Exhibit 1

 

VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated financial statements as of March 31, 2026 and

December 31, 2025 and for the three-month periods ended March 31, 2026 and 2025

VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three-month periods ended March 31, 2026 and 2025

TABLE OF CONTENTS

• Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the three-month periods ended March 31, 2026 and 2025

• Unaudited interim condensed consolidated statements of financial position as of March 31, 2026 and December 31, 2025

• Unaudited interim condensed consolidated statements of changes in equity for the three-month periods ended March 31, 2026 and 2025

• Unaudited interim condensed consolidated statements of cash flows for the three-month periods ended March 31, 2026 and 2025

• Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three-month periods ended March 31, 2026 and 2025

 

 

2

VISTA ENERGY, S.A.B. DE C.V.

 

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the three-month periods ended March 31, 2026 and 2025

(Amounts expressed in thousands of US Dollars)

 

		Notes		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Revenue from contracts with customers		4			865,012				438,456
Cost of sales:
Operating costs		5.1			(52,319	)			(34,064	)
Crude oil stock fluctuation		5.2			(187	)			9,032
Royalties and others		5.3			(95,857	)			(68,254	)
Purchases of crude oil					(9,569	)			—
Depreciation, depletion and amortization		11/12/13			(229,726	)			(125,977	)
Other non-cash costs related to the transfer of conventional assets		15			(4,997	)			(7,240	)
Gross profit					472,357				211,953
Selling expenses		6			(66,157	)			(46,768	)
General and administrative expenses		7			(41,326	)			(28,031	)
Exploration expenses					—				(180	)
Other operating income		8.1			2,811				6,409
Other operating expenses		8.2			(1,385	)			(1,192	)
Commodity risk management contracts		2.4.3			(150,712	)			—
Operating profit					215,588				142,191
Income (loss) from investments in associates		17			(3,701	)			—
Interest income		9.1			3,180				1,056
Interest expense		9.2			(54,885	)			(24,281	)
Other financial income (expense)		9.3			(16,653	)			15,992
Financial income (expense), net					(68,358	)			(7,233	)
Profit before income tax					143,529				134,958
Current income tax (expense)		14			(55,506	)			(66,322	)
Deferred income tax benefit		14			19,690				14,157
Income tax (expense)					(35,816	)			(52,165	)
Profit for the period, net					107,713				82,793
Other comprehensive income
Other comprehensive income that shall not be reclassified to profit (loss) in subsequent periods
- (Loss) from actuarial remeasurement related to employee benefits		25			(13	)			(22	)
- Deferred income tax benefit		14			5				7
Other comprehensive income for the period					(8	)			(15	)
Total comprehensive profit for the period					107,705				82,778
Earnings per share
Basic (in US Dollars per share)		10.1			1.030				0.858
Diluted (in US Dollars per share)		10.2			0.977				0.821

Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.

 

3

VISTA ENERGY, S.A.B. DE C.V.

 

Unaudited interim condensed consolidated statements of financial position as of March 31, 2026 and December 31, 2025

(Amounts expressed in thousands of US Dollars)

 

		Notes		As of March 31, 2026				As of December 31, 2025
Assets
Noncurrent assets
Property, plant and equipment		11			5,708,121				5,543,032
Goodwill		12			22,576				22,576
Other intangible assets		12			16,044				18,485
Right-of-use assets		13			138,259				153,283
Biological assets					17,673				15,855
Investments in associates		17			63,116				54,542
Trade and other receivables		15			365,142				373,026
Deferred income tax assets					36,514				36,514
Total noncurrent assets					6,367,445				6,217,313
Current assets
Inventories		18			9,710				9,457
Trade and other receivables		15			728,055				347,681
Cash, bank balances and other short-term investments		19			615,142				538,402
Total current assets					1,352,907				895,540
Total assets					7,720,352				7,112,853
Equity and liabilities
Equity
Capital stock		20.1			491,166				491,165
Other equity instruments					32,144				32,144
Legal reserve					8,233				8,233
Share-based payments					(52,576	)			(32,765	)
Share repurchase reserve					179,324				179,324
Other accumulated comprehensive income (losses)					(11,042	)			(11,034	)
Accumulated profit (losses)					1,952,240				1,844,527
Total equity					2,599,489				2,511,594
Liabilities
Noncurrent liabilities
Deferred income tax liabilities					278,969				298,664
Lease liabilities		13			77,677				88,451
Provisions		21			55,786				51,513
Borrowings		16.1			2,624,921				2,803,982
Employee benefits		25			16,324				16,226
Income tax liability					14,510				13,964
Trade and other payables		24			293,779				292,236
Total noncurrent liabilities					3,361,966				3,565,036
Current liabilities
Provisions		21			9,726				10,800
Lease liabilities		13			50,783				55,452
Borrowings		16.1			1,017,360				350,095
Salaries and payroll taxes		22			12,993				35,891
Income tax liability					96,075				120,910
Other taxes and royalties		23			61,151				43,945
Trade and other payables		24			510,809				419,130
Total current liabilities					1,758,897				1,036,223
Total liabilities					5,120,863				4,601,259
Total equity and liabilities					7,720,352				7,112,853

Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.

