YPF S.A. — Interim / Quarterly Report 2025

May 8, 2025

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YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

Deloitte & Co. S.A. Della Paolera 261, 4° piso C1001ADA Autonomous City of Buenos Aires Argentina

Tel.: (+54-11) 4320-2700

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INDEPENDENT AUDITOR’S REPORT ON

REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

To the Shareholders, President and Directors of YPF SOCIEDAD ANONIMA

1. Identification of the interim condensed consolidated financial statements subject to review

We have reviewed the accompanying interim condensed consolidated financial statements of YPF SOCIEDAD ANONIMA (the Company) and its controlled companies (the Group), which comprise the consolidated interim condensed statement of financial position as at March 2025, the interim condensed consolidated statements of comprehensive income for the three-months period as at March 2025, changes in equity and cash flows for the three months period as at March 2025, and other explanatory information included in the notes to the interim condensed consolidated financial statements.

2. Responsibility of the Company’s Board of Directors for the Interim Condensed Consolidated Financial Statements

The Company’s Board of Directors is responsible for the preparation and fair presentation of the accompanying interim condensed consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs), and consequently, is responsible for the preparation and fair presentation of these interim condensed financial statements in accordance with International Accounting Standard 34, “Interim financial reporting” (IAS 34). Additionally, the Company’s Board of Directors is responsible for such internal control as the Board determines is necessary to enable the preparation of financial statements that are free from material misstatements.

3. Auditors’ Responsibility

Our responsibility is to express a conclusion on the accompanying interim condensed consolidated financial statements based on our review. We conducted our review in accordance with the International Standards for Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”.

A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Deloitte & Co. S.A. Registro de Soc. Com. CPCECABA T°1 Folio 3

4. Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements of YPF SOCIEDAD ANONIMA for the three-month period ended March 2025 are not prepared, in all material respects, in accordance with IAS 34.

5. Other Matter

The accompanying interim financial statements are presented in U.S. Dollars (US$), which is the functional currency of the Company, and are prepared using the U.S. Dollar as the presentation currency, mainly with the purpose of being used by non-Argentine users of the financial statements and foreign financial institutions.

Buenos Aires City, May 7, 2025.

Deloitte & Co. S.A. (Registro de Sociedades Comerciales C.P.C.E.C.A.B.A. T° 1 - F° 3)

Guillermo D. Cohen Socio Contador Público U.B.A. C.P.C.E.C.A.B.A. T° 233 - F° 73

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms.

Deloitte Touche Tomatsu Limited is a private Company limited by guarantee incorporated in England & Wales under Company number 07271800, and its registered office is Hill House, 1 Little new Street, London, EC4a, 3TR, United Kindom.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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CONTENT

Note 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39	Description Glossary of terms Legal information Condensed interim consolidated statements of financial position Condensed interim consolidated statements of comprehensive income Condensed interim consolidated statements of changes in shareholders’ equity Condensed interim consolidated statements of cash flow Notes to the condensed interim consolidated financial statements: General information, structure and organization of the Group's business Basis of preparation of the condensed interim consolidated financial statements Seasonality of operations Acquisitions and disposals Financial risk management Business segment information Financial instruments by category Intangible assets Property, plant and equipment Right-of-use assets Investments in associates and joint ventures Assets held for sale and associated liabilities Inventories Other receivables Trade receivables Investments in financial assets Cash and cash equivalents Provisions Income tax Taxes payable Salaries and social security Lease liabilities Loans Other liabilities Accounts payable Revenues Costs Expenses by nature Other net operating results Net financial results Investments in joint operations and consortiums Shareholders’ equity Earnings per share Contingent assets and liabilities Contractual commitments Main regulations Balances and transactions with related parties Employee benefit plans and similar obligations Subsequent events	Page
		1 2 3 4 5 7 8 9 10 11 12 12 17 17 18 21 21 24 26 26 27 27 27 28 28 30 30 30 31 33 33 33 35 36 37 37 37 38 38 38 39 40 43 45 46

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YPF SOCIEDAD ANONIMA CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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GLOSSARY OF TERMS

GLOSSARY OF TERMS
Term ADR ADS AESA AFIP ANSES ARCA Argentina LNG ASC Associate B2B B2C BCRA BNA BO CAMMESA CAN CDS CGU CNDC CNV CPI CSJN CT Barragán Eleran ENARGAS ENARSA FASB FOB Gas Austral GPA Group IAS IASB IDS IFRIC IFRS INDEC JO Joint venture LGS LNG LPG MBtu MEGA Metroenergía Metrogas MINEM MLO MTN NO Oiltanking OLCLP Oldelval OPESSA OTA OTC PEN Peso PIST Profertil Refinor ROD RQT RTI RTT SC Gas SE SEC SEE SGE SRH SSHyC Subsidiary Sur Inversiones Energéticas Sustentator Termap Turnover tax U.S. dollar UNG US$ US$/bbl UVA VAT VMOS WEM YPF Chile YPF EE YPF Gas YPF or the Company YPF Perú YPF Ventures Y-TEC Y-LUZ	Definition
	American Depositary Receipt American Depositary Share Subsidiary A-Evangelista S.A. Argentine Tax Authority (Administración Federal de Ingresos Públicos) National Administration of Social Security (Administración Nacional de la Seguridad Social) Collection and Customs Control Agency (Agencia de Recaudación y Control Aduanero) (formerly “AFIP”) Subsidiary Argentina LNG S.A.U. Accounting Standards Codification Company over which YPF has significant influence as provided for in IAS 28 “Investments in associates and joint ventures” Business to Business Business to Consumer Central Bank of the Argentine Republic (Banco Central de la República Argentina) Bank of the Argentine Nation (Banco de la Nación Argentina) Official Gazette of the Argentine Republic (Boletín Oficial de la República Argentina) Compañía Administradora del Mercado Mayorista Eléctrico S.A. Northern Argentine basin (cuenca Argentina Norte) Associate Central Dock Sud S.A. Cash-generating unit Argentine Antitrust Authority (Comisión Nacional de Defensa de la Competencia) Argentine Securities Commission (Comisión Nacional de Valores) Consumer Price Index published by INDEC Argentine Supreme Court of Justice (Corte Suprema de Justicia de la Nación Argentina) Joint venture CT Barragán S.A. Subsidiary Eleran Inversiones 2011 S.A.U. Argentine Gas Regulator (Ente Nacional Regulador del Gas) Energía Argentina S.A. (formerly Integración Energética Argentina S.A., “IEASA”) Financial Accounting Standards Board Free on board Associate Gas Austral S.A. Associate Gasoducto del Pacífico (Argentina) S.A. YPF and its subsidiaries International Accounting Standard International Accounting Standards Board Associate Inversora Dock Sud S.A. International Financial Reporting Interpretations Committee International Financial Reporting Standard National Institute of Statistics and Census (Instituto Nacional de Estadística y Censos) Joint operation (Unión Transitoria) Company jointly owned by YPF as provided for in IFRS 11 “Joint arrangements” General Corporations Law (Ley General de Sociedades) No. 19,550 Liquefied natural gas Liquefied petroleum gas Million British thermal units Joint venture Compañía Mega S.A. Subsidiary Metroenergía S.A. Subsidiary Metrogas S.A. Ministry of Energy and Mining (Ministerio de Energía y Minería) West Malvinas basin (cuenca Malvinas Oeste) Medium-term note Negotiable obligations Associate Oiltanking Ebytem S.A. Joint venture Oleoducto Loma Campana - Lago Pellegrini S.A. Associate Oleoductos del Valle S.A. Subsidiary Operadora de Estaciones de Servicios S.A. Joint venture OleoductoTrasandino (Argentina) S.A. Joint venture OleoductoTrasandino (Chile) S.A. National Executive Branch (Poder Ejecutivo Nacional) Argentine peso Transportation system entry point (Punto de ingreso al sistema de transporte) Joint venture Profertil S.A. Joint venture Refinería del Norte S.A. Record of decision Quinquennial Tariff Review (Revisión Quinquenal Tarifaria) Integral Tariff Review (Revisión Tarifaria Integral) Transitional Tariff Regime (Régimen Tarifario de Transición) Subsidiary SC Gas S.A.U. Secretariat of Energy (Secretaría de Energía) (formerly “MINEM” and “SGE”) U.S. Securities and Exchange Commission Secretariat of Electric Energy (Secretaría de Energía Eléctrica) Government Secretariat of Energy (Secretaría de Gobierno de Energía) Hydrocarbon Resources Secretariat (Secretaría de Recursos Hidrocarburíferos) Under-Secretariat of Hydrocarbons and Fuels (Subsecretaría de Hidrocarburos y Combustibles) Company controlled by YPF as provided for in IFRS 10 “Consolidated financial statements” Subsidiary Sur Inversiones Energéticas S.A.U. Joint venture Sustentator S.A. Associate Terminales Marítimas Patagónicas S.A. Impuesto a los ingresos brutos United States dollar Unaccounted natural gas United States dollar U.S. dollar per barrel Unit of Purchasing Power Value added tax Associate VMOS S.A. Wholesale Electricity Market Subsidiary YPF Chile S.A. Joint venture YPF Energía Eléctrica S.A. Associate YPF Gas S.A. YPF S.A. Subsidiary YPF E&P Perú S.A.C. Subsidiary YPF Ventures S.A.U. Subsidiary YPF Tecnología S.A. Subsidiary Y-LUZ Inversora S.A.U. controlled by YPF EE

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YPF SOCIEDAD ANONIMA CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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LEGAL INFORMATION

Legal address

Macacha Güemes 515 - Ciudad Autónoma de Buenos Aires, Argentina.

Fiscal year

No. 49 beginning on January 1, 2025.

Main business of the Company

The Company’s purpose shall be to perform, on its own, through third parties or in association with third parties, the survey, exploration and exploitation of liquid and/or gaseous hydrocarbon fields and other minerals, as well as the industrialization, transportation and commercialization of these products and their direct and indirect by-products, including petrochemical products, chemical products, whether derived from hydrocarbons or not, and non-fossil fuels, biofuels and their components, as well as the generation of electrical energy through the use of hydrocarbons, to which effect it may manufacture, use, purchase, sell, exchange, import or export them. It shall also be the Company’s purpose the rendering, on its own, through a controlled company or in association with third parties, of telecommunications services in all forms and modalities authorized by the legislation in force after applying for the relevant licenses as required by the regulatory framework, as well as the production, industrialization, processing, commercialization, conditioning, transportation and stockpiling of grains and products derived from grains, as well as any other activity complementary to its industrial and commercial business or any activity which may be necessary to attain its object. To better achieve these purposes, it may set up, become associated with or have an interest in any public or private entity domiciled in Argentina or abroad, within the limits set forth in the Bylaws.

Filing with the Public Registry of Commerce

Bylaws filed on February 5, 1991, under No. 404 of the Book of Corporations 108, Volume A, with the Public Registry of Commerce of the Autonomous City of Buenos Aires, in charge of the Argentine Registry of Companies (Inspección General de Justicia); and Bylaws in substitution of previous Bylaws, filed on June 15, 1993, under No. 5,109 of the Book of Corporations 113, Volume A, with the above mentioned Public Registry.

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

January 26, 2024, registered with the Public Registry of Commerce of the Autonomous City of Buenos Aires in charge of the Argentine Registry of Companies (Inspección General de Justicia) on March 15, 2024, under No. 4,735, Book 116 of Corporations.

Capital structure

393,312,793 shares of common stock, $10 par value and 1 vote per share.

- Subscribed, paid in and authorized for stock exchange listing (in pesos)

3,933,127,930.

HORACIO DANIEL MARÍN President

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YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF MARCH 31, 2025 AND DECEMBER 31, 2024

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(Amounts expressed in millions of United States dollars)

ASSETS Non-current assets Intangible assets Property, plant and equipment Right-of-use assets Investments in associates and joint ventures Deferred income tax assets, net Other receivables Trade receivables Total non-current assets Current assets Assets held for sale Inventories Contract assets Other receivables Trade receivables Investments in financial assets Cash and cash equivalents Total current assets TOTAL ASSETS SHAREHOLDERS’ EQUITY Shareholders’ contributions Retained earnings Shareholders’ equity attributable to shareholders of the parent company Non-controlling interest TOTAL SHAREHOLDERS’ EQUITY LIABILITIES Non-current liabilities Provisions Contract liabilities Deferred income tax liabilities, net Income tax liability Salaries and social security Lease liabilities Loans Other liabilities Accounts payable Total non-current liabilities Current liabilities Liabilities directly associated with assets held for sale Provisions Contract liabilities Income tax liability Taxes payable Salaries and social security Lease liabilities Loans Other liabilities Accounts payable Total current liabilities TOTAL LIABILITIES TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	Notes 8 9 10 11 19 14 15 12 13 26 14 15 16 17 18 26 19 21 22 23 24 25 12 18 26 20 21 22 23 24 25	March 31, 2025 594 18,957 656 2,104 309 438 2 23,060 1,534 1,617 25 634 1,614 292 938 6,654 29,714 4,508 7,167 11,675 233 11,908 1,079 149 95 2 33 344 7,543 136 6 9,387 2,087 115 83 138 226 428 349 2,023 260 2,710 8,419 17,806 29,714	December 31, 2024
			491 18,736 743 1,960 330 337 1
			22,598
			1,537 1,546 30 552 1,620 390 1,118
			6,793
			**29,391 **
			4,506 7,146
			**11,652 **
			218
			11,870
			1,084 114 90 2 34 406 7,035 74 6
			8,845
			2,136 116 73 126 247 412 370 1,907 410 2,879
			8,676
			17,521
			**29,391 **

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN President

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YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024

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(Amounts expressed in millions of United States dollars, except per share information expressed in United States dollars)

Net income Revenues Costs Gross profit . Selling expenses Administrative expenses Exploration expenses Other net operating results Operating profit . Income from equity interests in associates and joint ventures . Financial income Financial costs Other financial results Net financial results . Net profit before income tax . Income tax . Net (loss) / profit for the period . Other comprehensive income . Items that may be reclassified subsequently to profit or loss: Translation effect from subsidiaries, associates and joint ventures Result from net monetary position in subsidiaries, associates and joint ventures(1) Other comprehensive income for the period . Total comprehensive income for the period . Net (loss) / profit for the period attributable to: Shareholders of the parent company Non-controlling interest Other comprehensive income for the period attributable to: Shareholders of the parent company Non-controlling interest Total comprehensive income for the period attributable to: Shareholders of the parent company Non-controlling interest Earnings per share attributable to shareholders of the parent company: Basic and diluted	Notes 26 27 28 28 28 29 11 30 30 30 30 19 33	For the three-month periods ended March 31,	For the three-month periods ended March 31,
		2025 4,608 (3,329) 1,279 (528) (206) (30) (323) 192 81 16 (285) 13 (256) 17 (27) (10) (38) 84 46 36 (16) 6 37 9 21 15 (0.04)	2024
			4,310 (3,019)
			**1,291 **
			(467) (141) (23) 6
			666
			129 36 (336) 41
			(259)
			536
			121
			**657 **
			(27) 285
			258
			915
			649 8 214 44 863 52 1.66

(1) Result associated to subsidiaries, associates and joint ventures with the peso as functional currency, see Note 2.b.1) to the annual consolidated financial statements.

