Vista Energy B de C : Presentación del Investor Day 2023

STRATEGIC PLAN

INVESTOR DAY

SEPTEMBER 26, 2023

ABOUT PROJECTIONS AND FORWARD-LOOKING STATEMENTS

ADDITIONAL INFORMATION ABOUT VISTA ENERGY, S.A.B. DE C.V., A SOCIEDAD ANÓNIMA BURSÁTIL DE CAPITAL VARIABLE ORGANIZED UNDER THE LAWS OF MEXICO (THE "COMPANY" OR "VISTA") CAN BE FOUND IN THE "INVESTORS" SECTION ON THE WEBSITE AT WWW.VISTAENERGY.COM. THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES OF THE COMPANY, IN ANY JURISDICTION. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR MEXICO ABSENT REGISTRATION WITH THE U.S. SECURITIES EXCHANGE COMMISSION ("SEC"), THE MEXICAN NATIONAL SECURITIES REGISTRY HELD BY THE MEXICAN NATIONAL BANKING AND SECURITIES COMMISSION ("CNBV") OR AN EXEMPTION FROM SUCH REGISTRATIONS, AS APPLICABLE. THIS PRESENTATION DOES NOT CONTAIN ALL THE COMPANY'S FINANCIAL INFORMATION. AS A RESULT, INVESTORS SHOULD READ THIS PRESENTATION IN CONJUNCTION WITH THE COMPANY'S CONSOLIDATED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION AVAILABLE ON THE COMPANY'S WEBSITE. THIS PRESENTATION CONTAINS AMOUNTS THAT ARE UNAUDITED.

THIS PRESENTATION CONTAINS CERTAIN METRICS THAT DO NOT HAVE STANDARDIZED MEANINGS OR STANDARD METHODS OF CALCULATION AND THEREFORE SUCH MEASURES MAY NOT BE COMPARABLE TO SIMILAR MEASURES USED BY OTHER COMPANIES. SUCH METRICS HAVE BEEN INCLUDED HEREIN TO PROVIDE READERS WITH ADDITIONAL MEASURES TO EVALUATE THE COMPANY'S PERFORMANCE; HOWEVER, SUCH MEASURES ARE NOT RELIABLE INDICATORS OF THE FUTURE PERFORMANCE OF THE COMPANY AND FUTURE PERFORMANCE MAY NOT COMPARE TO THE PERFORMANCE IN PREVIOUS PERIODS.

NO RELIANCE MAY BE PLACED FOR ANY PURPOSE WHATSOEVER ON THE INFORMATION CONTAINED IN THIS DOCUMENT OR ON ITS COMPLETENESS. CERTAIN INFORMATION CONTAINED IN THIS PRESENTATION HAS BEEN OBTAINED FROM PUBLIC SOURCES, WHICH MAY NOT HAVE BEEN INDEPENDENTLY VERIFIED OR AUDITED. NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, IS GIVEN OR WILL BE GIVEN BY OR ON BEHALF OF THE COMPANY, OR ANY OF ITS AFFILIATES (WITHIN THE MEANING OF RULE 405 UNDER THE ACT, "AFFILIATES"), MEMBERS, DIRECTORS, OFFICERS OR EMPLOYEES OR ANY OTHER PERSON (THE "RELATED PARTIES") AS TO THE ACCURACY, COMPLETENESS OR FAIRNESS OF THE INFORMATION OR OPINIONS CONTAINED IN THIS PRESENTATION OR ANY OTHER MATERIAL DISCUSSED VERBALLY, AND ANY RELIANCE YOU PLACE ON THEM WILL BE AT YOUR SOLE RISK. ANY OPINIONS PRESENTED HEREIN ARE BASED ON GENERAL INFORMATION GATHERED AT THE TIME OF WRITING AND ARE SUBJECT TO CHANGE WITHOUT NOTICE. IN ADDITION, NO RESPONSIBILITY, OBLIGATION OR LIABILITY (WHETHER DIRECT OR INDIRECT, IN CONTRACT, TORT OR OTHERWISE) IS OR WILL BE ACCEPTED BY THE COMPANY OR ANY OF ITS RELATED PARTIES IN RELATION TO SUCH INFORMATION OR OPINIONS OR ANY OTHER MATTER IN CONNECTION WITH THIS PRESENTATION OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION THEREWITH.

