Vista Energy SAB de CV

Latest Results (03.04.2026):

Vista Energy S.A.B. de C.V. — Q4 2025 (and full year 2025) results: the company delivered strong production-led growth in Q4 2025 and for the full year, driving higher revenues and materially stronger Adjusted EBITDA, while heavy 2025 capex and the La Amarga Chica acquisition produced negative free cash flow and higher net debt by year‑end.

Production

Q4 2025 production averaged 135,414 boe/d (+7% q‑q; +59% y‑y), including oil of 118,285 bbl/d (+8% q‑q; +61% y‑y). Full year 2025 production averaged 115,479 boe/d (+66% y‑y). Growth was driven largely by the April 2025 acquisition of a 50% WI in La Amarga Chica and numerous Vaca Muerta well tie‑ins.

Revenues & realized prices

Q4 2025 net revenues were $669.6M (reported revenues $719.1M including VEISA sea freight); net revenues were +46% vs Q4‑24 and -3% vs Q3‑25. Average realized oil price in Q4 was $58.9/bbl (down 9% q‑q and 12% y‑y). Full year 2025 net revenues were ~$2,444M (+48% y‑y); exports represented ~63% of Q4 net revenues and ~59% for the year.

Adjusted EBITDA & margins

Adjusted EBITDA in Q4 2025 was $444.0M (+62% y‑y) with a 64% margin (up 8 pp y‑y). For 2025 Adjusted EBITDA was $1,596M (+46% y‑y) with a 65% margin.

Net income and EPS

Q4 2025 net income was $85.7M (vs $93.8M in Q4‑24); Adjusted Net Income was $51.5M (vs $22.1M). Q4 EPS was $0.82 and adjusted EPS $0.49. Full year 2025 net income was $719M (adjusted net income $340M); FY EPS $7.02 and adjusted EPS $3.31.

Capex, cash flow and financing

Q4 capex was $355.1M (drilling/completions $301.3M). Full year capex totaled $1,331M. Q4 free cash flow was positive $75.6M, but full year FCF was negative $1,553M, reflecting ~$842M net cash for the La Amarga Chica acquisition. Year‑end cash was ~$538M; gross debt $3,154M and net debt ~$2,616M, with pro‑forma net leverage ~1.5x.

Reserves & development

Proved (P1) reserves at 12/31/2025 were 588.1 MMboe (+57% y‑y). Total additions imply a reserves replacement ratio of 605% (organic replacement 260%); implied P1 reserves life ~14 years.

Costs & efficiency

Lifting cost in Q4 2025 was $4.1/boe (‑8% q‑q; ‑12% y‑y) due to dilution of fixed costs. Selling expenses were $4.2/boe in Q4 (‑48% y‑y) after trucking was largely eliminated via the Oldelval Duplicar pipeline.

Operations

Q4 activity included drilling 22 wells, completing 18 and tying‑in 16 wells; 74 net shale wells were tied‑in during 2025. Average D&C cost for BPO wells in H2 2025 normalized to $12.1M per well (2,800m lateral, 47 stages).

Other items

Vista Energy’s trading arm VEISA began operations in Q4 2025 (affects reported revenues/sea freight). The company reduced scope 1 & 2 GHG intensity by 23% year‑over‑year to 6.8 kg CO2e/boe.