SEC Form 6-K filed by YPF Sociedad Anonima

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number: 001-12102 

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: 

Form 20-F ☒ Form 40-F ☐ 

MAIN HIGHLIGHTS OF 1Q26

Local fuel volume sold and Fuel imports include Refinor for the 1Q26 (11km3 in Diesel, 21km3 in Gasoline, zero fuel imports) and 4Q25 (zero fuel volume sold, zero fuel imports). YPF owns 100% of Refinor as from Oct-25

In US$ million, unless noted otherwise. EBITDA = Operating income + Depreciation of PP&E + Depreciation of the right of use assets + Amortization of intangible assets + Unproductive exploratory drillings + (Reversal) / Deterioration of PP&E. Adjusted EBITDA = EBITDA that excludes IFRS 16 effects +/- one-off items. Net Leverage Ratio = Net Debt / LTM Adj. EBITDA. FCF = Cash flow from Operations less CAPEX (Investing activities), M&A (Investing activities), and interest and leasing payments (Financing activities). Fuels = diesel + gasoline. R&M is refining and marketing business, it excludes petrochemicals and agro products. 2025 figures for R&M Adj. EBITDA have been restated due to a reallocation of credits and debits taxes from Midstream & Downstream to Corporate & Others segment.

Adj. EBITDA totaled US$1,594 million (+24% q/q and +28% y/y) recording a strong margin of 32% (vs. 28% in 4Q25 and 27% in 1Q25). Sequential growth was mainly driven by improved pricing dynamics, higher shale  production, coupled with lower lifting costs in the shale business, partially offset by higher unit cost of oil purchased to third parties.

Interannual rise was largely explained by a substantial 42% reduction in lifting costs (divestment of mature fields and focus on shale expansion), and record processing levels at our refineries coupled with higher demand of refined products in the local and export markets, partially offset by increased oil volume purchased to third parties (due to reduced exposure to mature fields) at higher prices.

CAPEX was US$980 million, 10% below 4Q25, mostly due to increased maintenance activities in Downstream in 4Q25 and lower pace in the deployment of upstream facilities, while expecting acceleration of shale investments in 2H26, reaffirming our CAPEX guidance for 2026 in the range of US$5.5 to US$5.8 billion. Interannually, CAPEX dropped 19%, driven by reduced exposure to conventional assets and the acquisition of new unconventional concessions booked in 1Q25.

Shale oil production averaged 205 kbbl/d in 1Q26 (+5% q/q and +39% y/y), representing 76% of our total oil production (vs. 74% in 4Q25 and 55% in 1Q25), mostly driven by the outstanding performance of La Angostura Sur oil block, now contributing ~25% to our total shale oil production. We expect production ramp-up to accelerate in 2H26, achieving ~250 kbbl/d by Dec-26, in line with our guidance.

Processing levels at our refineries reached a new record-high of 344 kbbl/d in 1Q26 (+3% q/q and +8% y/y), achieving a utilization rate of 102%, while also setting record production of premium gasoline and middle distillates, allowing us to avoid imports, supply local players and export to neighboring countries.

VMOS reached around 62% construction progress as of Mar-26 while maintaining partial COD and first oil export by early 2027 and full operations by 2H27. In Apr-26, YPF acquired an additional shipping capacity of 44 kbbl/d, holding the largest stake among shareholders (~30% - 164/550 kbbl/d).

Free Cash Flow was US$871 million (+US$606 million q/q and +US$1.8 billion y/y). This strong cash generation was supported by the collection of ~US$500 million of strategic M&A proceeds, mainly from the divestments of Profertil and Manatiales Behr, combined with solid operating performance.

On the financial front, during 1Q26, we raised ~US$1.0 billion. This strong market access, coupled with robust free cash flow generation, enabled us to prepay ~US$ 750 million in debt in the first four months of 2026, optimizing our capital structure and reducing our average cost of debt. As a result, our net leverage ratio ended at 1.57x (vs. 1.87x in 4Q25 and 1.79x in 1Q25).

Buenos Aires, 05/07/2026 – YPF (BYMA: YPFD | NYSE: YPF1). Information based on financial statements (FS) prepared according to IFRS in force in Argentina. The sum of the parts of certain figures is subject to rounding. The Company’s functional currency is US$.

