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Earnings Webcast October 23, 2025 Third Quarter 2025
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02 AdditionalinformationaboutVistaEnergy,S.A.B. de C.V., a sociedadanónimabursátilde capitalvariableorganizedunderthelawsof Mexico(the“Company”or “Vista”)canbe foundin the “Investors”sectionon the websiteat www.vistaenergy.com. Thispresentationdoes not constitutean offerto sellor a solicitationof any offerto buy any securitiesof theCompany,in any jurisdiction. Securitiesmay not be offeredor soldin the UnitedStatesabsentregistrationwiththe U.S. SecuritiesExchangeCommission (“SEC”),theMexicanNationalSecuritiesRegistryheldby the MexicanNationalBankingandSecuritiesCommission(“CNBV”)or an exemptionfromsuchregistrations. Thispresentationdoesnot containallthe Company’sfinancialinformation. As a result,investorsshouldreadthispresentationin conjunctionwiththe Company’sconsolidatedfinancialstatementsandotherfinancialinformationavailableon the Company’s website. Someof theamountscontainedhereinareunaudited. Roundingamountsand percentages: Certainamountsand percentagesincludedin thispresentationhavebeenroundedfor easeof presentation. Percentagefiguresincludedin thispresentationhave not in all casesbeencalculatedon thebasisof suchrounded figures,but on thebasisof suchamountspriorto rounding. For thisreason,certainpercentageamountsin thispresentationmay varyfromthoseobtainedby performingthesamecalculationsusingthefiguresin thefinancialstatements. In addition,certainother amountsthatappearin thispresentationmay not sum dueto rounding. Thispresentationcontainscertainmetricsthatdo not have standardizedmeaningsor standardmethodsof calculationand thereforesuch measuresmay not be comparableto similarmeasuresusedby othercompanies. Suchmetricshavebeenincludedherein to providereaderswithadditionalmeasuresto evaluatethe Company’sperformance; however,suchmeasuresarenot reliableindicatorsof futureperformanceof theCompanyandfutureresultsmay not be comparableto pastperformance. No relianceshould be placed for any purpose whatsoeveron the informationcontainedin this document or on its completeness. Certain informationcontained in this presentationhas been obtained from publishedsources,which may not have been independentlyverifiedor audited. No representationor warranty,expressor implied,is givenor willbe givenby or on behalfof the Company,or any of its affiliates(withinthe meaningof Rule 405 underthe U.S. SecuritiesAct of 1933, as amended,“Affiliates”), members,directors,officersor employeesor anyotherperson(the“RelatedParties”)as to theaccuracy,completenessor fairnessof theinformationor opinionscontainedin thispresentationor any othermaterialdiscussedverbally,and anyrelianceyouplaceon themwillbe at yoursolerisk. Anyopinionspresentedhereinarebasedon generalinformationgatheredat thetimeof writingandare subjectto changewithoutnotice. In addition,no responsibility,obligationor liability(whetherdirector indirect,in contract,tortor otherwise)is or willbe acceptedby theCompanyor anyof itsRelatedPartiesin relationto suchinformationor opinionsor any othermatterin connectionwiththispresentationor its contentsor otherwisearisingin connectiontherewith. Thispresentationalso includescertainnon-IFRS(InternationalFinancialReportingStandards)financialmeasureswhichhave not beensubjectto a financialaudit for any period. The informationand opinionscontainedin thispresentationare providedas of the dateof thispresentationand aresubjectto verification,completionand changewithoutnotice. Thispresentationincludes“forward-lookingstatements”concerningthe future. Wordssuchas “believes,”“thinks,”“forecasts,”“expects,”“anticipates,”“intends,”“should,”“seeks,”“estimates,”and “future”or similarexpressionsareincludedwiththeintentionof identifyingstatementsabout the future. For the avoidanceof doubt,any projection,guidanceor similarestimationaboutfutureresults,performanceor achievementsis a forward-lookingstatement. Althoughthe assumptionsand estimateson whichforward- lookingstatementsare based are believedby our managementto be reasonableand based on the best currentlyavailableinformation,such forward-lookingstatementsare based on assumptionsthat are inherentlysubjectto significantuncertaintiesand contingencies,manyof whicharebeyondour control. Therewillbe differencesbetweenactualand projectedresults,and actualresultsmay be materiallygreateror materiallylessthanthosecontainedin theprojections. Projectionsrelatedto productionresultsas wellas costestimations– includingany anticipated performanceand guidanceof Vistaincludedin thispresentation– are basedon informationas of the date of thispresentationand