6-K

SECURITIES AND EXCHANGE COMMISSION

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

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

Item 1

LOGO

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIALSTATEMENTS AS OF JUNE 30, 2025

AND COMPARATIVE INFORMATION

YPF SOCIEDAD ANONIMA<br><br><br>CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br> <br>AS OF JUNE 30, 2025 ANDCOMPARATIVE 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’ 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	10
5	Financial risk management	12
6	Business segment information	12
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	42
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 JUNE 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<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
Oiltanking	Associate Oiltanking Ebytem S.A.
OLCLP	Subsidiary Oleoducto Loma Campana—Lago Pellegrini S.A.
Oldelval	Associate Oleoductos del Valle S.A.
OPESSA	Subsidiary Operadora de Estaciones de Servicios S.A.
OTA	Joint venture OleoductoTrasandino (Argentina) 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.
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
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 JUNE 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 MARÍN

President

	3
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2025 AND DECEMBER 31, 2024

(Amounts expressed in millions of United States dollars)

	Notes	June 30,<br>2025		December 31,<br>2024
ASSETS
Non-current assets
Intangible assets	8		590		491
Property, plant and equipment	9		19,348		18,736
Right-of-use assets	10		672		743
Investments in associates and joint ventures	11		1,913		1,960
Deferred income tax assets, net	19		231		330
Other receivables	14		760		337
Trade receivables	15		2		1
Total non-current assets		****	23,516	****	22,598
Current assets
Assets held for sale	12		529		1,537
Inventories	13		1,482		1,546
Contract assets	26		21		30
Other receivables	14		661		552
Trade receivables	15		1,795		1,620
Investments in financial assets	16		237		390
Cash and cash equivalents	17		774		1,118
Total current assets		****	5,499	****	6,793
TOTAL ASSETS		****	29,015	****	29,391
SHAREHOLDERS’ EQUITY
Shareholders’ contributions			4,511		4,506
Retained earnings			7,183		7,146
Shareholders’ equity attributable to shareholders of the parent company		****	11,694	****	11,652
Non-controlling interest			230		218
TOTAL SHAREHOLDERS’ EQUITY		****	11,924	****	11,870
LIABILITIES
Non-current liabilities
Provisions	18		1,093		1,084
Contract liabilities	26		167		114
Deferred income tax liabilities, net	19		104		90
Income tax liability			2		2
Salaries and social security	21		34		34
Lease liabilities	22		364		406
Loans	23		7,592		7,035
Other liabilities	24		384		74
Accounts payable	25		5		6
Total non-current liabilities		****	9,745	****	8,845
Current liabilities
Liabilities directly associated with assets held for sale	12		945		2,136
Provisions	18		116		116
Contract liabilities	26		114		73
Income tax liability			28		126
Taxes payable	20		282		247
Salaries and social security	21		289		412
Lease liabilities	22		345		370
Loans	23		2,252		1,907
Other liabilities	24		321		410
Accounts payable	25		2,654		2,879
Total current liabilities		****	7,346	****	8,676
TOTAL LIABILITIES		****	17,091	****	17,521
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		****	29,015	****	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 SIX AND THREE-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024

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

		For the six-month periods endedJune 30,				For the three-month periods endedJune 30,
Net income	Notes	2025		2024		2025		2024
Revenues	26		9,249		9,245		4,641		4,935
Costs	27		(6,797)		(6,476)		(3,468)		(3,457)
Gross profit		****	2,452	****	2,769	****	1,173	****	1,478
Selling expenses	28		(1,063)		(1,044)		(535)		(577)
Administrative expenses	28		(394)		(351)		(188)		(210)
Exploration expenses	28		(51)		(111)		(21)		(88)
Reversal / (Impairment) of property, plant and equipment	9		9		(5)		9		(5)
Other net operating results	29		(349)		(2)		(26)		(8)
Operating profit		****	604	****	1,256	****	412	****	590
Income from equity interests in associates and joint ventures	11		75		156		(6)		27
Financial income	30		44		68		28		32
Financial costs	30		(564)		(644)		(279)		(308)
Other financial results	30		(23)		156		(36)		115
Net financial results	30		(543)		(420)		(287)		(161)
Net profit before income tax		****	136	****	992	****	119	****	456
Income tax	19		(88)		200		(61)		79
Net profit for the period		****	48	****	1,192	****	58	****	535
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures			(122)		(56)		(84)		(29)
Result from net monetary position in subsidiaries, associates and joint ventures^(1)^			123		416		39		131
Other comprehensive income for the period		****	1	****	360	****	(45)	****	102
Total comprehensive income for the period		****	49	****	1,552	****	13	****	637
Net profit for the period attributable to:
Shareholders of the parent company			34		1,168		50		519
Non-controlling interest			14		24		8		16
Other comprehensive income for the period attributable to:
Shareholders of the parent company			3		299		(34)		85
Non-controlling interest			(2)		61		(11)		17
Total comprehensive income for the period attributable to:
Shareholders of the parent company			37		1,467		16		604
Non-controlling interest			12		85		(3)		33
Earnings per share attributable to shareholders of the parent company:
Basic and diluted	33		0.09		2.98		0.13		1.32
(1)	Result associated to 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 SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024

(Amounts expressed in millions of United States dollars)

	For the six-monthperiod ended June 30, 2025
	Shareholders’ contributions
	Capital	Treasuryshares	Share-based benefitplans	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)^	-	-	5	-	-	-	5
Settlement of share-based benefit plans	-	-	-	-	-	-	-
Release of reserves ^(5)^	-	-	-	-	-	-	-
Appropriation to reserves ^(5)^	-	-	-	-	-	-	-
Other comprehensive income	-	-	-	-	-	-	-
Net profit for the period	-	-	-	-	-	-	-
Balance at the end of the period	3,922	11	8	(28)	(42)	640	4,511
	Retained earnings ^(4)^							Equity attributable to
---	---	---	---	---	---	---	---	---	---	---
	Legal reserve	Reserve<br><br><br>for future dividends	Reserve for investments	Reserve forpurchaseof 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)^	-	-	-	-	-		-	5	-	5
Settlement of share-based benefit plans	-	-	-	-	-		-	-	-	-
Release of reserves ^(5)^	-	-	(4,236)	(36)	-		4,272	-	-	-
Appropriation to reserves ^(5)^	-	-	6,587	33	-		(6,620)	-	-	-
Other comprehensive income	-	-	-	-	3		-	3	(2)	1
Net profit for the period	-	-	-	-	-		34	34	14	48
Balance at the end of the period	787	-	6,587	33	(328)	^(1)^	104	11,694	230	11,924
(1) Includes (2,098) corresponding to the effect of the translation of the<br>financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar, and 1,770 corresponding to the recognition of the result for the net monetary position of subsidiaries,<br>associates and joint ventures with the peso as 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<br>benefit plans.
(3) See Note 38.
(4) Includes 70 restricted to the distribution of retained earnings as of<br>June 30, 2025 and December 31, 2024, respectively. See Note 31 to the annual consolidated financial statements.
(5) As decided in the Shareholders’ Meeting on April 30,<br>2025.

HORACIO DANIEL MARÍN

President

	6
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024 (cont.)

(Amounts expressed in millions of United States dollars)

	For the six-monthperiod ended June 30, 2024
	Shareholders’ contributions
	Capital	Treasuryshares	Share-based benefitplans	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)^	-	-	2	-	-	-	2
Settlement of share-based benefit plans	-	-	-	-	-	-	-
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	3,919	14	3	(30)	(40)	640	4,506
	Retained earnings ^(4)^							Equity attributable to
---	---	---	---	---	---	---	---	---	---	---
	Legal reserve	Reserve<br><br><br>for future dividends	Reserve forinvestments	Reserve forpurchaseof 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)^	-	-	-	-	-		-	2	-	2
Settlement of share-based benefit plans	-	-	-	-	-		-	-	-	-
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	-	-	-	-	299		-	299	61	360
Net profit for the period	-	-	-	-	-		1,168	1,168	24	1,192
Balance at the end of the period	787	-	4,236	36	(385)	^(1)^	1,238	10,418	187	10,605
(1)	Includes (1,929) 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 1,544 corresponding to the recognition of the result for the 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 June 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

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024

(Amounts expressed in millions of United States dollars)

	For the six-month periods endedJune 30,
	2025		2024
Cash flows from operating activities	****	****	****	****
Net profit		48		1,192
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(75)		(156)
Depreciation of property, plant and equipment		1,422		1,137
Amortization of intangible assets		31		20
Depreciation of right-of-use<br>assets		141		133
Retirement of property, plant and equipment and intangible assets and consumption of materials		199		243
Charge on income tax		88		(200)
Net increase in provisions		508		362
(Reversal) / Impairment of property, plant and equipment		(9)		5
Effect of changes in exchange rates, interest and others		553		313
Share-based benefit plans		5		2
Result from sale of assets		(182)		-
Result from changes in fair value of assets held for sale		244		-
Result from revaluation of companies		(45)		-
Changes in assets and liabilities:
Trade receivables		(285)		(800)
Other receivables		(244)		(283)
Inventories		63		126
Accounts payable		(86)		237
Taxes payable		53		144
Salaries and social security		(84)		50
Other liabilities		(392)		(48)
Decrease in provisions due to payment/use		(100)		(72)
Contract assets		5		(13)
Contract liabilities		80		(1)
Dividends received		165		136
Proceeds from collection of profit loss insurance		5		-
Income tax payments		(112)		(16)
Net cash flows from operating activities ^(1)(2)^	****	1,996	****	2,511
Investing activities: ^(3)^
Acquisition of property, plant and equipment and intangible assets		(2,509)		(2,535)
Additions of assets held for sale		(42)		(105)
Contributions and acquisitions of interests in associates and joint ventures		(82)		-
Acquisitions from business combinations net of cash and cash equivalents		(230)		-
Proceeds from sales of financial assets		148		112
Payments from purchase of financial assets		-		(180)
Interests received from financial assets		3		32
Proceeds from concessions, assignment agreements and sale of assets		71		4
Net cash flows used in investing activities	****	(2,641)	****	(2,672)
Financing activities: ^(3)^
Payments of loans		(1,381)		(1,002)
Payments of interests		(321)		(326)
Proceeds from loans		2,281		1,435
Account overdrafts, net		-		199
Payments of leases		(204)		(198)
Payments of interests in relation to income tax		(1)		(2)
Net cash flows from financing activities	****	374	****	106
Effect of changes in exchange rates on cash and cash equivalents	****	(73)	****	(27)
Decrease in cash and cash equivalents	****	(344)	****	(82)
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		774		1,041
Decrease in cash and cash equivalents	****	(344)	****	(82)
(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 33 and 66 for the six-month periods ended June 30, 2025 and 2024,<br>respectively, for payments 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 six-month periods endedJune 30,
---	---	---	---	---
	2025		2024
Unpaid acquisitions of property, plant and equipment and intangible assets		565		432
Unpaid additions of assets held for sale		2		29
Additions of right-of-use<br>assets		166		97
Capitalization of depreciation of<br>right-of-use assets		32		31
Capitalization of financial accretion for lease liabilities		5		6
Capitalization in associates and joint ventures		12		-
Contract liabilities arising from company acquisitions		14		-
Receivables from the sale of non-cash-settled assets		428		-

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 JUNE 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 June 30, 2025:

Entity	Country	Main business		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
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
Oiltanking	Argentina	Hydrocarbon transportation	30%	Associate
Termap	Argentina	Hydrocarbon transportation	33.15%	Associate
VMOS ^(3)^	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.
---	---

HORACIO DANIEL MARÍN

President

	9
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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 June 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 six-month period ended June 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 six-month period ended June 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 six-month period ended June 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 detailed in Note 19.

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 August 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 JUNE 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 June 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 six-month period ended June 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.

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.

4.	ACQUISITIONS AND DISPOSALS

The most relevant acquisitions and disposals of companies that took place during the six-month period ended June 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.

HORACIO DANIEL MARÍN

President

	11
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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.)

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)). 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 ^(1)^
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
(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.
---	---

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 Comércio Derivado de Petróleo Ltda. (“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.

As of the acquisition date, YPF, which owned 85% of the capital stock of OLCLP prior to the share purchase and sale agreement mentioned above, 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.

HORACIO DANIEL MARÍN

President

	12
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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.)

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)). 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 ^(1)^
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
(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.
---	---

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.

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 six-month period ended June 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 June 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

	13
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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 six-month period ended June 30, 2024 has been restated.

The business segments structure is organized as follows:

•	Upstream

The Upstream business segment performs all activities related to the exploration and exploitation of hydrocarbon fields and production of crude oil and natural gas.

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

The Midstream and Downstream business segment 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

	14
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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

The LNG and Integrated Gas business segment performs activities related to: (i) natural gas 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 the New Energies 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 the New Energies business segment.

The New Energies business segment 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, the New Energies 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.

HORACIO DANIEL MARÍN

President

	15
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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.)

•	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 JUNE 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.)


For the six-month period ended June 30,2025
Revenues	49		7,551	807	418	424	-	9,249
Revenues from intersegment sales	3,913		108	158	3	551	(4,733)	-
Revenues	3,962		7,659	965	421	975	(4,733)	9,249
Operating profit or loss	57	^(3)^	668	(5)	48	(128)	(36)	604
Income from equity interests in associates and joint ventures	-		(12)	29	58	-	-	75
Net financial results								(543)
Net profit before income tax								136
Income tax								(88)
Net profit for the period								48
Acquisitions of property, plant and equipment	1,999		500	17	18	46	-	2,580
Acquisitions of<br>right-of-use assets	33		125	-	-	8	-	166
Increases from business combinations ^(4)^	278		93	-	-	-	-	371
Other income statement items
Depreciation of property, plant and equipment<br>^(2)^	1,109		252	1	18	42	-	1,422
Amortization of intangible assets	-		19	-	7	5	-	31
Depreciation of<br>right-of-use assets	81		56	-	-	4	-	141
Reversal of impairment losses of property, plant and equipment	-		-	-	(9)	-	-	(9)
Balance as of June 30, 2025
Assets	12,621		11,163	936	2,460	2,099	(264)	29,015

HORACIO DANIEL MARÍN

President

	17
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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
For the six-month period ended June 30,2024
Revenues		25		7,734	781	339	366	-	9,245
Revenues from intersegment sales		4,035		50	132	4	473	(4,694)	-
Revenues		4,060		7,784	913	343	839	(4,694)	9,245
Operating profit or loss		762	^(3)^	861	(55)	4	(94)	(222)	1,256
Income from equity interests in associates and joint ventures		-		23	48	85	-	-	156
Net financial results									(420)
Net profit before income tax									992
Income tax									200
Net profit for the period									1,192
Acquisitions of property, plant and equipment		1,949		537	5	11	44	-	2,546
Acquisitions of<br>right-of-use assets		22		75	-	-	-	-	97
Increases from business combinations		-		-	-	-	-	-	-
Other income statement items
Depreciation of property, plant and equipment<br>^(2)^		841		239	1	16	40	-	1,137
Amortization of intangible assets		-		14	-	6	-	-	20
Depreciation of<br>right-of-use assets		81		52	-	-	-	-	133
Impairment of property, plant and equipment		-		-	-	5	-	-	5
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 (55) of unproductive exploratory drillings as of June 30, 2025 and 2024, respectively.<br>
---	---
(4)	See Notes 8 and 9.
---	---

HORACIO DANIEL MARÍN

President

	18
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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 June 30, 2025 and December 31, 2024, and their allocation to their fair value hierarchy levels:

	As of June 30, 2025
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		228		-		-		228
- Private securities - NO		9		-		-		9
		237		-		-		237
Cash and cash equivalents:
- Mutual funds		289		-		-		289
- Public securities		51		-		-		51
		340		-		-		340
		577		-		-		577
	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.

