Central Puerto Sa · BCBA:CEPU
Central Puerto Sa — Investor Presentation (December 2025)
25 slides from Central Puerto Sa's investor presentation, December 2025
Slide 1: Investor presentation
Investor presentation December 2025 - Buenos Aires
Slide 2: Disclaimer
Disclaimer Additional information about Central Puerto can be found in the Investor Support section on the website at www.centralpuerto.com. This presentation does not contain all the Company’s financial information. As a result, investors should read this presentation in conjunction with Central Pu
Slide 3: Who we are
Who we are Established in 1992 as a privately - owned company, 100 % of our shares are listed on the Buenos Aires Stock Exchange (BYMA) under the regulatory framework of the CNV (Argentina's Securities Commission), and on the New York Stock Exchange (NYSE) under U .S . SEC regulations (since Februar
Slide 4: Central Puerto at a glance
Central Puerto at a glance Company highlights Company’s highlights Installed capacity Activity Revenue model Generation volumes 3 Q 25 LTM Sustainable power generation revenue 6 ,938 MW in 16 assets 20 ,057 GWh/year Near 100% US$ - denominated energy revenues (Resolution 400/25) Installed capacity b
Slide 5: Concession extension Piedra del Águila hydro plant
Concession extension Piedra del Águila hydro plant Central Puerto was awarded the Piedra del Águila concession for 30 years, with a bid of US$ 245 million. ✓ New energy and capacity prices: 1,733 US$/MW - month affected by maintenance hours and available capacity. Energy: 3.5 US$/MWh (when dispatche
Slide 6: Power market normalization initiated
Power market normalization initiated Resolution 400/25 (Oct 21, 2025) outlines a gradual roadmap to liberalize Argentina’s Wholesale Electricity Market (WEM), progressively reintroducing long - term value creation, contracts and competitive dynamics . ✓ Contract market optionality for spot thermal :
Slide 7: Delivering results through the years
Delivering results through the years Central Puerto’s historical performance Revenues from sales (US$ MM) Adjusted EBITDA (US$ MM) (Breakdown by contract type) 777.4 69 671.3 73 87 566.1 536.9 74 510.2 390.8 66 271 301 223 271 376.3 316.9 276.8 288 317.5 324 310.2 224 267 211 26 36 19.9 37.1 16.8 13
Slide 8: Availability rates of thermal units
Availability rates of thermal units(1) Combined Cycles (%) 100% 100% 99% 100% 100% 91% 88% 91% 87% 88% 92% 93% 90% 91% 2021 85% 79% 2022 68% 65% 2023 2024 2025 YTD Since 2023 Central Puerto complex Central Constanera complex Lujan de Cuyo San Lorenzo Steam & Gas turbines (%) 96% 95% 97% 93% 84% 88%
Slide 9: Leading power generation portfolio
Leading power generation portfolio Asset overview Geographic footprint Plant Technology 2026E Nominal 2024 (4) 2024 spot sales 2024 MATER/ Location CEPU PPA contract Installed Generation (GWh) PPA sales (GWh) (Province) commercial term capacity (1) (GWh ) operating date (year) (MW) 1 Central Costane
Slide 10: Consistent growth of installed capacity
Consistent growth of installed capacity Installed capacity growth (in MW) (1992 - 2000) (2018) (2020) Wind farms (2023) (2025) End of 2025 Installed capacity • Central Puerto & • Luján de Cuyo CC • La Genoveva I, • Central Costanera • Closing of B. Lopez breakdown by technology mix and Puerto Nuevo
Slide 11: Portfolio ready to expand: Ongoing growth project & EBITDA outlook
Portfolio ready to expand: Ongoing growth project & EBITDA outlook Projects completed in 2025 and underway, Supported by robust adding 440 MW and ~35% business fundamentals EBITDA growth + Hydro ~35% EBITDA concession renewal. growth plan BESS EBITDA 2H 2027 San Carlos ✓ .Solar 6,783 21,205 777 317.
Slide 12: Growth projects status update
Growth projects status update 2025 projects completed and next-to-completion 1. Cafayate solar farm 2. San Carlos solar farm. 3. Brigadier Lopez: closing of 4. 30 - year concession renewal of • Completed and in operation. • Completed and in operation combined cycle Piedra del Águila: • Acquired Aug.
