Thanks. Good morning, everyone.

We are happy to welcome you to Vista's fourth quarter and full year 2025 results conference call. I am here with Miguel Galuccio, Vista's Chairman and CEO, Pablo Vera Pinto, Vista's CFO, Juan Garoby, Vista's CTO, and Matías Weissel, Vista's COO.

Before we begin, I would like to draw your attention to our cautionary statement on slide two. Please be advised that our remarks today, including the answers to your questions, may include forward-looking statements.

These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by these remarks. Our financial figures are stated in US dollars and in accordance with International Financial Reporting Standards, IFRS.

However, during this conference call, we may discuss certain non-IFRS financial measures such as adjusted EBITDA and adjusted net income. Reconciliations of these measures with the closest IFRS measure can be found in the earnings release that we issued yesterday.

Please check our website for further information. Our company is a Sociedad Anónima Bursátil de Capital Variable organized under the laws of Mexico, registered in the Bolsa Mexicana de Valores and the New York Stock Exchange.

Our tickers are VISTA in the Bolsa Mexicana de Valores and VIST in the New York Stock Exchange. I will now turn the call over to Miguel.

Thanks, Ale. Good morning, everyone, and welcome to this earning call.

2025 was a year of many achievements for Vista, marked by the substantial value creation for our shareholders through growth in our core development, significant well cost saving, and accretive M&A. The acquisition of 50% stake in La Amarga Chica marked a major milestone in our successful growth journey, turning Vista into the largest independent oil producer of Argentina.

We also held our third Investor Day, during which we unveiled an updated strategic plan targeting to produce more than 200,000 boe per day by end of the decade. Today, we will going over our Q4 results and a summary of the highlights of the full year.

During the fourth quarter of 2025, we continued to deliver robust production growth on the back of new well tie-ins and strong productivity in Bajada del Palo Oeste, Aguada Federal, and La Amarga Chica. Total production was 135,000 boe per day, an increase of 59% year-over-year and 7% quarter-over-quarter.

Oil production was 118,000 barrels per day, an interannual increase of 61% and 8% sequentially. Total revenues during the quarter were $689 million, 46% above the same quarter of the last year and 2% below the previous quarter, driven by lower oil prices.

Lifting cost was $4.1 per boe, 12% below year-over-year and 8% below vis-à-vis Q3. Capital expenditure was $355 million, driven by new well activity during the quarter.

Adjusted EBITDA was $444 million, an interannual increase of 62%. Net income was $86 million, leading to earnings per share of $0.8 during the quarter.

Free cash flow was $76 million, driven by a strong cash flow of operation. Finally, our net leverage ratio at year-end was 1.5 times on a pro forma basis, flat quarter-on-quarter.

Total production during Q4 was 135.4 thousand boe per day. As in the previous quarter, we record a solid 7% growth on a sequential basis driven by robust well productivity and 16 net tie-ins during the quarter: 9 in Bajada del Palo Oeste, 3 in Bajada del Palo Este, and 4 corresponding to our 50% share in La Amarga Chica.

On an interannual basis, production growth was 59%, reflecting our larger scale after the acquisition of La Amarga Chica combined with organic growth. Oil production was 118.3 thousand barrels per day, 8% above Q3 and 61% higher year-over-year.

Gas production increased 45% on an interannual basis. In Q4 2025, total revenues were $689 million, 46% higher than the previous year, driven by a robust increase in oil production, which more than offset lower oil prices.

Oil exports doubled year-over-year, reaching 7.1 million barrels in Q4 2025, representing 64% of our total sales volume. Realized oil price was $58.9 per barrel on average, down 12% on interannual basis and 9% on a sequential basis, in both cases driven by lower oil prices.

During Q4 again, we sold 100% of our volumes at export parity prices, both domestically and internationally. In Q4, lifting cost was $4.1 per boe, 12% below the same quarter of last year and 8% below the previous quarter, reflecting our low-cost asset base and fixed-cost dilution as we continue to gain scale.

