Central Puerto SaBCBA: CEPU

Investor presentation (4Q25 Investor Presentation Mar26 v2)

· Issued by Central Puerto Sa
Investor

March 2026

J> Centra/

mJ#uerfo

Corporate venture



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 February 2018). Our ticker is "CEPU"(1).

We are the largest electricity generation company in Argentina, with 6,938 MW of installed capacity diversified between thermal and renewable technologies. We own and operate 16 generation plants distributed throughout the country. Our growth initiatives in 2025 included the acquisition of the Cafayate solar farm (80 MW), the completion of the Brigadier López closing of the combined cycle (140 MW) and the San Carlos solar project (15 MW). In 2026, we will develop 205 MW of battery storage systems (BESS), which are scheduled to enter commercial operation by the end of the year. In December 2025, we secured additional 30 years of operations of the Piedra del Águila hydroelectric plant (until 2055). Our strong operating performance, disciplined execution and a robust financial position are the foundation of our competitive advantage, support our long-term leadership in the Argentine electricity market and enable the generation of attractive returns for investors.

Our value proposition

Sustain market leadership and seize the evolving economic landscape by adding

top-remunerated capacity.

Disciplined growth

Maintain liquidity, strong free cash flow generation and low net leverage ratio to grow and uphold resiliency.

Financial strength

Drive balanced return in a sustainable business model.

Investor return

Assess strategic optionality with flexibility, low exposure and potential high return.

  1. Our common shares are listed on the BYMA under the symbol "CEPU". During 2025, the volume traded on the BYMA amounted to 308,113,408 shares. The total number of shares subscribed and integrated on December 31, 2025, was 1,513,770,222, of which 100% were listed and available to trade on the Buenos Ares Stock Exchange. Since February 2018, our ADSs representing our common shares began to trade on the NYSE under the symbol "CEPU". In 2025, the volume of ADRs traded on the NYSE amounted to 85,605,051, equivalent to 856,050,510 common shares. Consequently, the total trading volume of our common shares during 2025 was 1,164,163,459.

    3

Photo: Corporate headquarters.

4













Central Puerto at a glance in 2025

Installed capacity

6,938 MW in 16 assets

Installed capacity breakdown:

71%

Thermal

21%

Hydro

8%

Renewables

Additional capacity from BESS projects to add 205 MW

Activity

Generation volumes 2025

18,598 GWh/year

Generation volumes breakdown:

74%

Thermal

17%

Hydro

9%

Renewables

15% market share (annual based) Largest energy generator in total Argentine Interconnection System (SADI).

Revenue model

Sustainable power generation revenue

Revenues overview

US$ 783 MM

97%

43%

2025

Revenues

US$-denominated revenues in December 2025

Adj. EBITDA

margin / revenues

2025 CAPEX

US$ 202 MM

Completed in 2025

95 MW solar 140 MW thermal CC

Initiated in 2025

205 MW BESS

Expected COD Dec2026

Secured in 2025

+ 30 years of Piedra del Águila

hydro plant

Economic growth

Solid Adjusted EBITDA and financial ratios

Adjusted EBITDA

US$ 337.2 MM

Net leverage ratio

0.3 x

Outstanding net debt (Dec.25)

US$ 106.3 MM

Non-core business

Largest private investor in forestry, solid position in 3 thermal assets and supporting mining projects.



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 dispatched), 1.39 US$/MWh (available). The price doubles between 18:00 and 23:00 hours in December, January, February, June, July, and August.

  • Optionality for sales under contract: Gradual increase in the capacity allowed for sales under contracts: 5% in 2026/2027, increasing by 5% every two years (10% in 2028/2029, etc.).

  • Revenues denominated in U.S. dollars, reducing FX and inflation risk.

  • US Inflation indexes adjustment: Annual revisions.

  • Maintenance plan: Asset preservation plan.

  • Concession Fee of US$ 245 MM paid in January 2026.

    5

  • Central Puerto will operate the plant for an additional 30 years, after having operated it for 32 years.



    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: Thermal generators gain significant flexibility to add contracts n the new Thermal Term Market (MAT) for up to 20% of their production to Large Users (GUDIs) and the remaining up to 100% to Distribution Companies (Distcos) or the spot market.

    • Spot remuneration restored: The new spot remuneration mechanism establishes a margin on top of Variable Production Costs (CVP), supporting long-term value creation for generators.

    • US$-denominated revenues, reducing currency and inflation risk.

    • Fuel management: The responsibility for fuel management is transferred from CAMMESA to generators. In the transition, existing Plan Gas remains until 2028.