 

4

VISTA ENERGY, S.A.B. DE C.V.

 

Unaudited interim condensed consolidated statement of changes in equity for the three-month period ended March 31, 2026

(Amounts expressed in thousands of US Dollars)

 

		Capital stock				Other equity instruments				Legal reserve				Share-based payments				Share repurchase reserve				Other accumulated comprehensive income (losses)				Accumulated profit (losses)				Total equity
Amounts as of December 31, 2025			491,165				32,144				8,233				(32,765	)			179,324				(11,034	)			1,844,527				2,511,594
Profit for the period, net			—				—				—				—				—				—				107,713				107,713
Other comprehensive income for the period			—				—				—				—				—				(8	)			—				(8	)
Total comprehensive income			—				—				—				—				—				(8	)			107,713				107,705
Share-based payments			1				—				—				(19,811	)(1)			—				—				—				(19,810	)
Amounts as of March 31, 2026			491,166				32,144				8,233				(52,576	)			179,324				(11,042	)			1,952,240				2,599,489

 

(1)	Including 18,786 of expenses (Note 7).

Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.

 

5

VISTA ENERGY, S.A.B. DE C.V.

 

Unaudited interim condensed consolidated statement of changes in equity for the three-month period ended March 31, 2025

(Amounts expressed in thousands of US Dollars)

 

		Capital stock				Other equity instruments				Legal reserve				Share-based payments				Share repurchase reserve				Other accumulated comprehensive income (losses)				Accumulated profit (losses)				Total equity
Amounts as of December 31, 2024			398,064				32,144				8,233				45,628				129,324				(11,057	)			1,018,877				1,621,213
Profit for the period, net			—				—				—				—				—				—				82,793				82,793
Other comprehensive income for the period			—				—				—				—				—				(15	)			—				(15	)
Total comprehensive income			—				—				—				—				—				(15	)			82,793				82,778
Share-based payments			1				—				—				(61,894	)(1)			—				—				—				(61,893	)
Amounts as of March 31, 2025			398,065				32,144				8,233				(16,266	)			129,324				(11,072	)			1,101,670				1,642,098

 

(1)	Including 10,215 of expenses (Note 7).

Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.

 

6

VISTA ENERGY, S.A.B. DE C.V.

 

Unaudited interim condensed consolidated statements of cash flows for the three-month periods ended March 31, 2026 and 2025

(Amounts expressed in thousands of US Dollars)

 

		Notes		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Cash flows from operating activities:
Profit for the period, net					107,713				82,793
Adjustments to reconcile net cash flows
Items related to operating activities:
Allowance for expected credit losses		6			26				—
Share-based payments		7			18,786				10,215
Net increase in provisions		8.2			856				1,192
Net changes in foreign exchange rate		9.3			4,418				(12,744	)
Discount of assets and liabilities at present value		9.3			8,495				1,154
Discount for well plugging and abandonment		9.3			808				426
Income tax expense		14			35,816				52,165
Other non-cash costs related to the transfer of conventional assets		15			4,997				7,240
Employee benefits		25			205				198
Items related to investing activities:
Interest income		9.1			(3,180	)			(1,056	)
Changes in the fair value of financial assets		9.3			(3,489	)			(8,998	)
Depreciation and depletion		11/13			227,285				123,830
Amortization of intangible assets		12			2,441				2,147
Income (loss) from investment in associates		17			3,701				—
Items related to financing activities:
Interest expense		9.2			54,885				24,281
Amortized cost		9.3			1,271				467
Interest expense on lease liabilities		9.3			868				806
Other taxes interest		9.3			870				—
Other financial income/expense		9.3			3,412				2,897
Changes in working capital:
Trade and other receivables					(338,960	)			(19,871	)
Inventories		5.2			187				(9,032	)
Trade and other payables					68,717				(72,372	)
Payments of employee benefits		25			(120	)			(139	)
Salaries and payroll taxes					(40,816	)			(77,445	)
Other taxes and royalties					(10,053	)			(35,959	)
Provisions		8.2			(2,085	)			(638	)
Income tax payment					(61,381	)			(5,151	)
Net cash flows provided by operating activities					85,673				66,406

 

7

VISTA ENERGY, S.A.B. DE C.V.