Fair value estimates

During the six-month period ended June 30, 2025, there have been no changes in macroeconomic circumstances that significantly affect the Group’s financial instruments measured at fair value through profit or loss.

During the six-month period ended June 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 9,676 and 8,811 as of June 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
	June 30, 2025	December 31, 2024
---	---	---
Net carrying amount of intangible assets	630	531
Provision for impairment of intangible assets	(40)	(40)
	590	491

HORACIO DANIEL MARÍN

President

	19
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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 six-month period ended June 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		41		-	4	45
Increases from business combinations		-		117	-	117
Translation effect		-		-	(14)	(14)
Adjustment for inflation ^(1)^		-		-	13	13
Decreases, reclassifications and other movements		-		(54)	22	(32)
Accumulated amortization
Increases		14		-	17	31
Translation effect		-		-	(10)	(10)
Adjustment for inflation ^(1)^		-		-	9	9
Decreases, reclassifications and other movements		-		-	-	-
Cost		1,091		173	561	1,825
Accumulated amortization		744		-	451	1,195
Balance as of June 30, 2025		347		173	110	630
(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
---	---
	June 30, 2025		December 31, 2024
---	---	---	---	---
Net carrying amount of property, plant and equipment		20,246		19,456
Provision for obsolescence of materials and equipment		(476)		(223)
Provision for impairment of property, plant and equipment		(422)		(497)
		19,348		18,736

HORACIO DANIEL MARÍN

President

	20
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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 six-month periods ended June 30, 2025 and as of the year ended December 31, 2024 are as follows:

	Land<br>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		155	70	6	476	1,846	21	2	-	-	3	2,580
Increases from business combinations		-		114	-	93	8	39	-	-	-	-	-	254
Translation effect		(38)		-	-	(15)	(5)	(8)	-	(9)	-	(195)	(49)	(319)
Adjustment for inflation^(1)^		36		-	-	15	5	7	-	9	-	183	47	302
Decreases, reclassifications and other movements		29		1,578	104	(10)	(546)	(1,902)	(1)	10	23	36	6	(673)	^(3)^
Accumulated depreciation
Increases		13		1,187	182	22	-	-	-	19	38	14	15	1,490
Translation effect		(22)		-	-	(10)	-	-	-	(5)	-	(101)	(35)	(173)
Adjustment for inflation^(1)^		21		-	-	9	-	-	-	5	-	95	35	165
Decreases, reclassifications and other movements		(6)		(108)	-	(10)	-	-	-	(4)	-	-	-	(128)	^(3)^
Cost		1,383		30,358	9,505	817	1,501	6,050	79	908	1,588	1,399	960	54,548
Accumulated depreciation		721		23,408	6,412	389	-	-	-	815	1,079	719	759	34,302
Balance as of June 30, 2025		662		6,950	3,093	428	1,501	6,050	79	93	509	680	201	20,246
(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 28,586 and 24,915 of cost and accumulated depreciation, respectively, reclassified to the “Assets held<br>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 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 JUNE 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 six-month periods ended June 30, 2025 and 2024, the rate of capitalization was 6.53% and 7.66%, respectively, and the amount capitalized amounted to 5 and 4, respectively.

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the six-month period ended June 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
Applications due to utilization		(2)
Translation effect		-
Adjustment for inflation^(1)^		1
Balance as of December 31, 2024		223
Increases charged to profit or loss		263
Applications due to utilization		(11)
Translation effect		-
Adjustment for inflation^(1)^		1
Balance as of June 30, 2025		476
(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 six-month period ended June 30, 2025 and as of the year ended December 31, 2024:

	Provision for impairment ofproperty, plant and equipment
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		-
Decreases charged to profit or loss		(9)
Depreciation^(2)^		(68)
Translation effect		(1)
Adjustment for inflation^(3)^		3
Reclassifications		-
Balance as of June 30, 2025	****	422
(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 income,<br>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, see<br>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 JUNE 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 six-month period ended June 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		-	-	34	-	132	166
Translation effect		-	-	-	(4)	-	(4)
Adjustment for inflation ^(1)^		-	-	-	4	-	4
Decreases, reclassifications and other movements		(8)	(11)	-	-	(48)	(67)
Accumulated depreciation
Increases		3	20	52	7	91	173
Translation effect		-	-	-	(3)	-	(3)
Adjustment for inflation ^(1)^		-	-	-	3	-	3
Decreases, reclassifications and other movements		(1)	(2)	-	-	-	(3)
Cost		44	557	645	114	757	2,117
Accumulated depreciation		34	520	336	74	481	1,445
Balance as of June 30, 2025		10	37	309	40	276	672
(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 June 30, 2025 and December 31, 2024:


Amount of investments in associates	299	212
Amount of investments in joint ventures	1,614	1,748
	1,913	1,960

HORACIO DANIEL MARÍN

President

	23
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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 six-month period ended June 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		75
Distributed dividends		(178)
Translation differences		(5)
Adjustment for inflation ^(1)^		15
Capitalization in associates and joint ventures		12
Other movements ^(2)^		(48)
Balance as of June 30, 2025		1,913
(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 six-month periods ended June 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 six-month periods endedJune 30,				For the six-month periods endedJune 30,
	2025		2024		2025		2024
Net income		10		13		65		143
Other comprehensive income		-		31		10		19
Comprehensive income		10		44		75		162

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 JUNE 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 June 30, 2025 and December 31, 2024, as well as the results for the six-month periods ended June 30, 2025 and 2024, are detailed below:

	June 30, 2025 ^(1)^		December 31, 2024 ^(1)^
Total non-current assets		2,221		2,147
Cash and cash equivalents		215		240
Other current assets		225		243
Total current assets		440		483
Total assets		2,661		2,630
Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other<br>liabilities” items)		803		736
Other non-current liabilities		74		64
Total non-current liabilities		877		800
Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other<br>liabilities” items)		215		291
Other current liabilities		189		213
Total current liabilities		404		504
Total liabilities		1,281		1,304
Total shareholders’ equity ^(2)^		1,380		1,326
Dividends received ^(3)^		-		36
Closing exchange rates ^(4)^		1,200.50		1,030.50
	For the six-month periods ended June 30,
	2025 ^(1)^		2024 ^(1)^
Revenues		308		249
Interest income		6		23
Depreciation and amortization		(76)		(79)
Interest loss		(30)		(29)
Income tax		(27)		(7)
Operating profit		134		86
Net profit		57		71
Other comprehensive income		207		138
Total comprehensive income		264		209
Average exchange rates ^(4)^		1,099.98		857.91
(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 JUNE 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 June 30, 2025 and December 31, 2024:

	Upstream		Midstream andDownstream		Total
Balance as of June 30, 2025
Assets held for sale
Property, plant and equipment-Mature Fields Project		519		-		519
Property, plant and equipment-Gas stations		-		10		10
Assets of subsidiary YPF Brasil ^(2)^		-		-		-
		519		10		529
Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations-Mature Fields Project		931		-		931
Provision for environmental liabilities-Mature Fields Project		10		-		10
Liabilities for concessions-Mature Fields Project		4		-		4
Liabilities of subsidiary YPF Brasil ^(2)^		-		-		-
	****	945	****	-	****	945
	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)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in<br>the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF 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 six-month period ended June 30, 2025, are described below:

•	Description of the Mature Fields Project

The assignment agreements that met the agreed closing conditions during the six-month period ended June 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 JUNE 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 authorization by the Province of Neuquén of the transfer regarding this concession.

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.

The assignment agreements that have met the agreed closing conditions as of the date of issuance of these condensed interim consolidated financial statements, for which the transaction was settled after the end of the period ended June 30, 2025, are described below. Consequently, the disposal of these groups of assets as held for sale did not meet the requirements of IFRS 5 to recognize their sale at the end of the six-month period ended June 30, 2025, and therefore these groups of assets continue to be classified as held for sale as of that date.

HORACIO DANIEL MARÍN

President

	27
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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.)

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.

The assignment and/or reversion agreements that YPF signed during the six-month period ended June 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 is pending its publication in the corresponding Official Gazette. 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 JUNE 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 244 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 June 30, 2025, the balance of this liability amounts to 369.

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 162. The total consideration agreed includes cash payment of 59 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 513.

Additionally, in relation to the Mature Fields Project, for the six-month period ended June 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 259.
-	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 30 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 26 in the<br>“Provision for severance indemnities” line under “Other operating results, net” line item in the statement of comprehensive income.
---	---

13. INVENTORIES

	June 30, 2025	****	December 31, 2024	****
Finished goods	960		925
Crude oil and natural gas ^(2)^	379		456
Products in process	31		49
Raw materials, packaging materials and others	112		116
	1,482	^(1)^	1,546	^(1)^
(1)	As of June 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 June 30, 2025 and December 31, 2024,<br>respectively, see Note 2.b.8) to the annual consolidated financial statements.
---	---

14. OTHER RECEIVABLES

	June 30, 2025					December 31, 2024
	Non-current			Current		Non-current			Current
Receivables from services, sales of other assets and other advance payments		67			36		11			35
Tax credit and export rebates		151			68		129			150
Loans and balances with related parties ^(1)^		198			89		159			35
Collateral deposits		-			16		-			20
Prepaid expenses		52			51		15			42
Advances and loans to employees		1			6		-			5
Advances to suppliers and custom agents ^(2)^		21			51		16			74
Receivables with partners in JO and Consortiums		264			305		2			164
Insurance receivables		-			-		-			5
Miscellaneous		28			39		31			22
		782			661		363			552
Provision for other doubtful receivables		(22	)		-		(26	)		-
		760			661		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 JUNE 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

	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Accounts receivable and related parties ^(1) (2)^		10		1,864		10		1,672
Provision for doubtful trade receivables		(8)		(69)		(9)		(52)
		2		1,795		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 six-month period ended June 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		-			27
Decreases charged to income		-			(5)
Applications due to utilization		-			(1)
Net exchange and translation differences		(1)			(4)
Result from net monetary position ^(1)^		-			-
Reclassifications		-			-
Balance as of June 30, 2025		8	^(2)^		69
(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 in<br>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

	June 30, 2025
Investments at fair value through profit or loss
Public securities ^(1)^		228	381
Private securities-NO		9	9
		237	390
(1)	See Note 37.
---	---

17. CASH AND CASH EQUIVALENTS

	June 30, 2025
Cash and banks ^(1)^		336	304
Short-term investments ^(2)^		98	375
Financial assets at fair value through profit or loss<br>^(3)^		340	439
		774	1,118
(1)	Includes balances granted as collateral, see Note 35.d) to the annual consolidated financial statements.<br>
---	---
(2)	Includes 26 and 146 of term deposits and other investments with BNA as of June 30, 2025 and December 31, 2024,<br>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 JUNE 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 six-month period ended June 30, 2025 and for the fiscal year ended December 31, 2024 are as follows:

	Provision for lawsuitsand contingencies				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		19		-		23		-		59		-		101		-
Decreases charged to income		(2)		-		-		-		-		-		(2)		-
Increases from business combinations		-		-		-		-		6		-		6		-
Applications due to utilization		(1)		(18)		-		(48)		-		(15)		(1)		(81)
Net exchange and translation differences		(10)		(1)		-		-		-		-		(10)		(1)
Result from net monetary position ^(1)^		-		-		-		-		-		-		-		-
Reclassifications and other movements		(18)		18		(71)		69		4		(5)		(85)		82
Balance as of June 30, 2025		117		20		51		57		925		39		1,093		116
(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 annual<br>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 Note 4<br>“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.

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 six-month periods ending June 30, 2025 and 2024 is as follows:

	For the six-month periods endedJune 30,
	2025		2024
Current income tax		(33)		(32)
Deferred income tax		(55)		232
		(88)		200

The effective income tax rate projected at the end of the fiscal year amounts to 64.71%. 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.

HORACIO DANIEL MARÍN

President

	31
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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.)

As of June 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 June 30, 2025 and December 31, 2024 the Group has classified as deferred tax asset 231 and 330, respectively, and as deferred tax liability 104 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	36	19
Withholdings and perceptions	63	71
Royalties	78	84
Fuels tax	80	30
Turnover tax	9	7
Miscellaneous	16	36
	282	247

21. SALARIES AND SOCIAL SECURITY

	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Salaries and social security		-		68		-		95
Bonuses and incentives provision		-		84		-		179
Cash-settled share-based payments provision ^(1)^		34		-		33		-
Vacation provision		-		74		-		66
Provision for severance indemnities ^(2)^		-		57		-		66
Miscellaneous		-		6		1		6
		34		289		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 six-month period ended June 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		166
Financial accretions		35
Decreases of leases		(64)
Payments		(204)
Balance as of June 30, 2025		709

HORACIO DANIEL MARÍN

President

	32
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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

			June 30, 2025					December 31, 2024
	Interestrate^(1)^	Maturity	Non-current			Current		Non-current			Current
Pesos:
Export pre-financing<br>^(5)^	-	-		-			-		-			31
Loans	40.48% - 49.10%	2026		8			13		18			8
Stock market promissory notes	34.75% - 34.75%	2025		-			10		-			-
				8			23		18			39
Currencies other than the peso:
NO ^(2) (3)^	0.00% - 10.00%	2025-2047		6,933			1,184		6,255			1,317
Export pre-financing<br>^(4)^	2.40% - 8.70%	2025-2026		-			526		-			383
Imports financing	8.80% - 10.50%	2025-2026		9			27		19			17
Loans	2.40% - 11.06%	2025-2030		613	^(6)^		392		718	^(6)^		76
Stock market promissory notes	0.00% - 3.95%	2025-2026		29			100		25			75
				7,584			2,229		7,017			1,868
				7,592			2,252		7,035			1,907
(1)	Nominal annual interest rate as of June 30, 2025.
---	---
(2)	Disclosed net of 29 and 18 corresponding to YPF’s own NO repurchased through open market transactions, as of<br>June 30, 2025 and December 31, 2024, respectively.
---	---
(3)	Includes 1,640 and 1,496 as of June 30, 2025 and December 31, 2024, respectively, of nominal value that will be<br>canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued.
---	---
(4)	Includes 51 and 133 as of June 30, 2025 and December 31, 2024, respectively, of<br>pre-financing of exports granted by BNA.
---	---
(5)	Corresponds to pre-financing of exports in pesos granted by BNA.<br>
---	---
(6)	Includes 240 and 28 of loans granted by BNA as of June 30, 2025 and December 31, 2024, respectively.<br>
---	---

