Loans

12 Months Ended

Dec. 31, 2025

22. LOANS


							2025						2024						2023
	Interest rate (1)				Maturity		Non- current			Current			Non- current			Current			Non- current		Current
Pesos :

NO			-			-		-			-			-			-			-		60
Exports pre-financing (5)			-			-		-			-			-			31			-		-
Financial loans		33.29%	-	49.65%		2026-2027		61			24			18			8			9		15
Account overdrafts		35.00%				2026		-			3			-			-			-		56

								61			27			18			39			9		131

Currencies other than the peso :

NO (2) (3)		0.00%	-	10.00%		2026-2047		7,466			1,486			6,255			1,317			6,191		767
Exports pre-financing		3.50%	-	8.65%		2026-2028		153			197			-			383	(4)		102		545	(4)
Imports financing		7.60%	-	10.50%		2026		-			20			19			17			-		-
Financial loans		2.40%	-	11.00%		2026-2030		546	(6)		561	(6)		718	(6)		76			380		65
Stock market promissory notes		0.00%	-	4.50%		2026		-			64			25			75			-		-

								8,165			2,328			7,017			1,868			6,673		1,377

								8,226			2,355			7,035			1,907			6,682		1,508

(1)	Nominal annual interest rate as of December 31, 2025.

(2)	Disclosed net of 175, 18 and 3 corresponding to YPF’s own NO repurchased through open market transactions, as of December 31, 2025, 2024 and 2023, respectively.

(3)	Includes 1,475, 1,496 and 1,327 as of December 31, 2025, 2024 and 2023, respectively, of nominal value that will be canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued.

(4)	Includes 133 and 86 as of December 31, 2024 and 2023, respectively, of pre-financing of exports granted by BNA.

(5)	Corresponds to pre-financing of exports in pesos granted by BNA.

(6)	Includes 233 and 28 of loans granted by BNA as of December 31, 2025 and 2024 , respectively.

Set forth presents is the evolution of the loans for the fiscal years ended December 31, 2025, 2024 and 2023:


	2025		2024		2023
Balance at the beginning of the year		8,942		8,190		7,088
Proceeds from loans		4,481		2,967		2,667
Payments of loans		(2,871)		(2,102)		(1,396)
Payments of interest		(670)		(707)		(623)
Account overdrafts, net		4		(48)		(3)
Accrued interest (1)		691		680		702
Net exchange and translation differences		(14)		(30)		(239)
Result from net monetary position (2)		(5)		(1)		(6)
Increases from business combinations		23		-		-
Reclassifications		-		(7)		-

Balance at the end of the year		10,581		8,942		8,190

(1)	Includes capitalized financial costs.

(2)

Includes the adjustment for inflation of opening balances of loans of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income and the adjustment for inflation of the fiscal year which was charged to net profit or loss in the statement of comprehensive income.

Details regarding the NO of the Group are as follows:


