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Loans

12 Months Ended

Dec. 31, 2024

22. LOANS


							2024						2023					2022
	Interest rate (1)				Maturity		Non- current			Current			Non- current		Current			Non- current		Current
Pesos:

NO			-			-		-			-			-		60			64		5
Exports pre-financing (5)		32.88%	-	32.88%		2025		-			31			-		-			-		-
Financial loans		40.48%	-	50.68%		2025-2026		18			8			9		15			46		25
Account overdrafts			-			-		-			-			-		56			-		71

								18			39			9		131			110		101

Currencies other than the peso:

NO (2) (3)		0.00%	-	10.00%		2025-2047		6,255			1,317			6,191		767			5,594		828
Exports pre-financing		1.90%	-	10.50%		2025		-			383	(4)		102		545	(4)		-		22
Imports financing		8.80%	-	16.00%		2025-2026		19			17			-		-			-		21
Financial loans		6.00%	-	14.10%		2025-2030		718	(6)		76			380		65			244		168
Stock market promissory notes		0.00%	-	0.00%		2025-2026		25			75			-		-			-		-

								7,017			1,868			6,673		1,377			5,838		1,039

								7,035			1,907			6,682		1,508			5,948		1,140

(1)	Nominal annual interest rate as of December 31, 2024.

(2)	Disclosed net of 18, 3 and 9 corresponding to YPF’s own NO repurchased through open market transactions, as of December 31, 2024, 2023 and 2022, respectively.

(3)	Includes 1,496, 1,327 and 523 as of December 31, 2024, 2023 and 2022, respectively, of nominal value that will be canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued.

(4)	Includes 133 and 86 as of December 31, 2024 and 2023, respectively, of pre-financing of exports granted by BNA.

(5)	Corresponds to pre-financing of exports in pesos granted by BNA.

(6)	Includes 28 of loans granted by BNA as of December 31, 2024.

Set forth below is the evolution of the loans for the fiscal years ended December 31, 2024, 2023 and 2022:


	2024		2023		2022
Balance at the beginning of the year		8,190		7,088		7,379
Proceeds from loans		2,967		2,667		402
Payments of loans		(2,102)		(1,396)		(780)
Payments of interest		(707)		(623)		(543)
Account overdrafts, net		(48)		(3)		71
Accrued interest (1)		680		702		680
Net exchange and translation differences		(30)		(239)		(113)
Result from net monetary position (2)		(1)		(6)		(8)
Reclassifications (3)		(7)		-		-

Balance at the end of the year		8,942		8,190		7,088

(1)	Includes capitalized financial costs.

(2)

Includes the adjustment for inflation of opening balances of loans of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income and the adjustment for inflation of the fiscal year which was charged to net profit or loss in the statement of comprehensive income.

(3)	Corresponds to the balances of our subsidiary YPF Brasil reclassified to the “Assets held for sale” line item in the statement of financial position, see Note 3 “Sale of equity participation in YPF Brasil” section.

On August 29, 2024, the Company announced an offer for the purchase of Class XXXIX and Class LIII NO due July 28, 2025 and July 21, 2027, respectively, for principal amount of 500, having received and accepted purchase orders for 334 of Class XXXIX NO and for 166 of Class LIII NO, which were completely cancelled as of September 16, 2024 plus the corresponding interest.

On September 5, 2024, the Company announced an exchange offer for Class XXXIX NO due July 2025 by offering additional Class XXXI NO, denominated and payable in U.S. dollars at a fixed rate of 8.75% maturing in September 2031 for a notional amount of up to 500, extendable up to the maximum authorized amount. Having received offers for 40 on September 20, 2024, the Company canceled 40 of Class XXXIX NO offered in exchange and issued additional new Class XXXI NO for an equivalent amount.

Details regarding the NO of the Group are as follows:


