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Earnings Webcast February 26, 2026 Fourth Quarter and Full Year 2025
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About projections and forward-looking statements 02 AdditionalinformationaboutVistaEnergy,S.A.B. de C.V., a sociedadanónimabursátilde capitalvariableorganizedunderthelawsof Mexico(the“Company”or “Vista”)canbe foundin the“Investors”sectionon thewebsiteat 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. This presentationdoes not containall the Company’sfinancialinformation. As a result,investorsshould read this presentationin conjunctionwith the Company’sconsolidatedfinancialstatementsand other financialinformationavailableon the Company’s website. Someof theamountscontainedhereinareunaudited. Roundingamountsand percentages: Certainamountsand percentagesincludedin thispresentationhavebeenroundedfor easeof presentation. Percentagefiguresincludedin thispresentationhavenot in all casesbeencalculatedon the basisof suchrounded figures,but on thebasisof suchamountspriorto rounding. For thisreason,certainpercentageamountsin thispresentationmay varyfromthoseobtainedby performingthesamecalculationsusingthe figuresin thefinancialstatements. In addition,certainother amountsthatappearin thispresentationmay not sum dueto rounding. Thispresentationcontainscertainmetricsthatdo not havestandardizedmeaningsor standardmethodsof calculationand thereforesuch measuresmay not be comparableto similarmeasuresused by othercompanies. Suchmetricshavebeenincludedherein to providereaderswithadditionalmeasuresto evaluatetheCompany’sperformance; however,suchmeasuresarenot reliableindicatorsof futureperformanceof theCompanyand futureresultsmay not be comparableto pastperformance. No relianceshould be placed for any purpose whatsoeveron the informationcontainedin this document or on its completeness. Certain informationcontainedin 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 anyothermaterialdiscussedverbally,andany relianceyou placeon 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 itscontentsor otherwisearisingin connectiontherewith. Thispresentationalso includescertainnon-IFRS(InternationalFinancialReportingStandards)financialmeasureswhichhave not been subjectto a financialaudit for any period. The informationand opinionscontainedin thispresentationare providedas of the dateof thispresentationand aresubjectto verification,completionand changewithoutnotice. Thispresentationincludes“forward-lookingstatements”concerningthefuture. Wordssuchas “believes,”“thinks,”“forecasts,”“expects,”“anticipates,”“intends,”“should,”“seeks,”“estimates,”and“future”or similarexpressionsareincludedwiththeintentionof identifyingstatementsaboutthe 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 this presentationand reflectnumerousassumptionsincludingassumptionswith respectto type curvesfor new well designsand certainfrac spacing expectations,all of whichare difficultto predictand manyof whicharebeyondour controland remainsubjectto severalrisksand uncertainties. Theinclusionof the projectedfinancialinformationin thisdocumentshouldnot be regardedas an indicationthatwe 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 none of them intendsto or undertakesany obligationto updateor otherwiserevisethe projectionsto reflectcircumstancesexistingafterthe 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 may operatein the future; the impact of politicaldevelopmentsand uncertaintiesrelatingto politicaland economicconditionsin Argentina,includingthe policiesof the currentgovernmentin Argentina; significanteconomicor politicaldevelopmentsin Mexico,Argentinaand the UnitedStates; changesin law, rules,regulationsand interpretationsand enforcementstheretoapplicableto the Argentineand Mexicanenergysectorsand throughoutLatinAmerica, includingchangesto the regulatoryenvironmentin whichwe operateand changesto programsestablishedto