    • Phased Implementation: The transition will be managed through a phased approach. Importantly, all existing power contracts will remain in force until their natural expiration, ensuring market continuity and stability during the shift.

    • Marginalist market model re-established. Revenue rebalancing outlook from our prevailing thermal spot segment.

6

See slides 16 & 17 for Resolution 400/25 thermal spot prices detail.





Delivering results through the years



Central Puerto's historical performance

Revenues from sales (US$ MM)

Adjusted EBITDA (US$ MM)

(Breakdown by contract type)

211

271

267

223

224

301

324

271

320

393

671.3

782.6

510.2 566.1 536.9





Capex (US$ MM)

Generation (GWh/year)

Market share

14,419

17,484

18,598



7



20,773 21,605





Spot thermal ST/GT Spot thermal CC Thermal PPA

Hydro

Renewables

  1. FONINVEMEM collections are monthly proceeds from an outstanding commercial credit with CAMMESA. As of Dec 2025, outstanding credit was US$ 118.0 MM and will continue being collected in monthly installments until May 2028.





Availability rates of thermal units (1)

Combined Cycles (%)

Since 2023



Central Puerto complex

Central Costanera complex

Lujan de Cuyo

San Lorenzo

2021

2022

2023

2024

2025

Steam & Gas turbines (%)

Since 2023



Central Puerto complex

Central Costanera complex

Brigadier Lopez

8

  1. Availability reported by CAMMESA, based on the total installed capacity of each power plant.



    Leading power generation portfolio

    9

    Plant

    Technology

    Installed capacity

    (MW)

    Location

    (Province)

    CEPU

    commercial

    operating date

    Spot, Contracts and PPA exp. date

    1

    Central Costanera

    Thermal (4 ST / 3 CC)

    1,789

    City of Buenos Aires

    Feb.23

    Spot/Contracts

    2

    Central Puerto

    Thermal (5 ST / 2 CC)

    1,747

    City of Buenos Aires

    1992 2000

    Spot/Contracts

    3

    Piedra del Águila

    Hydro

    1,440

    Río Negro

    1994

    Spot/Contracts

    4

    Luján de Cuyo

    Thermal

    576

    Mendoza

    2019

    2034

    5

    San Lorenzo

    Thermal

    391

    Santa Fé

    2021

    2035

    6

    Brigadier Lopez

    Thermal CC

    421

    Santa Fé

    2019/2026

    2035

    7

    Genoveva I

    Wind

    88.2

    Buenos Aires

    2020

    2040

    8

    Genoveva II

    Wind

    41.8

    Buenos Aires

    2020

    2029

    9

    La Castellana I

    Wind

    100.8

    Buenos Aires

    2019

    2040

    10

    La Castellana II

    Wind

    15.2

    Buenos Aires

    2020

    2034

    11

    Guañizuil II

    Solar

    105

    San Juan

    Oct.23

    2041

    12

    Manque

    Wind

    57

    Córdoba

    2020

    2040

    13

    Achiras I

    Wind

    48

    Córdoba

    2020

    2040

    14

    Los Olivos

    Wind

    22.8

    Córdoba

    2020

    2030

    15

    San Carlos

    Solar

    15

    Salta

    2025

    2035

    16

    Cafayate

    Solar

    80

    Salta

    2025

    2039

    16 Plants

    6,938

    MW

    Asset overview Geographic footprint





    Consistent growth of installed capacity

    Installed capacity growth (in MW)

    (1992-2000)

    • Central Puerto & Puerto Nuevo ⁽¹⁾



    • (1994) Piedra del Águila ⁽²⁾

      (2017)

    • Luján de Cuyo thermal facility + mini hydro.

      (2018)

    • Luján de Cuyo CC (+95 MW)

      (2019)

    • Brigadier Lopez (291 MW)

    • Wind farms: La Castellana I, La Castellana II, La Genoveva II, Achiras (206 MW).

      (2020)

    • Wind farms: La Genoveva I, Manque, Los Olivos (total 168 MW).

      (2021)

    • San Lorenzo (391 MW)

      (2023)

      • Central Costanera (1,789 MW)

      • Guañizuil II solar farm (105 MW)

        (2025)

    • Closing of B. Lopez CC (140 MW)

    • San Carlos (15 MW)

    • Cafayate (80 MW)







      2025

      Installed capacity breakdown by

      technology mix and revenue model:



      6,938 MW

      21%

      23%

      7 wind &

      3 solar farms

      8%

      20%

      28%

      71% thermal

      in 5 plants





      Spot ST/GT Thermal Spot CC Thermal

      PPA Thermal

      Spot Hydro

      PPA Renewables



      1. Our Nuevo Puerto and Puerto Nuevo thermal generation plants are equipped with five steam turbine-generator units in the aggregate and have an installed capacity of 360 MW and 589 MW, respectively. The third plant, the Puerto combined cycle plant has two gas turbines, two heat recovery steam generators and a steam turbine, and it has a total installed capacity of 798 MW. Total installed capacity of 1,747 MW.

