Slides
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Investor Presentation September 2026
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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 in this presentation 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 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 published 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 you place 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. 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 affect the IFRS measure income tax expense). 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. 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 materially 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, or our ability to match the volume of our carbon credits with the scope 1 and 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 may operate in the future; 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, both in Argentina 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, including the working interests in the Bandurria Sur and Bajo del Toro blocks acquired from Equinor; 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, including recently discovered oil and gas reserves, and changes to our previous reserves estimates; 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, Mexico or other Latin American countries; 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; the United States, Israel, Hamas, Iran and several countries in the Middle East; and tensions between China and Taiwan. 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. 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). 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. Other Information: Vista routinely publishes important information for investors in the “Investor Relations” 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.
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257k acres in the core of Vaca Muerta Vista key value drivers 03 Units and definitions can be found in the Glossary. (1) Pro forma values reflect 25.1% WI in Bandurria Sur and 35.0% WI in Bajo del Toro acquired on May 7, 2026. Pro forma net leverage ratio (1.25x) = (Gross financial debt (3,661 $MM) - Cash position (605 $MM)) / Pro forma LTM Adj. EBITDA (2,444 $MM) (2) For comparison purposes, revenues included in the Adj. EBITDA margin calculation and avg. realized oil price are net of Commodity risk management contracts and Sea freight selling expenses. Commodity risk management contracts were 5.6 $MM in Q2-26 and -150.7 $MM in Q1-26. Sea freight selling expenses were 63.1 $MM in Q2-26, 20.0 $MM in Q1-26 and 29.8 $MM in Q4-25, which were collected as revenues and incurred by our trading subsidiary VEISA Deep, ready-to-drill, short-cycle well inventory ▪ 1,493 ready-to-drill locations in Vaca Muerta (1,100 in operated blocks) and 461 net wells on production at the end of Q2-26 ▪ Productivity of shale oil wells among best-in-basin ▪ YE-25 proved reserves were 588.1 MMboe (89% oil), or 654.9 MMboe including our WI in Bandurria Sur and Bajo del Toro (1) ▪ Crude oil takeaway capacity of 162 Mbbl/d in pipelines ▪ Crude oil treatment capacity of 197 Mbbl/d (103 Mbbl/d in operated blocks) Peer-leading operating performance ▪ Q2-26 total production was 156.1 Mboe/d (135.4 Mbbl/d oil) ▪ Exported 72% of oil sales volumes during Q2-26, with 100% of total volumes sold at export parity ▪ 4.5 $/boe lifting cost in Q2-26, down 68% since 2018 ▪ Flat and agile organization, led by an experienced O&G management team Robust balance sheet & financial performance ▪ Sound balance sheet with 605 $MM in cash and a net leverage ratio of 1.41x (1.25x on a pro forma basis) as of Q2-26 (1) ▪ Adj. EBITDA was 2,172 $MM in LTM, with an Adj. EBITDA margin of 67% at 68.8 $/bbl realized oil price (2) Vista non-operated concession Vista operated concession Oil treatment plant Vista development hub Vista well inventory Águila Mora 21.1k net acres Bandurria Norte 26.4k acres Aguada Federal 24.1k acres Coirón Amargo Norte 22.5k net acres Bajada del Palo Este 48.9k acres Bajada del Palo Oeste 62.6k acres 675 wells 175 wells 80 wells 150 wells La Amarga Chica 23.2k net acres 323 wells 150 wells 100 wells Bajo del Toro 13.6k net acres146 wells Bandurria Sur 14.2k net acres 155 wells
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24.5 29.1 26.6 38.8 48.6 51.1 69.7 115.5 156.1 44% 28% 44% 52% 49% 61% 72% 2018 2019 2020 2021 2022 2023 2024 2025 Q2-26 58 102 128 182 252 319 375 588 YE-18 YE-19 YE-20 YE-21 YE-22 YE-23 YE-24 YE-25 Solid track record of profitable growth and value generation 04 Note: Q1 2018 actual production, lifting cost and Adj. EBITDA include pro forma results aggregating production and costs from assets acquired on April 4, 2018 (1) Pro forma reflects 25.1% WI in Bandurria Sur and 35.0% WI in Bajo del Toro acquired on May 7, 2026. (2) Organic reserve replacement ratio excludes the additions from the PEPASA Acquisition and the Trafigura Agreement. The Company booked 357 net locations as Proved developed and 341 net locations as Proved undeveloped, both including La Amarga Chica locations at 50% WI (3) For comparison purposes, revenues included in the Adj. EBITDA margin calculation and avg. realized oil price are net of Commodity risk management contracts and Sea freight selling expenses. Commodity risk management contracts were 5.6 $MM in Q2.26 and -150.7 $MM in Q1-26. Sea freight selling expenses were 63.1 $MM in Q2-26, 20.0 $MM in Q1-26 and 29.8 $MM in Q4-25, which were collected as revenues and incurred by our trading subsidiary VEISA Production Mboe/d 6.4x Production Strong production growth driven by shale oil projects in our development hub Oil export volumes (%) Proved reserves MMboe 10.2x Reserves replacement ratio of 605% in 2025 (260% organic RRR), with a total of 698 booked net locations at YE-25 (2) 13.9 10.8 9.0 7.6 7.5 5.1 4.6 4.4 4.5 2018 2019 2020 2021 2022 2023 2024 2025 Q2-26 Reduction driven by focus on shale operations, production growth and additional efficiencies Lifting cost $/boe -68% Adj. EBITDA $MM 195 172 96 380 765 871 1,092 1,596 2,172 67.0 53.0 37.2 54.9 72.3 66.7 69.2 62.9 68.8 2018 2019 2020 2021 2022 2023 2024 2025 LTM Q2-26 11.1x Adjusted EBITDA margin of 65% in 2025 and 67% LTM, with a ROACE of 29% (2) Adj. EBITDA Oil realized price ($/bbl) (3) // // 655 MMboe pro forma (1)
