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The next phase of Vaca Muerta-driven growth VISTA ENERGY INVESTOR DAY NOVEMBER 12th, 2025
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About projections and forward-looking statements 02 Additional information about Vista Energy, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized under the laws of Mexico (the “Company” or “Vista”) can be found in the “Investors” section on the website at www.vistaenergy.com. This presentation does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company, in any jurisdiction. Securities may not be offered or sold in the United States or Mexico absent registration with the U.S. Securities Exchange Commission (“SEC”), the Mexican National Securities Registry held by the Mexican National Banking and Securities Commission (“CNBV”) or an exemption from such registrations, as applicable. This presentation does not contain all of the Company’s financial information. As a result, investors should read this presentation in conjunction with the Company’s consolidated financial statements and other financial information available on the Company’s website. Some of the amounts contained herein are unaudited. Rounding of amounts and percentages: Certain amounts and percentages included herein have been rounded for ease of presentation. Percentage figures included in this presentation have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this presentation may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this presentation may not sum due to rounding. This presentation contains certain metrics that do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of future performance of the Company and future results may not be comparable to the past performance. No reliance should be placed for any purpose whatsoever on the information contained in this document or on its completeness. Certain information contained in this presentation has been obtained from public sources, which may not have been independently verified or audited. No representation or warranty, express or implied, is given or will be given by or on behalf of the Company, or any of its affiliates (within the meaning of Rule 405 under the U.S. Securities Act of 1933, as amended, “Affiliates”), members, directors, officers, employees or any other person (the “Related Parties”) as to the accuracy, completeness or fairness of the information or opinions contained in this presentation or any other material discussed verbally, and any reliance placed on them will be at your sole risk. Any opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company or any of its Related Parties in relation to such information or opinions or any other matter in connection with this presentation or its contents or otherwise arising in connection therewith. This presentation also includes certain non-IFRS (International Financial Reporting Standards) financial measures which have not been subject to a financial audit for any period; they should not be considered in isolation or as a substitute for other financial metrics that have been disclosed in accordance with IFRS. The information and opinions contained in this presentation are provided as of the date of this presentation and are subject to verification, completion and change without notice. For a reconciliation of Adjusted EBITDA for the fiscal year ended December 31, 2018, and December 31, 2019, to the closest IFRS measure, please see our Form 20-F filed with the SEC on April 28, 2021. For a reconciliation of Adjusted EBITDA for the fiscal years ended December 31, 2020, December 31, 2021, and December 31, 2022 to the closest IFRS measure, please see our Form 20-F filed with the SEC on April 24, 2023. For a reconciliation of Adjusted EBITDA for the fiscal years ended December 31, 2023 and December 31, 2024, to the closest IFRS measure, please see our Form 20-F filed with the SEC on April 9, 2025. We cannot provide a reconciliation of forward-looking non-IFRS financial measures contained in this presentation without unreasonable effort, given that we are unable to estimate the amounts of certain components of the IFRS net (loss) profit for the forward-looking periods, including interest expense and foreign exchange gains (which affect the IFRS measure financial results, net) and our deferred income tax (which affects the IFRS measure income tax expense). Due to the nature of certain reconciling items, it is not possible to predict with any reliability what future outcomes may be with regard to the expense or income that may ultimately be recognized in the year ended December 31, 