YPF Sociedad Anónima 6K Current report

YPF Sociedad Anónima

Date: November 14, 2024

/s/ Margarita Chun

Margarita Chun

Market Relations Officer

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 November 2024

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 ☐

YPF Sociedad Anónima

TABLE OF CONTENT

ITEM 1 YPF S.A.’s Condensed Interim Consolidated Financial Statements as of September 30, 2024 and Comparative Information (US$).

ITEM 2 YPF S.A.’s Condensed Interim Consolidated Financial Statements as of September 30, 2024 and Comparative Information (Unaudited) (AR$).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Item 1

LOGO

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024

AND COMPARATIVE INFORMATION

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION

CONTENT


Note	Description	Page
	Glossary of terms	1
	Legal information	2
	Condensed interim consolidated statements of financial position	3
	Condensed interim consolidated statements of comprehensive income	4
	Condensed interim consolidated statements of changes in shareholders’ equity	5
	Condensed interim consolidated statements of cash flow	7
	Notes to the condensed interim consolidated financial statements:
1	General information, structure and organization of the Group’s business	8
2	Basis of preparation of the condensed interim consolidated financial statements	9
3	Seasonality of operations	12
4	Acquisitions and disposals	12
5	Financial risk management	13
6	Business segment information	13
7	Financial instruments by category	17
8	Intangible assets	17
9	Property, plant and equipment	18
10	Right-of-use assets	21
11	Investments in associates and joint ventures	21
12	Inventories	24
13	Other receivables	24
14	Trade receivables	24
15	Investments in financial assets	25
16	Cash and cash equivalents	25
17	Provisions	25
18	Income tax	26
19	Taxes payable	28
20	Salaries and social security	28
21	Lease liabilities	28
22	Loans	29
23	Other liabilities	31
24	Accounts payable	31
25	Revenues	31
26	Costs	33
27	Expenses by nature	34
28	Other net operating results	35
29	Net financial results	35
30	Investments in joint agreements	35
31	Shareholders’ equity	36
32	Earnings per share	36
33	Contingent assets and liabilities	36
34	Contractual commitments	37
35	Main regulations	38
36	Balances and transactions with related parties	42
37	Employee benefit plans and similar obligations	45
38	Subsequent events	46


		1
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION

GLOSSARY OF TERMS


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


		2
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION

LEGAL INFORMATION

Legal address

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

Fiscal year

No. 48 beginning on January 1, 2024.

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, Book 108, Volume A, Sociedades Anónimas, with the Public Registry of Commerce of 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, Book 113, Volume A, Sociedades Anónimas, 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 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


		3
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023

(Amounts expressed in millions of United States dollars)


	Notes	September 30, 2024		December 31, 2023
ASSETS
Non-current assets
Intangible assets	8		407		367
Property, plant and equipment	9		18,102		17,712
Right-of-use assets	10		551		631
Investments in associates and joint ventures	11		1,858		1,676
Deferred income tax assets, net	18		67		18
Other receivables	13		290		158
Trade receivables	14		31		31
Investments in financial assets	15		-		8

Total non-current assets			21,306		20,601

Current assets
Assets held for sale	9		2,072		-
Inventories	12		1,713		1,683
Contract assets	25		38		10
Other receivables	13		498		381
Trade receivables	14		1,936		973
Investments in financial assets	15		318		264
Cash and cash equivalents	16		877		1,123

Total current assets			7,452		4,434

TOTAL ASSETS			28,758		25,035


SHAREHOLDERS’ EQUITY
Shareholders’ contributions			4,504		4,504
Retained earnings			7,422		4,445

Shareholders’ equity attributable to shareholders of the parent company			11,926		8,949

Non-controlling interest			209		102

TOTAL SHAREHOLDERS’ EQUITY			12,135		9,051


LIABILITIES
Non-current liabilities
Provisions	17		756		2,660
Contract liabilities	25		31		34
Deferred income tax liabilities, net	18		92		1,242
Income tax liability			3		4
Salaries and social security	20		8		-
Lease liabilities	21		290		325
Loans	22		6,869		6,682
Other liabilities	23		71		112
Accounts payable	24		6		5

Total non-current liabilities			8,126		11,064

Current liabilities
Liabilities directly associated with assets held for sale	9		2,204		-
Provisions	17		186		181
Contract liabilities	25		77		69
Income tax liability			93		31
Taxes payable	19		260		139
Salaries and social security	20		389		210
Lease liabilities	21		296		341
Loans	22		1,832		1,508
Other liabilities	23		181		122
Accounts payable	24		2,979		2,319

Total current liabilities			8,497		4,920

TOTAL LIABILITIES			16,623		15,984

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			28,758		25,035

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

HORACIO DANIEL MARÍN

President


		4
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE NINE AND THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023

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


		For the nine-month periods ended September 30,				For the three-month periods ended September 30,
Net income	Notes	2024		2023		2024		2023

Revenues	25		14,542		13,117		5,297		4,504
Costs	26		(10,154)		(10,497)		(3,678)		(3,689)

Gross profit			4,388		2,620		1,619		815


Selling expenses	27		(1,596)		(1,385)		(552)		(483)
Administrative expenses	27		(575)		(518)		(224)		(194)
Exploration expenses	27		(131)		(42)		(20)		(16)
Impairment of property, plant and equipment and inventories write-down	9-12		(26)		(506)		(21)		(506)
Other net operating results	28		(50)		-		(48)		(3)

Operating profit / (loss)			2,010		169		754		(387)


Income from equity interests in associates and joint ventures	11		263		227		107		44

Financial income	29		87		230		19		104
Financial costs	29		(911)		(893)		(267)		(319)
Other financial results	29		241		1,011		85		421

Net financial results	29		(583)		348		(163)		206



Net profit / (loss) before income tax			1,690		744		698		(137)


Income tax	18		987		(160)		787		-


Net profit / (loss) for the period			2,677		584		1,485		(137)


Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures			(78)		(288)		(22)		(97)
Result from net monetary position in subsidiaries, associates and joint ventures⁽¹⁾			485		274		69		73

Other comprehensive income for the period			407		(14)		47		(24)



Total comprehensive income for the period			3,084		570		1,532		(161)


Net profit / (loss) for the period attributable to:
Shareholders of the parent company			2,638		548		1,470		(128)
Non-controlling interest			39		36		15		(9)
Other comprehensive income for the period attributable to:
Shareholders of the parent company			339		(17)		40		(24)
Non-controlling interest			68		3		7		-
Total comprehensive income for the period attributable to:
Shareholders of the parent company			2,977		531		1,510		(152)
Non-controlling interest			107		39		22		(9)
Earnings per share attributable to shareholders of the parent company:
Basic and diluted	32		6.73		1.40		3.75		(0.33)

(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


		5
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023

(Amounts expressed in millions of United States dollars)


	For the nine-month period ended September 30, 2024
	Shareholders’ contributions
	Capital	Treasury shares	Share-based benefit plans	Acquisition cost of treasury shares ⁽²⁾	Share trading premiums	Issuance premiums	Total
Balance at the beginning of the fiscal year	3,919	14	1	(30)	(40)	640	4,504
Accrual of share-based benefit plans ⁽³⁾	-	-	5	-	-	-	5
Settlement of share-based benefit plans	3	(3)	(5)	2	(2)	-	(5)
Reversal of reserves and absorption of accumulated losses ⁽⁵⁾	-	-	-	-	-	-	-
Constitution of reserves ⁽⁵⁾	-	-	-	-	-	-	-
Other comprehensive income	-	-	-	-	-	-	-
Net profit for the period	-	-	-	-	-	-	-

Balance at the end of the period	3,922	11	1	(28)	(42)	640	4,504


	Retained earnings ⁽⁴⁾						Equity attributable to
	Legal reserve	Reserve for future dividends	Reserve for investments	Reserve for purchase of treasury shares	Other comprehensive income	Unappropriated retained earnings and losses	Shareholders of the parent company	Non- controlling interest	Total shareholders’ equity
Balance at the beginning of the fiscal year	787	226	5,325	35	(684)	(1,244)	8,949	102	9,051
Accrual of share-based benefit plans ⁽³⁾	-	-	-	-	-	-	5	-	5
Settlement of share-based benefit plans	-	-	-	-	-	-	(5)	-	(5)
Reversal of reserves and absorption of accumulated losses ⁽⁵⁾	-	(226)	(5,325)	(35)	-	5,586	-	-	-
Constitution of reserves ⁽⁵⁾	-	-	4,236	36	-	(4,272)	-	-	-
Other comprehensive income	-	-	-	-	339	-	339	68	407
Net profit for the period	-	-	-	-	-	2,638	2,638	39	2,677

Balance at the end of the period	787	-	4,236	36	(345)	2,708	11,926	209	12,135

(1)

Includes (1,951) 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 1,606 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 37.

(4)	Includes 70 restricted to the distribution of retained earnings as of September 30, 2024, and December 31, 2023, respectively. See Note 30 to the annual consolidated financial statements.

(5)	As decided in the Shareholders’ Meeting on April 26, 2024.

HORACIO DANIEL MARÍN

President


		6
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023 (cont.)

(Amounts expressed in millions of United States dollars)


	For the nine-month period ended September 30, 2023
	Shareholders’ contributions
	Capital	Treasury shares	Share-based benefit plans	Acquisition cost of treasury shares ⁽²⁾	Share trading premiums	Issuance premiums	Total
Balance at the beginning of the fiscal year	3,915	18	2	(30)	(38)	640	4,507
Accrual of share-based benefit plans ⁽³⁾	-	-	2	-	-	-	2
Settlement of share-based benefit plans	4	(4)	(3)	-	(2)	-	(5)
Constitution of reserves ⁽⁵⁾	-	-	-	-	-	-	-
Other comprehensive income	-	-	-	-	-	-	-
Net profit for the period	-	-	-	-	-	-	-

Balance at the end of the period	3,919	14	1	(30)	(40)	640	4,504


	Retained earnings ⁽⁴⁾							Equity attributable to
	Legal reserve	Reserve for future dividends	Reserve for investments	Reserve for purchase of treasury shares	Other comprehensive income		Unappropriated retained earnings and losses	Shareholders of the parent company	Non- controlling interest	Total shareholders’ equity
Balance at the beginning of the fiscal year	787	-	-	-	(494)		5,654	10,454	98	10,552
Accrual of share-based benefit plans ⁽³⁾	-	-	-	-	-		-	2	-	2
Settlement of share-based benefit plans	-	-	-	-	-		-	(5)	-	(5)
Constitution of reserves ⁽⁵⁾	-	226	5,326	35	-		(5,587)	-	-	-
Other comprehensive income	-	-	-	-	(17)		-	(17)	3	(14)
Net profit for the period	-	-	-	-	-		548	548	36	584

Balance at the end of the period	787	226	5,326	35	(511)	⁽¹⁾	615	10,982	137	11,119

(1)

Includes (1,719) 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 1,208 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 37.

(4)	Includes 70 and 68 restricted to the distribution of retained earnings as of September 30, 2023, and December 31, 2022, respectively. See Note 30 to the annual consolidated financial statements.

(5)	As decided in the Shareholders’ Meeting on April 28, 2023.

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

HORACIO DANIEL MARÍN

President


		7
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023

(Amounts expressed in millions of United States dollars)


	For the nine-month periods ended September 30,
	2024		2023
Cash flows from operating activities
Net profit		2,677		584
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(263)		(227)
Depreciation of property, plant and equipment		1,732		2,298
Amortization of intangible assets		31		30
Depreciation of right-of-use assets		201		165
Retirement of property, plant and equipment and intangible assets and consumption of materials		388		271
Charge on income tax		(987)		160
Net increase in provisions		522		308
Impairment of property, plant and equipment and inventories write-down		26		506
Effect of changes in exchange rates, interest and others		413		(135)
Share-based benefit plans		5		15
Changes in assets and liabilities:
Trade receivables		(1,087)		(264)
Other receivables		(368)		7
Inventories		(30)		(24)
Accounts payable		714		475
Taxes payables		130		48
Salaries and social security		180		48
Other liabilities		(49)		54
Decrease in provisions due to payment/use		(119)		(438)
Contract assets		(30)		(11)
Contract liabilities		8		76
Dividends received		137		271
Income tax payments		(25)		(12)

Net cash flows from operating activities ^{(1) (2)}		4,206		4,205


Investing activities: ⁽³⁾
Acquisition of property, plant and equipment and intangible assets		(4,019)		(4,128)
Additions of assets held for sale		(176)		-
Contributions and acquisitions of interests in associates and joint ventures		-		(4)
Proceeds from sales of financial assets		205		551
Payments from purchase of financial assets		(222)		(276)
Interests received from financial assets		34		74
Proceeds from concessions, assignment agreements and sale of assets		67		14

Net cash flows used in investing activities		(4,111)		(3,769)


Financing activities: ⁽³⁾
Payments of loans		(1,994)		(1,075)
Payments of interests		(601)		(493)
Proceeds from loans		2,652		2,268
Account overdraft, net		(48)		(37)
Payments of leases		(298)		(267)
Payments of interests in relation to income tax		(3)		(7)

Net cash flows (used in) / from financing activities		(292)		389



Effect of changes in exchange rates on cash and cash equivalents		(49)		(302)



(Decrease) / Increase in cash and cash equivalents		(246)		523


Cash and cash equivalents at the beginning of the fiscal year		1,123		773
Cash and cash equivalents at the end of the period		877		1,296

(Decrease) / Increase in cash and cash equivalents		(246)		523

(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 109 and 158 for the nine-month periods ended September 30, 2024 and 2023, respectively, for payment 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:


	For the nine-month periods ended September 30,
	2024		2023
Unpaid acquisitions of property, plant and equipment and intangible assets		424		520
Unpaid additions of assets held for sale		24		-
Additions of right-of-use assets		164		179
Capitalization of depreciation of right-of-use assets		47		50
Capitalization of financial accretion for lease liabilities		6		10

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

HORACIO DANIEL MARÍN

President


		8
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

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 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, Downstream and Gas and Power businesses.

Structure and organization of the economic Group

The following chart shows the organizational structure, including the main companies of the Group, as of September 30, 2024:

LOGO

(1)	Held directly and indirectly.

(2)	See Note 35.c.3), section “Note from ENARGAS related to YPF’s interest in Metrogas”, to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President


		9
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

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

Organization of the business

As of September 30, 2024, the Group carries out its operations in accordance with the following structure:

Upstream

Downstream

Gas and Power

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 jet fuel, natural gas, lubricants and derivatives in Chile and lubricants and derivatives in Brazil.

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 nine-month period ended September 30, 2024, 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, 2023 (“annual consolidated financial statements”) presented in U.S. dollars and in accordance with IFRS as issued by the IASB.

These condensed interim consolidated financial statements corresponding to the nine-month period ended September 30, 2024, 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 nine-month period ended September 30, 2024, 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 18.

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 November 7, 2024.

Share-based benefit plans

The Group maintains share-based benefit plans with the characteristics mentioned in Note 37 of these condensed interim consolidated financial statements and Note 37 to the annual consolidated financial statements. Such plans are recorded in accordance with the guidelines set out in IFRS 2 “Share-based payment”.

Equity-settled share-based payment transactions are recognized as a straight-line expense over the period of service based on the Group’s estimate of the number of equity instruments that will eventually vest considering their fair value at the grant date, with an offsetting credit entry in the “Share-based benefit plans” account in the statement of changes in shareholders’ equity. At the end of each period, the Group reviews its estimate according to the number of equity instruments it expects will vest based on the grant conditions specified under the respective benefit plan.

HORACIO DANIEL MARÍN

President


		10
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

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

Cash-settled share-based payment transactions are recognized as a straight-line expense over the period of service based on the Group’s estimate of the number of equity instruments that will eventually vest with an offsetting entry in the “Salaries and social security” line item in the statement of financial position, measured at fair value. Changes in the fair value of the liability are recognized in net income in the statement of comprehensive income. At the end of each period, the Group reviews its estimate according to the number of equity instruments it expects will vest based on the non-market vesting conditions. The impact of the revision of the original estimates, if applicable, is recognized in the statement of comprehensive income.

Adoption of new standards and interpretations effective as from January 1, 2024

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 September 30, 2024, as described in Note 2.b.14) to the annual consolidated financial statements.

Standards and interpretations issued by the IASB as of January 1, 2024, 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.

•

IFRS 18 “Presentation and disclosure in financial statements”

In April 2024, the IASB issued IFRS 18, which replaces IAS 1 “Presentation of financial statements”, with the objective of providing better information on the financial performance of entities, improving their comparability, which is applicable to fiscal years beginning on or after January 1, 2027.

IFRS 18 introduces the following information requirements that can be grouped into 2 main groups:

Group income and expenses into 3 defined categories: (i) operating; (ii) financing and (iii) investing, and include certain defined subtotals, such as the operating result and the result before financing and income tax, with the aim of improving the comparability of the statement of comprehensive income.

Provide more information about the performance measures defined by management, which, although not mandatory, in the event of including this type of measures, the entity must disclose the reason why said measures are useful to financial statements users, their method of calculation, a reconciliation between to the most directly comparable subtotal from the statement of comprehensive income, among others.

Additionally, IFRS 18 establishes more detailed guidance on how to organize information within the financial statements and whether it should be provided in the primary financial statements or in the notes, with the aim of improving the grouping of information in the financial statements.

As of the date of issuance of these condensed interim consolidated financial statements, the Group is in the process of evaluating the effects of the application of IFRS 18.

•

IFRS 19 “Subsidiaries without public accountability: Disclosures”

In May 2024, the IASB issued IFRS 19 with the objective of allowing the option to apply simplified disclosure requirements in the financial statements of subsidiaries without public accountability and with a parent company, ultimate or intermediate, that prepares consolidated financial statements for public use in accordance with IFRS. Its application is optional for fiscal years beginning on or after January 1, 2027.

HORACIO DANIEL MARÍN

President


		11
YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 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)

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

As of the date of issuance of these condensed interim consolidated financial statements, the Group is in the process of evaluating the effects of the application of IFRS 19 on the financial statements of its subsidiaries.

•

Amendments to IFRS 9 “Financial instruments” and IFRS 7 “Financial instruments: Disclosures” - Amendments to the classification and measurement of financial instruments

In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 related to certain issues regarding the classification and measurement requirements of IFRS 9 and the disclosure requirements of IFRS 7, which are applicable for periods beginning on or after January 1, 2026:

Introduce an accounting policy option for the derecognition of a financial liability when settlement is made through an electronic payment system and certain conditions are met.

Clarify on certain assessments that an entity must perform on its financial assets, for example to determine whether a financial instrument contains contractual cash flows that are solely payments of principal and interest, or whether it also contains covenants of a contingent nature that could significantly change the timing or amount of contractual cash flows.

Establish amendments to an entity’s disclosures about investments in equity instruments measured at fair value through other comprehensive income, and the requirement to disclose contractual terms that could change the timing or amount of contractual cash flows in certain circumstances.

As of the date of issuance of these condensed interim consolidated financial statements, the Group is in the process of evaluating the effects of the application of these amendments.

•

Annual Improvements to IFRS - Volume 11

In July 2024, the IASB issued the cycle of annual improvements Volume 11 which are applicable for fiscal years beginning on or after January 1, 2026. In general terms, the improvements include amendments and/or clarifications on certain paragraphs, delete, add and/or update cross-references, replace terms and align the wording between different accounting standards, among others.

A summary of the main modified standards follows:


Accounting Standard		Subject of amendments
IFRS 1 “First-time adoption of International Financial Reporting Standards”		Hedge accounting by a first-time adopter
IFRS 7		Gain or loss on derecognition
Guidance on implementing NIIF 7		Disclosure of deferred difference between fair value and transaction Price Introduction and credit risk disclosures
IFRS 9		Derecognition of lease liabilities Transaction price
IFRS 10		Determination of a ‘de facto agent’
IAS 7 “Statement of cash flows”		Cost method

As of the date of issuance of these condensed interim consolidated financial statements, the Group is in the process of evaluating the effects of the application of these amendments.

HORACIO DANIEL MARÍN

President


		12
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

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

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 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 information corresponding to the year ended December 31, 2023, are an integral part of these condensed interim consolidated financial statements and are intended to be read only in relation to these financial statements, considering the changes in comparative figures as mentioned in Note 6. Amounts corresponding to the nine-month period ended September 30, 2023, presented in these financial statements for comparison purposes correspond to the functional currency of the company according to IAS 21 (see Note 2.b)).

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.

4.	ACQUISITIONS AND DISPOSALS

Dissolution of the company YPF International

On May 6, 2024, the Plurinational Service of Registry of Commerce (“SEPREC” by its acronym in Spanish) of Bolivia approved the dissolution and liquidation of YPF International.

HORACIO DANIEL MARÍN

President


		13
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

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), credit risk and liquidity 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 nine-month period ended September 30, 2024, 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 16, 32 and 33 to the annual consolidated financial statements and Notes 17 and 33.

The Group monitors compliance with covenants on a quaterly basis. As of September 30, 2024, the Group is in compliace 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.

The business segment structure is organized as follows:

•

Upstream

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

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

It incurs all costs related to the activities mentioned above.

On July 1, 2024, certain assets related to the production of frac sand for well drilling/fracking purposes, which were formerly included in Upstream business segment, were assigned to Central Administration and Others. In addition, the comparative information for fiscal year ended December 31, 2023, has been restated.

•

Downstream

The Downstream business segment performs activities related to: (i) crude oil refining and the production of petrochemical products; (ii) logistics related to the transportation of crude oil to the refineries and the transportation and distribution of refined and petrochemical products to be marketed at the different sales channels; (iii) commercialization of refined and petrochemical products obtained from such processes; (iv) commercialization of crude oil; and (v) commercialization of specialties for the agribusiness industry and of grains and their by-products.

