TECPETROL S.A. — Interim / Quarterly Report 2026

May 12, 2026

Tecpetrol

Tecpetrol Sociedad Anónima

INTERIM CONDENSED FINANCIAL STATEMENTS

At March 31, 2026
and for the three-month period then ended

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Tecpetrol Sociedad Anónima

Index

Interim Condensed Financial Statements at March 31, 2026
- Interim Condensed Income Statement
- Interim Condensed Statement of Comprehensive Income
- Interim Condensed Statement of Financial Position
- Interim Condensed Statement of Changes in Equity
- Interim Condensed Statement of Cash Flows
- Notes to the Interim Condensed Financial Statements

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Tecpetrol Sociedad Anónima

Interim Condensed Financial Statements at March 31, 2026

INTERIM CONDENSED INCOME STATEMENT

For the three-month period ended on March 31, 2026 and 2025

(Amounts in U.S. dollars, unless otherwise stated)

	Notes	Three-month period ended on March 31,
		2026	2025
		(Unaudited)
Continuing operations
Sales revenues	5	276,423,393	242,147,072
Operating costs	6	(206,448,338)	(198,838,571)
Gross margin		69,975,055	43,308,501
Selling expenses	7	(23,834,686)	(18,997,748)
Administrative expenses	8	(25,050,581)	(28,518,890)
Exploration and evaluation costs		(28,988)	(1,632,533)
Other operating income	9	451,543	162,647
Other operating expenses	9	(1,386,462)	(883,804)
Operating profit / (loss)		20,125,881	(6,561,827)
Financial income	10	9,086,414	9,142,844
Financial costs	10	(39,579,871)	(15,010,840)
Other financial results, net	10	6,345,343	(5,647,880)
Loss before equity in earnings from investments accounted for using the equity method and income tax		(4,022,233)	(18,077,703)
Equity in earnings from investments accounted for using the equity method		-	519,603
Loss before income tax		(4,022,233)	(17,558,100)
Income tax	11	76,529,816	34,337,285
Profit from continuing operations		72,507,583	16,779,185
Loss from discontinued operations	24	-	(4,181,154)
Profit for the period		72,507,583	12,598,031
Attributable to:
Owners of the Parent Company		72,507,583	12,598,031

The accompanying notes 1 to 25 are an integral part of these Interim Condensed Financial Statements. These Interim Condensed Financial Statements should be read in conjunction with the audited Financial Statements at December 31, 2025.

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Tecpetrol Sociedad Anónima
Interim Condensed Financial Statements at March 31, 2026

INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME
for the three-month period ended on March 31, 2026, and 2025
(Amounts in U.S. dollars, unless otherwise stated)

		Three-month period ended on March 31,
	Notes	2026	2025
		(Unaudited)
Profit for the period		72,507,583	12,598,031
Other comprehensive income / (loss):
Items that will not be subsequently reclassified to profit or loss:
Continuing operations
Changes in the fair value of investments in equity instruments	13	2,668,375	717,442
Income tax related to components of other comprehensive income (i)	11	(298,286)	(251,546)
Total other comprehensive income for the period		2,370,089	465,896
Total comprehensive income for the period		74,877,672	13,063,927
Attributable to:
Owners of the Parent Company		74,877,672	13,063,927
Continuing operations		74,877,672	17,245,081
Discontinued operations		-	(4,181,154)

(i) Generated by changes in the fair value of investments in equity instruments.

The accompanying notes 1 to 25 are an integral part of these Interim Condensed Financial Statements. These Interim Condensed Financial Statements should be read in conjunction with the audited Financial Statements at December 31, 2025.

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Tecpetrol Sociedad Anónima

Interim Condensed Financial Statements at March 31, 2026

INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION

at March 31, 2026 and December 31, 2025

(Amounts in U.S. dollars, unless otherwise stated)

| | Notes | March 31, 2026
(Unaudited) | December 31, 2025 |
| --- | --- | --- | --- |
| ASSETS | | | |
| Non-current assets | | | |
| Property, plant and equipment - Exploration, evaluation and development assets | 12 | 2,328,693,928 | 2,103,215,389 |
| Right-of-use assets | | 84,774,709 | 62,729,846 |
| Investments in equity instruments at fair value | 13 | 56,794,559 | 44,575,164 |
| Deferred tax assets | 11 | 197,051,100 | 101,054,863 |
| Other receivables and prepayments | 14 | 207,820,906 | 185,711,306 |
| Income tax assets | | 525,341 | 24,524 |
| Total non-current assets | | 2,875,660,543 | 2,497,311,092 |
| Current assets | | | |
| Inventories | | 72,143,481 | 63,713,692 |
| Other receivables and prepayments | 14 | 171,259,834 | 134,117,432 |
| Income tax assets | | - | 4,019,409 |
| Trade receivables | 15 | 240,094,224 | 274,953,706 |
| Cash and cash equivalents | 16 | 517,192,340 | 705,262,842 |
| Total current assets | | 1,000,689,879 | 1,182,067,081 |
| Total assets | | 3,876,350,422 | 3,679,378,173 |
| EQUITY AND LIABILITIES | | | |
| Equity | | | |
| Share capital | | 342,569,980 | 342,569,980 |
| Capital contributions | | 57,069,009 | 57,069,009 |
| Legal reserve | | 60,378,534 | 60,378,534 |
| Other reserves | | 59,638,530 | 57,268,441 |
| Reserve for future dividends | | 890,306,961 | 899,847,369 |
| Retained earnings | | 72,507,583 | (9,540,408) |
| Total equity | | 1,482,470,597 | 1,407,592,925 |
| Non-current liabilities | | | |
| Borrowings | 18 | 1,830,133,547 | 1,801,180,784 |
| Lease liabilities | | 46,028,027 | 33,134,456 |
| Employee benefits | | 27,215,458 | 29,841,241 |
| Provisions | 19 | 72,505,657 | 70,755,357 |
| Total non-current liabilities | | 1,975,882,689 | 1,934,911,838 |
| Current liabilities | | | |
| Borrowings | 18 | 39,754,470 | 27,596,609 |
| Lease liabilities | | 20,532,804 | 17,448,523 |
| Income tax liabilities | | 15,200,418 | - |
| Employee benefits | | 8,442,354 | 8,442,354 |
| Provisions | 19 | 13,052,496 | 12,830,928 |
| Derivative financial instruments | | 378,601 | - |
| Trade and other payables | 20 | 320,635,993 | 270,554,996 |
| Total current liabilities | | 417,997,136 | 336,873,410 |
| Total liabilities | | 2,393,879,825 | 2,271,785,248 |
| Total equity and liabilities | | 3,876,350,422 | 3,679,378,173 |