2025. This presentation includes “forward-looking statements” concerning the future. Words such as “proposes,” “aims,” “aspires,” “believes,” “thinks,” “forecasts,” “expects,” “anticipates,” “intends,” “should,” “seeks,” “estimates,” and “future” or similar expressions are included with the intention of identifying statements about the future. For the avoidance of doubt, any projection, guidance or similar estimation about future results, performance or achievements is a forward-looking statement. Although the assumptions and estimates on which forward-looking statements are based are believed by our management to be reasonable and based on the best currently available information, such forward-looking statements are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. There will be differences between actual and projected results, and actual results may be materially greater or lower than those contained in the projections. Projections related to production results as well as cost estimations – including any anticipated performance and guidance of Vista included in this presentation – are based on information as of the date of this presentation and reflect numerous assumptions, including assumptions with respect to type curves for new well designs and certain frac spacing expectations, all of which are difficult to predict and many of which are beyond our control and remain subject to several risks and uncertainties. The inclusion of the projected financial information in this document should not be regarded as an indication that we or our management considered or consider the projections to be a reliable prediction of future events. As such, no representation can be made as to the attainability of projections, guidances or other estimations of future results, performance or achievements. We have not warranted the accuracy, reliability, appropriateness or completeness of the projections to anyone. Neither our management nor any of our representatives has made or makes any representation to any person regarding our future performance compared to the information contained in the projections, and none of them intends to or undertakes any obligation to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrence of future events in the event that any or all of the assumptions underlying the projections are shown to be in error. We may or may not refer back to these projections in our future periodic reports filed or furnished under the Securities Exchange Act of 1934 or otherwise. These expectations and projections are subject to significant known and unknown risks and uncertainties, which may cause our actual results, performance or achievements, or industry results, to be materially different from any expected or projected results, performance or achievements expressed or implied by such forward-looking statements. Many important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied in our forward-looking statements, including, among other things: uncertainties related to our ability to reduce our scope 1 and 2 GHG emissions intensity to 7 kgCO2e/boe by 2026, or our ability to match the volume of our carbon credits with the scope 1and 2 emissions generated in our operations on the timeline we expect, or at all; uncertainties relating to future government concessions and exploration permits; adverse outcomes in litigation that may arise in the future; general political, economic, social, demographic and business conditions in Argentina, Mexico and in other countries in which we operate; the impact of political developments and uncertainties relating to political and economic conditions in Argentina, including the policies of the current government in Argentina; significant economic or political developments in Mexico, Argentina and the United States; changes in laws, rules, regulations and their interpretation and enforcement applicable to the Argentine and Mexican energy sectors and throughout Latin America, including changes to the regulatory environment in which we operate and changes to programs established to promote investments in the energy industry; any unexpected increases in financing costs or an inability to obtain financing and/or additional capital pursuant to attractive terms; any changes in the capital markets in general that may affect the policies or attitude in Argentina and/or Mexico and/or Argentine and Mexican companies with respect to financings extended to or investments made in Argentina and Mexico or Argentine and Mexican companies; fines or other penalties and claims by the authorities and/or customers; restrictions on the ability to exchange