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GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE GROUP’S BUSINESS | YPF S.A. (“YPF” or the “Company”) is a stock corporation (sociedad anónima) incorporated under the Argentine laws, with a registered office at Macacha Güemes 515, in the Autonomous City of Buenos Aires. YPF and its subsidiaries (the “Group”) form the leading energy group in Argentina, which operates a fully integrated oil and gas chain with leading positions in the local market for Upstream, Midstream, Downstream, LNG, Integrated Gas and New Energies businesses in Argentina. Structure and organization of the Group’s business As of December 31, 2025, the Group carries out its operations in accordance with the following structure:
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Midstream and Downstream |
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Central Administration and Others | Activities covered by each business segment are detailed in Note 5. The following table presents the main companies of the Group as of December 31, 2025, by business segment:
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% of ownership of capital stock (1) |
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Upstream |
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Spain |
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Hydrocarbon exploration through the subsidiary YPF E&P Bolivia S.A. (7) |
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100% |
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Subsidiary |
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Argentina |
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Hydrocarbon exploitation |
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100% |
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Subsidiary |
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Argentina |
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Hydrocarbon exploitation |
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100% |
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Subsidiary |
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Midstream and Downstream |
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Argentina |
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Gas stations |
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99.99% |
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Subsidiary |
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Argentina |
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Hydrocarbon transportation |
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100% |
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Subsidiary |
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Argentina |
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Industrialization and commercialization of hydrocarbons |
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100% |
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Subsidiary |
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Argentina |
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Hydrocarbon transportation |
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36% |
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Joint venture |
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Chile |
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Hydrocarbon transportation |
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36% |
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Joint venture |
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Argentina |
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Hydrocarbon transportation |
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37% |
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Associate |
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Argentina |
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Hydrocarbon transportation |
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30% |
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Associate |
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Argentina |
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Hydrocarbon transportation |
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33.15% |
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Associate |
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Argentina |
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Hydrocarbon transportation |
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24.49% |
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Associate |
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Argentina |
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Commercialization of LPG |
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33.99% |
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Associate |
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LNG and Integrated Gas |
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Chile |
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Commercialization of natural gas |
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100% |
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Subsidiary |
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Argentina |
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Industrialization and commercialization of LNG |
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100% |
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Subsidiary |
Sur Inversiones Energéticas |
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Argentina |
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Industrialization and commercialization of LNG through Southern Energy S.A. associate. |
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100% |
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Subsidiary |
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Argentina |
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Separation of natural gas liquids and their fractionation |
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38% |
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Joint venture |
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New Energies |
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Argentina |
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Distribution of natural gas |
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70% |
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Subsidiary |
| Metroenergía |
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Argentina |
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Commercialization of natural gas |
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71.50% |
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Subsidiary |
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Argentina |
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Research and development of technology |
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51% |
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Subsidiary |
| YPF Ventures |
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Argentina |
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Corporate investments |
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100% |
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Subsidiary |
| YPF EE |
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Argentina |
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Generation of electric power |
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75% |
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Joint venture |
| CT Barragán |
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Argentina |
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Generation of electric power |
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50% |
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Joint venture |
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Argentina |
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Generation of electric power |
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10.25% |
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Associate |
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Central Administration and Others |
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| AESA |
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Argentina |
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Engineering and construction services |
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100% |
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Subsidiary |
| YPF Digital |
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Argentina |
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Digital development services and solutions |
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100% |
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Subsidiary |
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(1) |
Held directly by YPF and indirectly through its subsidiaries. |
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(2) |
See Note 35.c.3) “Note from ENARGAS related to YPF’s equity interest in Metrogas” section. |
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(3) |
In December 2024, YPF together with Pan American Sur S.A., Vista Energy S.A.U. and Pampa Energía S.A. signed a shareholders’ agreement to form a new company, VMOS which main purpose is the construction of the “Vaca Muerta Sur Project”, an oil transportation infrastructure project. VMOS has granted stock options to Pluspetrol S.A., Chevron Argentina S.R.L., CDC ApS, Shell Compañía Argentina de Petróleo S.A., Shell Overseas Investments B.V., Gas y Petróleo del Neuquén S.A. and Tecpetrol S.A. During 2025, the aforementioned companies have exercised such stock options becoming shareholders of VMOS. |
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(6) |
Additionally, the Group has a 22.36% indirect holding in capital stock through YPF EE. |
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(7) |
In 2025, drilling of the committed exploratory well in the Charagua block in Bolivia concluded, resulting in a dry well. As of the date of issuance of these consolidated financial statements, all contractual commitments associated with said concession have been fulfilled. |
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