THIS PRESENTATION ALSO INCLUDES CERTAIN NON-IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARDS) FINANCIAL MEASURES WHICH HAVE NOT BEEN SUBJECT TO A FINANCIAL AUDIT FOR ANY PERIOD; THEY SHOULD NOT BE CONSIDERED IN ISOLATION OR AS A SUBSTITUTE FOR OTHER FINANCIAL METRICS THAT HAVE BEEN DISCLOSED IN ACCORDANCE WITH IFRS. THE INFORMATION AND OPINIONS CONTAINED IN THIS PRESENTATION ARE PROVIDED AS AT THE DATE OF THIS PRESENTATION AND ARE SUBJECT TO VERIFICATION, COMPLETION AND CHANGE WITHOUT NOTICE. FOR A RECONCILIATION OF ADJUSTED EBITDA FOR THE FISCAL YEAR ENDED DECEMBER 31, 2018 AND DECEMBER 31, 2019 TO THE CLOSEST IFRS MEASURE, PLEASE SEE OUR FORM 20-F FILED WITH THE SEC ON APRIL 28, 2021. FOR A RECONCILIATION OF ADJUSTED EBITDA FOR THE FISCAL YEARS ENDED DECEMBER 31, 2020, DECEMBER 31, 2021 AND DECEMBER 31, 2022 TO THE CLOSEST IFRS MEASURE, PLEASE SEE OUR FORM 20-F FILED WITH THE SEC ON APRIL 24, 2023. FOR A RECONCILIATION OF ADJUSTED EBITDA FOR THE FIRST AND SECOND QUARTERS OF 2023 TO THE CLOSEST IFRS MEASURE, PLEASE SEE OUR FORM 6-K FURNISHED ON APRIL 25 AND JULY 13, 2023. WE CANNOT PROVIDE A RECONCILIATION OF FORWARD-LOOKINGNON-IFRS FINANCIAL MEASURES CONTAINED IN THIS PRESENTATION WITHOUT UNREASONABLE EFFORT, GIVEN THAT WE ARE UNABLE TO ESTIMATE THE AMOUNTS OF CERTAIN COMPONENTS OF THE IFRS NET (LOSS) PROFIT FOR THE FORWARD-LOOKING PERIODS, INCLUDING INTEREST EXPENSE AND FOREIGN EXCHANGE GAINS (WHICH AFFECT THE IFRS MEASURE FINANCIAL RESULTS, NET) AND OUR DEFERRED INCOME TAX (WHICH AFFECTS THE IFRS MEASURE INCOME TAX EXPENSE). DUE TO THE NATURE OF CERTAIN RECONCILING ITEMS, IT IS NOT POSSIBLE TO PREDICT WITH ANY RELIABILITY WHAT FUTURE OUTCOMES MAY BE WITH REGARD TO THE EXPENSE OR INCOME THAT MAY ULTIMATELY BE RECOGNIZED IN THE FIVE-YEAR PERIOD ENDED DECEMBER 31, 2026.

THIS PRESENTATION INCLUDES "FORWARD-LOOKING STATEMENTS" CONCERNING THE FUTURE. THE WORDS SUCH AS "PROPOSES," "AIMS," "ASPIRES," "BELIEVES," THINKS," "FORECASTS," "EXPECTS," "ANTICIPATES," "INTENDS," "SHOULD," "SEEKS," "ESTIMATES," "FUTURE" OR SIMILAR EXPRESSIONS ARE INCLUDED WITH THE INTENTION OF IDENTIFYING STATEMENTS ABOUT THE FUTURE. FOR THE AVOIDANCE OF DOUBT, ANY PROJECTION, GUIDANCE OR SIMILAR ESTIMATION ABOUT THE FUTURE OR FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS IS A FORWARD- LOOKING STATEMENT. ALTHOUGH THE ASSUMPTIONS AND ESTIMATES ON WHICH FORWARD-LOOKING STATEMENTS ARE BASED ARE BELIEVED BY OUR MANAGEMENT TO BE REASONABLE AND BASED ON THE BEST CURRENTLY AVAILABLE INFORMATION, SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON ASSUMPTIONS THAT ARE INHERENTLY SUBJECT TO SIGNIFICANT UNCERTAINTIES AND CONTINGENCIES, MANY OF WHICH ARE BEYOND OUR CONTROL.