Selling expenses were $4.2 per boe, down 48% on interannual basis, driven by the elimination of oil trucking as of the end of Q1. Adjusted EBITDA during the quarter was $444 million, 62% higher interannually, mainly driven by the consolidation of 50% working interest in La Amarga Chica and organic production growth in our core development hub, which more than offset lower oil prices.

On a sequential basis, adjusted EBITDA declined 6% as lower oil and natural gas prices offset production growth. Adjusted EBITDA margin was 64%, up 8 percentage points compared to the same quarter of last year as the decrease in selling expenses offset lower oil prices.

Similarly, netback was $35.6 per boe, up 2% on an interannual basis. During Q4 2025, cash flow from operating activities was very robust at $435 million, even after income tax payment of $32 million and an increase in working capital of $16 million.

Cash flow used in investing activities was $360 million, reflecting accrued capex of $355 million and a decrease in capex relating working capital of $16 million. As a result, free cash flow was positive at $76 million during the quarter and $47 million during the second semester.

Hence, we achieved our positive free cash flow guidance for the second half of 2025. Cash flow from financing activities was $143 million, driven by proceeds from borrowings for $618 million, partially offset by the repayment of borrowings for $368 million and interest payment of $75 million.

Finally, our position remains very strong, standing at $538 million at year-end. Our net leverage ratio on a pro forma basis, reflecting the Petronas Argentina transaction, stood at 1.5 times adjusted EBITDA, flat vis-à-vis the previous quarter.

The fourth quarter of 2025 marks the completion of an outstanding year at Vista, and these are some of our key achievements. Combining the successful derisk of the structural four area in Bajada del Palo Oeste with the acquisition of a 50% working interest in La Amarga Chica, we enlarged our well inventory to more than 1,600 wells.

P1 reserves increased by 57% year-over-year to 588 million boe, with strong additions both on the organic and inorganic side, leading to a reserve replacement ratio of 605%. Our organic reserve replacement ratio stood at 260%.

We tied in 74 wells during the year, up from 50 in 2024, reflecting the capex acceleration in our strong portfolio of a short-cycle, high-return wells in the oil window of Vaca Muerta. This boosted total production to over 115,000 barrels of oil per day, 66% above 2024.

Our solid operational performance was also reflected by the cost reduction, with 3% lifting cost savings and 15% D&C cost savings compared to 2024. Operational excellence remains one of our top priorities.

In 2025, our total recordable incident rate remained below one for the sixth consecutive year. By investing smartly in decarbonization projects in our facilities, we reduced Scope 1 and 2 greenhouse gas emissions intensity by 23% to 6.8 kilos of CO2 equivalent per boe.

This placed Vista's operations within the first decile at the global level. We continue to invest in nature-based solutions in Argentina to develop our own carbon credits.

We have made progress in 2025 to ensure that in 2026, we will have enough credit to balance the Scope 1 and 2 emissions of our operated oil and gas production. Finally, in 2025, we continued delivering a strong financial performance.

Adjusted EBITDA grew 46% compared to the previous year, reaching $1.6 billion. Earnings per share amounted to $7, and ROC was 29%.

Finally, we executed a share buyback program of $50 million, buying 1.2 million shares at an average price of $41.2 per share, a significant discount relative to current prices. Our 2025 performance leaves us well poised to continue our growth trajectory in 2026.

Total production at 115,000 boe per day was above the 112 to 114 guidance range. Production during the second semester was also above guidance: 131,000 boe per day compared to the guidance of 125 to 128 thousand.

Adjusted EBITDA was $1.6 billion and stood at the top end of the range we guided at midyear. We also met the adjusted EBITDA guidance for the second semester, recording $0.92 billion or an equivalent of $1.83 billion on annualized basis.

Lifting cost at $4.4 per boe marked an overdelivery with respect of our $4.5 guidance. We were also very efficient with the use of the capital.