HORACIO DANIEL MARÍN

President


		14
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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.)

Its revenues are mainly derived from the sale of crude oil, refined and petrochemical products, specialties for the agribusiness industry and grains and their by-products. These operations are performed through the businesses of B2C (Retail), B2B (Industries, Transportation, Aviation, Agro, Lubricants and Specialties), LPG, Chemicals, International Trade and Transportation and Sales to Companies.

It incurs all costs related to the activities mentioned above, including the purchase of: (i) crude oil from the Upstream business segment and third parties; (ii) natural gasoline and natural gas to be consumed in the refinery and petrochemical industrial complexes from the Gas and Power business segment; and (iii) propane and butane to be commercialized from the Gas and Power business segment.

•

Gas and Power

The Gas and Power business segment performs activities related to: (i) natural gas transportation to third parties and the Downstream business segment and its commercialization; (ii) commercial and technical operation of the LNG regasification terminal in Escobar by hiring regasification vessels; (iii) transportation, conditioning and processing of natural gas retained in plant for the separation and fractionation of natural gasoline, propane and butane; (iv) distribution of natural gas through our subsidiary Metrogas; and (v) the storage of the natural gas produced. Also, through our investments in associates and joint ventures, the Gas and Power business segment undertakes activities related to: (i) separation of natural gas liquids and their fractionation, storage and transportation for the production of ethane, propane, butane and natural gasoline; (ii) generation of conventional thermal electric power and renewable energy; and (iii) production, storage, distribution and sale of fertilizers.

Its revenues are mainly derived from the commercialization of natural gas as producers to third parties and the Downstream business segment, the distribution of natural gas through our subsidiary Metrogas, the sale of natural gasoline, propane and butane to the Downstream business segment and the provision of LNG regasification services.

It incurs all costs related to the activities mentioned above, including the purchase of natural gas and natural gas retained in plant from the Upstream business segment.

•

Central Administration and Others

It covers other activities performed by the Group not falling under the business segments mentioned above and which are not reporting business segments, mainly comprising corporate administrative expenses and assets and construction activities.

Sales between business segments were made at internal transfer prices established by the Group, which generally seek to approximate 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 SEPTEMBER 30, 2024 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.)


	Upstream			Downstream		Gas and Power		Central Administration and Others		Consolidation adjustments ⁽¹⁾		Total
For the nine-month period ended September 30, 2024
Revenues		37			11,813		2,102		590		-		14,542
Revenues from intersegment sales		6,269			53		299		769		(7,390)		-

Revenues		6,306			11,866		2,401		1,359		(7,390)		14,542


Operating profit or loss		1,095	⁽³⁾		1,116		124		(216)		(109)		2,010
Income from equity interests in associates and joint ventures		-			19		244		-		-		263

Net financial results													(583)
Net profit before income tax													1,690
Income tax													987
Net profit for the period													2,677

Acquisitions of property, plant and equipment		3,023			843		74		72		-		4,012
Acquisitions of right-of-use assets		60			81		23		-		-		164

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		1,279			346		41		66		-		1,732
Amortization of intangible assets		-			21		10		-		-		31
Depreciation of right-of-use assets		118			60		23		-		-		201
Impairment of property, plant and equipment and inventories write-down ⁽⁴⁾		21			-		-		5		-		26

Balance as of September 30, 2024
Assets		12,684			10,252		3,811		2,233		(222)		28,758

HORACIO DANIEL MARÍN

President


		16
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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.)


	Upstream			Downstream		Gas and Power		Central Administration and Others		Consolidation adjustments ⁽¹⁾		Total
For the nine-month period ended September 30, 2023
Revenues		26			10,988		1,774		329		-		13,117
Revenues from intersegment sales		5,507			80		282		788		(6,657)		-

Revenues		5,533			11,068		2,056		1,117		(6,657)		13,117


Operating profit or loss		(209)	⁽³⁾		441		37		(256)		156		169
Income from equity interests in associates and joint ventures		-			21		206		-		-		227

Net financial results													348
Net profit before income tax													744
Income tax													(160)
Net profit for the period													584

Acquisitions of property, plant and equipment		3,130			817		136		135		-		4,218
Acquisitions of right-of-use assets		142			19		18		-		-		179

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		1,854			346		40		58		-		2,298
Amortization of intangible assets		-			22		8		-		-		30
Depreciation of right-of-use assets		98			54		14		-		(1)		165
Impairment of property, plant and equipment ⁽⁴⁾		506			-		-		-		-		506

Balance as of December 31, 2023
Assets		10,869			9,916		2,282		2,086		(118)		25,035

(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 (56) and (15) of unproductive exploratory drillings as of September 30, 2024 and 2023.

(4)	See Notes 2.b.8), 2.c) and 8 to the annual consolidated financial statements and Note 12.

HORACIO DANIEL MARÍN

President


		17
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

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 show the Group’s financial assets measured at fair value as of September 30, 2024 and December 31, 2023, and their allocation to their fair value levels:


	As of September 30, 2024
Financial Assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		303		-		-		303
- NO		11		-		-		11

		314		-		-		314

Cash and cash equivalents:
- Mutual funds		209		-		-		209

		209		-		-		209

		523		-		-		523


	As of December 31, 2023
Financial Assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		114		-		-		114
- NO		-		-		-		-

		114		-		-		114

Cash and cash equivalents:
- Mutual funds		96		-		-		96

		96		-		-		96

		210		-		-		210

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

Fair value estimates

During the nine-month period ended September 30, 2024, there have been no changes in macroeconomic circumstances that significantly affect the Group’s financial instruments measured at fair value.

During the nine-month period ended September 30, 2024, 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 financial loans, amounted to 8,650 and 7,547 as of September 30, 2024 and December 31, 2023, respectively.

The fair value of other receivables, trade receivables, investments in financial assets, cash and cash equivalents, other liabilities and accounts payable at amortized cost, do not differ significantly from their book value.

8.	INTANGIBLE ASSETS


	September 30, 2024	December 31, 2023
Net book value of intangible assets	447	407
Provision for impairment of intangible assets	(40)	(40)

	407	367

HORACIO DANIEL MARÍN

President


		18
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

8.	INTANGIBLE ASSETS (cont.)

The evolution of the Group’s intangible assets for the nine-month period ended September 30, 2024 and as of the year ended December 31, 2023 is as follows:


	Service concessions		Exploration rights		Other intangibles		Total
Cost		933		110		453		1,496
Accumulated amortization		675		-		397		1,072

Balance as of December 31, 2022		258		110		56		424


Cost
Increases		31		-		2		33
Translation effect		-		-		(60)		(60)
Adjustment for inflation ⁽¹⁾		-		-		36		36
Decreases, reclassifications and other movements		-		-		-		-

Accumulated amortization
Increases		28		-		9		37
Translation effect		-		-		(29)		(29)
Adjustment for inflation ⁽¹⁾		-		-		18		18
Decreases, reclassifications and other movements		-		-		-		-

Cost		964		110		431		1,505
Accumulated amortization		703		-		395		1,098

Balance as of December 31, 2023		261		110		36		407


Cost
Increases		52		-		3		55
Translation effect		-		-		(9)		(9)
Adjustment for inflation ⁽¹⁾		-		-		46		46
Decreases, reclassifications and other movements		-		-		-		-

Accumulated amortization
Increases		20		-		11		31
Translation effect		-		-		(5)		(5)
Adjustment for inflation ⁽¹⁾		-		-		26		26
Decreases, reclassifications and other movements		-		-		-		-

Cost		1,016		110		471		1,597
Accumulated amortization		723		-		427		1,150

Balance as of September 30, 2024		293		110		44		447

(1)	Corresponds to 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


	September 30, 2024		December 31, 2023
Net book value of property, plant and equipment		18,777		20,532
Provision for obsolescence of materials and equipment		(204)		(171)
Provision for impairment of property, plant and equipment		(471)		(2,649)

		18,102		17,712

HORACIO DANIEL MARÍN

President


		19
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

9.	PROPERTY, PLANT AND EQUIPMENT (cont.)

Changes in Group’s property, plant and equipment for the nine-month periods ended September 30, 2024 and as of the year ended December 31, 2023 are as follows:


	Land and buildings		Mining property, wells and related equipment		Refinery equipment and petrochemical plants		Transportation equipment		Materials and equipment in warehouse		Drilling and work in progress		Exploratory drilling in progress		Furniture, fixtures and installations		Selling equipment		Infrastructure for natural gas distribution		Other property		Total
Cost		1,395		50,087		8,677		528		1,195		3,880		38		832		1,343		1,159		930		70,064
Accumulated depreciation		700		42,294		5,494		359		-		-		-		761		925		586		684		51,803

Balance as of December 31, 2022		695		7,793		3,183		169		1,195		3,880		38		71		418		573		246		18,261


Cost
Increases		1		511		99		6		1,282		4,161		119		4		-		-		8		6,191
Translation effect		(178)		-		-		(55)		(19)		(46)		-		(30)		-		(904)		(223)		(1,455)
Adjustment for inflation⁽¹⁾		106		-		-		33		11		27		-		18		-		537		131		863
Decreases, reclassifications and other movements		16		2,503		135		165		(1,030)		(2,357)		(26)		45		39		18		(3)		(495)

Accumulated depreciation
Increases		28		2,692		364		30		-		-		-		36		64		10		28		3,252
Translation effect		(96)		-		-		(36)		-		-		-		(27)		-		(455)		(150)		(764)
Adjustment for inflation⁽¹⁾		57		-		-		22		-		-		-		16		-		270		88		453
Decreases, reclassifications and other movements		(1)		(92)		-		(5)		-		-		-		-		(8)		-		(2)		(108)

Cost		1,340		53,101		8,911		677		1,439		5,665		131		869		1,382		810		843		75,168
Accumulated depreciation		688		44,894		5,858		370		-		-		-		786		981		411		648		54,636

Balance as of December 31, 2023		652		8,207		3,053		307		1,439		5,665		131		83		401		399		195		20,532


Cost
Increases		-		-		64		6		992		2,852		89		2		-		-		7		4,012
Translation effect		(28)		-		-		(9)		(3)		(4)		-		(6)		-		(135)		(33)		(218)
Adjustment for inflation⁽¹⁾		139		-		-		45		15		22		-		28		-		685		166		1,100
Decreases, reclassifications and other movements		(117)		(26,300)		134		(38)		(843)		(2,423)		(114)		(20)		68		3		(19)		(29,669)	⁽²⁾

Accumulated depreciation
Increases		21		1,590		263		30		-		-		-		28		49		19		25		2,025
Translation effect		(15)		-		-		(6)		-		-		-		(4)		-		(68)		(23)		(116)
Adjustment for inflation⁽¹⁾		73		-		-		30		-		-		-		20		-		345		119		587
Decreases, reclassifications and other movements		(72)		(25,285)		-		(72)		-		-		-		(48)		(3)		(3)		(33)		(25,516)	⁽²⁾

Cost		1,334		26,801		9,109		681		1,600		6,112		106		873		1,450		1,363		964		50,393
Accumulated depreciation		695		21,199		6,121		352		-		-		-		782		1,027		704		736		31,616

Balance as of September 30, 2024		639		5,602		2,988		329		1,600		6,112		106		91		423		659		228		18,777

(1)	Corresponds to 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 29,230 and 25,454 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 38 to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President


		20
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

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 nine-month periods ended September 30, 2024 and 2023, the rate of capitalization was 7.44% and 8.26%, respectively, and the amount capitalized amounted to 5 and 14, respectively.

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the nine-month period ended September 30, 2024 and as of the year ended December 31, 2023:


	Provision for obsolescence of materials and equipment
Balance as of December 31, 2022		151

Increases charged to profit or loss		24
Applications due to utilization		(4)
Translation effect		(2)
Adjustment for inflation⁽¹⁾		2

Balance as of December 31, 2023		171

Increases charged to profit or loss		32
Applications due to utilization		-
Translation effect		-
Adjustment for inflation⁽¹⁾		1

Balance as of September 30, 2024		204

(1)	Corresponds to 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 nine-month period ended September 30, 2024 and as of the year ended December 31, 2023:


	Provision for impairment of property, plant and equipment
Balance as of December 31, 2022		600

Increases charged to profit or loss⁽¹⁾		2,288
Depreciation⁽²⁾		(236)
Translation effect		(7)
Adjustment for inflation⁽³⁾		4
Reclassifications		-

Balance as of December 31, 2023		2,649

Increases charged to profit or loss		5
Depreciation⁽²⁾		(293)
Translation effect		(2)
Adjustment for inflation⁽³⁾		5
Reclassifications⁽⁴⁾		(1,893)

Balance as of September 30, 2024		471

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

(2)	Included in “Depreciation of property, plant and equipment” in Note 27.

(3)	Corresponds to 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 1,893 reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 38 to the annual consolidated financial statements.

On February 29, 2024, YPF’s Board of Directors resolved the disposal of certain groups of assets related to the Upstream business segment, mainly mature fields related to the CGU Oil, CGU Gas - Austral Basin and CGU Gas - Neuquina Basin. Accordingly, the assets were reclassified from “Property, plant and equipment” line item to “Assets held for sale” line item and the related provision for hydrocarbon wells abandonment obligations to “Liabilities directly associated with assets held for sale” line item as current items in the statement of financial position.

The carrying amount of the assets may be adjusted in future periods depending on the results of the disposition process conducted by YPF and the financial consideration to be agreed with third parties for such assets. In addition, the closing of such dispositions will be subject to the fulfillment of customary closing conditions, including applicable regulatory approvals. See Notes 2.b.13) and 38 to the annual consolidated financial statements and Note 34.b).

HORACIO DANIEL MARÍN

President


		21
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

10. RIGHT-OF-USE ASSETS

The evolution of the Group’s right-of-use assets for the nine-month period ended September 30, 2024 and as of the year ended December 31, 2023 are as follows:


	Land and buildings		Exploitation facilities and equipment		Machinery and equipment		Gas stations		Transportation equipment		Total
Cost		33		495		283		100		370		1,281
Accumulated depreciation		19		301		209		44		167		740

Balance as of December 31, 2022		14		194		74		56		203		541


Cost
Increases		13		93		169		1		128		404
Translation effect		(1)		-		-		(18)		-		(19)
Adjustment for inflation ⁽¹⁾		-		-		-		11		-		11
Decreases, reclassifications and other movements		(5)		(21)		(1)		-		-		(27)

Accumulated depreciation
Increases		6		119		43		9		111		288
Translation effect		(1)		-		-		(10)		-		(11)
Adjustment for inflation ⁽¹⁾		-		-		-		6		-		6
Decreases, reclassifications and other movements		-		(4)		-		-		-		(4)

Cost		40		567		451		94		498		1,650
Accumulated depreciation		24		416		252		49		278		1,019

Balance as of December 31, 2023		16		151		199		45		220		631


Cost
Increases		9		3		85		1		66		164
Translation effect		-		-		-		(2)		-		(2)
Adjustment for inflation ⁽¹⁾		1		-		-		13		-		14
Decreases, reclassifications and other movements		-		(15)		(56)		-		(11)		(82)

Accumulated depreciation
Increases		5		81		64		8		90		248
Translation effect		-		-		-		(2)		-		(2)
Adjustment for inflation ⁽¹⁾		1		-		-		9		-		10
Decreases, reclassifications and other movements		-		(15)		(56)		-		(11)		(82)

Cost		50		555		480		106		553		1,744
Accumulated depreciation		30		482		260		64		357		1,193

Balance as of September 30, 2024		20		73		220		42		196		551

(1)	Corresponds to 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 shows the value of the investments in associates and joint ventures at an aggregate level, as of September 30, 2024 and December 31, 2023:


	September 30, 2024		December 31, 2023
Amount of investments in associates		181		142
Amount of investments in joint ventures		1,677		1,534

		1,858		1,676

HORACIO DANIEL MARÍN

President


		22
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

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

The main movements during the nine-month period ended September 30, 2024 and as of the year ended December 31, 2023 which affected the value of the aforementioned investments, correspond to:


	Investments in associates and joint ventures
Balance as of December 31, 2022		1,905

Acquisitions and contributions		5
Income on investments in associates and joint ventures		94
Distributed dividends		(275	)
Translation differences		(99	)
Adjustment for inflation ⁽¹⁾		46

Balance as of December 31, 2023		1,676

Acquisitions and contributions		-
Income on investments in associates and joint ventures		263
Distributed dividends		(138	)
Translation differences		(11	)
Adjustment for inflation ⁽¹⁾		68

Balance as of September 30, 2024		1,858

(1)	Corresponds to 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 shows 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 nine-month periods ended September 30, 2024 and 2023. 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:


	Associates				Joint ventures
	For the nine-month periods ended September 30,				For the nine-month periods ended September 30,
	2024		2023		2024		2023
Net income		4		21		259		206
Other comprehensive income		38		(2)		19		(23)

Comprehensive income		42		19		278		183

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 SEPTEMBER 30, 2024 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)

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

The financial information corresponding to YPF EE’s assets and liabilities as of September 30, 2024 and December 31, 2023, as well as the results for the nine-month periods ended September 30, 2024 and 2023, are detailed below:


	September 30, 2024 ⁽¹⁾		December 31, 2023 ⁽¹⁾
Total non-current assets		2,089		2,102
Cash and cash equivalents		251		114
Other current assets		222		152
Total current assets		473		266

Total assets		2,562		2,368


Financial liabilities (excluding items “Accounts payable”, “Provisions” and “Other liabilities”)		716		720
Other non-current liabilities		162		204
Total non-current liabilities		878		924
Financial liabilities (excluding items “Accounts payable”, “Provisions” and “Other liabilities”)		267		188
Other current liabilities		140		143
Total current liabilities		407		331

Total liabilities		1,285		1,255



Total shareholders’ equity ⁽²⁾		1,277		1,113


Dividends received ⁽³⁾		-		35

Closing exchange rates ⁽⁴⁾		969.00		806.95

	For the nine-month periods ended September 30,
	2024 ⁽¹⁾		2023 ⁽¹⁾
Revenues		393		393
Interest income		26		73
Depreciation and amortization		(113)		(97)
Interest loss		(47)		(43)
Income tax		37		(37)
Operating profit		153		223


Net profit		170		79
Other comprehensive income		212		830

Total comprehensive income		382		909


Average exchange rates ⁽⁴⁾		887.24		246.84

(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 equity interest and results of YPF EE. The equity and adjusted 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 SEPTEMBER 30, 2024 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)

12. INVENTORIES


	September 30, 2024		December 31, 2023
Finished goods	1,094		1,052
Crude oil and natural gas	442	⁽²⁾	507
Products in process	51		45
Raw materials, packaging materials and others	126		79

	1,713	⁽¹⁾	1,683	⁽¹⁾

(1)	As of September 30, 2024 and December 31, 2023, the carrying amount of inventories does not exceed their net realizable value.

(2)	Includes 21 corresponding to the inventories write-down, see Note 2.b.8) to the annual consolidated financial statements.

13. OTHER RECEIVABLES


	September 30, 2024				December 31, 2023
	Non-current		Current		Non-current		Current
Receivables from services and sales of other assets		3		22		-		11
Tax credit and export rebates		115		151		83		44
Loans and balances with related parties ⁽¹⁾		147		11		43		6
Collateral deposits		-		13		-		13
Prepaid expenses		15		20		18		33
Advances and loans to employees		-		5		-		3
Advances to suppliers and custom agents ⁽²⁾		-		105		-		84
Receivables with partners in JA		4		145		8		155
Miscellaneous		7		26		7		32

		291		498		159		381
Provision for other doubtful receivables		(1)		-		(1)		-

		290		498		158		381

(1)	See Note 36 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.

14. TRADE RECEIVABLES


	September 30, 2024				December 31, 2023
	Non-current		Current		Non-current		Current
Accounts receivable and related parties ^{(1) (2)}		41		1,993		43		1,020
Provision for doubtful trade receivables		(10)		(57)		(12)		(47)

		31		1,936		31		973

(1)	See Note 36 for information about related parties.

(2)	See Note 25 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 nine-month period ended September 30, 2024 and for the fiscal year ended December 31, 2023:


	Provision for doubtful trade receivables
	Non-current			Current
Balance as of December 31, 2022		55	⁽²⁾		76

Increases charged to expenses		-			20
Decreases charged to income		-			(2)
Applications due to utilization		-			(3)
Net exchange and translation differences		(43)			(42)
Result from net monetary position ⁽¹⁾		-			(2)

Balance as of December 31, 2023		12	⁽²⁾		47

Increases charged to expenses		-			72	⁽³⁾
Decreases charged to income		-			(6)
Applications due to utilization		-			(49)	⁽³⁾
Net exchange and translation differences		(2)			(5)
Result from net monetary position ⁽¹⁾		-			(2)

Balance as of September 30, 2024		10	⁽²⁾		57

(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 natural gas distributors for the accumulated daily differences pursuant to Decree No. 1,053/2018, see Note 35.c.1) to the annual consolidated financial statements.

(3)	Mainly including credits with CAMMESA, see Note 36.

HORACIO DANIEL MARÍN

President


		25
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

15. INVESTMENTS IN FINANCIAL ASSETS


	September 30, 2024				December 31, 2023
	Non-current		Current		Non-current		Current
Investments at amortized cost
Public securities ⁽¹⁾		-		-		-		99
Private securities - NO and stock market promissory notes		-		4		8		4
Term deposits		-		-		-		47	⁽²⁾

		-		4		8		150

Investments at fair value through profit or loss
Public securities ⁽¹⁾		-		303		-		114
Private securities - NO and stock market promissory notes		-		11		-		-

		-		314		-		114

		-		318		8		264

(1)	See Note 36.

(2)	Corresponds to term deposits with the BNA.

