VIST · Vista Energy, S.A.B. de C.V.

Vista Energy's Q1 2026 results reflect strong operational momentum driven by the acquisition of a 50% working interest in the La Amarga Chica block in April 2025 and organic growth in Vaca Muerta. Total production surged 67% year-over-year to 134,741 boe/d, with oil production up 68% to 116,655 bbl/d. Despite a 12% decline in average realized oil prices to $60.1/bbl, total revenues (net of commodity risk management and sea freight) increased 58% to $694.3MM, supported by higher volumes. Adjusted EBITDA rose 64% to $450.8MM, with margin expanding 3 percentage points to 65%, as lower per-unit lifting costs ($4.3/boe, down 8% YoY) and selling expenses ($3.8/boe, down 41% YoY) offset weaker pricing. Net income improved to $107.7MM from $82.8MM in Q1 2025, benefiting from higher operating profit and a lower income tax expense. The company invested $391.2MM in capex, primarily in Vaca Muerta drilling and completions (19 net wells drilled, 25 completed, 23 tied-in). Free cash flow was negative $341.4MM, but adjusted for non-recurring items (working capital from VEISA, Mexican income tax payment, and Equinor transaction payments) it was negative $10.1MM. The company will present updated 2026 guidance during its webcast on April 30, 2026.