1. ANALYSIS OF CONSOLIDATED RESULTS OF 1Q26

 1 ADR = 1 share. Total issued capital stock amounted to 393,312,793 shares as of March-2026 (51% Argentina Government; 26% NYSE and 23% ByMA).

Net Revenues amounted to US$4,946 million (+9% q/q), mainly driven by the impact of higher international prices, particularly from March, that impacted on local fuels prices and export prices of oil and refined products, increased export volumes of diesel, LPGs and jet fuel, as well as peak seasonal exports of grain and flour. These effects were partially offset by lower seasonal demand of local fuels and fertilizers.

Stock variations include price effects by (US$ 23) million in 1Q26, (US$77) million for 4Q25, US$5 million for 1Q25

OPEX totaled US$1,394 million (-9% q/q), primarily driven by Other Upstream savings related to reduced exposure to mature fields and lower provision for obsolescence charges compared to 4Q25, coupled with operational efficiencies in Downstream, such as insurance policy renegotiations and optimization on energy consumption. Moreover, lifting costs in our shale operations also contracted sequentially, moving from 4.2 US$/BOE to 4.0 US$/BOE.

Other Costs reached US$1,322 million (+2% q/q), mostly explained by higher royalties (oil price increase), partially counterbalanced by lower depreciation and amortization related to the reclassification of Manantiales Behr block as held for sale in December 2025 and decreased unproductive exploratory drillings.

Purchases & Stock Variations amounted to US$1,272 million (+4% q/q). Purchases grew q/q, mostly driven by higher oil prices in line with the upward trend in Brent, and to a minor extent, increased biofuel purchases (especially biodiesel), softened by a substantial reduction in fuel imports. Importantly, during 1Q26 YPF eliminated diesel and gasoline imports. Stock variations reached a positive US$5 million in 1Q26 (compared to a negative US$85 million in 4Q25), mainly explained by higher inventory value on the back of the upward trend in international prices, and increased stock of gasoline in 1Q26 due to lower sequential demand, slightly offset by lower inventory built up of crude oil driven by higher processing levels.

Other operating net results totaled a negative US$80 million in 1Q26 (compared to a positive US$67 million in 4Q25), mainly explained by the positive result from the divestment of 50% stake in Profertil in 4Q25, partially offset by the negative result from changes in fair value of assets held for sale (Manantiales Behr), also recorded in 4Q25, besides higher provision for operating optimizations related to mature fields recorded in 1Q26.

Results from equity interests in associates and joint ventures recorded a gain of US$101 million (vs. a gain of US$15 million in 4Q25), primarily reflecting enhanced results from YPF Luz, which also adhered to the Tax Normalization Plan, affecting 4Q25 results, while 1Q26 recorded enhanced operational metrics.

Financial net results recorded a loss of US$327 million (vs. a loss of US$206 million in 4Q25), mainly explained by the updated of the company’s peso-linked liabilities driven by a 5% local currency appreciation recorded during the quarter, including the peso-denominated Tax Normalization Plan liability, established by ARCA Resolution No. 5.684/2025).

The income tax recorded a charge of US$243 million (compared to a charge of US$1,042 million in 4Q25), mainly reflecting the extraordinary tax charge recorded in 4Q25 related to the Company’s adherence to the Tax Normalization Plan, mentioned above, slightly offset by the ordinary income tax charge recorded in 1Q26.

Consequently, the net result totaled a gain of US$409 million, compared to a loss of US$649 million in 4Q25.

2. ADJ. EBITDA & CAPEX

2.1 ADJ. EBITDA RECONCILIATION

2.2 ADJ. EBITDA & CAPEX BY SEGMENT

Note: Midstream & Dw Adjusted EBITDA excludes inventories price effect of oil products, which are included in Eliminations & Other.

Past total figures remained unchanged. However, the figures for the business segments have been recalculated, as the tax credits and debits were reallocated to the “Corp.” segment..

3. ANALYSIS OF RESULTS BY SEGMENT

3.1 UPSTREAM

Revenues totaled US$2.0 billion (+23% q/q), mainly reflecting higher crude oil prices (+29% q/q), and to a minor extent, higher sales of natural gas (+5% volume and +4% price), partially offset by lower oil volume sold (-2% q/q), as we continue divesting conventional and expanding shale operation.

