#1YPF LUZ INVESTOR PRESENTATION 4Q 2023 March 6, 2024 HI-ROAD 3-8 Vests TARA IVECO 17 TH Vestas 705 113 A UNLOADING OF GENERAL LEVALLE PARTS BAHIA BLANCA#2DISCLAIMER The material that follows is a confidential presentation of general background information about YPF Energía Eléctrica S.A. ("YPF Luz) as of the date of this presentation. It is summarized information and does not intend to be complete. It has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated as giving investment, legal, tax or other advice. It is not targeted to any specific investment objectives, financial situation or needs of any recipient. No representation or warranty, either express or implied, is made as to the accuracy, completeness or reliability of the information contained herein, and no reliance should be placed on the accuracy, fairness or completeness of the information presented, including in relation to statistical data, predictions, estimates or projections, which are used for information purposes only. This presentation is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where it would be contrary to law or regulation. This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities, and neither any part of this presentation shall form the basis of or be relied upon in connection with any contractor commitment whatsoever. Any decision to purchase securities in any offering of securities of YPF Luz should be made solely based on the information contained in a confidential offering document which may be distributed in due course in connection with any offering of securities of YPF Luz, if any. Certain information contained herein has been obtained from external data sources and such information has not been independently verified. This presentation may contain "forward-looking statements" as that term is defined in Section 27A of the Securities Act and Section 21E of the U.S. Securities and Exchange Act of 1934, as amended. The words "anticipates", "wishes", "expects", "estimates", "intends", "forecasts", "plans", "predicts", "projects", "targets" and similar words are intended to identify these statements. Any projection, forecast, estimate or other "forward-looking" statement in this presentation only illustrates hypothetical performance under specified assumptions of events or conditions. Such projections, forecasts, estimates or other "forward-looking" statements are not reliable indicators of future results or performance. Prospective investors should understand the assumptions and evaluate whether they are appropriate for their purposes. Some events or conditions may not have been considered or differ materially from such assumptions. The presentation may include figures related to past performance or simulated past performance, which is not a reliable indicator of future results or performance. YPF Luz disclaims any obligation to update its view of risks and uncertainties or to publicly announce the results of any revision to the forward-looking statements made herein, except required under applicable law. You are cautioned not to rely on forward-looking statements as actual results could differ materially from those expressed or implied in the forward-looking statements. All subsequent written and or all forward-looking statements concerning the proposed transaction or other matters and attributable to YPF Luz or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements referenced above. This presentation contains certain non-IFRS ("International Financial Reporting Standards") financial measures, being Adjusted EBITDA and Adjusted EBITDA margin. Our management believes that disclosure of Adjusted EBITDA