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INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY

for the three-month period ended on March 31, 2026 and 2025

	Notes	Attributable to the owners of the Parent Company
		Shareholders' contributions		Accumulated profit (loss)
		Share capital	Capital contributions	Reserved earnings			Retained earnings	Total
		Subscribed capital		Legal reserve	Other reserves (i)	Reserve for future dividends
							(Unaudited)
Balance at December 31, 2025		342,569,980	57,069,009	60,378,534	57,268,441	899,847,369	(9,540,408)	1,407,592,925
Profit for the period		-	-	-	-	-	72,507,583	72,507,583
Changes in the fair value of investments in equity instruments	13	-	-	-	2,668,375	-	-	2,668,375
Income tax related to components of other comprehensive income	11	-	-	-	(298,286)	-	-	(298,286)
Other comprehensive income for the period		-	-	-	2,370,089	-	-	2,370,089
Total comprehensive income for the period		-	-	-	2,370,089	-	72,507,583	74,877,672
Loss absorption according to the decision adopted during the Annual General Meeting of Shareholders held on March 18, 2026:
Loss absorption		-	-	-	-	(9,540,408)	9,540,408	-
Balance at March 31, 2026		342,569,980	57,069,009	60,378,534	59,638,530	890,306,961	72,507,583	1,482,470,597

(i) It includes USD 65 million related to General Resolution No. 609/12 from the National Securities Commission of Argentina (Comisión Nacional de Valores, CNV).
The accompanying notes 1 to 25 are an integral part of these Interim Condensed Financial Statements. These Interim Condensed Financial Statements should be read in conjunction with the audited Financial Statements at December 31, 2025.

INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY

for the three-month period ended on March 31, 2026 and 2025 (cont.)

	Notes	Attributable to the owners of the Parent Company
		Shareholders' contributions		Accumulated profit (loss)				Total
		Share capital	Capital contributions	Reserved earnings			Retained earnings
		Subscribed capital		Legal reserve	Other reserves (i)	Reserve for future dividends
								(Unaudited)
Balance at December 31, 2024		342,569,980	57,069,009	42,844,510	58,963,695	566,700,907	350,680,486	1,418,828,587
Profit for the period		-	-	-	-	-	12,598,031	12,598,031
Changes in the fair value of investments in equity instruments	13	-	-	-	717,442	-	-	717,442
Income tax related to components of other comprehensive income	11	-	-	-	(251,546)	-	-	(251,546)
Other comprehensive income for the period		-	-	-	465,896	-	-	465,896
Total comprehensive income for the period		-	-	-	465,896	-	12,598,031	13,063,927
Distribution of earnings according to the decision adopted during the Annual General Meeting of Shareholders held on March 18, 2025: Reserve allocation		-	-	17,534,024	-	333,146,462	(350,680,486)	-
Balance at March 31, 2025		342,569,980	57,069,009	60,378,534	59,429,591	899,847,369	12,598,031	1,431,892,514

(i) It includes USD 65 million related to General Resolution No. 609/12 from the National Securities Commission of Argentina (Comisión Nacional de Valores, CNV).

INTERIM CONDENSED STATEMENT OF CASH FLOWS

for the three-month period ended on March 31, 2026 and 2025

	Notes	Three-month period ended on March 31,
		2026	2025
OPERATING ACTIVITIES		(Unaudited)
Profit for the period		72,507,583	12,598,031
Adjustments to profit for the period to reach operating cash flows	21	52,970,331	117,973,123
Changes in working capital	21	23,013,640	(79,781,912)
Others		(7,291,925)	(2,158,106)
Payments of employee benefits		(5,730,371)	(4,090,211)
Payments of income tax		(802,323)	(120,635)
Cash provided by operating activities		134,666,935	44,420,290
INVESTING ACTIVITIES
Investments in property, plant and equipment		(339,884,812)	(245,654,562)
Collection from the sale of property, plant and equipment		47,997	49,732
Contributions to investments in equity instruments at fair value	13	(9,551,020)	-
Collection of other investments		-	3,066,077
Cash used in investing activities		(349,387,835)	(242,538,753)
FINANCING ACTIVITIES
Proceeds from borrowings	18	27,755,837	54,057,669
Proceeds from negotiable obligations, net of issuance costs	18	-	396,896,616
Payments of borrowings	18	-	(86,992,220)
Lease liabilities payments		(5,768,807)	(5,639,711)
Cash provided by financing activities		21,987,030	358,322,354
(Decrease) / Increase in cash and cash equivalents		(192,733,870)	160,203,891
Changes in cash and cash equivalents
Cash and cash equivalents at the beginning of the year (i)		705,262,842	46,757,288
(Decrease) / Increase in cash and cash equivalents		(192,733,870)	160,203,891
Financial results provided by cash and cash equivalents		4,663,368	1,316,294
Cash and cash equivalents at the end of the period (i)		517,192,340	208,277,473
		Three-month period ended on March 31,
		2026	2025
		(Unaudited)
Cash and cash equivalents from continued operations		517,192,340	207,765,708
Cash and cash equivalents from discontinued operations		-	511,765
Cash and cash equivalents at the end of the period (i)		517,192,340	208,277,473
Non-cash transactions
Unpaid investments in property, plant and equipment		95,767,510	101,916,210

(i) Net bank overdrafts, if applicable.

