Vista Energy Sab De Cv Class A · BMV:VISTA/A
Vista Energy Sab De Cv Class A — Investor Presentation (October 2026)
39 slides from Vista Energy Sab De Cv Class A's investor presentation, October 2026
Slide 1: Investor Presentation
Investor Presentation October 2026
Slide 2: About projections and forward-looking statements
02 About projections and forward-looking statements Additional information about Vista Energy, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized under the laws of Mexico (the “Company” or “Vista”) can be found in the “Investors” section on the website at www.vistaenergy.com.
Slide 3: Vista key value drivers
03 Vista key value drivers Deep, ready-to-drill, short-cycle well inventory 257k acres in the core of Vaca Muerta ▪ 1,468 ready-to-drill locations in Vaca Muerta (1,083 in operated Vista well inventory blocks) and 486 net wells on production at the end of Q3-26 ▪ Productivity of shale oil wells amon
Slide 4: Solid track record of profitable growth and value generation
04 Solid track record of profitable growth and value generation 655 MMboe Production Proved reserves pro forma (1) Mboe/d MMboe 6.9x 169.0 Strong production 10.2x 588 Reserves growth driven by replacement ratio shale oil projects in of 605% in 2025 115.5 375 our development hub (260% organic RRR), 3
Slide 5: Pursuing a new phase of de-risked production growth
05 Pursuing a new phase of de-risked production growth CAPACITY Rigs, frac set, crews, treatment, ACTIVITY 100-110 wells p.a. transportation and export during 2026-2028F capacity in place to deliver plan Production Capex Mboe/d $Bn 80% 43% 1.9 1.9 1.8 208 185 1.3 158 1.5-1.6 1.5-1.6 1.5-1.6 180 115
Slide 6: Delivering superior total shareholder returns
06 Delivering superior total shareholder returns Adj. EBITDA ADJ. EBITDA MARGIN $Bn ~67% 2.2x average 2026-2028F Previous ~65% 3.6 3.3 3.0 ROACE 2.8 2.5 >25% 1.6 average 2026-2028F 1.9 Previous >20% FREE CASH FLOW 2025A 2026F 2027F 2028F 2.8 $Bn cumulative 2026-2028F New targets 2025 Investor Day ta
Slide 7: Building a cash flow generating machine
07 Building a cash flow generating machine Production Mboe/d +17% CAGR 250 208 2030 recurring FCF generation 115 2.0 $Bn annually 2025A 2028F 2030 vision ✓ 33% above previous guidance of 1.5 $Bn 25% above vision provided in the Nov-25 Investor Day Note: assumes Brent of 75 $/bbl in real terms of Jan
Slide 8: Assets
Assets
Slide 9: Fully focused shale oil company, with 257k acres in the core of Vaca Muerta
09 Fully focused shale oil company, with 257k acres in the core of Vaca Muerta Vista blocks in Vaca Muerta 35 30 25 20 2025 45 40 Q3 2026 50 45 Net acres, License Well Tied-in Remaining P1 Net 40 35 Production Operator 30 thousands term inventory wells inventory Reserves 25 (Mboe/d) 20 Bajo del (MMb
Slide 10: Solid progress in development hub
10 10 Solid progress in development hub Stacked pay potential across multiple zones Development hub progress Gamma Neutron – Porosity Organic Ray Resistivity Density TVD Mineralogy fraction content Landing Zones BPO AF BPE LACh BS Middle Carbonate Lower Carbonate Organic La Cocina Tested Upside pote
Slide 11: Scaled-up and high-graded well inventory
11 11 Scaled-up and high-graded well inventory Vista well inventory Location of pilot and new well inventory Number of wells 301 1,954 180 235 323 64 178 150 2 1,150 173 1,468 905 486 245 2023 50% WI in Successful pilot 25.1% WI in BS Current inventory La Amarga in structural and 35% WI in inventory
Slide 12: Achieved Vaca Muerta-leading well cost through commercial, supply chain and technological innovation
12 12 Achieved Vaca Muerta-leading well cost through commercial, supply chain and technological innovation Drilling & completion cost (1) Key cost reduction drivers $MM per well -23% Implemented Planned for 2026 14.2 12.3 ✓ Bulk transportation of ✓ In-field sand plant sourced 11.7 11.3 wet sand with
Slide 13: Sustained peer-leading well productivity
13 Sustained peer-leading well productivity Vaca Muerta and Permian well productivity Cumulative oil Mbbl (1) 350 Vaca Muerta peers Permian Peers Vista ~120 days 300 time-to-market Vaca Muerta peers average 250 200 Permian peers average ~2 years capex payback 150 100 Short-cycle provides a competiti
