YPF · YPF Sociedad Anónima

YPF delivered a strong Q1 2026 performance with net profit swinging to $409 million from a $10 million loss YoY, primarily driven by operating profit expansion to $878 million from $192 million, fueled by gross profit growth to $1,758 million amid 7% revenue increase to $4,946 million. Key drivers included reduced costs ($3,188M vs $3,308M), lower other net operating losses ($80M vs $323M), and higher equity income from associates/joint ventures ($101M vs $81M), partially offset by higher financial costs. Balance sheet strengthened with total assets at $30.4 billion (up 3%) and cash rising 42% to $1.3 billion, supported by robust $1.9 billion operating cash flow despite $1.1 billion capex. Debt stable at $10.1 billion with compliance on covenants. Upstream segment showed operating profit of $616 million (vs loss last year), while Midstream/Downstream contributed $1,085 million. Acquisitions completed post-period include full ownership of certain concessions via Pluspetrol swap and increased stakes in Bandurria Sur/Bajo del Toro blocks from Vista. No forward guidance provided; seasonal gas demand noted for winter quarters.