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05 EV / EBITDA 2025 5.2 3.0 Vista Transaction EV / FLOWING BOE Q3-25 70.4 37.1 Vista Transaction x $M/boe/d Strategic rationale ✓ Highly accretive acquisition ✓ Portfolio enhancement ✓ Increased scale ✓ Cash-generating assets ✓ Operating synergies ✓ Oil midstream capacity (3) As of Q1-26 Vista Pro forma adj. Vista pro forma Surface area, thousand acres 228.8 27.7 256.5 Remaining well inventory 1,280 240 1,520 2025 P1 Reserves Mmboe 588 67 655 Total production, Mboe/d 134.7 22.6 157.3 2025 Adj. EBITDA (4) 1,596 269 1,865 Location of Vista current and target assets Vista non-operated concession Vista operated concession Oil treatment plant Transaction assets (1) Vista acquired 100% of Equinor Argentina SAU (holder of 30% WI in BS) and 50% of WI in BdT from Equinor Argentina BV., and assigned 4.9% of BS WI to YPF and 15% of BdT WI to YPF (2) The contingent payment of each year, which shall bear no interest, will be calculated as the annual WI production of both acquired assets multiplied by a price per barrel subject to average Brent prices of the preceding year minus 65 $/bbl, with no payment due at or below 65 $/bbl Brent and a cap of 15 $/bbl at or above 80 $/bbl Brent (3) Upon closing, Vista will have 18 Mbbl/d of additional crude oil transportation capacity in Oldelval and VMON (4) 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 (5) 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. Transaction EBITDA for 2025 calculated as defined above. Vista market capitalization as of Jan 30, 2026. Source: Bloomberg. Vista multiples calculated on a pro forma basis giving effect to the PEPASA acquisition as of Jan 1, 2025. Vista 2025 Adj. EBITDA calculated as the mid-point of the Company’s 2025 guidance on a pro forma basis Águila Mora Bandurria Norte Aguada Federal Coirón Amargo Norte Bajada del Palo Este Bajada del Palo Oeste La Amarga Chica Bajo del Toro (Vista WI) • 13.6k acres • 146 well inventory • 8 wells on production • 1.8 Mboe/d production (Jun-26) • 15.0 MMboe P1 reserves (YE-25) Bandurria Sur (Vista WI) • 14.2k acres • 155 well inventory • 56 wells on production • 19.1 Mboe/d production (Jun-26) • 51.8 MMboe P1 reserves (YE-25) Value creation through portfolio enhancement Acquisition of non-operating stake in core and north VM blocks ▪ Vista acquired a 25.1% non-operating WI in Bandurria Sur and a 35% non- operating WI in Bajo del Toro from Equinor on May 7, 2026 (1) ▪ The purchase price, net of assignments, was comprised of 387 $MM in cash, 6,223,220 Vista ADSs at a price of 52.2 $/sh and a contingent payment to be paid in five annual instalments (2) Pro forma results with BS and BdT Implied acquisitions multiples, as of announcement on Feb 2, 2026 (5)
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Pursuing a new phase of de-risked production growth 06 Production Mboe/d 115 158 185 208 140 160 180 2025A 2026F 2027F 2028F 80% CAPACITY ACTIVITY 100-110 wells p.a. during 2026-2028F Rigs, frac set, crews, treatment, transportation and export capacity in place to deliver plan Capex $Bn New targets 2025 Investor Day targets 1.3 1.8 1.9 1.9 1.5-1.6 1.5-1.6 1.5-1.6 2025A 2026F 2027F 2028F 43%
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Delivering superior total shareholder returns 07 Adj. EBITDA $Bn 1.6 3.0 3.3 3.6 1.9 2.5 2.8 2025A 2026F 2027F 2028F ADJ. EBITDA MARGIN ~67% average 2026-2028F ROACE >25% average 2026-2028F FREE CASH FLOW 2.8 $Bn cumulative 2026-2028F Note: assumes Brent of 85 $/bbl in Q2 to Q4-26, 80 $/bbl in 2027 and 75 $/bbl in 2028, in real terms of January 2026 as of 2028 2.2x Previous ~65% New targets 2025 Investor Day targets Previous >20% Previous 1.5 $Bn
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Building a cash flow generating machine 08 Production Mboe/d +17% CAGR Note: assumes Brent of 75 $/bbl in real terms of January 2026 115 208 250 2025A 2028F 2030 vision 25% above vision provided in the Nov-25 Investor Day 2030 recurring FCF generation 2.0 $Bn annually ✓ 33% above previous guidance of 1.5 $Bn
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Assets
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461 wells on production in Vaca Muerta, with significant growth upside underpinned by our 1,954 well inventory Vista blocks in Vaca Muerta Fully focused shale oil company, with 257k acres in the core of Vaca Muerta 10 (1) La Amarga Chica values shown at Vista’s 50% working interest (2) Bandurria Sur values shown at Vista’s 25.1% working interest, consolidated as of May 1, 2026. Net P1 reserves for YE-25 were 52 MMboe (3) Bajo del Toro values shown at Vista’s 35% working interest, consolidated as of May 1, 2026. Net P1 reserves for YE-25 were 15 MMboe (4) Total production for Q2-26 was 156.1 Mboe/d (conventional assets production added 3.4 Mboe/d). Total proved reserves for YE-25 were 588.1 MMboe (conventional assets proved reserves added 4.1 MMboe) Contour lines numbers denote API degrees 60 55 50 45 40 35 30 2520 Bandurria Norte Aguada Federal Bajada del Palo Oeste Bajada del Palo Este 45 40 35 30 25 55 20 50 65 Coirón Amargo Norte La Amarga Chica Bandurria Sur Aguila Mora Bajo del Toro 4045 35 30 25 20 Net acres, thousands License term Well inventory Tied-in wells Remaining inventory 2025 P1 Net Reserves (MMboe) Q2 2026 Production (Mboe/d) Operator BPO 62.6 2053 675 174 501 285.3 67.1 Vista BPE 48.9 2053 175 33 142 98.3 15.1 Vista AF 24.1 2050 150 21 129 49.0 8.0 Vista CAN 22.5 2037 80 - 80 - - Vista LACh (1) 23.2 2049 323 167 156 151.3 47.8 YPF BS (2) 14.2 2050 155 56 99 - 13.0 YPF Development hub total 195.5 1,558 451 1,107 583.9 151.0 AM 21.1 2054 100 2 98 0.2 0.4 Vista BN 26.4 2050 150 - 150 - - Vista BdT (3) 13.6 2055/ 2026 146 8 138 - 1.2 YPF Delineation areas total 61.1 396 10 386 0.2 1.6 TOTAL (4) 256.5 1,954 461 1,493 584.0 152.6