Set forth below is the evolution of the loans for six-month period ended June 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		2,281
Payments of loans		(1,381)
Payments of interest		(321)
Account overdrafts, net		-
Accrued interest ^(1)^		328
Net exchange and translation differences		(5)
Result from net monetary position ^(2)^		-
Reclassifications		-
Balance as of June 30, 2025		9,844
(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 in<br>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 JUNE 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:

												June 30, 2025					December 31, 2024
Month	Year		Principal value ^(3)^			Class		Interest rate^(1)^			Principalmaturity	Non-current		Current			Non-current		Current
YPF
-		1998		U.S. dollar	15		-		Fixed	10.00%	2028		15		-	^(4)^		15		-	^(4)^
April		2015		U.S. dollar	757		Class XXXIX		-	-	-		-		-			-		785
July, December		2017		U.S. dollar	644		Class LIII		Fixed	6.95%	2027		648		19			649		19
December		2017		U.S. dollar	537		Class LIV		Fixed	7.00%	2047		530		1			530		1
June		2019		U.S. dollar	399		Class I		Fixed	8.50%	2029		398		-	^(4)^		398		-	^(4)^
July		2020		U.S. dollar	341		Class XIII		-	-	-		-		-			-		44
February		2021		U.S. dollar	776		Class XVI		Fixed	9.00%	2026		-		182			58		243
February		2021		U.S. dollar	748		Class XVII		Fixed	9.00%	2029		645		109			756		-
February		2021		U.S. dollar	576		Class XVIII		Fixed	7.00%	2033		557		11			555		11
July		2021		U.S. dollar	384		Class XX		Fixed	5.75%	2032		357		37			384		10
January		2023		U.S. dollar	230		Class XXI		Fixed	1.00%	2026		-		220			220		-	^(4)^
April		2023		U.S. dollar	147		Class XXIII		-	-	-		-		-			-		150
April		2023		U.S. dollar	38		Class XXIV		Fixed	1.00%	2027		38		-	^(4)^		37		-	^(4)^
June		2023		U.S. dollar	263		Class XXV		Fixed	5.00%	2026		-		263			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		140		-			147		-
January		2024		U.S. dollar	800		Class XXVIII		Fixed	9.50%	2031		790		36			790		35
May		2024		U.S. dollar	178		Class XXIX		Fixed	6.00%	2026		-		178			177		1
July		2024		U.S. dollar	389		Class XXX		Fixed	1.00%	2026		371		2			187		-	^(4)^
September ^(2)^		2024		U.S. dollar	540		Class XXXI		Fixed	8.75%	2031		539		15			539		15
October ^(2)^		2024		U.S. dollar	125		Class XXXII		Fixed	6.50%	2028		125		6			125		2
October ^(2)^		2024		U.S. dollar	25		Class XXXIII		Fixed	7.00%	2028		25		-	^(4)^		25		-	^(4)^
January		2025		U.S. dollar	1,100		Class XXXIV		Fixed	8.25%	2034		1,077		42			-		-
February ^(2)^		2025		U.S. dollar	140		Class XXXV		Fixed	6.25%	2027		139		1			-		-
February ^(2)^		2025		U.S. dollar	59		Class XXXVI		Fixed	3.50%	2025		-		60			-		-
May		2025		U.S. dollar	140		Class XXXVII		Fixed	7.00%	2027		139		2			-		-
													6,933		1,184			6,255		1,317
(1)	Nominal annual interest rate as of June 30, 2025.
---	---
(2)	During the six-month period ended June 30, 2025, the Group has fully complied<br>with the use of proceeds 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)	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 JUNE 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

	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Liabilities for concessions and assignment agreements		109		111		-		94
Liabilities for contractual claims ^(1)^		37		43		74		47
Provision for operating optimizations ^(2)^		-		34		-		266
Liabilities for agreements^(3)^		238		131		-		-
Miscellaneous		-		2		-		3
		384		321		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 Project“<br>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

	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Trade payable and related parties ^(1)^		3		2,597		4		2,820
Guarantee deposits		1		3		1		4
Payables with partners of JO and Consortiums		1		40		1		38
Miscellaneous		-		14		-		17
		5		2,654		6		2,879
(1)	See Note 37 for information about related parties.
---	---

26. REVENUES

	For the six-month periods endedJune 30,
	2025		2024
Revenue from contracts with customers		9,187		9,154
National Government incentives ^(1)^		62		91
		9,249		9,245
(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 six-month period ended June 30, 2025
	Upstream		Midstream<br>and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		3,118		-		-		-		3,118
Gasolines		-		1,960		-		-		-		1,960
Natural gas ^(1)^		19		6		744		335		-		1,104
Crude oil		1		510		-		-		-		511
Jet fuel		-		379		-		-		-		379
Lubricants and by-products		-		210		-		-		-		210
LPG		-		247		-		-		-		247
Fuel oil		-		67		-		-		-		67
Petrochemicals		-		188		-		-		-		188
Fertilizers and crop protection products		-		100		-		-		-		100
Flours, oils and grains		-		313		-		-		-		313
Asphalts		-		52		-		-		-		52
Goods for resale at gas stations		-		62		-		-		-		62
Income from services		-		-		-		1		69		70
Income from construction contracts		-		-		-		-		188		188
Virgin naphtha		-		75		-		-		-		75
Petroleum coke		-		109		-		-		-		109
LNG regasification		-		23		-		-		-		23
Other goods and services		29		129		5		81		167		411
		49		7,548		749		417		424		9,187

HORACIO DANIEL MARÍN

President

	35
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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 six-month period ended June 30, 2024
	Upstream		Midstream<br>and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		3,311		-		-		-		3,311
Gasolines		-		2,003		-		-		-		2,003
Natural gas ^(1)^		-		8		689		291		-		988
Crude oil		-		446		-		-		-		446
Jet fuel		-		481		-		-		-		481
Lubricants and by-products		-		257		-		-		-		257
LPG		-		214		-		-		-		214
Fuel oil		-		69		-		-		-		69
Petrochemicals		-		228		-		-		-		228
Fertilizers and crop protection products		-		166		-		-		-		166
Flours, oils and grains		-		190		-		-		-		190
Asphalts		-		32		-		-		-		32
Goods for resale at gas stations		-		56		-		-		-		56
Income from services		-		-		-		-		82		82
Income from construction contracts		-		-		-		-		171		171
Virgin naphtha		-		69		-		-		-		69
Petroleum coke		-		95		-		-		-		95
LNG regasification		-		22		-		-		-		22
Other goods and services		25		82		8		46		113		274
		25		7,729		697		337		366		9,154
(1)	Includes 776 and 724 corresponding to sales of natural gas produced by the Company for the<br>six-month periods ended June 30, 2025 and 2024, respectively.
---	---

Sales channels

	For the six-month period ended June 30, 2025
	Upstream		Midstream<br>and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		3,317		-		-		-		3,317
Power plants		-		11		221		27		-		259
Distribution companies		-		-		207		-		-		207
Retail distribution of natural gas		-		-		-		212		-		212
Industries, transport and aviation		20		1,865		321		141		-		2,347
Agriculture		-		879		-		-		-		879
Petrochemical industry		-		268		-		-		-		268
Trading		-		869		-		-		-		869
Oil companies		-		93		-		-		-		93
Commercialization of LPG		-		134		-		-		-		134
Other sales channels		29		112		-		37		424		602
		49		7,548		749		417		424		9,187
	For the six-month period ended June 30, 2024
	Upstream		Midstream<br>and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		3,483		-		-		-		3,483
Power plants		-		43		216		17		-		276
Distribution companies		-		-		90		-		-		90
Retail distribution of natural gas		-		-		-		155		-		155
Industries, transport and aviation		-		1,947		383		161		-		2,491
Agriculture		-		814		-		-		-		814
Petrochemical industry		-		324		-		-		-		324
Trading		-		818		-		-		-		818
Oil companies		-		89		-		-		-		89
Commercialization of LPG		-		77		-		-		-		77
Other sales channels		25		134		8		4		366		537
		25		7,729		697		337		366		9,154

HORACIO DANIEL MARÍN

President

	36
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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 7,712 and 7,753 for the six-month periods ended June 30, 2025 and 2024, respectively.

Sales in the international market amounted to 1,475 and 1,401 for the six-month periods ended June 30, 2025 and 2024, respectively.

•	Contract balances

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

	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Credits for contracts included in the item of “Trade receivables”		9		1,804		8		1,646
Contract assets		-		21		-		30
Contract liabilities		167		114		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 six-month periods ended June 30, 2025 and 2024 the Group has recognized 54 and 68, 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 six-month periods endedJune 30,
	2025		2024
Inventories at beginning of year		1,546		1,683
Purchases		2,236		2,149
Production costs ^(1)^		4,498		4,201
Translation effect		(10)		(5)
Adjustment for inflation ^(2)^		9		25
Inventories at end of the period		(1,482)		(1,577)
		6,797		6,476
(1)	See Note 28.
---	---
(2)	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 JUNE 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 six-month periods ended June 30, 2025 and 2024:

	For the six-month period ended June 30, 2025
	Production costs ^(2)^		Administrative expenses		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		532		143		75			2		752
Fees and compensation for services		55		131		23			-		209
Other personnel expenses		151		17		7			2		177
Taxes, charges and contributions		77		5		509	^(1)^		-		591
Royalties, easements and fees		543		-		1			3		547
Insurance		35		2		1			-		38
Rental of real estate and equipment		128		-		7			-		135
Survey expenses		-		-		-			21		21
Depreciation of property, plant and equipment		1,350		22		50			-		1,422
Amortization of intangible assets		21		10		-			-		31
Depreciation of right-of-use<br>assets		134		-		7			-		141
Industrial inputs, consumable materials and supplies		258		4		6			2		270
Operation services and other service contracts		172		8		27			8		215
Preservation, repair and maintenance		749		16		19			11		795
Unproductive exploratory drillings		-		-		-			1		1
Transportation, products and charges		246		-		244			-		490
Provision for doubtful receivables		-		-		22			-		22
Publicity and advertising expenses		-		29		20			-		49
Fuel, gas, energy and miscellaneous		47		7		45			1		100
		4,498		394		1,063			51		6,006
(1)	Includes 137 corresponding to export withholdings and 282 corresponding to turnover tax.
---	---
(2)	Includes 16 corresponding to research and development activities.
---	---
	For the six-month period ended June 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---
	Production costs ^(2)^		Administrative expenses		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		476		144		71			7		698
Fees and compensation for services		28		114		19			-		161
Other personnel expenses		135		10		8			1		154
Taxes, charges and contributions		84		10		481	^(1)^		-		575
Royalties, easements and fees		562		-		1			2		565
Insurance		39		2		1			-		42
Rental of real estate and equipment		102		1		8			-		111
Survey expenses		-		-		-			25		25
Depreciation of property, plant and equipment		1,071		22		44			-		1,137
Amortization of intangible assets		14		6		-			-		20
Depreciation of right-of-use<br>assets		127		-		6			-		133
Industrial inputs, consumable materials and supplies		248		1		6			1		256
Operation services and other service contracts		247		5		25			9		286
Preservation, repair and maintenance		742		18		26			5		791
Unproductive exploratory drillings		-		-		-			55		55
Transportation, products and charges		255		-		226			-		481
Provision for doubtful receivables		-		-		63			-		63
Publicity and advertising expenses		-		11		24			-		35
Fuel, gas, energy and miscellaneous		71		7		35			6		119
		4,201		351		1,044			111		5,707
(1)	Includes 105 corresponding to export withholdings and 285 corresponding to turnover tax.
---	---
(2)	Includes 19 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 JUNE 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 six-month periods endedJune 30,
	2025		2024
Lawsuits		(15)		(40)
Export Increase Program ^(1)^		19		40
Result from sale of assets ^(2)^ ^(3)^		182		-
Result from changes in fair value of assets held for sale<br>^(2)^		(244)		-
Provision for severance indemnities ^(2)^		(26)		-
Provision for operating optimizations ^(2)^		(30)		-
Provision for obsolescence of materials and equipment<br>^(2)^		(259)		-
Result from revaluation of companies ^(4)^		45		-
Miscellaneous		(21)		(2)
		(349)		(2)
(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 six-month periods endedJune 30,
	2025			2024
Financial income
Interest on cash and cash equivalents and investments in financial assets		15			24
Interest on trade receivables		20			40
Other financial income		9			4
Total financial income		44			68
Financial costs
Loan interest		(321	)		(373	)
Hydrocarbon well abandonment provision financial accretion<br>^(1)^		(172	)		(176	)
Other financial costs		(71	)		(95	)
Total financial costs		(564	)		(644	)
Other financial results
Exchange differences generated by loans		(1	)		14
Exchange differences generated by cash and cash equivalents and investments in financial assets		(39	)		(5	)
Other exchange differences, net		(6	)		32
Result on financial assets at fair value through profit or loss		54			96
Result from derivative financial instruments		2			-
Result from net monetary position		(33	)		23
Export Increase Program ^(2)^		-			3
Result from transactions with financial assets		-			(7	)
Total other financial results		(23	)		156
Total net financial results		(543	)		(420	)
(1)	Includes 113 and 87 corresponding to the financial accretion of liabilities directly associated with assets held for sale<br>for the six-month periods ending June 30, 2025 and 2024, respectively, see Note 2.b.13) to the annual consolidated financial statements and Note 12 “Mature Fields Project“ section.<br>
---	---
(2)	See Note 36.h) to the annual consolidated financial statements and Note 36.i).
---	---

HORACIO DANIEL MARÍN

President

	39
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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 June 30, 2025 and December 31, 2024, and expenses for the six-month periods ended June 30, 2025 and 2024, of JO and Consortiums in which the Group participates are as follows:

	June 30, 2025		December 31, 2024
Non-current assets<br>^(1)^		6,719		6,286
Current assets		338		579
Total assets		7,057		6,865
Non-current liabilities		286		449
Current liabilities		704		769
Total liabilities		990		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 six-month periods endedJune 30,
---	---	---	---	---
	2025		2024
Production cost		1,317		1,102
Exploration expenses		6		30

32. SHAREHOLDERS’ EQUITY

As of June 30, 2025, the Company’s capital amounts to 3,922 and treasury shares amount to 11 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 June 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 six-month periods ended June 30, 2025 and 2024, the Company has not repurchased any of its own shares.

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 six-month periods endedJune 30,
	2025		2024
Net profit		34		1,168
Weighted average number of shares outstanding		392,205,210		391,859,461
Basic and diluted earnings per share		0.09		2.98

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 JUNE 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 six-month period ended June 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.

YPF is not a party to the aforementioned turnover proceedings.

With respect to the appeal of the final judgment issued on September 15, 2023, the Court of Appeals has proposed holding oral argument during the week of October 27, 2025.

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

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.

HORACIO DANIEL MARÍN

President

	41
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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

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 six-month period ended June 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 execution<br>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 execution<br>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 execution<br>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.

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

35.b) Investment agreements and commitmentsand 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 six-month period ended June 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.

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.

HORACIO DANIEL MARÍN

President

	42
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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.)

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 a final future investment decision as provided in such agreement (“BBCA MKII”).

---

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.

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 the Company granted a guarantee in favor of Golar Hilli Corporation for up to 137.5 and has committed to grant a guarantee in favor of Golar MKII Corporation for up to 187.5, subject to SESA making a final investment decision on the investment in the BBCA MKII.