Mexican or Argentine Pesos into foreign currencies or to transfer funds abroad; the imposition of import restrictions on goods that are key for the maintenance of our assets; the revocation or amendment of our respective concession agreements by the granting authority; our ability to renew certain hydrocarbon exploitation concessions; our ability to implement our capital expenditures plans or business strategy, including our ability to obtain financing when necessary and on reasonable terms; government intervention, including measures that result in changes to the Argentine and Mexican labor markets, exchange markets or tax systems; continued and/or higher rates of inflation and fluctuations in exchange rates, including the devaluation and/or appreciation of the Mexican Peso or Argentine Peso; any force majeure events, or fluctuations or reductions in the value of Argentine public debt; changes to the demand for oil and gas in particular, and energy in general, in Argentina, Mexico and globally; the effects of a pandemic or epidemic and any subsequent mandatory regulatory restrictions or containment measures; environmental, health and safety regulations and industry standards that are becoming more stringent; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted or material reduction in oil prices from historical averages; our relationship with our employees and our ability to retain key members of our senior management and key technical employees; the ability of our directors and officers to identify an adequate number of potential acquisition opportunities; our expectations with respect to the performance of our recently acquired businesses; our expectations for future production, costs and crude oil prices used in our projections; changes to our capital expenditure plans; uncertainties inherent in making estimates of our oil and gas reserves, and changes to our previous reserves estimates, including recently discovered oil and gas reserves; increased market competition in the energy sectors in Argentina and Mexico; potential regulatory changes and modifications to free trade agreements driven by evolving U.S. trade policies and political developments in Argentina and Mexico; climate change and severe weather events; any potential adverse effects that may arise in connection with any prospective mergers, acquisitions, divestitures, or other corporate reorganizations; adverse global macroeconomic environments, including trade wars, high inflation, a global recession, and increasing market volatility, especially in relation to commodities prices; and ongoing and potential geopolitical conflicts, including, among others, those involving Russia and Ukraine; Israel, Hamas and Iran; and China and Taiwan. Further information concerning risks and uncertainties associated with these forward-looking statements and Vista’s business can be found in Vista’s public disclosures filed on EDGAR (www.sec.gov) or at the web page of the Mexican Stock Exchange (www.bmv.com.mx). Forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to release publicly any updates or revisions to any forward-looking statements contained herein because of new information, future events or other factors. In light of these limitations, undue reliance should not be placed on forward-looking statements contained in this presentation. You should not take any statement regarding past trends or activities as a representation that such trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. This presentation is not intended to constitute and should not be construed as investment advice. The financial information of Petronas E&P Argentina S.A. (“PEPASA”) included in this presentation reflects certain reclassifications made during the auditing process of PEPASA’s financial statements for the year ended December 31, 2024. Other Information Vista routinely publishes important information for investors in the “Investor Relations support” section on its website, www.vistaenergy.com. From time to time, Vista may use its website as a channel for distributing material information. Accordingly, investors should monitor Vista’s Investor Relations website, in addition to following Vista’s press releases, SEC filings, public conference calls and webcasts. Note: Units and definitions can be found in the Glossary.
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Welcome00 Alejandro Cherñacov – Co-founder and Strategic Planning & Investor Relations Officer Our unique playbook for value creation 01 Miguel Galuccio – Founder, Chairman of the Board and Chief Executive Officer Doubling down on efficient growth 02 Juan Garoby – Co-founder and Chief Technology Officer Matías Weissel – Chief Operating Officer Delivering superior total shareholder returns 03 Pablo Vera Pinto – Co-founder and Chief Financial Officer Alejandro Cherñacov 2030 vision04 Miguel Galuccio Q&A05 Agenda