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▪ Solid performance to date in Bajada del Palo Oeste, with 174 wells tied-in ▪ De-risked Bajada del Palo Este by drilling and completing 34 wells in pads BPE-1 to BPE-12 ▪ Completed and tied-in 21 wells in Aguada Federal ▪ Acquired 50% non-operated WI in La Amarga Chica, with 167 net wells on production (at our WI) ▪ Added 125 wells to the inventory in BPO, 25 in BPE and 30 in CAN by successfully de-risking structural faults area ▪ Acquired 25.1% non-operated WI in Bandurria Sur, with 56 net wells on production (at our WI) Upside potentialTested La Cocina Organic Lower Carbonate Middle Carbonate Gamma Ray Resistivity Neutron – Density Mineralogy Porosity fraction Organic contentTVD Landing Zones BPO AF BPE LACh BS Untested landing zones provide upside potential to well inventory Note: Pad and plant locations for illustrative purposes. Pad and plant sizes not to scale 11 Solid progress in development hub 11 Stacked pay potential across multiples zones Development hub progress Bajada del Palo Este (BPE) 35 30 Coirón Amargo Norte (CAN) 25 La Amarga Chica (LACh) Aguada Federal (AF) Bajada del Palo Oeste (BPO) 40 Oil treatment plant Pads drilled as Operator 75 Mbbl/d 75 Mbbl/d 28 Mbbl/d 75 Mbbl/d 20 Bandurria Sur (BS) 75 Mbbl/d
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12 Scaled-up and high-graded well inventory 12 228 167 461 922 156 178 237 1,493 2023 inventory 50% WI in La Amarga Chica Successful pilot in structural faults area 25.1% WI in BS and 35% WI in BdT Current inventory 1,150 323 180 1,954 2 301 64 Wells on production as of Q2-26 Wells ready to be drilled ✓ Pilot unlocked 180 new wells of inventory in our core development hub ✓ 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 Vista well inventory Number of wells Pilot wells cumulative 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 (1) P25, P50 and P75 reflect first, second and third quartiles of cumulative production distribution in Bajada del Palo Oeste Location of pilot and new well inventory
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13 Achieved Vaca Muerta-leading well cost through commercial, supply chain and technological innovation 13 Drilling & completion cost (1) $MM per well Key cost reduction drivers 14.2 12.3 11.7 11.3 11.0 2024A 2H-25A 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
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Sustained peer-leading well productivity 14 Vaca Muerta and Permian 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 0 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 ~120 days time-to-market ~2 years capex payback Short-cycle provides a competitive advantage in a volatile environment
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Puerto Rosales FACILITIES EXPANSION Allen Puesto Hernández EXPORTS To main refineries in Buenos Aires Bahía Blanca To Luján de Cuyo refinery 0 100 km 50 Vista Punta Colorada VACA MUERTA SUR (VMOS) TRASANDINO to Chile VACA MUERTA NORTE EXPORTS OLDELVAL DUPLICAR OLDELVAL OPEN ACCESS Posta 3 Puerto Galván EXPORTS VACA MUERTA CENTRO (VMOC) Vista Development hub Existing pipeline Pipeline under construction Existing export terminal Export terminal under construction 1 1 Total capacity (Mbbl/d) (1) Vista capacity (Mbbl/d) Oldelval open access ~300 69 (2) Oldelval Duplicar ~315 55 Vaca Muerta Norte (3) ~157 38 Vaca Muerta Sur (VMOS) ~550 50 Trucking capacity - 37 2 2 3 3 4 4 La Escondida 5 5 15 Vaca Muerta key oil midstream projects (1) 15 (1) Based on data provided by project operators and Company estimates (2) Includes 9 Mbbl/d corresponding to friction-reducing agents in use as of May-24 (3) Exports to Chile limited by Trasandino pipeline, which has a capacity of ~110 Mbbl/d Loma Campana Plaza Huincul Allen 1 162 212 Current Forecast with VMOS Vista pipeline capacity Mbbl/d
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VISTA OIL MIDSTREAM CAPACITY (1) Mbbl/d 124 124 38 38 37 50 50 37199 249 TOTAL CURRENT CAPACITY VACA MUERTA SUR TOTAL CAPACITY YE-27 TRUCKING PIPELINE TO CHILE OLDELVAL PIPELINE TRUCKING PIPELINE TO CHILE OLDELVAL PIPELINE VACA MUERTA SUR (2) 212 162 Material oil midstream capacity 16 (1) Based on contracts signed by Vista and data provided by project operators. Actual delivery dates and capacity might change subject to execution (2) Includes 9 Mbbl/d corresponding to friction-reducing agents in use by Vista as of May-24 Secured midstream capacity to deliver on our 2030 vision
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Financials
