Form 6-K YPF SOCIEDAD ANONIMA For: Aug 10

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 August 2026

Commission File Number: 001-12102 

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

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

Form 20-F ☒ Form 40-F ☐ 

MAIN HIGHLIGHTS OF 2Q26

In US$ million, unless noted otherwise. EBITDA = Operating income + Depreciation of PP&E + Depreciation of the right of use assets + Amortization of intangible assets + Unproductive exploratory drillings + (Reversal) / Deterioration of PP&E. Adjusted EBITDA = EBITDA that excludes IFRS 16 effects +/- one-off items. Net Leverage Ratio = Net Debt / LTM Adj. EBITDA. FCF = Cash flow from Operations less CAPEX (Investing activities), M&A (Investing activities), and interest and leasing payments (Financing activities). Fuels = diesel + gasoline. R&M is refining and marketing business, it excludes petrochemicals and agro products. 2025 figures for R&M Adj. EBITDA have been restated due to a reallocation of credits and debits taxes from Midstream & Downstream to Corporate & Others segment.
(1) Includes additional 4.9% production of Bandurria Sur block, not consolidated in YPF balance sheet. (2) Underlying lifting costs (total and shale oil hub, respectively) excludes specific well servicing costs. Including this impact, lifting costs in US$/BOE would have been 8.7 and 4.5 in 2Q26; 8.8 and 4.0 in 1Q26; 12.3 and 4.7 in 2Q25; 8.7 y 4.3 in 1H26; and 13.8 and 4.6 in 1H25. (3) Local fuel volume sold and Fuel imports include Refinor for the 1H26 (31km3 in Diesel, 42km3 in Gasoline, zero fuel imports), 2Q26 (20km3 in Diesel, 21km3 in Gasoline, zero fuel imports), 1Q26 (11km3 in Diesel, 21km3 in Gasoline, zero fuel imports) and 4Q25 (zero fuel volume sold, zero fuel imports). YPF owns 100% of Refinor as from Oct-25.

Adj. EBITDA reached a record US$2,804 million (+76% q/q and +149% y/y), marking the highest quarterly EBITDA in YPF history. EBITDA margin rose to 43% (vs. 32% in 1Q26 and 24% in 2Q25), the strongest level of the past 20 years.  Sequential rise was primarily driven by higher shale production, record processing level, the rally in international prices (also reflecting a higher valuation of crude oil and refined product inventories) and peak seasonal sales of natural gas, slightly offset by higher costs in real terms. Interannual growth was mostly due to the 30% reduction in lifting costs and 16% higher processing level with zero imports and stronger demand, besides greater international prices impact.

CAPEX reached US$1,340 million (37% q/q and +16% y/y), allocating 77% to unconventional operations. The increase was mainly due to the accrual of the signing bonus for five unconventional blocks for Argentina LNG Project, with investments will be deployed over the coming years, besides upstream facilities at La Angostura Sur and Norte. We expect a further acceleration of shale investments in 2H26.

Shale oil production averaged 213 kbbl/d (+4% q/q and +47% y/y), representing 80% of our total oil production (vs. 76% in 1Q26 and 59% in 2Q25). We expect production ramp-up to accelerate in 2H26, remaining on track to meet our full-year guidance of 215 kbbl/d and the exit rate of 250 kbbl/d.

In May-26, YPF submitted LLL Oil Project under RIGI regime, as the country’s largest upstream oil export initiative. The project encompasses five unconventional blocks, 100% developed by YPF, with more than 1,150 well inventory and CAPEX estimated at US$25 billion over 15 years, targeting a production plateau of ~240 kbbl/d in 2032 onwards, fully exported through VMOS. Given the scale of the project, approval may be structured through separate SPVs.

Processing levels at our refineries reached a new record-high of 351 kbbl/d (+2% q/q and +16% y/y), while also setting record production of gasoline and middle distillates, allowing us to avoid imports and meet domestic demand, as well as supply local refiners and expand exports, partially offset by programmed maintenance at Luján de Cuyo refinery in Apr-26. The y/y increase is mainly explained by programmed maintenance shutdown at La Plata refinery in 2Q25.

Free Cash Flow ended again in positive territory at US$824 million (-US$47 million q/q and +US$1.2 billion y/y), the third largest free cash flow generation in our history. This was supported by all-time high EBITDA, mainly driven by upward trend in international prices and outstanding operational performance. As a result, our net leverage ratio decreased to 1.1x, nearly half the level reported in 3Q25 (2.1x), while reaching the lowest level of the last 11 years.