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Our unique playbook for value creation
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05 Achieved remarkable growth since 2021 Entering a new phase of self-funded growth Building a cash-generating machine Vista’s unique profitable growth story continues 2020A 2021A 2022A 2023A 2024A 2025E 2026F 2027F 2028F 2029F 2030F + 2031F 39 114 180 +200 Production Mboe/d >20% 2026-28F ROACE ~3x production ~4x Adj. EBITDA 2.8 $Bn 2028F Adj. EBITDA 1.5 $Bn p.a. recurring FCF
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8 18 22 29 69 2021A 2022A 2023A 2024A Q3-25A Vista’s remarkable journey Production Mboe/d 39 51 114 2021A 2023A 2025E Adj. EBITDA 06 Share in Argentina oil production (1) % (1) Calculated at company working interest as of Q3-25. Source: Company analysis based on Economía y Energía consulting (2) Calculated as the average of ROACE for FY 2021, FY 2022, FY 2023, FY 2024 and the annualized 9M 2025 Oil exports Mbbl/d Became the largest independent oil producer and largest oil exporter in Argentina Significantly increased scale Achieved industry-leading profitability metrics 6% 7% 8% 9% 13% 2021A 2022A 2023A 2024A Q3-25A #3 #2 #2 #2 #1IOC rank~3x 0.4 0.9 1.6 2021A 2023A 2025E 1st Inv. Day 2nd Inv. Day 31% average 2021-3Q25A ROACE (2) 40 $/boe average 2021-3Q25A NETBACK 73% CAGR 2021-3Q25A VIST SHARE PRICE 3rd Inv. Day 1st Inv. Day 2nd Inv. Day 3rd Inv. Day $Bn ~4x
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De-risked next phase of growth 07 Total inventory wells Oil treatment capacity Mbbl/d178 drilling rigs4 2 frac sets Firm oil pipeline capacity Mbbl/d194 1,653 D&C equipment (operated) Variation since 2023 +503 Current 2x +108 +126 wells Mbbl/d Mbbl/d Oil volume export share 62 % +10 p.p. & FREE CASH FLOW POSITIVE PLAN FULLY-COMMITTED, WORLD-CLASS TEAM
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Our growth strategy is fully aligned with global energy dynamics Key drivers shaping the global energy landscape 08 Robust growth of total energy and crude oil demand driven by development of emerging economies + Forecasted oil supply gap driven by continuous under-investment in exploration Constructive view on mid & long-term oil prices Higher volatility in commodity prices due to heightened geopolitical dynamics Winning proposition: Low-cost, short-cycle producer Vista is well-poised to capture value in a volatile environment
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09 (1) Unit cost includes Lifting cost, Selling expenses and G&A expenses. Excludes taxes and royalties (2) Undiscounted payback for all wells completed in BPO between 2019 and 2024, excluding pilots Large, short-cycle, low-cost asset base ~11 $/boe Unit cost (1) ~2 years single-well capex payback (2) Our Vista Way We are a team, relentless to achieve results, committed to our people; we innovate to excel, with agility, responsibility and honesty Industry-leading TSR strategy Proven capital allocation track record +73% CAGR in share price since 2021 Our playbook has proven to deliver profitable growth and high margins ~1,300 wells in inventory yet to be drilled
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10 Future proofing total shareholder returns Production Mboe/d Entering the next phase of profitable growth and total shareholder value creation Adj. EBITDA $Bn Free cash flow 1.5 $Bn 2026-2028F cumulative 1.6 2.8 1.4 2025E 2028F 75% New targets 2023 Investor Day targets Provides flexibility to return cash to shareholders, de-lever and execute synergetic M&A 114 180 85 2025E 2028F 58% Note: assumes a Brent of 65 $/bbl in 2026 and 70 $/bbl in 2027+, in real terms of January 2026
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Low emissions intensity (1) Carbon credit generation Proactive local community engagement Our subsidiary Aike manages a portfolio of nature-based solution projects, seeking to generate low-cost, high-quality carbon credits Currently managing 13 projects across 7 provinces in Argentina. Planted ~5 million trees to date On track to deliver on our objective of generating enough carbon credits to match the size of our residual operated scope 1 and 2 GHG emissions in 2026 4.5 $MM voluntary social investment during 2021-24 Collaborating with10 NGOs 67 57 40 38 38 33 22 14 14 13 7.5 6 China Iraq Canada Russia Iran Global average United States Saudi Arabia UAE Qatar Vista Norway Vista Global average Strong safety track record Total TRIR in line with Tier 1 international O&G company performance < 1 since 2020 -77% (1) 2024 GHG emissions (excluding drilling emissions) intensity of top 10 oil and gas producing countries. Source: Rystad; Vista scope 1 and 2 GHG emissions intensity as estimated by the Company for 2025. We have built a high-standard company fit for the future 11 Rolón Cué, Corrientes, Argentina Rolón Cué, Corrientes, Argentina
