YPF 3Q26: EBITDA US$2.5B, Net Leverage at Decade-Low 0.81x

summarizeSummary

YPF posted 3Q26 Adjusted EBITDA of US$2,503 million and net income of US$1,196 million, while free cash flow of US$901 million pushed net leverage down to 0.81x, the lowest in over a decade.

check_boxKey Events · Earnings and Guidance · YPF

• 3Q26 EBITDA US$2.5B, Down 11% Q/Q

  Adjusted EBITDA came in at US$2,503 million, versus US$2,804 million in 2Q26 and US$1,357 million in 3Q25; net result was US$1,196 million, essentially flat q/q.

• Net Leverage Falls to 0.81x

  Net debt dropped to US$6,596 million from US$7,654 million at 2Q26, cutting the leverage ratio from 1.09x to 0.81x, the lowest in more than a decade.

• Free Cash Flow US$901M in 3Q26

  FCF of US$901 million covered CAPEX of US$1,287 million, interest of US$278 million and income tax of US$225 million; 9M26 FCF reached US$2,596 million versus negative US$2,081 million a year earlier.

• Shale Oil 224 kbbl/d, 86% of Crude

  Shale oil rose 5% q/q and 32% y/y; management reaffirmed the 2026 average target of 215 kbbl/d and a December 2026 exit rate of 250 kbbl/d.

auto_awesomeAnalysis · YPF · Energy & Transportation

The balance sheet, not the income statement, is the headline here: free cash flow of US$901 million plus initial divestment proceeds cut net debt to US$6,596 million and net leverage to 0.81x, the lowest in more than a decade, with cash and short-term investments of US$3,654 million covering more than two and a half years of maturities. Third-quarter Adjusted EBITDA of US$2,503 million was down 11% from the record 2Q26 but still 84% above a year ago, and net income of US$1,196 million held roughly flat sequentially. Shale oil at 224 kbbl/d now accounts for 86% of crude output, and management reaffirmed a 250 kbbl/d December 2026 exit rate. The quarter also carried the US$1.2 billion 2035 bond at 7.85% and the Argentina LNG filing under RIGI, a ~US$51 billion project with a non-binding US$6 billion EXIM financing proposal.