reflectnumerousassumptionsincludingassumptionswith respectto typecurvesfor new well designsand certainfrac spacing expectations,all of whichare difficultto predictand manyof whichare beyondour controland remainsubjectto severalrisksand uncertainties. Theinclusionof theprojectedfinancialinformationin thisdocumentshouldnot be regardedas an indicationthat we or our managementconsideredor considerthe projectionsto be a reliablepredictionof futureevents. As such,no representationcan be made as to the attainabilityof projections,guidancesor otherestimationsof futureresults,performanceor achievements. We have not warrantedthe accuracy,reliability,appropriatenessor completenessof the projectionsto anyone. Neitherour managementnor any of our representativeshas made or makes any representationto any personregardingour futureperformance comparedto the informationcontainedin the projections,and noneof themintendsto or undertakesany obligationto updateor otherwiserevisethe projectionsto reflectcircumstancesexistingafter the date when made or to reflectthe occurrenceof future eventsin the event that any or all of the assumptionsunderlyingthe projectionsare shown to be in error. We may or may not refer back to these projectionsin our future periodicreportsfiled or furnishedunder the SecuritiesExchangeAct of 1934. These expectationsand projectionsare subject to significantknown and unknown risks and uncertaintieswhich may cause our actual results,performanceor achievements,or industryresults, to be materiallydifferentfrom any expectedor projectedresults, performanceor achievementsexpressedor implied by such forward-looking statements. Many important factors could cause our actual results, performanceor achievementsto differ materiallyfrom those expressedor implied in our forward looking statements,including,among other thingsuncertaintiesrelatingto futuregovernmentconcessionsand explorationpermits; adverseoutcomesin litigationthat may arisein the future; generalpolitical,economic,social,demographicand businessconditionsin Argentina,Mexicoand in other countriesin which we operate; the impact of politicaldevelopmentsand uncertaintiesrelatingto politicaland economicconditionsin Argentina,includingthe policiesof the newly elected governmentin Argentina; significant economicor politicaldevelopmentsin Mexicoand the United States; uncertaintiesrelatingto the new administrationthat took office in Mexicoin October2024; changesin laws, rules, regulationsand their interpretationand enforcementapplicableto the Argentineand Mexicanenergy sectorsand throughoutLatin America,includingchangesto the regulatoryenvironmentin which we operateand changesto programsestablishedto promoteinvestmentsin the energy industry; any unexpectedincreasesin financingcosts or an inabilityto obtainfinancingand/oradditionalcapitalpursuantto attractiveterms; any changesin the capitalmarketsin generalthat may affectthe policiesor attitudein Argentinaand/orMexico,and/orArgentineand Mexicancompanies with respectto financingsextendedto or investmentsmade in Argentinaand Mexicoor Argentineand Mexicancompanies; fines or other penaltiesand claimsby the authoritiesand/orcustomers; any futurerestrictionson the abilityto exchangeMexicanor ArgentinePesosintoforeigncurrenciesor to transferfundsabroad; therevocationor amendmentof ourrespectiveconcessionagreementsby thegrantingauthority; our abilityto implementour capitalexpendituresplansor businessstrategy,includingour ability to obtainfinancingwhen necessaryand on reasonableterms; governmentintervention,includingmeasuresthat resultin changesto the Argentineand Mexicanlabor markets,exchangemarketsor tax systems; continuedand/or higherrates of inflationand fluctuationsin exchangerates,includingthe devaluationof the MexicanPeso or ArgentinePeso; any force majeureevents,or fluctuationsor reductionsin the value of Argentinepublic debt; changesto the demand for energy; the effectsof a pandemicor epidemicand any subsequentmandatoryregulatoryrestrictionsor containmentmeasures; environmental,healthand safetyregulationsand industrystandardsthatare becomingmore stringent; energymarkets,includingthe timingand extentof changesand volatilityin commodityprices,and the impactof any protractedor materialreductionin oil pricesfrom historicalaverages; our relationshipwith our employeesand our abilityto retainkey membersof our seniormanagementand key technicalemployees; the abilityof our directorsand officersto identifyan adequatenumberof potentialacquisitionopportunities; our expectationswithrespectto theperformanceof our recentlyacquiredbusinesses; our expectationsfor futureproduction,costsand crudeoil pricesused in our projections; uncertaintiesinherentin makingestimatesof