Documento: YPF-Público

INVESTOR
PRESENTATION

MAY 2024

Documento: YPF-Público
 IMPORTANT NOTICE Documento: YPF-Público

Safe harbor statement under the U.S. Private Securities Litigation Reform Act of 1995 (the “Private Securities Litigation Reform Act”).

This document contains statements that YPF believes constitute forward-looking statements under within the meaning of the Private Securities Litigation Reform Act.

These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives of YPF and its management, including statements with respect to YPF’s future
financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes and
reserves, as well as YPF’s plans, expectations or objectives with respect to future capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost
savings and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and
marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and
other factors which may be beyond YPF’s control or may be difficult to predict.

YPF’s actual future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed
volumes, reserves, capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future
economic and other conditions, such as future crude oil and other prices, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements.
Important factors that could cause such differences include, but are not limited to, oil, gas and other price fluctuations, supply and demand levels, currency fluctuations, exploration, drilling and production results,
changes in reserves estimates, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative,
tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and
lack of approvals, as well as those factors described in the filings made by YPF and its affiliates with the Securities and Exchange Commission, in particular, those described in “Item 3. Key Information—Risk
Factors” and “Item 5. Operating and Financial Review and Prospects” in YPF’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (the “SEC”). In light of the foregoing, the
forward-looking statements included in this document may not occur.

Except as required by law, YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or
events expressed or implied therein will not be realized.

These materials do not constitute an offer to sell or the solicitation of any offer to buy any securities of YPF S.A. in any jurisdiction. Securities may not be offered or sold in the United States absent registration with
the SEC or an exemption from such registration.

Cautionary Note to U.S. Investors — The United States SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has
determined in accordance with the SEC rules. We may use certain terms in this presentation, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are
urged to consider closely the disclosure in our Form 20-F, File No. 1-12102 available on the SEC website www.sec.gov.

Our estimates of EURs, included in our Development Costs, are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of
being actually realized, particularly in areas or zones where there has been limited history. Actual locations drilled and quantities that may be ultimately recovered from our concessions will differ substantially.
Ultimate recoveries will be dependent upon numerous factors including actual encountered geological conditions and the impact of future oil and gas pricing.

As of 4Q2022, the financial information in this document is expressed, unless otherwise indicated, in US dollars corresponding to the functional currency of YPF S.A. The information is based on the financial
statements prepared in accordance with IFRS in force in Argentina. On the other hand, the financial information of previous periods is restated in US dollars corresponding to the functional currency of YPF S.A (in
replacement of the individual financial results of YPF S.A. expressed in Argentine pesos divided by the average exchange rate for the period).

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AGENDA

01. COMPANY OVERVIEW

02. UPSTREAM

03. DOWNSTREAM

04. LATEST FINANCIAL RESULTS

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 LARGEST AND LEADING COMPANY IN ARGENTINA Documento: YPF-Público

Leading integrated player

in the local O&G industry

YPF is the largest company in Argentina – in The National State is the controlling shareholder
with a 51% stake. The remaining 49% floats
terms of revenues – with almost 100-year-old history
on the NYSE (72%) and BYMA (28%)(1)
(1) As of December 2023.

Upstream
REVENUES Fuels (Local) ADJUSTED EBITDA & MARGIN CAPEX
Natural Gas (Local) Downstream
IN BILLION OF US$ IN BILLION OF US$ IN BILLION OF US$
Exports Other

Other Local
6.000 100%
5.7
18.8 4.9 90%

17.3 5.000

80%

4.2
3.9 4.1
13.7 3.6 3.5
70%

13.7 4.000

60%

9.7 3.000 50%

2.6
28%
26%
40%

26% 23%
2.000

1.5 30%
1.6
20%

1.000

10%

16%
0 0%

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
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 INTEGRATED ACROSS THE ENTIRE VALUE CHAIN Documento: YPF-Público

DOMESTIC DOMESTIC 79% Domestic prices

CRUDE PRODUCTION MARKET REFINING MARKET (gasoline and diesel)