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN President

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YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024

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(Amounts expressed in millions of United States dollars)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Balance at the beginning of the fiscal year Accrual of share-based benefit plans(3) Settlement of share-based benefit plans Other comprehensive income Net (loss) / profit for the period Balance at the end of the period . Balance at the beginning of the fiscal year Accrual of share-based benefit plans(3) Settlement of share-based benefit plans Other comprehensive income Net (loss) / profit for the period Balance at the end of the period			For the three-monthperiod ended March 31, 2025	For the three-monthperiod ended March 31, 2025	For the three-monthperiod ended March 31, 2025		Total 4,506 2 - - - 4,508 Equity attributable to Shareholders of the parent company Non- controlling interest 11,652 218 2 - - - 37 9 (16) 6 11,675 233	Total shareholders’ equity
			Shareholders’ contributions
	Capital 3,922 - - - - 3,922	Treasury shares 11 - - - - 11	Share-based benefitplans Acquisition cost of treasury shares(2) 3 (28) 2 - - - - - - - 5 (28) Retained earnings (4)		Share trading premiums (42) - - - - (42)	Issuance premiums 640 - - - - 640 Unappropriated retained earnings and losses 2,418 - - (9) (16) 2,393
	Legal reserve 787 - - - - 787	Reserve for future dividends - - - - - -	Reserve for investments 4,236 - - - - 4,236	Reserve for purchase of treasury shares 36 - - - - 36	Other comprehensive income (331) - - 46 - (285) (1)		Shareholders of the parent company 11,652 2 - 37 (16) 11,675
								11,870 2 - 46 (10)
								11,908

(1) Includes (2,005) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar, and 1,720 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency. See Note 2.b.1) to the annual consolidated financial statements.

(2) Net of employees’ income tax withholding related to the share-based benefit plans.

(3) See Note 38.

(4) Includes 70 restricted to the distribution of retained earnings as of March 31, 2025 and December 31, 2024, respectively. See Note 31 to the annual consolidated financial statements.

.

HORACIO DANIEL MARÍN President

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YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024 (cont.)

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(Amounts expressed in millions of United States dollars)

Balance at the beginning of the fiscal year Accrual of share-based benefit plans(3) Settlement of share-based benefit plans Other comprehensive income Net profit for the period Balance at the end of the period . Balance at the beginning of the fiscal year Accrual of share-based benefit plans(3) Settlement of share-based benefit plans Other comprehensive income Net profit for the period Balance at the end of the period			For the three-monthperiod ended March 31, 2024	For the three-monthperiod ended March 31, 2024	For the three-monthperiod ended March 31, 2024		Total 4,504 1 - - - 4,505 Equity attributable to Shareholders of the parent company Non- controlling interest 8,949 102 1 - - - 214 44 649 8 9,813 154	Total shareholders’ equity
			Shareholders’ contributions
	Capital 3,919 - - - - 3,919	Treasury shares 14 - - - - 14	Share- based benefit plans Acquisition cost of treasury shares(2) 1 (30) 1 - - - - - - - 2 (30) Retained earnings (4)		Share trading premiums (40) - - - - (40)	Issuance premiums 640 - - - - 640 Unappropriated retained earnings and losses (1,244) - - - 649 (595)
	Legal reserve 787 - - - - 787	Reserve for future dividends 226 - - - - 226	Reserve for investments 5,325 - - - - 5,325	Reserve for purchase of treasury shares 35 - - - - 35	Other comprehensive income (684) - - 214 - (470) (1)		Shareholders of the parent company 8,949 1 - 214 649 9,813
								9,051 1 - 258 657
								9,967

(1) Includes (1,900) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar, and 1,430 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency. See Note 2.b.1) to the annual consolidated financial statements.

(2) Net of employees’ income tax withholding related to the share-based benefit plans.

(3) See Note 38.

(4) Includes 70 restricted to the distribution of retained earnings as of March 31, 2024 and December 31, 2023, respectively. See Note 31 to the annual consolidated financial statements.

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN President

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YPF SOCIEDAD ANONIMA CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2025 AND 2024

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(Amounts expressed in millions of United States dollars)

Cash flows from operating activities Net (loss) / profit Adjustments to reconcile net profit to cash flows provided by operating activities: Income from equity interests in associates and joint ventures Depreciation of property, plant and equipment Amortization of intangible assets Depreciation of right-of-use assets Retirement of property, plant and equipment and intangible assets and consumption of materials Charge on income tax Net increase in provisions Effect of changes in exchange rates, interest and others Share-based benefit plans Result from sale of assets Result from changes in fair value of assets held for sale Changes in assets and liabilities: Trade receivables Other receivables Inventories Accounts payable Taxes payable Salaries and social security Other liabilities Decrease in provisions due to payment/use Contract assets Contract liabilities Proceeds from collection of profit loss insurance Income tax payments Net cash flows from operating activities(1) (2) . Investing activities:(3) Acquisition of property, plant and equipment and intangible assets Additions of assets held for sale Contributions and acquisitions of interests in associates and joint ventures Acquisitions from business combinations net of cash and cash equivalents Proceeds from sales of financial assets Payments from purchase of financial assets Interests received from financial assets Proceeds from concessions, assignment agreements and sale of assets Net cash flows used in investing activities . Financing activities:(3) Payments of loans Payments of interests Proceeds from loans Account overdrafts, net Payments of leases Payments of interests in relation to income tax Net cash flows from financing activities . Effect of changes in exchange rates on cash and cash equivalents . (Decrease) / Increase in cash and cash equivalents . Cash and cash equivalents at the beginning of the fiscal year Cash and cash equivalents at the end of the period (Decrease) / Increase in cash and cash equivalents	For the three-month periods ended March 31,	For the three-month periods ended March 31,
	2025 (10) (81) 718 14 74 99 27 261 254 2 (14) 200 (14) (224) (69) (282) (12) 27 (104) (59) 5 45 1 (8) 850 (1,205) (33) (71) (243) 97 - 1 71 (1,383) (1,087) (221) 1,767 - (105) - 354 (1) (180) 1,118 938 (180)	2024
		657 (129) 576 10 66 90 (121) 163 242 1 - - (448) (128) 125 41 107 (48) (49) (36) (8) (16) - (6)
		1,089
		(1,181) - - - 84 (130) 17 2
		(1,208)
		(554) (202) 1,114 56 (101) (1)
		312
		(7)
		186
		1,123 1,309
		186

(1) Does not include the effect of changes in exchange rates generated by cash and cash equivalents, which is exposed separately in this statement.

(2) Includes 20 and 31 for the three-month periods ended March 31, 2025 and 2024, respectively, for payments of short-term leases and payments of the variable charge of leases related to the underlying asset use or performance.

(3) The main investing and financing transactions that have not affected cash and cash equivalents correspond to:

Unpaid acquisitions of property, plant and equipment and intangible assets Unpaid additions of assets held for sale Additions of right-of-use assets Capitalization of depreciation of right-of-use assets Capitalization of financial accretion for lease liabilities	For the three-month periods ended March 31,	For the three-month periods ended March 31,
	2025 590 5 11 16 3	2024
		492 - 64 18 3

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN President

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YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

1. GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE GROUP’S BUSINESS

General information

YPF S.A. (“YPF” or the “Company”) is a stock corporation (sociedad anónima) incorporated under the Argentine laws, with a registered office at Macacha Güemes 515, in the Autonomous City of Buenos Aires.

YPF and its subsidiaries (the “Group”) form the leading energy group in Argentina, which operates a fully integrated oil and gas chain with leading market positions across the domestic Upstream, Midstream and Downstream, LNG and Integrated Gas and New Energies business segments (see Note 6).

Structure and organization of the economic group

The following table presents the main companies of the Group as of March 31, 2025:

			% of ownership
			of capital stock
Entity	Country	Main business	(1)	Relationship
.
Upstream
Eleran	Spain	Hydrocarbon exploration through the subsidiary YPF E&P
		Bolivia S.A.	100%	Subsidiary
SC Gas(4)	Argentina	Hydrocarbon exploitation	100%	Subsidiary
.
Midstream and Downstream
OPESSA	Argentina	Gas stations	100%	Subsidiary
Refinor	Argentina	Industrialization and commercialization of hydrocarbons	50%	Joint venture
OLCLP	Argentina	Hydrocarbon transportation	85%	Joint venture
OTA	Argentina	Hydrocarbon transportation	36%	Joint venture
OTC	Chile	Hydrocarbon transportation	36%	Joint venture
Oldelval	Argentina	Hydrocarbon transportation	37%	Associate
Oiltanking	Argentina	Hydrocarbon transportation	30%	Associate
Termap	Argentina	Hydrocarbon transportation	33.15%	Associate
VMOS(3)	Argentina	Hydrocarbon transportation	26.67%	Associate
YPF Gas	Argentina	Commercialization of natural gas	33.99%	Associate
.
LNG and Integrated Gas
YPF Chile	Chile	Commercialization of natural gas	100%	Subsidiary
Argentina LNG	Argentina	Industrialization and commercialization of LNG	100%	Subsidiary
Sur Inversiones Energéticas	Argentina	Industrialization and commercialization of LNG	100%	Subsidiary
MEGA	Argentina	Separation of natural gas liquids and their fractionation	38%	Joint venture
.
New Energies
Metrogas(2)	Argentina	Distribution of natural gas	70%	Subsidiary
Metroenergía	Argentina	Commercialization of natural gas	71.50%	Subsidiary
Y-TEC	Argentina	Research and development of technology	51%	Subsidiary
YPF Ventures	Argentina	Corporate investments	100%	Subsidiary
YPF EE	Argentina	Generation of electric power	75%	Joint venture
Profertil	Argentina	Production and commercialization of fertilizers	50%	Joint venture
CT Barragán	Argentina	Generation of electric power	50%	Joint venture
CDS(5)	Argentina	Generation of electric power	10.25%	Associate
.
Central Administration and Others
AESA	Argentina	Engineering and construction services	100%	Subsidiary

(1) Held directly and indirectly.

(2) See Note 36.c.3) “Note from ENARGAS related to YPF’s equity interest in Metrogas” section to the annual consolidated financial statements.

(3) On December 13, 2024, YPF, together with Pan American Sur S.A., Vista Energy S.A.U. and Pampa Energía S.A. signed a shareholders' agreement to form a new company, VMOS, which main purpose is the construction of the “Vaca Muerta Sur Project”, an oil transportation infrastructure project. VMOS has granted stock options to Pluspetrol S.A., Chevron Argentina S.R.L., CDC ApS, Shell Compañía Argentina de Petróleo S.A., Shell Overseas Investments B.V., and Gas y Petróleo del Neuquén S.A. As of the date of issuance of these condensed interim consolidated financial statements, the aforementioned companies have exercised such stock options becoming shareholders of VMOS.

(4) The change of MASA's corporate name to SC Gas is in the process of being registered with the Argentine Registry of Companies (Inspección General de Justicia), see Note 4 “Acquisition of Mobil Argentina S.A.” section.

(5) Additionally, the Group has a 22.36% indirect holding in capital stock through YPF EE.

HORACIO DANIEL MARÍN President

9

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

1. GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE GROUP’S BUSINESS (cont.)

Organization of the business

As of March 31, 2025, the Group carries out its operations in accordance with the following structure:

• Upstream

• Midstream and Downstream

• LNG and Integrated Gas

• New Energies

• Central Administration and Others

Activities covered by each business segment are detailed in Note 6.

The operations, properties and clients of the Group are mainly located in Argentina. However, the Group also holds participating interest in exploratory areas in Bolivia and sells natural gas, lubricants and derivatives in Chile.

2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

2.a) Applicable accounting framework

The condensed interim consolidated financial statements of the Company for the three-month period ended March 31, 2025, are presented in accordance with IAS 34 “Interim financial reporting”. Therefore, they should be read together with the annual consolidated financial statements of the Company as of December 31, 2024 (“annual consolidated financial statements”) presented in U.S. dollars and in accordance with IFRS Accounting Standards as issued by the IASB.

These condensed interim consolidated financial statements corresponding to the three-month period ended March 31, 2025 are unaudited. The Company believes they include all necessary adjustments to reasonably present the results of each period on a basis consistent with the audited annual consolidated financial statements. Net Income for the threemonth period ended March 31, 2025 does not necessarily reflect the proportion of the Group’s full-year net income.

2.b) Material accounting policies

The material accounting policies are described in Note 2.b) to the annual consolidated financial statements.

The accounting policies adopted in the preparation of these condensed interim consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements, except for the valuation policy for income tax detailed in Note 19.

Functional currency

As mentioned in Note 2.b.1) to the annual consolidated financial statements, YPF has defined the U.S. dollar as its functional currency.

The consolidated financial statements used by YPF for statutory, legal and regulatory purposes in Argentina are those in pesos and filed with the CNV and approved by the Board of Directors and authorized to be issued on May 7, 2025.

Business combinations

The Group analyzes whether the assets acquired and liabilities assumed in a transaction qualify as a business combination in accordance with IFRS 3 “Business combinations”. Business combinations are accounted for using the acquisition method, which requires, among others, the recognition and measurement at fair value of the identifiable assets acquired, the liabilities assumed and any non-controlling interest. The excess of the consideration transferred over such fair value is recognized as goodwill and the shortfall as a gain in profit or loss for the period.

When the assets acquired are not a business, the Group accounts for the transaction as the acquisition of an asset.

HORACIO DANIEL MARÍN President

10

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (cont.)

Adoption of new standards and interpretations effective as from January 1, 2025

The Company has adopted all new and revised standards and interpretations, issued by the IASB, relevant to its operations which are of mandatory and effective application as of March 31, 2025, as described in Note 2.b.14) to the annual consolidated financial statements.

Standards and interpretations issued by the IASB whose application is not mandatory at the closing date of these condensed interim consolidated financial statements and have not been adopted by the Group

In accordance with Article 1, Chapter III, Title IV of the CNV rules, the early application of the IFRS and/or their amendments is not permitted for issuers filing financial statements with the CNV, unless specifically admitted by such agency.

2.c) Significant estimates and key sources of estimation uncertainty

In preparing the financial statements at a certain date, the Group is required to make estimates and assessments affecting the amount of assets and liabilities recorded and the contingent assets and liabilities disclosed at such date, as well as income and expenses recognized in the fiscal year or period. Actual future profit or loss might differ from the estimates and assessments made at the date of preparation of these condensed interim consolidated financial statements.

The assumptions relating to the future and other key sources of uncertainty about the estimates made for the preparation of these condensed interim consolidated financial statements are consistent with those used by the Group in the preparation of the annual consolidated financial statements, which are disclosed in Note 2.c) to the annual consolidated financial statements.

2.d) Comparative information

Amounts and other financial information corresponding to the fiscal year ended December 31, 2024 and for the threemonth period ended March 31, 2024 are an integral part of these condensed interim consolidated financial statements and are intended to be read only in relation to these financial statements. Likewise, changes have been made to the comparative figures in Notes 6 and 26 as mentioned in Note 6.

3. SEASONALITY OF OPERATIONS

Historically, the Group’s results have been subject to seasonal fluctuations throughout the year, particularly as a result of the increase in natural gas sales during the winter driven by the increased demand in the residential segment. Consequently, the Group is subject to seasonal fluctuations in its sales volumes and prices, with higher sales of natural gas during the winter at higher prices.

