348		341,801		224		254,619

21. SALARIES AND SOCIAL SECURITY

	September 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Salaries and social security		-		94,293		-		97,426
Bonuses and incentives provision		-		176,169		-		183,805
Cash-settled share-based payments provision ^(1)^		35,259		-		33,758		-
Vacation provision		-		98,948		-		69,150
Provision for severance indemnities ^(2)^		-		71,457		-		67,694
Miscellaneous		530		7,940		1,133		5,899
		35,789		448,807		34,891		423,974
(1)	Corresponds to the Value Generation Plan, see Note 38.
---	---
(2)	See Note 12 “Mature Fields Project“ section.
---	---

22. LEASE LIABILITIES

The evolution of the Group’s leases liabilities for the nine-month period ended September 30, 2025 and for the fiscal year ended December 31, 2024, is as follows:

	Lease liabilities
Balance as of December 31, 2023		536,598
Increases of leases		439,400
Financial accretions		64,157
Decreases of leases		(4,706)
Payments		(360,180)
Net exchange and translation differences		124,378
Result from net monetary position ^(1)^		9
Balance as of December 31, 2024		799,656
Increases of leases		200,528
Financial accretions		59,676
Decreases of leases		(75,939)
Payments		(359,662)
Net exchange and translation differences		234,152
Result from net monetary position ^(1)^		(7)
Balance as of September 30, 2025		858,404
(1)	Includes the adjustment for inflation of opening balances of lease liabilities of subsidiaries with the peso as functional<br>currency, which was charged to “Other comprehensive income” in the statement of comprehensive income and the adjustment for inflation of the period, which was charged to net profit or loss in the statement of comprehensive income.<br>
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

23. LOANS

						September 30, 2025						December 31, 2024
	Interest rate^(1)^				Maturity	Non-current			Current			Non-current			Current
Pesos:
Export pre-financing ^(5)^			-		-		-			-			-			31,842
Loans		8.27%	-	59.83%	2025-2027		95,739			99,044			18,560			8,161
							95,739			99,044			18,560			40,003
Currencies other than the peso:
NO ^(2) (3)^		0.00%	-	10.00%	2025-2047		9,490,280			1,928,547			6,445,486			1,357,464
Export pre-financing ^(4)^		2.40%	-	8.70%	2025-2026		150,802			843,376			-			394,681
Imports financing		8.80%	-	10.50%	2025-2026		-			27,031			20,082			17,496
Loans		2.40%	-	11.00%	2026-2030		1,210,468	^(6)^		662,244	^(6)^		739,824	^(6)^		77,846
Stock market promissory notes		0.00%	-	4.50%	2026-2026		-			87,720			25,763			77,287
							10,851,550			3,548,918			7,231,155			1,924,774
							10,947,289			3,647,962			7,249,715			1,964,777
(1)	Nominal annual interest rate as of September 30, 2025.
---	---
(2)	Disclosed net of 155,481 and 18,902 corresponding to YPF’s own NO repurchased through open market transactions, as<br>of September 30, 2025, and December 31, 2024, respectively.
---	---
(3)	Includes 2,153,028 and 1,541,141 as of September 30, 2025, and December 31, 2024, respectively, of nominal value<br>that will be canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued.
---	---
(4)	Includes 70,123 and 137,287 as of September 30, 2025, and December 31, 2024, respectively, of pre-financing of exports granted by BNA.
---	---
(5)	Corresponds to pre-financing of exports in pesos granted by BNA.<br>
---	---
(6)	Includes 358,271 and 28,854 of loans granted by BNA as of September 30, 2025 and December 31, 2024,<br>respectively.
---	---

Set forth below is the evolution of the loans for nine-month period ended September 30, 2025 and for the fiscal year ended December 31, 2024:

	Loans
Balance as of December 31, 2023		6,609,071
Proceeds from loans		2,668,015
Payments of loans		(1,908,219)
Payments of interest		(645,077)
Account overdrafts, net		(45,095)
Accrued interest ^(1)^		617,329
Net exchange and translation differences		1,927,056
Result from net monetary position ^(2)^		(1,432)
Reclassifications ^(3)^		(7,156)
Balance as of December 31, 2024		9,214,492
Proceeds from loans		4,154,321
Payments of loans		(2,112,223)
Payments of interest		(630,256)
Account overdrafts, net		-
Accrued interest ^(1)^		592,528
Net exchange and translation differences		3,376,564
Result from net monetary position ^(2)^		(175)
Reclassifications		-
Balance as of September 30, 2025		14,595,251
(1)	Includes capitalized financial costs.
---	---
(2)	Includes the adjustment for inflation of opening balances of loans of subsidiaries with the peso as functional currency<br>which was charged to “Other comprehensive income” in the statement of comprehensive income, and the adjustment for inflation of the period which was charged to net profit or loss in the statement of comprehensive income.<br>
---	---
(3)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item<br>in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

23. LOANS (cont.)

Details regarding the NO of the Group are as follows:

