Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Property, Plant and Equipment


	2025		2024		2023
Net carrying amount of property, plant and equipment		19,926		19,456		20,532
Provision for obsolescence of materials and equipment		(484)		(223)		(171)
Provision for impairment of property, plant and equipment		(357)		(497)		(2,649)

		19,085		18,736		17,712

Summary of Changes in Property, Plant and Equipment

Changes in Group’s property, plant and equipment for the years ended December 31, 2025, 2024 and 2023 are as follows:


	Land and buildings		Mining property, wells and related equipment			Refinery equipment and petrochemical plants		Transportation equipment		Materials and equipment in warehouse		Drilling and work in progress		Exploratory drilling in progress		Furniture, fixtures and installations		Selling equipment		Infrastructure for natural gas distribution		Other property		Total
Cost		1,395		50,087			8,677		528		1,195		3,880		38		832		1,343		1,159		930		70,064
Accumulated depreciation		700		42,294			5,494		359		-		-		-		761		925		586		684		51,803

Balance as of December 31, 2022		695		7,793			3,183		169		1,195		3,880		38		71		418		573		246		18,261


Cost
Increases		1		511	(4)		99		6		1,282		4,161		119		4		-		-		8		6,191	(6)
Increases from business combinations		-		-			-		-		-		-		-		-		-		-		-		-
Translation effect		(178)		-			-		(55)		(19)		(46)		-		(30)		-		(904)		(223)		(1,455)
Adjustment for inflation (5)		106		-			-		33		11		27		-		18		-		537		131		863
Decreases, reclassifications and other movements		16		2,503			135		165		(1,030)		(2,357)		(26)		45		39		18		(3)		(495)	(3)

Accumulated depreciation
Increases		28		2,692	(4)		364		30		-		-		-		36		64		10		28		3,252
Translation effect		(96)		-			-		(36)		-		-		-		(27)		-		(455)		(150)		(764)
Adjustment for inflation (5)		57		-			-		22		-		-		-		16		-		270		88		453
Decreases, reclassifications and other movements		(1)		(92)			-		(5)		-		-		-		-		(8)		-		(2)		(108)

Cost		1,340		53,101			8,911		677		1,439		5,665		131		869		1,382		810		843		75,168
Accumulated depreciation		688		44,894			5,858		370		-		-		-		786		981		411		648		54,636

Balance as of December 31, 2023		652		8,207	(1)		3,053		307		1,439		5,665		131		83		401		399		195		20,532


Cost
Increases		1		169	(4)		95		28		1,263		3,928		99		2		-		-		15		5,600	(6)
Increases from business combinations		-		-			-		-		-		-		-		-		-		-		-		-
Translation effect		(43)		-			-		(12)		(4)		(6)		-		(7)		-		(176)		(42)		(290)
Adjustment for inflation (5)		151		-			-		48		16		24		-		31		-		746		182		1,198
Decreases, reclassifications and other movements		(94)		(24,759)			325		(13)		(1,151)		(3,543)		(171)		1		183		(5)		(45)		(29,272)	(3) (7)

Accumulated depreciation
Increases		29		2,160			372		41		-		-		-		39		72		25		33		2,771
Translation effect		(19)		-			-		(8)		-		-		-		(5)		-		(89)		(30)		(151)
Adjustment for inflation (5)		80		-			-		32		-		-		-		22		-		376		129		639
Decreases, reclassifications and other movements		(63)		(24,725)			-		(57)		-		-		-		(42)		(12)		(12)		(36)		(24,947)	(7)

Cost		1,355		28,511			9,331		728		1,563		6,068		59		896		1,565		1,375		953		52,404
Accumulated depreciation		715		22,329			6,230		378		-		-		-		800		1,041		711		744		32,948

Balance as of December 31, 2024		640		6,182	(1)		3,101		350		1,563		6,068		59		96		524		664		209		19,456


	Land and buildings		Mining property, wells and related equipment			Refinery equipment and petrochemical plants		Transportation equipment		Materials and equipment in warehouse		Drilling and work in progress		Exploratory drilling in progress			Furniture, fixtures and installations		Selling equipment		Infrastructure for natural gas distribution		Other property		Total
Cost		1,355		28,511			9,331		728		1,563		6,068		59			896		1,565		1,375		953		52,404
Accumulated depreciation		715		22,329			6,230		378		-		-		-			800		1,041		711		744		32,948

Balance as of December 31, 2024		640		6,182	(1)		3,101		350		1,563		6,068		59			96		524		664		209		19,456


Cost
Increases		1		175			125		17		867		3,673		40			3		-		-		8		4,909	(6)
Increases from business combinations		11		184			51		93		46		50		-			-		-		-		-		435
Translation effect		(81)		-			-		(31)		(10)		(16)		-			(18)		-		(399)		(100)		(655)
Adjustment for inflation (5)		62		-			-		24		8		12		-			14		-		304		78		502
Decreases, reclassifications and other movements		(24)		(1,174)	(4)		555		178		(1,200)		(4,376)		(85)			23		37		40		(17)		(6,043)	(3)	(8)	(9)