 

Unaudited interim condensed consolidated statements of cash flows for the three-month periods ended March 31, 2026 and 2025

(Amounts expressed in thousands of US Dollars)

 

		Notes		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Cash flows from investing activities:
Payments for acquisitions of property, plant and equipment and biological assets					(338,241	)			(286,155	)
Proceeds from the transfer of conventional assets		15			—				5,734
Payments for acquisitions of other intangible assets					—				(1,875	)
Payments for acquisitions of investments in associates		17			(12,275	)			(28,651	)
Payments related to the Business Acquisition		1.2.1/15			(79,742	)			—
Interest received		9.1			3,180				1,056
Net cash flows (used in) investing activities					(427,078	)			(309,891	)
Cash flows from financing activities:
Proceeds from borrowings		16.2			589,500				341,347
Payment of borrowings principal		16.2			(129,538	)			(98,594	)
Payment of borrowings interest		16.2			(26,868	)			(10,566	)
Payment of borrowings cost		16.2			(1,004	)			(608	)
Payments of other taxes interest		9.3			(870	)			—
(Payment of) proceeds from other financial income (expense)		9.3			(3,412	)			3,278
Payment of lease		13			(18,715	)			(23,074	)
Net cash flow provided by financing activities					409,093				211,783
Net increase (decrease) in cash and cash equivalents					67,688				(31,702	)
Cash and cash equivalents at beginning of period		19			526,184				755,610
Effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents					(7,568	)			9,495
Net increase (decrease) in cash and cash equivalents					67,688				(31,702	)
Cash and cash equivalents at end of period		19			586,304				733,403
Significant transactions that generated no cash flows
Acquisition of property, plant and equipment through increase in trade and other payables					349,097				309,818
Changes in well plugging and abandonment with an impact in property, plant and equipment		11			3,922				(4,715	)
Acquisition of property, plant and equipment through increase in trade and other payables related to the Farmout Agreement					—				109,538

Notes 1 through 31 are an integral part of these unaudited interim condensed consolidated financial statements.

 

8

VISTA ENERGY, S.A.B. DE C.V.

 

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three-month periods ended March 31, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 1. Group information

1.1 Company general information

Vista Energy, S.A.B. de C.V. (“VISTA”, the “Company” or the “Group”), was organized as a variable-capital stock company on March 22, 2017, under the laws of the United Mexican States (“Mexico”). The Company adopted the public corporation or “Sociedad Anónima Bursátil de Capital Variable” (“S.A.B. de C.V.”) on July 28, 2017.

It is listed on the New York Stock Exchange (“NYSE”) under ticker symbol “VIST” as from July 26, 2019.

Its main office is located in City of Mexico, Mexico, at Mapfre Tower, Paseo de la Reforma Avenue 243, 18th floor, Colonia Cuauhtémoc, Alcaldía Cuauhtémoc, zip code 06500.

As of March 31, 2026, and December 31, 2025, the Company’s main activity, through its subsidiaries, is the exploration and production of crude oil and natural gas (“Upstream”).

Except as mentioned in Notes 1.2 and 30, there were no significant changes in the Group’s structure and activities as from the date of issuance of the annual consolidated financial statements as of December 31, 2025.

1.2 Significant transactions for the period

1.2.1 Acquisition of Equinor Argentina S.A.U. (“Equinor”) and Bajo del Toro block (the “Business Acquisition”)

On February 2, 2026, the Company and its subsidiary Vista Argentina, entered into a series of agreements through the following transactions: (i) the acquisition of 100% of the capital stock of Equinor, holder of a 30% working interest in the Bandurria Sur block; (ii) the acquisition of a 50% working interest in the Bajo del Toro block from Equinor Argentina B.V. Sucursal Argentina; and then (iii) the sale of 16.3% of the capital stock of Equinor to YPF S.A. (“YPF”), implying an indirect assignment of a 4.9% working interest of Bandurria Sur; and (iv) the assignment of a 15% working interest of Bajo del Toro block to YPF.

Under the terms of the mentioned transaction, the net price will be paid as follows: (i) 387,000 in cash (550,000 of payments net of 163,000 to be collected from YPF); and (ii) the delivery of 6,223,220 American Depositary Shares representing Vista’s Series A shares (“ADSs”). Such price shall be subject to cash, debt, working capital, contributions, leakages and other customary adjustments.

Additionally, the consideration provides for a contingent price payable, if applicable, in five annual installments, without accruing interest, calculated based on the annual working interest production of the assets multiplied by a price per barrel (“bbl”) equal to the average Brent price of the preceding year minus 65 USD/bbl, with no payment due at or below 65 USD/bbl Brent and a cap of 15 USD/bbl at or above 80 USD/bbl Brent.

As of the date of issuance of these unaudited interim condensed consolidated financial statements the Business Acquisition has not yet closed.

For the three-month period ended March 31, 2026, the Company made payments for a net amount of 79,742 related to a security deposit for the Business Acquisition and other associated costs (Note 15).

 

9

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three-month periods ended March 31, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 2. Basis of preparation and material accounting policies

2.1 Basis of preparation and presentation

These unaudited interim condensed consolidated financial statements as of March 31, 2026 and December 31, 2025, and for the three-month periods ended March 31, 2026 and 2025 were prepared in accordance with the International Accounting Standard (“IAS”) 34 – “Interim Financial Reporting”, issued by the International Accounting Standards Board (“IASB”). The Company prepared its interim financial statements on a condensed basis pursuant to IAS 34. Certain explanatory notes are included to describe the events and transactions that are relevant to understand the changes in the financial position as of March 31, 2026, and the results of operations for the three-month period ended March 31, 2026. Therefore, these unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read together with the annual consolidated financial statements as of December 31, 2025.