16. CASH AND CASH EQUIVALENTS


	September 30, 2024		December 31, 2023
Cash and banks ⁽¹⁾		355		230
Short-term investments ^{(2) (3)}		313		797
Financial assets at fair value through profit or loss ⁽⁴⁾		209		96

		877		1,123

(1)	Includes balances granted as collateral. See Note 34.e) to the annual consolidated financial statements.

(2)	Includes 57 and 727 of BCRA bills as of September 30, 2024 and December 31, 2023, respectively.

(3)	Includes 164 and 45 of term deposits and other investments with the BNA as of September 30, 2024 and December 31, 2023, respectively.

(4)	See Note 7.

17. PROVISIONS

Changes in the Group’s provisions for the nine-month period ended September 30, 2024 and for the fiscal year ended December 31, 2023 are as follows:


	Provision for lawsuits and contingencies						Provision for environmental liabilities				Provision for hydrocarbon wells abandonment obligations				Total
	Non-current			Current			Non-current		Current		Non-current		Current		Non-current		Current
Balance as of December 31, 2022		571			22			96		46		1,904		131		2,571		199

Increases charged to expenses		89			3			80		-		264		-		433		3
Decreases charged to income		(26)			(6)			-		-		(12)		-		(38)		(6)
Applications due to utilization		(1)			(318)	⁽³⁾		-		(50)		-		(122)		(1)		(490)
Net exchange and translation differences		(110)			(1)			(52)		(38)		-		-		(162)		(39)
Result from net monetary position ⁽¹⁾		(1)			-			-		-		-		-		(1)		-
Reclassifications and other movements		(456)	⁽²⁾		321			(76)		76		390		117		(142)		514

Balance as of December 31, 2023		66			21			48		34		2,546		126		2,660		181

Increases charged to expenses		64			-			103		-		111		-		278		-
Decreases charged to income		(4)			-			-		-		-		-		(4)		-
Applications due to utilization		(3)			(6)			-		(44)		-		(26)		(3)		(76)
Net exchange and translation differences		(9)			(1)			(1)		(5)		-		-		(10)		(6)
Result from net monetary position ⁽¹⁾		(2)			-			-		-		-		-		(2)		-
Reclassifications and other movements ⁽⁴⁾		(6)			6			(109)		55		(2,048)		26		(2,163)		87

Balance as of September 30, 2024		106			20			41		40		609		126		756		186

(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 134 reclassified as “Other liabilities” in the statement of financial position due to the settlement agreement entered with TGN and 286 reclassified as current “Provision for lawsuits and contingencies” due to the Trust Settlement Agreement, see Notes 16.a.2) and 32 to the annual consolidated financial statements, respectively.

(3)	Includes the payment of the amount for the Trust Settlement Agreement, see Note 32 to the annual consolidated financial statements.

(4)

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 38 to the annual consolidated financial statements and Note 9.

HORACIO DANIEL MARÍN

President


		26
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

17. PROVISIONS (cont.)

Provisions are described in Note 16 to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2024 are described below:

17.a) Provision for lawsuits and contingencies

Environmental claims

•

La Plata

On August 29, 2024 the Court of Appeals confirmed the obligation to cease and remedy the environmental damage determined in the first instance. The co-defendants filed an extraordinary appeal to the CSJN and, as of the date of issuance of these condensed interim consolidated financial statements, such appeal is pending resolution.

18. 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.

In relation to such tax criteria, the income tax expense contemplates the application of the integral inflation adjustment mechanism applicable to property, plant and equipment, and the indexation of the accumulated tax losses carryforward until the concurrence of the projected tax result of the fiscal year 2024, all considering that the assumption of confiscation would be verified in accordance with the jurisprudence of the CSJN in force as of the date of issuance of these consolidated financial statements.

The Group considers having strong arguments to successfully defend such assumed tax criteria, in the event of a possible controversy with the tax authorities, in accordance with the guidelines of IFRIC 23 “Uncertainty over income tax treatments”. As of September 30, 2024, the assumed tax criteria generates a profit of 416.

The income tax charge for the nine-month period ending September 30, 2024 is a profit of 987. The amount accrued for the nine-month periods ending September 30, 2024 and 2023 is as follows:


	For the nine-month periods ended September 30,
	2024		2023
Current income tax		(87)		(31)
Deferred income tax		1,074		(129)

		987		(160)

HORACIO DANIEL MARÍN

President


		27
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

18. INCOME TAX (cont.)

The reconciliation between the income tax charge for the nine-month periods ended September 30, 2024 and 2023 and the one that would result from applying the prevailing tax rate on net profit or loss before income tax arising from the condensed interim consolidated statements of comprehensive income for each period is as follows:


	For the nine-month periods ended September 30,
	2024		2023
Net profit before income tax		1,690		744
Average tax rate ⁽¹⁾		25.33%		25.27%

Average tax rate applied to net profit before income tax		(428)		(188)
Effect of the valuation of property, plant and equipment, intangible assets and assets held for sale, net		2,110		(47)
Effect of exchange differences and other results associated to the valuation of the currency, net ⁽²⁾		(1,547)		390
Effect of the valuation of inventories		(104)		(291)
Income on investments in associates and joint ventures		66		57
Effect of tax rate change ⁽³⁾		457		(198)
Effect of application of indexation mechanisms		416		-
Miscellaneous		17		117	⁽⁴⁾

Income tax		987		(160)

(1)	Corresponds to the average projected tax rate of YPF and its subsidiaries in compliance with amendment to Law No. 27,630. See Note 35.e.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 35.e.1) to the annual consolidated financial statements.

(4)	Includes 32 corresponding to the tax criteria adopted in the 2023 tax return for fiscal year 2022 of the subsidiary Metrogas.

The breakdown of the Group’s deferred tax assets and liabilities as of September 30, 2024 and December 31, 2023 is as follows:


	September 30, 2024			December 31, 2023
Deferred tax assets
Provisions and other non-deductible liabilities		167			113
Property, plant and equipment and others ⁽¹⁾		568			-
Lease liabilities		205			234
Tax losses carryforward		11			1,782
Miscellaneous		1			1

Total deferred tax assets		952			2,130

Deferred tax liabilities
Property, plant and equipment and others ⁽²⁾		(291)			(2,017)
Adjustment for tax inflation ⁽³⁾		(467)			(1,078)
Right-of-use assets		(193)			(221)
Miscellaneous		(26)			(38)

Total deferred tax liabilities		(977)			(3,354)

Total Net deferred tax		(25)	⁽⁴⁾		(1,224)

(1)	Includes the deferred tax corresponding to property, plant and equipment and assets held for sale.

(2)	Includes the deferred tax corresponding to property, plant and equipment, intangible assets and inventories.

(3)	Includes the effect of the deferral of the tax inflation adjustment. See “Budget Law 2023 - Deferral of tax adjustment for inflation” section Note 35.e.1) to the annual consolidated financial statements.

(4)

Includes (56) 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 181 corresponding to the effect of the translation.

As of September 30, 2024 and December 31, 2023, the causes that generated imputations within “Other comprehensive income” line item in the statement of comprehensive income did not generate temporary differences subject to income tax.

As of September 30, 2024 and December 31, 2023 the Group has classified as deferred tax assets 67 and 18, respectively, and as deferred tax liability 92 and 1,242, 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


		28
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

19. TAXES PAYABLE


	September 30, 2024		December 31, 2023
VAT		32		22
Withholdings and perceptions		50		21
Royalties		93		75
Fuels tax		55		-
Turnover tax		12		7
Miscellaneous		18		14

		260		139

20. SALARIES AND SOCIAL SECURITY


	September 30, 2024				December 31, 2023
	Non-current		Current		Non-current		Current
Salaries and social security		-		156		-		58
Bonuses and incentives provision		-		144		-		104
Cash-settled share-based payments provision ⁽²⁾		7		-		-		-
Vacation provision		-		83		-		45
Other employee benefits⁽¹⁾		1		6		-		3

		8		389		-		210

(1)	Includes the voluntary retirement plan executed by the Group.

(2)	Corresponding to the Value Generation Plan. See Note 37.

21. LEASE LIABILITIES

The evolution of the Group’s leases liabilities for the nine-month period ended September 30, 2024 and for the fiscal year ended December 31, 2023, are as follows:


	Lease liabilities
Balance as of December 31, 2022		566

Leases increases		404
Financial accretions		77
Leases decreases		(23)
Payments		(359)
Net exchange and translation differences		-
Result from net monetary position ⁽¹⁾		1

Balance as of December 31, 2023		666

Leases increases		164
Financial accretions		54
Leases decreases		-
Payments		(298)
Net exchange and translation differences		-
Result from net monetary position ⁽¹⁾		-

Balance as of September 30, 2024		586

(1)

Includes the adjustment for inflation of opening balances of lease liabilities 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.

HORACIO DANIEL MARÍN

President


		29
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

22. LOANS


			September 30, 2024					December 31, 2023
	Interest rate⁽¹⁾	Maturity	Non-current		Current			Non-current		Current
Pesos:

NO	-	-		-		-			-		60
Export pre-financing ⁽⁵⁾	37.88% - 37.88%	2025		-		31			-		-
Loans	40.48% - 56.35%	2024-2026		22		4			9		15
Account overdrafts	-	-		-		-			-		56

				22		35			9		131

Currencies other than the peso:

NO ^{(2) (3)}	0.00% - 10.00%	2024-2047		6,178		1,273			6,191		767
Export pre-financing	1.90% - 10.89%	2024-2025		-		361	⁽⁴⁾		102		545	⁽⁴⁾
Imports financing	8.80% - 16.00%	2024-2026		19		18			-		-
Loans	0.00% - 14.10%	2024-2030		625		70			380		65
Stock market promissory notes	0.00% - 0.00%	2025-2026		25		75			-		-

				6,847		1,797			6,673		1,377

				6,869		1,832			6,682		1,508

(1)	Nominal annual interest rate as of September 30, 2024.

(2)	Disclosed net of 15 and 3 corresponding to YPF’s own NO repurchased through open market transactions, as of September 30, 2024, and December 31, 2023, respectively.

(3)	Includes 1,596 and 1,327 as of September 30, 2024, and December 31, 2023, 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 83 and 86 as of September 30, 2024, and December 31, 2023, respectively, of pre-financing of exports granted by BNA.

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

Set forth below is the evolution of the loans for nine-month period ended September 30, 2024 and for the fiscal year ended December 31, 2023:


	Loans
Balance as of December 31, 2022		7,088

Proceeds from loans		2,667
Payments of loans		(1,396)
Payments of interest		(623)
Account overdrafts, net		(3)
Accrued interest ⁽¹⁾		702
Net exchange and translation differences		(239)
Result from net monetary position ⁽²⁾		(6)

Balance as of December 31, 2023		8,190

Proceeds from loans		2,652
Payments of loans		(1,994)
Payments of interest		(601)
Account overdrafts, net		(48)
Accrued interest ⁽¹⁾		530
Net exchange and translation differences		(28)
Result from net monetary position ⁽²⁾		-

Balance as of September 30, 2024		8,701

(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.

On August 29, 2024, the Company announced an offer for the purchase of the Class XXXIX and Class LIII NO due July 28, 2025 and July 21, 2027, respectively, for principal amount of 500, having received and accepted purchase orders for 334 of the Class XXXIX NO and for 166 of the Class LIII NO, which were completely cancelled as of September 16, 2024 plus the corresponding interest.

On September 5, 2024 the Company announced an exchange offer for the Class XXXIX NO due July 2025 by offering additional Class XXXI NO, denominated and payable in U.S. dollars at a fixed rate of 8.75% maturing in September 2031 for a notional amount of up to 500, extendable up to the maximum authorized amount. Having received offers for 40 on September 20, 2024 the Company canceled 40 of the Class XXXIX NO offered in exchange and issued additional new Class XXXI NO for an equivalent amount.

HORACIO DANIEL MARÍN

President


		30
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

22. LOANS (cont.)

Details regarding the NO of the Group are as follows:


													September 30, 2024					December 31, 2023
Month	Year		Principal value ⁽³⁾			Class		Interest rate⁽¹⁾				Principal maturity	Non-current		Current			Non-current		Current
YPF
-		1998		U.S. dollar	15		-		Fixed		10.00%	2028		15		1			15		-
April, February, October		2014/15/16		U.S. dollar	521		Class XXVIII		-		-	-		-		-			-		354
September		2014		Peso	1,000		Class XXXIV		-		-	-		-		-	⁽⁴⁾		-		-	⁽⁴⁾
April		2015		U.S. dollar	757		Class XXXIX		Fixed		8.50%	2025		-		769			1,132		41
July, December		2017		U.S. dollar	644		Class LIII		Fixed		6.95%	2027		649		8			816		25
December		2017		U.S. dollar	537		Class LIV		Fixed		7.00%	2047		530		11			530		1
June		2019		U.S. dollar	399		Class I		Fixed		8.50%	2029		398		9			397		-
July		2020		U.S. dollar	341		Class XIII		Fixed		8.50%	2025		-		43			43		88
February		2021		U.S. dollar	776		Class XVI		Fixed		9.00%	2026		128		233			307		235
February		2021		U.S. dollar	748		Class XVII		Fixed		9.00%	2029		757		16			758		-
February		2021		U.S. dollar	576		Class XVIII		Fixed		7.00%	2033		555		-			553		11
February		2021		Peso	4,128		Class XIX		-		-	-		-		-			-		35
July		2021		U.S. dollar	384		Class XX		Fixed		5.75%	2032		384		4			384		10
January		2023		U.S. dollar	230		Class XXI		Fixed		1.00%	2026		220		-			229		1
January, April		2023		Peso	15,761		Class XXII		-		-	-		-		-			-		25
April		2023		U.S. dollar	147		Class XXIII		Fixed		0.00%	2025		-		152			158		-
April		2023		U.S. dollar	38		Class XXIV		Fixed		1.00%	2027		38		-			38		-
June		2023		U.S. dollar	263		Class XXV		Fixed		5.00%	2026		261		4			262		1
September ⁽²⁾		2023		U.S. dollar	400		Class XXVI		Fixed		0.00%	2028		400		-			400		-
October ⁽²⁾		2023		U.S. dollar	128		Class XXVII		Fixed		0.00%	2026		151		-			169		-
January		2024		U.S. dollar	800		Class XXVIII		Fixed		9.50%	2031		790		16			-		-
May		2024		U.S. dollar	178		Class XXIX		Fixed		6.00%	2026		177		4			-		-
July		2024		U.S. dollar	185		Class XXX		Fixed		1.00%	2026		187		-			-		-
September		2024		U.S. dollar	540		Class XXXI		Fixed		8.75%	2031		538		3			-		-

														6,178		1,273			6,191		827
										��

(1)	Nominal annual interest rate as of September 30, 2024.

(2)	During the nine-month period ended September 30, 2024, 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


		31
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

23. OTHER LIABILITIES


	September 30, 2024				December 31, 2023
	Non-current		Current		Non-current		Current
Liabilities for concessions and assignment agreements		-		131		8	67
Liabilities for contractual claims ⁽¹⁾		71		45		104	49
Miscellaneous		-		5		-	6

		71		181		112	122

(1)	See Note 16.a.2) to the annual consolidated financial statements.

24. ACCOUNTS PAYABLE


	September 30, 2024				December 31, 2023
	Non-current		Current		Non-current		Current
Trade payable and related parties ⁽¹⁾		5		2,922		4	2,285
Guarantee deposits		-		4		-	4
Payables with partners of JA and other agreements		1		41		1	14
Miscellaneous		-		12		-	16

		6		2,979		5	2,319

(1)	See Note 36 for information about related parties.

25. REVENUES


	For the nine-month periods ended September 30,
	2024		2023
Revenue from contracts with customers		14,367		12,881
National Government incentives ⁽¹⁾		175		236

		14,542		13,117

(1)	See Note 36.

The Group’s transactions and the main revenues are described in Note 6. The Group classifies revenues from contracts with customers in accordance with Note 24 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


	For the nine-month period ended September 30, 2024
	Upstream		Downstream		Gas and Power		Central Administration and Others		Total
Diesel		-		4,956		-		-		4,956
Gasolines		-		3,009		-		-		3,009
Natural gas ⁽¹⁾		-		13		1,772		-		1,785
Crude oil		-		748		-		-		748
Jet fuel		-		708		-		-		708
Lubricants and by-products		-		400		-		-		400
LPG		-		339		-		-		339
Fuel oil		-		99		-		-		99
Petrochemicals		-		364		-		-		364
Fertilizers and crop protection products		-		271		-		-		271
Flours, oils and grains		-		327		-		-		327
Asphalts		-		62		-		-		62
Goods for resale at gas stations		-		88		-		-		88
Income from services		-		-		-		133		133
Income from construction contracts		-		-		-		303		303
Virgin naphtha		-		112		-		-		112
Petroleum coke		-		150		-		-		150
LNG regasification		-		-		43		-		43
Other goods and services		37		157		122		154		470

		37		11,803		1,937		590		14,367

HORACIO DANIEL MARÍN

President


		32
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

25. REVENUES (cont.)


	For the nine-month period ended September 30, 2023
	Upstream		Downstream		Gas and Power		Central Administration and Others		Total
Diesel		-		4,898		-		-		4,898
Gasolines		-		2,550		-		-		2,550
Natural gas ⁽¹⁾		-		9		1,350		-		1,359
Crude oil		-		258		-		-		258
Jet fuel		-		753		-		-		753
Lubricants and by-products		-		442		-		-		442
LPG		-		292		-		-		292
Fuel oil		-		71		-		-		71
Petrochemicals		-		342		-		-		342
Fertilizers and crop protection products		-		433		-		-		433
Flours, oils and grains		-		197		-		-		197
Asphalts		-		134		-		-		134
Goods for resale at gas stations		-		85		-		-		85
Income from services		-		-		-		107		107
Income from construction contracts		-		-		-		108		108
Virgin naphtha		-		121		-		-		121
Petroleum coke		-		214		-		-		214
LNG regasification		-		-		37		-		37
Other goods and services		26		127		213		114		480

		26		10,926		1,600		329		12,881

(1) Includes 1,243 and 1,103 corresponding to sales of natural gas produced by the Company for the nine-month periods ended September 30, 2024 and 2023, respectively. Sales channels
	For the nine-month period ended September 30, 2024
	Upstream		Downstream		Gas and Power		Central Administration and Others		Total
Gas stations		-		5,255		-		-		5,255
Power plants		-		48		343		-		391
Distribution companies		-		-		256		-		256
Retail distribution of natural gas		-		-		353		-		353
Industries, transport and aviation		-		2,967		894		-		3,861
Agriculture		-		1,307		-		-		1,307
Petrochemical industry		-		510		-		-		510
Trading		-		1,251		-		-		1,251
Oil companies		-		148		-		-		148
Commercialization of LPG		-		127		-		-		127
Other sales channels		37		190		91		590		908

		37		11,803		1,937		590		14,367


	For the nine-month period ended September 30, 2023
	Upstream		Downstream		Gas and Power		Central Administration and Others		Total
Gas stations		-		4,835		-		-		4,835
Power plants		-		46		325		-		371
Distribution companies		-		-		145		-		145
Retail distribution of natural gas		-		-		218		-		218
Industries, transport and aviation		-		3,115		823		-		3,938
Agriculture		-		1,365		-		-		1,365
Petrochemical industry		-		474		-		-		474
Trading		-		699		-		-		699
Oil companies		-		113		-		-		113
Commercialization of LPG		-		109		-		-		109
Other sales channels		26		170		89		329		614

		26		10,926		1,600		329		12,881

HORACIO DANIEL MARÍN

President


		33
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

25. REVENUES (cont.)

Target market

Sales in the domestic market amounted to 12,218 and 11,530 for the nine-month periods ended September 30, 2024 and 2023, respectively.

Sales in the international market amounted to 2,149 and 1,351 for the nine-month periods ended September 30, 2024 and 2023, respectively.

•

Contract balances

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


	September 30, 2024				December 31, 2023
	Non-current		Current		Non-current		Current
Credits for contracts included in the item of “Trade receivables”		41		1,885		41		993
Contract assets		-		38		-		10
Contract liabilities		31		77		34		69

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

During the nine-month periods ended September 30, 2024 and 2023 the Group has recognized 57 and 56, 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.

26. COSTS


	For the nine-month periods ended September 30,
	2024		2023
Inventories at beginning of year		1,683		1,738
Purchases		3,511		3,872
Production costs ⁽¹⁾		6,673		6,649
Translation effect		(7)		(18)
Inventories write-down		(21)		-
Adjustment for inflation ⁽²⁾		28		20
Inventories at end of the period		(1,713)		(1,764)

		10,154		10,497

(1)	See Note 27.

(2)	Corresponds to 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


		34
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

27. 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” lines. 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 nine-month periods ended September 30, 2024 and 2023:


	For the nine-month period ended September 30, 2024
	Production costs ⁽²⁾		Administrative expenses ⁽³⁾		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		765		231		110			11		1,117
Fees and compensation for services		50		184		33			-		267
Other personnel expenses		217		21		11			3		252
Taxes, charges and contributions		138		17		749	⁽¹⁾		-		904
Royalties, easements and fees		864		-		1			2		867
Insurance		62		3		3			-		68
Rental of real estate and equipment		165		1		11			-		177
Survey expenses		-		-		-			24		24
Depreciation of property, plant and equipment		1,631		33		68			-		1,732
Amortization of intangible assets		21		10		-			-		31
Depreciation of right-of-use assets		192		-		9			-		201
Industrial inputs, consumable materials and supplies		390		3		9			2		404
Operation services and other service contracts		452		9		39			12		512
Preservation, repair and maintenance		1,178		28		33			13		1,252
Unproductive exploratory drillings		-		-		-			56		56
Transportation, products and charges		404		-		351			-		755
Provision for doubtful trade receivables		-		-		66			-		66
Publicity and advertising expenses		-		27		39			-		66
Fuel, gas, energy and miscellaneous		144		8		64			8		224

		6,673		575		1,596			131		8,975

(1)	Includes 166 corresponding to export withholdings and 446 corresponding to turnover tax.

