Thanks. Good morning, everyone.

We are happy to welcome you to Vista's second quarter of 2026 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 to 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, and welcome to this earning call.

The second quarter of 2026 was marked by the closing of the acquisition of Equinor's asset in Vaca Muerta. This milestone, in combination with the organic growth, took our company to a new scale, leaving us in an excellent position to capture the upside of higher oil prices.

As a result, adjusted EBITDA and free cash flow generation recorded substantial interannual and sequential increases. Total production was 156,000 BOEs per day, 32% above the previous year.

Oil production was 135,000 barrels per day, up 33% vis-à-vis the previous year. Total revenues during the quarter were $1.15 billion, an impressive growth of 89% compared to the same quarter of last year.

Lifting cost was $4.5 per BOE, 4% below year-over-year. Capital expenditure was $467 million, driven by strong progress in new well activities during the quarter.

Adjusted EBITDA was $805 million, an interannual increase of 99%. Net income was $322 million, an increase of 37% compared to the same quarter of last year, and 199% versus the previous quarter.

Excluding the gain from La Amarga Chica acquisition in Q2 2025, net income expanded by more than nine times year-over-year. We record earnings per share of $3 during the quarter.

Net of the Equinor acquisition payment, free cash flow was $491 million, reflecting a significant boost in adjusted EBITDA generation and a meaningful improvement in working capital. Finally, our net leverage ratio at quarter end was 1.41 times adjusted EBITDA.

On a pro forma basis, reflecting last 12 months figures for the acquired asset, the ratio was 1.25 times adjusted EBITDA, marking a significant reduction year-on-year and reflecting a very strong balance sheet. Total production during Q2 averaged 156.1 thousand BOEs per day.

This represents an interannual increase of 32% and a sequential increase of 16%. There are two drivers behind this boost.

The first is organic growth. We connected 19 new wells in the last 12 months with very solid productivity, generating a 20% production growth compared to Q2 last year.

On top of this, the consolidation of our working interest in Bandurria Sur and Bajada del Toro as of May 1st added 14.2 thousand barrel of oil equivalent per day on average for the quarter. This reflects a run rate about 21,000 BOEs per day, which will impact fully in the third quarter.

Our total production in May and June was on average 161.6 thousand BOEs per day. Quarterly average oil production was 135.4 thousand barrels per day, 33% higher year-over-year and 16% above the previous quarter.

Gas production increased 30% on an interannual basis and 15% sequentially. Total revenues during the Q2 were $1.15 billion, a material growth of 89% compared to the previous year and 66% versus the previous quarter, driven by a solid increase in oil production and higher oil prices.

Oil export increased 54% year-over-year, reaching 8.6 million barrels in the quarter, representing 72% of our oil sales volume. Realized oil prices in Q2 was $89.4 per barrel, 44% above the previous year and 49% above the previous quarter, in both cases driven by higher Brent and an improvement in differentials.

We sold 100% of our oil volumes at export parity prices, both domestically and internationally. In Q2, lifting cost was $4.5 per BOE, an interannual reduction of 4%, reflecting our low-cost asset base and fixed cost dilution as we continue to gain scale.

On a sequential basis, lifting costs increased driven by the impact of inflation on peso-denominated goods and services amid flat FX rates. Selling expenses were $4.1 per BOE, an 8% increase year-over-year, mainly driven by higher oil prices impacting turnover tax.

Adjusted EBITDA during the quarter was $805 million, 99% higher interannually and 79% higher sequentially, driven by a material expansion of revenues amid flat unit cost. Similarly, adjusted EBITDA margin was 70%, an expansion of 3 percentage points compared to the same quarter of last year and 5 percentage points above the previous quarter.

Netback increased 51% year-over-year to $57 per BOE. In Q2 2026, cash flow from operating activities was $985 million, reflecting a decrease in working capital of $274 million, mostly driven by the full normalization of the working capital position of our trading subsidiary, VAI SA.

We also made an income tax payment of $53 million. Cash flow used in investing activities was $880 million, reflecting accrued capex of $467 million, the $392 million payment related to the Equinor acquisition, and an increase in capex-related working capital of $21 million.