36. MAIN REGULATIONS

36.a) Regulations applicable to the hydrocarbon industry

During the six-month period ended June 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 six-month period ended June 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.

HORACIO DANIEL MARÍN

President

	43
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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.)

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 six-month period ended June 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 six-month period ended June 30, 2025, are described below:

36.d.1) Regulatory requirements applicable to natural gasdistribution

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.

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.

HORACIO DANIEL MARÍN

President

	44
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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.)

36.d.2) Regulatory framework associated with electric power generation

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 complementary notes to SE Resolution No. 21/2025, informed to CAMMESA of the “Guidelines for the Standardization of the MEM and its Progressive Adaptation”, which detail the modifications foreseen for the management of fuels, the determination of prices and the operation of the term market and the spot market are detailed.

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 six-month period ended June 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.

The SE, through 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 fuels 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.

HORACIO DANIEL MARÍN

President

	45
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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.)

36.f) Investment incentive programs

Updates to the regulatory framework described in Note 36.e) to the annual consolidated financial statements for the six-month period ended June 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 a floating natural gas<br>liquefaction plant to obtain LNG, see Note 35.b) section “LNG Project”.
-	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 six-month period ended June 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 six-month period ended June 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 six-month period ended June 30, 2025, are described below:

HORACIO DANIEL MARÍN

President

	46
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 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 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.

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 six-month period ended June 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 ArgentinesNo. 27,742 (“Bases Law”) and Regulatory Decree No 1,057/2024 (“Decree No 1,057/2024”)

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

The dates indicated correspond 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 JUNE 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 June 30, 2025 and December 31, 2024:

	June 30, 2025
	Other receivables					Tradereceivables			Investments infinancial assets			Accountspayable			Contractliabilities			Contractassets
	Non-Current		Current			Current			Current			Current			Current			Current
Joint Ventures:
YPF EE		-		5			6			1			40			-			-
Profertil		-		-	^(1)^		25			-			10			-			-
MEGA		-		-			82			-			-	^(1)^		-	^(1)^		9
Refinor		-		-			7			-			1			-			-
OLCLP ^(2)^		-		-			-			-			-			-			-
Sustentator		-		-			-	^(1)^		-			-			-			-
CT Barragán		-		-			-	^(1)^		-			-			-			-
OTA		-		-			-	^(1)^		-			3			-			-
OTC		-		-			-			-			-			-			-
		-		5			120			1			54			-			9
Associates:
CDS		-		-			7			-			-			-			-
YPF Gas		-		2			25			-			2			-			-
Oldelval		160		14			-	^(1)^		4			22			-			-
Termap		-		-			-			-			2			-			-
GPA		-		-			-			-			4			-			-
Oiltanking		38		11			1			1			3			-			-
Gas Austral		-		-			-	^(1)^		-			-			-			-
VMOS		-		57			23			-			-			24			-
		198		84			56			5			33			24			-
		198		89			176			6			87			24			9
	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			-			-
Oiltanking		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 JUNE 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 six-month periods ended June 30, 2025 and 2024:

	For the six-month periods ended June 30,
	2025									2024
	Revenues			Costs andexpenses			Net interestincome (loss)			Revenues			Costs andexpenses			Net interestincome (loss)
Joint Ventures:
YPF EE		11			68			-	^(1)^		13			51			-
Profertil		39			44			-			48			54			-	^(1)^
MEGA		186			1			-			158			3			-	^(1)^
Refinor		33			5			-	^(1)^		36			5			1
OLCLP ^(2)^		-			-			-			-	^(1)^		6			-
Sustentator		-			-			-			-			-			-
CT Barragán		-	^(1)^		-			-			-	^(1)^		-			-
OTA		-	^(1)^		12			-			-	^(1)^		8			-
OTC		-			-			-			-			-	^(1)^		-
		269			130			-			255			127			1
Associates:
CDS		5			-			-	^(1)^		-	^(1)^		-			-
YPF Gas		44			2			-	^(1)^		28			2			-	^(1)^
Oldelval		-	^(1)^		47			-	^(1)^		-	^(1)^		30			-	^(1)^
Termap		-			11			-			-			11			-
GPA		-			11			-			-			10			-
Oiltanking		-	^(1)^		27			-	^(1)^		-	^(1)^		17			-
Gas Austral		2			-	^(1)^		-	^(1)^		2			-	^(1)^		-
VMOS		22			-			-			-			-			-
		73			98			-			30			70			-
		342			228			-			285			197			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 OLCLP”<br>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)
										For the six-month periodsended June 30,
Client / Suppliers	Ref.	June 30,<br>2025				December 31,<br>2024				2025				2024
SE	(1) (13)		56				20				57				84
SE	(2) (13)		3				6				3				3
SE	(3) (13)		-		^(15)^		-		^(15)^		-				-
SE	(4) (13)		1				5				2				2
SE	(5) (13)		6				7				-				-
Secretary of Transport	(6) (13)		-		^(15)^		-		^(15)^		-				2
CAMMESA	(7)		71				80				231				247
CAMMESA	(8)		(1	)			(2	)			(5	)			(25	)
ENARSA	(9)		169				67				134				68
ENARSA	(10)		(59	)			(68	)			(21	)			(30	)
Aerolíneas Argentinas S.A.	(11)		21				27				144				167
Aerolíneas Argentinas S.A.	(12)		-		^(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 JUNE 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 June 30, 2025, the Group holds Bonds of the Argentine Republic 2029 and 2030, and BCRA bonds (BOPREAL, for its acronym in spanish) 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 six-month periods ended June 30, 2025 and 2024, YPF and CHNC carried out transactions such as the purchases of crude oil by YPF for 240 and 227, 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 June 30, 2025 and December 31, 2024 amounts to 62 and 64, 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 six-month periods ended June 30, 2025 and 2024:

	For the six-month periods<br>ended June 30,
	2025			2024
Short-term benefits ^(1)^		14			14
Share-based benefits		5			3
Post-retirement benefits		-	^(2)^		-	^(2)^
		19			17
(1)	Does not include social security contributions of 3 and 3 for the six-month<br>periods ended June 30, 2025 and 2024, respectively.
---	---
(2)	The registered amount is less than 1.
---	---

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 2 and 2 for the six-month periods ended June 30, 2025 and 2024, respectively.

Short-term benefit programs

The amount charged to expense related to the short-term benefit programs was 89 and 97 for the six-month periods ended June 30, 2025 and 2024, respectively.

Share-based benefit plans

As of June 30, 2025, there are 4.6 million number of PSARs outstanding with and a weighted average fair value of US$ 17.24 per PSARs. The amount charged to expense in relation with Value Generation Plan was 1 and 2 for the six-month periods ended June 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 5 and 2 to be settled in equity instruments, for the six-month periods ended June 30, 2025 and 2024, respectively, and 9 to be settled in cash, for the six-month period ended June 30, 2024.

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 JUNE 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)

39. SUBSEQUENT EVENTS

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 project.

Issuance of NO

On July 22, 2025, the Company issued in the local market Class XXXVIII and Class XXXIX NO for a nominal amount of 250 maturing in July 2027 and 167 maturing in July 2030, respectively. Class XXXVIII NO accrue and pay interest quarterly at a fixed annual nominal rate of 7.5% and Class XXXIX NO accrue and pay interest semiannually at a fixed annual nominal rate of 8.75%. The integration of Class XXXVIII NO was made in kind with (i) Class XXV NO for 50, (ii) Class XXIX NO for 47, and (iii) Class XXXVI NO for 3, the remaining amount was integrated in cash.

Acquisition of Vaca Muerta Inversiones S.A.U.

On August 6, 2025, YPF entered into a share purchase agreement (the “Agreement”) with Total Austral S.A. whereby, subject to the fulfillment of closing conditions set forth in the Agreement, YPF will acquire 100% of the shares and capital stock of Vaca Muerta Inversiones S.A.U.

The amount of the transaction is 500, subject to adjustments based on the cash flows of Vaca Muerta Inversiones S.A.U. between January 2025 and the closing date of the transaction.

If all the closing conditions set forth in the Agreement are fulfilled, YPF will become the sole owner and shareholder of 100% of capital stock of Vaca Muerta Inversiones S.A.U., which will hold a 45% working interest in the La Escalonada and Rincón La Ceniza unconventional exploitation concessions in the Province of Neuquén.

As of the date of issuance of these condensed interim consolidated financial statements, there have been no other significant subsequent events 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 June 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 August 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 JUNE 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. 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 JUNE 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	10
5	Financial risk management	12
6	Business segment information	12
7	Financial instruments by category	18
8	Intangible assets	18
9	Property, plant and equipment	19
10	Right-of-use assets	23
11	Investments in associates and joint ventures	23
12	Assets held for sale and associated liabilities	25
13	Inventories	29
14	Other receivables	29
15	Trade receivables	30
16	Investments in financial assets	30
17	Cash and cash equivalents	30
18	Provisions	31
19	Income tax	31
20	Taxes payable	32
21	Salaries and social security	32
22	Lease liabilities	32
23	Loans	33
24	Other liabilities	35
25	Accounts payable	35
26	Revenues	35
27	Costs	37
28	Expenses by nature	38
29	Other net operating results	39
30	Net financial results	39
31	Investments in joint operations and consortiums	40
32	Shareholders’ equity	40
33	Earnings per share	40
34	Contingent assets and liabilities	41
35	Contractual commitments	42
36	Main regulations	43
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

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
Oiltanking	Associate Oiltanking Ebytem S.A.
OLCLP	Subsidiary Oleoducto Loma Campana - Lago Pellegrini S.A.
Oldelval	Associate Oleoductos del Valle S.A.
OPESSA	Subsidiary Operadora de Estaciones de Servicios S.A.
OTA	Joint venture OleoductoTrasandino (Argentina) 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.
Refinor	Joint venture Refinería del Norte S.A.
ROD<br><br><br>RQT	Record of decision<br> <br>Quinquennial Tariff Review<br>(Revisión Quinquenal Tarifaria)
RTI	Integral Tariff Review (Revisión Tarifaria Integral)
RTT<br><br><br>SC Gas	Transitional Tariff Regime (Régimen Tarifario de Transición)<br><br><br>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
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

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

President

3
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.<br><br><br><br> <br>YPF SOCIEDAD ANONIMA<br><br><br>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION<br><br><br>AS OF JUNE 30, 2025 AND DECEMBER 31, 2024 (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos)
	Notes	June 30,<br>2025		December 31,<br>2024
---	---	---	---	---	---
ASSETS
Non-current assets
Intangible assets	8		708,528		505,827
Property, plant and equipment	9		23,227,671		19,307,423
Right-of-use assets	10		807,049		765,243
Investments in associates and joint ventures	11		2,296,229		2,019,790
Deferred income tax assets, net	19		276,973		339,492
Other receivables	14		913,105		348,051
Trade receivables	15		1,802		1,333
Total non-current assets		****	28,231,357	****	23,287,159
Current assets
Assets held for sale	12		634,477		1,583,158
Inventories	13		1,779,237		1,593,666
Contract assets	26		25,023		31,207
Other receivables	14		793,422		569,910
Trade receivables	15		2,154,083		1,668,947
Investments in financial assets	16		284,868		401,382
Cash and cash equivalents	17		928,679		1,151,868
Total current assets		****	6,599,789	****	7,000,138
TOTAL ASSETS		****	34,831,146	****	30,287,297
SHAREHOLDERS’ EQUITY
Shareholders’ contributions			12,787		7,128
Retained earnings			14,025,382		12,000,469
Shareholders’ equity attributable to shareholders of the parent company		****	14,038,169	****	12,007,597
Non-controlling interest			276,779		224,363
TOTAL SHAREHOLDERS’ EQUITY		****	14,314,948	****	12,231,960
LIABILITIES
Non-current liabilities
Provisions	18		1,312,086		1,117,925
Contract liabilities	26		200,015		116,883
Deferred income tax liabilities, net	19		124,284		92,701
Income tax liability			2,032		2,514
Taxes payable	20		233		224
Salaries and social security	21		41,207		34,891
Lease liabilities	22		436,591		418,510
Loans	23		9,113,686		7,249,715
Other liabilities	24		461,201		76,561
Accounts payable	25		6,073		5,904
Total non-current liabilities		****	11,697,408	****	9,115,828
Current liabilities
Liabilities directly associated with assets held for sale	12		1,134,122		2,201,617
Provisions	18		139,821		119,391
Contract liabilities	26		137,109		74,795
Income tax liability			33,498		130,347
Taxes payable	20		338,157		254,619
Salaries and social security	21		347,262		423,974
Lease liabilities	22		413,617		381,146
Loans	23		2,703,379		1,964,777
Other liabilities	24		386,014		422,209
Accounts payable	25		3,185,811		2,966,634
Total current liabilities		****	8,818,790	****	8,939,509
TOTAL LIABILITIES		****	20,516,198	****	18,055,337
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		****	34,831,146	****	30,287,297

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

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

4
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.<br><br><br><br> <br>YPF SOCIEDAD ANONIMA<br><br><br>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME<br><br><br>FOR THE SIX AND THREE-MONTH PERIODS ENDED JUNE 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 six-month periodsended June 30,				For the three-month periodsended June 30,
---	---	---	---	---	---	---	---	---	---
	Notes	2025		2024		2025		2024
Net income
Revenues	26		10,283,783		7,992,061		5,412,963		4,389,865
Costs	27		(7,588,658)		(5,647,002)		(4,062,988)		(3,095,021)
Gross profit		****	2,695,125	****	2,345,059	****	1,349,975	****	1,294,844
Selling expenses	28		(1,183,479)		(907,289)		(624,953)		(514,751)
Administrative expenses	28		(438,871)		(307,901)		(218,848)		(189,442)
Exploration expenses	28		(55,827)		(95,740)		(23,332)		(78,758)
Reversal / (Impairment) of property, plant and equipment	9		10,460		(4,156)		10,460		(4,156)
Other net operating results	29		(386,695)		2,447		(44,398)		(7,528)
Operating profit		****	640,713	****	1,032,420	****	448,904	****	500,209
Income from equity interests in associates and joint ventures	11		91,349		125,975		5,315		19,593
Financial income	30		47,172		60,879		29,495		30,434
Financial costs	30		(608,870)		(532,435)		(312,153)		(264,943)
Other financial results	30		(7,001)		156,275		(24,188)		117,382
Net financial results	30		(568,699)		(315,281)		(306,846)		(117,127)
Net profit before income tax		****	163,363	****	843,114	****	147,373	****	402,675
Income tax	19		(101,668)		172,891		(72,708)		69,148
Net profit for the period		****	61,695	****	1,016,005	****	74,665	****	471,823
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures			(156,098)		(52,278)		(116,066)		(27,596)
Result from net monetary position in subsidiaries, associates and joint ventures^(1)^			184,678		386,744		86,330		137,702
Items that may not be reclassified subsequently to profit or loss:
Translation differences from YPF ^(2)^			1,987,054		999,171		1,494,944		535,102
Other comprehensive income for the period		****	2,015,634	****	1,333,637	****	1,465,208	****	645,208
Total comprehensive income for the period		****	2,077,329	****	2,349,642	****	1,539,873	****	1,117,031
Net profit for the period attributable to:
Shareholders of the parent company			44,178		994,465		64,042		457,375
Non-controlling interest			17,517		21,540		10,623		14,448
Other comprehensive income for the period attributable to:
Shareholders of the parent company			1,980,735		1,267,969		1,449,217		622,291
Non-controlling interest			34,899		65,668		15,991		22,917
Total comprehensive income for the period attributable to:
Shareholders of the parent company			2,024,913		2,262,434		1,513,259		1,079,666
Non-controlling interest			52,416		87,208		26,614		37,365
Earnings per share attributable to shareholders of the parent company:
Basic and diluted	33		112.64		2,537.81		163.29		1,167.18
(1)	Result associated to subsidiaries, associates and joint ventures with the peso as functional currency, see Note 2.b.1) to<br>the annual consolidated financial statements.
---	---
(2)	Correspond to the effect of the translation to YPF´s presentation currency, see Note 2.b.1).
---	---