These unaudited interim condensed consolidated financial statements were prepared using the same accounting policies as used in preparing the Company’s annual consolidated financial statements as of December 31, 2025, except for the income tax expense that is recognized in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year.

They were prepared on a historical cost basis, except for certain financial assets and liabilities that were measured at fair value. The figures contained herein are stated in US Dollars (“USD”) and are rounded to the nearest thousand, unless otherwise stated.

These unaudited interim condensed consolidated financial statements were approved for publication by the Board of Directors on April 29, 2026 and the subsequent events through that date are considered (Note 30).

2.2 New effective accounting standards, amendments and interpretations issued by the IASB adopted by the Company

The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

None of the accounting pronouncements applicable after December 31, 2025, and as of the date of these unaudited interim condensed consolidated financial statements had a material effect on the Company’s financial condition or result of its operations.

2.3 Basis of consolidation

These unaudited interim condensed consolidated financial statements contain the financial statements of the Company and its subsidiaries. Except as mentioned in Notes 1.2 and 30, there were no other significant changes in interest in Company subsidiaries during the three-month period ended March 31, 2026.

2.4 Summary of material accounting policies

2.4.1 Impairment of goodwill and property, plant and equipment, right-of-use assets and other intangible assets (“long-lived assets”) other than goodwill

Long-lived assets are tested for impairment at the lowest level in which there are separately identifiable cash flows largely independent of the cash flows of other Cash Generating Units (“CGUs”).

The Company conducts its impairment test of long-lived assets when there is an indication that the carrying amount may be impaired. Moreover, Goodwill is tested every December. The Company bases the impairment test on the calculation of value in use and reviews the relationship between the recoverable amount and the carrying amount of its assets.

As of March 31, 2026 and 2025, the Company did not identify trigger events related to goodwill and long-lived assets other than goodwill.

See Note 3.2.2 to the annual consolidated financial statements as of December 31, 2025.

 

10

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three-month periods ended March 31, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

2.4.2 Business combination

The acquisition method is used to book business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for these acquisitions comprises:

 

(i)	The fair value of transferred assets;

 

(ii)	The liabilities incurred to former owners of the acquired business;

 

(iii)

The equity interests issued by the Company;

 

(iv)	The fair value of any asset or liability from a contingent consideration arrangement; and

 

(v)	The fair value of any previously held equity interest in the subsidiary.

Identifiable assets acquired and liabilities assumed in a business combination are initially measured at fair values at the acquisition date.

The costs related to the acquisition are booked as incurred expenses. Goodwill is an excess of:

 

(i)	The consideration transferred; and

 

(ii)	The fair value of net identifiable assets acquired.

If the fair value of the acquiree’s net identifiable assets exceeds these amounts, before recognizing profit, the Company reassesses whether it has correctly identified all assets acquired and liabilities assumed, reviewing the procedures employed to measure the amounts to be recognized at the acquisition date. If the assessment still results in excess of the fair value of net assets acquired in relation to the total consideration transferred, gain from a bargain purchase is recognized directly in the consolidated statements of profit or loss and other comprehensive income, under “Gain from Business Combination” within “Other operating income”.

When the settlement of any cash consideration is deferred, the future amounts payable is discounted at their present value at the exchange date. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained under comparable terms and conditions.

Contingent consideration will be recognized at its fair value at the acquisition date. Contingent consideration is classified as equity or as a financial liability. The amounts classified as a financial liability are remeasured at fair value with changes in fair value through the consolidated statements of profit or loss and other comprehensive income. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.

When the Company acquires a business, it assesses the financial assets acquired and liabilities incurred in relation to its adequate classification and designation according to contractual terms, economic circumstances and relevant conditions as of the acquisition date.

Oil reserves and resources acquired that may be measured reliably are recognized separately at fair value upon the acquisition.

Other potential reserves, resources and rights, which fair values cannot be measured reliability, are not recognized separately but are considered part of goodwill.

If the business combination is performed in stages, the previously held equity interest in the acquiree is measured at acquisition-date fair value. Profit or loss from such remeasurement is recognized in the consolidated statements of profit or loss and other comprehensive income.

The Company has a maximum period of 12 months from the date of acquisition to finalize the acquisition accounting. When it is incomplete as of the end of the year in which the business combination takes place, the Company reports provisional amounts.

During the three-month period ended March 31, 2026, the Company didn’t carry out business combination. During the year ended December 31, 2025 the Company recognized the acquisition of Vista Energy Lach S.A. (“Vista Lach”) as a business combination (“Business Combination”). See Notes 1.2.2 and 32 to the annual consolidated financial statements as of December 31, 2025.