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Doubling down on efficient growth
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Delivered strong production growth Production Mboe/d P1 Reserves MMboe 13 51 114 2023A 2025E 2.2x 319 519 YE-23A YE-24A pro forma 1.6x Material growth in production and P1 reserves since 2023 Investor Day driven by organic growth and accretive acquisition (1) Pro forma values calculated as if PEPASA had been acquired on January 1, 2024. (1)
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Sustained peer-leading well productivity Vaca Muerta well productivity Cumulative oil Mbbl (1) (1) Considers oil wells drilled between 2018 and 2024, normalized to 2,800 meters of lateral length, in blocks with more than 15 oil wells drilled. Peers included (in alphabetical order): Pan American Energy, Phoenix, Shell and YPF for Vaca Muerta; and Coterra, Devon, Diamondback, EOG, Matador, Permian Resources and Vital (recently acquired by Crescent Energy) for Permian. Source: Company analysis based on Argentine Secretariat of Energy data, Rystad Energy ShaleWellCube 14 ~120 days time-to-market ~2 years capex payback Short-cycle provides a competitive advantage in a volatile environment0 50 100 150 200 250 300 350 1 2 3 4 5 6 7 8 9 10 11 12 Month VistaVaca Muerta peers Permian Peers Vaca Muerta peers average Permian peers average
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Scaled-up and high-graded well inventory underpins profitable long-term growth 15 Number of wells Existing inventory provides 10-year runway of wells with breakeven below 45 $/bbl 186 147 335 964 176 178 1,318 2023 inventory 50% WI in La Amarga Chica Successful pilot in structural faults area Current inventory 1,150 323 180 1,653 Wells on production as of Q3-25 Wells ready to be drilled 2 Further inventory upside on the back of additional landing zones in existing blocks
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Successful pilot in structural faults area unlocked 180 new wells of inventory 16 De-risked 18k acres in BPO after testing a new area with structural faults by drilling and completing a 2-well pilot Robust well productivity with an average well cumulative oil production of 55 Mbbl after 45 days (1) P25, P50 and P75 reflect first, second and third quartiles of cumulative production distribution in Bajada del Palo Oeste Bajada del Palo Oeste Added 125 wells 25 wells Added 30 wells Bajada del Palo Este Coirón Amargo Norte Areas with structural faults BPO-37 (2-well pilot) Note: pad locations for illustrative purposes only, not drawn to scale. Added Pads tied-in BPO cumulative oil production (1) Mbbl Pilot well 2 Pilot well 1 days BPO P75 BPO P50 BPO P25 0 10 20 30 40 50 60 70 0 5 10 15 20 25 30 35 40 45
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Drilling & completion cost (1) $MM per well Key cost reduction drivers 17 14.2 12.3 11.7 11.3 11.0 2024A Q4-25E YE-26F YE-27F YE-28F -23% Implemented Planned for 2026 ✓ Bulk transportation of wet sand ✓ Frac plan in real-time to avoid over stimulating ✓ New remotely-operated directional drilling tech ✓ De-bundling of drilling services ✓ In-field sand plant sourced with proximity mines ✓ Frac chemicals sourcing ✓ Frac fleet contract renegotiation ✓ New frac pump technologies to reduce diesel consumption ✓ Casing re-design and contract renegotiation (1) Normalized to a standard well design of 2,800 meters lateral length and 47 frac stages well Achieved Vaca Muerta-leading well cost through commercial, supply chain and technological innovation // //
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Innovation at scale with world-class execution 18 H1 2025 H2 2025 2026+ Vista’s own sand mine and washing plant operating since 2022 materially reduced sand cost Evolution of frac sand logistics to reduce costs SAND MINE SAND WASHING PLANT 15 km SAND DRYING PLANT 180 km Transportation in boxes 90 km COMPLETION ACTIVITY IN OUR CORE DEVELOPMENT HUB SAND MINE SAND WASHING PLANT Bulk transportation of wet sand COMPLETION ACTIVITY IN OUR CORE DEVELOPMENT HUB Use of wet sand eliminates drying process and optimizes logistics Savings vis-à-vis H1 2025 -12% sand cost ~200 $M/well SAND MINE Bulk transportation of wet sand COMPLETION ACTIVITY IN OUR CORE DEVELOPMENT HUB<160 km Sand plant relocated to core development hub, allowing for sand sourcing from nearby mines -23% sand cost ~400 $M/well Additional savings vis-à-vis H2 2025 15 km 270 km 285 km 285 km