(2)	Includes 29 corresponding to research and development activities.

(3)	Includes 7 corresponding to the “Cash-settled share-based payments provision” account of the “Salaries and social security” line item in the statement of financial position, in relation with Value Generation Plan.


	For the nine-month period ended September 30, 2023
	Production costs ⁽²⁾		Administrative expenses		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		665		190		98			9		962
Fees and compensation for services		40		174		31			-		245
Other personnel expenses		186		21		10			1		218
Taxes, charges and contributions		101		20		609	⁽¹⁾		-		730
Royalties, easements and fees		773		-		1			2		776
Insurance		60		3		2			-		65
Rental of real estate and equipment		133		1		11			-		145
Survey expenses		-		-		-			9		9
Depreciation of property, plant and equipment		2,201		32		65			-		2,298
Amortization of intangible assets		22		8		-			-		30
Depreciation of right-of-use assets		156		-		9			-		165
Industrial inputs, consumable materials and supplies		395		4		9			-		408
Operation services and other service contracts		399		7		44			4		454
Preservation, repair and maintenance		1,016		26		32			1		1,075
Unproductive exploratory drillings		-		-		-			15		15
Transportation, products and charges		413		-		362			-		775
Provision for doubtful trade receivables		-		-		16			-		16
Publicity and advertising expenses		-		24		39			-		63
Fuel, gas, energy and miscellaneous		89		8		47			1		145

		6,649		518		1,385			42		8,594

(1)	Includes 66 corresponding to export withholdings and 437 corresponding to turnover tax.

(2)	Includes 24 corresponding to research and development activities.

HORACIO DANIEL MARÍN

President


		35
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

28. OTHER NET OPERATING RESULTS


	For the nine-month periods ended September 30,
	2024			2023
Lawsuits		(54)			(21)
Export Increase Program ⁽¹⁾		65			-
Miscellaneous		(61)	⁽²⁾		21

		(50)			-

(1)	See Note 35.g) to the annual consolidated financial statements.

(2)	Includes provision for indemnities.

29. NET FINANCIAL RESULTS


	For the nine-month periods ended September 30,
	2024			2023
Financial income
Interest on cash and cash equivalents and investments in financial assets		29			150
Interest on trade receivables		48			75
Other financial income		10			5

Total financial income		87			230


Financial costs
Loan interest		(522)			(523)
Hydrocarbon well abandonment provision financial accretion		(263)	⁽¹⁾		(198)
Other financial costs		(126)			(172)

Total financial costs		(911)			(893)


Other financial results
Exchange differences generated by loans		18			72
Exchange differences generated by cash and cash equivalents and investments in financial assets		(13)			(224)
Other exchange differences, net		63			768
Result on financial assets at fair value through profit or loss		135			225
Result from derivative financial instruments		-			7
Result from net monetary position		42			116
Export Increase Program ⁽³⁾		3			-
Result from transactions with financial assets		(7)			47	⁽²⁾

Total other financial results		241			1,011



Total net financial results		(583)			348

(1)	Includes 152 corresponding to the financial accretion of liabilities directly associated with assets held for sale, see Notes 2.b.13) and 38 to the annual consolidated financial statements and Notes 9 and 17.

(2)	Includes 17 corresponding to the adjustment for inflation of the period and (25) corresponding to the effect of the translation.

(3)	See Note 35.g) to the annual consolidated financial statements.

30. INVESTMENTS IN JOINT AGREEMENTS

The assets and liabilities as of September 30, 2024 and December 31, 2023, and expenses for the nine-month periods ended September 30, 2024 and 2023, of JA and other agreements in which the Group participates are as follows:


	September 30, 2024		December 31, 2023
Non-current assets ⁽¹⁾		6,053		5,246
Current assets		512		115

Total assets		6,565		5,361


Non-current liabilities		413		313
Current liabilities		719		483

Total liabilities		1,132		796

(1)	It does not include charges for impairment of property, plant and equipment because they are recorded by the partners participating in the JA and other agreements.


	For the nine-month periods ended September 30,
	2024		2023
Production cost		1,755		1,506
Exploration expenses		23		9

HORACIO DANIEL MARÍN

President


		36
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

31. SHAREHOLDERS’ EQUITY

As of September 30, 2024, 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 September 30, 2024, 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 production 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.

On April 26, 2024, 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, 2023 and, additionally, approved the following in relation to the retained earnings: (i) completely disaffect the reserve for future dividends, the reserve for purchase of treasury shares and the reserve for investments; (ii) absorb accumulated losses in unappropriated retained earnings and losses up to the amount of 1,003,419 million of pesos (US$ 1,244 million); (iii) allocate the amount of 28,745 million of pesos (US$ 36 million) to constitute a reserve for purchase of treasury shares; and (iv) allocate the amount of 3,418,972 million of pesos (US$ 4,236 million) to constitute a reserve for investments.

During the nine-month periods ended September 30, 2024 and 2023, the Company has not repurchased any of its own shares.

32. EARNINGS PER SHARE

The following table shows 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:


	For the nine-month periods ended September 30,
	2024		2023
Net profit		2,638		548
Weighted average number of shares outstanding		392,063,964		391,587,602
Basic and diluted earnings per share		6.73		1.40

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

33. CONTINGENT ASSETS AND LIABILITIES

33.a) Contingent assets

The Group has no significant contingent assets.

33.b) Contingent liabilities

Contingent liabilities are described in Note 33.b) to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2024, are described below:

Contentious claims

•

Petersen Energía Inversora, S.A.U. and Petersen Energía, S.A.U. (collectively, “Petersen”) - Eton Park Capital Management, L.P., Eton Park Master Fund, LTD. and Eton Park Fund, L.P. (collectively, “Eton Park”, and together with Petersen, the “Plaintiffs”)

The appeals filed by the parties in these proceedings (see Note 33.b.2) to the annual consolidated financial statements) were fully briefed by September 6, 2024. The Second Circuit Court of Appeals will set a date for oral argument.

On April 1, 2024, Plaintiffs filed a turnover motion, which became public (and accessible to YPF) on April 22, 2024. This motion requests that the District Court order the Republic to turn over the YPF Class D shares held by the Republic to Plaintiffs in partial satisfaction of the District Court’s judgment against the Republic in this proceeding.

HORACIO DANIEL MARÍN

President


		37
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

33. CONTINGENT ASSETS AND LIABILITIES (cont.)

Plaintiffs and the Republic completed their briefing on the turnover motion on July 8, 2024. The District Court may, but is not required to, hold oral argument prior to rendering a decision on the turnover motion. Furthermore, the District Court’s decision on the turnover motion may be appealed by Plaintiffs or the Republic in accordance with applicable procedural rules. YPF is not a party to the turnover motion.

Plaintiffs are also seeking discovery of documents from YPF related to their theory that YPF could be an “alter ego” of the Republic. YPF denies that it is an alter ego and objected to Plaintiffs’ document requests. On May 28, 2024, the District Court ordered YPF to produce documents in response to Plaintiffs’ discovery requests. To date, Plaintiffs have not requested that the District Court find that YPF is an alter ego of the Republic, and the District Court’s order on discovery is not a ruling accepting Plaintiffs’ alter ego theory.

On August 12, 2024, YPF filed a brief requesting that the District Court permanently enjoin Plaintiffs from pursuing recovery from YPF in connection with their September 15, 2023 final judgment against the Republic, arguing that Plaintiffs’ alter ego theory is barred under the doctrine of res judicata. Plaintiffs filed their opposition and YPF filed its reply. On August 29, 2024, the District Court adjourned the oral argument initially scheduled for September 3, 2024, without setting a new date.

YPF will continue to defend itself in accordance with the applicable legal procedures and available defenses.

The Company will continue to reassess the status of the litigation and its possible impact on the results and financial situation of the Group, as needed.

34. CONTRACTUAL COMMITMENTS

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

The most relevant agreements, exploitation concessions, transport concessions and exploration permits that took place in the year ended December 31, 2023 are described in Note 34.a) to the annual consolidated financial statements. During the nine-month period ended September 30, 2024, there were no significant updates.

34.b) Investment agreements and commitments and assignments

The most relevant investment agreements and commitments and assignments are described in Note 34.b) to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2024, are described below:

Andes Project

In August and September 2024 YPF signed assignment agreements for 9 asset groups (25 conventional areas), subject to the fulfillment of closing conditions including applicable regulatory and provincial approvals. The Company continues to develop the process of assignment or reversion of the remaining assets available for sale, as well as compliance with the closing conditions indicated above. Considering the elements of judgment available at such date, the Company expects to comply with the plan within the terms and conditions duly approved by the Board of Directors of the Company on February 29, 2024. See Note 9.

On October 29, 2024, Decree No. 1,509/2024 was published in the Official Gazette of the Province of Chubut, authorizing the assignment of 100% of YPF’s rights in the “Escalante - El Trébol” exploitation concession in favor of PECOM SERVICIOS ENERGIA S.A.U. (“PECOM”) and subjecting the extension of such concession to the fulfillment of certain conditions by YPF and by PECOM. As of the date of issuance of these condensed interim consolidated financial statements, the assignment agreement is subject to the fulfillment of closing conditions.

HORACIO DANIEL MARÍN

President


		38
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

35. MAIN REGULATIONS

35.a) Regulations applicable to the hydrocarbon industry

Updates to the regulatory framework described in Note 35.a) to the annual consolidated financial statements for the nine-month period ended September 30, 2024, are described below:

35.a.1) Hydrocarbons Law

Through the Bases Law (see Note 35.j)), amendments were incorporated in relation to the Hydrocarbons Law, as described below:

Establishes that international trade of hydrocarbons will be free, according to the terms and conditions established by the PEN.

Establishes that exploration permit holders and/or exploitation concessionaires, refiners and/or marketers may freely export hydrocarbons and/or their derivatives, subject to the SE’s non-objection. The effective exercise of this right will be subject to regulations issued by the PEN, which, among other aspects, must consider: (i) the usual requirements related to the access to technically proven resources; and (ii) that the eventual objection of the SE may only be formulated within 30 days of being informed of the exports to be made, and must be based on technical or economic reasons related to the security of supply.

Incorporates hydrocarbon processing and natural gas storage activities, for which the national or provincial Executive Branch, as applicable, may grant storage and/or processing authorizations.

Changes the legal figure of “transport concession” to the figure of “transport authorization”.

Establishes that exploitation concessions and transportation concessions granted prior to the enactment of the Base Law will continue to be governed until their expiration by the legal framework existing at the date of approval of the Bases Law.

Determines that in exploitation concession bidding processes the royalties to be paid to the application authority will be offered by the concessionaire, determining that the royalty to be offered will be 15% plus or minus a percentage to be chosen by the bidder.

Other modifications establish that: (i) the request for conversion of a conventional exploitation concession into a non-conventional exploitation concession will only be available until December 31, 2028 and its term will be 35 years without extensions; (ii) for new exploitation concessions, the national or provincial Executive Branch, as applicable, at the time of defining the terms and conditions of the bidding, may determine in a reasoned manner other terms of up to 10 years more than those provided for in the Hydrocarbons Law; (iii) owners of projects and/or facilities for the conditioning, separation, fractionation, liquefaction and/or any other hydrocarbon industrialization process may request an authorization to transport hydrocarbons and/or their derivatives to their industrialization facilities and from the same to subsequent industrialization or commercialization process centers and/or facilities; (iv) those authorized to process hydrocarbons must process hydrocarbons from third parties up to a maximum of 5% of the capacity of their facilities; and (v) the fee for each square kilometer or fraction thereof that a holder of an exploration permit must pay annually and in advance shall be calculated according to a scale determined by the price of a barrel of oil quoted on the “Frontline ICE Brent”.

35.b) Regulations applicable to the Downstream business segment

During the nine-month period ended September 30, 2024, there were no significant updates to the regulatory framework described in Note 35.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 SEPTEMBER 30, 2024 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)

35. MAIN REGULATIONS (cont.)

35.c) Regulations applicable to the Gas and Power business segment

Updates to the regulatory framework described in Note 35.c) to the annual consolidated financial statements for the nine-month period ended September 30, 2024, are described below:

35.c.1) Transportation, distribution and commercialization of natural gas

Through the Bases Law (see Note 35.j)), amendments were incorporated in relation to the Gas Law, as described below:

The PEN is entrusted with regulating natural gas exports following the same terms and conditions as for liquid hydrocarbon exports as described in Note 35.a.1).

Establishes a special regime for long-term firm export authorizations for liquefied natural gas.

Incorporates the figure of “underground natural gas storage authorizations in depleted natural hydrocarbon reservoirs”.

Contemplates the possibility for the providers of public natural gas distribution and transportation services to request the renewal of their licenses for an additional 20-year period.

Creates the “Ente Nacional Regulador del Gas y la Electricidad”, which will replace and assume the functions of the “Ente Nacional Regulador de la Electricidad” (“ENRE”) and ENARGAS.

35.c.2) Regulatory requirements applicable to natural gas distribution

Tariff schemes and tariff renegotiations

On April 3, 2024, ENARGAS Resolution No. 120/2024 was published in the BO, approving the transition tariff tables and rates and charges for services to be applied by Metrogas as from such date, and the tariff update formula applicable on such transition tariff tables as from May 2024. On May 27, 2024, the tariff updates corresponding to May, June and July 2024 were postponed by instruction of the SE to ENARGAS, which generated an objection by Metrogas to such instructions.

On June 6, 2024, ENARGAS Resolution No. 260/2024 was published in the BO, approving the transition tariff tables and rates and charges for services to be applied by Metrogas as from such date. See Note 35.d).

On November 4, 2024, ENARGAS Resolution No. 737/2024 was published in the BO, approving the transition tariff charts to be applied by Metrogas to the consumption made as from the date. See Note 35.d).

These transition measures will remain in force until the rates resulting from the RTI come into force, in accordance with the provisions of Decree No. 55/2023.

35.d) Incentive programs for hydrocarbon production

Updates to the regulatory framework described in Note 35.d) to the annual consolidated financial statements for the nine-month period ended September 30, 2024, are described below:

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”)

On March 27, 2024, SE Resolution No. 41/2024 was published in the BO, which approved natural gas prices at the PIST in U.S. dollars corresponding to the awarded volumes entered into within the framework of the Plan GasAr 2023-2028 which will be applicable for natural gas consumptions made: (i) from April 1 and until April 30, 2024; (ii) from May 1 and until September 30, 2024; and (iii) from October 1 and until December 31, 2024; and instructed that, for the purpose of transferring the prices of natural gas to the tariff schemes of the public service of distribution of natural gas, ENARGAS issue the tariff schemes that reflect on a monthly basis the variation of the exchange rate of the prices of natural gas to be transferred to the tariff schemes.

HORACIO DANIEL MARÍN

President


		40
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

35. MAIN REGULATIONS (cont.)

On 5 June 2024, SE Resolution No. 93/2024 was published in the BO, which approved natural gas prices at the PIST in U.S. dollars corresponding to the awarded volumes entered into within the framework of the Plan GasAr 2023-2028 which will be applicable for natural gas consumptions from June 2024 and leaves without effect the instruction to ENARGAS to issue tariff schemes that reflect on a monthly basis the variation of the exchange rate of the prices of natural gas to be transferred to the tariff schemes.

On November 1, 2024, Resolution No. 18/2024 of the Secretariat of Mining and Energy Coordination was published in the BO, which modify SE Resolution No. 93/2024 approving the natural gas prices at the PIST in U.S. dollars corresponding to the awarded volumes entered into within the framework of the Plan GasAr 2023-2028 which will be applicable for natural gas consumptions from November 2024. See Note 35.c.2).

Bottle-to Bottle Program

On August 19, 2024, SE Resolution No. 216/2024 was published in the BO, which resolved to eliminate the maximum prices applicable set for bottled LPG for residential use and replace them with a reference price system (without ceiling).

35.e) Investment incentive programs

Large Investment Incentive Regime (“RIGI”)

The Bases Law (see Note 35.j)) created the RIGI, regulated by Decree No. 749/2024 published in the BO on August 23, 2024, General Resolution No. 1,074/2024 of the Ministry of Economy published in the BO on October 22, 2024 and AFIP General Resolution No. 5,590/2024 published in the BO on October 23, 2024, which is intended to encourage large investments with tax, customs and exchange benefits, guaranteeing legal certainty and the protection of acquired rights. This regime seeks to encourage investments, promote economic development, create employment and strengthen local production chains.

The RIGI is aimed at investment projects in the forestry industry, tourism, infrastructure, mining, technology, iron and steel, energy and oil and gas sectors, with a minimum investment per sector or subsector or productive stage equal to or greater than a range between US$ 200,000,000 up to US$ 900,000,000 in computable assets, as established by the application authority. Interested parties have 2 years to adhere to the RIGI, submitting and obtaining the approval of an investment plan by the application authority.

The benefits of the RIGI include a 25% income tax rate, accelerated amortization of investments, non-expirable tax loss carryforwards, indexing tax losses by the Internal Wholesale Price Index (“IPIM”) published by the INDEC, and exemptions from import and export duties, among others. In addition, foreign exchange incentives are established, such as the free availability of foreign currency on a staggered basis obtained from exports and certain flexibility related to financing. The RIGI guarantees tax, customs and foreign exchange regulatory stability for 30 years from accession, protecting investment projects from more burdensome legislative changes.

35.f) Tax regulations

Updates to the regulatory framework described in Note 35.e) to the annual consolidated financial statements for the nine-month period ended September 30, 2024, are described below:

Tax for an Inclusive and Solidary Argentina (“PAIS Tax”, by its acronym in Spanish)

On September 2, 2024, Decree No. 777/2024 was published in the BO, which reduced to 7.5% the rate applied to foreign currency purchases for contracting, abroad or in the country by non-residents, freight services and other transport services for the import or export of goods and for the import of goods, except for those mentioned in section 2 paragraph e) of Decree No. 377/2023 and its corresponding regulations.

35.g) Custom regulations

Updates to the regulatory framework described in Note 35.f) to the annual consolidated financial statements for the nine-month period ended September 30, 2024, are described below:

HORACIO DANIEL MARÍN

President


		41
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

35. MAIN REGULATIONS (cont.)

On July 1, 2024, AFIP General Resolution No. 5,520/2024 was published in the BO, which extend, until December 31, 2024, the provisions established of AFIP General Resolution No. 5,339/2023, as amended (see Note 35.f.2) to the annual consolidated financial statements).

35.h) Regulations related to the Foreign Exchange Market

Updates to the regulatory framework described in Note 35.g) to the annual consolidated financial statements for the nine-month period ended September 30, 2024, are described below:

On April 18, 2024, the BCRA issued Communication “A” 7,994 which allows the possibility of applying the collection of exports to the payment of capital and interest on financial debts abroad that are settled in the Foreign Exchange Market from April 19, 2024 and as long as the following conditions are met: (i) the average life of the debt is not less than 3 years; and (ii) the first capital payment is not made before the year it was entered and settled in the Foreign Exchange Market; and established the possibility of not filing for the BCRA’s prior approval process more than 3 days before the maturity of the capital and interest for access to the Foreign Exchange Market when debt payments abroad are anticipated and as long as the following conditions are met: (i) the access occurs simultaneously with the settlement of a new financial debt granted by a local financial entity from a line of credit from abroad as of April 19, 2024; (ii) the average life of the new debt is greater than the average remaining life of the anticipated debt; and (iii) the accumulated amount of principal maturities of the new indebtedness does not exceed the accumulated amount of principal maturities of the anticipated debt.

On June 28, 2024 the BCRA issued Communication “A” 8,055 that established financial entities may give access to the Foreign Exchange Market for the cancellation in the country or abroad of principal and interest of debt securities denominated in foreign currency, as long as such securities have been fully subscribed abroad and the funds obtained have been settled in the Foreign Exchange Market.

On July 4, 2024 the BCRA issued Communication “A” 8,059 by means of which the requirement of prior conformity by the BCRA is eliminated to make payments through the Foreign Exchange Market to foreign related counterparties for the following concepts: (i) interests on commercial debts for the import of goods and services whose maturity date are from July 5,2024; (ii) interest on other commercial debts; and (iii) interest on financial indebtedness. In (ii) and (iii) above, access to the Foreign Exchange Market must comply with certain requirements set forth in the aforementioned Communication.

On September 19, 2024 the BCRA issued Communication “A” 8,108 which it establishes new requirements for the access to the Foreign Exchange Market: (i) it reduces the term from 180 days to 90 days for transactions with securities issued under foreign legislation; (ii) it allows the transfer of securities to foreign entities for the purpose of participating in a process of repurchase of debt securities; and (iii) it allows access to the Foreign Exchange Market to acquire from a foreign investor equity interests in resident companies when the applicable regulatory requirements set forth in the aforementioned Communication.

On October 3, 2024, the BCRA issued Communication “A” 8,112 establishing dispositions for the refinancing, repurchase or redemption of debt, enabling payments in foreign currency of premiums, interest and expenses through the Foreign Exchange Market when certain requirements set forth in such Communication are met.

On October 17, 2024, the BCRA issued Communication “A” 8,118 reducing the term for access to the Foreign Exchange Market to 30 calendar days for the payment of imports of goods that do not have a particular treatment previously determined.

On October 31, 2024, the BCRA issued Communication “A” 8,122 allowing immediate access to the Foreign Exchange Market for the payment of freight for export operations under the conditions established in said Communication. It should be mentioned that, prior to this Communication, it was necessary to wait 30 calendar days from the arrival of the goods at destination to make such payment to the non-resident.