Net of the Equinor acquisition, free cash flow was $491 million during the quarter, leaving us well-placed to deliver on our annual guidance. Cash flow from financing activities was negative $110 million, driven by the repayment of borrowings for $810 million and interest payments of $88 million, partially offset by proceeds from borrowings for $856 million.

Finally, our cash position remains very strong, standing at $605 million at end of Q2. Our net leverage ratio stood at 1.41 times adjusted EBITDA, or 1.25 on a pro forma basis considering the last 12 months of adjusted EBITDA for the acquired assets.

To conclude this call, and before we move to Q&A, I will make some closing remarks. During Q2, we materially increased the scale of our company on the back of a solid organic growth and the successful closing of the acquisition of our interest in the Bandurria Sur and Bajada del Toro blocks in Vaca Muerta.

This allowed us to capture the benefits of the oil price spike in Q2, leading to a substantial boost to adjusted EBITDA and free cash flow generation. In line with our capital allocation framework, we plan to use part of the free cash flow to reduce our net leverage ratio to our target of around 1 times by the end of the year.

We made very good progress on our annual work program and are well on track to deliver our 2026 guidance. We are maintaining our $3 billion adjusted EBITDA guidance at $85 per barrel as of now, but I want to provide a sensitivity due to the prevailing volatility in oil prices.

For every $10 per barrel change in the second semester, adjusted EBITDA changes approximately $200 million. Before we move to Q&A, I would like to thank all Vista employees for their hard work during the quarter, as well as our investors for their continued support.

Operator, we can now move to Q&A.

Yes, good morning, gentlemen. Thank you very much for taking my question.

Miguel, one question, please. You have just consolidated Bandurria Sur and Bajada del Toro.

Could you please provide some kind of color of how that is going, and how you're seeing the development of these assets going forward, please? Thank you.

Hi, Ale. Thank you very much for the question.

We took over our share in the asset in May, and everything, I have to say, is moving along as we expected. Our share was consolidated approximately 19,000 BOE per day in Bandurria Sur and 2,000 BOE per day in Bajada del Toro.

In Bandurria Sur, actually we have three rigs running, you can expect production to remain relatively flat, or maybe it can grow slightly toward the end of the year. We also are starting the discussion with our partner, with YPF, regarding the plan for 2027.

Bajada del Toro, as is an appraisal block. The plan we are analyzing with YPF is to file RIGI application this year, and over the next two years, we will then drill some pilot wells to de-risk some of the areas and landing zone and start to contract the facilities based on what we believe could be the production of the block.

We will then, as we said, plan to move to full development and contract and put some dedicated rig to develop Bajada del Toro. Thanks, Ale, for the question.

Thank you.

Hi, good morning, Miguel and team, and thank you for the presentation. I have a question on the production outlook for the company.

Could you provide us the expected quarterly production trajectory through 2026, including the contribution from Bajada del Toro and Bandurria Sur? Another question on production outlook is, I would like to know if for 2027 and 2028, where you expect significant organic growth, is there a specific Brent price threshold at which you would rather to prioritize free cash flow generation over production growth?

If so, how should investors think about the trade-off between growth, shareholder distributions, and maintaining leverage within your target range? Thank you.

[unclear] question. Starting with the first part, the consolidation of Bandurria Sur and Bajada del Toro took us about 160,000 barrels per day.

Month to date in July, we are at 162. We forecast Q3 at 160 and Q4 at 170.

We are confident in reaching our guidance that we provide that is 158 barrel of oil per day equivalent for the year. I am personally probably a bit more optimistic that we can even go a bit above this number.

Related to your second part of the question, we make our plan at 65. That's happened yeah, in November last year.

As we said, you should consider that we are not going to revise anything of those numbers at the moment. Of course, if at some point of time we need to re-guide, we will do it, but for the moment, that are the numbers.

Thank you for your question.

Thank you, Miguel.

Hi, Miguel. Hi, team.

Thank you for taking my question. Miguel, I think I might have some kind of follow-up question on these capital allocation alternatives.

If you look at the production outlook that you have released for 2026 and 2027 and assume a Brent at something close to $70 per barrel, with you here that Vista could end 2027 close or even below one time net debt to EBITDA. You still haven't paid any dividends, but you were quite successful in doing some very very accretive M&As.

From now on, what's the best capital allocation alternatives that you see for Vista? Do you still view some additional M&As on the radar as an alternative here or dividend should become a high priority for Vista?