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19 Distinctive rock stimulation know-how leveraged with AI technology ✓ Implemented since March 2025 ✓ Enable real-time decision making on completion design ✓ Optimize hydraulic stimulation, reducing cost and improving well productivity in a complex, high-pressure environment ✓ Enhanced monitoring capabilities of frac hit identification, characterization and decision- making to mitigate impact on parent wells production Delivering tangible real-time results <1% completion stages lost in 2025 ~150 $M cost saving per well 1 runaway completion stage per well avoided on average 𝜎𝑣 ≫ 𝜎ℎ 𝜎𝑣 ≈ 𝜎ℎ 𝜎𝑣 𝜎ℎ Vista’s proprietary AI-driven monitoring tool Proprietary monitoring tool Stage Number Hz Comp1 50 Vista workflow applied PerF_grad low mid high
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114 140 160 180 85 100 2025E 2026F 2027F 2028F Pursuing a new phase of de-risked production growth Production Mboe/d 20 CAPACITY ACTIVITY CAPEX 80-90 wells p.a. during 2026-2028F 1.5-1.6 $Bn p.a. during 2026-2028F Rigs, frac set, crews, treatment, transportation and export capacity in place to deliver plan New targets 2023 Investor Day targets 58%
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Delivering superior total shareholder returns
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1.5 2.0 2.7 3.2 2.5 3.0 3.7 4.3 2025E 2026F 2027F 2028F Planning to double export revenues in next 3 years Export-driven growth underpins total shareholder returns 22 Note: assumes a Brent of 65 $/bbl in 2026 and 70 $/bbl in 2027+, in real terms of January 2026 Total revenues $Bn Share of oil export volumes~60% ~65% ~70% ~75% 72% Oil exports Domestic oil, gas and NGL
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7 13 19 24 3 5 8 10 4 4 4 4 15 15 15 15 10 11 11 11 5 7 8 9 5 5 6 6 50 60 70 80 Resilient to down-cycles and highly profitable in up-cycles 23 Brent discount + export duties Royalties Unit cost (1) Cash cost breakdown $/boe Maintenance capex (2) Financial interest Income tax FCFE (1) Unit cost includes Lifting cost, Selling expenses and G&A expenses. Excludes taxes and royalties (2) Capex needed to maintain production at aprroximately130 Mboe/d Netback 29 $/boe 38 $/boe 46 $/boe 54 $/boe Brent ($/bbl)
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Plan expected to deliver robust financial metrics Adj. EBITDA $Bn FREE CASH FLOW 1.6 1.9 2.5 2.8 2025E 2026F 2027F 2028F 75% ADJ. EBITDA MARGIN ROACE ~65% average 2026-2028F >20% average 2026-2028F 1.5 $Bn cumulative 2026-2028F 24 Note: assumes a Brent of 65 $/bbl in 2026 and 70 $/bbl in 2027+, in real terms of January 2026
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Balance sheet strength supported by self-funded growth plan 25 Debt maturity schedule (1) $MM 17% 19% 11% (1) As of today, there are 153 $MM outstanding maturities for the remainder of 2025 (2) Pro forma Net Leverage Ratio, calculated as if PEPASA had been acquired on January 1, 2024. Net Leverage Ratio without this adjustment was 1.8x (3) Average includes 235 $MM maturing in 2031 (70 $MM of local bonds and 165 $MM of international bonds), 165 $MM in 2032, 368 $MM in 2033, 198 $MM in 2034 and 204 $MM in 2035 (maturities between 2032 and 2035 correspond to international bonds) (4) Data as of Q3-25 (5) Average cost of debt calculated as the weighted average coupons of USD and USD -linked debt, weighted by outstanding principal am ount Banks and others Local bonds International bonds (3) <10% <10% <10% 1.5x <1.0x Maturities / Estimated Adj. EBITDA 320 328 469 306 210 262 234 Cash as of September 30, 2025 2026F 2027F 2028F 2029F 2030F 2031-35F avg. Net leverage ratio $Bn Avg. cost of debt (4) (5) 6.7 % Gross debt (4) 2.9 2.6 $BnNet debt (4) Avg. debt life (4) 4.5 years extended from 3.1 years at YE-23 Organic growth Q3-25A (2) 2028F //
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Our business model is resilient to oil price volatility 26 6.2 0.2 1.0 0.1 0.6 4.7 0.5 1.0 1.5 2.0 2.5 -10$ -5$ Base case +5$ +10$ Sources Uses Cash flow from investing activitiesCash flow from operating activities Cash available Minimum cash Uses of cash flow from operating activities $Bn, cumulative 2026-28 Free Cash Flow $Bn Sensitivity to crude oil realized price $Bn, cumulative free cash flow 2026-2028 Cash BoP Planning to deliver same production growth 0.2 0.5 0.8 2026F 2027F 2028F Financial interests Note: Assumes a Brent of 65 $/bbl in 2026 and 70 $/bbl in 2027+, in real terms of January 2026