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

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

5
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.<br><br><br><br> <br>YPF SOCIEDAD ANONIMA<br><br><br>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY<br><br><br>FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024 (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos)
	For the six-month period ended June 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	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		3,922		6,083		11		18		3,563			(9,655)		2,546		640		7,128
Accrual of share-based benefit plans ^(3)^		-		-		-		-		5,824			-		-		-		5,824
Settlement of share-based benefit plans		-		-		-		-		(140)			(140)		115		-		(165)
Release of reserves ^(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		9,247			(9,795)		2,661		640		12,787
	Retained earnings ^(4)^													Equity attributable to
	Legalreserve		Reservefor futuredividends		Reserve forinvestments		Reservefor purchaseof 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)^		-		-		-		-		-			-		5,824		-		5,824
Settlement of share-based benefit plans		-		-		-		-		-			-		(165)		-		(165)
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		133,732		-		1,119,698		5,643		716,287			5,375		1,980,735		34,899		2,015,634
Net profit for the period		-		-		-		-		-			44,178		44,178		17,517		61,695
Balance at the end of the period		944,383		-		7,907,041		39,848		5,012,420	^(1)^		121,690		14,038,169		276,779		14,314,948
(1)	Includes 5,402,764 corresponding to the effect of the translation of the shareholders’ contributions (see Note 36.l)<br>“Effect of the translation of the shareholders’ contributions” section), (2,517,078) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with<br>functional currencies other than the U.S. dollar (which includes (1,828,674) corresponding to the effect of the translation to YPF´s presentation currency) and 2,126,734 corresponding to the recognition of the result for the net monetary<br>position of subsidiaries, associates and joint ventures with the peso as functional currency (which includes 1,217,612 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 84,059 and 72,137 restricted to the distribution of retained earnings as of June 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
---

6
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.<br><br><br><br> <br>YPF SOCIEDAD ANONIMA<br><br><br>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY<br><br><br>FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024 (UNAUDITED) (cont.)<br><br><br>(Amounts expressed in millions of Argentine pesos)
	For the six-month period ended June 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Shareholders’ contributions
	Capital		Adjustmentto capital		Treasuryshares		Adjustmentto treasuryshares		Share-basedbenefit plans			Acquisition costoftreasury 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)^		-		-		-		-		1,986			-		-		-		1,986
Settlement of share-based benefit plans		-		-		-		-		(95)			(101)		61		-		(135)
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		3,919		6,078		14		23		2,746			(5,736)		(326)		640		7,358
	Retained earnings ^(4)^													Equity attributable to
	Legalreserve		Reservefor futuredividends		Reserve forinvestments		Reservefor purchaseof 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)^		-		-		-		-		-			-		1,986		-		1,986
Settlement of share-based benefit plans		-		-		-		-		-			-		(135)		-		(135)
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		81,451		-		437,906		4,033		667,771			76,808		1,267,969		65,668		1,333,637
Net profit for the period		-		-		-		-		-			994,465		994,465		21,540		1,016,005
Balance at the end of the period		716,198		-		3,856,878		32,778		3,744,813	^(1)^		1,127,760		9,485,785		169,523		9,655,308
(1) Includes 4,095,356 corresponding to the effect of the translation of the<br>shareholders’ contributions (see Note 36.l) “Effect of the translation of the shareholders’ contributions” section), (1,756,355) 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 (which includes (1,278,942) corresponding to the effect of the translation to YPF´s presentation currency) and 1,405,812 corresponding to the<br>recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency (which includes 795,125 corresponding to the effect of the translation to YPF´s presentation currency).<br>See Notes 2.b.1) and 2.b.10) to the annual consolidated financial statements.<br> <br>(2) Net of<br>employees’ income tax withholding related to the share-based benefit plans.<br> <br>(3) See Note<br>38.<br> <br>(4) Includes 63,735 and 56,487 restricted to the distribution of retained earnings as of<br>June 30, 2024 and December 31, 2023, respectively. See Note 31 to the annual consolidated financial statements.<br><br><br>(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

7
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.<br><br><br><br> <br>YPF SOCIEDAD ANONIMA<br><br><br>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW<br><br><br>FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024 (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos)
	For the six-month periodsended June 30,
---	---	---	---	---
	2025		2024
Cash flows from operating activities
Net profit		61,695		1,016,005
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(91,349)		(125,975)
Depreciation of property, plant and equipment		1,570,182		978,314
Amortization of intangible assets		34,782		18,029
Depreciation of right-of-use<br>assets		154,285		113,475
Retirement of property, plant and equipment and intangible assets and consumption of materials		223,934		197,462
Charge on income tax		101,668		(172,891)
Net increase in provisions		567,713		315,208
(Reversal) / Impairment of property, plant and equipment		(10,460)		4,156
Effect of changes in exchange rates, interest and others		535,436		252,334
Share-based benefit plans		5,824		1,986
Result from sale of assets		(203,071)		-
Result from changes in fair value of assets held for sale		266,247		-
Result from revaluation of companies		(52,934)		-
Changes in assets and liabilities:
Trade receivables		(333,322)		(647,068)
Other receivables		(214,810)		(282,914)
Inventories		82,491		106,659
Accounts payable		(181,303)		425,305
Taxes payable		61,245		116,527
Salaries and social security		(80,263)		40,757
Other liabilities		(438,405)		(40,671)
Decrease in provisions due to payment/use		(107,396)		(64,780)
Contract assets		6,184		(11,769)
Contract liabilities		123,254		3,810
Dividends received		179,174		115,843
Proceeds from collection of profit loss insurance		5,372		-
Income tax payments		(133,560)		(13,898)
Net cash flows from operating activities ^(1)(2)^	****	2,132,613	****	2,345,904
Investing activities: ^(3)^
Acquisition of property, plant and equipment and intangible assets		(2,770,358)		(2,364,390)
Additions of assets held for sale		(42,816)		(95,852)
Contributions and acquisitions of interests in associates and joint ventures		(86,491)		-
Acquisitions from business combinations net of cash and cash equivalents		(240,838)		-
Proceeds from sales of financial assets		161,509		94,480
Payments from purchase of financial assets		-		(151,469)
Interests received from financial assets		3,034		27,477
Proceeds from concessions, assignment agreements and sale of assets		75,714		4,156
Net cash flows used in investing activities	****	(2,900,246)	****	(2,485,598)
Financing activities: ^(3)^
Payments of loans		(1,468,867)		(857,352)
Payments of interests		(349,993)		(279,137)
Proceeds from loans		2,429,371		1,205,989
Account overdrafts, net		294		180,140
Payments of leases		(224,305)		(169,588)
Payments of interests in relation to income tax		(876)		(1,593)
Net cash flows from financing activities	****	385,624	****	78,459
Effect of changes in exchange rates on cash and cash equivalents	****	158,820	****	102,981
(Decrease) / Increase in cash and cash equivalents	****	(223,189)	****	41,746
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		928,679		947,702
(Decrease) / Increase in cash and cash equivalents	****	(223,189)	****	41,746
(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 35,548 and 54,731 for the six-month periods ended June 30, 2025 and<br>2024, respectively, for payments 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 six-month periodsended June 30,
---	---	---	---	---
	2025		2024
Unpaid acquisitions of property, plant and equipment and intangible assets		674,468		381,324
Unpaid additions of assets held for sale		1,417		24,541
Additions of right-of-use<br>assets		197,954		86,243
Capitalization of depreciation of<br>right-of-use assets		35,904		28,777
Capitalization of financial accretion for lease liabilities		5,347		4,760
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		462,230		-

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

HORACIO DANIEL MARÍN

President

8<br> <br><br><br><br>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>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

1. GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE GROUP’SBUSINESS

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 June 30, 2025:

Entity	Country	Main business	% of ownershipof capital 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
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
Oiltanking	Argentina	Hydrocarbon transportation	30%	Associate
Termap	Argentina	Hydrocarbon transportation	33.15%	Associate
VMOS ^(3)^	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.
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

9<br> <br><br><br><br>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>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

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

Organization of the business

As of June 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 six-month period ended June 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.

These condensed interim consolidated financial statements corresponding to the six-month period ended June 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 six-month period ended June 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.

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

10<br> <br><br><br><br>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>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>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 June 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.

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

2.d) Comparative information

3. SEASONALITY OF OPERATIONS

4.	ACQUISITIONS AND DISPOSALS

The most relevant acquisitions and disposals of companies that took place during the six-month period ended June 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.

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

11<br> <br><br><br><br>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>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)
4.	ACQUISITIONS AND DISPOSALS (cont.)
---	---

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 acquisition date in millions ofU.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)	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.
---	---

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

Acquisition of equity participation of OLCLP

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.

HORACIO DANIEL MARÍN

President

12<br> <br><br><br><br>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>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

4. ACQUISITIONS AND DISPOSALS (cont.)

	Fair value at acquisition date 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)	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.
---	---

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.

5. FINANCIAL RISK MANAGEMENT

•	Liquidity risk management

The Group monitors compliance with covenants on a quarterly basis. As of June 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

13<br> <br><br><br><br>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>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>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

The Upstream business segment 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

14<br> <br><br><br><br>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>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>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

15<br> <br><br><br><br>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>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>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

16<br> <br><br><br><br>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>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)

	In millions of U.S. dollars																		In millions<br>of pesos
	Upstream			Midstream and Downstream		LNG and Integrated Gas		New Energies			Central Administration and Others		Consolidation adjustments ^(1)^			Total			Total
For the six-month period ended June 30, 2025
Revenues		49			7,551		807		418			424		-			9,249			10,283,783
Revenues from intersegment sales		3,913			108		158		3			551		(4,733	)		-			-
Revenues		3,962			7,659		965		421			975		(4,733	)		9,249			10,283,783
Operating profit or loss		57	^(3)^		668		(5)		48			(128)		(36	)		604			640,713
Income from equity interests in associates and joint ventures		-			(12)		29		58			-		-			75			91,349
Net financial results																	(543	)		(568,699	)
Net profit before income tax																	136			163,363
Income tax																	(88	)		(101,668	)
Net profit for the period																	48			61,695
Acquisitions of property, plant and equipment		1,999			500		17		18			46		-			2,580			2,942,447
Acquisitions of<br>right-of-use assets		33			125		-		-			8		-			166			197,954
Increases from business combinations ^(4)^		278			93		-		-			-		-			371			402,522
Other income statement items
Depreciation of property, plant and equipment<br>^(2)^		1,109			252		1		18			42		-			1,422			1,570,182
Amortization of intangible assets		-			19		-		7			5		-			31			34,782
Depreciation of<br>right-of-use assets		81			56		-		-			4		-			141			154,285
Reversal of impairment losses of property, plant and equipment		-			-		-		(9	)		-		-			(9	)		(10,460	)
Balance as of June 30, 2025
Assets		12,621			11,163		936		2,460			2,099		(264	)		29,015			34,831,146
HORACIO DANIEL MARÍN<br><br><br>President
---

17<br> <br><br><br><br>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>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)

	In millions of U.S. dollars																			In millions<br>of pesos
	Upstream			Midstream and Downstream		LNG and Integrated Gas			New Energies		Central Administration and Others			Consolidation adjustments ^(1)^			Total			Total
For the six-month period ended June 30, 2024
Revenues		25			7,734		781			339		366			-			9,245			7,992,061
Revenues from intersegment sales		4,035			50		132			4		473			(4,694	)		-			-
Revenues		4,060			7,784		913			343		839			(4,694	)		9,245			7,992,061
Operating profit or loss		762	^(3)^		861		(55	)		4		(94	)		(222	)		1,256			1,032,420
Income from equity interests in associates and joint ventures		-			23		48			85		-			-			156			125,975
Net financial results																		(420	)		(315,281	)
Net profit before income tax																		992			843,114
Income tax																		200			172,891
Net profit for the period																		1,192			1,016,005
Acquisitions of property, plant and equipment		1,949			537		5			11		44			-			2,546			2,331,229
Acquisitions of<br>right-of-use assets		22			75		-			-		-			-			97			86,243
Increases from business combinations		-			-		-			-		-			-			-			-
Other income statement items
Depreciation of property, plant and equipment<br>^(2)^		841			239		1			16		40			-			1,137			978,314
Amortization of intangible assets		-			14		-			6		-			-			20			18,029
Depreciation of<br>right-of-use assets		81			52		-			-		-			-			133			113,475
Impairment of property, plant and equipment		-			-		-			5		-			-			5			4,156
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$ (55) million of unproductive exploratory drillings as of June 30, 2025 and<br>2024, respectively.
---	---
(4)	See Notes 8 and 9.
---	---
HORACIO DANIEL MARÍN<br><br><br>President
---

18<br> <br><br><br><br>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>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>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 June 30, 2025
Financial assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		274,025		-		-		274,025
- Private securities - NO		10,843		-		-		10,843
		284,868		-		-		284,868
Cash and cash equivalents:
- Mutual funds		347,452		-		-		347,452
- Public securities		61,226		-		-		61,226
		408,678		-		-		408,678
		693,546		-		-		693,546
	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.