Lifting costs reached US$8.8/BOE (-9% q/q), primarily driven by divestment of mature fields, reaching conventional lifting costs of US$21.9/BOE (-5.5% q/q) and a more efficient unconventional lifting cost (US$4.7/BOE, -2% q/q). It is worth noting that compared to 1Q25, lifting costs contracted significantly, reducing by -42% y/y, primarily driven by exit program from mature fields.

Zooming into the lifting cost in our shale oil hub2 (at 100% stake), it posted best-in-class levels of US$4.0/BOE, as we recorded lower costs related to pulling activities (primarily in Loma Campana block), coupled with the growing share of La Angostura Sur block in our production portfolio with the most competitive lifting cost among YPF’s fields.

Royalties and other taxes averaged US$6.3/BOE (+8% q/q), primarily due to higher oil realized price, boosted by Brent volatility.

Other costs amounted to US$214 million (-58% q/q), mainly explained by higher one-off costs related to mature fields in 4Q25, and lower costs from unproductive exploratory drillings in 1Q26.

Adj. EBITDA totaled US$1,148 million (+56% q/q), mainly supported by higher oil prices (following the upward trend in international references), as well as efficiencies in lifting costs.

2 Five shale oil blocks operated by YPF: La Angostura Sur I and II (YPF owns 100%), Loma Campana (50%), La Amarga Chica (50%), Bandurria Sur (40% as of 1Q26, and 44.9% afterwards) and Aguada del Chañar (51%). La Angostura Sur is south-hub block and the rest core-hub blocks.

CAPEX amounted to US$783 million, from which 97% was allocated to unconventional assets, expecting acceleration in the following quarters, alongside the strong production ramp‑up in the second half of the year.

Gross unconventional horizontal oil wells recorded the following performance in 1Q26:

         Drilled wells remained broadly stable q/q at 46 wells (56% average working interest or “avg. WI”) vs. 47 wells (61% avg. WI) in 4Q25, all of them drilled in blocks operated by YPF;

         Completed wells slightly decreased sequentially to 47 wells (59% avg. WI) vs. 58 wells (61% avg. WI) in 4Q25, being 1 and 2 wells non-operated by YPF, respectively; and

         Tied‑in wells declined to 43 wells (60% avg. WI) vs. 63 wells in 4Q25 (61% avg. WI), being 1 and 4 non‑operated by YPF, respectively.

Notably, despite lower sequential number of wells, shale oil production increased by 5% q/q, mainly driven by tied-in activities of 4Q25, accelerating production curve, as well as the better than expected performance of wells during 1Q26. It is worth mentioning the longer lateral length of 3,437 meters drilled per well on average during 1Q26, up 8% y/y and 6% q/q. 

In terms of efficiencies within our unconventional operations3, during 1Q26 we managed to reach a new record high in drilling and fracking performance. In this sense, we averaged 364 meters per day of drilling in our shale oil hub blocks, and 11.2 stages per set per day on unconventional fracking (equivalent to 297 stages per set per month), supported with 18.5 pumping hours per day.

Crude oil production recorded 271 kbbl/d (+2.5% q/q). Once again, the sequential shale oil growth came from the continued strong performance achieved in La Angostura Sur block, that fully offset the slight decline from conventional production.

Natural gas production expanded by +11% q/q to 32.8 mm3/d, mainly driven by higher shale gas output (+17% q/q) from Rincón del Mangrullo and Aguada Pichana Oeste blocks, slightly offset by lower exposure to mature fields.

3Figures have been restated based on updated criteria. The analysis is limited to SLIM wells, as these are considered the most representative of the standard well configuration planned for large-scale development in Vaca Muerta.

NGLs production significantly grew +26% q/q to 47.7 kbbl/d, mostly explained by higher associated shale gas production from Rincón del Mangrullo and Aguada de la Arena blocks.

3.2 MIDSTREAM & DOWNSTREAM

Stock variations include price effects by US$636 million for 1Q26, (US$164) million for 4Q25, US$8 million in 1Q25

Revenues totaled US$4.3 billion (+8% q/q), mostly driven by upward trend in international prices, increasing prices of local fuel and exports of oil and refined products. It was also supported by higher export volumes that expanded by 25%, particularly diesel, LPGs and jet fuel, besides higher seasonal exports of grain and flour. These effects were partially offset by the lower summer seasonal demand of local fuels and fertilizers.