Progress on our main projects:

         Andes II: we completed the exit from Manantiales Behr in May-26. In Aug-26, we signed the sale of 2 clusters in the provinces of Mendoza and La Pampa (~17 kbbl/d): Chachahuen and Mendoza Non-Operated, for a total sale price of ~US$405 million (subject to closing). Excluding divested assets, ~95% of our oil production would come from shale.

         VMOS: remains on track to reach COD by the end of Q4 this year, with a progress of ~80% as of Jul-26, expecting first oil by early 2027.

         Argentina LNG: Eni and XRG joined the upstream development (5 shale gas blocks in Vaca Muerta: Meseta Buena Esperanza I & II, Las Tacanas I & II, and Aguada Villanueva Grande), each holding 32% stake, while YPF will remain the operator with 36% stake.

Buenos Aires, 08/10/2026 – YPF (ByMA: YPFD | NYSE: YPF1). Information based on financial statements (FS) prepared according to IFRS in force in Argentina. The sum of the parts of certain figures is subject to rounding. The Company’s functional currency is US$.

1. ANALYSIS OF CONSOLIDATED RESULTS OF 2Q26

1 1 ADR = 1 share. Total issued capital stock amounted to 393,312,793 shares as of June-2026 (51% Argentina Government; 28% NYSE and 21% ByMA). As of August 4th, 2026, 1-10 stock split took place, increasing total issued capital stock to ~3,933.1 million shares, while par value decreased from AR$10/share to AR$1/share.

Net Revenues amounted to US$6,574 million (+33% q/q), mainly driven by the impact of higher local and international prices of diesel, gasoline, jet fuel, crude oil, petrochemicals, and other refined products, coupled with peak seasonal demand for diesel, natural gas, and grain and flour, supported by record processing levels. These effects were partially offset by lower local seasonal gasoline demand (soften by higher gasoline exports).

Stock variations include price effects by US$ 219 million in 2Q26, (US$23) million for 1Q26, (US$96) million for 2Q25, US$ 196 million for 1H26 and (US$ 91) million for 1H25.

OPEX totaled US$1,468 million, up 5% q/q, primarily reflecting higher costs in real terms across all business units. Upstream costs increased due to greater well maintenance activity and higher natural gas production. In the M&D segment, OPEX rose on higher logistics costs associated with increased domestic and export sales. Other Costs reached US$1,619 million, up 22% q/q, mainly driven by higher depreciation and amortization at La Angostura Sur I and II following the commissioning of new wells. The increase also reflected higher royalties, supported by stronger oil prices and seasonal gas sales, as well as higher revenue-related taxes.

Purchases & Stock Variations amounted to US$1,463 million, up 15% q/q. Purchases increased sequentially, mainly due to higher prices for crude oil purchased from third parties, the seasonal peak in agricultural product purchases and higher biodiesel volumes to support stronger diesel sales. Notably, 2Q26 marked another quarter with no diesel or gasoline imports. Stock Variations were positive by US$178 million, compared with US$5 million in 1Q26, primarily reflecting a higher valuation of crude oil and refined product inventories due to rising international prices. This was partially offset by inventory drawdowns resulting from increased crude processing and diesel consumption to meet stronger seasonal demand.

Other operating net results were negative at US$203 million (vs. a negative US$80 million in 1Q26), primarily due to one-off results related to conventional assets’ divestment. While in 2Q26 we recorded negative results associated to the fair value of assets held for sale (Manantiales Behr) and commitment reassessment mostly related to mature fields, in 1Q26 we accrued a negative provision for operating optimizations.

Financial net results posted a loss of US$130 million, mainly explained by interest expenses, partially offset by gains in dollar terms from our cash management. This represents a significant improvement from the US$327 million loss recorded in 1Q26, mainly reflecting the positive impact of the lower value of short-term trade payables denominated in local currency.

The income tax recorded a charge of US$593 million (compared to a charge of US$243 million in 1Q26), reflecting higher operating results for the period. Consequently, the net result totaled a gain of US$1,205 million, compared to the US$409 million gain recorded in 1Q26.

Finally, as part of initiatives to enhance market accessibility, YPF successfully completed a 1-for-10 stock Split in ByMA, which became effective on August 4, 2026, adjusting the ADR-share ratio, from 1:1 to 1:10. Importantly, the split does not affect shareholders’ economic interests, ownership percentages, or voting rights.

2. ADJ. EBITDA & CAPEX

2.1 ADJ. EBITDA RECONCILIATION

2.2 ADJ. EBITDA & CAPEX BY SEGMENT

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

CAPEX new definition: During 2Q26, the criteria to define “Investments” was revised. Additions to PP&E and intangible assets, excluding well abandonment costs and consumption of the period in the Operating Costs, among other adjustments, are now reported excluding acquisitions, due to M&A, impacting on 2Q26 only. It should be noted that this new definition does not imply any change to the Company’s accounting standards.