													September 30, 2025				December 31, 2024
Month	Year		Principal value^(3)^			Class		Interest rate^(1)^			Principal maturity		Non-current		Current		Non-current		Current
YPF
-		1998		U.S. dollar	15		-		Fixed	10.00%		2028		20,382		855		15,270		259
April		2015		U.S. dollar	757		Class XXXIX		-	-		-		-		-		-		808,785
July, December		2017		U.S. dollar	644		Class LIII		Fixed	6.95%		2027		890,872		11,439		669,044		19,946
December		2017		U.S. dollar	537		Class LIV		Fixed	7.00%		2047		729,004		14,835		545,982		1,530
June		2019		U.S. dollar	399		Class I		Fixed	8.50%		2029		547,117		12,276		409,769		391
July		2020		U.S. dollar	341		Class XIII		-	-		-		-		-		-		44,940
February		2021		U.S. dollar	776		Class XVI		Fixed	9.00%		2026		-		166,571		59,632		250,123
February		2021		U.S. dollar	748		Class XVII		Fixed	9.00%		2029		887,298		172,699		778,641		-
February		2021		U.S. dollar	576		Class XVIII		Fixed	7.00%		2033		767,051		-		572,507		10,910
July		2021		U.S. dollar	384		Class XX		Fixed	5.75%		2032		452,983		81,325		395,928		10,102
January		2023		U.S. dollar	230		Class XXI		Fixed	1.00%		2026		-		302,708		226,674		454
April		2023		U.S. dollar	147		Class XXIII		-	-		-		-		-		-		154,330
April		2023		U.S. dollar	38		Class XXIV		Fixed	1.00%		2027		51,606		95		38,662		71
June		2023		U.S. dollar	213		Class XXV		Fixed	5.00%		2026		-		297,187		270,648		684
September		2023		U.S. dollar	400		Class XXVI		Fixed	0.00%		2028		550,200		-		412,200		-
October		2023		U.S. dollar	128		Class XXVII		Fixed	0.00%		2026		187,245		-		151,929		-
January		2024		U.S. dollar	800		Class XXVIII		Fixed	9.50%		2031		982,826		129,128		814,485		36,570
May		2024		U.S. dollar	131		Class XXIX		Fixed	6.00%		2026		-		180,992		182,426		1,035
July, April		2024/25		U.S. dollar	389		Class XXX		Fixed	1.00%		2026		-		511,739		192,076		76
September ^(2)^		2024		U.S. dollar	540		Class XXXI		Fixed	8.75%		2031		741,200		3,454		555,037		14,972
October ^(2)^		2024		U.S. dollar	125		Class XXXII		Fixed	6.50%		2028		171,938		2,511		128,813		1,881
October ^(2)^		2024		U.S. dollar	25		Class XXXIII		Fixed	7.00%		2028		34,388		1,141		25,763		405
January ^(2)^		2025		U.S. dollar	1,100		Class XXXIV		Fixed	8.25%		2034		1,485,024		26,215		-		-
February ^(2)^		2025		U.S. dollar	140		Class XXXV		Fixed	6.25%		2027		191,877		1,153		-		-
February ^(2)^ ^(4)^		2025		U.S. dollar	56		Class XXXVI		-	-		-		-		-		-		-
May		2025		U.S. dollar	140		Class XXXVII		Fixed	7.00%		2027		190,849		2,070		-		-
July		2025		U.S. dollar	250		Class XXXVIII		Fixed	7.50%		2027		340,762		5,122		-		-
July, August		2025		U.S. dollar	225		Class XXXIX		Fixed	8.75%		2030		198,683		4,541		-		-
August		2025		U.S. dollar	51		Class XL		Fixed	7.50%		2028		68,975		491		-		-
														9,490,280		1,928,547		6,445,486		1,357,464
(1)	Nominal annual interest rate as of September 30, 2025.
---	---
(2)	During the nine-month period ended September 30, 2025, the Group has fully complied with the use of proceeds<br>disclosed in the corresponding pricing supplements.
---	---
(3)	Total nominal value issued without including the nominal values canceled through exchanges or repurchases, expressed in<br>millions.
---	---
(4)	Corresponds to a NO with an issue date in February 2025 and maturity in August 2025.
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

24. OTHER LIABILITIES

	September 30, 2025			December 31, 2024
	Non-current	Current		Non-current	Current
Liabilities for concessions and assignment agreements	216,620		137,952	-		96,399
Liabilities for contractual claims ^(1)^	77,036		73,217	76,561		48,315
Provision for operating optimizations ^(2)^	-		128,326	-		274,113
Liabilities for agreements^(3)^	327,738		169,276	-		-
Miscellaneous	-		2,471	-		3,382
	621,394		511,242	76,561		422,209
(1)	See Note 17.a.2) to the annual consolidated financial statements.
---	---
(2)	Includes, mainly, operating optimizations relating to Mature Fields Project, see Note 11 “Mature Fields<br>Project“ section to the annual consolidated financial statements and Note 12 “Mature Fields Project“ section.
---	---
(3)	See Note 12 “Mature Fields Project“ section.
---	---

25. ACCOUNTS PAYABLE

	September 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Trade payable and related parties ^(1)^		5,510		3,271,585		4,106		2,905,736
Guarantee deposits		1,034		4,672		803		4,113
Payables with partners of JO and Consortiums		1,328		15,444		995		39,265
Miscellaneous		-		18,101		-		17,520
		7,872		3,309,802		5,904		2,966,634
(1)	See Note 37 for information about related parties.
---	---

26. REVENUES

	For the nine-month periodsended September 30,
	2025		2024
Revenue from contracts with customers		16,424,606		12,890,278
National Government incentives ^(1)^		196,622		160,545
		16,621,228		13,050,823
(1)	See Note 37.
---	---

•	Breakdown of revenues

Type of good or service

	For the nine-month period ended September 30, 2025
	Upstream		Midstreamand Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		5,371,417		-		-		-		5,371,417
Gasolines		-		3,392,607		-		-		-		3,392,607
Natural gas ^(1)^		30,349		12,510		1,469,694		736,786		-		2,249,339
Crude oil		1,110		901,003		-		-		-		902,113
Jet fuel		-		666,811		-		-		-		666,811
Lubricants and by-products		-		361,764		-		-		-		361,764
LPG		-		398,994		-		-		-		398,994
Fuel oil		-		105,311		-		-		-		105,311
Petrochemicals		-		335,052		-		-		-		335,052
Fertilizers and crop protection products		-		273,554		-		-		-		273,554
Flours, oils and grains		-		536,219		-		-		-		536,219
Asphalts		-		104,385		-		-		-		104,385
Goods for resale at gas stations		-		116,432		-		-		-		116,432
Income from services		-		-		-		1,206		141,786		142,992
Income from construction contracts		-		-		-		-		295,037		295,037
Virgin naphtha		-		142,580		-		-		-		142,580
Petroleum coke		-		212,358		-		-		-		212,358
LNG regasification		-		52,295		-		-		-		52,295
Other goods and services		46,036		243,334		9,086		153,458		313,432		765,346
		77,495		13,226,626		1,478,780		891,450		750,255		16,424,606
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

26. REVENUES (cont.)

	For the nine-month period ended September 30, 2024
	Upstream		Midstream and<br>Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		4,403,367		-		-		-		4,403,367
Gasolines		-		2,648,143		-		-		-		2,648,143
Natural gas ^(1)^		-		13,045		1,063,513		572,375		-		1,648,933
Crude oil		-		685,010		-		-		-		685,010
Jet fuel		-		626,086		-		-		-		626,086
Lubricants and by-products		-		357,592		-		-		-		357,592
LPG		-		302,393		-		-		-		302,393
Fuel oil		-		88,564		-		-		-		88,564
Petrochemicals		-		324,684		-		-		-		324,684
Fertilizers and crop protection products		-		242,305		-		-		-		242,305
Flours, oils and grains		-		296,476		-		-		-		296,476
Asphalts		-		55,447		-		-		-		55,447
Goods for resale at gas stations		-		85,660		-		-		-		85,660
Income from services		-		-		-		728		127,203		127,931
Income from construction contracts		-		-		-		-		288,180		288,180
Virgin naphtha		-		100,762		-		-		-		100,762
Petroleum coke		-		134,949		-		-		-		134,949
LNG regasification		-		38,954		-		-		-		38,954
Other goods and services		34,399		146,870		9,711		82,166		161,696		434,842
		34,399		10,550,307		1,073,224		655,269		577,079		12,890,278
(1)	Includes 1,493,711 and 1,120,514 corresponding to sales of natural gas produced by the Company for the nine-month<br>periods ended September 30, 2025 and 2024, respectively.
---	---