By delivering 74 wells tie-ins with $1.3 billion of capex, we outperformed the original guidance of 59 tie-ins with $1.2 billion. Importantly, the delivery of 2025 full year results, in particular the momentum achieved in the fourth quarter, leave us very well placed to deliver on 2026 guidance.

As a reminder, this guidance includes 140,000 boe per day of total production, reflecting 80 to 90 well tie-ins, $1.5 to $1.6 billion of capex, and $1.9 billion of adjusted EBITDA, assuming Brent at $65 per barrel on average. Early this month, we announced an agreement to acquire Equinor's assets in Vaca Muerta.

This constitutes a highly accretive transaction for our shareholders, as reflected by the implied EV to EBITDA and EV per flowing barrel metrics compared to Vista market value. The acquired asset will enhance our portfolio by adding more than 27,000 net acreage, which currently produce around 22,000 barrels of oil per day and generates positive free cash flow.

Importantly, the blocks have production growth potential as they add 244 net wells to our drilling inventory. As shown on the map, the new blocks are next to our existing blocks, which creates many opportunities for synergies in subsurface characterization, surface facilities, midstream capacity, crews scheduling, and oilfield services contracting.

As disclosed in our filings, the agreement is subject to two conditions precedent. The first one was already achieved last week.

We were informed that Shell has waived its right of first refusal over Bandurria Sur. Regarding the second one, we have already filed the relevant documents with the Chilean antitrust authority on February 11.

Based on the timeline of this process, we expect the transaction to close around mid-May. To conclude this call, and before we move to Q&A, I will make some closing remarks.

Q4 marked the completion of a transformational year for the company, during which we gained significant scale and delivered on an annual guidance across all key metrics. During 2025, we recorded robust operational performance, increasing total production, P1 reserves, and expanding well inventory.

We achieved material lifting cost and selling cost savings that improved our margins, offsetting lower oil prices. We also captured significant D&C cost reductions through the commercial, supply chain, and technological innovation.

This strong operational performance, combined with the acquisition of 50% working interest in La Amarga Chica, led to superior profitable growth during the year, materially expanding adjusted EBITDA and earnings per share. More recently, we continued to demonstrate our unique ability to execute accretive M&A, gaining further scale, enhancing portfolio depth, and long-term cash flow generation through the acquisition of participation in Bandurria Sur and Bajo del Toro, two premium assets in Vaca Muerta.

Before we move to Q&A, I would like to express my gratitude to our staff for having delivered another remarkable year for our company. I am also thankful to our shareholders for their continued support.

Operator, we can now move to Q&A.

Yes, hello. Can you hear me?

Yes, we hear you well, Walter.

Perfect. Okay.

Thank you for taking my question and congratulations for such moving year for the company. My question is regarding the acquisition of Bandurria Sur.

What are the next steps, especially in terms of capex reallocation if there is any? I see that the numbers of wells for the years remain the same.

If you think that there will be some capex reallocation. What is the situation regarding facilities with the new situation of the company under the acquisition of all the blocks in 2025?

Thank you.

Thank you, Walter, for your question. Starting with your first part of the question, the main milestone which was Shell's right of first refusal was already cleared.

We are now going through the Chilean antitrust process that was filed on February 11th jointly with Equinor. The relevant documents are already in the Fiscalía Nacional Económica.

Based on all that precedents, we believe we should be closing during Q2. Related to capital allocation and Equinor acquisition, going to the Equinor deal, we are currently focused on the process of closing the deal, and it's for us a bit premature to comment anything related to the new plan.

In term general principles, assuming $65 Brent, the current plan for the existing asset is not affected by the new asset. That means we will continue having the plan as we have, and the acquisition that we have done will be self-funded by the EBITDA and capex generation of the asset that we have acquired.

You asked it also another question related to the facilities. We don't see any issues with the facilities and in the acquisition of Bandurria Sur.

We have plenty of facilities there. They have a spare capacity.

Also, we have a spare capacity. Different will be for the development of Bajo del Toro, where is very close to one of asset there, Águila Mora, but that will require a new facilities.