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

Updates to the regulatory framework described in Note 35.h) to the annual consolidated financial statements for the nine-month period ended September 30, 2024, are described below:

HORACIO DANIEL MARÍN

President


		42
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

35. MAIN REGULATIONS (cont.)

On March 14, 2024, the Chamber of Senators of the National Congress rejected the Decree No. 70/2023, and, as of the date of issuance of these condensed interim consolidated financial statements, is pending to be considered by the Chamber of Deputies of the National Congress.

35.j) Law of Bases and Starting Points for the Freedom of Argentines No. 27,742 (“Bases Law”)

On July 8, 2024, the Bases Law was published in the BO, which introduces several amendments to the Argentine legal framework including, among others: (i) the declaration of emergency in administrative, economic, financial and energy matters for a term of 1 year; (ii) the administrative reorganization of the National State; (iii) the privatization of certain companies and corporations wholly or majority owned by the State; (iv) amendments to the Administrative Procedures Law No. 19,549; (v) amendments in the energy and oil and gas matters (see Notes 35.a.1) and 35.c.1)); (vi) the creation of the RIGI to encourage large investments with tax, customs and exchange benefits, guaranteeing legal certainty and the protection of acquired rights (see Note 35.e)); and (vii) a labor and union reform.

36. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

The information in the table below details the balances with associates and joint ventures as of September 30, 2024:


	September 30, 2024
	Other receivables					Trade receivables			Investments in financial assets				Accounts payable			Contract assets
	Non-Current		Current			Current			Non-Current		Current		Current			Current
Joint Ventures:
YPF EE		-		5			16			-		4		38			-
Profertil		-		-	⁽¹⁾		30			-		-		34			-
MEGA		-		-			80			-		-		4			20
Refinor		-		-			13			-		4		1			-
OLCLP		-		-	⁽¹⁾		-	⁽¹⁾		-		-		4			-
Sustentator		-		-			-			-		-		-			-
CT Barragán		-		-			-			-		-		-			-
OTA		-		-			-	⁽¹⁾		-		-		3			-
OTC		-		-			-			-		-		-			-

		-		5			139			-		8		84			20


Associates:
CDS		-		-	⁽¹⁾		-	⁽¹⁾		-		-		-			-
YPF Gas		-		2			19			-		-		2			-
Oldelval		121		4			-	⁽¹⁾		-		5		12			-
Termap		-		-			-			-		-		3			-
GPA		-		-			-			-		-		3			-
Oiltanking		26		-			-	⁽¹⁾		-		1		4			-
Gas Austral		-		-			-	⁽¹⁾		-		-		-	⁽¹⁾		-

		147		6			19			-		6		24			-

		147		11			158			-		14		108			20

(1)	The registered amount is less than 1.

The information in the table below details the balances with associates and joint ventures as of December 31, 2023:


	December 31, 2023
	Other receivables					Trade receivables			Investments in financial assets				Accounts payable		Contract assets
	Non-Current		Current			Current			Non-Current		Current		Current		Current
Joint Ventures:
YPF EE		-		5			5			4		-		39		-
Profertil		-		-			15			-		-		15		-
MEGA		-		-			15			-		-		-		3
Refinor		-		-			12			-		4		1		-
OLCLP		-		-			-			-		-		2		-
Sustentator		-		-			-			-		-		-		-
CT Barragán		-		-			-			-		-		-		-
OTA		-		-			-			-		-		1		-
OTC		-		-			-			-		-		1		-

		-		5			47			4		4		59		3


Associates:
CDS		-		-	⁽¹⁾		-	⁽¹⁾		-		-		-		-
YPF Gas		-		1			6			-		-		1		-
Oldelval		43		-			-			4		-		10		-
Termap		-		-			-			-		-		2		-
GPA		-		-			-			-		-		1		-
Oiltanking		-		-			-			-		-		4		-
Gas Austral		-		-			-			-		-		-		-

		43		1			6			4		-		18		-

		43		6			53			8		4		77		3

(1)	The registered amount is less than 1.

HORACIO DANIEL MARÍN

President


		43
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

The information in the table below details the transactions with associates and joint ventures for the nine-month periods ended September 30, 2024 and 2023:


	For the nine-month periods ended September 30,
	2024									2023
	Revenues			Purchases and services			Net interest income (loss)			Revenues			Purchases and services		Net interest income (loss)
Joint Ventures:
YPF EE		21			77			-	⁽¹⁾		20			86		-
Profertil		80			95			-	⁽¹⁾		56			110		-
MEGA		282			8			-	⁽¹⁾		206			2		1
Refinor		55			8			1			67			19		-
OLCLP		1			10			-			1			10		-
Sustentator		-			-			-			1			-		-
CT Barragán		-	⁽¹⁾		-			-			-	⁽¹⁾		-		-
OTA		-	⁽¹⁾		14			-			-			5		-
OTC		-			-	⁽¹⁾		-			-			2		-

		439			212			1			351			234		1


Associates:
CDS		-	⁽¹⁾		-			-	⁽¹⁾		-	⁽¹⁾		-		-
YPF Gas		50			3			-	⁽¹⁾		42			5		1
Oldelval		-	⁽¹⁾		46			-	⁽¹⁾		-			46		-
Termap		-			18			-			-			16		-
GPA		-			15			-			-			11		-
Oiltanking		-	⁽¹⁾		23			-			-			20		-
Gas Austral		3			-	⁽¹⁾		-			2			-		-

		53			105			-			44			98		1

		492			317			1			395			332		2

(1)	The registered amount is less than 1.

Additionally, in the normal course of business, and considering being the main energy group in Argentina, the Group’s clients and suppliers portfolio encompasses both private sector entities 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:


		Balances ⁽¹⁷⁾						Transactions
		Receivables / (Liabilities)						Income / (Costs)
								For the nine-month periods ended September 30,
Client / Suppliers	Ref.	September 30, 2024			December 31, 2023			2024			2023
SGE	(1) (16)		102			23			148			166
SGE	(2) (16)		5			2			6			5
SGE	(3) (16)		-	⁽¹⁸⁾		-	⁽¹⁸⁾		-			-
SGE	(4) (16)		17			4			17			8
SGE	(5) (16)		7			8			-			-
Ministry of Transport	(6) (16)		1			2			4			21
AFIP	(7) (16)		-			20			-			36
Secretary of Industry	(8) (16)		-			-			-			-	⁽¹⁸⁾
CAMMESA	(9)		80			59			347			294
CAMMESA	(10)		(8)			(3)			(43)			(36)
ENARSA	(11)		158			25			190			115
ENARSA	(12)		(92)			(62)			(62)			(62)
Aerolíneas Argentinas S.A.	(13)		36			43			249			275
Aerolíneas Argentinas S.A.	(14)		-	⁽¹⁸⁾		-			-	⁽¹⁸⁾		(1)
Agua y Saneamientos Argentinos S.A.	(15)		-			2			-			-

(1)	Benefits for the Plan GasAr 2020-2024 and Plan GasAr 2023-2028. See Note 35.d.1) to the annual consolidated financial statements.

(2)	Benefits for the propane gas supply agreement for undiluted propane gas distribution networks. See Note 35.d.2) to the annual consolidated financial statements.

(3)	Benefits for 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 36 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.

(5)	Compensation by Decree No. 1,053/2018. See Note 35.c.1) to the annual consolidated financial statements.

(6)	Compensation for providing diesel to public transport of passengers at a differential price. See Note 36 to the annual consolidated financial statements.

(7)	Benefits of the RIAIC. See Note 35.e.3) to the annual consolidated financial statements.

(8)	Incentive for domestic manufacturing of capital goods, for the benefit of AESA. See Note 36 to the annual consolidated financial statements.

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

(10)	Purchases of electrical energy.

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

(12)	Purchases of natural gas and crude oil.

(13)	Sales of jet fuel.

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

(15)	Sales of assets held for disposal.

(16)	Income from incentives recognized according to IAS 20 “Accounting for government grants and disclosure of government assistance”. See Note 2.b.12) to the annual consolidated financial statements.

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

(18)	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 SEPTEMBER 30, 2024 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. 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 15, 16 and 22 and transactions with Nación Seguros S.A. related to certain insurance policies contracts.

On the other hand, the Group holds Bonds of the Argentine Republic 2029, 2030 and 2038, BCRA bonds, and bonds issued by the National Government identified as investments in financial assets (see Note 15). Additionally, the Group holds BCRA bills identified as cash and cash equivalents (see Note 16).

Furthermore, YPF has an indirect non-controlling interest in Compañía de Hidrocarburo No Convencional S.R.L. (“CHNC”). During the nine-month periods ended September 30, 2024 and 2023, YPF and CHNC carried out transactions, among others, the purchases of crude oil by YPF for 368 and 358, respectively. These transactions were consummated in accordance with the general and regulatory conditions of the market. The net balance payable to CHNC as of September 30, 2024 and December 31, 2023 amounts to 84 and 38, respectively. See Note 36 to the annual consolidated financial statements.

On May 8, 2024, SE Resolution No. 58/2024 was published in the BO, which establishes an exceptional, transitory and unique payment regime for the balance of the MEM’s economic transactions of December 2023, January 2024 and February 2024 corresponding to the MEM’s creditors, and instructs CAMMESA to determine the amounts owed to each of them corresponding to such economic transactions, to be cancelled as follows: (i) the economic transactions of December 2023 and January 2024, through the delivery of government securities denominated “Bonos de la República Argentina en Dólares Estadounidenses Step Up 2038”; and (ii) the economic transactions of February 2024, with the funds available in the bank accounts enabled in CAMMESA for collection purposes and with those funds available from the transfers made by the National Goverment to the “Fondo Unificado con Destino al Fondo de Estabilización”.

As of September 30, 2024, as mentioned above, the Group has recognized a charge for doubtful sales receivables of 40 in the “Selling expenses” line item in the statement of comprehensive income (see Note 2.b.7) to the annual consolidated financial statements), and in relation to our joint ventures YPF EE and CT Barragán a charge for such concept of 26 and 8, respectively, in the “Income from equity interests in associates and joint ventures“ line item in the statement of comprehensive income.

The table below discloses 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 nine-month periods ended September 30, 2024 and 2023:


	For the nine-month periods ended September 30,
	2024		2023
Short-term benefits ⁽¹⁾		20		9
Share-based benefits		7		1
Post-retirement benefits ⁽²⁾		1		-
Termination benefits		-		-

		28		10

(1)	Does not include social security contributions of 5 and 2 for the nine-month periods ended September 30, 2024 and 2023, respectively.

(2)	The registered amount is less than 1.

In relation to the compensation accrued corresponding to the key personnel of YPF’s administration, and considering the unification of the positions of President and CEO, approved by the Shareholder Meeting of January 26, 2024, the Company reorganized the structure and positions dependent on the President and CEO, restructuring the Executive Committee’s Vice Presidencies (“VPs”) into 14, including the re-categorization of 3 Executive Managers Departments as VPs and removing 11 advisors.

HORACIO DANIEL MARÍN

President


		45
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

In addition, the Company performed an external benchmark analysis of the Board of Directors’ fees and compensation of first-line executives. The conclusions were presented to the Compensation and Nomination Committee and, as a result, the components of the total compensation package were aligned with YPF’s strategic plan and market standards for local and international listed companies of similar magnitude.

As detailed in Note 37, a “Value Generation Plan” applicable to eligible members of YPF’s Management and a variable compensation based on results (“CVR”) which applies to 100% of the Company’s employees, with the exception of the President and CEO and commercial agents, were implemented.

37. EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS

Note 37 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 3 and 2 for the nine-month periods ended September 30, 2024 and 2023, respectively.

Performance bonus programs

These programs cover certain of the Group’s personnel and are paid in cash. These bonuses are mainly based on compliance with VPs and related management objectives. They are calculated considering the annual compensation of each employee and certain key factors related to the fulfillment of these objectives. As of 2024, a new variable bonus program based on corporate results (“CVR”) was implemented. This will be paid based on the Group’s net profit before income tax, if it is positive.

The amount charged to expense related to the performance bonus programs was 165 and 78 for the nine-month periods ended September 30, 2024 and 2023, respectively.

Share-based benefit plans

In April 2024, the Company adopted the “Value Generation Plan”, which is a long-term remuneration program for eligible members of management of YPF with the objective of incentivizing extraordinary results in the long term and retaining key employees. Under this Plan, the Company granted 4.6 million performance stock appreciation rights (“PSARs”) to plan participants comprising key employees of the Company. The PSARs provide beneficiaries the opportunity to receive an award to be settled in cash equivalent to the appreciation in the value of the common shares of the Company over a specified period of time. The amount to be paid upon exercise is the difference between the per share base price determined by the plan and the per share market value of the Company’s common shares as of the exercise date. The PSARs expire five years after their grant and begin to vest in the third year, subject to the fulfillment of certain conditions, including performance milestones related to the price of the Company’s common shares ranging from a minimum of US$ 30 per common share up to US$ 60 per common share. The beneficiaries of the PSARs are also required to remain in the Company for three years from the granting of the plan. The PSARs granted by the Company have a base price of US$ 16.17 per share, resulting in a weighted average fair value of US$ 8.75 per PSAR as of the granting date. The Value Generation Plan was approved by the Compensation and Nomination Committee of the Company with the support of a management consulting firm (Mercer) which advised on its design and implementation.

As of September 30, 2024, there are 4.6 million number of PSARs outstanding with and a weighted average fair value of US$ 9.89 per PSARs.

PSARs expense is determined based on the grant-date fair value of the awards. Fair value is calculated using Monte Carlo simulation model, which requires the input of highly subjective assumptions, including the fair value of the Company’s shares, expected term and risk-free interest rate.

The amount charged to expense in relation with Value generation Plan was 7, for the nine-month period ended September 30, 2024.

The amount charged to expense in relation with the remainder of the share-based plans was 5 and 2 to be settled in equity instruments, and 8 and 13 to be settled in cash, for the nine-month periods ended September 30, 2024 and 2023, respectively.

Note 2.b) describes the accounting policies for share-based benefit plans. Repurchases of treasury shares are disclosed in Note 31.

HORACIO DANIEL MARÍN

President


		46
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024 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)

38. SUBSEQUENT EVENTS

On October 10, 2024, the Company issued in the local market Class XXXII NO, denominated and payable in U.S. dollars and in Argentina at a fixed interest rate of 6.5%, and Class XXXIII NO, denominated and payable in U.S. dollars overseas at a fixed interest rate of 7%, both maturing in 48 months, for 125 and 25, respectively.

As of the date of issuance of these condensed interim consolidated financial statements, there have been no other significant subsequent events whose effect on the Group’s shareholders´ equity, the net comprehensive income or their disclosure in notes to the financial statements for the period ended as of September 30, 2024, should have been considered in such financial statements under IFRS.

These condensed interim consolidated financial statements were approved by the Board of Directors’ meeting and authorized to be issued on November 7, 2024.

HORACIO DANIEL MARÍN

President

Item 2

LOGO

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2024

AND COMPARATIVE INFORMATION (UNAUDITED)

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

CONTENT


Note	Description	Page
	Glossary of terms	1
	Legal information	2
	Condensed interim consolidated statements of financial position	3
	Condensed interim consolidated statements of comprehensive income	4
	Condensed interim consolidated statements of changes in shareholders’ equity	5
	Condensed interim consolidated statements of cash flow	7
	Notes to the condensed interim consolidated financial statements:
1	General information, structure and organization of the Group’s business	8
2	Basis of preparation of the condensed interim consolidated financial statements	9
3	Seasonality of operations	12
4	Acquisitions and disposals	12
5	Financial risk management	13
6	Business segment information	13
7	Financial instruments by category	17
8	Intangible assets	17
9	Property, plant and equipment	18
10	Right-of-use assets	21
11	Investments in associates and joint ventures	21
12	Inventories	24
13	Other receivables	24
14	Trade receivables	24
15	Investments in financial assets	25
16	Cash and cash equivalents	25
17	Provisions	25
18	Income tax	26
19	Taxes payable	28
20	Salaries and social security	28
21	Lease liabilities	28
22	Loans	29
23	Other liabilities	31
24	Accounts payable	31
25	Revenues	31
26	Costs	33
27	Expenses by nature	34
28	Other net operating results	35
29	Net financial results	35
30	Investments in joint agreements	35
31	Shareholders’ equity	36
32	Earnings per share	36
33	Contingent assets and liabilities	36
34	Contractual commitments	37
35	Main regulations	38
36	Balances and transactions with related parties	43
37	Employee benefit plans and similar obligations	46
38	Assets and liabilities in currencies other than the peso	48
39	Subsequent events	49

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

GLOSSARY OF TERMS


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

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

LEGAL INFORMATION

Legal address

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

Fiscal year

No. 48 beginning on January 1, 2024.

Main business of the Company

Filing with the Public Registry of Commerce

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

January 26, 2024, registered with the Public Registry of 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

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos)


	Notes	September 30, 2024		December 31, 2023
ASSETS
Non-current assets
Intangible assets	8		394,308		296,517
Property, plant and equipment	9		17,540,709		14,293,427
Right-of-use assets	10		532,737		509,183
Investments in associates and joint ventures	11		1,800,164		1,351,881
Deferred income tax assets, net	18		64,815		14,166
Other receivables	13		281,791		127,286
Trade receivables	14		30,185		25,195
Investments in financial assets	15		-		6,738

Total non-current assets			20,644,709		16,624,393

Current assets
Assets held for sale	9		2,008,250		-
Inventories	12		1,659,792		1,357,716
Contract assets	25		37,194		7,744
Other receivables	13		482,924		307,907
Trade receivables	14		1,875,710		785,733
Investments in financial assets	15		308,533		212,674
Cash and cash equivalents	16		849,123		905,956

Total current assets			7,221,526		3,577,730

TOTAL ASSETS			27,866,235		20,202,123


SHAREHOLDERS’ EQUITY
Shareholders’ contributions			4,920		5,507
Retained earnings			11,550,836		7,215,993

Shareholders’ equity attributable to shareholders of the parent company			11,555,756		7,221,500

Non-controlling interest			203,016		82,315

TOTAL SHAREHOLDERS’ EQUITY			11,758,772		7,303,815


LIABILITIES
Non-current liabilities
Provisions	17		731,693		2,146,700
Contract liabilities	25		30,461		27,720
Deferred income tax liabilities, net	18		89,841		1,001,920
Income tax liability			2,755		3,508
Taxes payable	19		228		144
Salaries and social security	20		7,946		370
Lease liabilities	21		280,905		261,770
Loans	22		6,655,796		5,391,865
Other liabilities	23		69,194		90,185
Accounts payable	24		5,292		4,336

Total non-current liabilities			7,874,111		8,928,518

Current liabilities
Liabilities directly associated with assets held for sale	9		2,135,544		-
Provisions	17		180,385		146,129
Contract liabilities	25		74,846		55,313
Income tax liability			89,817		25,143
Taxes payable	19		251,854		112,521
Salaries and social security	20		377,111		169,184
Lease liabilities	21		286,885		274,828
Loans	22		1,775,089		1,217,206
Other liabilities	23		175,434		98,476
Accounts payable	24		2,886,387		1,870,990

Total current liabilities			8,233,352		3,969,790

TOTAL LIABILITIES			16,107,463		12,898,308

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			27,866,235		20,202,123

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

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE NINE AND THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except per share information expressed in Argentine pesos)


		For the nine-month periods ended September 30,				For the three-month periods ended September 30,
	Notes	2024		2023		2024		2023
Net income

Revenues	25		13,050,823		3,330,718		5,058,762		1,473,630
Costs	26		(9,179,609)		(2,745,702)		(3,532,607)		(1,250,786)

Gross profit			3,871,214		585,016		1,526,155		222,844


Selling expenses	27		(1,433,817)		(359,008)		(526,528)		(160,553)
Administrative expenses	27		(524,334)		(140,246)		(216,433)		(68,062)
Exploration expenses	27		(119,862)		(11,032)		(24,122)		(5,487)
Impairment of property, plant and equipment and inventories write-down	9-12		(24,896)		(176,769)		(20,740)		(176,769)
Other net operating results	28		(42,311)		3,901		(44,758)		1,640

Operating profit / (loss)			1,725,994		(98,138)		693,574		(186,387)


Income from equity interests in associates and joint ventures	11		225,507		51,978		99,532		13,182

Financial income	29		78,787		65,033		17,908		35,635
Financial costs	29		(777,953)		(225,052)		(245,518)		(103,561)
Other financial results	29		243,735		314,337		87,460		169,176

Net financial results	29		(455,431)		154,318		(140,150)		101,250



Net profit / (loss) before income tax			1,496,070		108,158		652,956		(71,955)


Income tax	18		929,100		(28,758)		756,209		7,557

Net profit / (loss) for the period			2,425,170		79,400		1,409,165		(64,398)


Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures			(77,494)		(98,006)		(25,216)		(49,826)
Result from net monetary position in subsidiaries, associates and joint ventures⁽¹⁾			487,428		112,110		100,684		52,207
Items that may not be reclassified subsequently to profit or loss:
Translation differences from YPF ⁽²⁾			1,620,440		1,925,176		621,269		1,054,844

Other comprehensive income for the period			2,030,374		1,939,280		696,737		1,057,225



Total comprehensive income for the period			4,455,544		2,018,680		2,105,902		992,827


Net profit / (loss) for the period attributable to:
Shareholders of the parent company			2,387,951		66,714		1,393,486		(65,579)
Non-controlling interest			37,219		12,686		15,679		1,181
Other comprehensive income for the period attributable to:
Shareholders of the parent company			1,946,892		1,921,562		678,923		1,048,339
Non-controlling interest			83,482		17,718		17,814		8,886
Total comprehensive income for the period attributable to:
Shareholders of the parent company			4,334,843		1,988,276		2,072,409		982,760
Non-controlling interest			120,701		30,404		33,493		10,067
Earnings per share attributable to shareholders of the parent company:
Basic and diluted	32		6,090.72		170.37		3,552.91		(167.55)

(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.

(2) Correspond to the effect of the translation to YPF´s presentation currency, see Note 2.b.1).