our oilandgasreserves,includingrecentlydiscoveredoiland gasreserves; increasedmarketcompetitionin theenergysectorsin ArgentinaandMexico; potentialchangesin regulationand freetrade agreementsas a resultof U.S., Mexicanor otherLatinAmericanpoliticalconditions; environmentalregulationsand internalpoliciesto achieveglobalclimatetargets; the ongoingconflictinvolvingRussiaand Ukraine; and morerecently,the Israel-Hamasconflict. Forwardlookingstatementsspeakonlyas of thedateon whichtheyweremade,and we undertakeno obligationto releasepubliclyany updatesor revisionsto any forwardlookingstatementscontainedhereinbecauseof newinformation,futureeventsor other factors. In lightof theselimitations,unduerelianceshouldnot be placedon forwardlookingstatementscontainedin thispresentation. Furtherinformationconcerningrisksand uncertaintiesassociatedwiththeseforwardlookingstatementsand Vista’sbusiness canbe foundin Vista’spublicdisclosuresfiledon EDGAR(www.sec.gov) or at thewebpageof theMexicanStockExchange(www.bmv.com.mx). You shouldnot takeany statementregardingpasttrendsor activitiesas a representationthatsuch trendsor activitieswillcontinuein the future. Accordingly,you shouldnot put unduerelianceon thesestatements. Thispresentationis not intendedto constitute andshouldnot be construedas investmentadvice. Other Information. Vista routinelypublishesimportantinformationfor investorsin the InvestorRelationssupportsectionon its website,www.vistaenergy.com. From time to time, Vista may use its websiteas a channelfor distributingmaterialinformation. Accordingly,investorsshouldmonitorVista’sInvestorRelationswebsite,in additionto followingVista’spressreleases,SECfilings,publicconferencecallsand webcasts. About projections and forward-looking statements
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03 Q3 2025 HIGHLIGHTS 127 Mboe/d 74% y-o-y 7% q-o-q Production 110 Mbbl/d 73% y-o-y 7% q-o-q Oil Production 706 $MM 53% y-o-y 16% q-o-q Revenues 4.4 $/boe -6% y-o-y -5% q-o-q Lifting Cost -29 $MM +46 $MM y-o-y Free Cash Flow 472 $MM 52% y-o-y 17% q-o-q Adj. EBITDA 351 $MM -5% y-o-y -1% q-o-q CAPEX Net Leverage Ratio (1) Strong interannual and sequential growth 1.5x pro forma +0.8x y-o-y +0.1x q-o-q Units and definitions can be found in the Glossary. (1) Pro forma values calculated as if PEPASA had been acquired on January 1, 2024. Pro forma Net Leverage Ratio (1.5x) = (Gross financial debt (2,928 $MM) – Cash position (320 $MM)) / Pro forma LTM Adj. EBITDA (1,752 $MM). Net Leverage Ratio without this adjustment was 1.8x. 315 $MM Net Income 3.0 $/sh EPS 155 $MM Adj. Net Income Adj. EPS 1.5 $/sh319 $MM 93% y-o-y 36% q-o-q Net Income 3.0 $/share 76% y-o-y 35% q-o-q EPS
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04 Execution of development hub activity PAD NAME NUMBER OF WELLS TIE-IN BPO-35 5 Late July BPO-36 4 Late August BPO-37 2 Early September AF-6 4 Early September LACh (in 4 pads) 9 August-September Decided to accelerate well tie-ins during Q4-25 for a total of 70-74 wells in 2025, leaving us on track to potentially overdeliver on production guidance Solid productivity of new tie-ins boosted Q3-25 production growth by 7% q-o-q Q3-25 DEVELOPMENT PROGRESS
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OIL PRODUCTION Mbbl/d TOTAL PRODUCTION (1) Mboe/d NATURAL GAS PRODUCTION MMm3/d 1.42 2.44 2.65 Q3-24 Q2-25 Q3-25 63.5 102.2 109.7 Q3-24 Q2-25 Q3-25 72.8 118.0 126.8 Q3-24 Q2-25 Q3-25 Strong sequential growth in production 05 (1) Includes oil, gas and LPG production. LPG production in Q3-25 totaled 416 boe/d, compared to 468 boe/d in Q2-25 and 414 boe/d in Q3-24 +74% +73% ▪ Total production increased 7% sequentially driven by strong performance in Bajada del Palo Oeste and La Amarga Chica ▪ Total operated production increased 6% from Q2-25 and 15% y-o-y +87% +7% +7% +9%
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REVENUES (1) $MM AVG. REALIZED OIL PRICE $/bbl 462 611 706 Q3-24 Q2-25 Q3-25 Material revenue growth driven by oil production increase 68.4 62.2 64.6 Q3-24 Q2-25 Q3-25 ▪ Sequential increase in realized oil prices driven by higher Brent ▪ 100% of oil volumes sold at export parity prices 06 (1) Revenues are gross and include export duties of 18.8 $MM in Q3-25, 17.6 $MM in Q2-25 and 18.8 $MM in Q3-24 +53% ▪ Strong interannual increase in revenues and oil exports, driven by 73% y-o-y boost in oil production ▪ 16% sequential increase in revenues driven by higher oil production and higher oil prices -5% +16% +4% 56% 61% 62% 3.5 5.6 6.3 As % of oil sales Oil exports (MMbbl) 3.8 2.8 3.3 95% 96% 96% Avg. realized natural gas price ($/MMBTU) % of oil in total net revenues