      2. In November 2025, Central Puerto was awarded Piedra del Aguila concession extension, until 2055.



      Portfolio ready to expand:

      2025 Achieved growth projects impact

      2025 business segment breakdown and analysis

2025 New Projects completed Added 440 MW and ~25% 2026 EBITDA

growth compared to 2025.

Additionally, capex 2026: i) obtained hydro concession extension for 30 years,

ii) BESS projects from ALMA GBA plan.

6,938

MW

Installed capacity

18,598

GWh Generation Volume

782.6

US$MM

2025

Revenues

337.2

~ 45% 2026E EBITDA

growth



US$ MM

2025





















11

San Carlos

Solar 15 MW

CC project

B. Lopez 140 MW

Cafayate

acquisition solar 80 MW

BESS CEPU

150 MW

BESS CECO

55 MW

Piedra del

Águila renewal 1,440 MW



Adj. EBITDA

Growth projects: Status update

2025 projects completed:

Cafayate solar farm

San Carlos solar farm

Brigadier Lopez

Piedra del Águila

  • Completed and in operation.

  • Acquired Aug. 25 US$ 48.5 MM.

  • 80 MW 2019 capacity.

  • Salta.

  • Completed and in operation

  • Capex: US$ 20 MM.

  • Capacity: 15 MW.

  • Salta.

    • Completed and in operation.

    • Closing of combined cycle.

    • Capex: US$ 180 MM.

    • Capacity: 140 MW CC.

    • Santa Fé.

    • Completed . Operating

    • 30-year concession renewal.

    • Dec. 2025.

    • Fee US$ 245 MM paid in Jan26.

    • Capacity: 1,440 MW.

      Projects 2026: Battery energy storage system (BESS)

      Two BESS projects were awarded in August 2025, with COD expected by year-end 2026.

      Central Puerto BESS project

Central Costanera BESS project

Details:

  • 150 MW. Lithium (LFP). Contemporary Amperex Technology Co., Limited (CATL)

  • Offtaker: Edenor

    Revenues:

  • 11,147 US$/MW-month per hour (RTE up to 5 hours).

    12

  • 10 US$/MWh variable (energy discharged). Energy fuel cost 20 US$/MWh (approx. 15%)

  • 55 MW. Lithium (LFP). Contemporary Amperex Technology Co., Limited (CATL)

  • Offtaker: Edesur

    Revenues:

  • 10,161 US$/MW-month per hour (RTE up to 5 hours).

  • 10 US$/MWh variable (energy discharged). Energy fuel cost 20 US$/MWh (approx. 15%).

  • Contract term: 15 years.

  • Estimated capex: US$ 130-140 MM (both

    projects).

  • Energy nominated and supplied by CAMMESA (at no additional cost and with no energy price arbitrage).





Strong balance sheet and financial flexibility

Debt maturity profile

Outstanding financial debt as of Dec 31, 2025







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•



•



•





































13

•

2025 Argentina power market summary

Demand & Generation Overview

Annual electricity demand



  • Annual electricity generation









  • ▪

    ▪

    ▪

    ▪

    ▪















Local Demand Breakdown

▪

▪



▪

▪

Fuel type

Natural gas

•

•

•

•











Gasoil Coal Fuel Oil TOTAL

2024









(TJ/yr)

2025







(TJ/yr)

Y-o-y Var.%













Source: CAMMESA

14

*Energy equivalence to Tj: Natural gas Mm³=38 Tj, Gas Oil MMm³=36 Tj, Coal Mton=24 Tj, Fuel Oil Mton=40 Tj.



Appendix

  • New spot prices, Resol. 400/25

  • Historical financial summary

  • ESG & Sustainability data

  • Non-core asset details

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

5,680

6,850

New dual-fuel equip. (natural gas + alternative fuel - new unit)

16,020

13,680

14,850

Dual-fuel (natural gas + alternative fuel) + Res. 294/94 (ST, GT)

10,520

5,680

8,100

Note: Internal estimates based on capacity-payment hours in a typical month: 390 hours. Case: self-managed fuel supply.