Slide 14: Vaca Muerta key oil midstream projects
14 14 Vaca Muerta key oil midstream projects (1) To Luján de To main refineries Cuyo refinery Vista Development hub in Buenos Aires Existing pipeline Pipeline under construction Existing export terminal Export terminal under construction TRASANDINO to Chile Puesto Hernández Vista VACA MUERTA 3 Bahía
Slide 15: Oil midstream capacity in line with our 2030 vision
15 Oil midstream capacity in line with our 2030 vision VISTA OIL MIDSTREAM CAPACITY (1) Mbbl/d 238 188 50 50 VMOS (3) PIPELINE TO TRUCKING PIPELINE TO CHILE 38 38 CHILE TRUCKING (2) 150 150 (2) OLDELVAL OLDELVAL PIPELINE PIPELINE TOTAL VMOS TOTAL CURRENT CAPACITY CAPACITY YE-27 ✓ Additional trucking
Slide 16: Financials
Financials
Slide 17: Reinforcing our total shareholder return strategy
17 Reinforcing our total shareholder return strategy Return cash to Selectively shareholders pursue M&A via share buybacks or dividends Flexibility Invest in selected and synergetic M&A opportunities focused on to drive total the oil window of Vaca Muerta shareholder returns Maintain strong balance
Slide 18: Accelerated export-driven revenue growth since 2021
18 Accelerated export-driven revenue growth since 2021 Total revenues (1) Realized oil prices (2) $Bn $/bbl 3.7x 2.4 85.2 72.0 70.4 70.3 1.6 62.9 63.6 63.5 62.5 53.1 59.6 1.2 1.2 0.7 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Realized domestic oil price (3) Realized export oil price Oil expor
Slide 19: Export-driven growth underpins total shareholder returns
19 Export-driven growth underpins total shareholder returns Total revenues (1) $Bn 61% ~70% ~75% ~80% Share of oil export volumes 2.2x 5.3 4.9 4.2 Domestic oil, gas and NGL 2.4 4.2 Oil exports 3.7 3.0 1.5 2025A 2026F 2027F 2028F Planning to expand export revenues by 2.8x in 3 years Note: assumes Bre
Slide 20: Our business model is resilient to oil price volatility
20 Our business model is resilient to oil price volatility Sources and uses of cash Free Cash Flow $Bn, cumulative 2026-28 $Bn 1.1 0.8 0.9 Cash BoP 0.5 2026E 2027F 2028F Cash flow from 5.7 investing Sensitivity to Brent activities $Bn, cumulative free cash flow 2026-2028 Cash flow from 8.5 operating
Slide 21: Balance sheet strength supported by self-funded growth plan
21 Balance sheet strength supported by self-funded growth plan Debt maturity schedule $MM Net leverage ratio 3.6 $Bn Banks and others 1.1x ~1.0x Local bonds Gross debt (2) Q3-26 YE-26 International bonds 785 Net debt (2) 2.9 $Bn 431 4.7 years 328 309 285 219 262 Avg. debt life (2) extended from 3.1
Slide 22: Operational excellence
Operational excellence
Slide 23: We have built a high-standard company, fit for the future
23 We have built a high-standard company, fit for the future ▪ Laid out a comprehensive plan to fulfill our ambition to reduce our ▪ Signatory to the Ten Principles of the United Nations Global Compact on operational carbon footprint, targeting a scope 1 and 2 GHG emissions human rights, labor, envi
Slide 24: We operate with the highest oil & gas industry Standards
24 We operate with the highest oil & gas industry Standards (1) Environmental strategy Human capital and Ethics, compliance and and performance corporate responsibility governance Code of Ethics and Conduct training 12% y-o-y 6.8 kgCO2e/boe for all employees Reduction of GHG emissions 0.8 TRIR to st
Slide 25: Robust progress in decarbonizing our operations
25 Robust progress in decarbonizing our operations GHG emission intensity Best decile in GHG emissions intensity (2) kgCO2e/boe kgCO2e/boe Norway 6 -81% Vista Vista 6.8 -79% Qatar 13 36.6 UAE 14 Saudi Arabia 14 United States 22 Globalaverage Global average 33 15.6 Iran 38 8.8 6.8 7.0 Russia 38 Canad
Slide 26: Solid progress in our NBS portfolio execution
26 Solid progress in our NBS portfolio execution Our subsidiary Aike has a mandate to design, manage and execute our carbon offset projects. Aike has made significant progress in the development of Vista’s projects Mixed Afforestation with native and Forest exotic species Conservation Rolón Cué & Vi
Slide 27: Lean organization led by one of the most experienced O&G teams in the region