THERE WILL BE DIFFERENCES BETWEEN ACTUAL AND PROJECTED RESULTS, AND ACTUAL RESULTS MAY BE MATERIALLY GREATER OR LOWER THAN THOSE CONTAINED IN THE PROJECTIONS. PROJECTIONS RELATED TO PRODUCTION RESULTS AS WELL AS COSTS ESTIMATIONS - INCLUDING VISTA'S ANTICIPATED PERFORMANCE AND GUIDANCE INCLUDED IN THIS PRESENTATION - ARE BASED ON INFORMATION AS OF THE DATE OF THIS PRESENTATION AND REFLECT NUMEROUS ASSUMPTIONS INCLUDING ASSUMPTIONS WITH RESPECT TO TYPE CURVES FOR NEW WELL DESIGNS AND CERTAIN FRAC SPACING EXPECTATIONS, ALL OF WHICH ARE DIFFICULT TO PREDICT AND MANY OF WHICH ARE BEYOND OUR CONTROL AND REMAIN SUBJECT TO SEVERAL RISKS AND UNCERTAINTIES. THE INCLUSION OF THE PROJECTED FINANCIAL INFORMATION IN THIS DOCUMENT SHOULD NOT BE REGARDED AS AN INDICATION THAT WE OR OUR MANAGEMENT CONSIDERED OR CONSIDER THE PROJECTIONS TO BE A RELIABLE PREDICTION OF FUTURE EVENTS. WE MAY OR MAY NOT REFER BACK TO THESE PROJECTIONS IN OUR FUTURE PERIODIC REPORTS FILED OR FURNISHED UNDER THE EXCHANGE ACT OR OTHERWISE. THESE EXPECTATIONS AND PROJECTIONS ARE SUBJECT TO SIGNIFICANT KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES WHICH MAY CAUSE OUR ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS, OR INDUSTRY RESULTS, TO BE MATERIALLY DIFFERENT FROM ANY EXPECTED OR PROJECTED RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. MANY IMPORTANT FACTORS COULD CAUSE OUR ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN OUR FORWARD-LOOKING STATEMENTS, INCLUDING, AMONG OTHER THINGS: UNCERTAINTIES RELATING TO OUR ABILITY TO BECOME NET ZERO IN 2026; FUTURE GOVERNMENT CONCESSIONS AND EXPLORATION PERMITS; ADVERSE OUTCOMES IN LITIGATION THAT MAY ARISE IN THE FUTURE; GENERAL POLITICAL, ECONOMIC, SOCIAL, DEMOGRAPHIC AND BUSINESS CONDITIONS IN ARGENTINA, MEXICO AND IN OTHER COUNTRIES IN WHICH WE OPERATE; THE IMPACT OF POLITICAL DEVELOPMENTS AND UNCERTAINTIES RELATING TO POLITICAL AND ECONOMIC CONDITIONS IN ARGENTINA, INCLUDING THE POLICIES OF THE GOVERNMENT IN ARGENTINA; SIGNIFICANT ECONOMIC OR POLITICAL DEVELOPMENTS IN MEXICO AND THE UNITED STATES; UNCERTAINTIES RELATING TO FUTURE ELECTION RESULTS IN ARGENTINA AND MEXICO; CHANGES IN LAW, RULES, REGULATIONS AND INTERPRETATIONS AND ENFORCEMENTS THERETO APPLICABLE TO THE ARGENTINE AND MEXICAN ENERGY SECTORS, INCLUDING CHANGES TO THE REGULATORY ENVIRONMENT IN WHICH WE OPERATE AND CHANGES TO PROGRAMS ESTABLISHED TO PROMOTE INVESTMENTS IN THE ENERGY INDUSTRY; ANY UNEXPECTED INCREASES IN FINANCING COSTS OR AN INABILITY TO OBTAIN FINANCING AND/OR ADDITIONAL CAPITAL PURSUANT TO ATTRACTIVE TERMS; ANY CHANGES IN THE CAPITAL MARKETS IN GENERAL THAT MAY AFFECT THE POLICIES OR ATTITUDE IN ARGENTINA AND/OR