Investments in Associates and Joint Ventures

12 Months Ended

Dec. 31, 2025

Investments in Associates and Joint Ventures

10. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table presents the value of the investments in associates and joint ventures at an aggregate level as of

December

31, 2025, 2024 and 2023:


	2025		2024		2023
Amount of investments in associates		326		212		142
Amount of investments in joint ventures		1,284		1,748		1,534

		1,610		1,960		1,676

The main concepts which affected the value of the aforementioned investments during the years ended December 31, 2025, 2024 and 2023, correspond to:


	2025			2024		2023
Balance at the beginning of the year		1,960			1,676		1,905
Acquisitions and contributions		96			-		5
Capitalization in associates and joint ventures		12			-		-
Income on investments in associates and joint ventures		122			396		94
Distributed dividends		(249)	(4)		(174)		(275)
Translation differences		(17)			(13)		(99)
Adjustment for inflation (1)		18			75		46
Decrease from sale of companies (2)		(261)			-		-
Other movements (3)		(71)			-		-

Balance at the end of the year		1,610			1,960		1,676

(1)	Corresponds to the adjustment for inflation of opening balances of associates and joint ventures with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

(2)	Corresponds to the decrease due to the sale of Profertil, see Note 3.

(3)	Corresponds to the decrease in the OLCLP and Refinor joint ventures, see Note 3.

(4)	Includes 23 that were offset by trade liabilities.

The following table presents the principal amounts of the results of the investments in associates and joint ventures of the Group, calculated according to the equity method, for the years ended December 31, 2025, 2024 and 2023. The values reported by these companies have been adjusted, if applicable, to adapt them to the accounting policies used by the Company for the calculation of the equity method value in the aforementioned dates:


	Associates						Joint ventures
	2025		2024		2023		2025		2024		2023
Net income		57		29		(2)		65		367		96
Other comprehensive income		(7)		42		(23)		8		20		(30)

Comprehensive income for the year		50		71		(25)		73		387		66

The Company has no investments in subsidiaries with significant

non-controlling

interests. Likewise, the Company has no significant investments in associates and joint ventures, except for the investment in YPF EE.

The

financial

information corresponding to YPF EE’s assets and liabilities as of December 31, 2025, 2024 and 2023, as well as the results as of such dates, are detailed below:


	2025 (1)		2024 (1)		2023 (1)
Total non-current assets		2,219		2,147		2,102
Cash and cash equivalents		204		240		114
Other current assets		222		243		152
Total current assets		426		483		266

Total assets		2,645		2,630		2,368


Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other liabilities“items)		786		736		720
Other non-current liabilities		175		64		204
Total non-current liabilities		961		800		924
Financial liabilities (excluding “Accounts payable”, “Provisions” and “Other liabilities “items)		234		291		188
Other current liabilities		186		213		143
Total current liabilities		420		504		331

Total liabilities		1,381		1,304		1,255



Total shareholders’ equity (2)		1,264		1,326		1,113


Dividends received (3)		36		36		35

Closing exchange rates (4)		1,450.50		1,030.50		806.95


	2025 (1)		2024 (1)		2023 (1)
Revenues		655		534		531
Interest income		13		31		42
Depreciation and amortization		(176)		(161)		(143)
Interest loss		(63)		(66)		(56)
Income tax		(208)		195		(266)
Operating profit		272		120		273

Net income		5		276		(53)
Other comprehensive income		449		292		2,414

Total comprehensive income		454		568		2,361


Average exchange rates (4)		1,242.09		914.67		294.95

(1)

The financial information arises from the statutory consolidated financial statements of YPF EE and the amounts are translated to U.S. dollars using the exchange rates indicated. On this information, accounting adjustments have been made for the calculation of the equity method value and in the results of YPF EE. The adjusted equity and results do not differ significantly from the financial information disclosed here.

(2)	Includes the non-controlling interest.

(3)	The amounts are translated to U.S. dollars using the exchange rate at the date of the dividends’ payment.

(4)	Corresponds to the average seller/buyer exchange rate of BNA.

The following table presents the value of the investments in associates and joint ventures on a disaggregated basis as of December 31, 2025, 2024 and 2023:


Name of entity	2025		2024		2023
Joint ventures: (1)
YPF EE		827		875		735
MEGA		166		182		133
Profertil (2)		-		345		339
OLCLP (2)		-		43		34
CT Barragán		242		230		250

Associates:
Oldelval		98		63		55
Termap		20		20		15
OTAMERICA		35		38		25
CDS		29		31		26
YPF Gas		53		52		17
VMOS		73		-		-

Others (3)		67		81		47

		1,610		1,960		1,676

(1)	Based on the terms of the shareholders’ agreements, there is joint control by the shareholders of these companies.

(2)	See Note 3.

(3)	Includes Refinor, OTA, OTC, GPA, Petrofaro S.A., Bioceres S.A., Bizoy S.A., Santa Fe Bio S.A. and Southern Energy S.A. Since October 28, 2025 Refinor is a subsidiary of YPF, see Note 3.