As far as we know, Duplicar Norte is ongoing. One option that we have is to tap into that pipeline that I think is being lead by other companies, Pluspetrol, CVX, and Tecpetrol.

That is that could be an option, but that will not happen in the next year, neither in the next few years.

Perfect. Thank you very much, Miguel.

Good morning, Miguel, Ale, everyone. Thanks for taking my question.

My question is also about capital allocation, but more on a broad perspective. The company is generating cash, and we believe that that cash generation should increase substantially in 2026 and beyond.

Can you help us how to think about options such as accelerating drilling activity in case oil prices increase or pursuing acquisitions around your existing acreage, and/or distributing cash back to shareholders. How do you think about using that incremental cash that will be generated in the coming years?

Thank you very much.

Thank you for your question. With the actual operation is running with between four and five rigs from now to 2028, and we have an inventory life of 15 years.

We think that we are close to the optimum activity level relative to the size of the asset that we have. If we see the oil price go above assumptions in our plan, you could see that we add some wells to the plan, but wouldn't expect that we will have anything that is completely material change compared what we have in the plan today toward 2028.

Most of the cash that we will generate will be allocated through our capital allocation framework that we present in Investor Day, that is buyback and dividends, M&A, and debt reduction. How we are going to split between the three, we would like to maintain that flexibility based on the options that we have at the moment, but this is basically what we plan to do with the cash.

Thanks for your question, Bruno.

Thank you.

Yes. Good morning.

Thank you very much for taking my question. Miguel, you mentioned the very sharp decrease in drilling and completion costs that you have achieved, and that has been great.

Could you please kind of comment where do you see kind of drilling and completion costs right now, where do you think that those could end up, say, over the next few quarters? Also, are you seeing also similar kind of decreases in your non-operated acreage?

Thank you, Ale, for your question. Yes, one of the things and one of the initiatives that we are very proud of is the reduction of D&C costs where we have put a lot of effort and a lot of innovation.

We made very good progress during the second semester. We fully implemented the use of bulk wet sand as well as our proprietary frac real-time monitoring tool, xtreaming the completion show.

We talked about that tool a bit during our Investor Day. On the contractual side, we renegotiated our contract with our major provider and unbundled the drilling services.

All that led to an important savings. In all, this initiative led to a D&C cost of $12.1 million per well in the second half of 2025 in Bajada del Palo Oeste.

This taking in consideration a normalized well of 2,800 meters with 47 frac stages. We are currently working on other cost reduction projects.

Last week, we start operating the sand washing plant that we moved from Bajada del Palo Oeste, sourced from our new mine in basin. This new mine is 100 kilometers from our operation, is probably the closest one to any operation in Vaca Muerta today.

With that, we plan to save sand logistic costs for the entire core development hub. We are also working on the unbundling of completion services.

We are testing new pump technology that can replace diesel for natural gas, and also we are testing new casing design that reduce steel cost. This project will drive 2026 and 2027 well cost savings.

We are on track to deliver 11.7 per well this year and 11.3 in 2027. My personal opinion that we can go further down on that target if all this come into place.

That's clear. Thank you.

You're welcome.

Good morning, Miguel and team. Congratulations on the good solid results.

My question has to do with the recent inclusion of the upstream business to the RIGI, and how it could change the development plan of the cluster of Bajo del Toro and Águila Mora. Thank you.

Thank you, Andres, for the question. First probably to put that question in context, I will talk a bit about the RIGI.

The new RIGI scheme consists of incorporating basically upstream projects. During the Ley Bases, upstream were not part of the scope of the RIGI.

In our view, this is a very positive change in regulation, as create conditions to accelerate investment and grow on the basin. Under the terms outlined by the decree, there is a minimum investment commitment of $600 million, of which 40% need to be spent on the first two years.

Also, there is a ratio between cash from operation and total capex. The benefit that the RIGI bring include accelerated amortization, a decrease in corporate tax from 35% to 25%, 0 export taxes after the third year, and being able to keep partially export proceeds abroad also after the third years.