 

11

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three-month periods ended March 31, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

2.4.3 Commodity risk management contracts

The Company has entered into derivative financial instruments to manage its exposure to oil price fluctuation, only for the short term, on a quarterly basis. During the three-month period ended March 31, 2026, these instruments consisted primarily of ICE Brent futures and fixed-price swaps. The derivatives were executed through international brokers, including exchange-cleared accounts and bilateral agreements under ISDA Master Agreements with financial institutions.

The Company’s derivatives are accounted for as non-hedge derivatives and therefore all changes in the fair values of its derivative contracts are recognized as gains or losses in the results of the periods in which they occur.

For the three-month period ended March 31, 2026, the Company recorded a loss of 150,712 related to the commodity risk management contracts.

2.5 Regulatory framework 

A- Argentina

2.5.1 Regulatory framework for oil and gas activity

(i) Decree No. 105/2026

On February 19, 2026, Decree No. 105/2026 was published in the Official Bulletin, establishing a one-year extension as from July 8, 2026, to join the Incentive Regime for Large Investments (the “RIGI” by Spanish acronym). The decree includes onshore upstream crude oil and natural gas development projects as eligible promoted activities.

The minimum investment amount is set at 600,000. Qualifying projects must be located in areas with no significant development and must ensure segregation and traceability through a separate measurement system in cases where qualifying and non-qualifying activities coexist. As of the date of issuance of these unaudited interim condensed consolidated financial statements, the Company is assessing whether this regulation applies to its projects.

Other than mentioned above, there have been no significant changes in Argentina’s regulatory framework during the three-month period ended March 31, 2026 (See Note 2.5 to the annual consolidated financial statements as of December 31, 2025).

B- Mexico

2.5.2 Exploration and production activities regulatory framework

There have been no significant changes in Mexico’s regulatory framework during the three-month period ended March 31, 2026 (See Note 2.5 to the annual consolidated financial statements as of December 31, 2025).

Note 3. Segment information

The Chief Operating Decision Maker (the “Committee” or “CODM”) is in charge of allocating resources and assessing the performance of the operating segment. It supervises operating profit (loss), and the performance of the indicators related to its oil and gas properties on an aggregate basis to make decisions regarding the location of resources, negotiate with international suppliers and determine the method for managing contracts with customers.

The CODM considers as a single segment the exploration and production of crude oil, natural gas and Liquefied Petroleum Gas (“LPG”) (including Exploration and Production commercial activities), through its own activities, subsidiaries and interests in joint operations and based on the nature of the business, customer portfolio and risks involved. The Company aggregated no segment as it has only one.

For the three-month period ended March 31, 2026, the Company generated 100% of its revenues related to assets located in Argentina.

The accounting criteria used by the subsidiaries to measure profit or loss, assets and liabilities of the segments are consistent with those used in these unaudited interim condensed consolidated financial statements.

 

12

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three-month periods ended March 31, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 4. Revenue from contracts with customers

 

		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Goods and services sold			865,012				438,456
Total revenue from contracts with customers			865,012				438,456
Recognized at a point in time			865,012				438,456

4.1 Information broken down by revenue from contracts with customers

 

Type of products		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Revenues from crude oil sales			845,183				422,970
Revenues from natural gas sales			18,268				13,619
Revenues from LPG sales			1,561				1,867
Total revenue from contracts with customers			865,012				438,456

 

Distribution channels		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Exports of crude oil (1)			622,898				236,699
Local crude oil			222,285				186,271
Local natural gas			15,734				10,361
Exports of natural gas			2,534				3,258
LPG sales			1,561				1,867
Total revenue from contracts with customers			865,012				438,456

 

(1)	For the three-month period ended March 31, 2026 including 4,676 of sea freight services.

Note 5. Cost of sales

5.1 Operating costs

 

		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Fees and compensation for services			31,716				17,968
Salaries and payroll taxes			9,718				7,233
Employee benefits			3,239				3,014
Consumption of materials and spare parts			2,470				1,185
Easements and fees			1,964				2,087
Transport			1,751				676
Other			1,461				1,901
Total operating costs			52,319				34,064

5.2 Crude oil stock fluctuation

 

		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Crude oil stock at beginning of the period (Note 18)			6,881				4,384
Less: Crude oil stock at end of the period (Note 18)			(6,694	)			(13,416	)
Total crude oil stock fluctuation			187				(9,032	)

5.3 Royalties and others

 

		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Royalties			72,079				50,629
Export duties			23,778				17,625
Total royalties and others			95,857				68,254

 

13

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three-month periods ended March 31, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 6. Selling expenses

 

		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Transport			27,775				33,484
Sea freight			19,955				—
Fees and compensation for services			7,800				5,119
Taxes, rates and contributions			7,534				6,027
Tax on bank account transactions			3,067				2,138
Allowances for expected credit losses			26				—
Total selling expenses			66,157				46,768

Note 7. General and administrative expenses

 