Sales channels

	For the nine-month period ended September 30, 2025
	Upstream		Midstream<br>and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		5,721,256		-		-		-		5,721,256
Power plants		-		13,087		356,863		48,180		-		418,130
Distribution companies		-		-		438,901		-		-		438,901
Retail distribution of natural gas		-		-		-		463,800		-		463,800
Industries, transport and aviation		31,459		3,308,636		681,646		306,173		-		4,327,914
Agriculture		-		1,636,167		-		-		-		1,636,167
Petrochemical industry		-		463,410		-		-		-		463,410
Trading		-		1,464,153		-		-		-		1,464,153
Oil companies		-		160,788		-		-		-		160,788
Commercialization of LPG		-		226,348		-		-		-		226,348
Other sales channels		46,036		232,781		1,370		73,297		750,255		1,103,739
		77,495		13,226,626		1,478,780		891,450		750,255		16,424,606
	For the nine-month period ended September 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---
	Upstream		Midstream<br>and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		4,654,821		-		-		-		4,654,821
Power plants		-		42,436		277,317		28,522		-		348,275
Distribution companies		-		-		234,625		-		-		234,625
Retail distribution of natural gas		-		-		-		341,633		-		341,633
Industries, transport and aviation		-		2,638,588		551,161		273,918		-		3,463,667
Agriculture		-		1,169,359		-		-		-		1,169,359
Petrochemical industry		-		454,699		-		-		-		454,699
Trading		-		1,129,044		-		-		-		1,129,044
Oil companies		-		134,189		-		-		-		134,189
Commercialization of LPG		-		112,228		-		-		-		112,228
Other sales channels		34,399		214,943		10,121		11,196		577,079		847,738
		34,399		10,550,307		1,073,224		655,269		577,079		12,890,278
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

26. REVENUES (cont.)

Target market

Sales in the domestic market amounted to 13,893,154 and 10,960,006 for the nine-month periods ended September 30, 2025 and 2024, respectively.

Sales in the international market amounted to 2,531,452 and 1,930,272 for the nine -month periods ended September 30, 2025 and 2024, respectively.

●	Contract balances

The following table presents information regarding credits, contract assets and contract liabilities:

	September 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Credits for contracts included in the item of “Trade receivables”		9,260		2,515,851		9,408		1,695,892
Contract assets		-		9,890		-		31,207
Contract liabilities		228,484		161,517		116,883		74,795

Contract assets are mainly related to the activities carried out by the Group under construction contracts.

Contract liabilities are mainly related to advances received from customers under contracts for the sale of fuels and agribusiness products and transportation service contracts, among others.

For the nine-month periods ended September 30, 2025 and 2024 the Group has recognized 48,360 and 46,600, respectively, in the “Revenues from contracts with customers” line under the “Revenues” line item in the statement of comprehensive income, which have been included in “Contract liabilities” line item in the statement of financial position at the beginning of each year.

27. COSTS

	For the nine-month periods<br>endedSeptember 30,
	2025			2024
Inventories at beginning of year		1,593,666			1,357,716
Purchases		4,367,760			3,165,839
Production costs ^(1)^		7,748,445			6,053,990
Translation effect		504,807			254,735
Inventories write-down ^(2)^		(802	)		(20,253	)
Adjustment for inflation ^(3)^		11,765			27,374
Inventories at end of the period		(2,103,267	)		(1,659,792	)
		12,122,374			9,179,609
(1)	See Note 28.
---	---
(2)	See Note 13.
---	---
(3)	Corresponds to the adjustment for inflation of opening balances of inventories of subsidiaries with the peso as<br>functional currency, which was charged to “Other comprehensive income” in the statement of comprehensive income
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

28. EXPENSES BY NATURE

	For the nine-month period ended September 30, 2025
	Production costs ^(2)^		Administrative expenses ^(3)^		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		986,964		248,956		136,327			6,384		1,378,631
Fees and compensation for services		88,853		236,917		40,448			491		366,709
Other personnel expenses		241,854		29,431		11,993			7,411		290,689
Taxes, charges and contributions		120,943		11,739		896,980	^(1)^		-		1,029,662
Royalties, easements and fees		925,132		-		1,769			3,731		930,632
Insurance		64,409		3,208		1,698			-		69,315
Rental of real estate and equipment		206,186		679		12,715			-		219,580
Survey expenses		-		-		-			19,285		19,285
Depreciation of property, plant and equipment		2,443,532		39,427		88,227			-		2,571,186
Amortization of intangible assets		35,317		19,280		527			-		55,124
Depreciation of right-of-use<br>assets		239,069		48		13,356			-		252,473
Industrial inputs, consumable materials and supplies		444,694		4,534		9,781			2,400		461,409
Operation services and other service contracts		169,440		13,368		51,316			12,604		246,728
Preservation, repair and maintenance		1,288,047		31,778		32,455			20,205		1,372,485
Unproductive exploratory drillings		-		-		-			977		977
Transportation, products and charges		453,307		-		408,090			-		861,397
Provision for doubtful receivables		-		-		38,131			-		38,131
Publicity and advertising expenses		-		52,634		35,423			-		88,057
Fuel, gas, energy and miscellaneous		40,698		26,381		79,605			4,678		151,362
		7,748,445		718,380		1,858,841			78,166		10,403,832
(1)	Includes 235,064 corresponding to export withholdings and 491,490 corresponding to turnover tax.
---	---
(2)	Includes 33,880 corresponding to research and development activities.
---	---
(3)	Includes 7,146 corresponding to fees and remunerations of Directors Auditors of YPF’s Board of Directors and<br>Statutory.
---	---
	For the nine-month period ended September 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---
	Production costs ^(2)^		Administrative expenses ^(3)^		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		710,231		209,519		98,560			9,766		1,028,076
Fees and compensation for services		43,185		165,513		31,396			179		240,273
Other personnel expenses		199,032		18,405		9,858			2,830		230,125
Taxes, charges and contributions		124,569		16,056		674,434	^(1)^		-		815,059
Royalties, easements and fees		767,690		-		1,319			1,850		770,859
Insurance		55,682		2,904		2,732			-		61,318
Rental of real estate and equipment		152,040		791		10,013			-		162,844
Survey expenses		-		-		-			24,245		24,245
Depreciation of property, plant and equipment		1,450,152		29,430		60,366			-		1,539,948
Amortization of intangible assets		18,553		9,417		344			-		28,314
Depreciation of right-of-use<br>assets		170,485		32		8,023			-		178,540
Industrial inputs, consumable materials and supplies		369,499		2,861		5,425			1,896		379,681
Operation services and other service contracts		409,970		8,206		35,937			10,868		464,981
Preservation, repair and maintenance		1,080,214		26,183		29,848			11,951		1,148,196
Unproductive exploratory drillings		-		-		-			50,299		50,299
Transportation, products and charges		363,499		-		313,792			-		677,291
Provision for doubtful receivables		-		-		58,562			-		58,562
Publicity and advertising expenses		-		25,634		36,070			-		61,704
Fuel, gas, energy and miscellaneous		139,189		9,383		57,138			5,978		211,688
		6,053,990		524,334		1,433,817			119,862		8,132,003
(1)	Includes 150,025 corresponding to export withholdings and 402,194 corresponding to turnover tax.
---	---
(2)	Includes 28,368 corresponding to research and development activities.
---	---
(3)	Includes 6,058 corresponding to fees and remunerations of Directors of YPF’s Board of Directors and Statutory<br>Auditors.
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