We are analyzing the scheme in detail, but based on our preliminary analysis, we believe that that could be applicable to some of our development blocks, as you mentioned. One is Bandurria Norte, the other one could be Águila Mora, and eventually also can be applied to Bajo del Toro.

Very very good initiative from the government, very very very welcome by us and by the industry.

Good morning, everyone, and thank you for the opportunity. After all these questions on the strategic views, I would like to go back a little bit on the operational side.

This quarter, Vista reported record-low lifting costs. Can you explain a little bit further what were the efficiency measures that have been supporting results besides all the cost dilutions with the production growth?

Again, you're very well-positioned for the guidance in 2026, but what can we expect as trend for the coming quarters? Thank you.

Hi, Milene, and thanks for your question. Thanks for being back to operations.

During Q4, we captured some savings related to well services. As in previous quarter, we continue to capture savings as we increase production, which dilute fixed costs, and we have seen that effect for many years since we run the operation in Vista.

This led to a lifting cost of $4.1, as you pointed out, during the quarter. In my view, that number, based on what I said before, is an exceptional number.

For 2026, our plan shows a lifting cost that will continue with the trend of basically reducing. We guide 2026 for a lifting cost of 4.4, that is 2% below 2026.

In Q1, we expect that lifting costs will probably go sequentially upward, which is typically what happened at the start of the year with some costs moving from Q4 last year to Q1 this year. Also usually in the first quarter, we have some one-off maintenance projects that are allocated to lifting cost.

What you should expect is the 4.4 that we have guided, that is 2% below 2026.

Perfect. Thank you.

Thank you. Good morning, everybody.

My question is a follow-up on the 2026 guidance, which you have reconfirmed. Can you provide us with your expectations for the evolution during the year for production, EBITDA, and free cash flow, please?

Thank you so much.

Thanks, Bruno. Good question, and hope you're doing well.

The 2026 plan include the pickup in D&C activity with 80 to 90 tie-ins during the year. We plan 20 to 22 well tie-in during the Q1, of which 10 were put on production in January with very good productivity reading so far.

They will lead to production rate of 132,000 barrels of oil per day in February. We are all placed for March and estimated surpassing the 140,000 barrels of oil per day for March.

We believe in all Q1 will be flattish or slightly below Q4, but with a very good momentum entering Q2. In Q2, we expect a substantial sequential growth, then relatively flat also again in Q3, and another very nice and good step in Q4.

We reiterated our guidance of 140,000 barrels of oil per day for 2026. Of course, this does not include the Equinor acquisition that will come into play later on when it's closed.

In term of EBITDA, we have reiterated our guidance of $1.9 billion of adjusted EBITDA for 2026. As a reminder, this also exclude the effect of Equinor transaction.

Q1 you should expect that will be flattish or maybe slightly lower than Q4 on adjusted EBITDA, then should increase that steadily in the coming quarter, and we expect to reach an annualized run rate of around $2 billion in of $2 billion in Q4, assuming, of course, a Brent of 65. In term of free cash flow, free cash flow turned positive in line with the strategic plan of 2026.

This new phase of the company combines, as we mentioned in Investor Day, growth and free cash flow generation. In 2026, total free cash flow will be around $150 to $200 million at $65 Brent.

Always, we should expect that free cash flow could be affected by working capital variation, tax payment that can negatively impact in some quarter. Also you should expect a negative free cash flow in Q1, turned it into positive in Q2 and onward.

That give you maybe a quarterly picture of what we think will happen in 2026.

Thank you.

You're welcome.

Hi. Good morning, Miguel and team, and thank you for presentation.

My question is on the acquisition of the assets of Equinor in Argentina. I wanted to know, Miguel, if you could provide us more color on the tight curves and productivity you're seeing in Bandurria Sur and Bajo del Toro.

Also, during the presentation, you mentioned that there is material upside potential in Bajo del Toro. It'd be great to hear if you could share with us what is the potential growth opportunity that you're seeing in both assets.

