Form 6-K YPF SOCIEDAD ANONIMA For: Oct 28

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 October 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 3Q26

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, excluding petrochemicals, figures restated due to reallocation of agribusiness from Midstream & Downstream to New Energies segment. (1) Includes additional 4.9% of Bandurria Sur block as from May-26, not consolidated in YPF balance sheet. (2) Underlying lifting costs exclude specific well servicing costs. Including them, lifting costs would have been (US$/BOE, total and shale oil hub, respectively): 8.1 and 5.0 (3Q26); 8.7 and 4.7 (2Q26); 8.8 and 4.3 (3Q25); 8.6 and 4.6 (9M26); and 12.2 and 4.5 (9M25). (3) Local Fuels Volume Sold & Imported Fuels include Refinor as from Oct-25.

Adjusted EBITDA reached US$2,503 million (-11% q/q; +84% y/y), YPF’s second-highest quarterly result after the record set in 2Q26. The Adjusted EBITDA margin remained strong at 38%.

The sequential decline primarily reflected inventory valuation effects and lower refined product realizations prices as international prices declined in 3Q26. These impacts were partly offset by seasonally higher natural gas sales and lower price-linked costs, mainly third-party crude purchases, royalties and other taxes.

Year-on-year growth was primarily driven by higher pricing environment, lower lifting costs as exposure to conventional assets declined, combined with growing shale output and increased refinery throughput.

CAPEX totaled US$1,287 million (-4% q/q; +26% y/y), with 70% allocated to unconventional operations. The sequential decline mainly reflected the signing bonus accrued in 2Q26 for unconventional concessions covering five blocks dedicated to the Argentina LNG Project, partly offset by increased drilling and workover activity in 3Q26.

Shale oil production averaged 224 kbbl/d (+5% q/q; +32% y/y), accounting for 86% of total oil production, up from 80% in 2Q26 and 71% in 3Q25. We remain firmly on track to meet our 2026 average production target of 215 kbbl/d and comfortably achieve a December 2026 exit rate of 250 kbbl/d.

YPF acquired the remaining 25% stake in YPF Luz for US$430 million through acquisition financing, bringing ownership to 100% and fully consolidating the company. The transaction positions YPF to capture the value of a leading power generation platform, with long-term growth opportunities in efficient thermal generation and renewables.

Refinery throughput remained strong at 344 kbbl/d (-2% q/q; +5% y/y). Despite scheduled maintenance at La Plata in September 2026, YPF again met domestic demand without fuel imports, increased fuel exports and achieved record premium gasoline production in 3Q26.

Free cash flow reached US$901 million (+US$77 million q/q; +US$1.7 billion y/y), YPF’s second-highest quarterly result. Strong Adjusted EBITDA and initial proceeds from the sales of Metrogas and the Mendoza Non-Operated and Chachahuen conventional clusters comfortably covered CAPEX and regular interest and income tax payments. Consequently, net leverage declined to 0.8x, its lowest level in a decade.

In September 2026, YPF returned to international capital markets with a US$1.2 billion 9-year bond at a 7.85% yield and a record-low spread for YPF of ~300 basis points over U.S. Treasuries. A portion of the proceeds pre-funded 2027 and 2029 maturities.

Key project milestones:

         VMOS: The two monobuoys arrived at the port in Río Negro Province in early October 2026. With ~85% progress as of September 2026, the project remains on track for commercial operation (COD) by year-end, with first oil expected in early 2027.

         Argentina LNG: YPF received a non-binding financing proposal of up to US$6 billion from US EXIM bank to support development of the project’s integrated LNG export value chain.

Buenos Aires, 28/10/2026 – 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 3Q26

 1 ADR = 10 share. Total issued capital stock amounted to 3,933,127,930 shares as of Sep-26 (51% Argentina Government; 29% NYSE and 20% ByMA).

Net Revenues amounted to US$6,557 million, essentially flat q/q, primarily driven by lower local fuel prices, particularly diesel (2Q26 recorded extraordinary sales to other refineries, in addition to diesel seasonal impact), besides lower crude oil exports amid decreased Brent prices. These effects were largely offset by higher seasonal local natural gas sales and increased exports of fuels, mainly gasoline, virgin naphtha and grain and flour.

Stock variations include price effects by (US$37)  million in 3Q26, US$219 million for 2Q26, (US$4) million for 3Q25, US$ 159 million for 9M26 and (US$ 96) million for 9M25.

OPEX posted US$1,538 million (+5% q/q), mainly due to higher costs in real terms across business units, and to a minor extent, updated environmental provisions, mostly in non-operated assets, partially mitigated by lifting cost savings related to reduced exposure to conventional fields. Other Costs were US$1,531 million (-5% q/q), largely due to non-recurring PP&E depreciation in 2Q26 (reassessment of useful lives of certain assets), while 3Q26 recorded lower royalties, other revenue-related taxes and export duties, explained by decreased oil prices, partially offset by higher depreciation at Bajo del Toro block in 3Q26 with higher production.