29. OTHER NET OPERATING RESULTS

	For the nine-month periodsended September 30,
	2025		2024
Lawsuits		(24,656)		(50,439)
Export Increase Program ^(1)^		19,898		57,812
Result from sale of assets ^(2)^ ^(3)^		244,313		-
Result from changes in fair value of assets held for sale<br>^(2)^		(260,132)		-
Provision for severance indemnities ^(2)^		(31,646)		(61,115)
Provision for operating optimizations ^(2)^		(119,904)		-
Provision for obsolescence of materials and equipment<br>^(2)^		(266,286)		-
Result from revaluation of companies ^(4)^		52,934		-
Miscellaneous		(65,788)		11,431
		(451,267)		(42,311)
(1)	See Note 36.h) to the annual consolidated financial statements and Note 36.i).
---	---
(2)	See Note 12 “Mature Fields Project” section.
---	---
(3)	See Note 35.b) “Aguada del Chañar” section.
---	---
(4)	See Note 4 “Acquisition of equity participation of OLCLP”.
---	---

30. NET FINANCIAL RESULTS

	For the nine-month periodsended September 30,
	2025		2024
Financial income
Interest on cash and cash equivalents and investments in financial assets		27,900		24,860
Interest on trade receivables		38,489		45,202
Other financial income		19,511		8,725
Total financial income		85,900		78,787
Financial costs
Loan interest		(581,059)		(459,139)
Hydrocarbon well abandonment provision financial accretion<br>^(1)^		(266,696)		(233,627)
Other financial costs		(97,868)		(85,187)
Total financial costs		(945,623)		(777,953)
Other financial results
Exchange differences generated by loans		385		15,528
Exchange differences generated by cash and cash equivalents and investments in financial assets		(58,186)		(10,320)
Other exchange differences, net		31,666		(88,118)	^(3)^
Result on financial assets at fair value through profit or loss		82,609		125,928
Result from derivative financial instruments		6,486		173
Result from net monetary position		(27,741)		55,491
Export Increase Program ^(2)^		-		2,646
Result from transactions with financial assets		6		(6,295)
Total other financial results		35,225		95,033
Total net financial results		(824,498)		(604,133)
(1)	Includes 163,463 and 137,744 corresponding to the financial accretion of liabilities directly associated with assets<br>held for sale for the nine-month periods ending September 30, 2025 and 2024, respectively, see Note 2.b.13) to the annual consolidated financial statements and Note 12 “Mature Fields Project” section.
---	---
(2)	See Note 36.h) to the annual consolidated financial statements and Note 36.i).
---	---
(3)	See Note 2.d).
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

31. INVESTMENTS IN JOINT OPERATIONS AND CONSORTIUMS

	September 30, 2025		December 31, 2024
Non-current assets<br>^(1)^		9,563,973		6,477,762
Current assets		505,365		596,499
Total assets		10,069,338		7,074,261
Non-current liabilities		498,857		462,812
Current liabilities		912,528		792,368
Total liabilities		1,411,385		1,255,180
(1)	Does not include charges for impairment of property, plant and equipment because they are recorded by the partners<br>participating in the JO and Consortiums.
---	---
	For the nine -month periodsended September 30,
---	---	---	---	---
	2025		2024
Production cost		2,428,703		1,574,683
Exploration expenses		8,211		21,515
32.	SHAREHOLDERS’ EQUITY
---	---

On April 30, 2025, the General Shareholders’ Meeting was held, which approved the statutory financial statements of YPF (see Note 2.b)) corresponding to the year ended on December 31, 2024 and, additionally, approved the following in relation to the retained earnings: (i) completely release the reserve for purchase of treasury shares and the reserve for investments; (ii) allocate the amount of 34,205 to appropriate a reserve for purchase of treasury shares; and (iii) allocate the amount of 6,787,343 to appropriate a reserve for investments.

33. EARNINGS PER SHARE

The following table presents the net profit or loss and the number of shares that have been used for the calculation of the basic and diluted earnings per share:

	For the nine-month periodsended September 30,
	2025		2024
Net (loss) / profit		(213,448)		2,387,951
Weighted average number of shares outstanding		392,566,782		392,063,964
Basic and diluted earnings per share		(543.72)		6,090.72

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

34. CONTINGENT ASSETS AND LIABILITIES

34.a) Contingent assets

The Group has no significant contingent assets.

34.b) Contingent liabilities

Contingent liabilities are described in Note 34.b) to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2025, are described below:

34.b.1) Contentious claims

●	Petersen Energía Inversora, S.A.U. and Petersen Energía, S.A.U. (collectively, “Petersen”)– Eton Park Capital Management, L.P., Eton Park Master Fund, LTD. and Eton Park Fund, L.P. (collectively, “Eton Park”, and together with Petersen, the “Plaintiffs”)

The Republic filed motions to stay the June 30, 2025 turnover orders pending its appeal of those orders, which were denied by the District Court.

YPF is not a party to the aforementioned turnover proceedings.

On July 29, 2025, the District Court lifted the stay of alter ego discovery entered on November 15, 2024, including regarding YPF.

With respect to the appeal of the final judgment issued on September 15, 2023, the Court of Appeals held oral argument on October 29, 2025.

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

34. CONTINGENT ASSETS AND LIABILITIES (cont.)

YPF will continue to defend itself in accordance with the applicable legal procedures and available defenses.

The Company will continue to reassess the status of these litigations and their possible impact on the results and financial situation of the Group, as needed.