95% 21% International prices (jet fuel,

OIL 243 294 92% kerosene, fuel oil, LPG and other)
Kbbl/d
Kbbl/d EXPORTS
5%
EXPORTS International prices
PURCHASES AND (naphtha, LPG, jet fuel, kerosene,
CHANGES IN STOCK 8% bunker and other)

NATURAL EXPORTS
37% RESIDENTIAL + CNG
UPSTREAM
GAS 4% DOMESTIC
36 MARKET
37% INDUSTRIAL
96%
Mm3/d
Source: Company filings.All
figures on average as of 2023
26% POWER PLANTS
calculated based on volumes sold.
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 CONTRIBUITING TO THE REDUCTION OF OUR CARBON FOOTPRINT Documento: YPF-Público

DEEPENING THE PATH TO LOW-CARBON ENERGY

PRODUCTION AS WE CONTINUE FOCUSING
ON OUR SHALE PRODUCTION AND GROWING
OUR RENEWABLE PORTFOLIO

BREAKDOWN OF INTENSITY OF DIRECT GHG EMISSIONS UPSTREAM (3)

DIRECT GHG EMISSIONS 5%

Upstream total UP Unconventional KgCO2e/ BOE
BY BUSINESS
50 -7%
TOTAL EMISSIONS (1) (2) 40%
2022 VS 2023 - 13%
41%
Decreased 2% from 9.9 to 9.7 million 30
26 28
tCO2e despite growth production
15 13
UP Conventional
UP Unconventional 14%
Downstream
Gas & Power
2018 2022 2023
(1) Scope 1. YPF Luz not included. (2) Sum of Absolute Emissions (AE) x Emission Intensity Scope 1 of each VPs (G&E includes YPF Luz in this indicator), divided by the sum of the AE of all VPs. (3) The GHG intensity indicator for 2017 has been restated due to internal methodology adjustments
(4) This data represents the percentual average for 2023 of Renewable Electricity purchased over the total electric power purchased by the company in the Wholesale Electricity Market (MEM, acronym in Spanish “Mercado Eléctrico Mayorista”).

+155 MW +100 MW 2nd 52%

New wind farm under construction New solar farm Largest renewable company Energy purchased from
(COD expected by Q4 2024) successfully completed, in Argentina (YPF Luz) renewable sources (4)
already in operations
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 PROFITABILITY OF OUR MAIN AFFILIATES Documento: YPF-Público

EQUITY STAKE EQUITY STAKE EQUITY STAKE EQUITY STAKE EQUITY STAKE

50% 38% 75% 37% 100%

LTM EBITDA FY23 (US$ ) (1) LTM EBITDA FY23 (US$ ) (1) LTM EBITDA FY23 (US$ ) (1) LTM EBITDA FY23 (US$ ) (1) LTM EBITDA FY23 (US$ ) (1)

407 mn 168 mn 383 mn 71 mn 65 mn

Higher international Fractionating plant New Solar Zonda farm, Duplicar Plus Project Focused
prices of fertilizers expansion project San Juan province (100 continues making on developing
derived in higher in Bahía Blanca MW capacity), already progress, adding ~20 industrialization
profitability in progress in operations, while kbbl/d to the system in and tertiary
making progress on the Oct-23, and reaching recovery projects
construction of the new 300 kbbl/d of total
155 MW wind farm, evacuation capacity
located in Córdoba
province
(1) Adjusted EBITDA only for YPF Luz
= EBITDA that excludes IFRS 16 and
IAS 29 effects + one-off items.
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 Documento: YPF-Público

AGENDA

01. COMPANY OVERVIEW

02. UPSTREAM

03. DOWNSTREAM

04. LATEST FINANCIAL RESULTS

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 LARGEST HYDROCARBON PRODUCER IN THE COUNTRY
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PRODUCTION (2)
UPSTREAM PORTFOLIO (1) Market share breakdown (%)

