Revenues

12 Months Ended

Dec. 31, 2025

25.

REVENUES


	2025		2024		2023
Revenue from contracts with customers		18,284		19,124		16,995
National Government incentives (1)		164		169		316

		18,448		19,293		17,311

(1)	See Note 36.

The Group’s revenues from contracts with customers are broken down into the following categories: (i) type of good or service; (ii) sales channels; and (iii) target market, based on their contracts with customers according to the following detail:

Contracts for the

sale

of fuels (under the consignment and direct sale modalities)

Contracts for the sale of natural gas

Contracts for the sale of

crude

oil

Contracts for the

sale

of petrochemicals products

Contracts for the sale of specialties for the agribusiness industry and of grains and their

by-products

Contracts for the sale of other refined products

Service contracts

Construction contracts

The Group’s transactions and the main revenues by business segments are described in Note 5.

•

Breakdown of revenues

Type of good or service


	2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		6,151		-		-		-		6,151
Gasolines		-		3,916		-		-		-		3,916
Natural gas (1)		27		19		1,479		676		-		2,201
Crude oil		7		968		-		-		-		975
Jet fuel		-		791		-		-		-		791
Lubricants and by-products		-		414		-		-		-		414
LPG		-		459		-		-		-		459
Fuel oil		-		98		-		-		-		98
Petrochemicals		-		386		-		-		-		386
Fertilizers and crop protection products		-		326		-		-		-		326
Flours, oils and grains		-		568		-		-		-		568
Asphalts		-		118		-		-		-		118
Goods for resale at gas stations		-		116		-		-		-		116
Income from services		-		-		-		-		135		135
Income from construction contracts		-		-		-		-		286		286
Virgin naphtha		-		175		-		-		-		175
Petroleum coke		-		238		-		-		-		238
LNG regasification		-		51		-		-		-		51
Other goods and services		54		357		8		158		303		880

		88		15,151		1,487		834		724		18,284


	2024
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		6,588		-		-		-		6,588
Gasolines		-		4,048		-		-		-		4,048
Natural gas (1)		-		18		1,470		760		-		2,248
Crude oil		-		1,023		-		-		-		1,023
Jet fuel		-		910		-		-		-		910
Lubricants and by-products		-		528		-		-		-		528
LPG		-		472		-		-		-		472
Fuel oil		-		112		-		-		-		112
Petrochemicals		-		471		-		-		-		471
Fertilizers and crop protection products		-		389		-		-		-		389
Flours, oils and grains		-		467		-		-		-		467
Asphalts		-		85		-		-		-		85
Goods for resale at gas stations		-		121		-		-		-		121
Income from services		-		-		-		-		184		184
Income from construction contracts		-		-		-		-		433		433
Virgin naphtha		-		160		-		-		-		160
Petroleum coke		-		192		-		-		-		192
LNG regasification		-		51		-		-		-		51
Other goods and services		50		257		13		125		197		642

		50		15,892		1,483		885		814		19,124


	2023
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Diesel		-		6,620		-		-		-		6,620
Gasolines		-		3,493		-		-		-		3,493
Natural gas (1)		-		11		1,311		351		-		1,673
Crude oil		-		427		-		-		-		427
Jet fuel		-		1,047		-		-		-		1,047
Lubricants and by-products		-		614		-		-		-		614
LPG		-		379		-		-		-		379
Fuel oil		-		95		-		-		-		95
Petrochemicals		-		438		-		-		-		438
Fertilizers and crop protection products		-		594		-		-		-		594
Flours, oils and grains		-		224		-		-		-		224
Asphalts		-		172		-		-		-		172
Goods for resale at gas stations		-		76		-		-		-		76
Income from services		-		-		-		-		102		102
Income from construction contracts		-		-		-		-		99		99
Virgin naphtha		-		181		-		-		-		181
Petroleum coke		-		249		-		-		-		249
LNG regasification		-		50		-		-		-		50
Other goods and services		32		193		17		49		171		462

		32		14,863		1,328		400		372		16,995

(1)

Includes 1,538, 1,550 and 1,398 corresponding to sales of natural gas produced by the Company for the years ended December 31, 2025, 2024 and 2023, respectively.

Sales channels


	2025
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		6,546		-		-		-		6,546
Power plants		-		12		397		182		-		591
Distribution companies		-		-		438		-		-		438
Retail distribution of natural gas		-		-		-		424		-		424
Industries, transport and aviation		21		3,764		652		70		-		4,507
Agriculture		-		1,849		-		-		-		1,849
Petrochemical industry		-		524		-		-		-		524
Trading		-		1,623		-		-		-		1,623
Oil companies		7		238		-		-		-		245
Commercialization of LPG		-		250		-		-		-		250
Other sales channels		60		345		-		158		724		1,287

		88		15,151		1,487		834		724		18,284


	2024
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		7,038		-		-		-		7,038
Power plants		-		48		404		46		-		498
Distribution companies		-		-		310		-		-		310
Retail distribution of natural gas		-		-		-		488		-		488
Industries, transport and aviation		-		3,942		769		320		-		5,031
Agriculture		-		1,823		-		-		-		1,823
Petrochemical industry		-		658		-		-		-		658
Trading		-		1,699		-		-		-		1,699
Oil companies		-		179		-		-		-		179
Commercialization of LPG		-		181		-		-		-		181
Other sales channels		50		324		-		31		814		1,219

		50		15,892		1,483		885		814		19,124


	2023
	Upstream		Midstream and Downstream		LNG and Integrated Gas		New Energies		Central Administration and Others		Total
Gas stations		-		6,541		-		-		-		6,541
Power plants		-		46		393		19		-		458
Distribution companies		-		-		171		-		-		171
Retail distribution of natural gas		-		-		-		170		-		170
Industries, transport and aviation		-		4,200		764		199		-		5,163
Agriculture		-		1,804		-		-		-		1,804
Petrochemical industry		-		614		-		-		-		614
Trading		-		1,043		-		-		-		1,043
Oil companies		-		141		-		-		-		141
Commercialization of LPG		-		143		-		-		-		143
Other sales channels		32		331		-		12		372		747

		32		14,863		1,328		400		372		16,995

Target market

Sales in the domestic market amounted to 15,498, 16,202 and 15,083 for the years ended December 31, 2025, 2024 and 2023, respectively.

Sales in the international market amounted to 2,786, 2,922 and 1,912 for the years ended December 31, 2025, 2024 and 2023, respectively.

Likewise, in accordance with IFRS 8, the distribution of revenues by geographic area, according to the markets for which they are intended, are as follows:


	2025		2024		2023
Argentina		15,662		16,371		15,399
Mercosur and associated countries		1,628		1,855		1,309
Europe		307		276		171
Rest of the world		851		791		432

		18,448		19,293		17,311

As of December 31, 2025, 2024 and 2023 no external client represents 10% or more of the Group’s revenues.

•

Contract balances

The following table presents information regarding credits, contract assets and contract liabilities:


	2025				2024				2023
	Non- current		Current		Non- current		Current		Non- current		Current
Credits for contracts included in the item of “Trade receivables”		11		1,678		8		1,646		41		993
Contract assets		-		3		-		30		-		10
Contract liabilities		180		117		114		73		34		69

Contract

assets

are mainly related to the activities carried out by the Group under construction contracts.

Contract liabilities are mainly related to advances received from customers under transportation service contracts.

During the

years

ended on December 31, 2025, 2024 and 2023, the Group has recognized 64, 58 and 61, respectively, in the “Revenues from contracts with customers” line under the “Revenues” line item in the statement of comprehensive income, which have been included in “Contract liabilities” line item in the statement of financial position at the beginning of each year.