promoteinvestmentsin the energyindustry; any unexpectedincreasesin financingcostsor an inabilityto obtainfinancingand/oradditionalcapital pursuantto attractiveterms; any changesin thecapitalmarketsin generalthatmay affectthepoliciesor attitudein Argentinaand/orMexico,and/orArgentineand Mexicancompanieswithrespectto financingsextendedto or investmentsmadein Argentinaand Mexicoor Argentineand Mexicancompanies; finesor otherpenaltiesand claimsby the authoritiesand/orcustomers; restrictionson the abilityto exchangeMexicanor ArgentinePesosinto foreigncurrenciesor to transferfundsabroad; theimpositionof import restrictionson goodsthatarekey for themaintenanceof our assets; therevocationor amendmentof our respectiveconcessionagreementsby thegrantingauthority; our abilityto renewcertainhydrocarbonexploitationconcessions; our abilityto implementour capitalexpendituresplansor businessstrategy,includingour abilityto obtainfinancingwhennecessaryandon reasonableterms; governmentintervention,includingmeasuresthatresultin changesto theArgentineandMexicanlabormarkets,exchangemarkets or tax systems; continuedand/orhigherratesof inflationand fluctuationsin exchangerates,includingthe devaluationand/orappreciationof the MexicanPeso or ArgentinePeso; any forcemajeureevents,or fluctuationsor reductionsin the valueof Argentine publicdebt; changesto the demandfor oil and gas in particular,and energyin general,both in Argentinaand globally; the effectsof a pandemicor epidemicand any subsequentmandatoryregulatoryrestrictionsor containmentmeasures; environmental,health and safetyregulationsand industrystandardsthat are becomingmore stringent; energymarkets,includingthe timingand extentof changesand volatilityin commodityprices,and the impactof any protractedor materialreductionin oil pricesfrom historical averages; our relationshipwith our employeesand our abilityto retainkey membersof our seniormanagementand key technicalemployees; the abilityof our directorsand officersto identifyan adequatenumber of potentialacquisitionopportunities; our expectationswith respectto the performanceof our recentlyacquiredbusinesses,includingPEPASA; our expectationsfor futureproduction,costs and crudeoil pricesused in our projections; changesto our capitalexpenditureplans; uncertaintiesinherentin makingestimatesof our oil and gas reserves,includingrecentlydiscoveredoil and gas reserves,and changesto our previousreservesestimates; increasedmarketcompetitionin the energysectorsin Argentinaand Mexico; potentialregulatorychangesand modificationsto freetradeagreementsdrivenby evolvingU.S. tradepoliciesand politicaldevelopmentsin Argentina,Mexicoor otherLatinAmericancountries; climatechangeandsevereweatherevents; any potentialadverseeffectsthatmay arisein connection withanyprospectivemergers,acquisitions,divestitures,or othercorporatereorganizations; adverseglobalmacroeconomicenvironments,includingtradewars,highinflation,a globalrecession,andincreasingmarketvolatility,especiallyin relationto commodities prices; and ongoingand potentialgeopoliticalconflicts,including,among others,those involvingRussiaand Ukraine; Israel,Hamas and Iran; and tensionsbetweenChina and Taiwan. Forwardlookingstatementsspeak only as of the date on which they were made,and we undertakeno obligationto releasepubliclyany updatesor revisionsto any forwardlookingstatementscontainedhereinbecauseof newinformation,futureeventsor otherfactors. In lightof theselimitations,unduerelianceshouldnot be placedon forwardlookingstatementscontainedin thispresentation. Furtherinformationconcerningrisksand uncertaintiesassociatedwith theseforwardlookingstatementsand Vista’sbusinesscan be foundin Vista’spublicdisclosuresfiledon EDGAR(www.sec.gov) or at the webpageof theMexicanStockExchange(www.bmv.com.mx). You shouldnot takeany statementregardingpasttrendsor activitiesas a representationthatsuchtrendsor 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.