can provide useful supplemental information to investors and financial analysts in their review of our ability to service our debt requirements. These non-IFRS measures are provided to enhance investors' overall understanding of our current financial performance and its prospects for the future. Specifically, we believe the non-IFRS measures provide useful information to both management and investors by excluding certain expenses, gains and losses that may not be indicative of our core operating results and business outlook. Adjusted EBITDA and Adjusted EBITDA margin may not be comparable to other similarly titled measures of other companies and have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS. Non-IFRS measures including Adjusted EBITDA and Adjusted EBITDA margin are not measurements of our performance or liquidity under IFRS and should not be considered as alternatives to operating profit or net profit, or as alternatives to cash flow from operating activities, or other metrics derived in accordance with IFRS.#3BAJO DEL TORO PILOT NEUQUEN: YP YPF LUZ PFI AGENDA 1. Company Overview 2. Market Overview 3. Business Highlights & Financials 4. 2024 Outlook 3#4EL ZONDA SOLAR PARK SAN JUAN YPF LUZ HIGHLIGHTS 2023 1. Acquisition, control & consolidation 2. of Central Dock Sud (CDS) COD of "El Zonda," our first solar farm 3. Increase in sales & EBITDA 4. New renewable project COD on track 4#5YPF LUZ AT A GLANCE OUR POWER GENERATION ASSETS CC Tucumán : 829 MW CC El Bracho: 473 MW SF Zonda 100 MW Central Dock Sud: 935 MW* CG La Plata I: 128 MW CG La Plata II: 90 MW WF General Levalle: 155 MW WF Los Teros: 175MW YPF LUZ IN NUMBERS IN 2023 REVENUES USD 490 MM 3,237 MW* IN OPERATION EBITDA USD 452.7 MM 155 MW UNDER CONSTRUCTION CAPEX 2023 USD 252 MM 35% OF MATER TOTAL PLANTS 14 (OPERATION + CONSTRUCTION) TP Loma Campana I: 105 MW WF Manantiales Behr: 99 MW #3 GENERATOR IN ARGENTINA LEADING MARKET SHARE ✓ TP Loma Campana II: 107 MW TP Manantiales Behr: 58MW TP Loma Campana Este: 17 MW WF Cañadón León: 123 MW KEY INVESTMENTS HIGHLIGHTS Growth opportunities in renewables Strong competitive position Solid and sound balance sheet WF=Wind farm SP= Solar park CC= Combined cycle TP= Thermal Plant CG= Cogeneration * Includes additional 65 MW accepted by Cammesa in Feb 29, 2024 5#6GENERAL LEVALLE WINDMILL FOUNDATION CORDOBA YPF LUZ AGENDA 1. Company Overview 2. MARKET OVERVIEW 3. Business Highlights & Financials 4. 2024 Outlook 6#72023 MARKET OVERVIEW Energy Demand TWh 138.8 140.9 +1.5% Installed Capacity MW 2022 2023 42,927 +2% 43,774 Energy Generation TWh 138,742 1.9% 141,396 2022 2023 Energy by Source % Nuclear 6% Hydro 28% Thermal 52% 4 Q22 4Q23 Renewable 14% YPF LUZ Biofuel Hydro 6% 6% Solar 16% Wind 72% 7#8YPF LUZ AGENDA 1. Company Overview 2. Market Overview 3. BUSINESS HIGHLIGHTS & FINANCIALS 4. 2024 Outlook GENERAL LEVALLE WINDMILL BASE CONCRETING CORDOBA#9OPERATIONAL FIGURES Installed Capacity EoP¹ MW 3,174 +27.8% 497 2,483 +25.2% 397 2,086 +28.3% 2022 2,677 2023 Thermal Renewable 1. Includes 100% CDS since the indirect controlling interest in such company (2Q23) and previously 30% indirect stake in CDS. 2. Since 2Q23 includes the controlling indirect interest in Central Dock Sud. Energy Delivered² GWh Steam Sold Thousand tons YPF LUZ 1,819 +26.4% +8.3% 1,969 2,611 +15.4% 3,014 TN 7,883 +30.6% 10,292 2022 2023 2022 2023 9#101. 