Fair value estimates

During the six-month period ended June 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 11,616,231 and 9,079,899 as of June 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	756,219	546,765
Provision for impairment of intangible assets	(47,691)	(40,938)
	708,528	505,827
HORACIO DANIEL MARÍN<br><br><br>President
---

19<br> <br><br><br><br>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>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

8. INTANGIBLE ASSETS (cont.)

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

	Service<br> concessions	Exploration <br>rights	Other<br> 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	44,763	-	5,012	49,775
Increases from business combinations	-	123,084	-	123,084
Translation effect	181,519	28,971	74,645	285,135
Adjustment for inflation ^(1)^	-	-	17,258	17,258
Decreases, reclassifications and other movements	-	(57,196)	25,682	(31,514)
Accumulated amortization
Increases	14,984	-	19,798	34,782
Translation effect	125,595	-	62,776	188,371
Adjustment for inflation ^(1)^	-	-	11,131	11,131
Decreases, reclassifications and other movements	-	-	-	-
Cost	1,308,952	208,179	674,364	2,191,495
Accumulated amortization	894,008	-	541,268	1,435,276
Balance as of June 30, 2025	414,944	208,179	133,096	756,219
(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	24,306,059		20,049,632
Provision for obsolescence of materials and equipment	(570,944	)	(229,813	)
Provision for impairment of property, plant and equipment	(507,444	)	(512,396	)
	23,227,671		19,307,423
HORACIO DANIEL MARÍN<br><br><br>President
---

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

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Changes in Group’s property, plant and equipment for the six-month periods ended June 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
---

21<br> <br><br><br><br>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>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>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		852		163,280		72,863	6,500		536,007		2,127,066		29,161		2,539		-		-		4,179		2,942,447
Increases from business combinations		-		119,928		-	110,066		8,416		41,028		-		-		-		-		-		279,438
Translation effect		186,914		5,102,111		1,599,910	106,187		242,848		861,397		6,400		142,264		268,526		-		103,502		8,620,059
Adjustment for inflation^(1)^		45,148		-		-	17,390		5,676		8,465		-		10,411		-		220,014		55,798		362,902
Decreases, reclassifications and other movements		31,580		1,679,295		122,253	(10,604	)	(602,446	)	(2,026,445	)	(1,071	)	11,691		24,389		43,304		6,709		(721,345	)	^(3)^
Accumulated depreciation
Increases		15,205		1,306,983		200,234	23,827		-		-		-		21,318		41,583		17,313		17,830		1,644,293
Translation effect		95,350		3,896,994		1,076,891	53,301		-		-		-		129,837		180,773		-		84,426		5,517,572
Adjustment for inflation^(1)^		24,552		-		-	10,697		-		-		-		7,092		-		113,367		40,790		196,498
Decreases, reclassifications and other movements		(5,905	)	(109,750	)	-	(10,550	)	-		-		-		(4,066	)	(257	)	(318	)	(443	)	(131,289	)	^(3)^
Cost		1,662,262		36,445,116		11,411,922	979,750		1,796,516		7,267,434		94,725		1,088,268		1,907,072		1,680,935		1,153,704		65,487,704
Accumulated depreciation		863,093		28,106,033		7,697,361	466,773		-		-		-		980,109		1,295,375		860,819		912,082		41,181,645
Balance as of June 30, 2025		799,169		8,339,083		3,714,561	512,977		1,796,516		7,267,434		94,725		108,159		611,697		820,116		241,622		24,306,059
(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 “Assets<br>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
---

22<br> <br><br><br><br>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>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the six-month period ended June 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
Applications due to utilization		(1,851	)
Translation effect		39,513
Adjustment for inflation^(1)^		1,160
Balance as of December 31, 2024		229,813
Increases charged to profit or loss		296,966
Applications due to utilization		(13,056	)
Translation effect		56,492
Adjustment for inflation^(1)^		729
Balance as of June 30, 2025		570,944
(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 six-month period ended June 30, 2025 and as of the year ended December 31, 2024:

	Provision for impairment<br>of 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		-
Decreases charged to profit or loss		(10,460	)
Depreciation^(2)^		(74,111	)
Translation effect		75,092
Adjustment for inflation^(3)^		4,527
Reclassifications		-
Balance as of June 30, 2025		507,444
(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
---

23<br> <br><br><br><br>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>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

10.RIGHT-OF-USE ASSETS

The evolution of the Group’s right-of-use assets for the six-month period ended June 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		-		40,638		-		157,260		197,954
Translation effect		8,642		95,201		107,407		14,587		115,681		341,518
Adjustment for inflation ^(1)^		171		-		-		4,356		-		4,527
Decreases, reclassifications and other movements		(9,405	)	(11,974	)	-		-		(57,608	)	(78,987	)
Accumulated depreciation
Increases		3,148		21,843		58,186		6,459		100,553		190,189
Translation effect		5,511		87,316		56,947		8,317		75,493		233,584
Adjustment for inflation ^(1)^		170		-		-		3,386		-		3,556
Decreases, reclassifications and other movements		(1,119	)	(2,634	)	-		-		(370	)	(4,123	)
Cost		53,769		668,057		779,967		135,088		909,045		2,545,926
Accumulated depreciation		40,606		623,917		409,539		87,281		577,534		1,738,877
Balance as of June 30, 2025		13,163		44,140		370,428		47,807		331,511		807,049
(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 June 30, 2025 and December 31, 2024:


Amount of investments in associates	358,588	218,296
Amount of investments in joint ventures	1,937,641	1,801,494
	2,296,229	2,019,790
HORACIO DANIEL MARÍN<br><br><br>President
---

24<br> <br><br><br><br>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>NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br><br><br>AS OF JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

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

The main concepts which affected the value of the aforementioned investments during the six-month period ended June 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		86,491
Income on investments in associates and joint ventures		91,349
Distributed dividends		(194,310	)
Translation differences		319,152
Adjustment for inflation ^(1)^		16,366
Capitalization in associates and joint ventures		13,726
Other movements ^(2)^		(56,335	)
Balance as of June 30, 2025		2,296,229
(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 six-month periodsended June 30,				For the six-month periodsended June 30,
	2025		2024		2025		2024
Net income		10,409		10,910		80,940		115,065
Other comprehensive income		46,234		43,808		289,284		183,466
Comprehensive income		56,643		54,718		370,224		298,531

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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

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

	June 30, 2025 ^(1)^		December 31, 2024 ^(1)^
Total non-current assets		2,666,346		2,211,995
Cash and cash equivalents		258,421		247,353
Other current assets		269,203		251,358
Total current assets		527,624		498,711
Total assets		3,193,970		2,710,706
Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other<br>liabilities” items)		963,897		758,135
Other non-current liabilities		88,807		66,714
Total non-current liabilities		1,052,704		824,849
Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other<br>liabilities” items)		258,000		299,548
Other current liabilities		226,697		219,601
Total current liabilities		484,697		519,149
Total liabilities		1,537,401		1,343,998
Total shareholders’ equity ^(2)^		1,656,569		1,366,708
Dividends received		-		37,260
	For the six-month periods ended<br>June 30,
	2025 ^(1)^		2024 ^(1)^
Revenues		338,986		213,337
Interest income		6,326		20,135
Depreciation and amortization		(83,054)		(67,727)
Interest loss		(33,249)		(24,824)
Income tax		(29,436)		(6,080)
Operating profit		147,121		74,094
Net profit		63,236		61,142
Other comprehensive income		226,625		118,342
Total comprehensive income		289,861		179,484
(1)	The financial information arises from the statutory condensed interim consolidated financial statements of YPF EE. On this<br>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 June 30, 2025 and December 31, 2024:

	Upstream		Midstream andDownstream		Total
Balance as of June 30, 2025
Assets held for sale
Property, plant and equipment - Mature Fields Project		623,128		-		623,128
Property, plant and equipment - Gas stations		-		11,349		11,349
Assets of subsidiary YPF Brasil ^(2)^		-		-		-
	****	623,128	****	11,349	****	634,477
Liabilities directly associated with assets held for sale
Provision for hydrocarbon wells abandonment obligations - Mature Fields Project		1,117,336		-		1,117,336
Provision for environmental liabilities - Mature Fields Project		11,441		-		11,441
Liabilities for concessions - Mature Fields Project		5,345		-		5,345
Liabilities of subsidiary YPF Brasil ^(2)^		-		-		-
	****	1,134,122	****	-	****	1,134,122
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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>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)	Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in<br>the statement of financial position, see “Note 4 Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.
---	---

Mature Fields Project

•	Description of the Mature Fields Project

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

Estación Fernández Oro

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”).

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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

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

Señal Picada - Punta Barda

El Tordillo, Puesto Quiroga and La Tapera

Restinga Alí

•	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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>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 266,247 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 June 30, 2025, the balance of this liability amounts to 443,898.

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 180,967. The total consideration agreed includes cash payment of US$ 59 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 621,282.

Additionally, in relation to the Mature Fields Project, for the six-month period ended June 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 290,899.
-	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 36,267 in the “Provision for operating optimizations”<br>line 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 28,026 in<br>the “Provision for severance indemnities” line under “Other operating results, net” line item in the statement of comprehensive income.
---	---

13. INVENTORIES

	June 30, 2025		December 31, 2024
Finished goods	1,151,743		953,073
Crude oil and natural gas ^(2)^	455,203		470,381
Products in process	37,715		50,372
Raw materials, packaging materials and others	134,576		119,840
	1,779,237	^(1)^	1,593,666	^(1)^
(1)	As of June 30, 2025, and December 31, 2024, the carrying amount of inventories does not exceed their net<br>realizable value.
---	---
(2)	Includes 24,652 and 20,818 corresponding to the provision of inventories write-down as of June 30, 2025 and<br>December 31, 2024, respectively, see Note 2.b.8) to the annual consolidated financial statements.
---	---

14. OTHERRECEIVABLES

	June 30, 2025		December 31, 2024
	Non-current	Current	Non-current	Current
Receivables from services, sales of other assets and other advance payments	80,474	42,906	11,436	35,632
Tax credit and export rebates	181,367	82,563	131,589	155,002
Loans and balances with related parties ^(1)^	237,549	107,499	164,203	35,571
Collateral deposits	2	19,748	2	20,820
Prepaid expenses	62,896	61,035	15,340	43,516
Advances and loans to employees	615	7,705	497	5,469
Advances to suppliers and custom agents ^(2)^	25,481	60,654	16,756	76,595
Receivables with partners in JO and Consortiums	316,664	366,472	2,263	168,855
Insurance receivables	-	-	-	5,153
Miscellaneous	33,525	44,912	32,787	23,494
	938,573	793,494	374,873	570,107
Provision for other doubtful receivables	(25,468)	(72)	(26,822)	(197)
	913,105	793,422	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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

15. TRADE RECEIVABLES

	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Accounts receivable and related parties ^(1) (2)^		11,590		2,236,066		11,121		1,722,704
Provision for doubtful trade receivables		(9,788)		(81,983)		(9,788)		(53,757)
		1,802		2,154,083		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 six-month period ended June 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		-			31,365
Decreases charged to income		-			(5,534)
Applications due to utilization		-			(1,492)
Net exchange and translation differences		-			4,583
Result from net monetary position ^(1)^		-			(417)
Reclassifications		-			(279)
Balance as of June 30, 2025		9,788	^(2)^		81,983
(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 in<br>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

	June 30, 2025
Investments at fair value through profit or loss
Public securities ^(1)^		274,025	392,011
Private securities - NO		10,843	9,371
		284,868	401,382
(1)	See Note 37.
---	---

17. CASH AND CASH EQUIVALENTS

	June 30, 2025
Cash and banks ^(1)^		402,179	314,096
Short-term investments^(2)^		117,822	386,356
Financial assets at fair value through profit or loss<br>^(3)^		408,678	451,416
		928,679	1,151,868
(1)	Includes balances granted as collateral, see Note 35.d) to the annual consolidated financial statements.<br>
---	---
(2)	Includes 31,831 and 150,717 of term deposits and other investments with BNA as of June 30, 2025 and December 31,<br>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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

18. PROVISIONS

Changes in the Group’s provisions for the six-month period ended June 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		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		22,662		82		24,933		-		64,384		-		111,979		82
Decreases charged to income		(3,521)		(35)		-		-		-		-		(3,521)		(35)
Increases from business combinations		-		-		-		-		6,312		-		6,312		-
Applications due to utilization		(1,134)		(18,826)		-		(50,872)		-		(15,371)		(1,134)		(85,069)
Net exchange and translation differences		7,537		3,400		17,377		-		152,729		8,133		177,643		11,533
Result from net monetary position ^(1)^		29		-		-		-		-		-		29		-
Reclassifications and other movements		(19,072)		18,820		(82,794)		81,054		4,719		(5,955)		(97,147)		93,919
Balance as of June 30, 2025		139,792		24,576		61,864		68,025		1,110,430		47,220		1,312,086		139,821
(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” section<br>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 position,<br>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.

19. INCOME TAX

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

	For the six-month periods endedJune 30,
	2025		2024
Current income tax		(40,260)		(29,105)
Deferred income tax		(61,408)		201,996
		(101,668)		172,891

The effective income tax rate projected at the end of the fiscal year amounts to 62.23%. 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.

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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

19.INCOME TAX (cont.)

As of June 30, 2025 and December 31, 2024 the Group has classified as deferred tax asset 276,973 and 339,492, respectively, and as deferred tax liability 124,284 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

	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
VAT		-		43,794		-		19,494
Withholdings and perceptions		-		75,148		-		73,206
Royalties		-		94,121		-		86,431
Fuels tax		-		95,114		-		30,638
Turnover tax		-		11,168		-		7,660
Miscellaneous		233		18,812		224		37,190
		233		338,157		224		254,619
21. SALARIES AND SOCIALSECURITY
	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Salaries and social security		-		80,850		-		97,426
Bonuses and incentives provision		-		100,810		-		183,805
Cash-settled share-based payments provision ^(1)^		40,439		-		33,758		-
Vacation provision		-		89,050		-		69,150
Provision for severance indemnities ^(2)^		-		69,366		-		67,694
Miscellaneous		768		7,186		1,133		5,899
		41,207		347,262		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 six-month period ended June 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		197,954
Financial accretions		38,529
Decreases of leases		(75,939)
Payments		(224,305)
Net exchange and translation differences		114,317
Result from net monetary position ^(1)^		(4)
Balance as of June 30, 2025		850,208
(1)	Includes the adjustment for inflation of opening balances of lease liabilities of subsidiaries with the peso as<br>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 comprehensive<br>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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

23. LOANS

						June 30, 2025					December 31, 2024
	Interest rate^(1)^				Maturity	Non-current			Current		Non-current			Current
Pesos:
Export pre-financing ^(5)^			-		-		-			-		-			31,842
Loans		40.48%	-	49.10%	2026		10,612			15,632		18,560			8,161
Stock market promissory notes		34.75%	-	34.75%	2025		-			12,421		-			-
Overdraft		36.00%	-	36.00%	2025		-			301		-			-
							10,612			28,354		18,560			40,003
Currencies other than the peso:
NO ^(2) (3)^		0.00%	-	10.00%	2025-2047		8,323,027			1,421,257		6,445,486			1,357,464
Export pre-financing ^(4)^		2.40%	-	8.70%	2025-2026		-			630,973		-			394,681
Imports financing		8.80%	-	10.50%	2025-2026		10,991			32,154		20,082			17,496
Loans		2.40%	-	11.06%	2025-2030		734,590	^(6)^		470,591		739,824	^(6)^		77,846
Stock market promissory notes		0.00%	-	3.95%	2025-2026		34,466			120,050		25,763			77,287
							9,103,074			2,675,025		7,231,155			1,924,774
							9,113,686			2,703,379		7,249,715			1,964,777
(1)	Nominal annual interest rate as of June 30, 2025.
---	---
(2)	Disclosed net of 34,922 and 18,902 corresponding to YPF’s own NO repurchased through open market transactions, as<br>of June 30, 2025, and December 31, 2024, respectively.
---	---
(3)	Includes 1,969,143 and 1,541,141 as of June 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 60,838 and 137,287 as of June 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 287,531 and 28,854 of loans granted by BNA as of June 30, 2025 and December 31, 2024, respectively.<br>
---	---

Set forth below is the evolution of the loans for six-month period ended June 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		2,429,371
Payments of loans		(1,468,867)
Payments of interest		(349,993)
Account overdrafts, net		294
Accrued interest ^(1)^		361,942
Net exchange and translation differences		1,629,838
Result from net monetary position ^(2)^		(12)
Reclassifications		-
Balance as of June 30, 2025		11,817,065
(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 in<br>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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