Slide 13: Strong balance sheet and financial flexibility
Strong balance sheet and financial flexibility Debt maturity profile 3Q25 key financial events Outstanding financial debt as of Sept 30, 2025 • CORPORATE BOND ISSUANCE: August 2025 - Class C Corporate Bond issuance of 292.1 Corporate Bond US$ 89 MM , 8.00% Bullet due 2029. Corporate Loan Project fin
Slide 14: Electricity market overview– Argentina
Electricity market overview– Argentina T otal installed capacity Energy generation Total domestic demand in (Annual balance – Sept 2025) 3Q25 2Q25 3Q25 2Q25 43,887 MW 34,342 GWh 34,118 GWh 35,255 GWh 33,455 GWh 18% 18% 16% 26% 27% 4% 8% 8% 47% 46% 51% 52% 57% 23% 22% 23% 27% 27% Hydro Thermal Commer
Slide 15: Appendix
Appendix • New spot prices, Resol. 400/25 • Historical financial summary • ESG & Sustainability data • Non-core asset details
Slide 16: Thermal spot generation capacity remuneration
Thermal spot generation capacity remuneration Expected 2026 spot thermal capacity prices, pursuant to Resolution 400/25 : Theoretical capacity prices US$/MW - month Wint/ Summ Other Average Natural gas –only equipment 6,148 5,212 5,680 Dual - fuel equipment (natural gas + alternative fuel) 8,020 5,6
Slide 17: Thermal spot generation Hourly energy remuneration
Thermal spot generation Hourly energy remuneration Expected 2026 spot thermal energy prices, pursuant to Resolution 400/25 : Formula: Hourly remuneration = CVP + RMA CVP = Published by CAMMESA biweekly. RMA = CVP + (Marginal hourly cost CMOh x Node loss factor – CVP) x FRA x FRC Adapted Marginal Ren
Slide 18: Historical financial summary: Income Statement & dividend distribution
Historical financial summary: Income Statement & dividend distribution Consolidated Statement of Income and Income statement Δ% y/y 3Q 2025 3Q 2025 Comprehensive Income (in US$ MM) 2024 2023 2022 2021 (in US$ MM) 2024 2023 2022 (2025 LTM LTM LTM/2024) Sept 30, 2025 Sept 30, 2025 Revenues 777.4 671.3
Slide 19: ESG & Sustainability data: ESG in the center of our business
ESG & Sustainability data ESG in the center of our business Biodiversity protection Conservation of Pampas Meadowlark ( leiste s defilippii ) Environment, Quality, Health & Safety Sustainable grassland management practice Integrated Management System We have an Quality Environmental Health & Safety
Slide 20: ESG & Sustainability data: Strong corporate governance
ESG & Sustainability data Strong corporate governance Corporate governance framework Ownership composition (Dec 2024) 100% of our shares are publicly listed in Our corporate governance framework is built on internationally recognized best BYMA ( Arg ) and NYSE (US). practices and guided by strict st
Slide 21: Non-core asset details: non-controlling interest in three thermal plants
Non-core asset details non-controlling interest in three thermal plants Total capacity installed in ENARSA’s combined cycle plants of 2,554 MW and total annual generation of 823.5 GWh in 2024 (at working interest). San Martín Manuel Belgrano Vuelta de Obligado Installed capacity: 865 MW Installed ca
Slide 22: Non-core asset details: Largest private forestry asset owner
Non-core asset details Largest private forestry asset owner across +160,000 hectares About Forestal Argentina: Geographic footprint of forestry asset We own and operate +160,000 hectares across 8 fields through our fully - owned subsidiary Forestal Argentina (1) . Our fields are located in the Mesop
Slide 23: Non-core asset details: Flexible corporate venture capital in mining and lithium
Non-core asset details Flexible corporate venture capital in mining and lithium Business driver Lithium Gold / Silver Geographic footprint of Investment vehicle Corporate Venture Capital (CVC) : Flexible, low - exposure, high - return potential. Lithium and Mining projects Catamarca, Argentina (Lith
Slide 24: Glossary of terms
Glossary of terms BCRA Argentine Central Bank BYMA Bolsas y Mercados Argentinos – Argentine stock exchange. CAPEX Capital Expenditures. CNV Comisión Nacional de Valores – Argentina’s securities regulator. COGS Cost of goods sold. EPS Earnings per share – Net income divided by the number of shares. I
Slide 25: Contact
Contact inversores@centralpuerto.com (contact us or to subscribe to our Distribution List) www.centralpuerto.com Phone +5411 4317 5000 Headquarters location Av. Tomas Alva Edison 2701, Dock E, City of Buenos Aires Port. Follow us on LinkedIn Central Puerto
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