Vista Energy, S.A.B. de C.V. Earnings Summary — Q3 FY2026

• Total production grew 32% year-over-year to 156 Mboe/d, driven by a 33% surge in oil production.
• Adjusted EBITDA reached $805 million, a 99% increase year-over-year, supported by higher realized oil prices and volume growth.
• Successfully consolidated working interests in Bandurria Sur (25.1%) and Bajo del Toro (35.0%) as of May 1st, 2026.
• Realized oil prices jumped 44% year-over-year to $89.0/bbl, as 100% of oil volumes were sold at export parity prices.
• Lifting costs remain competitive at $4.5/boe, declining 4% year-over-year despite local inflationary pressures on peso-denominated services.
• Strong cash generation with $491 million in Free Cash Flow (excluding M&A-related payments).
• Company connected 27 new wells during the quarter, putting it on track to hit its annual guidance of 100-110 tie-ins.
• Pro forma Net Leverage Ratio improved to 1.25x following significant scale increases from recent acquisitions.

Management confirmed that Vista is on track to deliver its 2026 guidance across all key operating and financial metrics. The company highlighted that its plan is resilient to price volatility, noting that for every $10/bbl change in crude prices in 2H-26, Adjusted EBITDA would change by approximately $200 million.

Improving

The transition to a pure-play unconventional operator is yielding massive scale benefits, with production and EBITDA doubling and margins expanding significantly.

Vista expects to maintain high organic growth momentum in the Vaca Muerta shale, supported by its increased working interests and high-return inventory that rivals North American shale peers.