35. CONTRACTUAL COMMITMENTS

35.a) Exploitation concessions, transport concessions and exploration permits

Hydrocarbon Unconventional Exploitation Concessions (“CENCH”, by its acronym in Spanish) in the Province of Neuquén

-	Aguada de la Arena: YPF has 100% of the working interest in this CENCH and the commitments assumed include the<br>execution of a pilot plan of 6 unconventional wells.
-	La Angostura Sur I: YPF has 100% of the working interest in this CENCH and the commitments assumed include the<br>execution of a pilot plan of 4 unconventional wells.
---	---
-	La Angostura Sur II: YPF has 100% of the working interest in this CENCH and the commitments assumed include the<br>execution of a pilot plan of 3 unconventional wells.
---	---
-	Narambuena: This CENCH is 50% owned by YPF and 50% by Compañía de Desarrollo No Convencional S.R.L.<br>(“CDNC”) and the commitments assumed include the execution of a pilot plan of 14 unconventional wells.
---	---

In addition to the aforementioned commitments assumed by YPF, it includes payments for an exploitation bonus and a corporate social responsibility bonus.

Los Parlamentos

The dates indicated correspond to the date of publication in the respective Official Gazettes, unless otherwise indicated.

35.b) Investment agreements and commitments and assignments

Aguada del Chañar

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

35. CONTRACTUAL COMMITMENTS (cont.)

The sale price of the transaction agreed by the parties contemplates a sum of US$ 75 million and, in addition, CGC will pay on behalf of YPF 80.40% of the investments in the block attributable to YPF’s working interest up to a maximum sum of US$ 372 million for a period of 4 years. As of the closing date of the transaction, YPF recognized a gain as a result of the sale of this asset of 20,757 in the “Other operating results, net” line item in the statement of comprehensive income.

LNG project

---

The Company has entered into the GSA and the SESA Shareholders’ Agreement guaranteeing the obligations of its subsidiary Sur Inversiones Energéticas under such agreements. In addition, related to the 25% equity interest of Sur Inversiones Energéticas in SESA, on May 30, 2025, and October 27, 2025, the Company granted guarantees in favor of Golar Hilli Corporation for up to US$ 137.5 million and in favor of Golar MKII Corporation for up to US$ 187.5 million, respectively.

35.c) Granted guarantees

Vaca Muerta Sur Project guarantee

On July 8, 2025, our associated VMOS signed an international syndicated loan for US$ 2,000 million to finance the construction of the Vaca Muerta Sur Project. As guarantee for the obligations assumed in this loan, VMOS’s shareholders, including YPF, have granted a fiduciary assignment of their VMOS’s shares as collateral for such financing, which will remain in force until the completion of the Vaca Muerta Sur Project.

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

36. MAIN REGULATIONS

36.a) Regulations applicable to the hydrocarbon industry

During the nine-month period ended September 30, 2025, there were no significant updates to the regulatory framework described in Note 36.a) to the annual consolidated financial statements.

36.b) Regulations applicable to the Midstream and Downstream business segment

36.b.1) Regulatory framework associated with the LPG industry

36.c) Regulations applicable to the LNG and Integrated Gas business segment

Updates to the regulatory framework described in Notes 36.c.1) and 36.c.2) to the annual consolidated financial statements for the nine-month period ended September 30, 2025, are described below:

36.c.1) Exports of natural gas and LNG

LNG

36.d) Regulations applicable to the New Energies business segment

36.d.1) Regulatory requirements applicable to natural gas distribution

Tariff schemes and tariff renegotiations

On April 30, 2025, ENARGAS Resolution No. 257/2025 was published, which approved: (i) the RQT corresponding to Metrogas; (ii) the segmentation of residential users; (iii) the investment plans for the five-year period 2025 - 2030; and (iv) the initial tariff scheme and the schemes of rates and charges corresponding to Metrogas effective as from May 1, 2025. The increase expected as a result of the RQT process will be effective in 31 consecutive monthly increases, which recognizes a cost for the deferral at a real weighted average cost of the capital employed rate in pesos of 7.64% and establishes that the increase in distribution tariffs for May 2025 applicable to residential users and general service customers will be 3%. The application of the remaining increase derived from the RQT will be completed in the remaining 30 installments, plus the recognition of the cost of the aforementioned deferral.

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

36. MAIN REGULATIONS (cont.)

ENARGAS, through several resolutions, approved the tariff schemes to be applied by Metrogas on a monthly basis within the framework of the RQT in accordance with the provisions of ENARGAS Resolution No. 363/2025.Procedure for the compensation of the lower revenues received by natural gas distributors from their users

36.d.2) Regulatory framework associated with electricpower generation

CAMMESA

36.d.3) Decree No. 55/2023 “Emergency in the National Energy Sector”

On July 7, 2025, Decree No. 452/2025 was published, establishing the National Gas and Electricity Regulatory Agency and granting a term of 180 days for its commencement of operations.

36.e) Incentive programs for hydrocarbon production

Updates to the regulatory framework described in Note 36.d) to the annual consolidated financial statements for the nine-month period ended September 30, 2025, are described below:

36.e.1) Incentive programs for natural gas production

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

36. MAIN REGULATIONS (cont.)

36.f) Investment incentive programs

Updates to the regulatory framework described in Note 36.e) to the annual consolidated financial statements for the nine-month period ended September 30, 2025, are described below:

Large Investment Incentive Regime (“RIGI”)

As of the date of issuance of these condensed interim consolidated financial statements, the following projects of the Group adhered to the RIGI:

-	LNG Project, through our subsidiary Sur Inversiones Energéticas, for the installation of two floating natural<br>gas liquefaction plants to obtain LNG.
-	Vaca Muerta Sur Project, through our associate VMOS, for the construction of a crude oil transportation infrastructure<br>project.
---	---
-	El Quemado solar farm, through our joint venture YPF EE, for the construction of a solar farm for electricity<br>generation.
---	---

36.g) Tax regulations

During the nine-month period ended September 30, 2025, there were no significant updates to the regulatory framework described in Note 36.f) to the annual consolidated financial statements.

36.h) Custom regulations

Updates to the regulatory framework described in Note 36.g) to the annual consolidated financial statements for the nine-month period ended September 30, 2025, are described below:

36.h.1) Export duties

Agricultural products

36.i) Regulations related to the Foreign Exchange Market

Updates to the regulatory framework described in Note 36.h) to the annual consolidated financial statements for the nine-month period ended September 30, 2025, are described below:

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

36. MAIN REGULATIONS (cont.)

Export Increase Program

36.j) Decree of Necessity and Urgency (“DNU” by its acronym in Spanish) No. 70/2023

During the nine-month period ended September 30, 2025, there were no significant updates to the regulatory framework described in Note 36.i) to the annual consolidated financial statements.