		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Share-based payments			18,786				10,215
Salaries and payroll taxes			8,463				10,250
Fees and compensation for services			6,705				5,202
Personal assets tax			3,237				—
Employee benefits			1,384				1,521
Taxes, rates and contributions			545				119
Institutional promotion and advertising			435				515
Other			1,771				209
Total general and administrative expenses			41,326				28,031

Note 8. Other operating income and expenses

8.1 Other operating income

 

		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Gain from Exports Increase Program			—				4,961
Other income			2,811				1,448
Total other operating income			2,811				6,409

8.2 Other operating expenses

 

		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Restructuring expenses (1)			(529	)			—
(Provision for) contingencies (2)			(278	)			(666	)
(Provision for) materials and spare parts obsolescence (2)			(590	)			(499	)
Reversal of (Provision for) environmental remediation (2)			12				(27	)
Total other operating expenses			(1,385	)			(1,192	)

 

(1)	The Company booked restructuring expenses including payments, fees and transaction costs related to the changes in the Group’s structure.

(2)	These transactions did not generate cash flows. For the three-month period ended March 31, 2026, and 2025 including 2,085 and 638 related to payments of contingencies, respectively.

 

14

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three-month periods ended March 31, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 9. Financial income (expense), net

9.1 Interest income

 

		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Financial interest			3,180				1,056
Total interest income			3,180				1,056

9.2 Interest expense

 

		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Borrowings interest (Note 16.2)			(54,885	)			(24,281	)
Total interest expense			(54,885	)			(24,281	)

9.3 Other financial income (expense)

 

		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Amortized cost (Note 16.2)			(1,271	)			(467	)
Net changes in foreign exchange rate			(4,418	)			12,744
Discount of assets and liabilities at present value			(8,495	)			(1,154	)
Changes in the fair value of financial assets			3,489				8,998
Interest expense on lease liabilities (Note 13)			(868	)			(806	)
Discount for well plugging and abandonment			(808	)			(426	)
Other taxes interest			(870	)			—
Other (1)			(3,412	)			(2,897	)
Total other financial income (expense)			(16,653	)			15,992

 

(1)	For the three-month period ended March 31, 2025, including a loss of 6,175 that is non-cash transactions.

 

15

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three-month periods ended March 31, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 10. Earnings per share

10.1 Basic

Basic earnings per share is calculated by dividing the Company’s profit by the weighted average number of ordinary shares outstanding during the period.

 

		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Profit for the period, net			107,713				82,793
Weighted average number of ordinary shares			104,615,383				96,456,618
Basic earnings per share			1.030				0.858

10.2 Diluted

Diluted earnings per share are calculated by dividing the Company’s profit by the weighted average number of ordinary shares outstanding during the period, plus the weighted average of dilutive potential ordinary shares.

Potential ordinary shares will be considered dilutive when their conversion to ordinary shares may reduce earnings per share or increase losses per share. They will be considered antidilutive when their conversion to ordinary shares may result in an increase in earnings per share or a reduction in loss per share.

The calculation of diluted earnings per share does not involve a conversion; the exercise or other issue of shares that may have an antidilutive effect on loss per share, or when the exercise price is higher than the average price of ordinary shares during the period, no dilution effect is booked, as diluted earnings per share is equal to basic earnings per share.

 

		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Profit for the period, net			107,713				82,793
Weighted average number of ordinary shares (1)			110,262,021				100,871,480
Diluted earnings per share			0.977				0.821

 

(1)	As of March 31, 2026, the Company has 105,186,958 outstanding shares that cannot exceed 106,078,535 shares.

Likewise, in accordance with IFRS Accounting Standards, the average number of ordinary shares with a potential dilutive effect amount to 110,262,021.

 

16

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three-month periods ended March 31, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 11. Property, plant and equipment

The changes in property, plant and equipment for the three-month period ended March 31, 2026 are as follows:

 

		Land and buildings				Vehicles, machinery, facilities, computer hardware and furniture and fixtures				Oil and gas properties				Production wells and facilities				Works in progress				Materials and spare parts				Total
Cost
Amounts as of December 31, 2025			8,342				58,912				1,080,000				5,628,605				596,810				136,198				7,508,867
Additions			—				—				—				3,922	(1)			357,112				30,171				391,205
Transfers			—				19,299				—				284,353				(264,490	)			(39,162	)			—
Amounts as of March 31, 2026			8,342				78,211				1,080,000				5,916,880				689,432				127,207				7,900,072
Accumulated depreciation
Amounts as of December 31, 2025			(232	)			(28,198	)			(171,219	)			(1,766,186	)			—				—				(1,965,835	)
Depreciation			—				(2,027	)			(21,310	)			(202,779	)			—				—				(226,116	)
Amounts as of March 31, 2026			(232	)			(30,225	)			(192,529	)			(1,968,965	)			—				—				(2,191,951	)
Net value
Amounts as of March 31, 2026			8,110				47,986				887,471				3,947,915				689,432				127,207				5,708,121
Amounts as of December 31, 2025			8,110				30,714				908,781				3,862,419				596,810				136,198				5,543,032

 

(1)	Related to the re-estimation of well plugging and abandonment. This transaction did not generate cash flows.