Tecpetrol Sociedad Anónima
Interim Condensed Financial Statements at March 31, 2026

Index to the notes to the Interim Condensed Financial Statements

1. General information
2. Basis for preparation
3. New accounting standards
4. Segment information
5. Sales revenues
6. Operating costs
7. Selling expenses
8. Administrative expenses
9. Other operating income / (expenses), net
10. Financial results
11. Income tax
12. Property, plant and equipment - Exploration, evaluation and development assets
13. Investments in equity instruments at fair value
14. Other receivables and prepayments
15. Trade receivables
16. Cash and cash equivalents
17. Financial instruments
18. Borrowings
19. Provisions
20. Trade and other payables
21. Complementary information of the Statement of Cash Flows
22. Related-party balances and transactions
23. Main joint operations
24. Discontinued operations
25. Subsequent events

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Tecpetrol Sociedad Anónima

Interim Condensed Financial Statements at March 31, 2026

Notes to Interim Condensed Financial Statements at March 31, 2026 (cont.)

Notes to Interim Condensed Financial Statements at March 31, 2026

(Amounts stated in U.S. dollars, unless otherwise stated)

1. General information

Tecpetrol S.A. (hereinafter referred to as the "Company" or "Tecpetrol") was incorporated on June 5, 1981, and its main activity consists in the exploration and exploitation of oil and gas in Argentina. Its legal domicile is Pasaje Della Paolera 299/297, 16th floor, city of Buenos Aires, Argentina.

The Company has an important presence in Vaca Muerta area (province of Neuquén) through the unconventional exploitation concessions over which it holds all rights and obligations in the areas of Fortín de Piedra and Punta Senillosa (both granted in July 2016) and in Puesto Parada area (granted in December 2022) and the joint operations over unconventional exploitation concessions in the areas of Los Toldos I Norte y Los Toldos II Este (both granted in July 2019) and Los Toldos I Sur (granted in October 2017), all of them for a 35-year period.

In addition, Tecpetrol S.A. operates in conventional hydrocarbon areas in Neuquina, Noroeste and other basins, through joint operations (see Note 23) and it holds all exploitation rights over the area Los Bastos (province of Neuquén).

These Interim Condensed Financial Statements were approved for issuance by the Board of Directors on May 6, 2026.

Macroeconomic environment

The Company conducts its business in a complex environment both locally and internationally.

The national government continues to implement a series of significant macroeconomic and governmental restructurings aimed at achieving fiscal stability, promoting economic deregulation, and slowing down the inflationary process observed in previous years.

Geopolitical tensions continue on the international context. The escalation of conflicts in the Middle East introduces a new source of uncertainty into the global macroeconomic environment, leading to disruptions in global trade, significant fluctuations in energy prices and increased volatility in financial markets. The ultimate impact of these events will depend on their evolution, duration and scope.

Management of the Company closely monitors the evolution of the abovementioned situations in order to adopt measures according to the evolution of the context, with the aim of ensuring the integrity of the staff, maintaining the levels and standards of its operations and preserving its financial situation.

These Interim Condensed Financial Statements of the Company should be read taking into account these circumstances.

2. Basis for preparation

These Interim Condensed Financial Statements of the Company were prepared in accordance with the IFRS accounting standards (IFRS) and IAS 34 "Interim Financial Reporting" as issued by the International Accounting Standards Board (IASB), under a historical cost convention, modified by the revaluation of financial assets and liabilities at fair value.

These Interim Condensed Financial Statements of Tecpetrol S.A. are presented in U.S. dollar (USD), unless otherwise stated, which is the Company's functional currency and were prepared with the purpose of providing information in such currency to non-Argentine users.

The accounting policies used in the preparation of these Interim Condensed Financial Statements are consistent with those used in the audited Financial Statements at December 31, 2025, and therefore, they must be read together.

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Tecpetrol Sociedad Anónima

Interim Condensed Financial Statements at March 31, 2026

Notes to Interim Condensed Financial Statements at March 31, 2026 (cont.)

2. Basis for preparation (cont.)

The information corresponding to the year ended on December 31, 2025 and the three-month period ending on March 31, 2025 is part of these financial statements and is presented for comparative purposes only. If applicable, certain amounts in the financial statements as of March 31, 2025 have been reclassified for comparative presentation.

The preparation of Interim Condensed Financial Statements in conformity with IFRS requires management to make certain accounting estimates that might affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from these estimates.

Functional currency

Items included in the Interim Condensed Financial Statements are reported in the currency of the primary economic environment in which the entity operates (functional currency). The functional currency of the Company is the USD, since this is the currency which best reflects the economic substance of the transactions. Both sales and prices of main drilling costs are negotiated, denominated and settled either in USD or considering the exchange rate fluctuation with respect to that currency.

Seasonality

Demand and prices for crude oil do not significantly vary throughout the year due to seasonality. Gas demand for residential use and electricity generation is seasonal, with significant fluctuations between winter and summer seasons; whereas gas demand intended for industrial use and compressed natural gas (CNG) stations does not significantly vary throughout the year. Gas prices vary upon demand.