36.k) Law of Bases and Starting Points for the Freedom of Argentines No. 27,742 (“BasesLaw”) and Regulatory Decree No 1,057/2024 (“Decree No 1,057/2024”)

During the nine-month period ended September 30, 2025, there were no significant updates to the regulatory framework described in Note 36.j) to the annual consolidated financial statements.

36.l) CNVregulatory framework

Information requirements as Settlement and Clearing Agent and Trading Agent

As of the date of issuance of these condensed interim consolidated financial statements, the Company is registered in the CNV under the category “Settlement and Clearing Agent and Trading Agent - Direct Participant”, record No. 549. Considering the Company’s business and the CNV Rules, the Company will not, under any circumstance, offer brokerage services to third parties for transactions in markets under the jurisdiction of the CNV, and it will also not open operating accounts to third parties to issue orders and trade in markets under the jurisdiction of the CNV.

In accordance with the CNV Rules, the Company is subject to the provisions of Article 5 c), Chapter II, Title VII of the CNV Rules, “Settlement and Clearing Agent - Direct Participant”. In this respect, as set forth in Article 13, Chapter II, Title VII, of the CNV Rules, as of September 30, 2025, the equity of the Company exceeds the minimum equity required by such Rules, which amounts to 752.

Documentation keeper

According to the dispositions established in Article 48, Section XII, Chapter IV, Title II of the CNV Rules, the Company informs that supporting documentation of YPF’s operations, which is not in YPF’s headquarters, is stored in the following companies:

-	AdeA Administradora de Archivos S.A., located in Barn 3 - Route 36, Km. 31.5 - Florencio Varela - Province of Buenos<br>Aires.
-	File S.R.L., located in Panamericana and R.S. Peña - Blanco Encalada - Luján de Cuyo - Province of<br>Mendoza.
---	---
-	Custodia Archivos del Comahue S.A., Parque Industrial Este, Block N Plot No. 2 - Capital of Neuquén, Province of<br>Neuquén.
---	---

Additionally, it is placed on record that the detail of the documentation given in custody is available at the registered office, as well as the documents mentioned in Section 5, Subsection a.3, Section I, Chapter V, Title II of the CNV Rules.

Additional and/or complementary information

According to the dispositions established in Article 3, item 7, section d), Chapter III, Title IV of the CNV rules relating to the disclosure requirement of unpaid accrued dividends on preferred shares, we inform that the Company has not issued any preferred shares.

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

36. MAIN REGULATIONS (cont.)

According to the dispositions established in Article 3, item 7, section e), Chapter III, Title IV of the CNV rules relating to the disclosure requirement of the conditions, circumstances and deadlines for the cessation of restrictions to the distribution of unappropriated retained earnings and losses and/or reserves, we inform that the restrictions to the distribution of unappropriated retained earnings and losses and/or reserves are detailed in Note 31 to the annual consolidated financial statements.

In accordance with the limits set forth in Article 31 of the LGS and in accordance with the provisions of Article 6, Chapter III, Title IV of the CNV regulations, we inform those investments in other companies, excluding those with complementary or integrating corporate purpose, do not exceed such limits.

Effect of the translation of the shareholders’ contributions

In accordance with the requirement of the Article 5, Chapter III, Title IV, of the CNV Rules, the table below discloses the translation effect corresponding to the accounts of “Capital”, “Adjustment to capital”, “Treasury shares” and “Adjustment to treasury shares”, which is included within “Other comprehensive income” in the statement of changes in shareholder’s equity:

	For the nine-month periodsended September 30,
	2025		2024
Balance at the beginning of the fiscal year		4,043,221		3,163,700
Other comprehensive income		1,356,985		637,624
Balance at the end of the period		5,400,206		3,801,324

As of September 30, 2025 and 2024, the translation effect corresponding to the “Issuance premiums” account amounts to 879,671 and 619,513, respectively, and is included within “Other comprehensive income” in the statement of changes in shareholder’s equity.

In addition, as of September 30, 2025 and 2024, the translation effect corresponding to the accounts “Share-based benefit plans”, “Acquisition cost of treasury shares” and “Share trading premium” amounts to (88,043) and (61,628), respectively, and is included within “Other comprehensive income” in the statement of changes in shareholder’s equity.

The dates indicated correspond to the date of publication in the respective Official Gazettes, unless otherwiseindicated.

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

37.BALANCES AND TRANSACTIONS WITH RELATED PARTIES

The tables below present the balances with associates and joint ventures as of September 30, 2025 and December 31, 2024:

	September 30, 2025
	Other receivables				Tradereceivables		Investmentsin financialassets		Accountspayable		Contractliabilities		Contractassets
	Non-Current		Current		Current		Current		Current		Current		Current
Joint Ventures:
YPF EE		-		7,391		12,980		3,572		47,837		—		—
Profertil		-		233		32,506		-		34,294		-		-
MEGA		-		-		110,375		-		89		311		2,549
Refinor		-		-		10,308		-		1,385		-		-
OLCLP ^(1)^		-		-		-		-		-		-		-
Sustentator		-		-		54		-		-		-		-
CT Barragán		-		-		1		-		-		-		-
OTA		-		-		4		-		2,546		-		-
OTC		-		-		-		-		-		-		-
		-		7,624		166,228		3,572		86,151		311		2,549
Associates:
CDS		-		-		588		-		-		-		-
YPF Gas		-		2,514		26,012		-		3,106		-		-
Oldelval		214,702		18,370		115		6,248		37,148		-		-
Termap		-		-		-		-		2,872		-		-
GPA		-		-		-		-		2,238		-		-
OTAMERICA		63,613		15,163		128		808		7,405		-		-
Gas Austral		-		-		381		-		11		-		-
VMOS		-		16,633		34,697		-		-		46,849		-
		278,315		52,680		61,921		7,056		52,780		46,849		-
		278,315		60,304		228,149		10,628		138,931		47,160		2,549
	December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Other receivables				Tradereceivables		Investmentsin financialassets		Accountspayable		Contractliabilities		Contractassets
	Non-Current		Current		Current		Current		Current		Current		Current
Joint Ventures:
YPF EE		-		3,792		3,665		2,766		44,087		-		-
Profertil		-		150		14,498		-		16,773		-		-
MEGA		-		-		51,473		-		862		-		16,099
Refinor		-		-		11,219		-		866		-		-
OLCLP ^(1)^		-		501		5		-		2,801		-		-
Sustentator		-		-		41		-		-		-		-
CT Barragán		-		-		-		-		-		-		-
OTA		-		-		3		-		2,278		-		-
OTC		-		-		-		-		-		-		-
		-		4,443		80,904		2,766		67,667		-		16,099
Associates:
CDS		-		15		561		-		-		-		-
YPF Gas		-		1,109		20,728		-		1,252		-		-
Oldelval		144,944		4,620		63		4,329		13,136		-		-
Termap		-		-		-		-		2,846		-		-
GPA		-		-		-		-		3,471		-		-
OTAMERICA		19,259		8,030		170		559		4,437		-		-
Gas Austral		-		-		323		-		21		-		-
VMOS		-		17,354		-		-		-		-		-
		164,203		31,128		21,845		4,888		25,163		-		-
		164,203		35,571		102,749		7,654		92,830		-		16,099
(1)	As of June 4, 2025 OLCLP is a subsidiary of YPF, see Note 4 “Acquisition of equity participation of<br>OLCLP” section.
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