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

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos)


	For the nine-month period ended September 30, 2024
	Shareholders’ contributions
	Capital		Adjustment to capital		Treasury shares		Adjustment to treasury shares		Share-based benefit plans			Acquisition cost of treasury shares ⁽²⁾		Share trading premiums		Issuance premiums		Total
Balance at the beginning of the fiscal year		3,919		6,078		14		23		855			(5,635)		(387)		640		5,507
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		4,119			-		-		-		4,119
Settlement of share-based benefit plans		3		5		(3)		(5)		(3,466)			(3,669)		2,429		-		(4,706)
Reversal of reserves and absorption of accumulated losses ⁽⁵⁾		-		-		-		-		-			-		-		-		-
Constitution of reserves ⁽⁵⁾		-		-		-		-		-			-		-		-		-
Other comprehensive income		-		-		-		-		-			-		-		-		-
Net profit for the period		-		-		-		-		-			-		-		-		-

Balance at the end of the period		3,922		6,083		11		18		1,508			(9,304)		2,042		640		4,920

	Retained earnings ⁽⁴⁾													Equity attributable to
	Legal reserve		Reserve for future dividends		Reserve for investments		Reserve for purchase of treasury shares		Other comprehensive income			Unappropriated retained earnings and losses		Shareholders of the parent company		Non- controlling interest		Total shareholders’ equity
Balance at the beginning of the fiscal year		634,747		182,371		4,297,009		28,243		3,077,042			(1,003,419)		7,221,500		82,315		7,303,815
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		-			-		4,119		-		4,119
Settlement of share-based benefit plans		-		-		-		-		-			-		(4,706)		-		(4,706)
Reversal of reserves and absorption of accumulated losses ⁽⁵⁾		-		(182,371)		(4,297,009)		(28,243)		-			4,507,623		-		-		-
Constitution of reserves ⁽⁵⁾		-		-		3,418,972		28,745		-			(3,447,717)		-		-		-
Other comprehensive income		127,525		-		685,712		5,773		948,446			179,436		1,946,892		83,482		2,030,374
Net profit for the period		-		-		-		-		-			2,387,951		2,387,951		37,219		2,425,170

Balance at the end of the period		762,272		-		4,104,684		34,518		4,025,488	⁽¹⁾		2,623,874		11,555,756		203,016		11,758,772

(1) Includes 4,359,209 corresponding to the effect of the translation of the shareholders’ contributions (see Note 35.k)), (1,890,429) 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 (which includes (1,387,801) corresponding to the effect of the translation to YPF´s presentation currency) and 1,556,708 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency (which includes 863,151 corresponding to the effect of the translation to YPF´s presentation currency). See Notes 2.b.1) and 2.b.10) to the annual consolidated financial statements.

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

(3) See Note 37.

(4) Includes 68,008 and 56,487 restricted to the distribution of retained earnings as of September 30, 2024 and December 31, 2023, respectively. See Note 30 to the annual consolidated financial statements.

(5) As decided in the Shareholders’ Meeting on April 26, 2024.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023 (UNAUDITED) (cont.)

(Amounts expressed in millions of Argentine pesos)


	For the nine-month period ended September 30, 2023
	Shareholders’ contributions
	Capital		Adjustment to capital		Treasury shares		Adjustment to treasury shares		Share-based benefit plans			Acquisition cost of treasury shares ⁽²⁾		Share trading premiums		Issuance premiums		Total
Balance at the beginning of the fiscal year		3,915		6,072		18		29		289			(4,499)		(158)		640		6,306
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		392			-		-		-		392
Settlement of share-based benefit plans		4		5		(4)		(5)		(543)			(1,062)		(273)		-		(1,878)
Constitution of reserves ⁽⁵⁾		-		-		-		-		-			-		-		-		-
Other comprehensive income		-		-		-		-		-			-		-		-		-
Net profit for the period		-		-		-		-		-			-		-		-		-

Balance at the end of the period		3,919		6,077		14		24		138			(5,561)		(431)		640		4,820


	Retained earnings ⁽⁴⁾													Equity attributable to
	Legal reserve		Reserve for future dividends		Reserve for investments		Reserve for purchase of treasury shares		Other comprehensive income			Unappropriated retained earnings and losses		Shareholders of the parent company		Non- controlling interest		Total shareholders’ equity
Balance at the beginning of the fiscal year		139,275		-		-		-		704,235			1,001,214		1,851,030		17,274		1,868,304
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		-			-		392		-		392
Settlement of share-based benefit plans		-		-		-		-		-			-		(1,878)		-		(1,878)
Constitution of reserves ⁽⁵⁾		-		40,000		942,959		6,215		-			(989,174)		-		-		-
Other comprehensive income		135,602		38,976		918,212		6,016		686,299			136,457		1,921,562		17,718		1,939,280
Net profit for the period		-		-		-		-		-			66,714		66,714		12,686		79,400

Balance at the end of the period		274,877		78,976		1,861,171		12,231		1,390,534	⁽¹⁾		215,211		3,837,820		47,678		3,885,498

(1) Includes 1,569,103 corresponding to the effect of the translation of the shareholders’ contributions (see Note 35.k)), (600,705) 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 (which includes (421,689) corresponding to the effect of the translation to YPF´s presentation currency) and 422,136 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency (which includes 238,070 corresponding to the effect of the translation to YPF´s presentation currency). See Notes 2.b.1) and 2.b.10) to the annual consolidated financial statements.

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

(3) See Note 37.

(4) Includes 24,462 and 12,040 restricted to the distribution of retained earnings as of September 30, 2023 and December 31, 2022, respectively. See Note 30 to the annual consolidated financial statements.

(5) As decided in the Shareholders’ Meeting on April 28, 2023.

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

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

(Amounts expressed in millions of Argentine pesos)


	For the nine-month periods ended September 30,
	2024		2023
Cash flows from operating activities
Net profit		2,425,170		79,400
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(225,507)		(51,978)
Depreciation of property, plant and equipment		1,539,948		573,731
Amortization of intangible assets		28,314		8,439
Depreciation of right-of-use assets		178,540		40,687
Retirement of property, plant and equipment and intangible assets and consumption of materials		334,451		66,701
Charge on income tax		(929,100)		28,758
Net increase in provisions		468,893		76,787
Impairment of property, plant and equipment and inventories write-down		24,896		176,769
Effect of changes in exchange rates, interest and others		360,578		(71,488)
Share-based benefit plans		4,119		3,803
Changes in assets and liabilities:
Trade receivables		(828,591)		(67,263)
Other receivables		(329,251)		17,230
Inventories		(40,220)		3,653
Accounts payable		705,173		192,292
Taxes payables		101,887		834
Salaries and social security		165,687		13,333
Other liabilities		(38,901)		13,934
Decrease in provisions due to payment/use		(109,421)		(118,900)
Contract assets		(29,450)		(3,956)
Contract liabilities		14,023		20,706
Dividends received		116,435		58,450
Proceeds from collection of profit loss insurance		-		62
Income tax payments		(24,004)		(3,288)

Net cash flows from operating activities ^{(1) (2)}		3,913,669		1,058,696


Investing activities: ⁽³⁾
Acquisition of property, plant and equipment and intangible assets		(3,747,844)		(1,017,251)
Additions of assets held for sale		(159,993)		-
Contributions and acquisitions of interests in associates and joint ventures		-		(1,174)
Proceeds from sales of financial assets		183,603		137,419
Payments from purchase of financial assets		(190,319)		(66,621)
Interests received from financial assets		28,859		18,548
Proceeds from concessions, assignment agreements and sale of assets		57,429		3,392

Net cash flows used in investing activities		(3,828,265)		(925,687)


Financing activities: ⁽³⁾
Payments of loans		(1,800,992)		(280,920)
Payments of interests		(537,420)		(124,069)
Proceeds from loans		2,355,129		585,687
Account overdraft, net		(45,089)		(2,898)
Payments of leases		(260,023)		(65,441)
Payments of interests in relation to income tax		(2,362)		(1,658)

Net cash flows (used in) / from financing activities		(290,757)		110,701



Effect of changes in exchange rates on cash and cash equivalents		148,520		72,171



(Decrease) / Increase in cash and cash equivalents		(56,833)		315,881


Cash and cash equivalents at the beginning of the fiscal year		905,956		136,874
Cash and cash equivalents at the end of the period		849,123		452,755

(Decrease) / Increase in cash and cash equivalents		(56,833)		315,881

(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 94,238 and 36,141 for the nine-month periods ended September 30, 2024 and 2023, respectively, for payment 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:


	For the nine-month periods ended September 30,
	2024		2023
Unpaid acquisitions of property, plant and equipment and intangible assets		425,932		190,543
Unpaid additions of assets held for sale		20,934		-
Additions of right-of-use assets		151,247		49,100
Capitalization of depreciation of right-of-use assets		41,688		12,372
Capitalization of financial accretion for lease liabilities		4,697		2,310

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

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

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

General information

Structure and organization of the economic Group

The following chart shows the organizational structure, including the main companies of the Group, as of September 30, 2024:

LOGO

(1) Held directly and indirectly.

(2) See Note 35.c.3), section “Note from ENARGAS related to YPF’s interest in Metrogas”, to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

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

Organization of the business

As of September 30, 2024, the Group carries out its operations in accordance with the following structure:

Upstream

Downstream

Gas and Power

Central Administration and Others

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

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

2.a) Applicable accounting framework

Moreover, some additional information required by the LGS and/or CNV’s Rules have been included.

2.b) Material accounting policies

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

Functional and presentation 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. Additionally, in accordance with the provisions of the LGS and the CNV Rules, the Company must present its financial statements in pesos.

Share-based benefit plans

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, 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, 2024

•

IFRS 18 “Presentation and disclosure in financial statements”

IFRS 18 introduces the following information requirements that can be grouped into 2 main groups:

As of the date of issuance of these condensed interim consolidated financial statements, the Group is in the process of evaluating the effects of the application of IFRS 18.

•

IFRS 19 “Subsidiaries without public accountability: Disclosures”

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

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

•

Amendments to IFRS 9 “Financial instruments” and IFRS 7 “Financial instruments: Disclosures” - Amendments to the classification and measurement of financial instruments

Introduce an accounting policy option for the derecognition of a financial liability when settlement is made through an electronic payment system and certain conditions are met.

As of the date of issuance of these condensed interim consolidated financial statements, the Group is in the process of evaluating the effects of the application of these amendments.

•

Annual improvements to IFRS - Volume 11

A summary of the main modified standards follows:


Accounting Standard		Subject of amendments
IFRS 1 “First-time adoption of International Financial Reporting Standards”		Hedge accounting by a first-time adopter
IFRS 7		Gain or loss on derecognition
Guidance on implementing NIIF 7		Disclosure of deferred difference between fair value and transaction Price Introduction and credit risk disclosures
IFRS 9		Derecognition of lease liabilities Transaction price
IFRS 10		Determination of a ‘de facto agent’
IAS 7 “Statement of cash flows”		Cost method

As of the date of issuance of these condensed interim consolidated financial statements, the Group is in the process of evaluating the effects of the application of these amendments.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

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

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

2.d) Comparative information

Amounts and other information corresponding to the year ended December 31, 2023 and to the nine-month period ended September 30, 2023 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 25 as mentioned in Note 5 to the annual consolidated financial statements and Note 6.

Additionally, from this fiscal year, the Group has made a change in the presentation of the items in the “Financial results, net” line item in the statement of comprehensive income (see Note 29). This change is intended to provide more relevant and detailed information on the origin of financial results and the effects of transactions or conditions that affect the financial situation, financial performance, and cash flows of the Group such as interests and exchange differences generated by loans, among others; and improve the comparability of the Group’s financial statements with its peers. The comparative information for the nine and three-month periods ended September 30, 2023 has been restated. “Financial income” line item in the statement of comprehensive income decreased by 561,806 and 288,907, for the nine and three-month periods ended September 30, 2023, respectively; “Financial costs” line item in the statement of comprehensive income decreased by 398,713 and 188,197, for the nine and three-month periods ended September 30, 2023, respectively; and “Other financial results” line item in the statement of comprehensive income increased by 163,093 and 100,710, for the nine and three-month periods ended September 30, 2023, respectively. This change had no effect on the Group’s statements of financial position, statements of changes in shareholders’ equity, statements of cash flows, Net financial results and net profit or loss.

3. SEASONALITY OF OPERATIONS

4. ACQUISITIONS AND DISPOSALS

Dissolution of the company YPF International

On May 6, 2024, the Plurinational Service of Registry of Commerce (“SEPREC” by its acronym in Spanish) of Bolivia approved the dissolution and liquidation of YPF International.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

5. FINANCIAL RISK MANAGEMENT


●		Liquidity risk management

The Group monitors compliance with covenants on a quaterly basis. As of September 30, 2024, the Group is in compliace with its covenants.

6. BUSINESS SEGMENT INFORMATION

Business segment information is presented in U.S. dollars, the functional currency of the Company (see Note 2.b)), consistently with the manner of reporting the information used by the chief decision maker to allocate resources and assess business segment performance.

The business segment structure is organized as follows:

•

Upstream

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

It incurs all costs related to the activities mentioned above.

On July 1, 2024, certain assets related to the production of frac sand for well-drilling/fracking purposes, which were formerly included in Upstream business segment, were assigned to Central Administration and Others. In addition, the comparative information for fiscal year ended December 31, 2023 and the period ended September 30, 2023, has been restated.

•

Downstream

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)

•

Gas and Power

It incurs all costs related to the activities mentioned above, including the purchase of natural gas and natural gas retained in plant from the Upstream business segment.

•

Central Administration and Others

Sales between business segments were made at internal transfer prices established by the Group, which generally seek to approximate domestic market prices.

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

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)


	In millions of U.S. dollars																In millions of pesos
	Upstream			Downstream		Gas and Power		Central Administration and Others			Consolidation adjustments ⁽¹⁾			Total			Total
For the nine-month period ended September 30, 2024
Revenues		37			11,813		2,102		590			-			14,542			13,050,823
Revenues from intersegment sales		6,269			53		299		769			(7,390	)		-			-

Revenues		6,306			11,866		2,401		1,359			(7,390	)		14,542			13,050,823


Operating profit or loss		1,095	⁽³⁾		1,116		124		(216	)		(109	)		2,010			1,725,994
Income from equity interests in associates and joint ventures		-			19		244		-			-			263			225,507

Net financial results															(583	)		(455,431	)
Net profit before income tax															1,690			1,496,070
Income tax															987			929,100
Net profit for the period															2,677			2,425,170

Acquisitions of property, plant and equipment		3,023			843		74		72			-			4,012			3,748,463
Acquisitions of right-of-use assets		60			81		23		-			-			164			151,247

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		1,279			346		41		66			-			1,732			1,539,948
Amortization of intangible assets		-			21		10		-			-			31			28,314
Depreciation of right-of-use assets		118			60		23		-			-			201			178,540
Impairment of property, plant and equipmentand inventories write-down ⁽⁴⁾		21			-		-		5			-			26			24,896

Balance as of September 30, 2024
Assets		12,684			10,252		3,811		2,233			(222	)		28,758			27,866,235

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

6. BUSINESS SEGMENT INFORMATION (cont.)


	In millions of U.S. dollars																	In millions of pesos
	Upstream				Downstream		Gas and Power		Central Administration and Others			Consolidation adjustments ⁽¹⁾			Total			Total
For the nine-month period ended September 30, 2023
Revenues		26				10,988		1,774		329			-			13,117			3,330,718
Revenues from intersegment sales		5,507				80		282		788			(6,657	)		-			-

Revenues		5,533				11,068		2,056		1,117			(6,657	)		13,117			3,330,718


Operating profit or loss		(209	)	⁽³⁾		441		37		(256	)		156			169			(98,138	)
Income from equity interests in associates and joint ventures		-				21		206		-			-			227			51,978

Net financial results																348			154,318
Net profit before income tax																744			108,158
Income tax																(160	)		(28,758	)
Net profit for the period																584			79,400

Acquisitions of property, plant and equipment		3,130				817		136		135			-			4,218			1,127,262
Acquisitions of right-of-use assets		142				19		18		-			-			179			49,100

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		1,854				346		40		58			-			2,298			573,731
Amortization of intangible assets		-				22		8		-			-			30			8,439
Depreciation of right-of-use assets		98				54		14		-			(1	)		165			40,687
Impairment of property, plant and equipment⁽⁴⁾		506				-		-		-			-			506			176,769

Balance as of December 31, 2023
Assets		10,869				9,916		2,282		2,086			(118	)		25,035			20,202,123

(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 US$ (56) million and US$ (15) million of unproductive exploratory drillings as of September 30, 2024 and 2023.

(4)	See Notes 2.b.8), 2.c) and 8 to the annual consolidated financial statements and Note 12.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, 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 show the Group’s financial assets measured at fair value as of September 30, 2024 and December 31, 2023, and their allocation to their fair value levels:


	As of September 30, 2024
Financial Assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		293,616		-		-		293,616
- NO		11,065		-		-		11,065

		304,681		-		-		304,681

Cash and cash equivalents:
- Mutual funds		202,156		-		-		202,156

		202,156		-		-		202,156

		506,837		-		-		506,837


	As of December 31, 2023
Financial Assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:
- Public securities		91,604		-		-		91,604
- NO		-		-		-		-

		91,604		-		-		91,604

Cash and cash equivalents:
- Mutual funds		76,949		-		-		76,949

		76,949		-		-		76,949

		168,553		-		-		168,553

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

Fair value estimates

During the nine-month period ended September 30, 2024, there have been no changes in macroeconomic circumstances that significantly affect the Group’s financial instruments measured at fair value.

During the nine-month period ended September 30, 2024, 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 financial loans, amounted to 8,381,414 and 6,090,387 as of September 30, 2024 and December 31, 2023, respectively.

8. INTANGIBLE ASSETS


	September 30, 2024		December 31, 2023
Net book value of intangible assets		432,803		328,574
Provision for impairment of intangible assets		(38,495)		(32,057)

		394,308		296,517

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

8. INTANGIBLE ASSETS (cont.)

The evolution of the Group’s intangible assets for the nine-month period ended September 30, 2024 and as of the year ended December 31, 2023 is as follows:


	Service concessions	Exploration rights	Other intangibles		Total
Cost	165,179	19,557	80,186		264,922
Accumulated amortization	119,496	-	70,340		189,836
Balance as of December 31, 2022	45,683	19,557	9,846		75,086


Cost
Increases	15,827	-	1,665		17,492
Translation effect	597,564	69,276	236,678		903,518
Adjustment for inflation ⁽¹⁾	-	-	29,098		29,098
Decreases, reclassifications and other movements	-	(96)	7		(89)

Accumulated amortization
Increases	8,805	-	6,311		15,116
Translation effect	439,609	-	227,961		667,570
Adjustment for inflation ⁽¹⁾	-	-	13,845		13,845
Decreases, reclassifications and other movements	-	-	-		-

Cost	778,570	88,737	347,634		1,214,941
Accumulated amortization	567,910	-	318,457		886,367
Balance as of December 31, 2023	210,660	88,737	29,177		328,574


Cost
Increases	47,104	-	2,514		49,618
Translation effect	160,209	17,820	60,955		238,984
Adjustment for inflation ⁽¹⁾	-	-	45,185		45,185
Decreases, reclassifications and other movements	-	-	(31)		(31)

Accumulated amortization
Increases	17,816	-	10,498		28,314
Translation effect	115,739	-	58,773		174,512
Adjustment for inflation ⁽¹⁾	-	-	26,701		26,701
Decreases, reclassifications and other movements	-	-	-		-

Cost	985,883	106,557	456,257		1,548,697
Accumulated amortization	701,465	-	414,429	��	1,115,894
Balance as of September 30, 2024	284,418	106,557	41,828		432,803

(1)	Corresponds to 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


	September 30, 2024			December 31, 2023
Net book value of property, plant and equipment		18,194,617			16,568,207
Provision for obsolescence of materials and equipment		(197,243	)		(137,679	)
Provision for impairment of property, plant and equipment		(456,665	)		(2,137,101	)

		17,540,709			14,293,427

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Changes in Group’s property, plant and equipment for the nine-month periods ended September 30, 2024 and as of the year ended December 31, 2023 are as follows:


	Land and buildings			Mining property, wells and related equipment			Refinery equipment and petrochemical plants			Transportation equipment			Materials and equipment in warehouse			Drilling and work in progress			Exploratory drilling in progress			Furniture, fixtures and installations			Selling equipment			Infrastructure for natural gas distribution			Other property			Total
Cost		247,293			8,868,357			1,536,447			93,406			211,034			687,431			6,482			147,220			237,965			205,073			164,943			12,405,651
Accumulated depreciation		123,791			7,488,710			972,786			63,640			-			-			-			135,000			163,929			103,227			121,357			9,172,440

Balance as of December 31, 2022		123,502			1,379,647			563,661			29,766			211,034			687,431			6,482			12,220			74,036			101,846			43,586			3,233,211


Cost
Increases		476			410,064			28,572			4,713			399,126			1,449,234			43,380			2,094			2			-			6,160			2,343,821
Translation effect		740,062			32,899,284			5,592,370			364,539			810,807			3,080,941			62,942			520,981			869,318			-			409,631			45,350,875
Adjustment for inflation⁽¹⁾		85,662			-			-			26,522			9,196			22,135			-			14,415			-			433,540			105,507			696,977
Decreases, reclassifications and other movements		9,141			671,825			34,455			56,467			(272,424	)		(666,690	)		(7,763	)		15,754			8,713			14,559			(2,370	)		(138,333	)