Consequently, the operations of Tecpetrol S.A. may be subject to seasonal fluctuations in relation to both volume and sales prices.

3. New accounting standards

(a) New standards, interpretations and amendments to published standards effective as from the current period

There were no new standards, interpretations and amendments to published standards that were relevant to the Company.

(b) New standards, interpretations and amendments to published standards not yet effective and not early adopted

IFRS 18:

In April 2024, the IASB issued IFRS 18 “Presentation and Disclosure in Financial Statements”, which replaces IAS 1 “Presentation of Financial Statements” and introduces new requirements to enhance the ways companies disclose their information in the financial statements, particularly in the Income Statement. IFRS 18 is applicable to annual reporting periods beginning on or after January 1, 2027.

IAS 21:

In November 2025, the IASB modified IAS 21. Among other aspects, these amendments clarify that when an entity translates amounts from a functional currency of a non-hyperinflationary economy into a presentation currency of a hyperinflationary economy, the results and financial position of the entity (including comparatives) shall be translated at the closing rate at the date of the most recent statement of financial position. The amendments to IAS 21 are applicable to annual reporting periods beginning on or after January 1, 2027.

Management assessed the importance of other new standards, interpretations and amendments not yet effective and concluded that they were not relevant for the Company.

4. Segment information

	Three-month period ended on March 31, 2026 (Unaudited)
	Neuquina basin	Noroeste and other basins	Others (1)	Total	Total discontinued operations	Total continuing operations
	In thousands
Sales revenues - Managerial view	300,910	10,058	242	311,210	-	311,210
Effect of hydrocarbon inventory valuation	(33,212)	(1,575)	-	(34,787)	-	(34,787)
Sales revenues - IFRS				276,423	-	276,423
Gas	156,520	5,979	35	162,534	-	162,534
Oil	111,178	2,504	-	113,682	-	113,682
Other services	-	-	207	207	-	207
Sales revenues - IFRS				276,423	-	276,423
Operating profit (loss) - Managerial view	67,732	3,782	(3,678)	67,836	-	67,836
Adjustment of hydrocarbon inventory valuation	(21,109)	(1,851)	-	(22,960)	-	(22,960)
Depreciation and impairment differences	(1,138)	(31)	-	(1,169)	-	(1,169)
Administrative expenses (2)				(23,581)	-	(23,581)
Operating profit - IFRS				20,126	-	20,126
Depreciation of PPE (3) - Managerial view	(109,357)	(572)	(1,470)	(111,399)	-	(111,399)
Depreciation differences	(1,138)	(31)	-	(1,169)	-	(1,169)
Depreciation of PPE - IFRS				(112,568)	-	(112,568)
PPE - Managerial view	2,248,229	13,592	25,065	2,286,886	-	2,286,886
Accumulated depreciation and impairment differences				41,808	-	41,808
PPE - IFRS				2,328,694	-	2,328,694
Investments in PPE	332,603	2,445	3,018	338,066	-	338,066
Investments in PPE				338,066	-	338,066

(1) It corresponds to other activities of the Company not included under the defined operating segments.
(2) It corresponds to expenses not allocated to operating profit (loss) of defined reportable segments.
(3) PPE: Property, plant and equipment.

4. Segment information (cont.)

	Three-month period ended on March 31, 2025 (Unaudited)
	Neuquina basin	Noroeste - San Jorge and other basins	Others (1)	Total	Total discontinued operations	Total continued operations
	In thousands
Sales revenues - Managerial view	254,278	24,050	772	279,100	(15,710)	263,390
Effect of hydrocarbon inventory valuation	(21,899)	(1,271)	-	(23,170)	1,927	(21,243)
Sales revenues - IFRS				255,930	(13,783)	242,147
Gas	154,327	6,711	-	161,038	(1,180)	159,858
Oil	77,914	16,043	422	94,379	(12,578)	81,801
Other services	138	25	350	513	(25)	488
Sales revenues - IFRS				255,930	(13,783)	242,147
Operating profit (loss) - Managerial view	33,459	(281)	(3,479)	29,699	1,241	30,940
Adjustment of hydrocarbon inventory valuation	(50)	206	-	156	17	173
Depreciation and impairment differences	(10,106)	(750)	-	(10,856)	662	(10,194)
Administrative expenses (2)				(27,612)	131	(27,481)
Operating (loss) / profit - IFRS				(8,613)	2,051	(6,562)
Depreciation of PPE (3) - Managerial view	(115,900)	(4,941)	(1,038)	(121,879)	3,336	(118,543)
Depreciation differences	(10,106)	(750)	-	(10,856)	662	(10,194)
Depreciation and impairment of PPE - IFRS				(132,735)	3,998	(128,737)
PPE - Managerial view	1,602,597	72,358	22,282	1,697,237	(59,860)	1,637,377
Accumulated depreciation and impairment differences				57,394	2,294	59,688
PPE - IFRS				1,754,631	(57,566)	1,697,065
Investments in PPE	189,794	2,617	6,446	198,857	(1,378)	197,479
Investments in PPE				198,857	(1,378)	197,479

(1) It corresponds to other activities of the Company not included under the defined operating segments.
(2) It corresponds to expenses not allocated to operating profit (loss) of defined reportable segments.
(3) PPE: Property, plant and equipment.

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4. Segment information (cont.)

Depreciation and impairment differences mainly arise from the difference in acquisition costs resulting from the property, plant and equipment valuation criteria adopted upon transition to IFRS and from the different criteria of depreciation of seismic exploration, which under Managerial view is depreciated using the straight-line method in a four-year period, whereas, under IFRS, pursuant to the unit-of-production method.