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Units and definitions can be found in the Glossary. (1) Revenues as filed and reported were 719 $MM. For comparison purposes, revenues shown in this presentation exclude 29.8 $MM of Sea freight selling expenses, collected as revenues and incurred by our trading subsidiary Vista Energy International S.A (“VEISA”) in Q4 - 25 (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 (3,154 $MM) – Cash position (538 $MM)) / Pro forma LTM Adj. EBITDA (1,752 $MM). Net Leverage Ratio without this adjustment was 1.6x. Q4 2025 HIGHLIGHTS 135 Mboe/d Production 59% y-o-y 7% q-o-q 118 Mbbl/d Oil Production 61% y-o-y 8% q-o-q 689 $MM Revenues (1) 46% y-o-y -2% q-o-q 4.1$/boe Lifting Cost -12% y-o-y -8% q-o-q 355 $MM CAPEX 4% y-o-y 1% q-o-q 444 $MM Adj. EBITDA 62% y-o-y -6% q-o-q 51 $MM Adj. Net Income 86 $MM Net Income 76 $MM Free Cash Flow 1.5 x pro forma Net Leverage Ratio (2) +0.9x y-o-y flat q-o-q 0.5 $/sh Adj. EPS 0.8 $/sh EPS 03 +19 $MM y-o-y +104 $MM q-o-q Robust operational and financial performance
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1.81 2.65 2.62 Q4-24 Q3-25 Q4-25 Strong sequential and interannual production growth 04 73.5 109.7 118.3 Q4-24 Q3-25 Q4-25 +61% ✓ Total production increased 7% sequentially, driven by strong performance both in operated and non-operated blocks ✓ Tied-in 16 net wells during Q4-25 (9 in BPO, 3 in BPE and 4 at our 50% WI in LACh) +45% +8% -1% (1) Includes oil, gas and LPG production. LPG production in Q4-25 666 boe/d, compared to 416 boe/d in Q3-25 and 432 boe/d in Q4-24 +59% 85.3 126.8 135.4 Q4-24 Q3-25 Q4-25 +7% Production (1) Mboe/d Oil production Mbbl/d Natural gas production MMm3/d
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Robust y-o-y revenue growth despite lower oil prices 05 Revenues (1) (2) 471 706 689 Q4-24 Q3-25 Q4-25 ✓ Sequential decrease in realized oil prices driven by lower Brent ✓ 100% of oil volumes sold at export parity prices (1) Revenues are gross, include export duties of 19.7 $MM in Q4-25, 18.8 $MM in Q3-25 and 19.3 $MM in Q4-24 (2) Revenues as filed and reported were 719 $MM. For comparison purposes, revenues and avg. realized oil price exclude 29.8 $MM of Sea freight selling expenses, collected as revenues and incurred by our trading subsidiary VEISA in Q4-25 +46% ✓ Strong interannual increase in revenues and oil exports, driven by 61% y-o-y boost in oil production ✓ 2% sequential decrease in revenues driven by lower oil prices -2% 56% 62% 64% 3.6 6.3 7.1 As % of oil sales volume Oil exports (MMbbl) $MM 2.3 3.3 1.8 96% 96% 97% Avg. realized natural gas price ($/MMBTU) % of oil in total net revenues $/bbl 67.1 64.6 58.9 Q4-24 Q3-25 Q4-25 -12% Avg. realized oil price (2) -9%
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Continuing to deliver efficiency gains 06 Selling expenses per boe (2)Lifting cost per boe (1) ✓ Sequential and interannual decrease in lifting cost reflect focus on cost control and benefits of scale (1) Lifting cost for Q4-25 (4.1 $/boe) = Operating costs (50.8 $MM) / Total production (135.4 MMboe) (2) Selling expenses exclude 29.8 $MM of Sea freight selling expenses incurred by our trading subsidiary VEISA in Q4-25, equivalent to 2.4 $/boe, which were also collected as revenues 8.0 4.2 4.2 Q4-24 Q3-25 Q4-25 4.7 4.4 4.1 85.3 126.8 135.4 Q4-24 Q3-25 Q4-25 Total production (Mboe/d)Lifting cost per boe -48%-12% $/boe $/boe ✓ Interannual decrease in selling expenses per boe driven by the elimination of trucking as of Q1-25, as the Oldelval Duplicar pipeline became online