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Reinforcing our total shareholder return strategy 18 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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Accelerated export-driven revenue growth since 2021 19 Total revenues (1) $Bn Realized oil prices (2) $/bbl 0.7 1.2 1.2 1.6 2.4 2021 2022 2023 2024 2025 53.1 62.9 63.6 70.4 63.559.6 85.2 72.0 70.3 62.5 2021 2022 2023 2024 2025 3.1 6.6 8.2 10.6 22.2 28% 44% 52% 49% 61% 2021 2022 2023 2024 2025 195 605 642 808 1,465 2021 2022 2023 2024 2025 (1) Gross, including export duties. Total revenues as filed and reported for 2025 were 2.5 $Bn. For comparison purposes, 2025 excludes 29.8 $MM of sea freight selling expenses collected as revenues and incurred by our trading subsidiary VEISA (2) For comparison purposes, 2025 avg. realized oil price excludes 29.8 $MM of Sea freight selling expenses, collected as revenues and incurred by our trading subsidiary VEISA in Q4-25 (3) Realized domestic price by pipeline (i.e., excludes trucking). Domestic sales are subject to a 3% sales tax and therefore the export parity price formula considers this grossing up. Exports are not subject to this tax. After sales tax, the LTM domestic price on a pro forma basis is comparable to the realized oil export price for the same period 3.7x 7.2x 7.5x Oil export volumes MMbbl Oil export revenues (1) $MM Realized domestic oil price (3) Realized export oil price Oil exports volumes (%) % of total volumes
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Export-driven growth underpins total shareholder returns 20 1.5 3.0 3.7 4.2 2.4 4.2 4.9 5.3 2025A 2026F 2027F 2028F Total revenues (1) $Bn Share of oil export volumes 61% ~70% ~75% ~80% 2.2x Oil exports Domestic oil, gas and NGL Planning to expand export revenues by 2.8x in 3 years Note: assumes Brent of 85 $/bbl in Q2 to Q4-26, 80 $/bbl in 2027 and 75 $/bbl in 2028, in real terms of January 2026 as of 2028 (1) Gross, including export duties. Total revenues as filed and reported for 2025 were 2.5 $Bn. For comparison purposes, revenues shown in this presentation are net of Commodity risk management contracts and Sea freight selling expenses
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Our business model is resilient to oil price volatility 21 8.5 0.5 1.6 0.2 0.8 0.8 5.7 0.6 1.7 2.8 3.9 5.0 -20$ -10$ Base case +10$ +20$ Sources Uses Cash flow from investing activities Cash flow from operating activities Cash available Minimum cash Sources and uses of cash $Bn, cumulative 2026-28 Free Cash Flow $Bn Sensitivity to Brent $Bn, cumulative free cash flow 2026-2028 Cash BoP 0.8 0.9 1.1 2026E 2027F 2028F Financial interests Note: assumes Brent of 85 $/bbl in Q2 to Q4-26, 80 $/bbl in 2027 and 75 $/bbl in 2028, in real terms of January 2026 as of 2028 (1) Includes upfront payments and contingent payments related to the acquisition of working interests in Bandurria Sur and Bajo del Toro blocks M&A (1)
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Balance sheet strength supported by self-funded growth plan 22 Debt maturity schedule, as of Jun 30, 2026 (1) $MM 16% 10% 12% (1) Debt maturity schedule reflects the issuances of Series XXXII (75 $MM maturing in 2028) and XXXIII (75 $MM maturing in 2029) and the repayment of Series XXIII (92 $MM) and XXX (73 $MM), in July 2026 (2) Average includes 368 $MM maturing in 2031 (71 $MM of local bonds and 297 $MM of international bonds), 297 $MM in 2032, 504 $MM in 2033, 198 $MM in 2034, 204 $MM in 2035, 165 $MM in 2036, 165 $MM in 2037 and 170 $MM in 2038 (maturities between 2032 and 2038 correspond to international bonds) (3) Average cost of debt calculated as the weighted average coupons of USD and USD-linked debt, weighted by outstanding principal amount Banks and others Local bonds International bonds <10% <10% <10% 1.4x Maturities / Estimated Adj. EBITDA Net leverage ratio Q2-26 ~1.0x YE-26 $Bn Avg. cost of debt (3) 6.9 % Gross debt 3.7 3.1Net debt Avg. debt life 5.2 extended from 3.1 years at YE-23 $Bn years (2) // 605 278 323 431 284 261 259 Cash as of June 30, 2026 2H-2026 2027 2028 2029 2030 2031-38 avg.
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Operational excellence
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We have built a high-standard company, fit for the future 24 ▪ Laid out a comprehensive plan to fulfill our ambition to reduce our operational carbon footprint, targeting a scope 1 and 2 GHG emissions intensity of 7 kgCO2e/boe by 2026 ▪ Additionally, we aim to generate carbon credits from our own portfolio of nature-based carbon removal and avoidance projects to match the size of our residual GHG emissions by 2026 ▪ Safety is the bedrock of our organization; operating with the highest oil & gas industry standards in accordance with IOGP and IPIECA ▪ Proactive engagement with local communities, with 2.2 $MM of social investment in 2025 ▪ Board oversight of ESG strategy, with Corporate Practices Committee responsible for evaluating the ESG-related programs, policies and procedures. Committee includes two subject-matter experts ▪ Signatory to the Ten Principles of the United Nations Global Compact on human rights, labor, environment and anti-corruption ▪ Sustainability Report aligned with Global Reporting Initiative (GRI) as the primary disclosure for comprehensive coverage of ESG factors, Sustainability Accounting Standards Board (SASB) for industry-specific ESG topics most relevant to financial performance and long-term value creation, and Task Force on Climate-Related Financial Disclosures (TCFD) for risk management and strategy development ▪ Sustainability-Related Financial Information Report, prepared in accordance with International Financial Reporting Standards (IFRS) S1 and S2 issued by the International Sustainability Standards Board (ISSB), addressing climate-related risks and opportunities Focusing our sustainable development to contribute towards 10 of the 17 UN SDG goals