Accumulated depreciation
Increases		9,712			799,009			107,853			11,660			-			-			-			11,237			19,124			8,011			13,087			979,693
Translation effect		375,211			27,962,627			3,646,639			207,294			-			-			-			476,315			611,179			-			319,916			33,599,181
Adjustment for inflation⁽¹⁾		46,142			-			-			17,401			-			-			-			12,880			-			218,230			71,627			366,280
Decreases, reclassifications and other movements		(220	)		(21,601	)		-			(2,133	)		-			-			-			-			(2,234	)		(26	)		(596	)		(26,810	)

Cost		1,082,634			42,849,530			7,191,844			545,647			1,157,739			4,573,051			105,041			700,464			1,115,998			653,172			683,871			60,658,991
Accumulated depreciation		554,636			36,228,745			4,727,278			297,862			-			-			-			635,432			791,998			329,442			525,391			44,090,784

Balance as of December 31, 2023		527,998			6,620,785			2,464,566			247,785			1,157,739			4,573,051			105,041			65,032			324,000			323,730			158,480			16,568,207


Cost
Increases		140			-			54,173			14,178			913,699			2,662,207			96,134			1,272			-			-			6,660			3,748,463
Translation effect		174,669			5,200,605			1,463,485			98,459			204,810			716,231			6,119			130,979			229,061			-			102,314			8,326,732
Adjustment for inflation⁽¹⁾		134,582			-			-			43,260			14,460			21,409			-			27,523			-			663,492			160,002			1,064,728
Decreases, reclassifications and other movements		(98,085	)		(22,080,231	)		118,007			(41,605	)		(745,892	)		(2,047,705	)		(105,355	)		(14,850	)		61,805			2,855			(16,028	)		(24,967,084	)	⁽²⁾

Accumulated depreciation
Increases		18,986			1,401,768			233,653			26,910			-			-			-			25,139			43,362			18,219			23,225			1,791,262
Translation effect		89,452			4,177,890			970,860			49,065			-			-			-			119,526			162,517			-			79,767			5,649,077
Adjustment for inflation⁽¹⁾		70,907			-			-			28,938			-			-			-			19,816			-			334,647			113,968			568,276
Decreases, reclassifications and other movements		(60,138	)		(21,265,139	)		(22	)		(62,834	)		-			-			-			(40,985	)		(2,910	)		(2,754	)		(27,404	)		(21,462,186	)	⁽²⁾

Cost		1,293,940			25,969,904			8,827,509			659,939			1,544,816			5,925,193			101,939			845,388			1,406,864			1,319,519			936,819			48,831,830
Accumulated depreciation		673,843			20,543,264			5,931,769			339,941			-			-			-			758,928			994,967			679,554			714,947			30,637,213

Balance as of September 30, 2024		620,097			5,426,640			2,895,740			319,998			1,544,816			5,925,193			101,939			86,460			411,897			639,965			221,872			18,194,617

(1)	Corresponds to 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 24,587,477 and 21,406,182 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 39 to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the nine-month period ended September 30, 2024 and as of the year ended December 31, 2023:


	Provision for obsolescence of materials and equipment
Balance as of December 31, 2022		26,671

Increases charged to profit or loss		8,914
Applications due to utilization		(1,113	)
Translation effect		102,592
Adjustment for inflation⁽¹⁾		615

Balance as of December 31, 2023		137,679

Increases charged to profit or loss		30,684
Applications due to utilization		-
Translation effect		27,878
Adjustment for inflation⁽¹⁾		1,002

Balance as of September 30, 2024		197,243

(1)	Corresponds to 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 nine-month period ended September 30, 2024 and as of the year ended December 31, 2023:


	Provision for impairment of property, plant and equipment
Balance as of December 31, 2022		106,234

Increases charged to profit or loss⁽¹⁾		1,614,373
Depreciation⁽²⁾		(72,219	)
Translation effect		485,524
Adjustment for inflation⁽³⁾		3,189
Reclassifications		-

Balance as of December 31, 2023		2,137,101

Increases charged to profit or loss		4,643
Depreciation⁽²⁾		(251,314	)
Translation effect		153,044
Adjustment for inflation⁽³⁾		4,415
Reclassifications ⁽⁴⁾		(1,591,224	)

Balance as of September 30, 2024		456,665

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

(2)	Included in “Depreciation of property, plant and equipment” in Note 27.

(3)	Corresponds to 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 1,591,224 reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 39 to the annual consolidated financial statements.

The carrying amount of the assets may be adjusted in future periods depending on the results of the disposition process conducted by YPF and the financial consideration to be agreed with third parties for such assets. In addition, the closing of such dispositions will be subject to the fulfillment of customary closing conditions, including applicable regulatory approvals. See Notes 2.b.13) and 39 to the annual consolidated financial statements and Note 34.b).

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

10. RIGHT-OF-USE ASSETS

The evolution of the Group’s right-of-use assets for the nine-month period ended September 30, 2024 and as of the year ended December 31, 2023 are as follows:


	Land and buildings			Exploitation facilities and equipment			Machinery and equipment			Gas stations		Transportation equipment			Total
Cost		5,821			87,518			50,190			17,582		65,670			226,781
Accumulated depreciation		3,318			53,271			37,051			7,806		29,587			131,033

Balance as of December 31, 2022		2,503			34,247			13,139			9,776		36,083			95,748


Cost
Increases		3,405			37,683			95,298			529		93,968			230,883
Translation effect		26,726			346,814			220,773			47,955		242,762			885,030
Adjustment for inflation ⁽¹⁾		313			-			-			8,705		-			9,018
Decreases, reclassifications and other movements		(3,085	)		(15,108	)		(759	)		-		-			(18,952	)


Accumulated depreciation
Increases		1,870			35,733			12,964			3,754		32,188			86,509
Translation effect		14,170			248,121			153,258			23,738		162,802			602,089
Adjustment for inflation ⁽¹⁾		304			-			-			5,070		-			5,374
Decreases, reclassifications and other movements		(119	)		(1,309	)		-			-		-			(1,428	)

Cost		33,180			456,907			365,502			74,771		402,400			1,332,760
Accumulated depreciation		19,543			335,816			203,273			40,368		224,577			823,577

Balance as of December 31, 2023		13,637			121,091			162,229			34,403		177,823			509,183



Cost
Increases		7,843			2,822			78,519			493		61,570			151,247
Translation effect		7,591			91,540			76,258			12,444		82,819			270,652
Adjustment for inflation ⁽¹⁾		492			-			-			12,908		-			13,400
Decreases, reclassifications and other movements		-			(13,635	)		(52,954	)		-		(10,523	)		(77,112	)

Accumulated depreciation
Increases		5,231			70,970			56,995			7,432		79,600			220,228
Translation effect		4,283			74,083			44,767			6,869		52,271			182,273
Adjustment for inflation ⁽¹⁾		490			-			-			8,754		-			9,244
Decreases, reclassifications and other movements		-			(13,635	)		(52,954	)		-		(10,523	)		(77,112	)

Cost		49,106			537,634			467,325			100,616		536,266			1,690,947
Accumulated depreciation		29,547			467,234			252,081			63,423		345,925			1,158,210

Balance as of September 30, 2024		19,559			70,400			215,244			37,193		190,341			532,737

(1)	Corresponds to 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 shows the value of the investments in associates and joint ventures at an aggregate level, as of September 30, 2024 and December 31, 2023:


	September 30, 2024		December 31, 2023
Amount of investments in associates		175,857		114,767
Amount of investments in joint ventures		1,624,307		1,237,114

		1,800,164		1,351,881

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

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

The main movements during the nine-month period ended September 30, 2024 and as of the year ended December 31, 2023 which affected the value of the aforementioned investments, correspond to:


	Investments in associates and joint ventures
Balance as of December 31, 2022		337,175

Acquisitions and contributions		1,174
Income on investments in associates and joint ventures		(30,909	)
Distributed dividends		(59,949	)
Translation differences		1,069,951
Adjustment for inflation ⁽¹⁾		34,439

Balance as of December 31, 2023		1,351,881

Acquisitions and contributions		-
Income on investments in associates and joint ventures		225,507
Distributed dividends		(116,843	)
Translation differences		275,896
Adjustment for inflation ⁽¹⁾		63,723

Balance as of September 30, 2024		1,800,164

(1)	Corresponds to 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.


	Associates				Joint ventures
	For the nine-month periods ended September 30,				For the nine-month periods ended September 30,
	2024		2023		2024		2023
Net income		1,164		7,837		224,343		44,141
Other comprehensive income		61,198		28,189		278,421		282,649

Comprehensive income		62,362		36,026		502,764		326,790

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

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


	September 30, 2024 ⁽¹⁾			December 31, 2023 ⁽¹⁾
Total non-current assets		2,024,190			1,695,838
Cash and cash equivalents		243,074			92,268
Other current assets		214,915			122,840
Total current assets		457,989			215,108

Total assets		2,482,179			1,910,946


Financial liabilities (excluding items “Accounts payable”, “Provisions” and “Other liabilities”)		693,637			581,324
Other non-current liabilities		156,642			164,041
Total non-current liabilities		850,279			745,365
Financial liabilities (excluding items “Accounts payable”, “Provisions” and “Other liabilities”)		259,090			151,832
Other current liabilities		135,368			115,508
Total current liabilities		394,458			267,340

Total liabilities		1,244,737			1,012,705



Total shareholders’ equity ⁽²⁾		1,237,442			898,241


Dividends received		-			9,000

	For the nine-month periods ended September 30,
	2024 ⁽¹⁾			2023 ⁽¹⁾
Revenues		348,995			96,985
Interest income		23,345			8,514
Depreciation and amortization		(100,071	)		(24,066	)
Interest loss		(41,539	)		(10,536	)
Income tax		33,255			(9,021	)
Operating profit		135,473			54,993
Net profit		151,144			19,607
Other comprehensive income		188,057			204,878

Total comprehensive income		339,201			224,485

(1)

The financial information arises from the statutory condensed interim consolidated financial statements of YPF EE. On this information, accounting adjustments have been made for the calculation of equity interest and results of YPF EE. The equity and adjusted results do not differ significantly from the financial information disclosed here.

(2)	Includes the non-controlling interest.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

12. INVENTORIES


	September 30, 2024		December 31, 2023
Finished goods	1,060,114		849,245
Crude oil and natural gas	428,708	⁽²⁾	408,998
Products in process	49,082		36,397
Raw materials, packaging materials and others	121,888		63,076
	1,659,792	⁽¹⁾	1,357,716	⁽¹⁾

(1)	As of September 30, 2024 and December 31, 2023, the carrying amount of inventories does not exceed their net realizable value.

(2)	Includes 20,253 corresponding to the inventories write-down, see Note 2.b.8) to the annual consolidated financial statements.

13. OTHER RECEIVABLES


	September 30, 2024		December 31, 2023
	Non-current	Current	Non-current	Current
Receivables from services and sales of other assets	3,085	21,556	-	8,942
Tax credit and export rebates	110,267	147,458	66,473	35,318
Loans and balances with related parties ⁽¹⁾	142,730	9,608	34,964	5,338
Collateral deposits	2	13,055	2	10,651
Prepaid expenses	15,129	19,005	14,086	26,952
Advances and loans to employees	436	4,570	139	2,363
Advances to suppliers and custom agents ⁽²⁾	-	101,468	-	68,177
Receivables with partners in JA	4,065	140,934	6,360	124,955
Miscellaneous	6,590	25,458	5,703	25,498
	282,304	483,112	127,727	308,194
Provision for other doubtful receivables	(513)	(188)	(441)	(287)
	281,791	482,924	127,286	307,907

(1)	See Note 36 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.

14. TRADE RECEIVABLES


	September 30, 2024		December 31, 2023
	Non-current	Current	Non-current	Current
Accounts receivable and related parties ^{(1) (2)}	39,973	1,930,940	34,983	823,385
Provision for doubtful trade receivables	(9,788)	(55,230)	(9,788)	(37,652)
	30,185	1,875,710	25,195	785,733

(1)	See Note 36 for information about related parties.

(2)	See Note 25 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 nine-month period ended September 30, 2024 and for the fiscal year ended December 31, 2023:


	Provision for doubtful trade receivables
	Non-current		Current
Balance as of December 31, 2022	9,788	⁽²⁾	13,410

Increases charged to expenses	-		9,443
Decreases charged to income	-		(638)
Applications due to utilization	-		(1,945)
Net exchange and translation differences	-		18,982
Result from net monetary position ⁽¹⁾	-		(1,600)
Balance as of December 31, 2023	9,788	⁽²⁾	37,652

Increases charged to expenses	-		63,891	⁽³⁾
Decreases charged to income	-		(5,329)
Applications due to utilization	-		(43,164)	⁽³⁾
Net exchange and translation differences	-		3,963
Result from net monetary position ⁽¹⁾	-		(1,783)
Balance as of September 30, 2024	9,788	⁽²⁾	55,230

(1)

(2)

Mainly including credits with natural gas distributors for the accumulated daily differences pursuant to Decree No. 1,053/2018, see Note 35.c.1) to the annual consolidated financial statements.

(3)

Mainly including credits with CAMMESA, see Note 36.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

15. INVESTMENTS IN FINANCIAL ASSETS


	September 30, 2024		December 31, 2023
	Non-current	Current	Non-current	Current
Investments at amortized cost
Public securities ⁽¹⁾	-	-	-	79,967
Private securities - NO and stock market promissory notes	-	3,852	6,738	3,116
Term deposits	-	-	-	37,987	⁽²⁾
	-	3,852	6,738	121,070
Investments at fair value through profit or loss
Public securities ⁽¹⁾	-	293,616	-	91,604
Private securities - NO and stock market promissory notes	-	11,065	-	-
	-	304,681	-	91,604
	-	308,533	6,738	212,674

(1)	See Note 36.

(2)	Corresponds to term deposits with the BNA.

16. CASH AND CASH EQUIVALENTS


	September 30, 2024		December 31, 2023
Cash and banks ⁽¹⁾		343,841		185,879
Short-term investments^{(2) (3)}		303,126		643,128
Financial assets at fair value through profit or loss ⁽⁴⁾		202,156		76,949

		849,123		905,956

(1)	Includes balances granted as collateral. See Note 34.e) to the annual consolidated financial statements.

(2)	Includes 55,619 and 586,477 of BCRA bills as of September 30, 2024 and December 31, 2023, respectively.

(3)	Includes 159,328 and 36,129 of term deposits and other investments with the BNA as of September 30, 2024 and December 31, 2023, respectively.

(4)	See Note 7.

17. PROVISIONS

Changes in the Group’s provisions for the nine-month period ended September 30, 2024 and for the fiscal year ended December 31, 2023 are as follows:


	Provision for lawsuits and contingencies				Provision for environmental liabilities		Provision for hydrocarbon wells abandonment obligations		Total
	Non-current		Current		Non-current	Current	Non-current	Current	Non-current	Current
Balance as of December 31, 2022	101,083		3,719		16,990	8,083	337,140	23,179	455,213	34,981

Increases charged to expenses	30,572		1,364		24,013	-	77,729	-	132,314	1,364
Decreases charged to income	(7,364)		(3,319)		-	-	(8,624)	-	(15,988)	(3,319)
Applications due to utilization	(685)		(89,490)	⁽³⁾	-	(15,019)	-	(40,846)	(685)	(145,355)
Net exchange and translation differences	28,873		35,396		32,566	152	1,275,377	82,461	1,336,816	118,009
Result from net monetary position ⁽¹⁾	(1,341)		-		-	-	-	-	(1,341)	-
Reclassifications and other movements	(97,750)	⁽²⁾	69,198		(34,708)	34,708	372,829	36,543	240,371	140,449
Balance as of December 31, 2023	53,388		16,868		38,861	27,924	2,054,451	101,337	2,146,700	146,129

Increases charged to expenses	59,785		306		92,241	-	95,883	-	247,909	306
Decreases charged to income	(4,072)		-		(437)	-	-	-	(4,509)	-
Applications due to utilization	(2,647)		(7,094)		-	(38,641)	-	(23,808)	(2,647)	(69,543)
Net exchange and translation differences	4,754		3,241		12,000	-	163,876	20,350	180,630	23,591
Result from net monetary position ⁽¹⁾	(2,064)		-		-	-	-	-	(2,064)	-
Reclassifications and other movements ⁽⁴⁾	(6,924)		6,496		(102,858)	49,598	(1,724,544)	23,808	(1,834,326)	79,902
Balance as of September 30, 2024	102,220		19,817		39,807	38,881	589,666	121,687	731,693	180,385

(1)

(2)

Includes 27,985 reclassified as “Other liabilities” in the statement of financial position due to the settlement agreement entered with TGN and 60,033 reclassified as current “Provision for lawsuits and contingencies” due to the Trust Settlement Agreement, see Notes 16.a.2) and 32 to the annual consolidated financial statements, respectively.

(3)	Includes the payment of the amount for the Trust Settlement Agreement, see Note 32 to the annual consolidated financial statements.

(4)

Includes 1,700,736 and 53,260 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 38 to the annual consolidated financial statements and Note 9.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

17. PROVISIONS (cont.)

Provisions are described in Note 16 to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2024 are described below:

17.a) Provision for lawsuits and contingencies

Environmental claims

•

La Plata

18. INCOME TAX

The income tax charge for the nine-month period ending September 30, 2024 is a profit of 929,100. The amount accrued for the nine-month periods ending September 30, 2024 and 2023 is as follows:


	For the nine-month periods ended September 30,
	2024		2023
Current income tax	(84,685	)	(10,869	)
Deferred income tax	1,013,785		(17,889	)
	929,100		(28,758	)

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

18. INCOME TAX (cont.)


	For the nine-month periods ended September 30,
	2024			2023
Net profit before income tax		1,496,070			108,158
Average tax rate ⁽¹⁾		26.93	%		28.22	%
Average tax rate applied to net profit before income tax		(402,892	)		(30,521	)
Effect of the valuation of property, plant and equipment, intangible assets and assets held for sale, net		1,877,222			(47,681	)
Effect of exchange differences and other results associated to the valuation of the currency, net ⁽²⁾		(1,288,020	)		127,741
Effect of the valuation of inventories		(91,852	)		(81,076	)
Income on investments in associates and joint ventures		56,377			12,995
Effect of tax rate change ⁽³⁾		398,466			(36,933	)
Effect of application of indexation mechanisms		365,505			-
Miscellaneous		14,294			26,717		⁽⁴⁾
Income tax		929,100			(28,758	)

(1)	Corresponds to the average projected tax rate of YPF and its subsidiaries in compliance with amendment to Law No. 27,630. See Note 35.e.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 35.e.1) to the annual consolidated financial statements.

(4)	Includes 32,571 corresponding to the tax criteria adopted in the 2023 tax return for fiscal year 2022 of the subsidiary Metrogas.

The breakdown of the Group’s deferred tax assets and liabilities as of September 30, 2024 and December 31, 2023 is as follows:


	September 30, 2024			December 31, 2023
Deferred tax assets
Provisions and other non-deductible liabilities	160,983			91,287
Property, plant and equipment and others ⁽¹⁾	551,536			-
Lease liabilities	198,727			187,810
Tax losses carryforward	11,093			1,438,394
Miscellaneous	1,087			457
Total deferred tax assets	923,426			1,717,948

Deferred tax liabilities
Property, plant and equipment and others ⁽²⁾	(283,197	)		(1,625,795	)
Adjustment for tax inflation ⁽³⁾	(452,259	)		(870,276	)
Right-of-use assets	(185,836	)		(178,214	)
Miscellaneous	(27,160	)		(31,417	)
Total deferred tax liabilities	(948,452	)		(2,705,702	)
Total Net deferred tax	(25,026	)	⁽⁴⁾	(987,754	)

(1)	Includes the deferred tax corresponding to property, plant and equipment and assets held for sale.

(2)	Includes the deferred tax corresponding to property, plant and equipment, intangible assets and inventories.

(3)	Includes the effect of the deferral of the tax inflation adjustment. See “Budget Law 2023 - Deferral of tax adjustment for inflation” section Note 35.e.1) to the annual consolidated financial statements.

(4)	Includes (53,784) 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.

As of September 30, 2024 and December 31, 2023 the Group has classified as deferred tax assets 64,815 and 14,166, respectively, and as deferred tax liability 89,841 and 1,001,920, 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

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

19. TAXES PAYABLE


	September 30, 2024				December 31, 2023
	Non-current		Current		Non-current		Current
VAT		-		31,403		-		18,193
Withholdings and perceptions		-		49,491		-		16,664
Royalties		-		89,266		-		60,775
Fuels tax		-		52,855		-		-
Turnover tax		-		11,563		-		5,646
Miscellaneous		228		17,276		144		11,243

		228		251,854		144		112,521

20. SALARIES AND SOCIAL SECURITY
	September 30, 2024				December 31, 2023
	Non-current		Current		Non-current		Current
Salaries and social security		-		150,280		-		46,897
Bonuses and incentives provision		-		140,445		-		83,152
Cash-settled share-based payments provision ⁽²⁾		7,103		-		-		-
Vacation provision		-		80,606		-		36,697
Other employee benefits⁽¹⁾		843		5,780		370		2,438

		7,946		377,111		370		169,184

(1)	Includes the voluntary retirement plan executed by the Group.

(2)	Corresponding to the Value Generation Plan. See Note 37.