													2025				2024				2023
Month	Year		Principal value (10)		Ref.		Class		Interest rate (3)			Principal maturity	Non- current		Current		Non- current		Current		Non- current		Current
YPF
-		1998	U.S. dollar	15		(1) (6)		-		Fixed	10.00%	2028		15		-		15		-		15		-
April, February, October		2014/15/16	U.S. dollar	521		(2) (4) (6)		Class XXVIII		-	-	-		-		-		-		-		-		354
September		2014	Peso	1,000		(2) (6) (7) (14)		Class XXXIV		-	-	-		-		-		-		-		-		-
April		2015	U.S. dollar	757		(2) (6)		Class XXXIX		-	-	-		-		-		-		785		1,132		41
July, December		2017	U.S. dollar	644		(2) (6)		Class LIII		Fixed	6.95%	2027		648		19		649		19		816		25
December		2017	U.S. dollar	537		(2) (6)		Class LIV		Fixed	7.00%	2047		530		2		530		1		530		1
June		2019	U.S. dollar	399		(6) (8)		Class I		Fixed	8.50%	2029		397		-		398		-		397		-
July		2020	U.S. dollar	341		(6) (8)		Class XIII		-	-	-		-		-		-		44		43		88
February		2021	U.S. dollar	776		(6) (8) (12)		Class XVI		-	-	-		-		-		58		243		307		235
February		2021	U.S. dollar	748		(6) (8)		Class XVII		Fixed	9.00%	2029		537		216		756		-		758		-
February		2021	U.S. dollar	576		(6) (8)		Class XVIII		Fixed	7.00%	2033		558		11		555		11		553		11
February		2021	Peso	4,128		(6) (8) (9)		Class XIX		-	-	-		-		-		-		-		-		35
July		2021	U.S. dollar	384		(4) (5) (6) (8)		Class XX		Fixed	5.75%	2032		329		65		384		10		384		10
January		2023	U.S. dollar	230		(5) (6) (8)		Class XXI		Fixed	1.00%	2026		-		154		220		-		229		1
January, April		2023	Peso	15,761		(6) (8)		Class XXII		-	-	-		-		-		-		-		-		25
April		2023	U.S. dollar	147		(5) (6) (8)		Class XXIII		-	-	-		-		-		-		150		158		-
April		2023	U.S. dollar	38		(5) (6) (8)		Class XXIV		Fixed	1.00%	2027		38		-		37		-		38		-
June		2023	U.S. dollar	213		(6) (8)		Class XXV		Fixed	5.00%	2026		-		188		263		1		262		1
September		2023	U.S. dollar	400		(4) (5) (6) (8)		Class XXVI		Fixed	0.00%	2028		400		-		400		-		400		-
October		2023	U.S. dollar	128		(5) (6) (8)		Class XXVII		Fixed	0.00%	2026		-		133		147		-		169		-
January		2024	U.S. dollar	800		(6) (8)		Class XXVIII		Fixed	9.50%	2031		714		114		790		35		-		-
May		2024	U.S. dollar	131		(6) (8)		Class XXIX		Fixed	6.00%	2026		-		132		177		1		-		-
July, April		2024/25	U.S. dollar	389		(5) (6) (8)		Class XXX		Fixed	1.00%	2026		-		370		187		-		-		-
September		2024	U.S. dollar	540		(6) (8)		Class XXXI		Fixed	8.75%	2031		1,046		21		539		15		-		-
October		2024	U.S. dollar	125		(6) (8)		Class XXXII		Fixed	6.50%	2028		125		2		125		2		-		-
October		2024	U.S. dollar	25		(6) (8)		Class XXXIII		Fixed	7.00%	2028		25		-		25		-		-		-
January		2025	U.S. dollar	1,100		(6) (8)		Class XXXIV		Fixed	8.25%	2034		1,080		42		-		-		-		-
February		2025	U.S. dollar	140		(6) (8)		Class XXXV		Fixed	6.25%	2027		140		1		-		-		-		-
February		2025	U.S. dollar	56		(6) (8) (11)		Class XXXVI		-	-	-		-		-		-		-		-		-
May		2025	U.S. dollar	140		(8) (13)		Class XXXVII		Fixed	7.00%	2027		139		2		-		-		-		-
July		2025	U.S. dollar	250		(8) (13)		Class XXXVIII		Fixed	7.50%	2027		248		4		-		-		-		-
July, August		2025	U.S. dollar	225		(8) (13)		Class XXXIX		Fixed	8.75%	2030		155		8		-		-		-		-
August		2025	U.S. dollar	51		(8) (13)		Class XL		Fixed	7.50%	2028		50		-		-		-		-		-
October		2025	U.S. dollar	98		(8) (13)		Class XLI		Fixed	6.00%	2027		98		1		-		-		-		-
December		2025	U.S. dollar	195		(8) (13)		Class XLII		Fixed	7.00%	2027		194		1		-		-		-		-

														7,466		1,486		6,255		1,317		6,191		827

(1)	Corresponds to the 1997 MTN Program for an amount up to 1,000.

(2)	Corresponds to the 2008 MTN Program for an amount up to 10,000.

(3)	Nominal annual interest rate.

(4)	The ANSES and/or the “Fondo Argentino de Hidrocarburos” have participated in the primary subscription of these NO, which may at the discretion of the respective holders, be subsequently traded on the securities market where these NO are authorized to be traded.

(5)	The payment currency of these NO is the peso at the exchange rate applicable under the terms of the series issued.

(6)	As of the date of issuance of these financial statements, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements.

(7)	NO classified as productive investments computable as such for the purposes of item 35.8.1, paragraph K of the General Regulations applicable to Insurance Activities issued by the Argentine Insurance Supervisory Bureau.

(8)	The payment currency of this issue is the U.S. dollar at the exchange rate applicable in accordance with the conditions of the relevant issued series.

(9)	Corresponds to the Frequent Issuer Regime.

(10)	Total nominal value issued net of the nominal values canceled through exchanges or repurchases, expressed in millions.

(11)	Corresponds to a NO with an issue date in February 2025 and maturity in August 2025.

(12)	Prepaid in November 2025.

(13)	As of the date of issuance of these financial statements, the Group has not yet definitively applied the proceeds disclosed in the corresponding pricing supplements. These proceeds are temporally invested until the committed plan of application is fully complied.

(14)	As of December 31, 2023, it includes 222 million of pesos, equivalent to a balance of less than 1.