 

17

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three-month periods ended March 31, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 12. Goodwill and other intangible assets

Below are the changes in goodwill and other intangible assets for the three-month period ended March 31, 2026: 

 

		Goodwill				Other intangible assets
Cost
Amounts as of December 31, 2025			22,576				47,079
Additions			—				—
Amounts as of March 31, 2026			22,576				47,079
Accumulated amortization
Amounts as of December 31, 2025			—				(28,594	)
Amortization			—				(2,441	)
Amounts as of March 31, 2026			—				(31,035	)
Net value
Amounts as of March 31, 2026			22,576				16,044
Amounts as of December 31, 2025			22,576				18,485

Note 13. Right-of-use assets and lease liabilities

The carrying amount of the Company’s right-of-use assets and lease liabilities, as well as the changes for the three-month period ended March 31, 2026, are detailed below:

 

		Right-of-use assets												Total lease liabilities
		Land and Buildings				Facilities and machinery				Total
Amounts as of December 31, 2025			16,042				137,241				153,283				(143,903	)
Disposals			(268	)			—				(268	)			350
Depreciation (1)			(231	)			(14,525	)			(14,756	)			—
Payments			—				—				—				18,715
Interest expense (2)			—				—				—				(3,622	)
Amounts as of March 31, 2026			15,543				122,716				138,259				(128,460	)

 

(1)	Including the depreciation of drilling services capitalized as “Works in progress” for 13,587.

(2)	Including drilling agreements capitalized as “Works in progress” for 2,754.

Short-term and low-value lease agreements were recognized under “General and administrative expenses” in the statements of profit or loss and other comprehensive income for 76 and 23 for the three-month periods ended March 31, 2026 and 2025, respectively.

 

18

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three-month periods ended March 31, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 14. Income tax

The most significant components of the income tax expense in the statements of profit or loss and other comprehensive income of these unaudited interim condensed consolidated financial statements are as follows:

 

		Period from January 1, through March 31, 2026				Period from January 1, through March 31, 2025
Income tax
Current income tax			(55,506	)			(66,322	)
Deferred income tax			19,690				14,157
Income tax (expense) charged to statement of profit or loss			(35,816	)			(52,165	)
Deferred income tax charged to other comprehensive income			5				7
Total income tax (expense)			(35,811	)			(52,158	)

For the three-month periods ended March 31, 2026 and 2025, the Company’s effective rate was 25% and 39%, respectively. The differences between the effective and statutory rate mainly include: (i) the application of the tax adjustment for inflation in Argentina; (ii) fluctuations in the ARS against the USD which affect the Company’s tax deductions of nonmonetary assets; and (iii) the accumulated tax losses not recognized in the period.

See Note 30 to the annual consolidated financial statements as of December 31, 2025.

Note 15. Trade and other receivables

 

		As of March 31, 2026				As of December 31, 2025
Noncurrent
Other receivables:
Prepayments, tax receivables and other:
Advance payments for transportation services (Note 27)			307,445				311,087
Receivables related to the transfer of conventional assets (1)			36,818				40,945
Prepaid expenses and other receivables			19,056				19,409
Income tax			785				785
Turnover tax			765				670
			364,869				372,896
Financial assets:
Loans to employees			273				130
			273				130
Total noncurrent trade and other receivables			365,142				373,026
Current
Trade:
Oil and gas accounts receivable (net of allowance for expected credit losses)			434,765				186,403
			434,765				186,403
Other receivables:
Prepayments, tax credits and other:
Payments related to Business Acquisition (Note 1.2.1)			79,742				—
Value Added tax			72,541				77,160
Advance payments for transportation services (Note 27)			26,268				26,098
Receivables related to the transfer of conventional assets (1)			24,207				23,984
Income tax			9,899				9,283
Prepaid expenses and other receivables			8,063				7,253
Turnover tax			3,435				3,047
			224,155				146,825

 

19

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three-month periods ended March 31, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

		As of March 31, 2026				As of December 31, 2025
Financial assets:
Receivables from joint operations			52,287				1,368
Accounts receivable from third parties			13,516				9,404
Gas IV Plan			2,357				2,316
Other			975				1,365
			69,135				14,453
Other receivables			293,290				161,278
Total current trade and other receivables			728,055				347,681

 

(1)

Related to the agreement signed with Tango Energy Argentina S.A. connected with the transfer of conventional assets (“transfer of conventional assets”). For the three-month periods ended March 31, 2026 and 2025, the Company recognized 4,997 and 7,240, respectively, mainly related to the amortization of the account receivable, in the unaudited interim condensed consolidated statement of profit or loss under “Other non-cash costs related to the transfer of conventional assets”. Additionally, for the period ended March 31, 2025 the Company received 5,734, related to the transaction (See Note 3.2.8 to the annual consolidated financial statements as of December 31, 2025).