The adjustment of the hydrocarbon inventory valuation arises since under managerial view, the hydrocarbon inventory is measured at its net realizable value, whereas under IFRS, it is measured at cost, using the weighted average cost formula or the net realizable value, whichever is the lowest.

At March 31, 2026, sales revenues destinations were mainly to Argentina (66.5%), Brasil (10.3%), United States (8.8%), Chile (7.5%) and Thailand (6.6%), whereas at March 31, 2025, it mainly corresponded to Argentina (79.3%), Brasil (11.3%) and Chile (6.9%). The allocation of sales revenues is based on customer location.

At March 31, 2026, Compañía Administradora del Mercado Mayorista Eléctrico S.A. (CAMMESA), Raizen Argentina S.A.U., Petrobras Global Trading B.V. and Energía Argentina S.A. (ENARSA), represented 19.3%, 13.4%, 10.3% and 10.1%, respectively of sales revenues, without taking into account the incentives paid directly by the national government, whereas at March 31,2025, CAMMESA, Raizen Argentina S.A.U. and Shell Western Supply and Trading Lt represented 21%, 17% and 13.8%, respectively.

5. Sales revenues

	Three-month period ended on March 31,
	2026	2025
	(Unaudited)
Gas	162,534,476	161,037,802
Oil	113,681,992	94,379,452
Other services	206,925	512,905
	276,423,393	255,930,159
From discontinued operations (Note 24)	-	(13,783,087)
	276,423,393	242,147,072

6. Operating costs

	Three-month period ended on March 31,
	2026	2025
	(Unaudited)
Inventories at the beginning of the period	(63,713,692)	(64,539,796)
Purchases, stock consumptions and production costs	(214,878,127)	(233,811,920)
Inventories at the end of the period	72,143,481	81,634,350
Inventories transferred to assets classified as held for sale	-	2,813,652
Operating costs	(206,448,338)	(213,903,714)
From discontinued operations (Note 24)	-	15,065,143
	(206,448,338)	(198,838,571)

6. Operating costs (cont.)

(i) Royalties are paid for the production of crude oil and natural gas ranging from 11% to 17% of said production, valued on the basis of the prices obtained from the commercialization of hydrocarbons, less deductions provided by the legislation for the treatment of the product.

7. Selling expenses

8. Administrative expenses

(i) These are not liable to association or proration in connection with each line involved in the costs and/or expenses notes, but rather in connection with the tasks which constitute the function of the operator.

1. Other operating income / (expenses), net

2. Financial results

(*) From the settlement of foreign currency under Resolution No. 808/2023 from the Secretary of Energy (subsequently extended) and Decree No. 28/2023.

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Interim Condensed Financial Statements at March 31, 2026

11. Income tax

Law No. 27.430/2017, as amended, was considered for the assessment of income tax for the period, given that there was a variation in the percentage of the Consumer Price Index (CPI) which exceeded the 100% accumulated during the last three years prior to the commencement of the current period.

Additionally, the Company has applied the inflation adjustment over tax losses originated from January 1, 2018, in compliance with Section 25 of Income Tax Law (as revised in 2019 and subsequently amended).

There follows the evolution of deferred income tax:

1. Property, plant and equipment - Exploration, evaluation and development assets

	Three-month period ended on March 31, 2026 (Unaudited)
	2026						2025
	Development and production assets	Machinery and equipment	Asset retirement obligations	Exploration and evaluation	Works in progress	Others	Total
Cost							(Unaudited)
At the beginning of the year	3,763,382,283	1,470,442,489	59,466,078	56,910,502	738,801,601	113,857,321	6,202,860,274
Additions	1,809,965	-	-	-	332,206,448	473,588	334,490,001
Transfers from right-of-use assets	-	-	-	-	3,576,297	-	3,576,297
Transfers	284,477,095	22,620,590	-	-	(301,279,590)	(5,818,095)	-
Transfer to assets classified as held for sale	-	-	-	-	-	-	(835,119,248)
Disposals	-	-	-	-	(19,740)	-	(19,740)
At the end of the period	4,049,669,343	1,493,063,079	59,466,078	56,910,502	773,285,016	108,512,814	6,540,906,832
Depreciation and impairments
At the beginning of the year	2,771,323,536	1,177,291,029	43,624,113	56,648,721	-	50,757,486	4,099,644,885
Depreciation charge	87,535,827	22,231,011	1,264,412	-	-	1,536,769	112,568,019
Transfer to assets classified as held for sale	-	-	-	-	-	-	(777,552,973)
Disposals	-	-	-	-	-	-	(94,228)
At the end of the period	2,858,859,363	1,199,522,040	44,888,525	56,648,721	-	52,294,255	4,212,212,904
Residual value	1,190,809,980	293,541,039	14,577,553	261,781	773,285,016	56,218,559	2,328,693,928

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18

Interim Condensed Financial Statements at March 31, 2026

12. Property, plant and equipment - Exploration, evaluation and development assets (cont.)

Impairment of non-financial long-term assets

The Company analyses Property, plant and equipment - Exploration, evaluation and development assets and Right-of-use assets for impairment periodically or whenever events or changes in the circumstances indicate that the carrying amount may not be recoverable.

The recoverable amount of each CGU (considering a CGU as each area in which Tecpetrol S.A has interest) is estimated as the higher between the asset's fair value less costs to sell and the asset's value in use. The value in use is calculated based on discounted cash flows, applying a discount rate based on the weighted average cost of capital (WACC), which considers the risks of the country where the CGU operates and its specific characteristics.