The table below presents the transactions with associates and joint ventures for the nine-month periods ended September 30, 2025 and 2024:

	For the nine-month periods ended September 30,
	2025						2024
	Revenues		Costs andexpenses		Net interestincome (loss)		Revenues		Costs andexpenses		Net interestincome (loss)
Joint Ventures:
YPF EE		21,161		121,408		80		19,495		73,170		305
Profertil		78,572		98,933		-		72,323		87,240		89
MEGA		358,417		1,204		-		261,682		7,692		21
Refinor		63,256		10,283		515		49,242		7,471		833
OLCLP ^(1)^		-		-		-		631		9,228		-
Sustentator		-		-		-		-		-		-
CT Barragán		7		-		-		6		-		-
OTA		33		18,767		-		24		13,131		-
OTC		-		-		-		-		39		-
		521,446		250,595		595		403,403		197,971		1,248
Associates:
CDS		7,870		-		40		140		-		9
YPF Gas		80,315		2,252		63		45,145		2,625		(126)
Oldelval		495		104,048		3		387		42,384		14
Termap		-		18,124		-		-		16,056		-
GPA		-		21,062		-		-		14,915		-
OTAMERICA		3,979		43,927		1		62		21,464		-
Gas Austral		3,081		31		3		2,319		15		-
VMOS		57,963		-		-		-		-		-
		153,703		189,444		110		48,053		97,459		(103)
		675,149		440,039		705		451,456		295,430		1,145
(1)	As of June 4, 2025 OLCLP is a subsidiary of YPF, see Note 4 “Acquisition of equity participation of<br>OLCLP” section.
---	---

Additionally, in the normal course of business, and considering being the main energy group of Argentina, the Group’s clients and suppliers portfolio encompasses both private sector as well as national public sector entities. As required by IAS 24 “Related party disclosures”, among the major transactions above mentioned the most important are:

		Balances ^(14)^				Transactions
		Receivables / (Liabilities)				Income / (Costs)
		September 30, 2025		December 31, 2024		For the nine-month periodsended September 30,
Client / Suppliers	Ref.				2025			2024
SE	(1) (13)		148,014		20,800		183,849		135,617
SE	(2) (13)		6,729		5,777		6,702		5,094
SE	(3) (13)		167		167		-		-
SE	(4) (13)		2,480		5,259		6,071		16,224
SE	(5) (13)		6,813		6,813		-		-
Secretary of Transport	(6) (13)		68		68		-		3,610
CAMMESA	(7)		100,599		82,315		385,491		318,165
CAMMESA	(8)		(3,847)		(1,979)		(14,400)		(40,500)
ENARSA	(9)		276,199		69,435		341,783		180,067
ENARSA	(10)		(80,558)		(70,561)		(46,010)		(59,431)
Aerolíneas Argentinas S.A.	(11)		40,527		28,307		260,195		219,454
Aerolíneas Argentinas S.A.	(12)		(10)		(13)		(10)		(13)
(1)	Benefits for the Plan GasAr 2020-2024 and Plan GasAr 2023-2028, see Note 36.d.1) to the annual consolidated financial<br>statements.
---	---
(2)	Benefits for the propane gas supply agreement for undiluted propane gas distribution networks, see Note 36.d.2)<br>“Propane Network Agreement” section to the annual consolidated financial statements.
---	---
(3)	Benefits for the recognition of the financial cost generated by payment deferral by providers of the distribution<br>service of natural gas and undiluted propane gas through networks, see Note 37 to the annual consolidated financial statements.
---	---
(4)	Compensation for the lower income that natural gas distribution service by networks licensed companies receive from<br>their users, see Note 36.c.3) to the annual consolidated financial statements and Note 36.d.1).
---	---
(5)	Compensation by Decree No. 1,053/2018, see Note 36.c.1) to the annual consolidated financial statements.<br>
---	---
(6)	Compensation for providing diesel to public transport of passengers at a differential price, see Note 37 to the annual<br>consolidated financial statements.
---	---
(7)	Sales of fuel oil, diesel, natural gas and transportation and distribution services.
---	---
(8)	Purchases of electrical energy.
---	---
(9)	Sales of natural gas and provision of regasification service of LNG and construction inspection service.<br>
---	---
(10)	Purchases of natural gas and crude oil.
---	---
(11)	Sales of jet fuel.
---	---
(12)	Purchases of miles for YPF Serviclub Program and publicity expenses.
---	---
(13)	Income from incentives recognized according to IAS 20 “Accounting for government grants and disclosure of<br>government assistance”, see Note 2.b.12) “Income from Government incentive programs” section to the annual consolidated financial statements.
---	---
(14)	Do not include, if applicable, the provision for doubtful trade receivables.
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

In addition, in connection with the investment agreement signed between YPF and subsidiaries of Chevron Corporation, YPF has an indirect non-controlling interest in Compañía de Hidrocarburo No Convencional S.R.L. (“CHNC”). During the nine-month periods ended September 30, 2025 and 2024, YPF and CHNC carried out transactions such as the purchases of crude oil by YPF for 399,153 and 341,503, respectively, among others. These transactions were consummated in accordance with the general and regulatory conditions of the market. The net balance payable to CHNC as of September 30, 2025 and December 31, 2024 amounts to 31,319 and 64,886, respectively. See Note 37 to the annual consolidated financial statements.

	For the nine-month periodsended September 30,
	2025			2024
Short-term benefits ^(1)^		25,334			19,112
Share-based benefits ^(3)^		(1,550)			6,379
Post-retirement benefits		790			529
Termination benefits		4,739			-
		29,313	^(2)^		26,020	^(2)^
(1)	Does not include social security contributions of 5,864 and 4,323 for the nine-month periods ended September 30,<br>2025 and 2024, respectively.
---	---
(2)	The accrued compensation for the YPF’s key management personnel, to the functional currency of the Company,<br>correspond to US$ 26 million and US$ 28 million for the nine-month periods ended September 30, 2025 and 2024, respectively.
---	---
(3)	Include Value Generation Plan, see Note 38 and Note 38 to the annual consolidated financial statements.<br>
---	---

38. EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS

Note 38 to the annual consolidated financial statements describes the main characteristics and accounting treatment for employee benefit plans and similar obligations implemented by the Group.