Formula:

PAD x KP x capacity remuneration hours + reliability reserve

Parameters:

PPAD (US$/MW availab. hrp)

12

KP natural gas-only equipment

Wint/Summ 1,1

Other 0,9

KP dual-fuel equipment (natural gas + alternative fuel)

Wint/Summ 1,5

Other 1

Reliability reserve (legacy) (US$/MW month)

1,000

Reliability reserve (new asset) (US$/MW month)

9,000

16





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 Rent (RMA) (US$/MWh)

2, CVP below 60

7, CVP =/+60

Adapted Rent Factor (FRA) - legacy with fuel

0.15 (2026)

0.25 (2027)

0.35 (2028+)

Adapted Rent Factor (FRA)

1 new asset

1With firm NG tpt

0 without self fuel

Corrected Rent Factor (FRC) - generation with NG under agreement (supplied by CAMMESA)

0.8 (2025/26)

0.6 (2027)

0.5 (2028)

Costo Marginal horario (CMOh US$/MWh) histórico:

17





Historical financial summary:

Dividends distributed 2022-2024

(US$/ADR) (1)



Consolidated Statement of Income and Comprehensive Income (in US$ MM)

2025

2024

2023

2022

Revenues

782.6

671.3

536.9

566.1

Cost of Sales

-501.8

-407.2

-359.4

-298.4

Gross Income

280.8

264.2

177.5

267.7

Administrative and selling expenses

-72.5

-70.3

-53.2

-41.8

Other operating income

92.0

112.7

372.8

201.7

Other operating expenses

-76.9

-37.3

-22.0

-3.4

Impairment of property, plant and equipment and intangible assets

41.8

-98.9

54.4

-79.2

Operating Income

265.1

170.3

529.5

345.0

Gain (loss) on net monetary position

3.0

-17.1

-215.4

-171.5

Financial income

89.8

107.8

354.4

144.7

Financial costs

-172.4

-154.6

-537.0

-244.2

Share of profit (loss) of associates

45.5

15.7

8.6

0.7

Gain (loss) on fair value valuation of acquisitions

94.5

2.3

0.0

0.0

Gain (loss) from bargain purchase

0.0

0.0

89.9

68.7

Income before Income tax

325.6

124.6

230.0

143.5

Income tax for the period

-71.5

-72.6

-36.7

-37.5

Net Income for the period

254.1

52.0

193.3

106.0

Basic and diluted earnings per share

0.17

0.03

0.13

0.07

Income statement (in US$ MM)

2025

2024

2023

2022

Income Statement

Revenues

782.6

671.3

536.9

566.1

Adjusted EBITDA

337.2

288.0

277.8

344.0

Net income

Net Income for the period

254.1

52.0

193.3

106.0

Revenue margin ratios

Gross income margin %

36%

39%

33%

47%

Adjusted EBITDA margin

43%

43%

52%

61%

Income Statement & dividend distribution

18



(1) Historical dividends figures were converted from AR$ (Please refer to page 224 of 20-F Report 2024and https://www.adr.com/CEPU).



ESG & Sustainability data

Strong corporate governance

Corporate governance framework Ownership composition (Dec. 2025)

Our corporate governance framework is built on internationally recognized best practices and guided by strict standards of transparency, efficiency, ethics, investor protection, and equal treatment of shareholders.

Our Corporate Governance Code aligns with the principles set forth by the CNV (Comisión Nacional de Valores).

We have implemented a robust Code of Ethics and an Internal Code of Conduct, which define clear expectations for professional conduct, integrity, and employee performance. These frameworks support a culture of accountability across all levels of the organization.

Corporate Management & Board highlights

  • According to our bylaws, the Board of Directors consists of nine members, appointed for

    three-year terms, with one-third of its composition renewed periodically.

  • 45% (4 members) of our Board of Directors qualifies as independent, based on CNV criteria (may differ from those defined by the NYSE and NASDAQ standard of independence), 1 member (11% of total Board members) is a woman.

  • No controlling shareholder group, supporting fair and transparent decision-making.

  • Internal Oversight Committees: Audit Committee and Supervisory Commission.

  • Experienced management with extensive industry expertise and strongly aligned with

19

Central Puerto's corporate governance principles.