The determination of the discounted cash flows is based on projections approved by management and includes a set of sensitive estimates and assumptions, such as changes in hydrocarbons production levels, sales prices, the evolution of the curve of future hydrocarbon prices, inflation, exchange rates, costs and other expenditures, on the basis of the best estimate the Company foresees regarding its operations and available market information.

Cash flow derived from the different CGUs is usually projected for a period that covers the existence of commercially exploitable reserves and is limited to the existence of reserves for the term of the concession or contract.

During the three-month period ended March 31, 2026 and 2025, the Company has not recognized impairment charges in Property, plant, and equipment - Exploration, evaluation, and development assets.

13. Investments in equity instruments at fair value

The evolution of investments in equity instruments at fair value is as follows:

The following table details the main investments in equity instruments at fair value:

Company	Country	Interest %		March 31, 2026	December 31, 2025
		Mar-26	Dec-25
				(Unaudited)
VMOS S.A.	Argentina	8.16%	8.16%	39,962,980	30,411,960
Tecpetrol del Perú S.A.C.	Peru	2.00%	2.00%	8,476,108	7,895,608
Tecpetrol Bloque 56 S.A.C.	Peru	2.00%	2.00%	2,579,871	1,900,572
Oleoductos del Valle S.A.	Argentina	2.10%	2.10%	5,775,600	4,367,024
Total				56,794,559	44,575,164

14. Other receivables and prepayments

	March 31, 2026	December 31, 2025
	(Unaudited)
Non current
Advances to suppliers and expenses paid in advance	201,040,414	178,818,527
Employees loans and advances	6,637,713	6,855,779
Other receivables	142,779	37,000
	207,820,906	185,711,306
Current
Receivables (i)	19,765,078	26,848,596
Tax credits	115,121,012	70,551,219
Expenses paid in advance	9,585,500	9,053,565
Employees loans and advances	12,121,779	7,522,490
Other receivables from related parties (Note 22)	15,173,698	20,640,441
	171,767,067	134,616,311
Allowance for doubtful accounts	(507,233)	(498,879)
	171,259,834	134,117,432

(i) At March 31, 2026, it included USD 14.5 million from incentives obtained under Plan Gas.Ar, which were fully past due. At December 31, 2025, it included USD 17.4 million, of which USD 13.4 million were past due.

15. Trade receivables

	March 31, 2026	December 31, 2025
	(Unaudited)
Trade receivables	230,086,286	269,327,681
Trade receivables from related parties (Note 22)	14,178,678	9,728,959
	244,264,964	279,056,640
Allowance for doubtful accounts	(4,170,740)	(4,102,934)
	240,094,224	274,953,706

16. Cash and cash equivalents

	March 31, 2026	December 31, 2025
	(Unaudited)
Cash and banks (i)	484,360,056	625,026,110
Short-term deposits	32,832,284	80,236,732
	517,192,340	705,262,842

(i) At March 31, 2026 and December 31, 2025, it includes demand deposits of USD 2.4 million and USD 2.5 million that secure the upcoming debt service of certain foreign bank borrowings, respectively.

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20

17. Financial instruments

17.1. Financial instruments by category

Financial instruments by category are disclosed below:

	At fair value through profit or loss	At amortized cost	At fair value through other comprehensive income	Total
At March 31, 2026
Assets
(Unaudited)
Investments in equity instruments at fair value	-	-	56,794,559	56,794,559
Other receivables	-	34,574,322	-	34,574,322
Trade receivables	-	240,094,224	-	240,094,224
Cash and cash equivalents	32,832,284	484,360,056	-	517,192,340
Total	32,832,284	759,028,602	56,794,559	848,655,445
At March 31, 2026	At fair value through profit or loss	At amortized cost	Total
---	---	---	---
Liabilities
(Unaudited)
Borrowings	-	1,869,888,017	1,869,888,017
Lease liabilities	-	66,560,831	66,560,831
Derivative financial instruments	378,601	-	378,601
Trade and other payables	-	277,940,774	277,940,774
Total	378,601	2,214,389,622	2,214,768,223
	At fair value through profit or loss	At amortized cost	At fair value through other comprehensive income	Total
---	---	---	---	---
At December 31, 2025
Assets
Investments in equity instruments at fair value	-	-	44,575,164	44,575,164
Other receivables	-	47,027,158	-	47,027,158
Trade receivables	-	274,953,706	-	274,953,706
Cash and cash equivalents	75,135,798	630,127,044	-	705,262,842
Total	75,135,798	952,107,908	44,575,164	1,071,818,870
At December 31, 2025	At amortized cost	Total
---	---	---
Liabilities
Borrowings	1,828,777,393	1,828,777,393
Lease liabilities	50,582,979	50,582,979
Trade and other payables	242,746,687	242,746,687
Total	2,122,107,059	2,122,107,059

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17. Financial instruments (cont.)

17.2. Fair value estimate

At March 31, 2026 and December 31, 2025, the fair value of assets and liabilities measured at amortized cost did not significantly differ from their carrying amount. Moreover, there were no transfers among fair value hierarchies of financial instruments during the three-month period ended on March 31, 2026.

Financial instruments measured at fair value can be classified into any of the following hierarchical levels, depending on how the fair value is estimated:

Level 1 – Based on quoted prices in active markets for identical assets and liabilities. A market is considered active when the quoted prices are available and such prices represent transactions regularly conducted between independent parties.

Level 2 – Based on market inputs (other than quoted market prices included within Level 1) that are observable for assets and liabilities, either directly (e.g., prices) or indirectly (e.g., derived from prices). The fair value of financial instruments that are not traded in an active market is determined by means of standard valuation techniques which maximize the use of observable market inputs.

Level 3 – Based on information not observable in the market (for example, discounted cash flows).