HORACIO DANIEL MARÍN President

11

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

4. ACQUISITIONS AND DISPOSALS

The most relevant acquisitions and disposals of companies that took place during the three-month period ended March 31, 2025 are described below:

Acquisition of Mobil Argentina S.A.

On December 17, 2024, the Company entered into a share purchase and sale agreement with ExxonMobil Argentina Upstream B.V., ExxonMobil Exploration and Production Gemini B.V., and QatarEnergy Argentina Holdings LLC (collectively, the “Sellers”) whereby, subject to the fulfillment of the closing conditions set forth in such agreement, YPF acquired 100% of the shares and capital stock of Mobil Argentina S.A. (“MASA”).

MASA owns 54.45% of Sierra Chata unconventional exploitation concession in the Province of Neuquén. Pampa Energía S.A., operator of such concession, owns the remaining working interest.

On January 29, 2025 (“acquisition date”), after the fulfillment of all the closing conditions, the sale and transfer by the Sellers to YPF of 100% of MASA's shares and capital stock was completed. The amount of the transaction was 327 in cash. As of the acquisition date, MASA will continue to operate under the corporate name SC Gas S.A.U. (“SC Gas”), being YPF its sole shareholder.

The transaction described above qualifies as a business combination in accordance with IFRS 3 and is accounted for using the acquisition method (see Note 2.b)). The following table details the consideration transferred, the fair values of the identifiable assets acquired and the liabilities assumed by YPF at the acquisition date:

	Fair value at acquisition date(1)
Fair value of identifiable assets and liabilities assumed:
Intangible assets	108
Property, plant and equipment	154
Other receivables	7
Trade receivables	10
Cash and cash equivalents	60
Provisions	(5)
Accountspayable	(7)
Total identifiable net assets / Consideration	327

(1) In accordance with IFRS 3, during the measurement period, an entity may adjust the provisional amounts recognized in a business combination, therefore, fair values may be adjusted during the period.

Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)

On January 31, 2025, after the fulfillment of all the closing conditions of the share purchase and sale agreement of the subsidiary YPF Brasil, the sale and transfer by YPF to the GMZ HOLDING LTDA. and IGP HOLDING PARTICIPAÇÕES S.A., with the intervention of USIQUÍMICA DO BRASIL LTDA. as guarantor of the transaction, of 100% of the shares and capital stock of YPF Brasil was completed. The sale price of the transaction agreed by the parties was US$ 2.3 million. See Note 3 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section to the annual consolidated financial statements.

Based on the closing of the aforementioned share purchase and sale agreement and considering the fair value of the assets and liabilities of YPF Brasil classified as held for sale, as of the closing date of the transaction, the result from the sale did not have significant effects. In addition, the translation differences accumulated in the “Other comprehensive income” account and reclassified to the “Unappropriated retained earnings and losses” account in the statement of changes in shareholders’ equity due to the loss of control of the subsidiary amounts to a loss of 9.

HORACIO DANIEL MARÍN President

12

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

5. FINANCIAL RISK MANAGEMENT

The Group's activities expose it to a variety of financial risks: Market risk (including exchange rate risk, interest rate risk, and price risk), liquidity risk and credit risk. Within the Group, risk management functions are conducted in relation to financial risks associated to financial instruments to which the Group is exposed during a certain period or as of a specific date.

During the three-month period ended March 31, 2025, there were no significant changes in the administration or policies of risk management implemented by the Group as described in Note 4 to the annual consolidated financial statements.

• Liquidity risk management

Most of the Group’s loans contain market-standard covenants for contracts of this nature, which include financial covenants in respect of the Group’s leverage ratio and debt service coverage ratio, and events of defaults triggered by materially adverse judgements, among others. See Notes 17, 33 and 34 to the annual consolidated financial statements and Notes 18 and 34.

The Group monitors compliance with covenants on a quarterly basis. As of March 31, 2025, the Group is in compliance with its covenants.

6. BUSINESS SEGMENT INFORMATION

The different business segments in which the Group’s organization is structured consider the different activities from which the Group can obtain revenues and incur expenses. Such organizational structure is based on the way in which the chief decision maker analyzes the main operating and financial magnitudes for making decisions about resource allocation and performance assessment, also considering the business strategy of the Group.

Business segment information is presented consistently with the manner of reporting the information used by the chief decision maker to allocate resources and assess business segment performance.

As of the current fiscal year, as a consequence of the organizational structure changes in which the New Energies Vice Presidency was created and the Gas and Power Vice Presidency and the Downstream Vice Presidency were reformulated as the LNG and Integrated Gas Vice Presidency and the Midstream and Downstream Vice Presidency, respectively, the complete management scope of these new business units was determined. On January 1, 2025, these organizational changes resulted in a modification of the composition of the business segments according to how the chief decision maker allocates resources and assesses the performance of these business segments, creating the New Energies business segment and readjusting the composition and definition of the businesses of the remaining business segments. The changes in the business segments had no impact on the CGUs defined in Note 2.b.5) to the annual consolidated financial statements.

As aforementioned and in Note 5 to the annual consolidated financial statements, the comparative information for the fiscal year ended December 31, 2024 and the three-month period ended March 31, 2024 has been restated.

The business segments structure is organized as follows:

• Upstream

The Upstream business segment performs all activities related to the exploration and exploitation of hydrocarbon fields and production of crude oil and natural gas.

On July 1, 2024, certain assets related to the production of frac sand for well drilling/fracking purposes, which were formerly included in the Upstream business segment, were assigned to Central Administration and Others.

Its revenues are mainly derived from: (i) the sale of the produced crude oil to the Midstream and Downstream business segment; (ii) the sale of the produced natural gas to the LNG and Integrated Gas business segment; and (iii) the sale of the natural gas retained in plant to the Midstream and Downstream business segment.

It incurs all costs related to the aforementioned activities.

HORACIO DANIEL MARÍN President

13

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)

• Midstream and Downstream

The Midstream and Downstream business segment performs activities related to: (i) the refining, transportation and commercialization of refined products; (ii) the production, transportation and commercialization of petrochemical products; (iii) the transportation and commercialization of crude oil; and (iv) the commercialization of specialties for the agribusiness industry and of grains and their by-products.

On January 1, 2025, as a consequence of the organizational changes described above, the assets related to the natural gas transportation, the conditioning and processing of natural gas retained in plant for the separation and fractionation of gasoline, propane and butane, the storage of the produced natural gas, and the commercial and technical operation of the LNG regasification terminal in Escobar, which were formerly included in the Gas and Power business segment, were assigned to the Midstream and Downstream business segment.

Its revenues are mainly derived from the sale of crude oil, refined and petrochemical products, and specialties for agribusiness industry and grains and their by-products, through the businesses of B2C (Retail), B2B (Commercial Networks, Industries, Transportation, Aviation, Agro, Lubricants and Specialties), LPG, Chemicals, International Trade and Transportation and Sales to Companies. In addition, it obtains revenues from midstream oil, midstream gas and natural gas storage operations and the provision of LNG regasification services.

It incurs all costs related to the aforementioned activities, including the purchase of: (i) crude oil from the Upstream business segment and third parties; (ii) natural gas to be consumed in the refinery and petrochemical industrial complexes from the LNG and Integrated Gas business segment; and (iii) natural gas retained in plant from the Upstream business segment.

• LNG and Integrated Gas

The LNG and Integrated Gas business segment performs activities related to: (i) natural gas commercialization to third parties and to the Midstream and Downstream business segment; (ii) the separation of natural gas liquids and their fractionation, storage and transportation for the production of ethane, propane, butane and gasoline, and its commercialization, through our investment in joint venture Mega; and (iii) the development of LNG capacity.

On January 1, 2025, as a consequence of the organizational changes described above, the assets related to the natural gas transportation, the conditioning and processing of natural gas retained in plant for the separation and fractionation of gasoline, propane and butane, the storage of the produced natural gas, and the commercial and technical operation of the LNG regasification terminal in Escobar, which were formerly included in the Gas and Power business segment, were assigned to the Midstream and Downstream business segment. Furthermore, the assets related to the distribution of natural gas through our subsidiary Metrogas, the generation of conventional thermal electric power and renewable energy, and the production, storage, distribution and sale of fertilizers through our investments in associates and joint ventures, which were formerly included in the Gas and Power business segment, were assigned to the New Energies business segment.

Its revenues are mainly derived from the commercialization of natural gas as producers to third parties and to the

Midstream and Downstream and the New Energies business segments.

It incurs all costs related to the aforementioned activities, including the purchase of natural gas from the Upstream business segment.

HORACIO DANIEL MARÍN President

14

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)

• New Energies

On January 1, 2025, as a consequence of the organizational changes described above, the New Energies Vice Presidency was created and during the current fiscal year the complete management scope of this new business unit was determined. As of that date, the assets related to the distribution of natural gas through our subsidiary Metrogas, the generation of conventional thermal electric power and renewable energy and the production, storage, distribution and sale of fertilizers through our investments in associates and joint ventures, which were formerly included in the Gas and Power business segment, were assigned to the New Energies business segment. In addition, the assets related to the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary Y-TEC, previously included in Central Administration and Others, were assigned to the New Energies business segment.

The New Energies business segment performs activities related to: (i) the definition and development of the new energy portfolio; (ii) the definition and development of sustainability and energy transitions programs; (iii) the distribution of natural gas through our subsidiary Metrogas; and (iv) the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary Y-TEC. Furthermore, through our investments in associates and joint ventures, the New Energies business segment performs activities related to: (i) the generation of conventional thermal electric power and renewable energy; and (ii) the production, storage, distribution and sale of fertilizers.

Its revenues are mainly derived from the sale of natural gas through our subsidiary Metrogas.

It incurs all costs related to the aforementioned activities, including the purchase of natural gas from the LNG and Integrated Gas business segment.

• Central Administration and Others

It includes the remaining activities performed by the Group that do not fall within the aforementioned business segments and which are not reporting business segments, mainly comprising revenues, expenses and assets related to: (i) corporate administrative; (ii) the production of frac sand for well drilling/fracking purposes; and (iii) the construction activities through our subsidiary AESA.

On July 1, 2024, certain assets related to the production of frac sand for well drilling/fracking purposes, which were formerly included in the Upstream business segment, were assigned to Central Administration and Others. In addition, on January 1, 2025, as a consequence of the organizational changes described above, the assets related to the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary Y-TEC, previously included in Central Administration and Others, were assigned to the New Energies business segment.

Sales between business segments were made at internal transfer prices established by the Group, which approximately reflect domestic market prices.

Operating profit or loss and assets of each business segment have been determined after consolidation adjustments.

HORACIO DANIEL MARÍN President

15

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)

For the three-month period ended March 31, 2025 Revenues Revenues from intersegment sales Revenues	Upstream 18 2,049 2,067 (119) - 1,060 2 262 561 - 41 13,072	Midstream and Downstream 3,856 62 3,918 382 14 213 1 - 125 9 31 10,982	LNG and Integrated Gas 333 67 400 (5) 22 3 - - 1 - - 757	New Energies 189 3 192 24 45 10 - - 10 4 - 2,629	Central Administration and Others 212 281 493 (59) - 20 8 - 21 1 2 2,532	Consolidation adjustments(1) - (2,462) (2,462) (31) - - - - - - - (258)	Total
							4,608 -
							4,608
.							192 81 (256) 17 (27) (10) 1,306 11 262 718 14 74 29,714
Operating profit or loss Income from equity interests in associates and joint ventures
.
Net financial results Net profit before income tax Income tax Net loss for the period
.
Acquisitions of property, plant and equipment Acquisitions of right-of-use assets Increases from business combinations(4)
.
Other income statement items Depreciation of property, plant and equipment(2) Amortization of intangible assets Depreciation of right-of-use assets
.
Balance as of March 31, 2025 Assets

HORACIO DANIEL MARÍN

President

16

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)

For the three-month period ended March 31, 2024 Revenues Revenues from intersegment sales Revenues	Upstream 14 1,933 1,947 400 (3) - 1,009 6 - 431 - 42 12,795	Midstream and Downstream 3,768 22 3,790 560 13 214 58 - 118 7 24 10,735	LNG and Integrated Gas 311 55 366 (33) 27 - - - - - - 743	New Energies 76 2 78 (25) 89 5 - - 8 3 - 2,524	Central Administration and Others 141 221 362 (26) - 24 - - 19 - - 2,822	Consolidation adjustments(1) - (2,233) (2,233) (210) - - - - - - - (228)	Total
							4,310 -
							4,310
.							666 129 (259) 536 121 657 1,252 64 - 576 10 66 29,391
Operating profit or loss Income from equity interests in associates and joint ventures
.
Net financial results Net profit before income tax Income tax Net profit for the period
.
Acquisitions of property, plant and equipment Acquisitions of right-of-use assets Increases from business combinations
.
Other income statement items Depreciation of property, plant and equipment(2) Amortization of intangible assets Depreciation of right-of-use assets . Balance as of December 31, 2024 Assets

(1) Corresponds to the eliminations among the business segments of the Group.

(2) Includes depreciation of charges for impairment of property, plant and equipment. (3) Includes (6) of unproductive exploratory drillings as of March 31, 2024. (4) See Notes 8 and 9.

HORACIO DANIEL MARÍN President

17

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

7. FINANCIAL INSTRUMENTS BY CATEGORY

Fair value measurements

Fair value measurements are described in Note 6 to the annual consolidated financial statements.

The tables below present the Group’s financial assets measured at fair value through profit or loss as of March 31, 2025 and December 31, 2024, and their allocation to their fair value hierarchy levels:

Financial assets		As of March	31, 2025
	Level 1 284 8 292 353 353 645	Level 2 Level 3 - - - - - - - - - - - - As of December 31, 2024		Total
Investments in financial assets: - Public securities - Private securities - NO Cash and cash equivalents: - Mutual funds . Financial assets				284 8
				292
				353
				353
				645
	Level 1 381 9 390 439 439 829	Level 2 - - - - - -	Level 3 - - - - - -	Total
Investments in financial assets: - Public securities - Private securities - NO Cash and cash equivalents: - Mutual funds				381 9
				390
				439
				439
				829

The Group has no financial liabilities measured at fair value through profit or loss.

Fair value estimates

During the three-month period ended March 31, 2025, there have been no changes in macroeconomic circumstances that significantly affect the Group’s financial instruments measured at fair value through profit or loss.

During the three-month period ended March 31, 2025, there were no transfers between the different hierarchies used to determine the fair value of the Group’s financial instruments.

Fair value of financial assets and financial liabilities measured at amortized cost

The estimated fair value of loans, considering unadjusted listed prices (Level 1) for NO and interest rates offered to the Group (Level 3) for the remaining loans, amounted to 9,462 and 8,811 as of March 31, 2025 and December 31, 2024, respectively. The fair value of other receivables, trade receivables, cash and cash equivalents, other liabilities and accounts payable at amortized cost, do not differ significantly from their carrying amount.

8. INTANGIBLE ASSETS

Net carrying amount of intangible assets Provision for impairment of intangible assets	March 31, 2025 634 (40) 594	December 31, 2024
		531 (40)
		491

HORACIO DANIEL MARÍN

President

18

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

8. INTANGIBLE ASSETS (cont.)

The evolution of the Group's intangible assets for the three-month period ended March 31, 2025 and as of the year ended December 31, 2024 is as follows:

Cost Accumulated amortization Balance as of December 31, 2023 . Cost Increases Increases from business combinations Translation effect Adjustment for inflation(1) Decreases, reclassifications and other movements . Accumulated amortization Increases Translation effect Adjustment for inflation(1) Decreases, reclassifications and other movements . Cost Accumulated amortization Balance as of December 31, 2024 . Cost Increases Increases from business combinations Translation effect Adjustment for inflation(1) Decreases, reclassifications and other movements . Accumulated amortization Increases Translation effect Adjustment for inflation(1) Decreases, reclassifications and other movements . Cost Accumulated amortization Balance as of March 31, 2025	Service concessions 964 703 261 86 - - - - 27 - - - 1,050 730 320 21 - - - - 7 - - - 1,071 737 334	Exploration rights 110 - 110 - - - - - - - - - 110 - 110 - 108 - - (26) - - - - 192 - 192	Other intangibles 431 395 36 4 - (12) 51 62 16 (7) 31 - 536 435 101 1 - (4) 8 12 7 (3) 6 - 553 445 108	Total
				1,505 1,098
				407
				90 - (12) 51 62 43 (7) 31 - 1,696 1,165
				531
				22 108 (4) 8 (14) 14 (3) 6 - 1,816 1,182
				634

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

9. PROPERTY, PLANT AND EQUIPMENT

Net carrying amount of property, plant and equipment Provision for obsolescence of materials and equipment Provision for impairment of property, plant and equipment	March 31, 2025 19,778 (361) (460) 18,957	December 31, 2024
		19,456 (223) (497)
		18,736

HORACIO DANIEL MARÍN

President

19

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Changes in Group’s property, plant and equipment for the three-month periods ended March 31, 2025 and as of the year ended December 31, 2024 are as follows:

Cost Accumulated depreciation Balance as of December 31, 2023 . Cost Increases Increases from business combinations Translation effect Adjustment for inflation(1) Decreases, reclassifications and other movements . Accumulated depreciation Increases Translation effect Adjustment for inflation(1) Decreases, reclassifications and other movements . Cost Accumulated depreciation Balance as of December 31, 2024 . Cost Increases Increases from business combinations Translation effect Adjustment for inflation(1) Decreases, reclassifications and other movements . Accumulated depreciation Increases Translation effect Adjustment for inflation(1) Decreases, reclassifications and other movements . Cost Accumulated depreciation Balance as of March 31, 2025	Land and buildings 1,340 688 652 1 - (43) 151 (94) 29 (19) 80 (63) 1,355 715 640 1 - (10) 20 26 6 (6) 11 (5) 1,392 721 671	Mining property, wells and related equipment 53,101 44,894 8,207 169 - - - (24,759) 2,160 - - (24,725) 28,511 22,329 6,182 149 146 - - 767 605 - - (146) 29,573 22,788 6,785	Refinery equipment and petrochemical plants 8,911 5,858 3,053 95 - - - 325 372 - - - 9,331 6,230 3,101 14 - - - 4 89 - - - 9,349 6,319 3,030	Transportation equipment 677 370 307 28 - (12) 48 (13) 41 (8) 32 (57) 728 378 350 1 - (4) 8 (10) 11 (2) 4 (10) 723 381 342	Materials and equipment in warehouse 1,439 - 1,439 1,263 - (4) 16 (1,151) - - - - 1,563 - 1,563 235 8 (1) 3 (247) - - - - 1,561 - 1,561	Drilling and work in progress 5,665 - 5,665 3,928 - (6) 24 (3,543) - - - - 6,068 - 6,068 896 - (3) 4 (1,163) - - - (1) 5,802 (1) 5,803	Exploratory drilling in progress 131 - 131 99 - - - (171) - - - - 59 - 59 7 - - - - - - - - 66 - 66	Furniture, fixtures and installations 869 786 83 2 - (7) 31 1 39 (5) 22 (42) 896 800 96 2 - (2) 5 6 10 (1) 3 (5) 907 807 100	Selling equipment 1,382 981 401 - - - - 183 72 - - (12) 1,565 1,041 524 - - - - 13 19 - - - 1,578 1,060 518	Infrastructure for natural gas distribution 810 411 399 - - (176) 746 (5) 25 (89) 376 (12) 1,375 711 664 - - (54) 112 8 8 (29) 60 - 1,441 750 691	Other property 843 648 195 15 - (42) 182 (45) 33 (30) 129 (36) 953 744 209 1 - (10) 27 3 8 (8) 20 (1) 974 763 211	Total 75,168 54,636 20,532 5,600 - (290) 1,198 (29,272) (2) 2,771 (151) 639 (24,947) (2) 52,404 32,948 19,456 1,306 154 (84) 179 (593) (3) 756 (46) 98 (168) (3) 53,366 33,588 19,778

(1) Corresponds to the 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.

(2) Includes 28,586 and 24,915 of cost and accumulated depreciation, respectively, reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project“ section to the annual consolidated financial statements. (3) Includes 380 and 74 of cost and accumulated depreciation, respectively, reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 2.b.13) to the annual consolidated financial statements and Note 12.

HORACIO DANIEL MARÍN

President

20

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

The Group capitalizes the financial cost of loans as part of the cost of the property, plant and equipment. For the threemonth periods ended March 31, 2025 and 2024, the rate of capitalization was 6.57% and 7.71%, respectively, and the amount capitalized amounted to 3 and 2, respectively.

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the three-month period ended March 31, 2025 and as of the year ended December 31, 2024:

Balance as of December 31, 2023 Increases charged to profit or loss Applications due to utilization Translation effect Adjustment for inflation(1) Balance as of December 31, 2024 Increases charged to profit or loss Applications due to utilization Translation effect Adjustment for inflation(1) Balance as of March 31, 2025	Provision for obsolescence of materials and equipment
	171
	53 (2) - 1
	223
	139 (1) - -
	361

(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.

Set forth below is the evolution of the provision for impairment of property, plant and equipment for the three-month period ended March 31, 2025 and as of the year ended December 31, 2024:

Balance as of December 31, 2023 Increases charged to profit or loss(1) Depreciation(2) Translation effect Adjustment for inflation(3) Reclassifications(4) Balance as of December 31, 2024 Increases charged to profit or loss Depreciation(2) Translation effect Adjustment for inflation(3) Reclassifications Balance as of March 31, 2025	Provision for impairment of property, plant and equipment
	2,649
	66 (325) (2) 5 (1,896)
	497
	- (38) - 1 -
	460

(1) See Notes 2.c) and 8 to the annual consolidated financial statements.

(2) Included in “Depreciation of property, plant and equipment” line item in the statement of comprehensive income, see Note 28.

(3) 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.

(4) Includes 1,896 reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project“ section to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President

21

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

10. RIGHT-OF-USE ASSETS

The evolution of the Group's right-of-use assets for the three-month period ended March 31, 2025 and as of the year ended December 31, 2024 is as follows:

Cost Accumulated depreciation Balance as of December 31, 2023 . Cost Increases Translation effect Adjustment for inflation(1) Decreases, reclassifications and other movements . Accumulated depreciation Increases Translation effect Adjustment for inflation(1) Decreases, reclassifications and other movements . Cost Accumulated depreciation Balance as of December 31, 2024 . Cost Increases Translation effect Adjustment for inflation(1) Decreases, reclassifications and other movements . Accumulated depreciation Increases Translation effect Adjustment for inflation(1) Decreases, reclassifications and other movements . Cost Accumulated depreciation Balance as of March 31, 2025	Land and buildings 40 24 16 12 - 1 (1) 7 - 1 - 52 32 20 - - - - 1 - - - 52 33 19	Exploitation facilities and equipment 567 416 151 16 - - (15) 101 - - (15) 568 502 66 - - - (9) 11 - - - 559 513 46	Machinery and equipment 451 252 199 219 - - (59) 88 - - (56) 611 284 327 1 - - - 26 - - - 612 310 302	Gas stations 94 49 45 11 (3) 14 (2) 12 (3) 10 (1) 114 67 47 - - 2 - 5 - 1 - 116 73 43	Transportation equipment 498 278 220 186 - - (11) 123 - - (11) 673 390 283 10 - - - 47 - - - 683 437 246	Total
						1,650 1,019
						631
						444 (3) 15 (88) 331 (3) 11 (83) 2,018 1,275
						743
						11 - 2 (9) 90 - 1 - 2,022 1,366
						656

(1) Corresponds to the adjustment for inflation of opening balances of right-of-use assets of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table presents the value of the investments in associates and joint ventures at an aggregate level as of March 31, 2025 and December 31, 2024:

Amount of investments in associates Amount of investments in joint ventures	March 31, 2025 281 1,823 2,104	December 31, 2024 212 1,748 1,960

HORACIO DANIEL MARÍN President

22

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (cont.)

The main concepts which affected the value of the aforementioned investments during the three-month period ended March 31, 2025 and as of the year ended December 31, 2024, correspond to:

Balance as of December 31, 2023 Acquisitions and contributions Income on investments in associates and joint ventures Distributed dividends Translation differences Adjustment for inflation(1) Balance as of December 31, 2024 Acquisitions and contributions Income on investments in associates and joint ventures Distributed dividends Translation differences Adjustment for inflation(1) Balance as of March 31, 2025	Investments in associates andjoint ventures
	1,676
	- 396 (174) (13) 75
	1,960
	72 81 (13) (5) 9
	2,104

(1) Corresponds to the adjustment for inflation of opening balances of associates and joint ventures with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income, see Note 2.b.1) to the annual consolidated financial statements.

The following table presents the principal amounts of the results of the investments in associates and joint ventures of the Group, calculated according to the equity method, for the three-month periods ended March 31, 2025 and 2024. The values reported by these companies have been adjusted, if applicable, to adapt them to the accounting policies used by the Company for the calculation of the equity method value in the aforementioned dates:

Net income Other comprehensive income Comprehensive income	Associates For the three-month periods ended March 31, 2025 2024 9 6 3 16 12 22	Joint ventures	Joint ventures
		For the three-month periods ended March 31,
	2025 9 3 12	2025 72 1 73	2024
			123 13
			136

The Company has no investments in subsidiaries with significant non-controlling interests. Likewise, the Company has no significant investments in associates and joint ventures, except for the investment in YPF EE.

HORACIO DANIEL MARÍN President

23

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (cont.)

The financial information corresponding to YPF EE’s assets and liabilities as of March 31, 2025 and December 31, 2024, as well as the results for the three-month periods ended March 31, 2025 and 2024, are detailed below:

Total non-current assets Cash and cash equivalents Other current assets Total current assets Total assets	March 31, 2025(1) December 31, 2024(1) 2,194 2,147 207 240 232 243 439 483 2,633 2,630 732 736 94 64 826 800 245 291 192 213 437 504 1,263 1,304 1,370 1,326 - 36 1,072.50 1,030.50 For the three-monthperiods ended March 31,	December 31, 2024(1)
		2,147 240 243 483
		2,630
.		736 64 800 291 213 504
Financial liabilities (excluding "Accounts payable", "Provisions" and "Other liabilities" items) Other non-current liabilities Total non-current liabilities Financial liabilities (excluding "Accounts payable", "Provisions" and "Other liabilities" items) Other current liabilities Total current liabilities Total liabilities
		1,304
.
Total shareholders’ equity(2) . Dividends received(3) . Closing exchange rates(4) . Revenues Interest income Depreciation and amortization Interest loss Income tax Operating profit		1,326
	2025(1) 150 3 (38) (16) (7) 66 44 53 97 1,054.66	2024(1)
		122 14 (35) (14) (5) 34
.
Net profit Other comprehensive income Total comprehensive income . Average exchange rates(4)		31 67
		98
		832.15

(1) The financial information arises from the statutory condensed interim consolidated financial statements of YPF EE and the amounts are translated to U.S. dollars using the exchange rates indicated. On this information, accounting adjustments have been made for the calculation of the equity method value and in the results of YPF EE. The adjusted equity and results do not differ significantly from the financial information disclosed here.

(2) Includes the non-controlling interest.

(3) The amounts are translated to U.S. dollars using the exchange rate at the date of the dividends’ payment.

(4) Corresponds to the average seller/buyer exchange rate of BNA.

HORACIO DANIEL MARÍN

President

24

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES

The following table presents the main assets held for sale and associated liabilities as of March 31, 2025 and December 31, 2024:

, Balance as of March 31, 2025 Assets held for sale Property, plant and equipment - Mature Fields Project Property, plant and equipment and intangible assets - Aguada del Chañar(3) Property, plant and equipment - Gas stations Assets of subsidiary YPF Brasil(2) . Liabilities directly associated with assets held for sale Provision for hydrocarbon wells abandonment obligations - Mature Fields Project Provision for hydrocarbon wells abandonment obligations - Aguada del Chañar(3) Provision for environmental liabilities - Mature Fields Project Liabilities for concessions - Mature Fields Project Liabilities of subsidiary YPF Brasil(2)	Upstream 1,192 332 - - 1,524 2,009 1 63 14 - 2,087 Upstream 1,506 - - - 1,506 2,051 - 53 14 - 2,118	Midstream and Downstream - - 10 - 10 - - - - - - Midstream and Downstream - - 10 21 31 - - - - 18 18	Total
			1,192 332 10 -
			**1,534 **
			2,009 1 63 14 -
			**2,087 **
.			Total
.
, Balance as of December 31, 2024 Assets held for sale Property, plant and equipment - Mature Fields Project(1) Property, plant and equipment and intangible assets - Aguada del Chañar Property, plant and equipment - Gas stations Assets of subsidiary YPF Brasil(2) . . Liabilities directly associated with assets held for sale Provision for hydrocarbon wells abandonment obligations - Mature Fields Project(1) Provision for hydrocarbon wells abandonment obligations - Aguada del Chañar Provision for environmental liabilities - Mature Fields Project(1) Liabilities for concessions - Mature Fields Project(1) Liabilities of subsidiary YPF Brasil(2)
			1,506 - 10 21
			**1,537 **
			2,051 - 53 14 18
			2,136

(1) See Note 11 “Mature Fields Project“ section to the annual consolidated financial statement.

(2) Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”) section.

(3) See Note 35.b) “Aguada del Chañar” section.

Mature Fields Project

The Mature Fields Project is described in Note 11 “Mature Fields Project” section to the annual consolidated financial statements. Updates for the three-month period ended March 31, 2025, are described below:

• Description of the Mature Fields Project

The assignment agreements that have met the agreed closing conditions during the three-month period ended March 31, 2025, and therefore the transaction was settled are described below:

Estación Fernández Oro

On December 19, 2024, Decree No. 525/2024 was published in the Official Gazette of the Province of Río Negro, which authorized the transfer of 100% of YPF's rights and obligations in the “Estación Fernández Oro” exploitation concession in favor of Quintana E&P Argentina S.R.L., Quintana Energy Investments S.A., and Gas Storage and Midstream Services S.A. (“Quintana Consortium”).

On February 3, 2025, after the fulfillment of all the closing conditions by YPF and Quintana Consortium, the transfer of 100% of the rights and obligations of YPF in such exploitation concessions in favor of Quintana Consortium was formalized. In the context of this transaction, YPF received 23.

Campamento Central - Cañadón Perdido

On January 6, 2025, Decree No. 1,892/2024 was published in the Official Gazette of the Province of Chubut, which authorized the transfer of 100% of the rights and obligations in the “Campamento Central - Cañadón Perdido” exploitation concession, in which YPF held a working interest of 50%, in favor of PECOM.

HORACIO DANIEL MARÍN President

25

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES (cont.)

On January 31, 2025, after the fulfillment of all the closing conditions by YPF and PECOM, the transfer of 100% of the rights and obligations of YPF in such exploitation concessions in favor of PECOM was formalized. In the context of this transaction, YPF received 28.

As of March 31, 2025, based on the closing of the aforementioned assignment agreements for the “Estación Fernández Oro”, and “Campamento Central - Cañadón Perdido” exploitation concessions and considering the fair value less costs to sell of such groups of assets, the result from the sale of such assets did not have significant effects. Additionally, the derecognition of the carrying amount of net assets held for sale and liabilities directly associated with assets held for sale related to such exploitation concessions was 45 as of such date.

The assignment agreements that have met the agreed closing conditions as of the date of issuance of these condensed interim consolidated financial statements, for which the transaction was settled after the end of the period ended March 31, 2025, are described below. Consequently, the disposal of these groups of assets as held for sale did not meet the requirements of IFRS 5 to recognize their sale at the end of the three-month period ended March 31, 2025, and therefore these groups of assets continue to be classified as held for sale as of that date.

Barrancas, Vizcacheras, La Ventana, Ceferino, Mesa Verde and Río Tunuyán

On January 29, 2025, Resolution No. 16/2025 was published in the Official Gazette of the Province of Mendoza, which authorized the transfer of 100% of YPF's rights and obligations in “Barrancas”, “Vizcacheras”, “La Ventana”, “Ceferino”, “Mesa Verde” and “Río Tunuyán” exploitation concessions in favor of Petróleos Sudamericanos S.A. (“PS”).

On March 27, 2025, after the fulfillment of all the closing conditions by YPF and PS, the transfer of 100% of the rights and obligations of YPF in such exploitation concessions in favor of PS was formalized with effective date as of April 1, 2025. In the context of this transaction, YPF received 3 and, in addition, contemplates crude oil deliveries for a period of 2 years as payment in kind.

At the closing date of the aforementioned assignment agreements for the “Barrancas”, “Vizcacheras”, “La Ventana”, “Ceferino”, “Mesa Verde” and “Río Tunuyán” exploitation concessions and considering the fair value less costs to sell of such groups of assets, the result from the sale of such assets amounts to a gain of 78. Additionally, the derecognition of the carrying amount of net liabilities directly associated with assets held for sale and assets held for sale related to such exploitation concessions is 31.

In addition, at the date of issuance of these condensed interim consolidated financial statements, the following assignment agreements, although they have been formally resolved by the corresponding enforcement authorities, are subject to the fulfillment of closing conditions:

Señal Cerro Bayo, Volcán Auca Mahuida, Don Ruiz and Las Manadas

On April 7, 2025, Decree No. 372/2025 was published in the Official Gazette of the Province of Neuquén, which authorized the transfer of 100% of YPF’s rights and obligations in “Señal Cerro Bayo”, “Volcán Auca Mahuida”, “Don Ruiz” and “Las Manadas” exploitation concessions in favor of Bentia Energy S.A. (“Bentia”) and Ingeniería SIMA S.A. As of the date of issuance of these condensed interim consolidated financial statements, the assignment agreement is subject to the fulfillment of closing conditions.

Al Norte de la Dorsal and Octógono

On April 9, 2025, Decree No. 380/2025 was published in the Official Gazette of the Province of Neuquén, which authorized the transfer of 100% of YPF’s rights and obligations in “Al Norte de la Dorsal” and “Octógono” exploitation concessions in favor of Bentia. As of the date of issuance of these condensed interim consolidated financial statements, the assignment agreement is subject to the fulfillment of closing conditions.

As of the date of issuance of these condensed interim consolidated financial statements, the Company has signed assignment agreements for certain groups of assets as held for sale that are subject to closing conditions mainly related to regulatory and provincial approvals, for which the Company is taking the necessary steps to close; and it is highly probable that these assets will be disposed. In addition, the Company maintains groups of assets as held for sale for which agreements have not yet been signed but continues in negotiations with third parties for their disposal or reversal. The delay in the fulfillment of the plan for the disposal of mature fields is due to the complexity of the negotiations, which is beyond the Company’s control. As of the date of issuance of these condensed interim consolidated financial statements, the Company considers that the disposal of such assets continues to be highly probable during 2025.

HORACIO DANIEL MARÍN President

26

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

12. ASSETS HELD FOR SALE AND ASSOCIATED LIABILITIES (cont.)

• Accounting matters

Considering that the assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell (“fair value”), the Company evaluates the changes in fair value, recognizing a profit up to the limit of the impairment loss previously recognized or an impairment loss in addition to that previously recognized for such changes, (see Note 2.b.13) to the annual consolidated financial statement).

For the three-month period ended March 31, 2025, based on the aforementioned evaluation of the changes in the fair value, the Company recognized a loss due to changes in the fair value of assets held for sale of 200 in the “Other net operating results” line item in the statement of comprehensive income, mainly generated by higher costs associated with expenses of different nature that are expected to arise related to the assets in connection with the ongoing negotiations progress. The carrying amount of the assets held for sale may be adjusted in future periods depending on the results of the disposal process carry out by YPF and the economic consideration to be agreed with third parties for such assets.

In relation to the Company's own personnel, the Company recognized for the three-month period ended March 31, 2025 a charge for severance indemnities of 26 in the “Provision for severance indemnities” line under “Other operating results, net” line item in the statement of comprehensive income.

13. INVENTORIES

Finished goods Crude oil and natural gas(2) Products in process Raw materials, packaging materials and others	March 31, 2025 983 471 47 116 1,617 (1)	December 31, 2024 925 456 49 116 1,546 (1)

(1) As of March 31, 2025 and December 31, 2024, the carrying amount of inventories does not exceed their net realizable value.

(2) Includes 21 corresponding to the provision of inventories write-down as of March 31, 2025 and December 31, 2024, respectively, see Note 2.b.8) to the annual consolidated financial statements.

14. OTHER RECEIVABLES

4. OTHER RECEIVABLES
Receivables from services, sales of other assets and other advance payments Tax credit and export rebates Loans and balances with related parties(1) Collateral deposits Prepaid expenses Advances and loans to employees Advances to suppliers and custom agents(2) Receivables with partners in JO and Consortiums Insurance receivables Miscellaneous . Provision for other doubtful receivables	March 31, 2025 Non-current Current 14 7 148 173 189 76 - 17 56 60 1 6 24 88 1 179 - 4 30 24 463 634 (25) - 438 634	December 31, 2024
	Non-current 14 148 189 - 56 1 24 1 - 30 463 (25) 438	Non-current 11 129 159 - 15 - 16 2 - 31 363 (26) 337	Current
			35 150 35 20 42 5 74 164 5 22
			552 -
			552

(1) See Note 37 for information about related parties. (2) Includes, among others, advances to custom agents for the payment of taxes and import rights related to the imports of fuels and goods.

HORACIO DANIEL MARÍN President

27

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

15. TRADE RECEIVABLES

5. TRADE RECEIVABLES
Accounts receivable and related parties(1) (2) Provision for doubtful trade receivables	March 31, 2025 Non-current Current 11 1,669 (9) (55) 2 1,614	December	31, 2024
	Non-current 11 (9) 2	Non-current 10 (9) 1	Current
			1,672 (52)
			1,620

(1) See Note 37 for information about related parties.

(2) See Note 26 for information about credits for contracts included in trade receivables.

Set forth below is the evolution of the provision for doubtful trade receivables for the three-month period ended March 31, 2025 and for the fiscal year ended December 31, 2024:

Balance as of December 31, 2023 Increases charged to expenses Decreases charged to income Applications due to utilization Net exchange and translation differences Result from net monetary position(1) Reclassifications(4) Balance as of December 31, 2024 Increases charged to expenses Decreases charged to income Applications due to utilization Net exchange and translation differences Result from net monetary position(1) Reclassifications Balance as of March 31, 2025

Provision for doubtful trade receivables Non-current Current 12 (2) 47 - 74 (3) - (8) (3) - (49) (3) (3) (5) - (6) - (1) 9 (2) 52 - 5 - (1) - - - (1) - - - - 9 (2) 55

Non-current 12 (2) - - - (3) - - 9 (2) - - - - - - 9 (2)

(1) Includes the adjustment for inflation of opening balances of the provision for doubtful trade receivables 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 period which was charged to net profit or loss in the statement of comprehensive income.

(2) Mainly including credits with distributors of natural gas for the accumulated daily differences pursuant to Decree No. 1,053/2018, see Note 36.c.1) to the annual consolidated financial statements.

(3) Mainly including credits with CAMMESA, see Note 37 to the annual consolidated financial statements.

(4) Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.

16. INVESTMENTS IN FINANCIAL ASSETS

Investments at fair value through profit or loss Public securities(1) Private securities - NO (1) See Note 37. 7. CASH AND CASH EQUIVALENTS Cash and banks(1) Short-term investments(2) Financial assets at fair value through profit or loss(3)	March 31, 2025 284 8 292 March 31, 2025 343 242 353 938	December 31, 2024
		381 9
		390
		December 31, 2024
		304 375 439
		1,118

17. CASH AND CASH EQUIVALENTS

(1) Includes balances granted as collateral, see Note 35.d) to the annual consolidated financial statements.

(2) Includes 21 and 146 of term deposits and other investments with BNA as of March 31, 2025 and December 31, 2024, respectively. (3) See Note 7.

HORACIO DANIEL MARÍN President

28

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

18. PROVISIONS

Changes in the Group’s provisions for the three-month period ended March 31, 2025 and for the fiscal year ended December 31, 2024 are as follows:

Balance as of December 31, 2023 Increases charged to expenses Decreases charged to income Increases from business combinations Applications due to utilization Net exchange and translation differences Result from net monetary position(1) Reclassifications and other movements(2) Balance as of December 31, 2024 Increases charged to expenses Decreases charged to income Increases from business combinations Applications due to utilization Net exchange and translation differences Result from net monetary position(1) Reclassifications and other movements Balance as of March 31, 2025	Provision for lawsuits and contingencies Non- current Current 66 21 105 - (5) - - - (3) (17) (14) - (2) - (18) 17 129 21 9 - (1) - - - - (16) (2) (1) - - (16) 16 119 20	Provisi environment	on for al liabilities Current 34 - - - (72) (7) - 81 36 - - - (24) - - 32 44	Provision for hydrocarbon wells abandonment obligations Non- current Current 2,546 126 134 - (7) - - - - (30) - - - - (1,817) (37) 856 59 31 - - - 5 - - (8) - - - - (1) - 891 51	Tot	al
	Non- current 66 105 (5) - (3) (14) (2) (18) 129 9 (1) - - (2) - (16) 119	Non- current 48 187 (1) - - - - (135) 99 4 - - - - - (34) 69		Non- current 2,546 134 (7) - - - - (1,817) 856 31 - 5 - - - (1) 891	Non- current 2,660 426 (13) - (3) (14) (2) (1,970) 1,084 44 (1) 5 - (2) - (51) 1,079	Current
						181
						- - - (119) (7) - 61
						116
						- - - (48) (1) - 48
						115

(1) Includes the adjustment for inflation of opening balances of provisions 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 period which was charged to net profit or loss in the statement of comprehensive income.

(2) Includes 2,023 and 54 corresponding to the provisions for hydrocarbon wells abandonment obligations and for environmental liabilities, respectively, reclassified to the “Liabilities directly associated with assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11 “Mature Fields Project“ section to the annual consolidated financial statements. Additionally, includes the balance of the provision for lawsuits and contingencies of the subsidiary YPF Brasil reclassified to “Assets held for sale” in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.

Provisions are described in Note 17 to the annual consolidated financial statements.

19. INCOME TAX

According to IAS 34, income tax expense is recognized in each interim period based on the best estimate of the effective income tax rate expected as of the closing date of these condensed interim consolidated financial statements, considering the tax criteria that the Group assumes to apply during the fiscal year. If the estimate of such rate is modified based on new elements of judgment, the income tax expense could require adjustments in subsequent periods.

Uncertain tax positions on income tax treatments in accordance with the guidelines of IFRIC 23 "Uncertainty over income tax treatments" (see Note 2.c) “Income tax and deferred taxes” section to the annual consolidated financial statements), and its effects, are described in Note 18 to the annual consolidated financial statements.

The amount accrued of income tax charge for the three-month periods ending March 31, 2025 and 2024 is as follows:

Current income tax Deferred income tax	For the three-month periods ended March 31,	For the three-month periods ended March 31,
	2025 (18) (9) (27)	2024
		(15) 136
		121

HORACIO DANIEL MARÍN President

29

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

19. INCOME TAX (cont.)

The reconciliation between the income tax charge for the three-month periods ended March 31, 2025 and 2024 and the one that would result from applying the prevailing tax rate on net profit or loss before income tax arising from the consolidated statements of comprehensive income for each period is as follows:

onsolidated statements of comprehensive income for each period is as follows:
Net profit before income tax Average tax rate(1) Average tax rate applied to net profit before income tax Effect of the valuation of property, plant and equipment, intangible assets and assets held for sale, net Effect of exchange differences and other results associated to the valuation of the currency, net(2) Effect of the valuation of inventories Income on investments in associates and joint ventures Effect of tax rate change(3) Effect of application of indexation mechanisms Miscellaneous Income tax	For the three-month periods ended March 31,
	2025 17 23.53% (4) 1 (53) (21) 20 55 - (25) (27)	2024
		536 25.37%
		(136) 897 (1,013) (41) 32 98 260 24
		121

(1) Corresponds to the average projected tax rate of YPF and its subsidiaries in compliance with amendment to Law No. 27,630. See Note 36.f.1) to the annual consolidated financial statements.

(2) Includes the effect of tax inflation adjustments.

(3) Corresponds to the remediation of deferred income tax balances at the time of reversal, see Note 36.f.1) to the annual consolidated financial statements.

The breakdown of the Group's deferred tax assets and liabilities as of March 31, 2025 and December 31, 2024 is as follows:

Deferred tax assets Provisions and other non-deductible liabilities Property, plant and equipment and Assets held for sale Lease liabilities Tax losses carryforward Miscellaneous Total deferred tax assets . Deferred tax liabilities Intangible assets and Inventories Adjustment for tax inflation(1) Right-of-use assets Miscellaneous Total deferred tax liabilities Total net deferred tax(2)	March 31, 2025 236 237 243 11 2 729 (256) - (229) (30) (515) 214	December 31, 2024
		202 524 258 13 1
		998
		(224) (271) (247) (16)
		(758)
		240

(1) Includes the effect of the deferral of the tax inflation adjustment. See Note 36.f.1) “Budget Law 2023 - Deferral of tax adjustment for inflation” section to the annual consolidated financial statements.

(2) Includes (8) corresponding to adjustment for inflation of the opening deferred tax liability of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income and includes (9) corresponding to the effect of the translation.

As of March 31, 2025 and December 31, 2024, the causes that generated charges within “Other comprehensive income” line item in the statement of comprehensive income did not generate temporary differences subject to income tax.

As of March 31, 2025 and December 31, 2024 the Group has classified as deferred tax asset 309 and 330, respectively, and as deferred tax liability 95 and 90, respectively, all of which arise from the net deferred tax balances of each of the separate companies included in these condensed interim consolidated financial statements.

HORACIO DANIEL MARÍN President

30

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

20. TAXES PAYABLE

0. TAXES PAYABLE
VAT Withholdings and perceptions Royalties Fuels tax Turnover tax Miscellaneous	March 31, 2025 30 65 65 32 8 26 226	December 31, 2024
		19 71 84 30 7 36
		247

21. SALARIES AND SOCIAL SECURITY

Salaries and social security Bonuses and incentives provision Cash-settled share-based payments provision(1) Vacation provision Provision for severance indemnities(2) Miscellaneous	March 31, 2025 Non-current Current - 112 - 164 32 - - 69 - 77 1 6 33 428	December 31, 2024	December 31, 2024
	Non-current - - 32 - - 1 33	Non-current - - 33 - - 1 34	Current
			95 179 - 66 66 6
			412

(1) Corresponds to the Value Generation Plan, see Note 38. (2) See Note 12 “Mature Fields Project“ section.

22. LEASE LIABILITIES

The evolution of the Group's leases liabilities for the three-month period ended March 31, 2025 and for the fiscal year ended December 31, 2024, is as follows:

Balance as of December 31, 2023 Increases of leases Financial accretions Decreases of leases Payments Balance as of December 31, 2024 Increases of leases Financial accretions Decreases of leases Payments Balance as of March 31, 2025	Lease liabilities
	666
	444 71 (5) (400)
	776
	11 19 (8) (105)
	693

HORACIO DANIEL MARÍN

President

31

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

23. LOANS

3. LOANS
Pesos: Export pre-financing(5) Loans Currencies other than the peso: NO(2) (3) Export pre-financing(4) Imports financing Loans Stock market promissory notes	Interest rate (1) - 40.48% - 44.10% 0.00% - 10.00% 1.90% - 10.50% 8.70% - 16.00% 2.40% - 11.06% 0.00% - 0.00%	Maturity - 2025-2026 2025-2047 2025 2025-2026 2025-2030 2025-2026	March 31, 2025 Non-current Current - - 13 11 13 11 6,902 1,051 - 496 19 20 609 (6) 345 - 100 7,530 2,012 7,543 2,023	December 31, 2024
			Non-current - 13 13 6,902 - 19 609 (6) - 7,530 7,543	Non-current - 18 18 6,255 - 19 718 (6) 25 7,017 7,035	Current
					31 8
					39
					1,317 383 17 76 75
					1,868
					1,907

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

(2) Disclosed net of 21 and 18 corresponding to YPF’s own NO repurchased through open market transactions, as of March 31, 2025 and December 31, 2024, respectively.

(3) Includes 1,492 and 1,496 as of March 31, 2025 and December 31, 2024, 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 134 and 133 as of March 31, 2025 and December 31, 2024, respectively, of pre-financing of exports granted by BNA.

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

(6) Includes 199 and 28 of loans granted by BNA as of March 31, 2025 and December 31, 2024, respectively.

Set forth below is the evolution of the loans for three-month period ended March 31, 2025 and for the fiscal year ended December 31, 2024:

Balance as of December 31, 2023 Proceeds from loans Payments of loans Payments of interest Account overdrafts, net Accrued interest(1) Net exchange and translation differences Result from net monetary position(2) Reclassifications(3) Balance as of December 31, 2024 Proceeds from loans Payments of loans Payments of interest Account overdrafts, net Accrued interest(1) Net exchange and translation differences Result from net monetary position(2) Reclassifications Balance as of March 31, 2025	Loans
	8,190
	2,967 (2,102) (707) (48) 680 (30) (1) (7)
	8,942
	1,767 (1,087) (221) - 167 (2) - -
	9,566

(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 period which was charged to net profit or loss in the statement of comprehensive income.

(3) Corresponds to the balances of the subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 4 “Sale of equity participation in YPF Brasil Comércio Derivado de Petróleo Ltda. (“YPF Brasil”)” section.

HORACIO DANIEL MARÍN

President

32

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

23. LOANS (cont.)

Details regarding the NO of the Group are as follows:

Details regarding the NO of the Group are as follows:
Month Year Principal value(3) YPF - 1998 U.S. dollar 15 April 2015 U.S. dollar 757 July, December 2017 U.S. dollar 644 December 2017 U.S. dollar 537 June 2019 U.S. dollar 399 July 2020 U.S. dollar 341 February 2021 U.S. dollar 776 February 2021 U.S. dollar 748 February 2021 U.S. dollar 576 July 2021 U.S. dollar 384 January 2023 U.S. dollar 230 April 2023 U.S. dollar 147 April 2023 U.S. dollar 38 June 2023 U.S. dollar 263 September 2023 U.S. dollar 400 October 2023 U.S. dollar 128 January 2024 U.S. dollar 800 May 2024 U.S. dollar 178 July 2024 U.S. dollar 185 September(2) 2024 U.S. dollar 540 October 2024 U.S. dollar 125 October 2024 U.S. dollar 25 January 2025 U.S. dollar 1,100 February 2025 U.S. dollar 140 February 2025 U.S. dollar 59	Class - Class XXXIX Class LIII Class LIV Class I Class XIII Class XVI Class XVII Class XVIII Class XX Class XXI Class XXIII Class XXIV Class XXV Class XXVI Class XXVII Class XXVIII Class XXIX Class XXX Class XXXI Class XXXII Class XXXIII Class XXXIV Class XXXV Class XXXVI	Interest rate (1) Principal maturity Fixed 10.00% 2028 - - - Fixed 6.95% 2027 Fixed 7.00% 2047 Fixed 8.50% 2029 - - - Fixed 9.00% 2026 Fixed 9.00% 2029 Fixed 7.00% 2033 Fixed 5.75% 2032 Fixed 1.00% 2026 Fixed 0.00% 2025 Fixed 1.00% 2027 Fixed 5.00% 2026 Fixed 0.00% 2028 Fixed 0.00% 2026 Fixed 9.50% 2031 Fixed 6.00% 2026 Fixed 1.00% 2026 Fixed 8.75% 2031 Fixed 6.50% 2028 Fixed 7.00% 2028 Fixed 8.25% 2034 Fixed 6.25% 2027 Fixed 3.50% 2025	March 31, 2025 Non-current Current 15 1 - - 648 8 530 11 398 9 - - - 240 756 16 557 - 357 32 - 220 - 144 38 - (4) - 266 400 - 144 - 790 16 177 1 187 - (4) 539 3 125 4 25 1 1,077 19 139 1 - 59 6,902 1,051	December 31, 2024 Non-current Current 15 - (4) - 785 649 19 530 1 398 - (4) - 44 58 243 756 - 555 11 384 10 220 - (4) - 150 37 - (4) 263 1 400 - 147 - 790 35 177 1 187 - (4) 539 15 125 2 25 - (4) - - - - - - 6,255 1,317
			Non-current 15 - 648 530 398 - - 756 557 357 - - 38 - 400 144 790 177 187 539 125 25 1,077 139 - 6,902	Non-current 15 - 649 530 398 - 58 756 555 384 220 - 37 263 400 147 790 177 187 539 125 25 - - - 6,255

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

(2) During the three-month period ended March 31, 2025, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements. (3) Total nominal value issued without including the nominal values canceled through exchanges or repurchases, expressed in millions. (4) The registered amount is less than 1.

HORACIO DANIEL MARÍN President

33

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

24. OTHER LIABILITIES

4. OTHER LIABILITIES
Liabilities for concessions and assignment agreements Liabilities for contractual claims(1) Provision for operating optimizations(2) Miscellaneous	March 31, 2025 Non-current Current 100 200 36 42 - 16 - 2 136 260	December 31, 2024
	Non-current 100 36 - - 136	Non-current - 74 - - 74	Current
			94 47 266 3
			410

(1) See Note 17.a.2) to the annual consolidated financial statements.

(2) See Note 11 “Mature Fields Project“ section to the annual consolidated financial statement.

25. ACCOUNTS PAYABLE

5. ACCOUNTS PAYABLE
Trade payable and related parties(1) Guarantee deposits Payables with partners of JO and Consortiums Miscellaneous	March 31, 2025 Non-current Current 4 2,652 1 4 1 33 - 21 6 2,710	December 31, 2024 Non-current Current 4 2,820 1 4 1 38 - 17 6 2,879
	Non-current 4 1 1 - 6		Current
			2,820 4 38 17
			2,879

(1) See Note 37 for information about related parties.

26. REVENUES

6. REVENUES
Revenue from contracts with customers National Government incentives(1)	For the three-month periods ended March 31,
	2025 4,600 8 4,608	2024
		4,279 31
		4,310

(1) See Note 37.

The Group’s transactions and the main revenues by business segments are described in Note 6. The Group classifies revenues from contracts with customers in accordance with Note 25 to the annual consolidated financial statements. The Group's revenues from contracts with customers are broken down into the following categories, as described in Note 2.b.12) to the annual consolidated financial statements:

• Breakdown of revenues

Type of good or service

Diesel Gasolines Natural gas(1) Crude oil Jet fuel Lubricants and by-products LPG Fuel oil Petrochemicals Fertilizers and crop protection products Flours, oils and grains Asphalts Goods for resale at gas stations Income from services Income from construction contracts Virgin naphtha Petroleum coke LNG regasification Other goods and services		For the three-monthperiod ended March 31, 2025	For the three-monthperiod ended March 31, 2025	For the three-monthperiod ended March 31, 2025	For the three-monthperiod ended March 31, 2025
	Upstream - - 10 - - - - - - - - - - - - - - - 8 18	Midstream and Downstream 1,586 1,037 5 251 213 87 141 30 95 34 139 25 36 - - 33 63 1 79 3,855	LNG and Integrated Gas - - 325 - - - - - - - - - - - - - - - 2 327	New Energies - - 146 - - - - - - - - - - - - - - - 42 188	Central Administration and Others - - - - - - - - - - - - - 32 96 - - - 84 212	Total
						1,586 1,037 486 251 213 87 141 30 95 34 139 25 36 32 96 33 63 1 215
						4,600

HORACIO DANIEL MARÍN President

34

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

26. REVENUES (cont.)

6. REVENUES (cont.)
Diesel Gasolines Natural gas(1) Crude oil Jet fuel Lubricants and by-products LPG Fuel oil Petrochemicals Fertilizers and crop protection products Flours, oils and grains Asphalts Goods for resale at gas stations Income from services Income from construction contracts Virgin naphtha Petroleum coke LNG regasification Other goods and services		**For the three-monthperiod ended March 31, **			2024
	Upstream - - - - - - - - - - - - - - - - - - 14 14	Midstream and Downstream 1,634 1,022 4 201 269 113 108 27 110 55 50 15 27 - - 36 53 1 41 3,766	LNG and Integrated Gas - - 280 - - - - - - - - - - - - - - - 3 283	New Energies - - 63 - - - - - - - - - - - - - - - 12 75	Central Administration and Others - - - - - - - - - - - - - 34 62 - - - 45 141	Total
						1,634 1,022 347 201 269 113 108 27 110 55 50 15 27 34 62 36 53 1 115
						4,279

(1) Includes 342 and 296 corresponding to sales of natural gas produced by the Company for the three-month periods ended March 31, 2025 and 2024, respectively.

Sales channels

Gas stations Power plants Distribution companies Retail distribution of natural gas Industries, transport and aviation Agriculture Petrochemical industry Trading Oil companies Commercialization of LPG Other sales channels		**For the three-monthperiod ended March 31, **	**For the three-monthperiod ended March 31, **	**For the three-monthperiod ended March 31, **	2025
	Upstream - - - - 10 - - - - - 8 18	Midstream and Downstream 1,740 - - - 968 381 138 466 50 66 46 3,855	LNG and Integrated Gas - 127 50 - 150 - - - - - - 327	New Energies - 18 - 92 70 - - - - - 8 188	Central Administration and Others - - - - - - - - - - 212 212	Total
						1,740 145 50 92 1,198 381 138 466 50 66 274
						4,600

Gas stations Power plants Distribution companies Retail distribution of natural gas Industries, transport and aviation Agriculture Petrochemical industry Trading Oil companies Commercialization of LPG Other sales channels		For the	**three-monthperiod ended March 31, **	**three-monthperiod ended March 31, **	2024
	Upstream - - - - - - - - - - 14 14	Midstream and Downstream 1,789 - - - 979 290 158 416 42 38 54 3,766	LNG and Integrated Gas - 112 12 - 159 - - - - - - 283	New Energies - 6 - 15 50 - - - - - 4 75	Central Administration and Others - - - - - - - - - - 141 141	Total
						1,789 118 12 15 1,188 290 158 416 42 38 213
						4,279

HORACIO DANIEL MARÍN President

35

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

26. REVENUES (cont.)

Target market

Sales in the domestic market amounted to 3,844 and 3,615 for the three-month periods ended March 31, 2025 and 2024, respectively.

Sales in the international market amounted to 756 and 664 for the three-month periods ended March 31, 2025 and 2024, respectively.

• Contract balances

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

Credits for contracts included in the item of "Trade receivables" Contract assets Contract liabilities	March 31, 2025 Non-current Current 11 1,644 - 25 149 83	December 31, 2024	December 31, 2024
	Non-current 11 - 149	Non-current 8 - 114	Current
			1,646 30 73

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 contracts for the sale of fuels and agribusiness products and transportation service contracts, among others.

For the three-month periods ended March 31, 2025 and 2024 the Group has recognized 42 and 45, 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.

27. COSTS

Inventories at beginning of year Purchases Production costs(1) Translation effect Adjustment for inflation(2) Inventories at end of the period	For the three-month periods ended March 31,	For the three-month periods ended March 31,
	2025 1,546 1,028 2,370 (3) 5 (1,617) 3,329	2024
		1,683 963 1,931 (2) 18 (1,574)
		3,019

(1) See Note 28.

(2) Corresponds to the adjustment for inflation of opening balances of inventories of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

HORACIO DANIEL MARÍN

President

36

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

28. EXPENSES BY NATURE

The Group presents the statement of comprehensive income by classifying expenses according to their function as part of the “Costs”, “Administrative expenses”, “Selling expenses” and “Exploration expenses” line items. The following additional information is disclosed as required on the nature of the expenses and their relation to the function within the Group for the three-month periods ended March 31, 2025 and 2024:

Salaries and social security taxes Fees and compensation for services Other personnel expenses Taxes, charges and contributions Royalties, easements and fees Insurance Rental of real estate and equipment Survey expenses Depreciation of property, plant and equipment Amortization of intangible assets Depreciation of right-of-use assets Industrial inputs, consumable materials and supplies Operation services and other service contracts Preservation, repair and maintenance Unproductive exploratory drillings Transportation, products and charges Provision for doubtful receivables Publicity and advertising expenses Fuel, gas, energy and miscellaneous		For the three-monthperiod ended March 31, 2025	For the three-monthperiod ended March 31, 2025	For the three-monthperiod ended March 31, 2025
	Production costs(2) 267 24 79 41 287 21 67 - 683 9 70 121 150 402 - 129 - - 20 2,370	Administrative expenses 72 70 9 3 - - - - 10 4 - 1 4 8 - - - 18 7 206	Selling expenses 37 13 3 251 (1) 1 - 4 - 25 1 4 4 12 11 - 125 4 12 21 528	Exploration expenses 1 - 1 - 1 - - 16 - - - 1 4 5 - - - - 1 30	Total
					377 107 92 295 289 21 71 16 718 14 74 127 170 426 - 254 4 30 49
					3,134

(1) Includes 65 corresponding to export withholdings and 148 corresponding to turnover tax. (2) Includes 8 corresponding to research and development activities.

Salaries and social security taxes Fees and compensation for services Other personnel expenses Taxes, charges and contributions Royalties, easements and fees Insurance Rental of real estate and equipment Survey expenses Depreciation of property, plant and equipment Amortization of intangible assets Depreciation of right-of-use assets Industrial inputs, consumable materials and supplies Operation services and other service contracts Preservation, repair and maintenance Unproductive exploratory drillings Transportation, products and charges Provision for doubtful receivables Publicity and advertising expenses Fuel, gas, energy and miscellaneous		For the three-monthperiod ended March 31, 2024	For the three-monthperiod ended March 31, 2024	For the three-monthperiod ended March 31, 2024
	Production costs(2) 180 10 56 41 269 18 48 - 545 7 63 115 93 332 - 116 - - 38 1,931	Administrative expenses 51 52 5 4 - 2 - - 10 3 - 1 2 7 - - - 2 2 141	Selling expenses 29 8 2 208 (1) - 1 3 - 21 - 3 3 10 8 - 112 35 11 13 467	Exploration expenses 2 - - - 2 - - 10 - - - - 2 - 6 - - - 1 23	Total
					262 70 63 253 271 21 51 10 576 10 66 119 107 347 6 228 35 13 54
					2,562

(1) Includes 33 corresponding to export withholdings and 129 corresponding to turnover tax. (2) Includes 8 corresponding to research and development activities.

HORACIO DANIEL MARÍN President

37

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

29. OTHER NET OPERATING RESULTS

Lawsuits Export Increase Program(1) Result from sale of assets(2) Result from changes in fair value of assets held for sale(2) Provision for severance indemnities(2) Provision for obsolescence of materials and equipment Miscellaneous	For the three-month periods ended March 31, 2025 2024 (8) (8) 17 15 14 - (200) - (26) - (136) - 16 (1) (323) 6	For the three-month periods ended March 31, 2025 2024 (8) (8) 17 15 14 - (200) - (26) - (136) - 16 (1) (323) 6
		2024
		(8) 15 - - - - (1)
		6

(1) See Note 36.h) to the annual consolidated financial statements and Note 36.i). (2) See Note 12 “Mature Fields Project“ section.

30. NET FINANCIAL RESULTS

Financial income Interest on cash and cash equivalents and investments in financial assets Interest on trade receivables Other financial income Total financial income . Financial costs Loan interest Hydrocarbon well abandonment provision financial accretion(1) Other financial costs Total financial costs . Other financial results Exchange differences generated by loans Exchange differences generated by cash and cash equivalents and investments in financial assets Other exchange differences, net Result on financial assets at fair value through profit or loss Result from derivative financial instruments Result from net monetary position Total other financial results . Total net financial results	For the three-month periods ended March 31, 2025 2024 6 17 9 18 1 1 16 36 (162) (199) (95) (85) (28) (52) (285) (336) 1 7 (10) 3 2 4 30 10 1 - (11) 17 13 41 (256) (259)	For the three-month periods ended March 31, 2025 2024 6 17 9 18 1 1 16 36 (162) (199) (95) (85) (28) (52) (285) (336) 1 7 (10) 3 2 4 30 10 1 - (11) 17 13 41 (256) (259)
		2024
		17 18 1
		36
		(199) (85) (52)
		(336)
		7 3 4 10 - 17
		41
		(259)

(1) Includes 64 and 19 corresponding to the financial accretion of liabilities directly associated with assets held for sale for the three-month periods ending March 31, 2025 and 2024, respectively, see Note 2.b.13) to the annual consolidated financial statements and Note 12 “Mature Fields Project“ section.

31. INVESTMENTS IN JOINT OPERATIONS AND CONSORTIUMS

The assets and liabilities as of March 31, 2025 and December 31, 2024, and expenses for the three-month periods ended March 31, 2025 and 2024, of JO and Consortiums in which the Group participates are as follows:

Non-current assets(1) Current assets Total assets Non-current liabilities Current liabilities Total liabilities	March 31, 2025 6,480 442 6,922 414 680 1,094	December 31, 2024
		6,286 579
		6,865
		449 769
		1,218

(1) Does not include charges for impairment of property, plant and equipment because they are recorded by the partners participating in the JO and Consortiums.

Production cost Exploration expenses	For the three-month periods ended March 31,	For the three-month periods ended March 31,
	2025 673 4	2024
		501 14

HORACIO DANIEL MARÍN President

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YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

32. SHAREHOLDERS’ EQUITY

As of March 31, 2025, the Company’s capital amounts to 3,922 and treasury shares amount to 11 represented by 393,312,793 book-entry shares of common stock and divided into four classes of shares (A, B, C and D), with a par value of 10 pesos and 1 vote per share. These shares are fully subscribed, paid-in and authorized for stock exchange listing.

As of March 31, 2025, there are 3,764 Class A outstanding shares. As long as any Class A share remains outstanding, the affirmative vote of the Argentine Government is required for: (i) mergers; (ii) acquisitions of more than 50% of YPF shares in an agreed or hostile bid; (iii) transfers of all the YPF’s exploitation and exploration rights; (iv) the voluntary dissolution of YPF; (v) change of corporate and/or tax address outside Argentina; or (vi) make an acquisition that would result in the purchaser holding 15% or more of the Company’s capital stock, or 20% or more of the outstanding Class D shares. Items (iii) and (iv) also require prior approval by the Argentine Congress.

During the three-month periods ended March 31, 2025 and 2024, the Company has not repurchased any of its own shares.

On April 30, 2025, the General Shareholders' Meeting was held, which approved the statutory financial statements of YPF (see Note 2.b)) corresponding to the year ended on December 31, 2024 and, additionally, approved the following in relation to the retained earnings: (i) completely disaffect the reserve for purchase of treasury shares and the reserve for investments; (ii) allocate the amount of 34,205 million of pesos (US$ 33 million) to constitute a reserve for purchase of treasury shares; and (iii) allocate the amount of 6,787,343 million of pesos (US$ 6,587 million) to constitute a reserve for investments.

33. EARNINGS PER SHARE

The following table presents the net profit or loss and the number of shares that have been used for the calculation of the basic and diluted earnings per share:

Net profit / (loss) Weighted average number of shares outstanding Basic and diluted earnings per share	For the three-month periods ended March 31,	For the three-month periods ended March 31,
	2025 (16) 392,203,637 (0.04)	2024
		649 391,856,581 1.66

There are no financial instruments or other contracts outstanding issued by YPF that imply the issuance of potential ordinary shares, thus the diluted earnings per share equals the basic earnings per share.

34. CONTINGENT ASSETS AND LIABILITIES

34.a) Contingent assets

The Group has no significant contingent assets.

34.b) Contingent liabilities

During the three-month period ended March 31, 2025 there were no significant updates to the contingent liabilities described in Note 34.b) to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President

39

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

35. CONTRACTUAL COMMITMENTS

35.a) Exploitation concessions, transport concessions and exploration permits

The most relevant agreements of exploitation concessions, transport concessions and exploration permits that took place in the year ended December 31, 2024 are described in Note 35.a) to the annual consolidated financial statements. Updates for the three-month period ended March 31, 2025, are described below:

Hydrocarbon Unconventional Exploitation Concessions ("CENCH", by its acronym in Spanish) in the Province of Neuquén

On March 10, 2025, by means of Decrees No. 275/2025, 276/2025 and 277/2025 the Executive Branch of the Province of Neuquén approved the granting of the CENCH in the "Aguada de la Arena", "La Angostura Sur I” and “La Angostura Sur II", and "Narambuena" blocks, respectively. These CENCH have the following characteristics:

• Aguada de la Arena: YPF has 100% of the working interest in this CENCH and the commitments assumed include the execution of a pilot plan of 6 unconventional wells.

• La Angostura Sur I: YPF has 100% of the working interest in this CENCH and the commitments assumed include the execution of a pilot plan of 4 unconventional wells.

• La Angostura Sur II: YPF has 100% of the working interest in this CENCH and the commitments assumed include the execution of a pilot plan of 3 unconventional wells.

• Narambuena: This CENCH is 50% owned by YPF and 50% by Compañía de Desarrollo No Convencional S.R.L. (“CDNC”) and the commitments assumed include the execution of a pilot plan of 14 unconventional wells.

In addition to the aforementioned commitments assumed by YPF, it includes payments for an exploitation bonus and a corporate social responsibility bonus.

35.b) Investment agreements and commitments and assignments

The most relevant investment agreements and commitments and assignments of areas are described in Note 35.b) to the annual consolidated financial statements. Updates for the three-month period ended March 31, 2025, are described below:

Aguada del Chañar

On March 21, 2025, the assignment of 49% of YPF's rights and obligations in the “Aguada del Chañar” exploitation concession in favor of Compañía General de Combustibles S.A. (“CGC”) was formalized with effective date as of April 1, 2025.

The sale price of the transaction agreed by the parties contemplates a sum of 75 and, in addition, CGC will pay on behalf of YPF 80.40% of the investments in the block attributable to YPF’s working interest up to a maximum sum of 372 for a period of 4 years.

LNG project

YPF, through its subsidiary Sur Inversiones Energéticas, together with Pan American Energy S.L. (“PAE”), Wintershall DEA Argentina S.A. (“Wintershall”), Pampa Energía S.A. (“Pampa”) and Golar FLNG Sub-Holding Company Limited (“Golar Subholding”), collectively the shareholders of Southern Energy S.A. (“SESA”) have agreed to:

• To make the final investment decision as provided in the Bareboat Charter Agreement entered into with Golar Hilli Corporation in July 2024, and its subsequent addenda, for the term of 20 years for the charter of the liquefaction vessel Hilli Episeyo (“FLNG Hilli”), with a nominal capacity of 2.45 million tons of LNG per year (“MTPA”), to be located on the coast of the Argentine Sea in the Province of Río Negro, with the purpose of processing natural gas from Vaca Muerta for LNG export (“BBCA Hilli”).

• Enter into a second Bareboat Charter Agreement with Golar MKII Corporation, for the construction, lease and operation of a new liquefaction vessel, the FUJI LNG (“FLNG MKII”), for 20 years (extendable for an additional period of 5 years at SESA's option), with a nominal capacity of 3.5 MTPA, in order to increase the capacity to process natural gas from Vaca Muerta and export LNG, subject to a final future investment decision as provided in such agreement (“BBCA MKII”).

HORACIO DANIEL MARÍN President

40

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

35. CONTRACTUAL COMMITMENTS (cont.)

In order to supply the FLNG Hilli and FLNG MKII vessels with natural gas for the liquefaction process, SESA entered into natural gas supply agreements (“GSA”) with PAE, Sur Inversiones Energéticas, Pampa and Wintershall for the term of 20 years (see Note 36.f)). In this regard, in order for both vessels to operate all year round, SESA contemplates the construction of a dedicated gas pipeline between the Province of Neuquén and the San Matías Gulf in the Province of Río Negro. Operations of the FLNG Hilli vessel are expected to commence in late 2027 or early 2028 and those of the FLNG MKII vessel are expected to commence in late 2028.

As of the date of issuance of these condensed interim consolidated financial statements, the shareholding in SESA is as follows: PAE (30%), Sur Inversiones Energéticas (25%), Pampa (20%), Wintershall (15%) and Golar Subholding (10%). The Company has entered into the GSA and the SESA Shareholders' Agreement guaranteeing the obligations of its subsidiary Sur Inversiones Energéticas under such agreements. In addition, the Company will grant guarantees in favor of Golar Hilli Corporation for up to 137.5 and in favor of Golar MKII Corporation for up to 187.5 representing 25% of Sur Inversiones Energéticas' equity interest in SESA.

The dates indicated correspond to the date of publication in the respective Official Gazettes, unless otherwise indicated.

36. MAIN REGULATIONS

36.a) Regulations applicable to the hydrocarbon industry

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Note 36.a) to the annual consolidated financial statements.

36.b) Regulations applicable to the Midstream and Downstream business segment

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Notes 36.b), 36.c.1), 36.c.2) “LNG” section and 36.c.4) to the annual consolidated financial statements.

36.c) Regulations applicable to the LNG and Integrated Gas business segment

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Notes 36.c.1) and 36.c.2) to the annual consolidated financial statements.

36.d) Regulations applicable to the New Energies business segment

Updates to the regulatory framework described in Notes 36.c.3), 36.c.5) and 36.c.6) to the annual consolidated financial statements for the three-month period ended March 31, 2025, are described below:

36.d.1) Regulatory requirements applicable to natural gas distribution

Tariff schemes and tariff renegotiations

ENARGAS, through several resolutions, approved the transition tariff schemes to be applied by Metrogas until the rates resulting from the RQT came into force in accordance with the provisions of Decree No. 55/2023.

On April 30, 2025, ENARGAS Resolution No. 257/2025 was published, which approved: (i) the RQT corresponding to Metrogas; (ii) the segmentation of residential users; (iii) the investment plans for the five-year period 2025 - 2030; and (iv) the initial tariff scheme and the schemes of rates and charges corresponding to Metrogas effective as from May 1, 2025. The increase expected as a result of the RQT process will be effective in 31 consecutive monthly increases, which recognizes a cost for the deferral at a real weighted average cost of the capital employed rate in pesos of 7.64% and establishes that the increase in distribution tariffs for May 2025 applicable to residential users and general service customers will be 3%. The application of the remaining increase derived from the RQT will be completed in the remaining 30 installments, plus the recognition of the cost of the aforementioned deferral.

HORACIO DANIEL MARÍN

President

41

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

YPF SOCIEDAD ANONIMA

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

36. MAIN REGULATIONS (cont.)

Procedure for the compensation of the lower revenues received by natural gas distributors from their users

On January 31, 2025, SE Resolution No. 24/2025 repealed as from February 1, 2025 MINEM Resolution No. 508-E/2017, which established the procedure to compensate natural gas distributors for lower revenues due to benefits and/or bonuses and higher costs of UNG and unified the compensation mechanisms for lower revenues received as a consequence of the application of incentive programs involving bonuses on the price of natural gas in the PIST. The amounts to be compensated will be deducted from the amounts to be paid by distributors to natural gas producers and will be directly compensated by the SE through the Plan GasAr 2023-2028.

36.d.2) Regulatory framework associated with electric power generation

CAMMESA

The SE, through complementary notes to SE Resolution No. 21/2025, informed to CAMMESA of the “Guidelines for the Standardization of the MEM and its Progressive Adaptation”, which detail the modifications foreseen for the management of fuels, the determination of prices and the operation of the term market and the spot market are detailed.

36.e) Incentive programs for hydrocarbon production

Updates to the regulatory framework described in Note 36.d) to the annual consolidated financial statements for the threemonth period ended March 31, 2025, are described below:

36.e.1) Incentive programs for natural gas production

• Plan for Reinsurance and Promotion of Federal Hydrocarbon Production Domestic Self Sufficiency, Exports, Imports Substitution and the Expansion of the Transportation System for all Hydrocarbon Basins in the Country 2023-2028 (“Plan GasAr 2023-2028”)

The SE, through several resolutions, approves the natural gas prices at the PIST to be passed-through to end-users in connection with current contracts entered into within the framework of the Plan GasAr 2023-2028.

The SE, through complementary notes to SE Resolution No. 21/2025, instructed CAMMESA to apply a new order of priority for the dispatch of natural gas and established that the acquisition of fuels will be carried out through 2 modalities: (i) auctions by CAMMESA for the purchase of spot volumes; and (ii) bids by which generators auction volumes with a maximum reference price based on round 4.2. of the Plan GasAr 2023-2028.

36.f) Investment incentive programs

Updates to the regulatory framework described in Note 36.e) to the annual consolidated financial statements for the threemonth period ended March 31, 2025, are described below:

Large Investment Incentive Regime ("RIGI")

As of the date of issuance of these condensed interim consolidated financial statements, the following projects of the Group adhered to the RIGI:

• LNG Project, through our subsidiary Sur Inversiones Energéticas, for the installation of a floating natural gas liquefaction plant to obtain LNG, see Note 35.b) section “LNG Project”.

• Vaca Muerta Sur Project, through our associate VMOS, for the construction of a crude oil transportation infrastructure project.

• El Quemado solar farm, through our joint venture YPF EE, for the construction of a solar farm for electricity generation.

36.g) Tax regulations

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Note 36.f) to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President

42

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION (Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

36. MAIN REGULATIONS (cont.)

36.h) Custom regulations

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Note 36.g) to the annual consolidated financial statements.

36.i) Regulations related to the Foreign Exchange Market

Updates to the regulatory framework described in Note 36.h) to the annual consolidated financial statements for the threemonth period ended March 31, 2025, are described below:

On April 11, 2025, the Argentine Government announced measures to loosen the foreign exchange regime and reinforce the monetary framework. By virtue of this, the BCRA implemented a new foreign exchange regime in which certain restrictions to access the Foreign Exchange Market were eliminated. The following are the main measures: (i) the “crawling peg” adjustment mechanism is eliminated and the dollar exchange rate in the Foreign Exchange Market may fluctuate in a range between 1,000 pesos and 1,400 pesos, whose limits will be increased at a rate of 1% per month; (ii) the “blend” dollar was eliminated (see Note 36.i) “Export Increase Program” section); (iii) certain foreign exchange restrictions to individuals for the purchase of foreign currency were eliminated; (iv) access to the Foreign Exchange Market is allowed without prior approval of the BCRA for the payment of dividends to non-resident shareholders accrued as from fiscal years beginning on or after January 1, 2025; and (v) the terms for the payment of foreign trade transactions are flexibilized, eliminating the schedule established by the BCRA for access to the Foreign Exchange Market without prior approval for the payment of imports of goods with customs entry registration as from December 13, 2023 and of services rendered and/or accrued as from such date.

The aforementioned measures adopted by the Argentine Government will be financially supported by a new Extended Facilities Facility (“EFF”) agreed with the International Monetary Fund (“IMF”). In this regard, on March 11, 2025, through DNU No. 179/2025, the PEN approved to enter into a new EFF with the IMF, which was approved by the Chamber of Deputies of the Argentine Congress on March 19, 2025. On April 8 and April 11, 2025, the IMF and the Argentine Government, respectively, announced that they had reached an agreement on a comprehensive economic program based on a 4-year EFF for a total of US$ 20 billion, which includes quarterly reviews of targets.

Export Increase Program

On April 14, 2025, Decree No. 269/2025 repealed the Export Increase Program and as from such date the proceeds from the export of goods and services, pre-export financings, post- export financings and advance payments must be settled 100% through the Foreign Exchange Market within a general term of 20 days.

36.j) Decree of Necessity and Urgency (“DNU” by its acronym in Spanish) No. 70/2023

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Note 36.i) to the annual consolidated financial statements.

36.k) Law of Bases and Starting Points for the Freedom of Argentines No. 27,742 ("Bases Law") and Regulatory Decree No 1,057/2024 (“Decree No 1,057/2024”)

During the three-month period ended March 31, 2025, there were no significant updates to the regulatory framework described in Note 36.j) to the annual consolidated financial statements.

The dates indicated correspond to the date of publication in the respective Official Gazettes, unless otherwise indicated.

HORACIO DANIEL MARÍN

President

43

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

The tables below present the balances with associates and joint ventures as of March 31, 2025 and December 31, 2024:

Joint Ventures: YPF EE Profertil MEGA Refinor OLCLP Sustentator CT Barragán OTA OTC Associates: CDS YPF Gas Oldelval Termap GPA Oiltanking Gas Austral VMOS . Joint Ventures: YPF EE Profertil MEGA Refinor OLCLP Sustentator CT Barragán OTA OTC Associates: CDS YPF Gas Oldelval Termap GPA Oiltanking Gas Austral VMOS			March 31, 2025				Contract assets Current - - 14 - - - - - - 14 - - - - - - - - - 14
	Other receivables Non- Current Current - 5 - - (1) - - - - - - (1) - - - - - - - - - 5 - - (1) - 1 155 11 - - - - 35 13 - - - 46 190 71 190 76	Trade receivables Current 8 8 68 9 - - (1) - (1) - (1) - 93 - (1) 16 - (1) - - - (1) - (1) 26 42 135	Investments in financial assets Current 1 - - - - - - - - 1 - - 4 - - 1 - - 5 6 December 31, 2024	Accounts payable Current 45 2 - (1) 1 4 - - 3 - 55 - 1 13 2 2 4 - (1) - 22 77	Contract liabilities Current - - 1 - - - - - - 1 - - - - - - - 20 20 21
	Non- Current - - - - - - - - - - - - 155 - - 35 - - 190 190
	Other receivables Non-Current Current - 5 - - (1) - - - - - - (1) - - - - - - - - - 5 - - (1) - 1 140 4 - - - - 19 8 - - - 17 159 30 159 35	Trade receivables Current 4 14 50 11 - (1) - (1) - - (1) - 79 1 20 - (1) - - - (1) - (1) - 21 100	Investments in financial assets Current 3 - - - - - - - - 3 - - 4 - - - (1) - - 4 7	Accounts payable Current 43 17 1 1 3 - - 2 - 67 - 1 13 3 4 4 - (1) - 25 92	Contract liabilities Current - - - - - - - - - - - - - - - - - - - -		Contract assets
	Non-Current - - - - - - - - - - - - 140 - - 19 - - 159 159						Current
							- - 16 - - - - - -
							16
							- - - - - - - -
							-
							16

(1) The registered amount is less than 1.

HORACIO DANIEL MARÍN President

44

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

The table below presents the transactions with associates and joint ventures for the three-month periods ended March 31, 2025 and 2024:

Joint Ventures: YPF EE Profertil MEGA Refinor OLCLP Sustentator CT Barragán OTA OTC Associates: CDS YPF Gas Oldelval Termap GPA Oiltanking Gas Austral VMOS		For the three-monthperiods ended March	For the three-monthperiods ended March	For the three-monthperiods ended March	31,	Net interest income(loss) - (1) - (1) - - (1) - - - - - - - - (1) - (1) - - - - - - -
		2025	Net interest income(loss) - (1) - - - (1) - - - - - - - (1) - (1) - (1) - - - (1) - - - -		2024
	Revenues 5 17 85 16 - (1) - - (1) - (1) - 123 - 19 - (1) - - - (1) 1 4 24 147	Costs and expenses 35 15 1 2 3 - - 6 - 62 - 1 18 6 6 6 - - 37 99		Revenues 5 20 59 18 - (1) - - (1) - (1) - 102 - 12 - (1) - - - (1) 1 - 13 115	Costs and expenses 25 25 1 3 3 - - 3 - (1) 60 - - (1) 15 5 4 5 - (1) - 29 89

(1) The registered amount is less than 1.

Additionally, in the normal course of business and considering being the main energy group of Argentina, the Group’s clients and suppliers portfolio encompasses both private sector as well as national public sector entities. As required by IAS 24 “Related party disclosures”, among the major transactions above mentioned the most important are:

Client / Suppliers SE SE SE SE SE Secretary of Transport CAMMESA CAMMESA ENARSA ENARSA Aerolíneas Argentinas S.A. Aerolíneas Argentinas S.A.	Ref. (1) (13) (2) (13) (3) (13) (4) (13) (5) (13) (6) (13) (7) (8) (9) (10) (11) (12)	Balances(14) Receivables /(Liabilities) March 31, 2025 December 31, 2024 19 20 6 6 - (15) - (15) 2 5 6 7 - (15) - (15) 98 80 (2) (2) 69 67 (68) (68) 29 27 - (15) - (15)	Transactions	Transactions
			Income /(Costs)
		March 31, 2025 19 6 - (15) 2 6 - (15) 98 (2) 69 (68) 29 - (15)	For the three-month periods ended March 31,
			2025 6 1 - 1 - - 134 (1) 24 (3) 80 - (15)	2024
				28 1 - 1 - 1 104 (10) 8 (10) 94 -

(1) Benefits for the Plan GasAr 2020-2024 and Plan GasAr 2023-2028, see Note 36.d.1) to the annual consolidated financial statements.

(2) Benefits for the propane gas supply agreement for undiluted propane gas distribution networks, see Note 36.d.2) “Propane Network Agreement“ section to the annual consolidated financial statements.

(3) Benefits for the recognition of the financial cost generated by payment deferral by providers of the distribution service of natural gas and undiluted propane gas through networks, see Note 37 to the annual consolidated financial statements.

(4) Compensation for the lower income that natural gas distribution service by networks licensed companies receive from their users for the benefit of Metrogas, see Note 36.c.3) to the annual consolidated financial statements.

(5) Compensation by Decree No. 1,053/2018, see Note 36.c.1) to the annual consolidated financial statements.

(6) Compensation for providing diesel to public transport of passengers at a differential price, see Note 37 to the annual consolidated financial statements.

(7) Sales of fuel oil, diesel, natural gas and transportation and distribution service.

(8) Purchases of electrical energy.

(9) Sales of natural gas and provision of regasification service of LNG and construction inspection service.

(10) Purchases of natural gas and crude oil.

(11) Sales of jet fuel.

(12) Purchases of miles for YPF Serviclub Program and publicity expenses.

(13) Income from incentives recognized according to IAS 20 “Accounting for government grants and disclosure of government assistance”, see Note 2.b.12) Income from Government incentive programs” section to the annual consolidated financial statements.

(14) Do not include, if applicable, the provision for doubtful trade receivables.

(15) The registered amount is less than 1.

HORACIO DANIEL MARÍN President

45

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

Additionally, the Group has entered into certain financing and insurance transactions with entities related to the national public sector. Such transactions consist of certain financial transactions that are described in Notes 16, 17 and 23 and transactions with Nación Seguros S.A. related to certain insurance policies contracts.

As of March 31, 2025, the Group holds Bonds of the Argentine Republic 2029 and 2030, BCRA bonds (BOPREAL, for its acronym in spanish) and bills issued by the National Government identified as investments in financial assets (see Note 16).

In addition, in connection with the investment agreement signed between YPF and subsidiaries of Chevron Corporation, YPF has an indirect non-controlling interest in Compañía de Hidrocarburo No Convencional S.R.L. (“CHNC”). During the three-month periods ended March 31, 2025 and 2024, YPF and CHNC carried out transactions such as the purchases of crude oil by YPF for 133 and 115, respectively, among others. These transactions were consummated in accordance with the general and regulatory conditions of the market. The net balance payable to CHNC as of March 31, 2025 and December 31, 2024 amounts to 53 and 85, respectively. See Note 37 to the annual consolidated financial statements.

The table below presents the accrued compensation for the YPF’s key management personnel, including members of the Board of Directors and first-line executives, managers with executive functions appointed by the Board of Directors, for the three-month periods ended March 31, 2025 and 2024:

Short-term benefits(1) Share-based benefits Post-retirement benefits	For the three-month periods ended March 31, 2025 2024 6 5 3 1 - (2) - (2) 9 6
	2025 6 3 - (2) 9

(1) Does not include social security contributions of 1 and 1 for the three-month periods ended March 31, 2025 and 2024, respectively. (2) The registered amount is less than 1.

38. EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS

Note 38 to the annual consolidated financial statements describes the main characteristics and accounting treatment for employee benefit plans and similar obligations implemented by the Group.

Retirement plan

The amount charged to expense related to the Retirement Plan was 1 and 1 for the three-month periods ended March 31, 2025 and 2024, respectively.

Short-term benefit programs

The amount charged to expense related to the short-term benefit programs was 38 and 15 for the three-month periods ended March 31, 2025 and 2024, respectively.

Share-based benefit plans

As of March 31, 2025, there are 4.6 million number of PSARs outstanding with and a weighted average fair value of US$ 20.77 per PSARs. The amount charged to expense in relation with Value Generation Plan was a recovery due to changes in the fair value estimate of the option of 1 for the three-month period ended March 31, 2025. As of December 31, 2024, weighted average fair value was US$ 28.6 per PSARs.

The amount charged to expense in relation with the remaining share-based benefit plans was 2 and 1 to be settled in equity instruments, for the three-month periods ended March 31, 2025 and 2024, respectively, and 4 to be settled in cash, for the three-month period ended March 31, 2024.

Note 2.b.11) to the annual consolidated financial statements describes the accounting policies for share-based benefit plans. Repurchases of treasury shares are disclosed in Note 32.

HORACIO DANIEL MARÍN President

46

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 AND COMPARATIVE INFORMATION

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(Amounts expressed in millions of United States dollars, or as otherwise indicated)

39. SUBSEQUENT EVENTS

On April 9, 2025, the Company issued additional Class XXX NO for 204 maturing in July 2026 at an issue price of 96.5% of nominal value. The integration of additional Class XXX NO was made in kind through the delivery of Class XXIII NO for 39 and in cash for 165.

On May 6, 2025, the Company announced the results of the tender of the Class XXXVII NO denominated and payable in U.S. dollars maturing in May 2027, having accepted offers for 140 at a fixed nominal annual interest rate of 7%. The Class XXXVII NO will be issued and integrated in U.S. dollars on May 7, 2025.

On April 2, 2025, a Memorandum of Understanding (“MOU”) was signed with the Province of Santa Cruz and Fomicruz S.E. for the purpose of establishing the general terms and conditions upon which the assignment to the latter of the exploitation concessions “Cerro Piedra - Cerro Guadal Norte”, “Barranca Yankowsky”, “Los Monos”, “El Guadal - Lomas del Cuy”, “Cañadón Vasco”, “Cañadón Yatel”, “Pico Truncado - El Cordón”, “Los Perales - Las Mesetas”, “Cañadón León - Meseta Espinosa”, “Cañadón de la Escondida - Las Heras” and the transportation concessions associated with such concessions will be negotiated. The MOU, subject to the approval by YPF's Board of Directors and the issuance of the corresponding provincial decree, was approved by YPF's Board of Directors on April 9, 2025, and issued Provincial Decree No. 376/2025 on May 6, 2025.

As of the date of issuance of these condensed interim consolidated financial statements, there have been no other significant subsequent events whose effect on Group’s financial position, results of operations or their disclosure in notes to the financial statements for the period ended as of March 31, 2025, should have been considered in said financial statements under IFRS.

These condensed interim consolidated financial statements were approved by the Board of Directors’ meeting and authorized to be issued on May 7, 2025.

HORACIO DANIEL MARÍN President