Thank you.

Thank you, Tasso, for your question. Yes, look, as I always have stated, growth it has been and remained our priority within our capital allocation strategy.

With the additional cash that we generate, we will still keep full flexibility within the capital allocation metric that we have shown many times. That mean continued seeking M&A, additional capex now for the RIGI projects that create a new opportunity for us in the future, and buyback in the short term, and potentially define a retain to shareholder policy that we have discussed before, and I think we are not at the stage to do it today, but it's something that we will consider in the future.

Now, in the medium term, the focus is to delever the company, and as we stayed in this call, to close 2026 very close to our aiming that is one time net leverage ratio if it's possible with the cash that we have generating, and we believe that is possible to achieve. Our capital allocation mindset today is around all those dimensions.

Very clear, Miguel. Thank you.

Hi, Miguel. Hi, everyone.

Thank you for taking my question here. My question is regarding the drilling and completion capex for the wells, right?

Given the strong pickup in Vaca Muerta activity and the significant decline year-to-date in Argentina's country risk, do you see room to renegotiate lower fees with the oil service companies that are putting their rigs and equipments in Argentina? Thank you.

Thank you, Leonardo, for the question, and a good one. As Argentina macroeconomic continue its normalization process, price of oil services became, for me, more a function of scale, volume, and scale and volume, that's the same thing, and competition.

Nevertheless, I would say Vista have demonstrated once again that innovation continue to play an important role in reducing D&C costs. An example of this are the latest progress that we did in cost reduction within the completion process.

As an example, we moved some supply from 1,000 km away to in basin, or Vaca Muerta, mining supply, and lately to Bajada del Palo, that basically tens of kilometers away from where we operate. We're re-engineering the completion process to move to wet sand, that also cut a lot the cost of supply sand.

Now we are switching from our frac pump from gasoline to gas pump, that also is reducing costs. I would say today, with the macroeconomic situation of Argentina, again, I would say competition, scale, and I will not discount innovation, particularly after what we have demonstrated.

Of course, as the macroeconomic continue improving, that is all good news, and that help, definitely. Thanks for the question, Leo.

Thank you very much.

Hi, Miguel. Hi, team.

Thank you for taking my question. I have a quick one on my side here.

In terms of VMOS oil pipeline, could you please explain to us or provide us an update on development of pipeline? Also, if you could comment, do you see risks of having to use trucking again, particularly when considering you expect ramping in production in the second half of the year?

Thank you.

Hi, Guilherme. Thank you for the question.

The project construction of VMOS is basically progressing very well. Overall, the project execution today is 65%.

The pipeline is at 82. Onshore storage, I was reported it's at 38, and the offshore terminal at 73.

We forecast that the full project completion date will be by the middle of 2027. Having said that, and I think Horacio commented, the shipment of very specific component like the mooring buoy is being affected by the Strait of Hormuz closure, and the VMOS team is basically analyzing different alternatives to solve that issue.

The project remained on schedule, and so far, we don't expect any changes in our plan of evacuation, neither the need of adding tracking capacity. We are positive with the progress overall.

Thank you.

You're welcome.

Hi, good morning, all. I have a question about M&A, right?

We are seeing interest from Permian players in entering Vaca Muerta. Would you consider any opportunity to farm in areas such as Águila Mora or Bajada del Toro to try to maximize the value and production profile?

On the other hand, you mentioned growth remains a key pillar of the investment case, and I wonder if you see any opportunity over the short term. You are evaluating any opportunity as of now?

Thank you.

Hi, Andrés. Thanks for the question.

As we said, as we not only has been very successful operating Vaca Muerta asset, but also we have been very successful creating value through M&A. Our track record on the last few years is the acquisition of Aguada Federal and Bandurria Norte with ConocoPhillips and Wintershall, 2021 and 2022; La Amarga Chica last year from Petronas; and most recently, Bandurria Sur, Bajada del Toro from Equinor.

Needless to say that with the strategy that we have today, we are always using our full creativity to continue consolidating core acreage in Vaca Muerta shale oil asset. That continue to be our focus, and we continue looking and being very creative in anything that we can add to what we have.

