Vista Energy: 2Q review: in-line results, neutral cash generation

Research evidence excerpt

Vista Energy: 2Q review: in-line results, neutral cash generation

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meaningful expansion in cash generation over time, with FCFE yields exceeding 30% for MXN

a prolonged period (considering long-term Brent of US$70/bbl – real 2028 terms). Date Established 1-Jul-2026 / 1-Jul-2026

FCFE yield at 5.3% excluding acquisition disbursement Investment52-Week RangeOpinion 31.63 USD C-1-9- 81.44/ C-1-9USD

In our estimates, reported FCFE was approximately negative US$20mn during the Market Value (mn) 6,952 USD

quarter, after incorporating the cash outflow associated with the Equinor asset Free Float 0%

acquisition. Operating cash flow came strong at US$987mn, while capex totaled Average Daily Value 52.35 USD

US$507mn, net acquisition-related payments to Equinor of US$382mn, and US$124mn Shares Outstanding (mn) 111.4 / 111.4

in interest and lease payments. Excluding the deal’s outflow, FCFE was approximately BofA Ticker / Exchange VIST / NYS

US$365mn, implying a strong yield of 5.3%. It’s worth noting that working capital BofA Ticker / Exchange VSOGF / MEX

release contributed US$274mn to operating cash flow. This compares favorably with Bloomberg / Reuters VIST US / VIST.N

1Q26, when Vista recorded a US$248mn working capital build (of which, US$206mn ROE (2026E) 30.4%

associated with its VEISA operations) that weighed on cash generation at that time. We Net Dbt to Eqty (Dec-2025A) 104.1%

view the reversal of last quarter’s working capital consumption as positive.

Narrower Brent discounts on improving oil differentials

Operationally, Vista sold 11.9MMbbl of oil during the quarter, implying an inventory build BBG: Bloomberg

of 0.44MMbbl, compared with an inventory draw of 0.18MMbbl in 1Q26. On the cost