TOTAL Other
NOROESTE
DOMINANT A
PRODUCTION: 33%
UPSTREAM 3.4 mm boe
% LIQUIDS: % GAS: A
POSITION WITH 11% 89%
OPERATIONS
IN ALL B CUYANA

PRODUCTIVE
PRODUCTION:
4.8 mm boe

BASINS % LIQUIDS:
96%
% GAS:
4%
B
CRUDE Other

OIL
C NEUQUINA 37%
PRODUCTION:
142.0 mm boe
C
% LIQUIDS: % GAS:
50% 50%
VACA
MUERTA
D GOLFO SAN JORGE
PRODUCTION: D
31.8 mm boe
% LIQUIDS: % GAS:
86% 14% NATURAL Other
GAS
29%

E AUSTRAL
PRODUCTION: E
5.9 mm boe
% LIQUIDS: % GAS:
21% 79%
(1) Data as of 2023
(2) Source: IAPG, as of December 2023 Documento: YPF-Público
OPERATIONAL PERFORMANCE Documento: YPF-Público

TOTAL PRODUCTION NGL Natural Gas Crude Oil NET SHALE PRODUCTION Shale Oil Shale Gas

LARGEST KBOE/D KBBL/D & KBOE/D

+4.3x +3.9x
O&G 514 503 514 108
PRODUCER 467 470 101 97
WITH SHALE 77
LEADING
68
53
FUTURE 48 50
35 39
GROWTH

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

LIFTING COST Lifting cost Lifting cost - Core Hub UNCONVENTIONAL Completed horizontal wells
HORIZONTAL WELLS Drilled horizontal wells
US$/bbl
15.4 # of Wells
182
13.3 154 161
12.0 138 144
11.0
9.8 119 113

5.9 77
4.7 4.1
3.8 3.6
34 43

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
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OPERATIONAL PERFORMANCE Documento: YPF-Público

WE ARE STILL AT AN EARLY

STAGE OF DEVELOPMENT WITHIN STRATEGIC PARTNERS
OUR VACA MUERTA ACREAGE

YPF OPERATOR

Exploration
Pre-development VACA MUERTA´S 3.0
Development TOTAL ACREAGE
YPF NON OPERATOR
AND YPF´S SHARE
Exploration
1.6 2.6
Development
Million Acres 1.2
VM Acreage
1.1
0.6
Gross
Net
Oil Gas

Core Hub LC(1) LACH(2) BS(3) AdlC(4) AdlA(5) RdM(6)

Operated blocks

GROSS ACRES 97,606 46,594 56,229 14,161 27,429 45,037

STAKE 50% 50% 40% 100% 100% 100%

NET ACRES 48,803 23,297 22,491 14,161 27,429 45,037

DVLPMT. 49% 29% 13% 9% 12% 12%

RESOURCE Oil Oil Oil Oil Gas Gas

PARTNER Chevron Petronas Equinor/Shell N.A. N.A. N.A.

Documento: YPF-Público
(1)(2)(3)(4) Loma Campana, La Amarga Chica, Bandurria Sur and Aguada del Chañar / (5)(6) Aguada de la Arena and Rincón del Mangrullo
OPERATIONAL PERFORMANCE Documento: YPF-Público

TOTAL P1 RESERVES DECLINED BY 10% MOSTLY IN OUR CONVENTIONAL ASSETS, WHILE

SHALE RESERVES REMAINED STABLE AND DEVELOPED RESERVES INCREASED SLIGHTY

EVOLUTION OF HYDROCARBON PROVED RESERVES EVOLUTION OF HYDROCARBON PROVED RESERVES

Million BOE Shale Other Million BOE Developed Undeveloped

-9.7%
1,143 1,187 128
1,073 1,072 1,187 17
922 1,072
31% 49% (187)
39% 64% 71% 590 (72)
599

597
473

2019 2020 2021 2022 2023 Reserves 2022 Extensions Production Revisions Purchases, Reserves 2023
Sales &
Recovery