23. LOANS (cont.)

Details regarding the NO of the Group are as follows:

													June 30, 2025				December 31, 2024
Month	Year		Principal value^(3)^			Class		Interest rate^(1)^			Principal maturity		Non-<br>current		Current		Non-<br>current		Current
YPF
—		1998		U.S. dollar	15		-		Fixed	10.00%		2028		17,789		301		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		778,505		22,778		669,044		19,946
December		2017		U.S. dollar	537		Class LIV		Fixed	7.00%		2047		636,199		1,531		545,982		1,530
June		2019		U.S. dollar	399		Class I		Fixed	8.50%		2029		477,509		342		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		-		218,005		59,632		250,123
February		2021		U.S. dollar	748		Class XVII		Fixed	9.00%		2029		774,410		131,267		778,641		-
February		2021		U.S. dollar	576		Class XVIII		Fixed	7.00%		2033		668,184		12,874		572,507		10,910
July		2021		U.S. dollar	384		Class XX		Fixed	5.75%		2032		428,298		44,499		395,928		10,102
January		2023		U.S. dollar	230		Class XXI		Fixed	1.00%		2026		-		264,269		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		45,040		81		38,662		71
June		2023		U.S. dollar	263		Class XXV		Fixed	5.00%		2026		-		316,231		270,648		684
September		2023		U.S. dollar	400		Class XXVI		Fixed	0.00%		2028		480,200		-		412,200		-
October		2023		U.S. dollar	128		Class XXVII		Fixed	0.00%		2026		167,914		-		151,929		-
January		2024		U.S. dollar	800		Class XXVIII		Fixed	9.50%		2031		950,015		42,655		814,485		36,570
May		2024		U.S. dollar	178		Class XXIX		Fixed	6.00%		2026		-		213,995		182,426		1,035
July		2024		U.S. dollar	389		Class XXX		Fixed	1.00%		2026		445,044		2,387		192,076		76
September ^(2)^		2024		U.S. dollar	540		Class XXXI		Fixed	8.75%		2031		646,746		17,445		555,037		14,972
October ^(2)^		2024		U.S. dollar	125		Class XXXII		Fixed	6.50%		2028		150,063		7,028		128,813		1,881
October ^(2)^		2024		U.S. dollar	25		Class XXXIII		Fixed	7.00%		2028		30,013		466		25,763		405
January		2025		U.S. dollar	1,100		Class XXXIV		Fixed	8.25%		2034		1,293,261		50,662		-		-
February ^(2)^		2025		U.S. dollar	140		Class XXXV		Fixed	6.25%		2027		167,390		1,006		-		-
February ^(2)^		2025		U.S. dollar	59		Class XXXVI		Fixed	3.50%		2025		-		71,630		-		-
May		2025		U.S. dollar	140		Class XXXVII		Fixed	7.00%		2027		166,447		1,805		-		-
														8,323,027		1,421,257		6,445,486		1,357,464
(1)	Nominal annual interest rate as of June 30, 2025.
---	---
(2)	During the six-month period ended June 30, 2025, the Group has fully<br>complied with the use of proceeds 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.
---	---
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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

24. OTHER LIABILITIES

	June 30, 2025			December 31, 2024
	Non-current	Current		Non-current	Current
Liabilities for concessions and assignment agreements	130,642		131,465	-		96,399
Liabilities for contractual claims ^(1)^	44,518		52,052	76,561		48,315
Provision for operating optimizations ^(2)^	-		42,001	-		274,113
Liabilities for agreements^(3)^	286,041		157,857	-		-
Miscellaneous	-		2,639	-		3,382
	461,201		386,014	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

	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Trade payable and related parties ^(1)^		3,997		3,116,209		4,106		2,905,736
Guarantee deposits		917		4,162		803		4,113
Payables with partners of JO and Consortiums		1,159		48,103		995		39,265
Miscellaneous		-		17,337		-		17,520
		6,073		3,185,811		5,904		2,966,634
(1)	See Note 37 for information about related parties.
---	---

26. REVENUES

	For the six-month periodsended June 30,
	2025		2024
Revenue from contracts with customers		10,209,948		7,912,081
National Government incentives ^(1)^		73,835		79,980
		10,283,783		7,992,061
(1)	See Note 37.
---	---

•	Breakdown of revenues

Type of good or service

	For the six-month period ended June 30, 2025
	Upstream		Midstream<br>and<br>Downstream		LNG and<br>Integrated<br>Gas		New Energies		Central Administration<br>and Others		Total
Diesel		-		3,423,227		-		-		-		3,423,227
Gasolines		-		2,144,904		-		-		-		2,144,904
Natural gas ^(1)^		21,055		8,293		827,077		401,615		-		1,258,040
Crude oil		1,110		575,387		-		-		-		576,497
Jet fuel		-		416,839		-		-		-		416,839
Lubricants and by-products		-		234,252		-		-		-		234,252
LPG		-		270,695		-		-		-		270,695
Fuel oil		-		75,306		-		-		-		75,306
Petrochemicals		-		207,449		-		-		-		207,449
Fertilizers and crop protection products		-		115,126		-		-		-		115,126
Flours, oils and grains		-		348,253		-		-		-		348,253
Asphalts		-		56,867		-		-		-		56,867
Goods for resale at gas stations		-		74,604		-		-		-		74,604
Income from services		-		-		-		700		83,021		83,721
Income from construction contracts		-		-		-		-		225,222		225,222
Virgin naphtha		-		85,145		-		-		-		85,145
Petroleum coke		-		121,252		-		-		-		121,252
LNG regasification		-		25,094		-		-		-		25,094
Other goods and services		34,098		146,182		6,268		96,368		184,539		467,455
		56,263		8,328,875		833,345		498,683		492,782		10,209,948
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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

26. REVENUES (cont.)

	For the six-month period ended June 30, 2024
	Upstream		Midstream<br>and<br>Downstream		LNG and<br>Integrated Gas		New Energies		Central<br>Administration and Others		Total
Diesel		-		2,852,478		-		-		-		2,852,478
Gasolines		-		1,693,212		-		-		-		1,693,212
Natural gas ^(1)^		-		7,765		598,167		265,392		-		871,324
Crude oil		-		397,063		-		-		-		397,063
Jet fuel		-		412,745		-		-		-		412,745
Lubricants and by-products		-		222,296		-		-		-		222,296
LPG		-		183,530		-		-		-		183,530
Fuel oil		-		59,615		-		-		-		59,615
Petrochemicals		-		196,569		-		-		-		196,569
Fertilizers and crop protection products		-		142,405		-		-		-		142,405
Flours, oils and grains		-		166,803		-		-		-		166,803
Asphalts		-		27,911		-		-		-		27,911
Goods for resale at gas stations		-		50,929		-		-		-		50,929
Income from services		-		-		-		447		73,406		73,853
Income from construction contracts		-		-		-		-		144,237		144,237
Virgin naphtha		-		60,313		-		-		-		60,313
Petroleum coke		-		83,145		-		-		-		83,145
LNG regasification		-		19,225		-		-		-		19,225
Other goods and services		22,639		84,316		6,370		42,203		98,900		254,428
		22,639		6,660,320		604,537		308,042		316,543		7,912,081
(1)	Includes 861,442 and 628,600 corresponding to sales of natural gas produced by the Company for the six-month periods ended June 30, 2025 and 2024, respectively.
---	---

Sales channels

	For the six-month period ended June 30, 2025
	Upstream		Midstream<br>and<br>Downstream		LNG and<br>Integrated Gas		New Energies		Central<br>Administration and Others		Total
Gas stations		-		3,634,908		-		-		-		3,634,908
Power plants		-		13,087		241,976		32,740		-		287,803
Distribution companies		-		-		233,733		-		-		233,733
Retail distribution of natural gas		-		-		-		254,627		-		254,627
Industries, transport and aviation		22,165		2,057,301		356,268		167,485		-		2,603,219
Agriculture		-		978,853		-		-		-		978,853
Petrochemical industry		-		297,030		-		-		-		297,030
Trading		-		971,725		-		-		-		971,725
Oil companies		-		102,530		-		-		-		102,530
Commercialization of LPG		-		146,869		-		-		-		146,869
Other sales channels		34,098		126,572		1,368		43,831		492,782		698,651
		56,263		8,328,875		833,345		498,683		492,782		10,209,948
	For the six-month period ended June 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---
	Upstream		Midstream<br>and<br>Downstream		LNG and<br>Integrated Gas		New Energies		Central<br>Administration and Others		Total
Gas stations		-		2,972,122		-		-		-		2,972,122
Power plants		-		37,884		185,304		15,871		-		239,059
Distribution companies		-		-		79,114		-		-		79,114
Retail distribution of natural gas		-		-		-		141,370		-		141,370
Industries, transport and aviation		-		1,676,237		334,998		145,166		-		2,156,401
Agriculture		-		704,775		-		-		-		704,775
Petrochemical industry		-		279,182		-		-		-		279,182
Trading		-		717,289		-		-		-		717,289
Oil companies		-		77,925		-		-		-		77,925
Commercialization of LPG		-		64,825		-		-		-		64,825
Other sales channels		22,639		130,081		5,121		5,635		316,543		480,019
		22,639		6,660,320		604,537		308,042		316,543		7,912,081
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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

26. REVENUES (cont.)

Target market

Sales in the domestic market amounted to 8,565,674 and 6,691,214 for the six-month periods ended June 30, 2025 and 2024, respectively.

Sales in the international market amounted to 1,644,274 and 1,220,867 for the six-month periods ended June 30, 2025 and 2024, respectively.

●	Contract balances

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

	June 30, 2025				December 31, 2024
	Non-current		Current		Non-current		Current
Credits for contracts included in the item of “Trade receivables”		9,877		2,163,288		9,408		1,695,892
Contract assets		-		25,023		-		31,207
Contract liabilities		200,015		137,109		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 six-month periods ended June 30, 2025 and 2024 the Group has recognized 58,332 and 45,706, 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 six-month periodsended June 30,
	2025		2024
Inventories at beginning of year		1,593,666		1,357,716
Purchases		2,490,477		1,860,025
Production costs ^(1)^		5,015,690		3,680,318
Translation effect		259,484		161,987
Adjustment for inflation ^(2)^		8,578		22,810
Inventories at end of the period		(1,779,237)		(1,435,854)
		7,588,658		5,647,002
(1)	See Note 28.
---	---
(2)	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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

28. EXPENSES BY NATURE

	For the six-month period ended June 30, 2025
	Production costs ^(2)^		Administrative expenses ^(3)^		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		611,346		157,020		84,543			2,340		855,249
Fees and compensation for services		62,644		147,981		25,357			174		236,156
Other personnel expenses		171,693		18,655		7,641			2,219		200,208
Taxes, charges and contributions		85,884		5,952		566,794	^(1)^		-		658,630
Royalties, easements and fees		597,183		-		1,275			3,386		601,844
Insurance		39,185		1,970		903			-		42,058
Rental of real estate and equipment		144,625		264		8,134			-		153,023
Survey expenses		-		-		-			22,882		22,882
Depreciation of property, plant and equipment		1,489,933		24,573		55,676			-		1,570,182
Amortization of intangible assets		22,791		11,660		331			-		34,782
Depreciation of right-of-use<br>assets		147,328		31		6,926			-		154,285
Industrial inputs, consumable materials and supplies		292,558		3,640		7,534			1,615		305,347
Operation services and other service contracts		182,873		8,591		30,672			8,747		230,883
Preservation, repair and maintenance		842,535		19,148		19,936			12,083		893,702
Unproductive exploratory drillings		-		-		-			854		854
Transportation, products and charges		278,551		-		269,702			-		548,253
Provision for doubtful receivables		-		-		25,831			-		25,831
Publicity and advertising expenses		-		31,356		22,543			-		53,899
Fuel, gas, energy and miscellaneous		46,561		8,030		49,681			1,527		105,799
		5,015,690		438,871		1,183,479			55,827		6,693,867
(1)	Includes 152,136 corresponding to export withholdings and 313,518 corresponding to turnover tax.
---	---
(2)	Includes 19,172 corresponding to research and development activities.
---	---
(3)	Includes 5,860 corresponding to fees and remunerations of Directors and Statutory Auditors of YPF’s Board of<br>Directors.
---	---
	For the six-month period ended June 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---
	Production costs ^(2)^		Administrative expenses ^(3)^		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		420,534		123,979		61,258			5,875		611,646
Fees and compensation for services		22,827		99,287		17,331			109		139,554
Other personnel expenses		119,022		9,372		6,438			1,001		135,833
Taxes, charges and contributions		73,241		9,332		417,826	^(1)^		-		500,399
Royalties, easements and fees		483,259		-		767			1,453		485,479
Insurance		34,450		1,778		989			-		37,217
Rental of real estate and equipment		91,970		490		6,846			-		99,306
Survey expenses		-		-		-			20,169		20,169
Depreciation of property, plant and equipment		922,064		18,567		37,683			-		978,314
Amortization of intangible assets		12,246		5,573		210			-		18,029
Depreciation of right-of-use<br>assets		108,353		19		5,103			-		113,475
Industrial inputs, consumable materials and supplies		234,330		1,513		4,659			680		241,182
Operation services and other service contracts		213,291		4,233		22,400			7,459		247,383
Preservation, repair and maintenance		656,357		16,651		23,184			4,643		700,835
Unproductive exploratory drillings		-		-		-			49,086		49,086
Transportation, products and charges		222,420		-		194,075			-		416,495
Provision for doubtful receivables		-		-		54,787			-		54,787
Publicity and advertising expenses		-		10,745		22,425			-		33,170
Fuel, gas, energy and miscellaneous		65,954		6,362		31,308			5,265		108,889
		3,680,318		307,901		907,289			95,740		4,991,248
(1)	Includes 91,962 corresponding to export withholdings and 247,546 corresponding to turnover tax.
---	---
(2)	Includes 17,133 corresponding to research and development activities.
---	---
(3)	Includes 3,533 corresponding to fees and remunerations of Directors and Statutory Auditors of YPF’s Board of<br>Directors.
---	---
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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

29. OTHER NET OPERATING RESULTS

	For the six-month periodsended June 30,
	2025		2024
Lawsuits		(16,616)		(35,522)
Export Increase Program ^(1)^		19,898		34,873
Result from sale of assets ^(2)^ ^(3)^		203,071		-
Result from changes in fair value of assets held for sale<br>^(2)^		(266,247)		-
Provision for severance indemnities ^(2)^		(28,026)		-
Provision for operating optimizations ^(2)^		(36,267)		-
Provision for obsolescence of materials and equipment<br>^(2)^		(290,899)		-
Result from revaluation of companies ^(4)^		52,934		-
Miscellaneous		(24,543)		3,096
		(386,695)		2,447
(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 six-month periodsended June 30,
	2025		2024
Financial income
Interest on cash and cash equivalents and investments in financial assets		15,221		20,206
Interest on trade receivables		23,013		37,134
Other financial income		8,938		3,539
Total financial income		47,172		60,879
Financial costs
Loan interest		(354,660)		(318,166)
Hydrocarbon well abandonment provision financial accretion<br>^(1)^		(188,163)		(150,601)
Other financial costs		(66,047)		(63,668)
Total financial costs		(608,870)		(532,435)
Other financial results
Exchange differences generated by loans		(1,016)		11,705
Exchange differences generated by cash and cash equivalents and investments in financial assets		(43,548)		(3,278)
Other exchange differences, net		(6,122)		29,753
Result on financial assets at fair value through profit or loss		64,285		85,643
Result from derivative financial instruments		1,546		222
Result from net monetary position		(22,152)		35,879
Export Increase Program ^(2)^		-		2,646
Result from transactions with financial assets		6		(6,295)
Total other financial results		(7,001)		156,275
Total net financial results		(568,699)		(315,281)
(1)	Includes 123,779 and 76,053 corresponding to the financial accretion of liabilities directly associated with assets<br>held for sale for the six-month periods ending June 30, 2025 and 2024, respectively, see Note 2.b.13) to the annual consolidated financial statements and Note 12 “Mature Fields Project” section.<br>
---	---
(2)	See Note 36.h) to the annual consolidated financial statements and Note 36.i).
---	---
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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

31. INVESTMENTS IN JOINT OPERATIONS AND CONSORTIUMS

	June 30, 2025		December 31, 2024
Non-current assets<br>^(1)^		8,065,736		6,477,762
Current assets		406,362		596,499
Total assets		8,472,098		7,074,261
Non-current liabilities		342,829		462,812
Current liabilities		845,216		792,368
Total liabilities		1,188,045		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 six-month periodsended June 30,
---	---	---	---	---
	2025		2024
Production cost		1,455,238		955,593
Exploration expenses		6,787		23,801

32. SHAREHOLDERS’ EQUITY

During the six-month periods ended June 30, 2025 and 2024, the Company has not repurchased any of its own shares.