3. ANALYSIS OF RESULTS BY SEGMENT

3.1 UPSTREAM

(*) Underlying lifting cost excludes specific well servicing costs. Including this impact, lifting cost in US$/BOE would have been 8.7 in 2Q26; 8.8 in 1Q26; 12.3 in 2Q25; 8.7  in 1H26; and 13.8 in 1H25.

Revenues totaled US$2.7 billion (+36% q/q), primarily driven by higher crude oil prices (+33% q/q), and seasonal peak sales of natural gas (+43% price and +8% volume), supported by shale gas expansion. These effects were slightly offset by lower oil volume sold (-1% q/q), as the expansion in shale oil production did not compensate for the divesting program in the conventional business.

Depreciation and amortization amounted to US$632 million (+21% q/q), mainly explained by higher activity at La Angostura Sur I and II.

Lifting costs reached US$8.4/BOE (-3% q/q), primarily driven by higher seasonal natural gas production and divestment of the conventional Manantiales Behr block in May-26, partially offset by higher costs in real terms. Conventional lifting costs amounted to US$23.6/BOE (+8% q/q). It is worth noting that interannually, lifting costs reflected a strong reduction of 31%, mostly on the back of the exit program from mature fields.

Zooming into the lifting cost in our shale oil hub2 (at 100% stake), it continued at a very competitive level of US$4.0/BOE.

2 Five shale oil blocks operated by YPF: La Angostura Sur I and II (YPF owns 100%), Loma Campana (50%), La Amarga Chica (50%), Bandurria Sur (40% as of 1Q26, and 44.9% as from May-26) and Aguada del Chañar (51%). La Angostura Sur is south-hub block and the rest core-hub blocks.

Underlying lifting costs (total and shale oil hub, respectively) excludes specific well servicing costs. Including this impact, lifting costs in US$/BOE would have been 8.7 and 4.5 in 2Q26; 8.8 and 4.0 in 1Q26; 12.3 and 4.7 in 2Q25; 8.7 y 4.3 in 1H26; and 13.8 and 4.6 in 1H25.

Royalties and other taxes averaged US$8.5/BOE (+35% q/q), mainly reflecting higher realized oil prices and seasonally stronger natural gas prices. Other costs amounted to US$371 million (+73% q/q), mainly explained by higher one-off costs related to the divestment of conventional assets, and to a lesser extent, increased taxes related to revenues.

Adj. EBITDA totaled US$1,725 million (+50% q/q), mainly supported by higher realized oil prices, following the upward trend in international prices, as well as stronger seasonal natural gas sales during the winter peak demand period, partially offset by higher royalties and taxes associated with revenues.

CAPEX amounted to US$1,066 million (+36% q/q), with more than 95% deployed on unconventional areas (primarily drilling and workover activities). The sequential increase is mainly explained by the accrual of the signing bonus for the unconventional concessions of the 5 blocks that will be fully dedicated to Argentina LNG Project. Total CAPEX is expected to increase during 2H26 to support the shale production growth plan.

Gross unconventional horizontal oil wells recorded outstanding metrics in 2Q26:

         Drilled wells increased 22% q/q, recording 56 wells (66% average working interest or “avg. WI”) vs. 46 wells (56% avg. WI) in 1Q26, all of them drilled in blocks operated by YPF;

         Completed wells followed the same upward trend, increasing 30% q/q to 61 wells (53% avg. WI) vs. 47 wells (59% avg. WI) in 1Q26, being 11 and 1 wells non-operated by YPF, respectively; and

         Tied‑in wells strongly increased 51% q/q to 65 wells (53% avg. WI) vs. 43 wells in 1Q26 (60% avg. WI), being 11 and 1 non‑operated by YPF, respectively.

It is worth highlighting that we achieved a new operational record in Vaca Muerta, completing 203 consecutive hours of hydraulic fracking (more than 8.5 days of uninterrupted activity) at Bandurria Sur block. This milestone was monitored by the Real Time Intelligence Center (RTIC), reflecting a fully remote and autonomous fracking operation, fully completed without incidents.

In terms of efficiencies within our unconventional operations, during 1H26 we delivered strong drilling and fracking performance. We averaged 354 meters/day of drilling in our shale oil hub blocks, and reached 11.4 stages/set/day on unconventional fracking (equivalent to 302 stages per set per month), supported with 19.2 pumping hours per day.