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27 We plan to deploy FCF through our proven capital allocation framework Return cash to shareholders Maintain strong balance sheet Selectively pursue M&A via share buybacks or dividends Accelerate de-leveraging Invest in selected and synergetic M&A opportunities focused on the oil window of Vaca Muerta Flexibility to drive total shareholder returns
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2030 Vision
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Production Mboe/d 2030 recurring FCF generation 1.5 $Bn 114 180 +200 2025E 2028F 2030F +12% CAGR Building a cash flow generating machine 29 2030 vision is +33% above forecast provided in Sep-23 Investor Day annually Note: assumes a Brent of 70 $/bbl in real terms of January 2026
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30 Materially transformed the company since the last Investor Day through increased scale and profitability De-risked the next phase of growth by adding inventory, D&C equipment, midstream and export capacity and financial flexibility Updated plan generates double-digit annual Adj. EBITDA growth and will continue driving industry-leading total shareholder returns Our growth strategy continues to be fully aligned with global energy dynamics Closing remarks
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Q&A
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32 Glossary ▪ $: U.S. Dollars ▪ $MM: Million U.S. Dollars ▪ $Bn: Billion U.S. Dollars ▪ $/bbl: U.S. Dollars per barrel of oil ▪ $/boe: U.S. Dollars per barrel of oil equivalent ▪ Adj. EBITDA = Profit for the period, net + Income tax (expense) / benefit + Financial income (expense), net + Depreciation, depletion and amortization + Gain from business combination + Restructuring and reorganization expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment (reversal) of long- lived assets + Income (loss) from investments in associates ▪ Adj. EBITDA Margin = Adj. EBITDA / (Total Revenues + Gain from Export Increase Program) ▪ AF: Aguada Federal ▪ AM: Águila Mora ▪ bbl/d: Barrels of oil per day ▪ boe: Barrels of oil equivalent ▪ boe/d: Barrels of oil equivalent per day ▪ BN: Bandurria Norte ▪ BPE: Bajada del Palo Este ▪ BPO: Bajada del Palo Oeste ▪ Capex includes Property, plant and equipment additions ▪ Cash available: opening cash balance + cumulative free cash flow – financial interest payments – minimum cash ▪ Cash flow from operating activities: Adj. EBITDA – income tax, VAT + changes in working capital and other adjustments ▪ Cash position is defined as Cash, bank balances and other short-term investments ▪ Free cash flow = Operating activities cash flow + Investing activities cash flow ▪ Free cash flow to equity (FCFE) = Free cash flow – Financial interest payments ▪ GHG emissions: Scope 1 & 2 GHG emissions from our operated assets in Argentina at 100% working interest ▪ LACh: La Amarga Chica ▪ Lifting cost includes production, transportation, treatment and field support services; excludes crude oil stock fluctuations, depreciation, depletion and amortization, royalties and others, selling expenses, exploration expenses, general and administrative expenses, other operating income, other operating expense and other non-cash costs related to the transfer of conventional assets ▪ Mbbl: Thousands of barrels of oil ▪ MMbbl: Million barrels of oil ▪ MMboe: Million barrels of oil equivalent ▪ Net leverage ratio = Net financial debt / LTM Adj. EBITDA ▪ Netback = Adj. EBITDA / Total production ▪ PEPASA: Vista Energy LACh S.A. (formerly known as Petronas E&P Argentina S.A.) ▪ Production includes oil, gas and NGL production, and excludes flared gas, injected gas and gas consumed in operations ▪ p.p.: percentage points ▪ ROACE = (Adj. EBITDA – Depreciation + Gain related to the transfer of conventional assets + Other noncash costs related to the transfer of conventional assets ) / (Average total debt + Average total shareholders’ equity) Total debt = Current Borrowings + Non-current Borrowings + Current Lease liabilities + Non-current Lease liabilities ▪ SEC: Securities and Exchange Commission ▪ TRIR (Total recordable injury rate): Number of recordable incidents x 1,000,000 / total number of hours worked ▪ Time to market includes drilling, completion and tie-in ▪ Unit cost = Lifting cost + Midstream cost + G&A expenses. Excludes royalties and taxes