Accumulated depreciation
Increases		27		2,348	(4)		389		59		-		-		-			40		75		26		28		2,992
Translation effect		(45)		-			-		(19)		-		-		-			(11)		-		(205)		(74)		(354)
Adjustment for inflation (5)		34		-			-		14		-		-		-			9		-		157		56		270
Decreases, reclassifications and other movements		(28)		(4,134)			-		(29)		-		-		-			(10)		(1)		(1)		(27)		(4,230)	(8)	(9)

Cost		1,324		27,696			10,062		1,009		1,274		5,411		14			918		1,602		1,320		922		51,552
Accumulated depreciation		703		20,543			6,619		403		-		-		-			828		1,115		688		727		31,626

Balance as of December 31, 2025		621		7,153	(1)		3,443		606		1,274		5,411		14	(2)		90		487		632		195		19,926

(1)	Includes 293, 144 and 269 of mineral property as of December 31, 2025, 2024 and 2023, respectively.

(2)

As of December 31, 2025, there are 12 exploratory wells in progress. During the year ended on such date, drilling of 12 wells were started, 2 wells were charged to exploratory expense, and 8 well was transferred to properties with proved reserves in the “Mining property, wells and related equipment” account.

(3)	Includes 20, 2 and 4 of net carrying amount charged to provision for obsolescence of materials and equipment for the years ended December 31, 2025, 2024 and 2023, respectively.

(4)	Includes (219), 169 and 507 corresponding to (reversal) / costs of hydrocarbon wells abandonment as of December 31, 2025, 2024 and 2023, respectively, and 82 and 13 of depreciation recovery for the years ended December 31, 2025 and 2023, respectively.

(5)	Corresponds to adjustment for inflation of opening balances of property, plant and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

(6)

Includes 9, 31 and 57 corresponding to short-term leases as of December 31, 2025, 2024 and 2023, respectively; includes 14, 21 and 6 corresponding to the variable charge of leases related to the underlying asset use or performance as of December 31, 2025, 2024 and 2023, respectively. Additionally, includes 57, 61 and 68 corresponding to the capitalization of depreciation of

right-of-use

assets as of December 31, 2025, 2024 and 2023, respectively (see Note 9); and 8, 10 and 13 corresponding to capitalization of the financial accretion of the lease liability as of December 31, 2025, 2024 and 2023, respectively (see Note 21).

(7)	Includes 28,586 and 24,915 of cost and accumulated depreciation, respectively, of assets related to the Mature Fields Project reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11.a).

(8)	Includes 380 and 74 of cost and accumulated depreciation, respectively, of assets related to the “Aguada del Chañar” exploitation concession reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11.b).

(9)

Includes 4,630 and 3,879 of cost and accumulated depreciation, respectively, of assets related to the “Cerro Fortunoso”, “Valle del Río Grande” and “Manantiales Behr” exploitation concessions within the context of the Optimization plan of the conventional Upstream portfolio reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11.a).

Summary of Provision for Obsolescence of Materials and Equipment

Set forth present is the evolution of the provision for obsolescence of materials and equipment for the years ended December 31, 2025, 2024 and 2023:


	2025		2024		2023
Balance at the beginning of the year		223		171		151
Increases charged to profit or loss		371		53		24
Decreases charged to profit or loss		(41)		-		-
Applications due to utilization		(20)		(2)		(4)
Translation effect		(2)		-		(2)
Adjustment for inflation (1)		2		1		2
Reclassifications		(49)		-		-

Balance at the end of the year		484		223		171

(1)	Corresponds to the adjustment for inflation of opening balances of the provision for obsolescence of materials and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

Summary of Provision for Impairment of Property, Plant and Equipment

Set forth present is the evolution of the provision for impairment of property, plant and equipment for the years ended December 31, 2025, 2024 and 2023:


	2025		2024			2023
Balance at the beginning of the year		497		2,649			600
Increases charged to profit or loss		2		66			2,288
Decreases charged to profit or loss		(7)		-			-
Depreciation (1)		(135)		(325)			(236)
Translation effect		(4)		(2)			(7)
Adjustment for inflation (2)		4		5			4
Reclassifications		-		(1,896)	(3)		-

Balance at the end of the year		357		497			2,649

(1)	Included in “Depreciation of property, plant and equipment” line item in the statement of comprehensive income, see Note 27.

(2)	Corresponds to the adjustment for inflation of opening balances of the provision for impairment of property, plant and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

(3)	Includes 1,893 of the provision for impairment associated with assets related to the Mature Fields Project reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11.a).

Summary of Property, Plant and Equipment by Geographic Area

Likewise, in accordance with IFRS 8, the distribution of property, plant and equipment by geographic area is broken down below:


	2025		2024		2023
Argentina		19,084		18,735		17,702
Mercosur and associated countries		1		1		10

		19,085		18,736		17,712