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YPF Sociedad Anónima

Q4 FY25Oil, Gas and Consumable Fuels

YPF Sociedad Anónima Q4 FY25 Results — Earnings Call Analysis

Q4 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹52

Market cap₹20.5K Cr

P/E8.5

Updated29 May 2026

Read5 min read

What the Q4 FY25 call signalled

2 of 4 strong

RevenueModerate growth

MarginMargins steady

CapexCapex planned

FundraiseFundraise planned

The short version

- YPF expects continued strong production growth, particularly in shale oil, targeting around 165,000 barrels per day for 2025 with an exit rate slightly exceeding 190,000 barrels per day. - YPF expects strong production growth with average production targets of 215,000 barrels per day in 2026 and 290,000 barrels per day in 2027 (Page 6).

From YPF Sociedad Anónima's Q4 FY25 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Moderate growth

YPF expects continued strong production growth, particularly in shale oil, targeting around 165,000 barrels per day for 2025 with an exit rate slightly exceeding 190,000 barrels per day.
Shale production represents a major driver, with output increasing significantly (e.g., La Angostura Sur block growing from 2,000 to 35,000 barrels per day in 12 months) and plans to reach a plateau over 80,000 barrels per day.
The company plans to become a 100% shale player in the near future, reducing conventional production and costs, with anticipated lifting costs around $5/BOE.
CapEx remains focused on developing unconventional resources (~70% of total quarterly investment) maintaining operational efficiency and expanding shale production.

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Profitability & Margins

YPF expects strong production growth with average production targets of 215,000 barrels per day in 2026 and 290,000 barrels per day in 2027 (Page 6).
Shale oil production increased substantially, driving operational efficiency and lifting cost reductions by 40% over two years, leading to an annualized saving of approximately $1.3 billion (Page 3).
The company aims to become a 100% shale player with a lifting cost structure around $5 per BOE, improving profitability (Page 3).
Adjusted EBITDA remained flat year-over-year despite lower international prices, with sequential increases of over 20% supported by higher shale production (Page 1).

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Capital Expenditure Plans

Capex planned

YPF is focusing on capital discipline and efficiency, expecting 2025 CapEx to be slightly below early-year guidance.
For 2026 and beyond, drilling and completion costs are under negotiation with service companies aiming to reduce unit costs.
Significant ongoing investment in the Argentina LNG project (Phase 1-3), with total CapEx estimated at $20-$25 billion, including upstream investments; financing expected via project finance with ECAs, development banks, and commercial banks.
CapEx is shifting from conventional to shale assets; conventional investments dropped from 35% in 2023 to 5% by September 2025.
Midstream and downstream investments continue, including refinery improvements and expansion of export capacity for refined products.

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Fundraising & Capital Structure

YPF completed several debt issuances in Q3 2025:
Issued two dollar net bonds totaling $300 million at 7.5% interest for 2.5 years.
Issued $225 million in dollar capital bonds with a 5-year tenure at 8.5%.
Issued $100 million net bond in October with 15-month tenure at 6%.
Total new local bonds issued amount to $625 million with an average tenure of 3 years and 7.65% interest rate.
Prepaid $120 million on secured notes due 2026 to reduce debt cost.
In October, reopened a $700 million syndicated export-backed loan with 3-year tenure from 10 international banks for 2026 maturities financing.
Recently returned to international capital markets with a $500 million bond issuance due 2031 at an 8.75% yield, heavily oversubscribed.

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Order Book & Pipeline

As of the third quarter 2025, YPF successfully completed a $500 million reopening of its 2031 international bonds at a yield of 8.75%.
The bond issuance was oversubscribed 3x with demand reaching $1.5 billion, indicating strong investor confidence.
YPF issued new local bonds totaling $625 million with an average tenure of 3 years and a 7.65% interest rate.
In October, YPF secured a $700 million export-backed syndicate loan from 10 international banks with a 3-year tenure.
Additional recent bond issuance includes $100 million with a 15-month tenure at 6% interest.

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Frequently Asked Questions

What were YPF Sociedad Anónima Q4 FY25 results?

- YPF expects continued strong production growth, particularly in shale oil, targeting around 165,000 barrels per day for 2025 with an exit rate slightly exceeding 190,000 barrels per day. - YPF expects strong production growth with average production targets of 215,000 barrels per day in 2026 and 290,000 barrels per day in 2027 (Page 6).

What is YPF Sociedad Anónima share price analysis?

YPF Sociedad Anónima currently shows a below-average growth signal. The stock trades at a P/E of 8.5 with a market cap of $20,452. Investors should review the full earnings analysis for detailed insights.

Is YPF Sociedad Anónima planning capital expenditure?

- YPF is focusing on capital discipline and efficiency, expecting 2025 CapEx to be slightly below early-year guidance.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.