2023 P1 RESERVES
BREAKDOWN 7%
P1 RESERVES RESERVES LIFE RRR(1)
%
Crude Oil TOTAL -9.7% Y/Y 5.7 years 0.4x
51%
Natural Gas 42%
SHALE -0.3% Y/Y 8.8 years 1.0x
NGL

Documento:
(1) Reserve YPF-Público
replacement ratio.
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AGENDA

01. COMPANY OVERVIEW

02. UPSTREAM

03. DOWNSTREAM

04. LATEST FINANCIAL RESULTS

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 LEADING DOWNSTREAM PLAYER IN ARGENTINA Documento: YPF-Público
DOWNSTREAM PORTFOLIO
REFINING
Over 50% of Argentina’s refining capacity, A LUJÁN DE CUYO
CAPACITY:
operating 3 wholly-owned refineries with D 114 Kbbl/d
328.1 Kbbl/d capacity (2)(3).
B LA PLATA
High level of conversion and complexity. CAPACITY:
189 Kbbl/d
Pipelines(1): Nearly 2,800 Km of crude oil
and 1,800 Km of refined products. C PLAZA HUINCUL
CAPACITY:
25 Kbbl/d

PETROCHEMICAL A D REFINOR
Leading petrochemical producer. B CAPACITY:

Output Capacity: 1.7(1) million tons 26 Kbbl/d

per annum (excluding Profertil). 1

3
C 2 1 ENSENADA
CAPACITY:
Main products: BTX (Benzene, Toluene, 1.3MM tons/year
Mixed Xylenes), Methanol and Propylene.
2 PROFERTIL (4)
CAPACITY:
2.1MM tons/year

MARKETING
57% market share in terms of diesel 3 PLAZA HUINCUL
CAPACITY:
& gasoline sales volumes in Argentina. 0.4MM tons/year

1,679 gas stations in Argentina REFINERY PRODUCTS PIPELINE:

(1) As per 20-F 2023. (35.5% market share) (1) . PETROCHEMICAL

1,801Km

(2) Excludes 50% stake in Refinor COMPLEX PORTS: 5

(3) Since 1Q21 the capacity 103(1) sale points covering the Agribusiness. TERMINALS: 17
AIRPLANE REFUELING
of the refineries is 328.1 Kbbl/d.
FACILITY: 50
OIL PIPELINE:
(4) YPF holds a 50% stake.
2,800 Km Documento: YPF-Público
 OPERATIONAL PERFORMANCE Documento: YPF-Público

Exports Other Local (1)

SALES OF REFINED PRODUCTS GASOLINE & DIESEL SALES
Jet Fuel Gasoline
LEADING Mm M3 Diesel Market share breakdown (%)
OTHER

PLAYER IN 25.000

THE LOCAL 19.2 19.8 6%5%

20.000 17.8 17.7
DOWNSTREAM 15.0 14%
SEGMENT 57%
15.000

10.000

18%
5.000

2019 2020 2021 2022 2023

CRUDE PROCESSED PRICES

450

Brent Medanito Fuels

KBBL/D
400

US$/BBL
105
350

99
278 285 294
300
270 86 83
250
234 72 99
64 71 82
200

43
150

62 61
100
53 54
41
50

(1) As of 2023.
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
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AGENDA

01. COMPANY OVERVIEW

02. UPSTREAM

03. DOWNSTREAM

04. LATEST FINANCIAL RESULTS

Documento: YPF-Público
 Documento: YPF-Privado
Negative net income mainly impacted
by an impairment charge in Q4 of conventional
fields segregated for disposal
MAIN HIGHLIGHTS Fully deployed CAPEX plan of US$5.7 billion
FY2023 & 4Q23 allowing a significant expansion in oil production
along the year, increasing by 10% y/y in Q4

Adj EBITDA of the quarter above 4Q22

and 3Q23 levels

FCF in Q4 slightly negative, maintaining

(1) Adjusted EBITDA = EBITDA that excludes IFRS 16 and IAS 29 effects +/- one-off items. a healthy net leverage ratio of 1.7x
(2) FCF = Cash flow from Operations less capex (investing activities), M&A (investing activities), and interest and leasing payments (financing activities).