Okay. Yeah.

Thank you, Daniel, for the question. Maybe starting with the first part, well tight curve, I think for Bandurria Sur, very similar to the ones that we have present of our asset.

It's a neighbor asset. We evaluated and we don't expect anything different.

Bajo del Toro, you should wait for us because it's probably too early to comment on that. Then related to the second part of your question, based on the information that we have and the analysis that we have done so far, and this is a very preliminary view, our stake of these assets is currently 22,000 barrels of oil per day, and we think we can double that by 2030, driven by the growth in Bajo del Toro once we move Bajo del Toro to full development plan.

We will probably see a couple of years with a small growth and free cash flow generation, followed by the growth Bajo del Toro. As our working capital interest in Bandurria Sur, we produce approximately 19,000 barrels of oil per day in Q4 and increased to 20,000 in January.

Based on the inventory side, 106 wells are allocated to our working interest. The field can continue producing at the current rates until probably 2030.

Also, in Bandurria Sur, we see some growth potential. In Bajo del Toro, today, they're producing around 2,000 barrels of oil per day, and that is pretty much the same that we saw in January at our working interest.

This block for us present significant upside based on the inventory, and we still analyzing scenarios to go to full development. That will happen during the next three years.

Based on the question that we have before, also we will have to think about infrastructure, evacuation infrastructure there.

Hello, and good morning. We've noticed a meaningful progress in the country backdrop along with increased attention on Argentina and the basin overall.

Is Vista seeing an expansion in oilfield service vendors or equipment entering the country? If so, would you expect this to translate into further improvement in drilling and completion costs?

Hi, Kevin. Thank you.

Very good question. The short answer is yes.

We are seeing a lot of interest from service companies to come down to Argentina based on the increase of activities, as you mentioned, also based on the normalization of the macro and the ability to have more cross-border freedom in terms of repatriating dividends and proceeds. I will say that is interest.

Now, one thing that we are seeing is most of the companies that are today in the country are adding capacity. Also, that is helping today, as you saw in the presentation, on the reduction of the D&C costs.

Also, we continue evolving in terms of innovation, and practices are changing. We are a clear example of that, where you can see, for example, on the completion side, a lot of integration between sand, delivering the sand, the logistics, wet sand projects, and now probably unbundling the completion services to have better numbers and better rates on services.

We have seen or we have inquiries of many service companies that are today working in the Permian looking in what they can do in Argentina. Hope I have answered.

Thank you, Miguel, and look forward to seeing you at our PA conference in a few weeks.

Super. Looking forward, Kevin.

Hello, good morning. Just one question here.

We saw that your trading arms started operations this quarter, right? Just interested to see if you could provide more color on Veisa, right, and your expectations on how it can help you to unlock more value in the company.

Thank you.

Thank you, Nicolas. Yes, that was a great initiative.

I visited them a few weeks ago. The creation of Veisa is part of our export-oriented strategy.

Oil exports have increased significantly on the past years. During 2025, we export 22 million barrels of oil.

That is an increase of 110% vis-à-vis 2024, and that generated $1.4 billion of export revenues. When you look at our plans, we plan to double that in 2028.

Veisa is a fully owned subsidiary. The rationale behind moving into the trading business is to improve our market reach.

Higher volume means that we need to develop more clients in different markets, and we believe that selling cargoes on delivered basis will allow us to be more competitive. It's very preliminary to comment on margin.

We believe it will not be very material to the results of the entire company. Having our own trading unit add flexibility to our short-term hedging program, allowing us to hedge all sales on short-term basis, and basically to manage the cash flow on quarterly basis.

We are not planning today to make any hedge on long term, but short term, we believe we will have a benefit having Veisa.

Good morning, Miguel, and thank you for taking my question. You mentioned earlier free cash flow expectations of around $150 to $200 million this year.

Prices have started the year a little bit above your Investor Day assumption of $65 Brent. I was wondering how you're thinking about capital deployment and the capital deployment framework you also mentioned in the current price context.