27 Lean organization led by one of the most experienced O&G teams in the region Top performing executive team Board of directors of world-class professionals Pablo Vera Pinto - Chief Financial Officer Miguel Galuccio Susan L. Segal - Independent +25 years of experience in international business deve
Slide 28: Closing remarks
28 Closing remarks ~1,470 ready-to-drill Low-cost producer, Vision to surpass 250 Mboe/d locations under fully-focused on and generate 2.0 $Bn of development in Vaca shale oil operations FCF p.a. by 2030 Muerta with solid results Flat and agile Solid financial position Only “pure-play” organization
Slide 29: Appendix
Appendix
Slide 30: Located in one of the leading shale formations in the world
30 Located in one of the leading shale formations in the world Largest shale development outside of North America Average well productivity: Vaca Muerta v. US Shales (2) First 365 days cumulative production, Mbbl per 1,000 feet of lateral +30,000 km2 30 Vaca Muerta surface area 21 20 19 15 11 ~2% of
Slide 31: Solid financial position leaves us well-poised for further investments
31 Solid financial position leaves us well-poised for further investments Net leverage ratio Debt composition X Adj. EBITDA % of total debt 3.5x 3,642 3,154 19% 5% 32% 41% 47% 64% 60% 1.6x 78% 1,449 100% 95% 3% 1.1x 1.1x 1.1x 23% 81% 0.8x 68% 20% 451 540 0.5x 0.6x 56% 305 0.4x 36% 22% 30% 20% 611 54
Slide 32: Resilient to down-cycles and highly profitable in up-cycles
32 Resilient to down-cycles and highly profitable in up-cycles Cash cost breakdown $/boe 6 Brent discount + export duties 9 Royalties 6 8 11 Unit cost (1) 5 54 $/boe 7 11 46 $/boe 5 15 Maintenance capex (2) 5 11 38 $/boe 15 4 Financial interest 10 Netback 29 $/boe 15 10 Income tax 4 15 8 4 5 FCFE 4
Slide 33: Q3-26 highlights
33 33 Q3-26 highlights Production Lifting cost Adj. EBITDA Mboe/d $/boe $MM +33% +6% +78% 169.0 4.5 4.7 841 156.1 4.4 805 126.8 472 Q3-25 Q2-26 Q3-26 Q3-25 Q2-26 Q3-26 Q3-25 Q2-26 Q3-26 Adj. EBITDA margin (1) Capex Net income % $MM $MM +1 p.p. +31% -7% 467 460 322 67% 70% 68% 315 293 351 89.4 84.2 6
Slide 34: Value creation through portfolio enhancement
34 Value creation through portfolio enhancement Acquisition of non-operating stake in core and north VM blocks Location of Vista assets including recent acquisition ▪ Vista acquired a 25.1% non-operating WI in Bandurria Sur and a 35% non- operating WI in Bajo del Toro from Equinor on May 7, 2026 (1)
Slide 35: Acquisition of 50% of La Amarga Chica block
35 Acquisition of 50% of La Amarga Chica block Acquisition of PEPASA ▪ On April 15, 2025, Vista acquired 100% of the capital stock of PEPASA, which holds a 50% WI in La Amarga Chica (1) Strategic rationale and valuation ▪ Highly accretive acquisition ▪ Oil midstream capacity: 57 Mbbl/d ▪ Increased s
Slide 36: Funding: capital markets activity
36 Funding: capital markets activity Raised ~4.1 $Bn through dual-listing in NYSE and 30 series of bond issuances, both in the domestic and international markets Issued Series Issuance date Law Currency Term Annual interest principal (1) ARS Pesos XII 27 Aug 2021 Argentina 120 months 100.8 $MM 5.85%
Slide 37: Consolidated Balance Sheet
37 Consolidated Balance Sheet In $M As of September 30, 2026 As of December 31, 2025 Property, plant and equipment 7,406,581 5,543,032 Goodwill 22,576 22,576 Other intangible assets 16,406 18,485 Right-of-use assets 112,171 153,283 Biological assets 18,343 15,855 Investments in associates 74,934 54,
Slide 38: Consolidated Income Statement
38 Consolidated Income Statement In $M Q3 2026 Q3 2025 Adj. EBITDA reconciliation Revenue from contracts with customers 1,294,970 706,135 In $MM Q3 2026 Q3 2025 Revenues from crude oil sales 1,256,026 676,363 Net profit for the period 293.5 315.3 Revenues from natural gas sales 38,083 28,641 (+) Inc
Slide 39: Glossary
39 Glossary ▪ $: U.S. Dollars ▪ LACh: La Amarga Chica ▪ $MM: Million U.S. Dollars ▪ Lifting cost includes production, transportation, treatment and field support services; ▪ $Bn: Billion U.S. Dollars excludes crude oil stock fluctuations, depreciation, depletion and amortization, royalties and ▪ $/b