2. OPERATIONAL FIGURES (continued) Power Remunerated¹ MW/month 1,572 2022 +33% Since 2Q23 includes the controlling indirect interest in Central Dock Sud .Availability payment / contracted capacity; 2,083 Thermal Commercial Availability Factor12 % 89% -11% 79% 2023 2022 2023 YPF LUZ 10#11RENEWABLE ENERGY Renewable Energy Capacity Factor % %09 %69 53% 50% 47% 49% 28% Cañadón León Zonda Manantiales Behr Los Teros Emission Savings¹ Thousand tons of CO2 2022 ■2023 881 2.5% 903 2022 2023 1. Data extracted from CAMMESA for the ton/CO₂ factor and SPHERA for the energy produced by PEMB, PELT and PECL RENEWABLE ENERGY CLIENTS as of 4Q23 (0) YPF ΤΟΥΟΤΑ MineraExar accenture NOVARTIS alpek Ford polyester Santander Clients with more than 90% of electricity demand covered with renewable energy from YPF Luz MOLINOS Claro- McCain PR3 YPF LUZ Coca-Cola FEMSA HONDA TotalEnergies RISBIO NUTRICION Nestle ECO de los Andes Roca APM TERMINALS VASA Renova Holcim HYATT II/Ch Grupo Moline Chacabuco И LA ANONIMA PROFERTIL MARKET SHARE Energy Sold 27% market share in installed capacity 35% market share in energy sold Above market average capacity factor YPF LUZ 35% 11#12LEVALLE WIND FARM ON TRACK LEVALLE CORDOBA PROVINCE BUENOS AIRES CITY Installed Capacity: 155MW Offtaker: Private (MATER) COD: 4Q24 ENERAL LEVALI YPF LUZ YPF LUZ The fourth YPF Luz wind farm in General Levalle is being developed on a timely basis. As of December 31, 2023 provision of all core components is completed. Project progress has reached over 70%. 12#13REVENUES BREAKDOWN Revenues by offtaker USD MM +4%-> Revenues by offtaker % 0.8% 0.1% Revenues by Product¹ % YPF LUZ 3% 10% 3% 9% 36.6% -3.4% 35.3% -12% +0.5% 173 172 +5.1% +1.1% 49.1% 241 48.6% 229 -1.8% 14 14 52 +19.0% 62 2022 35% 41% +17% 52% -9% 47% 3.0% 11.0% -5.6% +14.4% 2.9% 12.6% 2023 2022 2023 E. Base Fuel & transport CAMMESA Pivate Offtakers Others 2022 Power Steam & Others 2023 Energy Fuel & Transport 13#14EBITDA EBITDA Bridge USD MM 389.3 69.5 51.8 9.7 -35.9 -24.1 -7.6 452.7 2022 CDS ACQUISITION NEW ASSETS LPC LC FORCED PERFORMANCE STOP GE SETTLEMENT OTHERS 2023 EBITDA by type of generation asset Distributed Energy 2% Solar 2% Wind 23% Renewable 25% Cogeneration 16% Thermal 75% Open & Combined Cycles 57% YPF LUZ 14#15DEBT Net Debt Evolution¹ USD MM 2.03x² 1.97x² +4.6% 897 858 94 21.3% 114 2.5% 764 Debt Amortization Schedule as of December 31, 20231 USD MM ↑ Average debt life of 2.7 years Average interest rate of 6.03% 464 783 167 162 140 400 YPF LUZ 18 22 112 7 22 55 139 93 57 13 57 4Q22 4Q23 2024 2025 2026 2027 ≥2028 Net Debt 3 Cash & Cash Eq3 Net Debt/LTM adj. EBITDA Shareholder Loan 1 Accounts only for principal amount. 2. Corresponds to the indenture leverage ratio. Green bond (local) Project finance (CL) International bond Bank loans Local bonds 3. Includes restricted cash & cash equivalents and trusts recorded under other credits (note 12 FF.SS.). 15#16YPF LUZ AGENDA 1. Company Overview 2. Market Overview 3. Business Highlights & Financials 4. 2024 OUTLOOK MAX LOAD 85t YPF LUZ Basan UNLOADING OF GENERAL LEVALLE PARTS ZARATE, BUENOS AIRES 16#172024 OUTLOOK EBITDA USD MM 398 453 ~423 -7% 2022 2023 2024E Net Debt & Leverage¹ USD MM 783 762 +1% ~789 CAPEX USD MM 2x 2x ~1.9x 145 252 YPF LUZ +15% ~290 2022 2023 2024E 2022 2023 2024E 1. Without considering unrestricted subsidiaries (indenture) 120#18CASH FLOW (USD MM) 114 382 177 -167 -290 -51 3 YPF LUZ 168 2023 cash & cash eq. Cash from operation New borrowing Debt CAPEX repayment Interest payment FX rate dif & others 4Q24 cash & cash eq. 1 1. Includes restricted cash & cash equivalents recorded under other credits (note 14 FF.SS.) 18#19111 111 YPFUR ANUAR FAUR SUMMARY YPF LUZ (00) YPIZ 1. Consistent growth over the years 2. Solid diversified portfolio of assets 3. Sound balance sheet 4. General Levalle project on schedule 000 19#20YPF LUZ THANK YOU FOR YOUR ATTENTION Q&A 3 YPF LUZ Parque Eólico Gral. Levalle 20 20