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SELLING EXPENSES PER BOE $/boe 5.5 3.8 4.2 Q3-24 Q2-25 Q3-25 (1) Lifting cost is shown as Operating costs in our Consolidated statements of profit or loss. Lifting cost per boe = Operating costs / Total production. Lifting cost for Q3-25 (4.4 $/boe) = Operating costs (51.8 $MM) / Total production (11.7 MMboe) Low cost, fully-focused shale oil producer 07 ▪ Interannual decrease of selling expenses per boe driven by the elimination of trucking as of Q2-25, as the Oldelval expansion became online by the end of Q1-25 LIFTING COST PER BOE (1) $/boe 4.7 4.7 4.4 72.8 118.0 126.8 Q3-24 Q2-25 Q3-25 Total production (Mboe/d)Lifting cost per boe -24%-6%
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Strong sequential and interannual growth in Adj. EBITDA 08 ADJ. EBITDA MARGIN % 65% 66% 67% 68.4 62.2 64.6 Q3-24 Q2-25 Q3-25 ADJ. EBITDA $MM 310 405 472 Q3-24 Q2-25 Q3-25 ▪ Adj. EBITDA increased 52% y-o-y driven by 74% production growth, explained by a 15% production growth in our operated blocks and boosted by the consolidation of 50% WI of La Amarga Chica ▪ Sequential Adj. EBITDA increase of 17% was mainly driven by a 7% increase in oil production ▪ Expanded Adj. EBITDA margin by 2 p.p. y-o-y despite 5% lower realized oil prices ▪ Netback increased sequentially to 40.5 $/boe Realized crude oil price ($/bbl)Adj. EBITDA margin NETBACK $/boe 46.3 37.7 40.5 Q3-24 Q2-25 Q3-25 +52% +17% +2 p.p.
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Adj. EBITDA drove increase in operating cash flow 9 (1) For the purpose of this graph, Financing activities cash flow is the sum of: (i) Cash flow generated by financing activities for 205.0 $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for -8.4 $MM; and (iii) the variation in Argentine government bonds for -1.9 $MM (2) Pro forma values calculated as if PEPASA had been acquired on January 1, 2024. Pro forma Net Leverage Ratio (1.5x) = (Gross financial debt (2,928 $MM) – Cash position (320 $MM)) / Pro forma LTM Adj. EBITDA (1,752 $MM). Net Leverage Ratio without this adjustment was 1.8x. 09 ▪ Operating activities cash flow reflects income tax payments of 179 $MM, partially offset by a decrease in working capital of 43 $MM ▪ Cash flow used in investing activities reflects accrued capex of 351 $MM, partially offset by a decrease in capex-related working capital of 17 $MM ▪ Financing activities cash flow was mainly driven by proceeds from borrowings of 500 $MM, partially offset by the repayment of borrowings’ capital of 193 $MM and the repurchase of shares of 50 $MM ▪ Pro forma NLR was 1.5x Adj. EBITDA at quarter-end (2) Q3 2025 CASH FLOW EVOLUTION $MM 304 (333) 195 154 320 Beginning of period cash position End of period cash position Investing activities cash flow Financing activities cash flow Operating activities cash flow (1)
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Closing remarks 10 Robust productivity of new wells across all our blocks Material increase in Adj. EBITDA driven by production growth Well on track to potentially overdeliver production and Adj. EBITDA 2025 guidance
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Q&A THANKS!
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Glossary 12 ▪ $: 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 year, net + Income tax (expense) / benefit + Financial income (expense), net + Income (loss) from investments in associates + Depreciation, depletion and amortization + Restructuring and reorganization expenses + Impairment (reversal) of long-lived assets + Other non-cash costs related to the transfer of conventional assets + Gain from business combination ▪ Adj. EBITDA Margin: Adj. EBITDA / (Total Revenues + Gain from Export Increase Program) ▪ Adj. EPS: Adj. Net Income divided by weighted average number of ordinary shares ▪ Adj. Net income/loss: Net (loss)/profit + Deferred income tax + Changes in fair value of warrants + 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 ▪ AF: Aguada Federal ▪ AM: Águila Mora ▪ bbl/d: Barrels of oil per day ▪ boe: Barrels of oil equivalent (see conversion metrics above) ▪ 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 position is defined as Cash, bank balances and other short-term investments ▪ D&C: drilling and completion ▪ EPS (Earnings per share): Net Income divided by weighted average number of ordinary shares ▪ FCF (Free cash flow): Operating activities cash flow + Investing activities cash flow ▪ GHG emissions: Scope 1 & 2 greenhouse gas emissions from our operated assets 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 ▪ NLR (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 ▪ SEC: Securities and Exchange Commission ▪ WI: working interest