Due to the short-term nature of current trade and other receivables, it carrying amount is considered similar to its fair value. The fair values of noncurrent trade and other receivables do not differ significantly from it carrying amounts either.

As of March 31, 2026, in general, accounts receivable has a 30-day term for sales of crude oil and a 45-day term for sales of natural gas and LPG.

The Company sets up a provision for trade receivables when there is information showing that the debtor is facing severe financial difficulties and that there is no realistic probability of recovery, for example, when the debtor goes into liquidation or files for bankruptcy proceedings. Trade receivables that are derecognized are not subject to compliance activities. The Company recognized an allowance for expected credit losses against all trade receivables that are 90 days past due because based on its history these receivables are generally not recovered.

As of March 31, 2026, and December 31, 2025, the provision for expected credit losses was recorded for 101 and 70 respectively.

As of the date of these unaudited interim condensed consolidated financial statements, maximum exposure to credit risk is related to the carrying amount of each class of accounts receivable.

Note 16. Financial assets and liabilities

16.1 Borrowings

 

		As of March 31, 2026				As of December 31, 2025
Noncurrent
Corporate bond (“ON”)			2,061,705				2,257,997
Financial loans			470,532				446,730
Exports pre-financing			92,684				99,255
Total noncurrent			2,624,921				2,803,982
Current
ON			403,838				182,347
Financial loans			364,068				72,738
Exports pre-financing			249,454				95,010
Total current			1,017,360				350,095
Total Borrowings			3,642,281				3,154,077

 

20

VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three-month periods ended March 31, 2026 and 2025

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Below are the maturity dates of Company borrowings (excluding lease liabilities) and their exposure to interest rates:

 

		As of March 31, 2026				As of December 31, 2025
Fixed interest
Less than 1 year			698,643				322,766
From 1 to 2 years			235,507				348,369
From 2 to 5 years			461,139				392,044
Over 5 years			1,557,501				1,666,879
Total			2,952,790				2,730,058
Variable interest
Less than 1 year			318,717				27,329
From 1 to 2 years			105,432				105,677
From 2 to 5 years			265,342				291,013
Over 5 years			—				—
Total			689,491				424,019
Total Borrowings			3,642,281				3,154,077

See Note 16.4 for information on the fair value of the borrowings.

Vista Argentina issued ON, under the name “Programa de Notas” approved by CNV. The following chart shows the details and carrying amount of ON as of March 31, 2026 and December 31, 2025:

 

Instrument		Execution date		Currency		Principal				Interest		Annual rate				Maturity date		As of March 31, 2026				As of December 31, 2025
ON XII		August, 2021		USD-linked (1)			100,769			Fixed			5.85	%		August, 2031			80,889				87,233
ON XVI		December, 2022		USD-linked (1)			104,236			Fixed			0.00	%		June, 2026			104,199				104,151
ON XVII		December, 2022		USD-linked (1)			39,118			Fixed			0.00	%		December, 2026			39,078				39,064
ON XVIII		March, 2023		USD-linked (1)			118,542			Fixed			0.00	%		March, 2027			118,378				118,319
ON XIX		March, 2023		USD-linked (1)			16,458			Fixed			1.00	%		March, 2028			16,436				16,432
ON XXI		August, 2023		USD-linked (1)			70,000			Fixed			0.99	%		August, 2028			69,914				69,899
ON XXII		December, 2023		USD			14,669			Fixed			5.00	%		June, 2026			14,906				14,726
ON XXIII		March, 2024		USD			92,203			Fixed			6.50	%		March, 2027			72,340	(2)			73,463	(2)
ON XXIV		May, 2024		USD			46,562			Fixed			8.00	%		May, 2029			47,874				46,942
ON XXV		July, 2024		USD-linked (1)			53,195			Fixed			3.00	%		July, 2028			53,262				53,239
ON XXVI		October, 2024		USD			150,000			Fixed			7.65	%		October, 2031			154,619				151,747
ON XXVII		December, 2024		USD			600,000			Fixed			7.63	%		December, 2035			609,780				597,954
ON XXVIII		March, 2025		USD			92,414			Fixed			7.50	%		March, 2030			92,337				94,038
ON XXIX		June, 2025		USD			900,000			Fixed			8.50	%		June, 2033			917,685				899,341
ON XXX		October, 2025		USD			73,256			Fixed			6.00	%		April, 2027			73,846				73,796
																Total ON			2,465,543				2,440,344

 

(1)	Subscribed in USD, payable in ARS at the exchange rate applicable on maturity date.

(2)	As of March 31, 2026 and December 31, 2025, the carrying amount of ON XXIII include 20,000 ON repurchased by the Company.

Certain borrowings includes the Company’s obligation to comply with certain financial ratios and debt service coverage requirements (the “covenants”). Non-compliance with these covenants could restrict the ability of the Company and its subsidiaries to, among other things, pay dividends, provide guarantees, incur additional indebtedness, or dispose of material assets.

 

21