MEXICO, AND/OR ARGENTINE AND MEXICAN COMPANIES WITH RESPECT TO FINANCINGS EXTENDED TO OR INVESTMENTS MADE IN ARGENTINA AND MEXICO OR ARGENTINE AND MEXICAN COMPANIES; FINES OR OTHER PENALTIES AND CLAIMS BY THE AUTHORITIES AND/OR CUSTOMERS; ANY FUTURE RESTRICTIONS ON THE ABILITY TO EXCHANGE MEXICAN OR ARGENTINE PESOS INTO FOREIGN CURRENCIES OR TO TRANSFER FUNDS ABROAD; THE REVOCATION OR AMENDMENT OF OUR RESPECTIVE CONCESSION AGREEMENTS BY THE GRANTING AUTHORITY; OUR ABILITY TO IMPLEMENT OUR CAPITAL EXPENDITURES PLANS OR BUSINESS STRATEGY, INCLUDING OUR ABILITY TO OBTAIN FINANCING WHEN NECESSARY AND ON REASONABLE TERMS; GOVERNMENT INTERVENTION, INCLUDING MEASURES THAT RESULT IN CHANGES TO THE ARGENTINE AND MEXICAN, LABOR MARKETS, EXCHANGE MARKETS OR TAX SYSTEMS; CONTINUED AND/OR HIGHER RATES OF INFLATION AND FLUCTUATIONS IN EXCHANGE RATES, INCLUDING THE DEVALUATION OF THE MEXICAN PESO OR ARGENTINE PESO; ANY FORCE MAJEURE EVENTS, OR FLUCTUATIONS OR REDUCTIONS IN THE VALUE OF ARGENTINE PUBLIC DEBT; CHANGES TO THE DEMAND FOR ENERGY; UNCERTAINTIES RELATING TO THE EFFECTS OF THE COVID-19 OUTBREAK AND ITS DIFFERENT VARIANTS; THE EFFECTS OF A PANDEMIC OR EPIDEMIC AND ANY SUBSEQUENT MANDATORY REGULATORY RESTRICTIONS OR CONTAINMENT MEASURES; ENVIRONMENTAL, HEALTH AND SAFETY REGULATIONS AND INDUSTRY STANDARDS THAT ARE BECOMING MORE STRINGENT; ENERGY MARKETS, INCLUDING THE TIMING AND EXTENT OF CHANGES AND VOLATILITY IN COMMODITY PRICES, AND THE IMPACT OF ANY PROTRACTED OR MATERIAL REDUCTION IN OIL PRICES FROM HISTORICAL AVERAGES; CHANGES IN THE REGULATION OF THE ENERGY AND OIL AND GAS SECTOR IN ARGENTINA AND MEXICO, AND THROUGHOUT LATIN AMERICA; OUR RELATIONSHIP WITH OUR EMPLOYEES AND OUR ABILITY TO RETAIN KEY MEMBERS OF OUR SENIOR MANAGEMENT AND KEY TECHNICAL EMPLOYEES; THE ABILITY OF OUR DIRECTORS AND OFFICERS TO IDENTIFY AN ADEQUATE NUMBER OF POTENTIAL ACQUISITION OPPORTUNITIES; OUR EXPECTATIONS WITH RESPECT TO THE PERFORMANCE OF OUR RECENTLY ACQUIRED BUSINESSES; OUR EXPECTATIONS FOR FUTURE PRODUCTION, COSTS AND CRUDE OIL PRICES USED IN OUR PROJECTIONS; UNCERTAINTIES INHERENT IN MAKING ESTIMATES OF OUR OIL AND GAS RESERVES, INCLUDING RECENTLY DISCOVERED OIL AND GAS RESERVES; INCREASED MARKET COMPETITION IN THE ENERGY SECTORS IN ARGENTINA AND MEXICO; AND POTENTIAL CHANGES IN REGULATION AND FREE TRADE AGREEMENTS AS A RESULT OF U.S., MEXICAN OR OTHER LATIN AMERICAN POLITICAL CONDITIONS. FURTHER INFORMATION CONCERNING RISKS AND UNCERTAINTIES ASSOCIATED WITH THESE FORWARD-LOOKING STATEMENTS AND VISTA'S BUSINESS CAN BE FOUND IN VISTA'S PUBLIC DISCLOSURES FILED ON EDGAR (WWW.SEC.GOV) OR AT THE WEB PAGE OF THE MEXICAN STOCK EXCHANGE (WWW.BMV.COM.MX).

FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE ON WHICH THEY WERE MADE, AND WE UNDERTAKE NO OBLIGATION TO RELEASE PUBLICLY ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN BECAUSE OF NEW INFORMATION, FUTURE EVENTS OR OTHER FACTORS. IN LIGHT OF THESE LIMITATIONS, UNDUE RELIANCE SHOULD NOT BE PLACED ON FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESENTATION. YOU SHOULD NOT TAKE ANY STATEMENT REGARDING PAST TRENDS OR ACTIVITIES AS A REPRESENTATION THAT THE TRENDS OR ACTIVITIES WILL CONTINUE IN THE FUTURE. ACCORDINGLY, YOU SHOULD NOT PUT UNDUE RELIANCE ON THESE STATEMENTS. THIS PRESENTATION IS NOT INTENDED TO CONSTITUTE AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE.

OTHER INFORMATION

VISTA ROUTINELY POSTS IMPORTANT INFORMATION FOR INVESTORS IN THE INVESTOR RELATIONS SUPPORT SECTION ON ITS WEBSITE, WWW.VISTAENERGY.COM. FROM TIME TO TIME, VISTA MAY USE ITS WEBSITE AS A CHANNEL OF DISTRIBUTION OF MATERIAL INFORMATION. ACCORDINGLY, INVESTORS SHOULD MONITOR VISTA'S INVESTOR RELATIONS WEBSITE, IN ADDITION TO FOLLOWING VISTA'S PRESS RELEASES, SEC FILINGS, PUBLIC CONFERENCE CALLS AND WEBCASTS.

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AGENDA

Welcome

▪ Alejandro Cherñacov - Co-founder and Strategic Planning & Investor

Relations Officer

Accelerating value creation with a larger, more efficient and sustainable company

▪ Miguel Galuccio - Founder, Chairman of the Board and Chief Executive Officer

Reinforcing our 2026 net zero ambition for scope 1 & 2 emissions

▪ Gabriela Prete - Sustainability & QHSE Manager

Operational excellence expected to drive further growth, efficiency and value

▪ Juan Garoby - Co-founder and Chief Operating Officer

▪ Matías Weissel - Operations Manager

Our path to continue delivering superior total shareholder return

▪ Pablo Vera Pinto - Co-founder and Chief Financial Officer

▪ Alejandro Cherñacov

Q&A

03

ACCELERATING VALUE CREATION

WITH A LARGER, MORE EFFICIENT AND SUSTAINABLE COMPANY

MIGUEL GALUCCIO

FOUNDER, CHAIRMAN AND CHIEF EXECUTIVE OFFICER

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DELIVERING ON OUR ORIGINAL

5-YEAR VISION

Production

Mboe/d

Adj. EBITDA (2)

$MM

Adj. EBITDA margin

%

De-risked Vaca Muerta Acreage

M acres

P1 Reserve Valuation (3)

$ Bn

2018 (1)	2023
24.5	~65.0
	Exit rate Dec-23F
195	~900
	Q4-23F annualized
	run rate
45%	67%
	LTM
54	200+
	current
0.6	3.2
	YE 2022

Δ

+2x

+4x

+22 p.p.

~4x

~5x

Our vision as presented

(1)	Includes Q1 2018 pro forma results aggregating production and costs from assets acquired	(3)	conventional assets + Impairment (recovery) of long-lived assets + other adjustments
(2)	on April 4, 2018	Based con Company reserves reports as filed with the SEC. YE-18 reserves valued at 65.0
Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial	(4)	$/bbl and YE-22 reserves valued at 72.3 $/bbl
	results, net + Depreciation, depletion and amortization + Transaction costs related to	Data from our Investor Presentation dated February 19, 2018
	business combinations + Restructuring and reorganization expenses + Gain related to the
	transfer of conventional assets + Other non-cash costs related to the transfer of

05

during the initial business combination (4)