The following table presents the financial instruments measured at fair value by hierarchy level at March 31, 2026 and December 31, 2025:

| At March 31, 2026
(Unaudited) | Level 1 | Level 2 | Level 3 |
| --- | --- | --- | --- |
| Assets | | | |
| Investments in equity instruments at fair value | - | - | 56,794,559 |
| Cash and cash equivalents | 32,832,284 | - | - |
| Total | 32,832,284 | - | 56,794,559 |
| Liabilities | | | |
| Derivative financial instruments | - | 378,601 | - |
| Total | - | 378,601 | - |
| At December 31, 2025 | Level 1 | Level 3 |
| --- | --- | --- |
| Assets | | |
| Investments in equity instruments at fair value | - | 44,575,164 |
| Cash and cash equivalents | 75,135,798 | - |
| Total | 75,135,798 | 44,575,164 |

18. Borrowings

	March 31, 2026	December 31, 2025
	(Unaudited)
Non-current
Bank borrowings	424,504,747	396,062,127
Negotiable obligations	1,405,628,800	1,405,118,657
	1,830,133,547	1,801,180,784
Current
Bank borrowings	5,180,514	3,710,686
Negotiable obligations	34,573,956	23,885,923
	39,754,470	27,596,609

The Company must comply with certain covenants according to the borrowing agreements and negotiable obligations.

At March 31, 2026 and December 31, 2025, Tecpetrol was in compliance with all of its covenants.

The evolution of borrowings is disclosed below:

	Three-month period ended on March 31,
	2026	2025
	(Unaudited)
Balance at the beginning of the period	1,828,777,393	542,757,690
Proceeds from borrowings	27,755,837	54,057,669
Proceeds from negotiable obligations, net of issuance costs	-	396,896,616
Payments	-	(86,992,220)
Interest accrued	36,940,785	13,555,216
Interest paid	(23,585,998)	(7,018,549)
Exchange differences	-	(156,570)
Balance at the end of the period	1,869,888,017	913,099,852

The bank borrowings are detailed below:

Lender	Mar-26	Interest rate	Contract's currency	Amortization of capital	Maturity
	(Unaudited)
Export pre-financing agreements (i)	214,052,945	Fixed rate	USD	Quarterly	Aug-27 to aug-30
Itau Unibanco S.A. -Nassau Branch (ii)	116,465,482	SOFR +margin	USD	Quarterly	Jun-27 to jul-29
Syndicated Loan (iii)	99,166,834	SOFR +margin	USD	Quarterly	Aug-27 to aug-30
Lender	Dec-25	Interest rate	Contract's currency	Amortization of capital	Maturity
Export pre-financing agreements	212,863,545	Fixed rate	USD	Quarterly	Aug-27 to aug-30
Itau Unibanco S.A. - Nassau Branch	88,544,339	SOFR +margin	USD	Quarterly	Jun-27 to mar-29
Syndicated Loan	98,364,929	SOFR +margin	USD	Quarterly	Aug-27 to aug-30

(i) Export pre-financing agreements for a total amount of USD 480 million (Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A. and Industrial and Commercial Bank of China -Argentina- S.A.U. for USD 150 million each and Banco BBVA Argentina S.A. for USD 30 million). As of the date of issuance of these financial statements, USD 215 million has been disbursed.

(ii) During April 2026, the full capital and the accrued interest were prepaid.

(iii) Syndicated Loan with Banco Bilbao Vizcaya Argentaria, S.A. and ITAÚ Unibanco S.A., Nassau Branch for a total amount of USD 270 million, out of which USD 100 million has been disbursed as of the date of issuance of these financial statements.

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18. Borrowings (cont.)

Negotiable obligations are detailed below:

Serie	Mar-26	Dec-25	Interest rate	Contract's currency	Amortization of capital	Maturity
	(Unaudited)
Class 8	68,738,529	67,880,446	5.00%	USD	At maturity	Oct-27
Class 9	82,659,355	81,289,727	6.80%	USD	At maturity	Oct-29
Class 10	403,186,004	410,712,492	7.63%	USD	3 yearly payments	Jan-31 to jan-33
Class 11	117,390,091	115,478,105	6.50%	USD	At maturity	Oct-27
Class 12 (i)	768,228,777	753,643,810	7.63%	USD	At maturity	Nov-30

(i) At March 31, 2026, the Company has applied USD 268.5 millions to investments in tangible assets, integration of working capital, refinancing of borrowings and capital contributions to related companies.

19. Provisions

	March 31, 2026	December 31, 2025
	(Unaudited)
Non-current
Asset retirement obligations	71,082,372	69,940,454
Provision for other contingencies	1,423,285	814,903
	72,505,657	70,755,357
Current
Asset retirement obligations	12,790,828	12,578,128
Provision for other contingencies	261,668	252,800
	13,052,496	12,830,928

20. Trade and other payables

	March 31, 2026	December 31, 2025
	(Unaudited)
Trade payables	229,217,375	195,078,278
Payables to related parties (Note 22)	48,584,398	43,559,176
Social security debts and other taxes	42,695,219	27,808,309
Other liabilities	139,001	4,109,233
	320,635,993	270,554,996

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21. Complementary information of the Statement of Cash Flows

Adjustments to profit for the period (i)

(i) There was no significant difference between interest income and interest collected.

Changes in working capital

	Three-month period ended on March 31,
	2026	2025
	(Unaudited)
(Increase) in trade and other receivables	(24,468,680)	(61,445,303)
(Increase) in inventories	(8,429,789)	(20,131,476)
Changes in derivative financial instruments	378,601	-
Increase in trade and other payables	55,533,508	1,794,867
	23,013,640	(79,781,912)

24

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22. Related-party balances and transactions

Tecpetrol S.A. is controlled by Tecpetrol Internacional S.L. (sole shareholder company), (hereinafter referred to as "Tecpetrol Internacional S.L.U."), which holds 95.99% of the Company's shares.