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Strong interannual growth in Adj. EBITDA 07 Adj. EBITDA $MM Adj. EBITDA Margin (1) % Netback $/boe Avg. realized oil price ($/bbl)Adj. EBITDA margin 57% 67% 64% 67.1 64.6 58.9 Q4-24 Q3-25 Q4-25 273 472 444 Q4-24 Q3-25 Q4-25 34.8 40.5 35.6 Q4-24 Q3-25 Q4-25 +62% +8 p.p. ✓ Adj. EBITDA increased 62% y-o-y driven by 59% production growth, combining organic growth and the consolidation of 50% WI in La Amarga Chica ✓ Expanded Adj. EBITDA margin by 8 p.p. y-o-y despite lower oil prices, driven by lower lifting costs, selling expenses (no trucking) and export duties (benefit of Decree 929) (1) For comparison purposes, revenues included in the Adj. EBITDA margin calculation and avg. realized oil price exclude 29.8 $MM of Sea freight selling expenses, collected as revenues and incurred by our trading subsidiary VEISA in Q4-25
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Positive FCF in 2H-25 in line with guidance 08 ✓ Operating activities cash flow reflects income tax payments of 32 $MM and an increase in working capital of 16 $MM ✓ Cash flow used in investing activities reflects accrued capex of 355 $MM and a decrease in capex-related working capital of 16 $MM ✓ Financing activities cash flow was mainly driven by proceeds from borrowings for 618 $MM, partially offset by the repayment of borrowings’ capital for 368 $MM and the payment of borrowings’ interests of 75 $MM ✓ Pro forma NLR remained flat at 1.5x Adj. EBITDA at year-end (2) 320 435 (360) 143 538 -,- 100 200 300 400 500 600 700 800 900 Beginning of period cash position End of period cash position Investing activities cash flow Financing activities cash flow Operating activities cash flow (1) Q4 2025 cash flow evolution $MM (1) For the purpose of this graph, Financing activities cash flow is the sum of: (i) Cash flow generated by financing activities for 141.8 $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for -5.9 $MM; (iii) the variation in Argentine government bonds for 1.7 $MM; and (iv) Other investments for 5.6 $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 (3,154 $MM) – Cash position (538 $MM)) / Pro forma LTM Adj. EBITDA (1,752 $MM). Net Leverage Ratio without this adjustment was 1.6x. Free cash flow $MM 57 -29 76 Q4-24 Q3-25 Q4-25 47 $MM 2H-25 FCF
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Full year 2025 highlights 09 Increased P1 reserves and well inventory Delivered solid operating performance Focused on operational excellence Delivered robust financial performance PRODUCTION 115 Mboe/d +66% y-o-y GHGE INTENSITY (2) 6.8 kgCO2e/boe -23% y-o-y Adj. EBITDA 1.6 $Bn +46% y-o-y P1 RESERVES 588 MMboe 605% implied RRR TRIR 0.8 Below 1.0 for the sixth consecutive year BUYBACK PROGRAM 50 $MM in shares at an average price of 41.2 $/sh (27% discount to current price) (4) WELL INVENTORY 1,653 wells +503 wells y-o-y LIFTING COST 4.4 $/boe -3% y-o-y (1) Normalized to a standard well design of 2,800 meters lateral length and 47 frac stages well. Calculated as the drilling and c ompletion cost for Bajada del Palo Oeste from July to December 2025 (2) Scope 1 & 2 GHG emissions (3) Credits generated by our own projects managed by Aike (Vista subsidiary) (4) Share price as of February 25, 2026. Source: Bloomberg D&C COST 2H-25 (1) 12.1 $/well -15% vis-à-vis 2024 ROACE 29% TIE-INS 74 net wells +48% y-o-y Largest independent oil producer and largest oil exporter of Argentina CARBON CREDITS On track to deliver on our ambition of matching the size of our residual operated GHGE in 2026 with NBS (2) (3) EPS 7.0 $/sh
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Delivery on 2025 guidance leaves us well poised for 2026 10 Adj. EBITDA $Bn (1) Assumes a Brent of 65 $/bbl in 2026 1.1 1.6 1.9 1.5-1.6 2024A 2025A 2026F Guidance Production Mboe/d 70 115 140 112-114 2024A 2025A 2026F Guidance 125-128 131 2H-25 guidance 2H-25A 0.83-0.93 0.92 2H-25 guidance 2H-25A Adj. EBITDA 2H-25 $Bn Production 2H-25 Mboe/d 4.4 $/boe lifting cost, overdelivering vis-à-vis guidance of 4.5 $boe Tied-in 74 wells with 1.3 $Bn capex, improving vis-à-vis original guidance of 59 wells with 1.2 $Bn capex, driven by well cost efficiencies (1) Reconfirming Investor Day 2026 guidance 80-90 net tie-ins with 1.5-1.6 $Bn capex