Purchases & Stock Variations totaled US$1,728 million (+18% q/q). Purchases were broadly unchanged q/q, as lower third-party crude oil prices were partly offset by seasonally higher natural gas purchases. YPF again operated without diesel or gasoline imports in 3Q26. Stock Variations were negative at US$93 million, compared to positive US$178 million in 2Q26, reaching a total gap of US$271 million, mainly reflecting the exceptionally high valuation of inventories during 2Q26 with peak international prices.

Other operating net results totaled positive US$161 million (vs. negative US$203 million in 2Q26), mainly due to the positive result in 3Q26 from sale of conventional assets, while 2Q26 recorded a negative result from changes in the fair value of conventional assets held for sale and reassessment of commitments, also mostly related to mature fields.

Financial net results posted a loss of US$228 million (vs. a loss of US$130 million in 2Q26), as 2Q26 recorded lower liabilities in dollar terms.

The income tax recorded a charge of US$631 million (+6% q/q), reflecting a recurring charge in line with the applicable corporate income tax rate. Consequently, net result totaled a gain of US$1,196 million (vs. US$1,205 million in 2Q26).

2. ADJ. EBITDA & CAPEX

2.1 ADJ. EBITDA RECONCILIATION

2.2 ADJ. EBITDA & CAPEX BY SEGMENT

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

3. ANALYSIS OF RESULTS BY SEGMENT

3.1 UPSTREAM

(*) Underlying lifting costs exclude specific well servicing costs. Including them, lifting costs would have been (US$/BOE, total and shale oil hub, respectively): 8.1 and 5.0 (3Q26); 8.7 and 4.7 (2Q26); 8.8 and 4.3 (3Q25); 8.6 and 4.6 (9M26); and 12.2 and 4.5 (9M25).

Revenues totaled US$2,536 million (-7% q/q), primarily reflecting a 10% q/q decline in realized oil prices, driven by lower Brent prices and a return to the customary domestic discount of Medanito price to Brent in 3Q26, compared with an exceptional premium in 2Q26. Revenues were also impacted by lower conventional oil production under the divestment program. These effects were partially offset by seasonally peak natural gas sales (+9% in volume and +4% in price) and continued growth in shale output.

Depreciation and amortization amounted to US$577 million (-9% q/q), largely explained by the non-recurring PP&E depreciation in 2Q26, slightly offset by higher activity at Bajo del Toro shale oil block in 3Q26.

Lifting costs reached US$7.8/BOE (-8% q/q), mostly due to the continued divestment of conventional assets, partially offset by higher costs in real terms. It is worth noting that lifting costs declined by 12% interannually, reflecting the progress achieved in our conventional divestment strategy. Lifting costs at the shale oil hub2 remained competitive at US$4.2/BOE on a 100% working-interest basis.

Royalties and other taxes averaged US$7.4/BOE (-13% q/q), primarily reflecting lower realized oil prices, partly offset by peak seasonal natural gas prices. Other costs declined to US$39 million (-90% q/q), mainly reflecting the positive impact of closing the sale of the Malargüe conventional cluster in September 2026. By comparison, 2Q26 included a negative change in the fair value of assets held for sale (Manantiales Behr) and the reassessment of commitments, primarily related to mature fields.

Adj. EBITDA totaled US$1,575 million (-9% q/q), primarily reflecting lower realized oil prices as Brent contracted from its 2Q26 rally. The decline was partly offset by peak winter natural gas sales, lower price-linked royalties and reduced lifting costs following the divestment of the Manantiales Behr conventional block.

CAPEX totaled US$932 million (-13% q/q), with 97% allocated to unconventional assets, primarily drilling and facilities. The sequential decline mainly reflected the signing bonus accrued in 2Q26 for unconventional concessions covering five blocks assigned to the Argentina LNG Project, partly offset by increased activity at La Angostura Sur in 3Q26.

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.

Gross unconventional horizontal oil wells recorded strong metrics in 3Q26:

         Drilled wells increased 14% q/q, recording 64 wells (66% average working interest or “avg. WI”) vs. 56 wells (66% avg. WI) in 2Q26, all of them operated by YPF;

         Completion activity remained strong, stable q/q at 61 wells (71% avg. WI) vs. 61 wells (53% avg. WI) in 2Q26, all of them operated by YPF and 50 operated by YPF, respectively; and

         Tied‑in wells decreased 11% q/q to 58 wells (72% avg. WI) vs. 65 wells in 2Q26 (53% avg. WI), all of them operated by YPF and 54 operated by YPF, respectively.

During 3Q26, YPF achieved a new milestone in our drilling operations. We managed to drill the longest slim well of 4,770 meters of horizontal length in a single run. The result was subsequently replicated in 3 additional wells within ~10 days, demonstrating scalability and consistency of our operation across different rigs and service providers.

In terms of efficiencies within our unconventional operations, drilling and fracking performance remained at strong levels in 9M26. We averaged 354 meters/day of drilling in our shale oil hub blocks and reached 11.1 stages/set/day on unconventional fracking (equivalent to 294 stages per set per month), supported with 18.8 pumping hours per day.