Thanks, George, for your question. I will say that we are very happy with the Brent prices on Q1 this year.

It was not expected, and we believe is mainly based on the volatility that we see in the market related to geopolitical issues. I think it's very early to change our plan for the entire year.

Of course, we will watch what happened with the oil price, but I don't think that it will affect any short-term decision. Regarding the long term is related to the question that Bruno said.

We have our capital allocation framework, and anything that we can do in reducing debt, buybacks, dividends of M&A acquisition, cash in hand will be helpful to be more aggressive or less aggressive depending how we build up that cash during the years to come.

Very clear. Thank you.

Hi, Miguel and team. Thanks for taking my questions.

I have only a very quick one from my side. Regarding the acquisitions of Bajo del Toro and Bandurria Sur, the company stated that the transaction will be financed by a combination of both cash and bank finance.

Could you provide an update on this financing plan? What are the expectations for the breakdown of cash and banking financing funds?

That's it from my side. Thanks.

Thank you, João, for your question. Yes, the initial $387 million cash payment will be funded 100% with debt, and we plan to keep the cash balance stable at Vista.

Pablo and Ale have agreed with three top-tier banks a bridge loan of 300 of $600 million of acquisition financing, which should be used and will be used, and should be enough to cover our initial cash payment. Again, we will do something with that later on, but it will not affect our balance sheet today and our plan in capex that we have for the year.

Hi. Thanks for taking my questions and congratulations on the solid results for the quarter.

Just perhaps going into directly into potential shareholder returns in the more constructive pricing scenario, what are the alternatives you have in place for 2026, and mainly do you have any thoughts to renew and/or expand the buyback program this year? Thank you.

Hi, Oriana. Oriana, thank you for the question.

In August, we executed the $50 million buyback plan that was approved by the shareholder meeting in April last year. We purchased 1.2 million shares at $41.2 per share.

We are considering the current share price considering the current share price, we are super happy with the outcome of of that buyback plan. We plan to request an extension of the program in the coming shareholder meeting that is coming now in April, and we believe it will be larger inside than the one that we plan for 2025.

Perfect. Thank you very much.

Hi. Thank you for taking my question.

Given that you announce a capex of $1.5 to $1.6 billion annually between 2026 and 2028, what is your maintenance capex expectation in the foreseeable future?

Hi, Francisco. Thanks for your question.

Using 100,000 barrels per day of production as a reference, you need around $700 to $750 million of capex to keep production flat going forward. Assuming that by the end of the year we will be around 150,000 barrels per day, this, of course, is excluding Equinor asset, we will need around 60 wells to keep production flat, so that will equate of around $850 million capex to keep production flat.

You should take more or less those numbers.

Thank you.

Thank you, Miguel and Alejandro. Good morning.

How could you characterize Vista's relationship with YPF today after La Amarga Chica's acquisition and now the Equinor deal, where YPF is also an operator?

Hi, Matías, and thanks for your question. The short answer is the relationship with YPF is great.

We have very high hope after the acquisition of Petronas asset on how the relationship will be put in place and will evolve. To be honest with you, turned out even better than we expect.

Is working very well at all levels. I will say that at the top, the strategies are aligned.

Both companies want to continue, and that make the relationship very easy because we have the same target. The technical teams are working side by side, and that for me the more important part.

We see them sharing geological information, collaborating in meeting. More importantly, there has been synergies that have been captured: sharing oil treatment capacity that have led to save of capex, sharing well services enabling both company to optimize head count, discussing artificial lift strategies that will help to improve the long-term productivity of the well and reduce lifting cost.

All in all, I would say great relationship, and that, of course, that was the fact that give us confidence also to execute the Equinor deal. That was something that we took in consideration at the time that we made the decision.

Okay. Great.

Thanks so much.

Ladies, gentlemen, thank you very much once again for the support. Very good quarter, and we are pretty much on track to deliver our guidance in 2026, very good start of the year.

Thank you, everybody.