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Value creation through M&A Águila Mora Bandurria Norte Aguada Federal Coirón Amargo Norte Bajada del Palo Este Bajada del Palo Oeste La Amarga Chica Bajo del Toro 17.4k acres Bandurria Sur 14.2k acres 11 Acquisition of participations in BS and BdT (pending closing) OPERATING SYNERGIES HIGHLY ACCRETIVE TRANSACTION INCREASED SCALE AND CASH FLOW GENERATION PORTFOLIO ENHANCEMENT Adds 27,733 high-quality net acres in core Vaca Muerta with an estimated remaining inventory of 244 net wells (2) Adds ~22 Mboe/d of total production with positive free cash flow (2) Potential capex and opex savings based on Bandurria Sur proximity to La Amarga Chica and Bajo del Toro to Aguila Mora Material upside potential in Bajo del Toro Expected closing by Q2-26, subject to conditions precedent (3) Location of Vista current and target assets (1) Transaction’s EV calculated as the purchase price, discounted at 11.8%, assuming a Brent price of 68.2 $/bbl for the contingent payments, in line with Brent price average for 2025. Annualized Transaction Adj. EBITDA calculated as the sum of (i) 190 $MM from Equinor Argentina S.A.U Adj. EBITDA at Vista’s adjusted stake (subtracting YPF’s minority interest) for 9M-25, equivalent to 254 $MM on an annualized basis, and (ii) an estimated Adj. EBITDA for 2025 of 15 $MM in Bajo del Toro, at Vista’s pro forma WI. Vista market capitalization as of Jan 30, 2026. Source: Bloomberg. Vista multiples calculated on a pro forma basis giving effect to LACh acquisition as of Jan 1, 2024. Vista 2025 Adj. EBITDA calculated as the mid-point of the Company’s 2025 guidance, on a pro forma basis giving effect to the LACh acquisition as of Jan 1, 2024 (2) Inventory and production data as of Q3-25 (3) The conditions precedents are (i) the waiver or non-exercise of the ROFRs granted to Shell Argentina S.A. (on Bandurria Sur) and YPF S.A. (on Bandurria Sur and Bajo del Toro), which have already been waived by both YPF (in connection with our back-to-back transaction) and Shell, and (ii) the antitrust approval from Chilean authorities 5.2 3.0 Vista Transaction 70.4 37.1 Vista Transaction EV/ EBITDA 2025 (1) EV/ flowing barrels (1) 2026 guidance will be updated upon closing
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Closing remarks 12 Robust operational performance, increasing total production, P1 reserves and expanding well inventory Cambiar foto Achieved strong financial results and delivered superior profitable growth through organic development and accretive M&A Enhancing scale, portfolio depth and long-term cash-flow generation through the acquisition of two premium assets Achieved significant D&C cost reduction through commercial, supply chain and technological innovation Another year delivering on annual guidance across all metrics
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Q&A THANKS!
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Glossary 14 ▪ $: 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 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 – Sea freight selling expenses) ▪ Adj. EPS: Adj. Net Income divided by weighted average number of ordinary shares ▪ Adj. Net income: Profit for the period, net+ 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 of long-lived assets + Gain from business combination ▪ 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 ▪ BS: Bandurria Sur ▪ BPE: Bajada del Palo Este ▪ BPO: Bajada del Palo Oeste ▪ BdT: Bajo del Toro ▪ 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 ▪ ROACE: (Adj. EBITDA – Depreciation, depletion and amortization + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Gain from business combination) / (Average total debt + Average total shareholders’ equity). Total Debt = Current Borrowings + Non- current Borrowings + Current Lease liabilities + Non-current Lease liabilities ▪ ROFR: Right of First Refusal ▪ SEC: Securities and Exchange Commission ▪ TRIR (Total recordable injury rate): Number of recordable incidents x 1,000,000 / total number of hours worked ▪ WI: working interest