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We operate with the highest oil & gas industry Standards (1) 25 (1) Information for 2025 (2) Cybersecurity framework developed by the National Institute of Standards and Technology of the USA Human capital and corporate responsibility Ethics, compliance and governance Environmental strategy and performance 2.2 $MM in Social Investment across five verticals (Education, Local Development, Rural Development, Institutional Strength and Inclusion and Values in Sports and Health) 0.8 TRIR below 1.0 target for the 6th consecutive year Progress in gender initiatives through development of female talent and workshops fostering healthy and respectful work environments 3.6 NIST cybersecurity score (2) Code of Ethics and Conduct training for all employees to strengthen relevance and understanding Enhanced ESG transparency reporting 13 NBS projects under execution by Aike, across +43,000 ha 0 Critical Incidents of cybersecurity We plan to generate enough carbon credits to match the size of our residual carbon footprint by 2026 7 kgCO2e/boe GHG emissions intensity 2026 target 12% y-o-y Reduction of GHG emissions 6.8 kgCO2e/boe of GHG emissions intensity, a 23% y-o-y reduction Zero Trust principles Incorporated in our cybersecurity strategy 86% of total electricity use from renewable energy while reducing energy intensity by 7% y-o-y
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Robust progress in decarbonizing our operations 26 (1) In 2026, Vista adjusted its 2020 GHG emissions baseline to reflect a change in its operational boundary following the transfer of six conven tional assets in 2023. Before the adjustment, baseline GHG emissions were 39.4 kgCO2e/boe and baseline absolute emission were 416 MtnCO2e. Following the adjustment, baseline GHG emissions intensity was 36.6 kgCO2e/boe and baseline absolute emissions were 183 MtnCO2e. The adjustment affects only the baseline used to assess emissions performance over time and does not modify previously reported emissions data. (2) Source: Rystad. 2024 GHG emissions (excluding drilling emissions) intensity of top 10 oil and gas producing countries. Vista scope 1 and 2 GHG emissions intensity for 2025. GHG emission intensity kgCO2e/boe 67 57 40 38 38 33 22 14 14 13 6.8 6 China Iraq Canada Russia Iran Global average United States Saudi Arabia UAE Qatar Vista Norway Best decile in GHG emissions intensity (2) kgCO2e/boe -79%Vista Global average Key decarbonization projects of 2025 ▪ Commissioning of the second electric gas compression station ▪ Replacement of combustion-powered booster compressors with electric units in two different facilities ▪ Installation of vapors recovery line from the glycol dehydrator flash tank ▪ Installation of metering infrastructure to enable renewable electricity use at the Entre Lomas oil treatment and water injection plants ▪ Increased renewable energy use to 86% of our electricity mix Planned operational decarbonization projects ▪ Reach renewable energy consumption above 90% of Vista´s total electricity demand ▪ Development of a pilot project for vapor recovery for one tank at Bajada del Palo Oeste facilities ▪ Installation of second vapor recovery unit at our OTP in Entre Lomas -81% 36.6 15.6 8.8 6.8 7.0 2020 2023 2024 2025 2026F // baseline (1)
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▪ Spans ~4,800 ha ▪ Planted 1,039 ha in 2025 with ~1.0 MM trees, reaching a cumulative total of ~1.3 MM trees across 1,306 ha ▪ In 2025. made progress in Verra’s VCS validation process, further developed the environmental baseline, and completed the social baseline Solid progress in our NBS portfolio execution 27 Our subsidiary Aike has a mandate to design, manage and execute our carbon offset projects. Mixed Afforestation with native and exotic species Rolón Cué & Villa Zenaida (Corrientes Province) ▪ Spans 6,200 ha, including both forested areas and zones designated for natural conservation ▪ Completed planting in 2024, reaching a cumulative total of ~ 3.7 MM trees across ~3,700 ha ▪ Made progress during 2025 in the Verified Carbon Standard (VCS) verification and Climate, Community and Biodiversity (CCB) validation processes under Verra standards Forest Conservation Chaguaral (Salta Province) ▪ This REDD+ native forest conservation project avoids legally permitted deforestation in 4,892 hectares. ▪ In 2025, forest management activities were implemented across ~300 hectares. In early 2026 the project completed Verra’s VCS registry and continues the CCB validation process Aike has made significant progress in the development of Vista’s projects Improved Forest Management Villa Zenaida (Corrientes Province) ▪ Planted 96 ha in 2025, adding ~100 M trees within a 412 ha project area ▪ Project includes a plantation acquired in 2024, where we are extending rotation to 40 years to enhance long term carbon sequestration ▪ In 2025, made progress in Verra’s VCS and CCB validation Mixed Reforestation with native and exotic species Altos del Guayacán (Formosa Province) Regenerative Agriculture Buenos Aires and Cordoba Provinces ▪ Spans ~9,850 ha, covering multiple farmlands across the country ▪ Made progress in Verra’s VCS validation process Regenerative Livestock San Luis, Santa Fe and Salta Provinces ▪ Continued implementing regenerative livestock practices across ~17,040 ha, covering multiple farmlands across the country ▪ Made progress in Verra’s VCS validation process