Retirement plan

The amount charged to expense related to the Retirement Plan was 3,801 and 2,890 for the nine-month periods ended September 30, 2025 and 2024, respectively.

Short-term benefit programs

The amount charged to expense related to the short-term benefit programs was 181,584 and 152,788 for the nine-month periods ended September 30, 2025 and 2024, respectively.

Share-based benefit plans

As of September 30, 2025, there are 4.6 million number of PSARs outstanding with and a weighted average fair value of US$ 10.87 per PSARs. The amount charged to expense in relation with Value Generation Plan was a recovery of 9,582 due to changes in the fair value estimate of the option and a loss of 6,762 for the nine-month periods ended September 30, 2025 and 2024, respectively. As of December 31, 2024, weighted average fair value was US$ 28.6 per PSARs.

The amount charged to expense in relation with the remaining share-based benefit plans was 10,341 and 4,119 to be settled in equity instruments, for the nine-month periods ended September 30, 2025 and 2024, respectively, and 1,583 and 8,395 to be settled in cash, for the nine-month periods ended September 30, 2025 and 2024, respectively.

Note 2.b.11) to the annual consolidated financial statements describes the accounting policies for share-based benefit plans. Repurchases of treasury shares are disclosed in Note 32.

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

39. ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN THE PESO

	September 30, 2025							December 31, 2024
	Amount incurrenciesother than thepeso			Exchangerate in force^(1)^		Total		Amount incurrenciesother than thepeso			Exchangerate in force^(1)^		Total
Non-current assets
Other receivables
U.S. dollar		479			1,371.00		657,090		176			1,029.00		181,133
Bolivian peso		35			196.98		6,878		21			147.84		3,092
Total non-current assets							663,968							184,225
Current assets
Other receivables
U.S. dollar		240			1,371.00		329,408		226			1,029.00		232,470
Euro		1			1,608.59		1,180		-	^(2)^		1,068.62		296
Yen		428			9.27		3,967		-			-		-
Swiss franc		2			1,722.52		2,626		-	^(2)^		1,136.43		341
Chilean peso		9,687			1.42		13,755		10,305			1.00		10,305
Trade receivables
U.S. dollar		701			1,371.00		961,157		638			1,029.00		656,575
Euro		-	^(2)^		1,608.59		109		-	^(2)^		1,068.62		63
Chilean peso		4,844			1.42		6,878		6,183			1.00		6,183
Investments in financial assets
U.S. dollar		192			1,371.00		262,747		368			1,029.00		378,605
Cash and cash equivalents
U.S. dollar		321			1,371.00		439,799		524			1,029.00		538,683
Euro		-	^(2)^		1,608.59		2		-			-		-
Chilean peso		1,937			1.42		2,751		11,336			1.00		11,336
Total current assets							2,024,379							1,834,857
Total assets							2,688,347							2,019,082
Non-current liabilities
Provisions
U.S. dollar		1,054			1,380.00		1,454,893		998			1,032.00		1,029,971
Contract liabilities
U.S. dollar		166			1,380.00		228,484		113			1,032.00		116,883
Salaries and social security
U.S. dollar		26			1,380.00		35,259		33			1,032.00		33,758
Lease liabilities
U.S. dollar		313			1,380.00		431,251		406			1,032.00		418,510
Loans
U.S. dollar		7,863			1,380.00		10,851,550		7,007			1,032.00		7,231,155
Other liabilities
U.S. dollar		433			1,380.00		597,410		74			1,032.00		76,561
Accounts payable
U.S. dollar		13			1,380.00		18,415		5			1,032.00		4,701
Total non-current liabilities							13,617,262							8,911,539
Current liabilities
Liabilities directly associated with assets held for sale
U.S. dollar		911			1,380.00		1,257,387		2,133			1,032.00		2,201,617
Provisions
U.S. dollar		133			1,380.00		183,114		115			1,032.00		119,023
Contract liabilities
U.S. dollar		14			1,380.00		19,040		10			1,032.00		10,093
Salaries and social security
U.S. dollar		81			1,380.00		111,727		53			1,032.00		54,380
Chilean peso		-			-		-		1,031			1.00		1,031
Lease liabilities
U.S. dollar		310			1,380.00		427,133		369			1,032.00		381,134
Loans
U.S. dollar		2,572			1,380.00		3,548,918		1,865			1,032.00		1,924,774
Other liabilities
U.S. dollar		281			1,380.00		387,639		141			1,032.00		145,936
Accounts payable
U.S. dollar		1,119			1,380.00		1,544,894		1,301			1,032.00		1,342,952
Euro		19			1,622.60		30,376		12			1,074.31		12,992
Pound sterling		-	^(2)^		1,850.88		192		-	^(2)^		1,293.79		302
Yen		139			9.35		1,296		6			6.58		39
Swiss franc		-	^(2)^		1,736.16		321		-	^(2)^		1,141.31		11
Yuan		2			197.79		381		2			144.43		278
Chilean peso		-	^(2)^		258.64		72		-			-		-
Brazilian Real		1,937			1.42		2,751		2,061			1.00		2,061
Total current liabilities							7,515,241							6,196,623
Total liabilities							21,132,503							15,108,162

(1) Exchange rate as of September 30, 2025 and December 31, 2024 according to the BNA.

(2) Registered value less than 1.

HORACIO DANIEL MARÍN<br><br><br>President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA<br> <br>NOTES TO THECONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF SEPTEMBER 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, or as otherwise indicated)
40.	SUBSEQUENT EVENTS
---	---

Issuance of NO

On October 8, 2025, the Company issued in the local market Class XLI NO denominated and payable in U.S. dollars for a nominal amount of US$ 99 million, maturing in January 2027 and quarterly interest payments at a fixed nominal annual rate of 6%.

On November 5, 2025, the Company issued Additional Class XXXI NO for a nominal amount of US$ 500 million at an issue price of US$ 102.07 per US$ 100 of nominal value in the international market. The Additional Class XXXI NO mature in September 2031 and pay semi-annual interest at a fixed nominal annual rate of 8.75%.

These condensed interim consolidated financial statements were approved by the Board of Directors’ meeting and authorized to be issued on November 7, 2025.

HORACIO DANIEL MARÍN<br><br><br>President

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.

	YPF Sociedad Anónima
Date: November 14, 2025	By:	/s/ Margarita<br>Chun
	Name:	Margarita Chun
	Title:	Market Relations Officer

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents