YPF SOCIEDAD ANONIMA
For the period ended Oct 28, 2026. Filed Oct 28, 2026.
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Oct 28, 2026 · Filed Oct 28, 2026
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Contents
3.2 MIDSTREAM & DOWNSTREAM
| Midstream & Downstream Financials | 3Q26 | 2Q26 | 3Q25 | Q/Q ∆ | Y/Y ∆ | 9M26 | 9M25 | Y/Y ∆ |
|---|---|---|---|---|---|---|---|---|
| Unaudited Figures, in US$ million | ||||||||
| Diesel (third parties) | 2,146 | 2,430 | 1,467 | -11.7% | 46.3% | 6,239 | 4,514 | 38.2% |
| Gasoline (third parties) | 1,294 | 1,332 | 929 | -2.8% | 39.3% | 3,756 | 2,890 | 30.0% |
| Other domestic market | 809 | 760 | 593 | 6.4% | 36.3% | 2,141 | 1,754 | 22.1% |
| Export market | 874 | 850 | 480 | 2.9% | 82.2% | 2,427 | 1,575 | 54.1% |
| Revenues | 5,123 | 5,372 | 3,469 | -4.6% | 47.7% | 14,563 | 10,732 | 35.7% |
| Depreciation & amortization | (204) | (182) | (185) | 12.1% | 10.3% | (562) | (512) | 9.8% |
| OPEX Downstream | (549) | (540) | (517) | 1.7% | 6.2% | (1,564) | (1,571) | -0.4% |
| Fuels imports (including jet fuel - third parties) | (9) | (4) | (35) | 108.4% | -75.8% | (15) | (147) | -89.7% |
| Crude oil purchases (intersegment + third parties) | (2,679) | (3,042) | (2,012) | -11.9% | 33.2% | (8,028) | (5,908) | 35.9% |
| Biofuel purchases (third parties) | (304) | (305) | (208) | -0.4% | 46.2% | (891) | (678) | 31.4% |
| Stock variations | 187 | (196) | 9 | N/A | N/A | 673 | (32) | N/A |
| Other | (438) | (407) | (334) | 7.6% | 31.0% | (1,273) | (958) | 32.9% |
| Operating income / (loss) before impairment of assets | 1,127 | 695 | 187 | 62.1% | 502.6% | 2,904 | 926 | 213.6% |
| Operating income / (loss) | 1,127 | 695 | 187 | 62.1% | 502.6% | 2,904 | 926 | 213.6% |
| Depreciation & amortization | 204 | 182 | 185 | 12.1% | 10.3% | 562 | 512 | 9.8% |
| EBITDA | 1,331 | 877 | 372 | 51.7% | 257.8% | 3,466 | 1,438 | 141.0% |
| Leasing | (37) | (38) | (46) | -1.8% | -18.6% | (105) | (110) | -4.7% |
| Result from revaluation of companies | - | - | - | N/A | N/A | - | (44) | N/A |
| Miscellaneous – Others | - | - | (1) | N/A | N/A | - | (1) | N/A |
| Adjusted EBITDA | 1,294 | 839 | 325 | 54.2% | 297.8% | 3,361 | 1,283 | 161.9% |
| Inventories price effect of oil products | 263 | (108) | (58) | N/A | N/A | 789 | (115) | N/A |
| Adjusted EBITDA excl. inventories price effect of oil products | 1,030 | 947 | 384 | 8.8% | 168.6% | 2,572 | 1,398 | 84.0% |
| CAPEX | 280 | 213 | 218 | 31.4% | 28.2% | 643 | 668 | -3.7% |
Stock variations include price effects by US$264 million for 3Q26, (US$110) million for 2Q26, (US$58) million in 3Q25, US$ 788 million for 9M 26 and (US$ 115) million for 9M 25.
Revenues totaled US$5,123 million (-5% q/q), mostly driven by lower prices in local fuel and oil exports in 3Q26, while 2Q26 recorded extraordinary sales of diesel to other refineries, besides seasonal effects. The decreased revenue level in 3Q26 was partially offset by higher gasoline demand and increased fuel exports, mainly gasoline.
Downstream OPEX totaled US$549 million, remaining broadly stable q/q (+2%). Fuel imports were limited to a marginal amount of jet fuel, with import costs increasing by US$4 million q/q due to higher jet fuel prices. As the previous quarter, in 3Q26 YPF operated without gasoline or diesel imports, which accounted for 0% of total fuel sales.
Crude oil purchases (intersegment and third-party) totaled US$2,679 million (-12% q/q), primarily reflecting lower crude oil prices and reduced refinery throughput during scheduled maintenance at La Plata in September 2026. Biofuel purchases remained broadly stable q/q: a 4% decline in biodiesel purchases (-4% in price; -1% in volume) was largely offset by a 5% increase in bioethanol purchases (+4% in volume), in line with stronger gasoline demand.
Stock variations were positive at US$187 million, compared with negative US$196 million in 2Q26, primarily reflecting the favorable mark-to-market impact on inventories of higher reference prices at the end of September 2026 versus lower prices at the end of June 2026.
Adj. EBITDA, excluding oil product inventory price effects, increased 9% q/q to US$1,030 million in 3Q26. Growth was primarily driven by lower crude oil purchases (Medanito crude returning to discount to Brent, following an exceptional premium in 2Q26), and wider refined product spreads. These benefits were partly offset by lower refinery throughput and domestic fuel prices.
Adj. EBITDA of the Refining & Marketing business, in unit terms, expanded to US$25.6/bbl, compared to US$22.5/bbl in 2Q26, reflecting the effects mentioned above.
| 3Q26 | YPF | YPF | 3Q26 |
|---|
CAPEX totaled US$280 million (+31% q/q), primarily driven by scheduled maintenance at La Plata in September 2026 and increased maintenance and integrity activities at the La Plata and Luján de Cuyo refineries during 3Q26. Investment was allocated to refining (56%), oil and gas midstream (25%), logistics (12%), and commercial and other activities (7%).
In ourrefineries, during 3Q26 CAPEX was mainly allocated to the following projects:
New fuel specifications project, following the startup of the new diesel hydrotreating unit at Luján de Cuyo in Jul-26, in compliance with Resolution No. 492/2023 (Secretary of Energy), YPF continued advancing the hydrotreating projects at La Plata and Plaza Huincul after reaching FID in 2Q26. Once completed, the entire refining system will comply with the latest diesel specifications.
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