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Lean organization led by one of the most experienced O&G teams in the region 28 (1) Schlumberger Production Management and Schlumberger Integrated Project Management, business segments of Schlumberger Ltd Board of directors of world-class professionals Susan L. Segal - Independent President and CEO of Americas Society / Council of the Americas; board member at the Tinker Foundation, Scotiabank and Mercado Libre ▪ Degree from Sarah Lawrence University and MBA from Columbia University Mauricio Doehner Cobián - Independent Executive VP of Corporate Affairs & Risk Management at Cemex; board member at The Trust for the Americas (Organization of American States) ▪ Bachelor’s degree in Economics from Tecnológico de Monterrey, MBA from IESE/IPADE and Master in Public Administration from Harvard Kennedy School Pierre-Jean Sivignon - Independent Board member at Imperial Brands; Advisor to the Chairman and CEO of Carrefour Group until December 2018, previously Deputy CEO, CFO and Member of the Executive Board ▪ French baccalaureate with honors in France and MBA from ESSEC (École Supérieure des Sciences Économiques et Commerciales) Gérard Martellozo - Independent +40 years career at Schlumberger retiring in 2019 as Vice President of Human Resources globally; Chairman of the Board for the Schlumberger Foundation until March 2026 ▪ Master in Engineering from the Ecole Nationale Superieure de l’Aeronautique et de l’Espace (Sup’Aero), France Germán Losada - Independent Co-Founder and co-CEO at VEMO, with +10 years in private equity, investing in the broad energy spectrum ▪ Business Administration degree from the University of San Andrés in Argentina Top performing executive team Pablo Vera Pinto - Chief Financial Officer +25 years of experience in international business development, consulting and investment banking sectors ▪ Former Business Development Director at YPF; board member at Profertil (Agrium-YPF), Dock Sud (Enel-YPF) and Metrogas (YPF) ▪ Prior experience at McKinsey and Credit Suisse ▪ MBA INSEAD; Economics degree from Universidad Di Tella Juan Garoby - Chief Technology Officer 30 years of experience in E&P and oilfield service sectors ▪ Served as Chief Operations Officer at Vista from 2017 to 2024 ▪ Former Interim VP E&P, Head of Drilling and Completions, Head Unconventionals at YPF and former President for YPF Servicios Petroleros (YPF-owned drilling contractor) ▪ Prior experience in Baker Hughes and Schlumberger ▪ Petroleum Engineering degree from Instituto Tecnológico de Buenos Aires Alejandro Cherñacov - Strategic Planning & Investor Relations Officer +20 years of experience in Latam E&P strategy, portfolio management and investor relations ▪ Former CFO of small-cap Canada-listed E&P company. ▪ Prior experience as Investor Relations Officer at YPF ▪ Masters in Finance from Universidad Di Tella, Strategic Decision & Risk Management Professional Certificate from Stanford, Economics degree from Universidad de Buenos Aires Matías Weissel - Chief Operations Officer +15 years of experience in E&P operations in Argentina ▪ Served as Operations Manager at Vista from 2018 to 2024 ▪ Prior experience in YPF, developing Vaca Muerta, where he held various positions, including Project Leader for Loma Campana and Manager of Unconventional Projects ▪ Industrial Engineering degree from the Instituto Tecnológico de Buenos Aires ▪ 30 years of experience in the energy industry across five continents (including integrated oil and gas and oilfield services) ▪ Independent board member of Schlumberger ▪ Former Chairman and CEO of YPF and President of Schlumberger SPM/IPM (1) ▪ Board Member at GRIDX ▪ Petroleum Engineering degree from Instituto Tecnológico de Buenos Aires Miguel Galuccio Chairman and CEO
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Closing remarks 29 ~1,490 ready-to-drill locations under development in Vaca Muerta with solid results Vision to surpass 250 Mboe/d and generate 2.0 $Bn of FCF p.a. by 2030 Low-cost producer, fully-focused on shale oil operations Flat and agile organization led by experienced oil & gas team Only “pure-play” Vaca Muerta public investment opportunity Solid financial position leaves us well-poised for further growth
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Appendix
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0 100 200 300 400 500 600 700 800 900 1,000 Located in one of the leading shale formations in the world 31 Largest shale development outside of North America (1) Source: Company analysis based on IAPG, Argentine Secretary of Energy and ENARGAS (2) Includes horizontal oil wells put on production in 2021-2022. Source: Rystad Energy ShaleWellCube (3) Source: Argentine Secretariat of Energy Argentina oil production (3) Mbbl/d Vaca Muerta Conventional Vaca Muerta converted Argentina into a structural exporter of crude oil Average well productivity: Vaca Muerta v. US Shales (2) First 365 days cumulative production, Mbbl per 1,000 feet of lateral 30 21 20 19 15 11 Vaca Muerta Permian Delaware Bakken Eagle Ford Permian Midland DJ Basin Vaca Muerta has attracted key O&G players, including super majors, independents, major regional and Argentine players +30,000 km2 Vaca Muerta surface area ~2% of O&G resources produced (1) 31 Bnbbl oil resources in Vaca Muerta ~160 Years of domestic consumption (1) 255 Tcf gas resources in Vaca Muerta ~180 Years of domestic consumption (1)
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Solid financial position leaves us well-poised for further investments 32 Net leverage ratio X Adj. EBITDA Debt composition % of total debt (1) Calculated as the weighted average coupons of USD and USD-linked debt, weighted by outstanding principal amount (2) Debt maturity schedule reflects the issuances of Series XXXII (75 $MM maturing in 2028) and XXXIII (75 $MM maturing in 2029) and the repayment of Series XXIII (92 $MM) and XXX (73 $MM), in July 2026 (3) Ratings correspond to Vista Energy Argentina S.A.U. Local ratings from FixScr (affiliate of Fitch Ratings) and Moody’s Local correspond to the Argentine market, and ratings from Fitch Ratings and Moody’s Ratings correspond to Vista Energy Argentina S.A.U. issuances in the international market (4) Corresponds to Series XXVII, XXIX and XXXI Avg. interest rate % Debt maturities schedule (2) $MM 22% 36% 68% 81% 95% 56% 30% 22% 100% 78% 64% 32% 19% 5% 3% 23% 23% 41% 47% 55% 2018 2019 2020 2021 2022 2023 2024 2025 Q2-26 1.1x 1.1x 3.5x 0.8x 0.4x 0.5x 0.6x 1.6x 1.4x 305 451 540 611 549 616 1,449 3,154 3,661 2018 2019 2020 2021 2022 2023 2024 2025 Q2-26 Net leverage ratio Gross debt ($MM) Banks and others Local bonds International bonds 7.8% 7.6% 8.9% 8.3% 5.3% 3.6% 4.3% 5.2% 6.0% 16 34 48 51 29 22 63 163 218 2018 2019 2020 2021 2022 2023 2024 2025 Q2-26 LTM Ratings (3) Fitch/FixScr Moody’s Local AAA(arg) AAA.Ar International BB- (4) B1 Current: 6.9% (1) Banks and others Local bonds International bondsAvg. interest rate Interest expense ($MM) as of 6/30/26 605 278 323 431 284 261 368 297 504 198 204 165 165 170 Cash 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