San Faustin S.A. ("San Faustin"), a Société Anonyme based in Luxembourg, controls the Company through its subsidiaries.

Rocca & Partners Stichting Administratiekantoor Aandelen San Faustin ("RP STAK"), a private foundation (Stichting) located in the Netherlands, controls San Faustin through the holding of voting shares sufficient in number to influence matters affecting or submitted to a vote of the shareholders of San Faustin, including the election of directors and the approval of certain corporate transactions and other matters concerning San Faustin's policies. No person or group of persons controls RP STAK.

Main transactions with related parties

26

22. Related-party balances and transactions (cont.)

Balances with related parties

	March 31, 2026	December 31, 2025
	(Unaudited)
Other receivables from related parties (Note 14):
Current
Other receivables - Tecpetrol Internacional S.L.U.	8,175,233	8,174,787
Other receivables - Tecpetrol Investments S.L.U.	242,745	242,745
Other receivables - Other related companies (i)	6,755,720	12,222,909
	15,173,698	20,640,441
Trade receivables from related parties (Note 15):
Current - Other related companies	14,178,678	9,728,959
Right-of-use liabilities to related parties:
Non-current - Other related companies	2,183,048	2,167,194
	2,183,048	2,167,194
Trade and other payables with related parties (Note 20):
Current - Tecpetrol Internacional S.L.U. Uruguay Branch	79,196	78,959
Current - Other related companies (ii)	48,505,202	43,480,217
	48,584,398	43,559,176

(i) It mainly included balances from reimbursement of expenses.
(ii) It mainly included balances from purchases of materials and services.

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23. Main joint operations

Joint operations

Name	Location	% participation March 31, 2026	Operator	Expiration date of the concession
Aguaragüe	Salta	23	Tecpetrol	Nov-37
Agua Salada	Río Negro	70	Tecpetrol	Sep-35
Loma Ancha (i) (ii)	Neuquén	95	Tecpetrol	Dec-25
Los Toldos I Norte (i)	Neuquén	90	Tecpetrol	May-54
Los Toldos II Este (i)	Neuquén	90	Tecpetrol	May-54
Ramos	Salta	58	Tecpetrol	Jan-36
Los Toldos I Sur	Neuquén	10	Third parties	Oct-52
MLO-124 (iii)	Cuenca marina Malvinas	10	Third parties	Apr-27

(i) Tecpetrol S.A. assumed 100% of the costs and investments during the basic exploration period under an agreement with its partner Gas y Petróleo del Neuquén S.A.

(ii) As of the date of issuance of these Interim Condensed Financial Statements, the area is in the process of being returned to Gas y Petróleo del Neuquén S.A.

(iii) The exploration period consists in 2 subperiods of 4 years each. The area can be returned upon the completion of each subperiod. The first exploration period ends in April 2027. If the Company decides to continue with the second period, it must notify the Secretary of Energy before February 10, 2027.

24. Discontinued operations

In line with the Company's strategy of focusing on the development of unconventional reservoirs, in June 2025 Tecpetrol entered into an agreement with Crown Point Energía S.A. ("Crown Point"). Under this agreement, Tecpetrol agreed to transfer to Crown Point (i) its 52.13347% interest in the exploitation concessions for the areas "El Tordillo", "La Tapera", and "Puesto Quiroga", along with the associated rights and obligations under the joint operations related to these concessions, (ii) the hydrocarbon transportation concessions for the gas pipelines "El Tordillo/Rada Tilly" and "El Tordillo-Gasoducto Gral. San Martin", as well as the oil pipelines "El Tordillo/Caleta Córdova" and "El Tordillo/Puesto Quiroga" and (iii) its 4.2% interest in Terminales Marítimas Patagónicas S.A. On December 1, 2025, the transaction was completed after the agreed-upon conditions were met. The transaction price (net of adjustments) was USD 47.4 million.

The results of their operations are disclosed as discontinued operations in the Interim Condensed Income Statement for the three-month period ended on March 31, 2025.

24. Discontinued operations (cont.)

The following table details the operating results and cash flows from discontinued operations:

	Three-month period ended on March 31, 2025
	(Unaudited)
Sales revenues	13,783,087
Operating costs	(15,065,143)
Gross margin	(1,282,056)
Selling expenses	(592,688)
Administrative expenses	(130,840)
Exploration and evaluation costs	(556)
Other operating income and expenses, net	(45,183)
Operating loss	(2,051,323)
Net financial results	(2,129,831)
Loss from discontinued operations	(4,181,154)
Cash flow
Cash provided by operating activities	667,276
Cash used in investing activities	(1,377,861)

25. Subsequent events

Incentive Program for Investments in Natural Gas Production Developments from Unconventional Reservoirs

In connection with the claims filed by Tecpetrol S.A. against the National Government concerning the "Incentive Program for Investments in Natural Gas Production Developments from Unconventional Reservoirs" established by Resolution No. 46-E/2017 and amended by Resolution No. 419-E/2017, on April 28, 2026 Tecpetrol was notified of the ruling issued by the court of first instance, which upheld the claim against the resolutions that settled the provisional payments for August, September, and October 2018, recognizing in favor of the Company the right to collect ARS 2,553.3 million plus interest.

No events, situations or circumstances, other than those mentioned in the Interim Condensed Financial Statements have taken place as from March 31, 2026 and until the date of issuance of these Interim Condensed Financial Statements, which affect or might significantly affect the economic and financial position of the Company or are otherwise worth mentioning.

28