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 six-month periodsended June 30,
	2025		2024
Net profit		44,178		994,465
Weighted average number of shares outstanding		392,205,210		391,859,461
Basic and diluted earnings per share		112.64		2,537.81

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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>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 six-month period ended June 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.

With respect to the appeal of the final judgment issued on September 15, 2023, the Court of Appeals has proposed holding oral argument during the week of October 27, 2025.

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

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.

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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

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.

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

35.b) Investment agreements and commitmentsand assignments

Aguada del Chañar

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.

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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

35. CONTRACTUAL COMMITMENTS (cont.)

LNG project

---

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%), Wintershall (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 the Company granted a guarantee in favor of Golar Hilli Corporation for up to US$ 137.5 million and has committed to grant a guarantee in favor of Golar MKII Corporation for up to US$ 187.5 million, subject to SESA making a final investment decision on the investment in the BBCA MKII.

36. MAIN REGULATIONS

36.a) Regulations applicable to the hydrocarbon industry

During the six-month period ended June 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 Downstreambusiness segment

36.b.1) Regulatoryframework associated with the LPG industry

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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

36. MAIN REGULATIONS (cont.)

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 six-month period ended June 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

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 six-month period ended June 30, 2025, are described below:

36.d.1) Regulatory requirements applicable to natural gasdistribution

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.

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

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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

36. MAIN REGULATIONS (cont.)

36.d.2) Regulatory framework associated with electric power 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 six-month period ended June 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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>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 six-month period ended June 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 a floating natural gas<br>liquefaction plant to obtain LNG, see Note 35.b) section “LNG Project”.
-	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 six-month period ended June 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 six-month period ended June 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 six-month period ended June 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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>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 six-month period ended June 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 ArgentinesNo. 27,742 (“Bases Law”) and Regulatory Decree No 1,057/2024 (“Decree No 1,057/2024”)

During the six-month period ended June 30, 2025, there were no significant updates to the regulatory framework described in Note 36.j) 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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

36. MAIN REGULATIONS (cont.)

36.l) CNV regulatory 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 June 30, 2025, the equity of the Company exceeds the minimum equity required by such Rules, which amounts to 714.

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.

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.

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.

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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

36. MAIN REGULATIONS (cont.)

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 six-month periodsended June 30,
	2025		2024
Balance at the beginning of the fiscal year		4,043,221		3,163,700
Other comprehensive income		668,659		407,263
Balance at the end of the period		4,711,880		3,570,963

As of June 30, 2025 and 2024, the translation effect corresponding to the “Issuance premiums” account amounts to 767,672 and 582,080, respectively, and is included within “Other comprehensive income” in the statement of changes in shareholder’s equity.

In addition, as of June 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 (76,788) and (57,687), 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 otherwise indicated.

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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

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

	June 30, 2025
	Other receivables				Tradereceivables		Investments infinancial assets		Accountspayable		Contractliabilities		Contractassets
	Non-Current		Current		Current		Current		Current		Current		Current
Joint Ventures:
YPF EE		-		5,787		6,932		1,168		47,981		-		-
Profertil		-		257		29,700		-		12,343		-		-
MEGA		-		-		98,417		-		75		461		10,904
Refinor		-		-		8,479		-		1,086		-		-
OLCLP ^(1)^		-		-		-		-		-		-		-
Sustentator		-		-		47		-		-		-		-
CT Barragán		-		-		2		-		-		-		-
OTA		-		-		3		-		3,586		-		-
OTC		-		-		-		-		-		-		-
		-		6,044		143,580		1,168		65,071		461		10,904
Associates:
CDS		-		-		8,029		-		-		-		-
YPF Gas		-		2,364		29,806		-		2,850		-		-
Oldelval		191,710		16,316		82		5,287		25,501		-		-
Termap		-		-		-		-		2,954		-		-
GPA		-		-		-		-		4,870		-		-
Oiltanking		45,839		13,282		1,786		684		3,936		-		-
Gas Austral		-		-		413		-		17		-		-
VMOS		-		69,493		27,646		-		-		28,892		-
		237,549		101,455		67,762		5,971		40,128		28,892		-
		237,549		107,499		211,342		7,139		105,199		29,353		10,904
	December 31, 2024
	Other receivables				Tradereceivables		Investments infinancial assets		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		-		-
Oiltanking		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 OLCLP”<br>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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

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

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

	For the six-month periods ended June 30,
	2025						2024
	Revenues		Costsandexpenses		Netinterestincome(loss)		Revenues		Costsandexpenses		Netinterestincome(loss)
Joint Ventures:
YPF EE		12,420		77,746		84		11,119		47,095		-
Profertil		43,823		49,086		-		42,416		46,823		56
MEGA		212,324		1,106		-		139,395		2,574		21
Refinor		36,289		5,789		437		31,721		4,920		1,059
OLCLP ^(1)^		-		-		-		401		5,836		-
Sustentator		-		-		-		-		-		-
CT Barragán		5		-		-		4		-		-
OTA		21		13,078		-		17		6,937		-
OTC		-		-		-		-		39		-
		304,882		146,805		521		225,073		114,224		1,136
Associates:					****	****
CDS		5,367		-		17		93		-		-
YPF Gas		49,707		2,075		67		24,689		1,855		(126)
Oldelval		347		53,754		3		265		27,220		11
Termap		-		11,672		-		-		9,982		-
GPA		-		13,532		-		-		9,320		-
Oiltanking		16		30,551		1		35		15,497		-
Gas Austral		1,877		23		3		1,492		11		-
VMOS		26,084		-		-		-		-		-
		83,398		111,607		91		26,574		63,885		(115)
		388,280		258,412		612		251,647		178,109		1,021
(1)	As of June 4, 2025 OLCLP is a subsidiary of YPF, see Note 4 “Acquisition of equity participation of OLCLP”<br>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)
		June 30, 2025		December 31, 2024		For the six-month periodsended June 30,
Client / Suppliers	Ref.				2025			2024
SE	(1) (13)		67,681		20,800		67,003		73,346
SE	(2) (13)		3,820		5,777		3,793		2,573
SE	(3) (13)		167		167		-		-
SE	(4) (13)		1,057		5,259		3,039		1,515
SE	(5) (13)		6,813		6,813		-		-
Secretary of Transport	(6) (13)		68		68		-		2,546
CAMMESA	(7)		85,800		82,315		262,068		221,790
CAMMESA	(8)		(893)		(1,979)		(5,961)		(23,163)
ENARSA	(9)		202,817		69,435		153,525		60,479
ENARSA	(10)		(71,327)		(70,561)		(25,097)		(27,612)
Aerolíneas Argentinas S.A.	(11)		24,791		28,307		158,090		142,673
Aerolíneas Argentinas S.A.	(12)		(8)		(13)		(8)		-
(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.
---	---
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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

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

As of June 30, 2025, the Group holds Bonds of the Argentine Republic 2029 and 2030 and BCRA bonds (BOPREAL, for its acronym in spanish) 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 six-month periods ended June 30, 2025 and 2024, YPF and CHNC carried out transactions such as the purchases of crude oil by YPF for 268,847 and 206,660, 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 June 30, 2025 and December 31, 2024 amounts to 74,895 and 64,886, respectively. See Note 37 to the annual consolidated financial statements.

	For the six-month periodsended June 30,
	2025			2024
Short-term benefits ^(1)^		15,711			12,396
Share-based benefits		6,022			2,539
Post-retirement benefits		457			328
		22,190	^(2)^		15,263	^(2)^
(1)	Does not include social security contributions of 3,309 and 2,796 for the<br>six-month periods ended June 30, 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$ 19 million and US$ 17 million for the six-month periods ended June 30, 2025 and 2024, respectively.
---	---

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 2,802 and 1,680 for the six-month periods ended June 30, 2025 and 2024, respectively.

Short-term benefit programs

The amount charged to expense related to the short-term benefit programs was 99,253 and 86,072 for the six-month periods ended June 30, 2025 and 2024, respectively.

Share-based benefit plans

As of June 30, 2025, there are 4.6 million number of PSARs outstanding with and a weighted average fair value of US$ 17.24 per PSARs. The amount charged to expense in relation with Value Generation Plan was 1,116 and 2.162 for the six-month periods ended June 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 5,824 and 1,986 to be settled in equity instruments, for the six-month periods ended June 30, 2025 and 2024, respectively, and 8,265 to be settled in cash, for the six-month period ended June 30, 2024.

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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

39. ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN THE PESO

	June 30, 2025							December 31, 2024
	Amount incurrencies otherthan the peso			Exchange ratein force ^(1)^		Total		Amount incurrencies otherthan the peso			Exchange ratein force ^(1)^		Total
Non-current assets
Other receivables
U.S. dollar		482			1,196.00		576,071		176			1,029.00		181,133
Bolivian peso		28			171.84		4,802		21			147.84		3,092
Total non-current assets							580,873							184,225
Current assets
Other receivables
U.S. dollar		340			1,196.00		406,689		226			1,029.00		232,470
Euro		-	^(2)^		1,406.62		293		-	^(2)^		1,068.62		296
Chilean peso		9,379			1.28		12,005		10,305			1.00		10,305
Swiss franc		2			1,506.63		2,297		-	^(2)^		1,136.43		341
Trade receivables
U.S. dollar		563			1,196.00		672,821		638			1,029.00		656,575
Euro		-	^(2)^		1,406.62		95		-	^(2)^		1,068.62		63
Chilean peso		4,690			1.28		6,003		6,183			1.00		6,183
Investments in financial assets
U.S. dollar		238			1,196.00		284,868		368			1,029.00		378,605
Cash and cash equivalents
U.S. dollar		378			1,196.00		451,520		524			1,029.00		538,683
Chilean peso		-			-		-		11,336			1.00		11,336
Total current assets							1,836,591							1,834,857
Total assets							2,417,464							2,019,082
Non-current liabilities
Provisions
U.S. dollar		1,020			1,205.00		1,229,158		998			1,032.00		1,029,971
Contract liabilities
U.S. dollar		166			1,205.00		200,015		113			1,032.00		116,883
Salaries and social security
U.S. dollar		34			1,205.00		40,439		33			1,032.00		33,758
Lease liabilities
U.S. dollar		362			1,205.00		436,591		406			1,032.00		418,510
Loans
U.S. dollar		7,554			1,205.00		9,103,074		7,007			1,032.00		7,231,155
Other liabilities
U.S. dollar		383			1,205.00		461,201		74			1,032.00		76,561
Accounts payable
U.S. dollar		5			1,205.00		5,440		5			1,032.00		4,701
Total non-current liabilities							11,475,918							8,911,539
Current liabilities
Liabilities directly associated with assets held for sale
U.S. dollar		941			1,205.00		1,134,122		2,133			1,032.00		2,201,617
Provisions
U.S. dollar		116			1,205.00		139,728		115			1,032.00		119,023
Contract liabilities
U.S. dollar		30			1,205.00		36,549		10			1,032.00		10,093
Salaries and social security
U.S. dollar		61			1,205.00		73,626		53			1,032.00		54,380
Chilean peso		-			-		-		1,031			1.00		1,031
Lease liabilities
U.S. dollar		343			1,205.00		413,582		369			1,032.00		381,134
Loans
U.S. dollar		2,220			1,205.00		2,675,025		1,865			1,032.00		1,924,774
Other liabilities
U.S. dollar		310			1,205.00		373,609		141			1,032.00		145,936
Accounts payable
U.S. dollar		1,217			1,205.00		1,466,025		1,301			1,032.00		1,342,952
Euro		14			1,420.21		20,406		12			1,074.31		12,992
Pound sterling		-	^(2)^		1,647.22		701		-	^(2)^		1,293.79		302
Yen		7			8.37		57		6			6.58		39
Swiss franc		-	^(2)^		1,520.01		253		-	^(2)^		1,141.31		11
Yuan		2			171.88		331		2			144.43		278
Chilean peso		1,876			1.28		2,401		2,061			1.00		2,061
Total current liabilities							6,336,415							6,196,623
Total liabilities							17,812,333							15,108,162

(1) Exchange rate as of June 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 JUNE 30, 2025 AND COMPARATIVE INFORMATION (UNAUDITED)<br><br><br>(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise<br>indicated)

40. SUBSEQUENT EVENTS

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 project.

Issuance of NO

On July 22, 2025, the Company issued in the local market Class XXXVIII and Class XXXIX NO for a nominal amount of US$ 250 million maturing in July 2027 and US$ 167 million maturing in July 2030, respectively. Class XXXVIII NO accrue and pay interest quarterly at a fixed annual nominal rate of 7.5% and Class XXXIX NO accrue and pay interest semiannually at a fixed annual nominal rate of 8.75%. The integration of Class XXXVIII NO was made in kind with (i) Class XXV NO for US$ 50 million, (ii) Class XXIX NO for US$ 47 million, and (iii) Class XXXVI NO for US$ 3 million, the remaining amount was integrated in cash.

Acquisition of Vaca Muerta Inversiones S.A.U.

The amount of the transaction is US$ 500 million, subject to adjustments based on the cash flows of Vaca Muerta Inversiones S.A.U. between January 2025 and the closing date of the transaction.

These condensed interim consolidated financial statements were approved by the Board of Directors’ meeting and authorized to be issued on August 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: August 14, 2025	By:	/s/ Margarita Chun
	Name:	Margarita Chun
	Title:	Market Relations Officer

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