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Resilient to down-cycles and highly profitable in up-cycles 33 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 Royalties Unit cost (1) 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) Cash cost breakdown $/boe Brent discount + export duties
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356 391 467 Q2-25 Q1-26 Q2-26 $MM $MM 405 451 805 Q2-25 Q1-26 Q2-26 34 Realized crude oil price ($/bbl)Adj. EBITDA margin 235 108 322 Q2-25 Q1-26 Q2-26 +32% +31% +99% 118.0 134.7 156.1 Q2-25 Q1-26 Q2-26 4.7 4.3 4.5 Q2-25 Q1-26 Q2-26 66% 65% 70% 62.2 60.1 89.4 Q2-25 Q1-26 Q2-26 Q2-26 highlights 34 (1) For comparison purposes, revenues included in the Adj. EBITDA margin calculation and avg. realized oil price are net of Commodity risk management contracts and Sea freight selling expenses. Commodity risk management contracts were 5.6 $MM in Q2-26 and -150.7 $MM in Q1-26. Sea freight selling expenses were 63.1 $MM in Q2-26, 20.0 $MM in Q1-26 and 29.8 $MM in Q4-25, which were collected as revenues and incurred by our trading subsidiary VEISA Production Mboe/d Lifting cost $/boe -4% Adj. EBITDA +3 p.p. Adj. EBITDA margin (1) % Capex Net income $MM +37%
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Acquisition of 50% of La Amarga Chica block Unit 50% WI Surface Area Acres 23,202 Wells on production # of wells 153 Total production boe/d 48,643 Oil production bbl/d 43,446 P1 reserves MMboe 151 La Amarga Chica key stats (Q4-25) Acquisition of PEPASA ▪ On April 15, 2025, Vista acquired 100% of the capital stock of PEPASA, which holds a 50% WI in La Amarga Chica (1) Strategic rationale and valuation ▪ Highly accretive acquisition ▪ Increased scale ▪ Portfolio enhancement ▪ Low-cost, high margins, cash generating asset ▪ Oil midstream capacity: 57 Mbbl/d ▪ Oil treatment capacity: 75 Mbbl/d ▪ Lower export duties through Decree 929 4.3 2.0 Vista PEPASA 55.1 33.6 Vista PEPASA 8.4 3.8 Vista PEPASA EV/ADJ. EBITDA 2024 (2) X -68% EV/FLOWING BOE Q4-24 (2) $M/boe P/E 2024 (2) X -39% -54% (1) Vista acquired 100% of PEPASA from Petronas Carigali Canada B.V. and Petronas Carigali International E&P B.V. (2) PEPASA EV calculated as the purchase price, discounted at 12.5% to January 1, 2025. Vista market capital as of April 14, 2025. Source: Bloomberg Premium Vaca Muerta acreage with flowing production and material inventory at accretive acquisition multiples 35 Bandurria Norte 100% WI Aguada Federal 100% WI Coirón Amargo Norte 84.6% WI Bajada del Palo Este 100% WI La Amarga Chica 50% WI Other Vista shale blocks (pre-acquisition) Oil treatment plant Vista development hub (pre-acquisition) PEPASA acquisition assets
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Series Issuance date Law Currency Term Issued principal (1) Annual interest XII 27 Aug 2021 Argentina ARS Pesos (USD-linked) 120 months 100.8 $MM 5.85% paid semiannually XVI (2) 6 Dec 2022 Argentina ARS Pesos (USD-linked) 42 months 104.2 $MM 0% XVII 6 Dec 2022 Argentina ARS Pesos (USD-linked) 48 months 39.1 $MM 0% XVIII 3 Mar 2023 Argentina ARS Pesos (USD-linked) 48 months 118.5 $MM 0% XIX 3 Mar 2023 Argentina ARS Pesos (USD-linked) 60 months 16.5 $MM 1.00% paid quarterly XX 5 Jun 2023 Argentina USD 25 months 13.5 $MM 4.50% paid quarterly XXI 11 Aug 2023 Argentina ARS Pesos (USD-linked) 60 months 70.0 $MM 0.99% paid quarterly XXII 5 Dec 2023 Argentina USD 30 months 14.7 $MM 5.00% paid semiannually XXIV 3 May 2024 Argentina USD 60 months 46.6 $MM 8.00% paid semiannually XXV 8 Jul 2024 Argentina ARS Pesos (USD-linked) 48 months 53.2 $MM 3.00% paid quarterly XXVI 10 Oct 2024 Argentina USD 7 years 150.0 $MM 7.65% paid semiannually XXVII 10 Dec 2024 New York USD 11 years 600.0 $MM 7.625% paid semiannually XXVIII 7 Mar 2025 Argentina USD 60 months 92.4 $MM 7.50% paid semiannually XXIX (3) 10 Jun 2025 New York USD 8 years 900.0 $MM 8.50% paid semiannually XXXI 8 Apr 2026 New York USD 12 years 500.0 $MM 7.875% paid semiannually XXXII 16 Jul 2026 Argentina USD 18 months 75.0 $MM 3.75% paid bi-annually XXXIII 16 Jul 2026 Argentina USD 36 months 75.0 $MM 5.00% paid bi-annually ▪ Gross proceeds totaled approximately 101 $MM ▪ Following the closing of the transaction, Vista’s outstanding shares reached 86,835,259 ▪ Shares were issued at 9.25 $/share ▪ After the offering, shares are traded under the ticker VIST on the NYSE Vista closed and settled a global offering of 10,906,257 shares in NYSE and BMV and began trading on the NYSE Raised ~3.7 $Bn through dual-listing in NYSE and 30 series of bond issuances, both in the domestic and international markets 3.690 $Bn contando la ON XXX y retap Funding: capital markets activity 36 (1) Series XII repaid in 15 semi annual installments, with a 3-year grace period. Series XXIV repaid in 4 semi annual installments, with a 3.5-year grace period. Series XXVI repaid in 3 annual installments, with a 5-year grace period. Series XXVII repaid in 3 annual installments, with a 9-year grace period. Series XXIX repaid in 3 annual installments, with a 6-year grace period. The other series are repaid bullet at maturity (2) 40.8 $MM were issued on May 29, 2023 (3) 400 $MM were issued on December 3, 2025