													2024				2023					2022
Month	Year		Principal value (11)		Ref.		Class		Interest rate (3)			Principal maturity	Non- current		Current		Non- current		Current			Non- current		Current
YPF
-		1998	U.S. dollar	15		(1) (6)		-		Fixed	10.00%	2028		15		-		15		-			15		-
April, February, October		2014/15/16	U.S. dollar	521		(2) (4) (6)		Class XXVIII		-	-	-		-		-		-		354			346		273
September		2014	Peso	1,000		(2) (6) (7)		Class XXXIV		-	-	-		-		-		-		-	(12)		1		1
April		2015	U.S. dollar	757		(2) (6)		Class XXXIX		Fixed	8.50%	2025		-		785		1,132		41			1,132		41
October		2015	Peso	2,000		(2) (6) (7)		Class XLIII		-	-	-		-		-		-		-			-		4
July, December		2017	U.S. dollar	644		(2) (6)		Class LIII		Fixed	6.95%	2027		649		19		816		25			818		25
December		2017	U.S. dollar	537		(2) (6)		Class LIV		Fixed	7.00%	2047		530		1		530		1			529		1
June		2019	U.S. dollar	399		(6) (9)		Class I		Fixed	8.50%	2029		398		-		397		-			397		-
July		2020	U.S. dollar	341		(6) (9)		Class XIII		Fixed	8.50%	2025		-		44		43		88			127		90
December, February		2020/21	U.S. dollar	133		(5) (6) (9)		Class XIV		-	-	-		-		-		-		-			-		139
February		2021	U.S. dollar	776		(6) (9)		Class XVI		Fixed	9.00%	2026		58		243		307		235			542		238
February		2021	U.S. dollar	748		(6) (9)		Class XVII		Fixed	9.00%	2029		756		-		758		-			760		-
February		2021	U.S. dollar	576		(6) (9)		Class XVIII		Fixed	7.00%	2033		555		11		553		11			544		10
February		2021	Peso	4,128		(6) (9) (10)		Class XIX		-	-	-		-		-		-		35			63		-
July		2021	U.S. dollar	384		(4) (5) (6) (9)		Class XX		Fixed	5.75%	2032		384		10		384		10			384		11
January		2023	U.S. dollar	230		(5) (6) (9)		Class XXI		Fixed	1.00%	2026		220		-		229		1			-		-
January, April		2023	Peso	15,761		(6) (9)		Class XXII		-	-	-		-		-		-		25			-		-
April		2023	U.S. dollar	147		(5) (6) (9)		Class XXIII		Fixed	0.00%	2025		-		150		158		-			-		-
April		2023	U.S. dollar	38		(5) (6) (9)		Class XXIV		Fixed	1.00%	2027		37		-		38		-			-		-
June		2023	U.S. dollar	263		(6) (9)		Class XXV		Fixed	5.00%	2026		263		1		262		1			-		-
September		2023	U.S. dollar	400		(4) (5) (9) (6)		Class XXVI		Fixed	0.00%	2028		400		-		400		-			-		-
October		2023	U.S. dollar	128		(5) (9) (6)		Class XXVII		Fixed	0.00%	2026		147		-		169		-			-		-
January		2024	U.S. dollar	800		(6) (9)		Class XXVIII		Fixed	9.50%	2031		790		35		-		-			-		-
May		2024	U.S. dollar	178		(6) (9)		Class XXIX		Fixed	6.00%	2026		177		1		-		-			-		-
July		2024	U.S. dollar	185		(5) (9) (6)		Class XXX		Fixed	1.00%	2026		187		-		-		-			-		-
September		2024	U.S. dollar	540		(9)		Class XXXI		Fixed	8.75%	2031		539		15		-		-			-		-
October		2024	U.S. dollar	125		(9)		Class XXXII		Fixed	6.50%	2028		125		2		-		-			-		-
October		2024	U.S. dollar	25		(9)		Class XXXIII		Fixed	7.00%	2028		25		-		-		-			-		-

														6,255		1,317		6,191		827			5,658		833

(1)	Corresponds to the 1997 MTN Program for an amount up to 1,000.

(2)	Corresponds to the 2008 MTN Program for an amount up to 10,000.

(3)	Nominal annual interest rate as of December 31, 2024.

(4)	The ANSES and/or the “Fondo Argentino de Hidrocarburos” have participated in the primary subscription of these NO, which may at the discretion of the respective holders, be subsequently traded on the securities market where these NO are authorized to be traded.

(5)	The payment currency of these NO is the peso at the exchange rate applicable under the terms of the series issued.

(6)	As of the date of issuance of these financial statements, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements.

(7)	NO classified as productive investments computable as such for the purposes of item 35.8.1, paragraph K of the General Regulations applicable to Insurance Activities issued by the Argentine Insurance Supervisory Bureau.

(8)	The payment currency of this issue is the U.S. dollar at the exchange rate applicable in accordance with the conditions of the relevant issued series.

(9)	Corresponds to the Frequent Issuer Regime.

(10)	The payment currency of this issue is the peso at the UVA value applicable in accordance with the conditions of the relevant issued series.

(11)	Total nominal value issued without including the nominal values canceled through exchanges or repurchases, expressed in millions.

(12)	The registered amount is less than 1.