ADJ. NET TOTAL CAPEX FCF (2) NET

EBITDA (1) INCOME PRODUCTION LEVERAGE
RATIO
MUS$ MUS$ KBOE/d MUS$ MUS$

FY23 Q4 FY23 Q4 FY23 Q4 FY23 Q4 FY23 Q4

4,058 1,082 -1,277 -1,861 514 511 5,684 1,466 -740 -60 1.7x
Y/Y Y/Y Y/Y Y/Y Y/Y Y/Y Y/Y Y/Y Y/Y Y/Y Y/Y
-18% +16% -US$ -US$ +2% +2% +36% +3% -US$ +US$ +38%
3,511 mn 2,325 mn 1,495 mn 128 mn
Documento: YPF-Privado
 FINANCIAL RESULTS Documento: YPF-Privado

LOCAL FUELS PRICES NARROWED THE GAP

VERSUS IMPORT PARITY IN 2023, RECORDING
A REMARKABLE EXPANSION BY EARLY 2024

Gap %
DOMESTIC FUELS’ PRICE VS IMPORT PARITY Gap % MEDANITO PRICE VS EXPORT PARITY
Local Fuels Medanito
US$/M3 & % US$/BBL & %
Import Parity Export parity after
100

Export Duty

1.050

944 91
+95%

912 +95%
90

82
76 76 74
+75%

805 775
80

+75%

850

772 776
69 +55%

70
+55%

67
650

710 66
+35%

+35% 60

678 662 62
620 621 61
584 +15%
50

58 58 +15%

450

-8% -5%

-12%
-5%

-16%
40

-26% -20% -20% -20% -24% -18%

-28% -30% -32%
250 -25%

(1) 30 -25%

4Q22 3Q23 4Q23 Mar-24 2022 2023 4Q22 3Q23 4Q23 Feb-24
(2)
2022 2023
(1) As of March 2. 2024 (2) Preliminary figures
Documento: YPF-Privado
 FINANCIAL RESULTS Documento: YPF-Privado

NEGATIVE FREE CASH FLOW, AS EXPECTED, ON THE BACK OF THE FULLY DEPLOYED CAPEX PLAN
WHILE MAINTAINING A STRONG LIQUIDITY POSITION AND MANAGEABLE SHORT TERM DEBT MATURITIES

CONSOLIDATED STATEMENT OF ADJUSTED CASH FLOW (1) CONSOLIDATED PRINCIPAL International bonds
DEBT AMORTIZATION SCHEDULE Other local debt
(1) Cash & equivalents include Argentine
In millions of US$ sovereign bonds and Treasury notes. Other foreign debt
1,268 (2) Includes mainly payment of leasing,
In millions of US$
FX differences and net payments for
financial assets. 1.745 1.825
5,913 54 220
268
1,338 1.226
1.103
102
104 92
785
655 1.588
1.422 101
93 719
(5,673) 305 158 251 1.032 455
1,092 1,387 127
(623) 125 2
56
404 149
(590) 79 280 229
102 99 56 16
Cash & Operating Net Acquisition Interest Other (2) Cash & 1Q24 2Q24 3Q24 4Q24 2025 2026 2027 2028 2029+
equivalents Cash Flow borrowing of PP&E payments equivalents
at the end of at the end of 80 160 160 400
US$346m to be canceled
2022 2023
through the new 2031 bond US$800m 2031 bond issued in Jan-24

100% of liquidity dollarized Liquidity covers Successfully reopened international Net leverage
or hedged (3)(4) minimizing over 13 months capital markets in Jan24 through ratio at 1.7x
impact of Dec-23’ deval of debt maturities US$800m export-backed bond

(3) Includes cash position in dollars, Sovereign bonds, peso-denominated debt and tax moratorium debt. / (4) Includes long-term investments in financial assets which mature in less than 24 months.
Documento: YPF-Privado