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In $M As of June 30, 2026 As of December 31, 2025 Property, plant and equipment 7,406,581 5,543,032 Goodwill 22,576 22,576 Other intangible assets 16,406 18,485 Right-of-use assets 112,171 153,283 Biological assets 18,343 15,855 Investments in associates 74,934 54,542 Trade and other receivables 466,887 373,026 Deferred income tax assets 77,542 36,514 Total noncurrent assets 8,195,440 6,217,313 Inventories 22,779 9,457 Trade and other receivables 487,349 347,681 Cash, bank balances and other short-term investments 604,657 538,402 Total current assets 1,114,785 895,540 Total assets 9,310,225 7,112,853 Deferred income tax liabilities 445,963 298,664 Lease liabilities 57,003 88,451 Provisions 64,539 51,513 Borrowings 2,965,648 2,803,982 Employee benefits 20,824 16,226 Income tax liability 13,314 13,964 Trade and other payables 606,358 292,236 Total noncurrent liabilities 4,173,649 3,565,036 Provisions 2,148 10,800 Lease liabilities 36,158 55,452 Borrowings 695,760 350,095 Salaries and payroll taxes 14,368 35,891 Income tax liability 209,805 120,910 Other taxes and royalties 68,761 43,945 Trade and other payables 584,234 419,130 Total current liabilities 1,611,234 1,036,223 Total liabilities 5,784,883 4,601,259 Total equity 3,525,342 2,511,594 Total equity and liabilities 9,310,225 7,112,853 Consolidated Balance Sheet 37
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In $M Q2 2026 Q2 2025 Revenue from contracts with customers 1,234,902 610,542 Revenues from crude oil sales 1,198,951 584,261 Revenues from natural gas sales 34,055 24,808 Revenues from LPG sales 1,896 1,473 Cost of sales (526,572) (325,346) Operating costs (64,789) (50,290) Crude oil stock fluctuation 10,445 (6,206) Royalties and others (190,319) (84,291) Purchases of crude oil (5,802) - Depreciation, depletion and amortization (273,183) (176,940) Other non-cash costs related to the transfer of conventional assets (2,924) (7,619) Gross profit 708,330 285,196 Selling expenses (122,113) (40,705) General and administrative expenses (44,457) (29,712) Exploration expenses - (164) Other operating income 512 208,073 Other operating expenses (2,294) (23,969) Reversal (Impairment) of long-lived assets - (38,252) Commodity risk management contracts 5,598 - Operating profit 545,576 360,467 Income (loss) from investments in associates 4,069 (979) Interest income 5,001 274 Interest expense (64,495) (40,106) Other financial income (expense) (37,227) (25,841) Financial income (expense), net (96,721) (65,673) Profit before income tax 452,924 293,815 Current income tax (expense) (185,878) (80,286) Deferred income tax benefit (expense) 65,940 21,760 Income tax (expense) (119,938) (58,526) Profit for the year/period, net 332,986 235,289 Other comprehensive income for the year/period (2,872) (1,190) Total comprehensive profit for the year/period 330,114 234,099 Adj. EBITDA reconciliation Adj. Net income In $MM Q2 2026 Q2 2025 Net profit for the period 321.7 235.3 (+) Income tax (expense) benefit 116.5 58.5 (+) Financial income (expense), net 96.9 65.7 (+) Income (loss) from investments in associates (4.1) 1.0 Operating profit 531.1 360.5 (+) Depreciation, depletion and amortization 270.5 176.9 (+) Restructuring expenses 0.8 23.7 (+) Impairment of long-lived assets - 38.3 (+) Other non-cash costs related to the transfer of conventional assets 2.9 7.6 (+) Gain from Business Combination - (202.5) Adjusted EBITDA 805.2 404.5 Adjusted EBITDA Margin (%) 70% 66% In $MM Q2 2026 Q2 2025 Net profit for the period 321.7 235.3 Adjustments: (+) Deferred Income tax (65.1) (21.8) (+) Impairment of long-lived assets - 38.3 (+) Other non-cash costs related to the transfer of conventional assets 2.9 7.6 (+) Gain from Business Combination - (202.5) Adjustments to Net Income (62.2) (6.9) Adjusted Net Income 259.6 56.9 Adjusted EPS ($/share) 2.4 0.5 EPS ($/share) 3.0 2.3 Consolidated Income Statement 38
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▪ $: 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 + Income (loss) from investments in associates + Impairment of long-lived assets + Gain from business combination + Gain from asset disposals + Restructuring expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets ▪ Adj. EBITDA Margin: Adj. EBITDA / (Total Revenues + Gain from Export Increase Program – Sea freight selling expenses + Commodity risk management contracts) ▪ Adj. Net income: Profit for the period, net + Deferred income tax (expense) / benefit + Impairment of long-lived assets + 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 + Gain from business combination ▪ AF: Aguada Federal ▪ AM: Águila Mora ▪ Avg. interest rate = Interest expense / Gross debt EOP ▪ BdT: Bajo del Toro ▪ 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 ▪ BS: Bandurria Sur ▪ Capex includes Property, plant and equipment additions ▪ Cash available: opening cash balance + cumulative free cash flow – financial interest payments – minimum cash ▪ Cash position is defined as Cash, bank balances and other short-term investments ▪ EPS (Earnings per share): Net Income divided by weighted average number of ordinary shares ▪ 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 ▪ IOGP: International Association of Oil & Gas Producers ▪ 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 ▪ Mboe/d: Thousands of barrels of oil equivalent per day ▪ Mbbl/d: Thousands of barrels of oil per day ▪ 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 ▪ RRR: Reserves Replacement Ratio ▪ SEC: Securities and Exchange Commission ▪ Trafigura Agreement: the agreement dated December 16, 2024, pursuant to which Vista Argentina agreed to the assignment of Trafigura’s interest in 10 pads in Bajada del Palo Oeste to Vista Argentina, effective January 1, 2025, under which Vista Argentina holds rights to 100% of the production from such pads ▪ 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 ▪ VEISA: Vista Energy International SA Glossary 39