Respect to our acreage position in the north, at the moment, we are not looking to dilute ourselves, particularly in the current market condition and with a strong balance sheet that we have at the moment. No is not something that we are thinking of today.

Of course, condition can change, and the strategy can change, and we can do something different in the future, but no, at the moment, that's not the way that we look at that area. Thanks for the question.

good morning, Miguel, to the rest of the Vista team there. Given the strong start to the year with 50 net tie-ins already completed by the end of the quarter, the 100 to 110 annual guide appears achievable to us.

If efficiency gains continue and provide the company with the opportunity to drill and complete more wells this year than originally planned, how would you think about the trade-off between staying within the current activity and capex budget versus capitalizing on these efficiency gains by adding a few more wells this year, but potentially spending a bit more than the current plan?

Hi, Michael. Interesting way of looking at this.

I think we should probably look two different elements of that question. I think as the basin continue gaining scale and competition, I'm convinced, more than believe, that there is room to gain cost efficiencies in our operation and Vaca Muerta overall.

When we compare with Permian, we're still having a gap in terms of cost. I believe there is less room to improve operational efficiency, for example, drilling time or number of frac stages per day.

When you compare where we are today, we're very efficient what we do so far. Therefore, there's limited upside to increase activity in the very short term with the current oil service equipment and drilling rig that we have in the country.

Of course, if the service companies bring more equipment to the country, I think in mid-term and long-term, we can do better. In the short term, I don't think the efficiency gap that we have, and particularly Vista, could allow to do really more with the same equipment.

Yes, we're still having gap for cost saving.

Thank you, Miguel. Appreciate the color there.

I'll turn it back.

Good morning. Thank you for taking my question.

I think most of my questions were already addressed here. Miguel, over the past few months, we have seen some projects across the industry being submitted to the RIGI framework.

I would like to better understand here how has been the process for Vista so far in terms of timeline. You mentioned in the first question the plan to add Bajada del Toro in the framework, but should we still think of Águila Mora and Bandurria Norte as other projects most likely to be included, or has your thinking about the scope of the submission changed?

Thank you.

Hi, Thiago, and thanks. Yes, we are currently finalizing the documentation to file the application of RIGI for Bandurria Norte, which will probably take place in the coming weeks.

We are also working in another projects: Águila Mora, Coirón Amargo Norte, and Bajada del Toro with YPF. Now that should go to the Secretary of Energy.

He have a team where he analyzes all the information before approval. What we are seeing is that process, it will take a few months.

The short question, yes, we are going to file those projects, one very soon, and then we have to take few months for to get the result from the Secretary of Energy. Yes, we are very happy what the government did in term of the RIGI, and that clearly have helped us to push forward some of the projects that we have in our plan.

Very clear. Thank you.

Hi, Miguel, Alejandro, all of Vista's team. Thank you for taking my question.

We noticed that Bajada del Palo Oeste's production dropped from March to May. Wanted to know if there's anything particular going on there or just a cyclical process of tying up wells.

If you could share with us what was your exit output for Bajada del Palo Oeste in the quarter? Thank you very much.

Hi, Vicente. Thanks for the question.

Let me probably put your question in context or let's look at the big picture of development. The rationale of our development plan and activity is based in many elements.

One is, of course, production. The other is delineation and de-risking of the future areas where we're looking for development or to drill, facilities capacities, minimizing frac hits.

There are many things that we look it at, and all those elements we look at within the full core development hub, which include Bajada del Palo Oeste, Bajada del Palo Este, Aguada Federal, and Coirón Amargo Norte. There's nothing specific that is going on today in Bajada del Palo Oeste, and the overall production in the operative core development hub grew 10% from Q2 from Q1 to Q2, basically went, if I remember properly, from 83,000, I think, to north of 90,000 barrels of oil per day equivalent.

Then, of course, if you look at field by field, that you can see changes, you can see a field dropping and another field coming up, but the rationale is not based on those field names. We take the full core development hub as one, and we allocate capex activity based on the elements that I said before.

Great. Thank you very much, and good luck on Sunday.

[laughter]

Thank you very much.

Very strong quarter, guys. Thank you very much for the support.

Once again, thank you to all the Vista employees, co-workers, friends that have make us to come to the point that we are today, a very strong company, and we're looking forward to continue performing and delivering. Thank you very much, and have a good day.