21. LEASE LIABILITIES

The evolution of the Group’s leases liabilities for the nine-month period ended September 30, 2024 and for the fiscal year ended December 31, 2023, are as follows:


	Lease liabilities
Balance as of December 31, 2022		100,285

Leases increases		230,883
Financial accretions		22,286
Leases decreases		(17,492)
Payments		(106,401)
Net exchange and translation differences		306,800
Result from net monetary position ⁽¹⁾		237

Balance as of December 31, 2023		536,598

Leases increases		151,247
Financial accretions		48,683
Leases decreases		-
Payments		(260,023)
Net exchange and translation differences		91,277
Result from net monetary position ⁽¹⁾		8

Balance as of September 30, 2024		567,790

(1)

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

22. LOANS


						September 30, 2024					December 31, 2023
	Interest rate⁽¹⁾				Maturity	Non-current		Current			Non-current		Current
Pesos:
NO			-		-		-		-			-		48,699
Export pre-financing ⁽⁵⁾		37.88%	-	37.88%	2025		-		29,784			-		-
Loans		40.48%	-	56.35%	2024-2026		21,296		3,950			7,445		12,432
Account overdrafts			-		-		-		-			-		45,089

							21,296		33,734			7,445		106,220

Currencies other than the peso:
NO ^{(2) (3)}		0.00%	-	10.00%	2024-2047		5,986,665		1,233,266			4,995,741		619,128
Export pre-financing		1.90%	-	10.89%	2024-2025		-		350,206	⁽⁴⁾		82,380		440,168	⁽⁴⁾
Imports financing		8.80%	-	16.00%	2024-2026		18,832		17,231			-		-
Loans		0.00%	-	14.10%	2024-2030		604,778		67,977			306,299		51,690
Stock market promissory notes		0.00%	-	0.00%	2025-2026		24,225		72,675			-		-

							6,634,500		1,741,355			5,384,420		1,110,986

							6,655,796		1,775,089			5,391,865		1,217,206

(1)	Nominal annual interest rate as of September 30, 2024.

(2)	Disclosed net of 14,206 and 2,408 corresponding to YPF’s own NO repurchased through open market transactions, as of September 30, 2024, and December 31, 2023, respectively.

(3)	Includes 1,546,066 and 1,070,844 as of September 30, 2024, and December 31, 2023, 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 80,183 and 69,107 as of September 30, 2024, and December 31, 2023, respectively, of pre-financing of exports granted by BNA.

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

Set forth below is the evolution of the loans for nine-month period ended September 30, 2024 and for the fiscal year ended December 31, 2023:


	Loans
Balance as of December 31, 2022		1,255,004

Proceeds from loans		745,594
Payments of loans		(422,145)
Payments of interest		(214,032)
Account overdrafts, net		32,602
Accrued interest ⁽¹⁾		228,060
Net exchange and translation differences		4,989,123
Result from net monetary position ⁽²⁾		(5,135)

Balance as of December 31, 2023		6,609,071

Proceeds from loans		2,355,129
Payments of loans		(1,800,992)
Payments of interest		(537,420)
Account overdrafts, net		(45,089)
Accrued interest ⁽¹⁾		468,639
Net exchange and translation differences		1,381,608
Result from net monetary position ⁽²⁾		(61)

Balance as of September 30, 2024		8,430,885

(1)	Includes capitalized financial costs.

(2)

On August 29, 2024, the Company announced an offer for the purchase of the Class XXXIX and Class LIII NO due July 28, 2025 and July 21, 2027, respectively, for principal amount of U$S 500 million, having received and accepted purchase orders for U$S 334 million of the Class XXXIX NO and for U$S 166 million of the Class LIII NO, which were completely cancelled as of September 16, 2024 plus the corresponding interest.

On September 5, 2024 the Company announced an exchange offer for the Class XXXIX NO due July 2025 by offering additional Class XXXI NO, denominated and payable in U.S. dollars at a fixed rate of 8.75% maturing in September 2031 for a notional amount of up to U$S 500 million, extendable up to the maximum authorized amount. Having received offers for U$S 40 million on September 20, 2024 the Company canceled U$S 40 million of the Class XXXIX NO offered in exchange and issued additional new Class XXXI NO for an equivalent amount.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

22. LOANS (cont.)

Details regarding the NO of the Group are as follows:


													September 30, 2024				December 31, 2023
Month	Year		Principal value⁽³⁾			Class		Interest rate⁽¹⁾			Principal maturity		Non- current		Current		Non- current		Current
YPF
-		1998		U.S. dollar	15		-		Fixed	10.00%		2028		14,359		602		11,957		199
April, February, October		2014/15/16		U.S. dollar	521		Class XXVIII		-	-		-		-		-		-		285,570
September		2014		Peso	1,000		Class XXXIV		-	-		-		-		-		-		222
April		2015		U.S. dollar	757		Class XXXIX		Fixed	8.50%		2025		-		744,716		913,283		33,424
July, December		2017		U.S. dollar	644		Class LIII		Fixed	6.95%		2027		629,075		8,078		658,914		19,867
December		2017		U.S. dollar	537		Class LIV		Fixed	7.00%		2047		513,334		10,653		427,352		1,198
June		2019		U.S. dollar	399		Class I		Fixed	8.50%		2029		385,192		8,735		320,687		306
July		2020		U.S. dollar	341		Class XIII		Fixed	8.50%		2025		-		41,360		34,377		71,124
February		2021		U.S. dollar	776		Class XVI		Fixed	9.00%		2026		123,884		226,199		247,642		190,000
February		2021		U.S. dollar	748		Class XVII		Fixed	9.00%		2029		733,269		15,756		611,517		-
February		2021		U.S. dollar	576		Class XVIII		Fixed	7.00%		2033		538,340		-		446,746		8,513
February		2021		Peso	4,128		Class XIX		-	-		-		-		-		-		28,118
July		2021		U.S. dollar	384		Class XX		Fixed	5.75%		2032		372,299		4,106		310,038		7,864
January		2023		U.S. dollar	230		Class XXI		Fixed	1.00%		2026		213,071		426		185,039		472
January, April		2023		Peso	15,761		Class XXII		-	-		-		-		-		-		20,359
April		2023		U.S. dollar	147		Class XXIII		Fixed	0.00%		2025		-		146,979		127,132		-
April		2023		U.S. dollar	38		Class XXIV		Fixed	1.00%		2027		36,355		67		30,275		56
June		2023		U.S. dollar	263		Class XXV		Fixed	5.00%		2026		253,640		3,891		211,699		535
September ⁽²⁾		2023		U.S. dollar	400		Class XXVI		Fixed	0.00%		2028		387,600		-		322,780		-
October ⁽²⁾		2023		U.S. dollar	128		Class XXVII		Fixed	0.00%		2026		146,686		-		136,303		-
January		2024		U.S. dollar	800		Class XXVIII		Fixed	9.50%		2031		765,877		15,516		-		-
May		2024		U.S. dollar	178		Class XXIX		Fixed	6.00%		2026		171,329		3,681		-		-
July		2024		U.S. dollar	185		Class XXX		Fixed	1.00%		2026		180,890		71		-		-
September		2024		U.S. dollar	540		Class XXXI		Fixed	8.75%		2031		521,465		2,430		-		-

														5,986,665		1,233,266		4,995,741		667,827

(1)	Nominal annual interest rate as of September 30, 2024.

(2)	During the nine-month period ended September 30, 2024, 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.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

23. OTHER LIABILITIES


	September 30, 2024			December 31, 2023
	Non-current	Current		Non-current	Current
Liabilities for concessions and assignment agreements	-		126,711	6,665		53,859
Liabilities for contractual claims ⁽¹⁾	69,194		43,666	83,520		39,309
Miscellaneous	-		5,057	-		5,308

	69,194		175,434	90,185		98,476

(1)	See Note 16.a.2) to the annual consolidated financial statements.

24. ACCOUNTS PAYABLE


	September 30, 2024				December 31, 2023
	Non-current		Current		Non-current		Current
Trade payable and related parties ⁽¹⁾		3,891		2,831,215		3,166		1,844,268
Guarantee deposits		465		3,395		391		2,840
Payables with partners of JA and other agreements		936		40,102		779		11,269
Miscellaneous		-		11,675		-		12,613

		5,292		2,886,387		4,336		1,870,990

(1)	See Note 36 for information about related parties.

25. REVENUES


	For the nine-month periods ended September 30,
	2024		2023
Revenue from contracts with customers		12,890,278		3,267,710
National Government incentives ⁽¹⁾		160,545		63,008

		13,050,823		3,330,718

(1)	See Note 36.

•

Breakdown of revenues

Type of good or service


	For the nine-month period ended September 30, 2024
	Upstream		Downstream		Gas and Power		Central Administration and Others		Total
Diesel		-		4,403,367		-		-		4,403,367
Gasolines		-		2,648,143		-		-		2,648,143
Natural gas ⁽¹⁾		-		13,045		1,635,888		-		1,648,933
Crude oil		-		685,010		-		-		685,010
Jet fuel		-		626,086		-		-		626,086
Lubricants and by-products		-		357,592		-		-		357,592
LPG		-		302,393		-		-		302,393
Fuel oil		-		88,564		-		-		88,564
Petrochemicals		-		324,684		-		-		324,684
Fertilizers and crop protection products		-		242,305		-		-		242,305
Flours, oils and grains		-		296,476		-		-		296,476
Asphalts		-		55,447		-		-		55,447
Goods for resale at gas stations		-		85,660		-		-		85,660
Income from services		-		-		-		127,931		127,931
Income from construction contracts		-		-		-		288,180		288,180
Virgin naphtha		-		100,762		-		-		100,762
Petroleum coke		-		134,949		-		-		134,949
LNG regasification		-		-		38,954		-		38,954
Other goods and services		34,399		142,525		116,284		141,634		434,842

		34,399		10,507,008		1,791,126		557,745		12,890,278

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

25. REVENUES (cont.)


	For the nine-month period ended September 30, 2023
	Upstream		Downstream		Gas and Power		Central Administration and Others		Total
Diesel		-		1,202,617		-		-		1,202,617
Gasolines		-		625,149		-		-		625,149
Natural gas ⁽¹⁾		-		3,841		383,912		-		387,753
Crude oil		-		76,659		-		-		76,659
Jet fuel		-		183,715		-		-		183,715
Lubricants and by-products		-		111,123		-		-		111,123
LPG		-		70,784		-		-		70,784
Fuel oil		-		18,406		-		-		18,406
Petrochemicals		-		85,444		-		-		85,444
Fertilizers and crop protection products		-		111,959		-		-		111,959
Flours, oils and grains		-		49,486		-		-		49,486
Asphalts		-		33,146		-		-		33,146
Goods for resale at gas stations		-		29,715		-		-		29,715
Income from services		-		-		-		37,692		37,692
Income from construction contracts		-		-		-		37,614		37,614
Virgin naphtha		-		27,669		-		-		27,669
Petroleum coke		-		51,776		-		-		51,776
LNG regasification		-		-		9,395		-		9,395
Other goods and services		6,872		32,166		50,860		27,710		117,608

		6,872		2,713,655		444,167		103,016		3,267,710

(1)

Includes 1,120,514 and 273,488 corresponding to sales of natural gas produced by the Company for the nine-month periods ended September 30, 2024 and 2023, respectively.

Sales channels


	For the nine-month period ended September 30, 2024
	Upstream		Downstream		Gas and Power		Central Administration and Others		Total
Gas stations		-		4,654,821		-		-		4,654,821
Power plants		-		42,436		305,839		-		348,275
Distribution companies		-		-		234,625		-		234,625
Retail distribution of natural gas		-		-		341,633		-		341,633
Industries, transport and aviation		-		2,638,590		825,077		-		3,463,667
Agriculture		-		1,169,359		-		-		1,169,359
Petrochemical industry		-		454,699		-		-		454,699
Trading		-		1,129,044		-		-		1,129,044
Oil companies		-		134,189		-		-		134,189
Commercialization of LPG		-		112,228		-		-		112,228
Other sales channels		34,399		171,642		83,952		557,745		847,738

		34,399		10,507,008		1,791,126		557,745		12,890,278


	For the nine-month period ended September 30, 2023
	Upstream		Downstream		Gas and Power		Central Administration and Others		Total
Gas stations		-		1,199,191		-		-		1,199,191
Power plants		-		9,014		81,978		-		90,992
Distribution companies		-		-		37,221		-		37,221
Retail distribution of natural gas		-		-		76,279		-		76,279
Industries, transport and aviation		-		766,644		224,217		-		990,861
Agriculture		-		344,134		-		-		344,134
Petrochemical industry		-		117,922		-		-		117,922
Trading		-		180,344		-		-		180,344
Oil companies		-		27,225		-		-		27,225
Commercialization of LPG		-		26,378		-		-		26,378
Other sales channels		6,872		42,803		24,472		103,016		177,163

		6,872		2,713,655		444,167		103,016		3,267,710

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

25. REVENUES (cont.)

Target market

Sales in the domestic market amounted to 10,960,006 and 2,929,897 for the nine-month periods ended September 30, 2024 and 2023, respectively.

Sales in the international market amounted to 1,930,272 and 337,813 for the nine-month periods ended September 30, 2024 and 2023, respectively.


●		Contract balances

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


	September 30, 2024				December 31, 2023
	Non-current		Current		Non-current		Current
Credits for contracts included in the item of “Trade receivables”		39,973		1,826,451		33,270		801,715
Contract assets		-		37,194		-		7,744
Contract liabilities		30,461		74,846		27,720		55,313

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

During the nine-month periods ended September 30, 2024 and 2023 the Group has recognized 46,600 and 10,195, 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.

26. COSTS


	For the nine-month periods ended September 30,
	2024			2023
Inventories at beginning of year		1,357,716			307,766
Purchases		3,165,839			1,039,736
Production costs ⁽¹⁾		6,053,990			1,702,313
Translation effect		254,735			305,556
Inventories write-down		(20,253	)		-
Adjustment for inflation ⁽²⁾		27,374			6,868
Inventories at end of the period		(1,659,792	)		(616,537	)

		9,179,609			2,745,702

(1)	See Note 27.

(2)	Corresponds to 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

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

27. EXPENSES BY NATURE


	For the nine-month period ended September 30, 2024
	Production costs ⁽²⁾		Administrative expenses ⁽³⁾ ⁽⁴⁾		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		710,231		209,519		98,560			9,766		1,028,076
Fees and compensation for services		43,185		165,513		31,396			179		240,273
Other personnel expenses		199,032		18,405		9,858			2,830		230,125
Taxes, charges and contributions		124,569		16,056		674,434	⁽¹⁾		-		815,059
Royalties, easements and fees		767,690		-		1,319			1,850		770,859
Insurance		55,682		2,904		2,732			-		61,318
Rental of real estate and equipment		152,040		791		10,013			-		162,844
Survey expenses		-		-		-			24,245		24,245
Depreciation of property, plant and equipment		1,450,152		29,430		60,366			-		1,539,948
Amortization of intangible assets		18,553		9,417		344			-		28,314
Depreciation of right-of-use assets		170,485		32		8,023			-		178,540
Industrial inputs, consumable materials and supplies		369,499		2,861		5,425			1,896		379,681
Operation services and other service contracts		409,970		8,206		35,937			10,868		464,981
Preservation, repair and maintenance		1,080,214		26,183		29,848			11,951		1,148,196
Unproductive exploratory drillings		-		-		-			50,299		50,299
Transportation, products and charges		363,499		-		313,792			-		677,291
Provision for doubtful trade receivables		-		-		58,562			-		58,562
Publicity and advertising expenses		-		25,634		36,070			-		61,704
Fuel, gas, energy and miscellaneous		139,189		9,383		57,138			5,978		211,688

		6,053,990		524,334		1,433,817			119,862		8,132,003

(1)	Includes 150,025 corresponding to export withholdings and 402,194 corresponding to turnover tax.

(2)	Includes 28,368 corresponding to research and development activities.

(3)	Includes 6,762 corresponding to the “Cash-settled share-based payments provision” account of the “Salaries and social security” line item in the statement of financial position in relation with Value Generation Plan.

(4)

Includes 6,058 corresponding to fees and remunerations of Directors and Statutory Auditors of YPF’s Board of Directors. On April 26, 2024, the General Shareholders’ Meeting of YPF resolved to ratify the fees of 2,153 corresponding to fiscal year 2023 and to approve the sum of 10,190 as fees with respect to fees and remunerations for the fiscal year 2024.


	For the nine-month period ended September 30, 2023
	Production costs ⁽²⁾		Administrative expenses		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		198,595		51,291		25,647			2,288		277,821
Fees and compensation for services		8,834		44,769		9,196			43		62,842
Other personnel expenses		51,027		5,818		2,793			235		59,873
Taxes, charges and contributions		25,122		6,870		159,101	⁽¹⁾		-		191,093
Royalties, easements and fees		191,091		-		347			378		191,816
Insurance		14,537		818		361			-		15,716
Rental of real estate and equipment		37,036		148		2,850			-		40,034
Survey expenses		-		-		-			2,249		2,249
Depreciation of property, plant and equipment		549,907		7,884		15,940			-		573,731
Amortization of intangible assets		5,512		2,851		76			-		8,439
Depreciation of right-of-use assets		38,371		17		2,299			-		40,687
Industrial inputs, consumable materials and supplies		101,754		1,054		2,485			59		105,352
Operation services and other service contracts		82,243		1,899		11,968			1,049		97,159
Preservation, repair and maintenance		263,458		7,750		8,210			183		279,601
Unproductive exploratory drillings		-		-		-			4,276		4,276
Transportation, products and charges		104,940		-		89,911			-		194,851
Provision for doubtful trade receivables		-		-		4,771			-		4,771
Publicity and advertising expenses		-		6,807		10,281			-		17,088
Fuel, gas, energy and miscellaneous		29,886		2,270		12,772			272		45,200

		1,702,313		140,246		359,008			11,032		2,212,599

(1)	Includes 17,462 corresponding to export withholdings and 113,640 corresponding to turnover tax.

(2)	Includes 8,213 corresponding to research and development activities.

(3)

Includes 1,139 corresponding to fees and remunerations of Directors and Statutory Auditors of YPF’s Board of Directors. On April 28, 2023, the General Shareholders’ Meeting of YPF resolved to ratify the fees of 728 corresponding to fiscal year 2022 and to approve the sum of 1,625 as fees with respect to fees and remunerations for the fiscal year 2023.

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

28. OTHER NET OPERATING RESULTS


	For the nine-month periods ended September 30,
	2024			2023
Lawsuits		(50,439)			(5,620)
Export Increase Program ⁽¹⁾		57,812			-
Miscellaneous		(49,684)	⁽²⁾		9,521

		(42,311)			3,901

(1)	See Note 35.g) to the annual consolidated financial statements.

(2)	Includes provision for indemnities.

29. NET FINANCIAL RESULTS


	For the nine-month periods ended September 30,
	2024			2023
Financial income
Interest on cash and cash equivalents and investments in financial assets		24,860			43,475
Interest on trade receivables		45,202			20,509
Other financial income		8,725			1,049

Total financial income		78,787			65,033


Financial costs
Loan interest		(459,139)			(133,856)
Hydrocarbon well abandonment provision financial accretion		(233,627)	⁽¹⁾		(48,788)
Other financial costs		(85,187)			(42,408)

Total financial costs		(777,953)			(225,052)


Other financial results
Exchange differences generated by loans		15,528			17,147
Exchange differences generated by cash and cash equivalents and investments in financial assets		(10,320)			(53,505)
Other exchange differences, net		60,584			199,451
Result on financial assets at fair value through profit or loss		125,928			59,943
Result from derivative financial instruments		173			1,793
Result from net monetary position		55,491			72,833
Export Increase Program ⁽³⁾		2,646			-
Result from transactions with financial assets		(6,295)			16,675	⁽²⁾

Total other financial results		243,735			314,337



Total net financial results		(455,431)			154,318

(1)	Includes 137,744 corresponding to the financial accretion of liabilities directly associated with assets held for sale, see Notes 2.b.13) and 39 to the annual consolidated financial statements and Notes 9 and 17.

(2)	Includes 5,853 corresponding to the adjustment for inflation of the period.

(3)	See Note 35.g) to the annual consolidated financial statements.

30. INVESTMENTS IN JOINT AGREEMENTS


	September 30, 2024		December 31, 2023
Non-current assets ⁽¹⁾		5,865,730		4,233,352
Current assets		496,553		92,692

Total assets		6,362,283		4,326,044

Non-current liabilities		399,868		252,204
Current liabilities		697,248		390,142

Total liabilities		1,097,116		642,346

(1)	It does not include charges for impairment of property, plant and equipment because they are recorded by the partners participating in the JA and other agreements.


	For the nine-month periods ended September 30,
	2024		2023
Production cost		1,574,683		378,395
Exploration expenses		21,515		1,847

HORACIO DANIEL MARÍN

President

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Argentine pesos, except for shares and per share amounts expressed in Argentine pesos, or as otherwise indicated)

31. SHAREHOLDERS’ EQUITY

On April 26, 2024, the General Shareholders’ Meeting was held, which approved the statutory financial statements of YPF corresponding to the year ended on December 31, 2023 and, additionally, approved the following in relation to the retained earnings: (i) completely disaffect the reserve for future dividends, the reserve for purchase of treasury shares and the reserve for investments; (ii) absorb accumulated losses in unappropriated retained earnings and losses up to the amount of 1,003,419; (iii) allocate the amount of 28,745 to constitute a reserve for purchase of treasury shares; and (iv) allocate the amount of 3,418,972 to constitute a reserve for investments.

During the nine-month periods ended September 30, 2024 and 2023, the Company has not repurchased any of its own shares.

32. EARNINGS PER SHARE

The following table shows 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:


	For the nine-month periods ended September 30,
	2024		2023
Net profit		2,387,951		66,714
Weighted average number of shares outstanding		392,063,964		391,587,602
Basic and diluted earnings per share		6,090.72		170.37

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

33. CONTINGENT ASSETS AND LIABILITIES

33.a) Contingent assets

The Group has no significant contingent assets.

33.b) Contingent liabilities

Contingent liabilities are described in Note 33.b) to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2024, are described below:

Contentious claims


●		Petersen Energía Inversora, S.A.U. and Petersen Energía, S.A.U. (collectively, “Petersen”) - Eton Park Capital Management, L.P., Eton Park Master Fund, LTD. and Eton Park Fund, L.P. (collectively, “Eton Park”, and together with Petersen, the “Plaintiffs”)