OPEX Downstream amounted to US$484 million (-13% q/q), mainly due to lower maintenance costs and further efficiency gains, such as insurance policy renegotiations and optimization on energy consumption, among others, partially offset by higher costs in real terms.

Fuel imports dropped significantly by 90% q/q, driven by record processing levels and gasoline and middle distillates production, eliminating diesel and gasoline imports in 1Q26. As a result, fuel imports (excluding jet fuel) represented 0% of total fuel sales (vs 1% in 4Q25).

Crude oil purchases (intersegment + third parties) totaled US$2,306 million (+25% q/q), primarily explained by the upwards trend in oil prices. Biofuel purchases rose 21% q/q, driven by a 33% growth in biodiesel (+22% in volume and +8% in price) reflecting higher blending levels, following a temporary biodiesel shortage in 4Q25, and 10% increase in bioethanol, mainly due to higher prices (+9% q/q). Agro product purchases dropped 20% q/q, in line with lower seasonal sales of fertilizers mentioned above.

Stock variations were positive at US$668 million vs. -US$137 million in 4Q25, reflecting the impact of higher reference prices on our inventory valuation. In contrast, 4Q25 was affected by the oil price contraction and inventory drawdown (in line with higher sales).

Adj. EBITDA, excluding inventories price effect of oil products, reached US$598 million in 1Q26 (-17% q/q), mostly explained by the abrupt increase of crude oil prices during March which were progressively incorporated into local gasoline and diesel prices albeit insufficient to fully align with import parity references. Moreover, most refined products other than gasoline and diesel are priced based on the previous month's rates, which resulted in a lag in reflecting March's international price increases until the following month.  

Adj. EBITDA of the Refining & Marketing business, in unit terms, remained strong at US$14.9/bbl, compared to US$19.5/bbl in 4Q25, reflecting the effects mentioned above.

CAPEX stood at US$151 million (-41% q/q), due to increased maintenance activities in 4Q25. The composition was: 40% midstream oil and gas, 37% refining, 15% logistics and 8% commercial and others.

In our refineries, during 1Q26 CAPEX was allocated to the following main projects:

         New fuel specifications project, we continued moving forward with the new diesel hydrotreating unit at the Luján de Cuyo refinery, expecting to start operations in 2Q26, in line with Resolution No. 492/2023 (Secretary of Energy).

         Revamping of topping units, we continued with the works to enable 100% shale oil processing, through revamping of topping units at Luján de Cuyo refinery, expected to be completed in 2Q26.

In our midstream oil business unit, we continued moving forward in our main projects:

         VMOS (Allen – Punta Colorada, ~440 km oil export dedicated pipeline): ~62% complete, with first oil export expected by Jan-27 (~180 kbbl/d), ramping up to ~550 kbbl/d in 2H27, with potential expansion above 700 kbbl/d. In Apr-26, YPF secured additional 44 kbbl/d of shipping capacity, jumping YPF’s total capacity in VMOS to 164 kbbl/d, holding the largest stake of 30%.

         La Angostura Sur evacuation Project: the construction of a new pipeline connecting our new flagship shale oil block and South Hub to LLL–Centenario pipeline, reached ~20% completion and is expected to be operational in 3Q26.

In our midstream gas business unit, we also continued making progress on our main projects:

         Loma La Lata gas treatment plant, full revamp underway to expand current capacity and improve the treatment of associated gas, expected to be operational in 2Q26.

         South Hub gathering project, progress continues with the gas evacuation infrastructure in the Puesto López–LLL gas pipelines, with completion expected in 3Q26.

         North Hub gathering project, after completing the construction of a new gas pipeline connecting Narambuena and Bajo del Toro blocks with El Portón Industrial Complex, we continued making progress on gas treatment facilities, expected to be operational in 4Q26.

In logistics, we moved forward with:

Revamping of Luján de Cuyo – Monte Cristo product pipeline (including the new Río Tercero pumping station), expected to be operational in 2Q26, increasing product evacuation capacity from the Luján de Cuyo refinery.

Nominal capacity at 337.94 kbbl/d since 1Q24.