100% of our shares are publicly listed in

Our common shares are listed on the BYMA under the symbol "CEPU". During 2025, the volume traded on the BYMA amounted to 308,113,408 shares. The total number of shares subscribed and integrated on December 31, 2025, was 1,513,770,222, of which 100% were listed and available to trade on the Buenos Ares Stock Exchange. Since February 2018, our ADSs representing our common shares began to trade on the NYSE under the symbol "CEPU". In 2025, the volume of ADRs traded on the NYSE amounted to 85,605,051, equivalent to 856,050,510 common shares. Consequently, the total trading volume of our common shares during 2025 was 1,164,163,459.

83.0%

17.0%



BYMA (Arg) and NYSE (US).





ESG & Sustainability data

ESG in the center of our business

Sustainability is present in every stage of our activities and, together with environmental management, constitutes one of the pillars of our business.



Biodiversity protection

Conservation of Pampas Meadowlark

(leistes defilippii)

Environment, Quality, Health & Safety Integrated Management System

20

Site

Quality ISO 9001:2015

Environmental

ISO 14001:2015

Health & Safety

ISO 45001:2018

Piedra del Águila (hydro)

Brigadier Lopez (thermal)

Achiras (wind)

Manque (wind)

Los Olivos (wind)

La Genoveva I (wind)

La Genoveva II (wind)

La Castellana I (wind)

La Castellana II (wind)

Luján de Cuyo (thermal)

C. Puerto complex (thermal)

C. Costanera complex (thermal)

We have an Integrated Management System (SIG) that identifies sustainable and participatory processes, which allows us to implement, in our daily activities, the principles established by the Board in the Integrated Policy of Environment, Quality, Health & Safety. Our SIG is ISO 9001, 14001 and 45001 certified.

Sustainable grassland management practice

Avoid

natural grazing from turning into grain crops or winter grass pasture.

Dispense

with the use of herbicide and, above all, insecticide.

Handle

the livestock load depending on the season.

Conduct

controlled grazing fires, except during the

reproduction period.

Absolute emissions (Tn CO2e)

Scope 1 & 2 Emissions intensity (Tn CO2e/Thermal MWh)

0.51

0.47

0.52

0.46



Minimizing emissions: Next-to-zero GHG intensity in thermal generation and steam production





Non-core asset details

non-controlling interest in 3 thermal plants

San Martín

Manuel Belgrano

Vuelta de Obligado

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).

Plants

overview

Installed capacity:

865 MW

Technology:

Thermal Combined Cycle

Commercial operation year:

2010

Ownership transfer:

2020 to ENARSA

Installed capacity:

873 MW

Technology:

Thermal Combined Cycle

Commercial operation year:

2010

Ownership transfer:

2020 to ENARSA

Installed capacity:

816 MW

Technology:

Thermal Combined Cycle

Commercial operation year:

2018

Ownership transfer year:

2028

Operator:

Central Puerto

Outstanding credit for CEPU:

As of Dec31 2025, US$ 118.6 MM.

Public Sector

Other

Public Sector

Other

Other

Ownership structure



21

(1) FONINVEMEM: A financing mechanism established by Argentina's energy regulator to develop new power generation assets. Under this scheme, CAMMESA (the wholesale electricity market administrator) recognizes and repays investments made by private companies, adjusted by interest rate (e.g., SOFR + spread) over a defined period.

(2) Secured financing rate.



Non-core asset details

Largest private forestry asset owner across +160,000 hectares

About Forestal Argentina:

We own and operate +160,000 hectares across 8 fields through our fully-owned subsidiary Forestal Argentina(1). Our fields are located in the Mesopotamia, Argentina, across Misiones, Formosa, Chaco, Corrientes and Entre Ríos provinces.

Annual production capacity covers 1.8 million m3 for over 50 customers through 4 forest-industrial regional hubs. The business delivered US$ 20 MM in revenue and US$ 5 MM in EBITDA in 2024. Ongoing expansion includes planting over 3,000 hectares annually, entirely

Geographic footprint of forestry asset

San Miguel

Forestry assets by

destination:

Forest Lands

20,293 Ha.

Eucalyptus

26,049 Ha.

Pine

44,880 Ha.

Protected Areas

58,195 Ha.

Property Facilities

11,037 Ha.

Total

160,453 Ha.⁽¹⁾

financed by operating cash flow.

Forestry trading multiples

South America comparable transactions

(US$/Hectare)

2004

2023

2024

(1) Additional resources: Website: Forestal Argentina and section "Foray into the Forestry Business" of our 2024 20-F report

Saladas San Roque

La Cruz

Concepción

Virasoro Paso de los Libres

Concordia

22





Non-core asset details

Flexible corporate venture capital in mining and lithium

Business driver

Lithium

Gold / Silver

Investment vehicle

Corporate Venture Capital (CVC): Flexible, low-exposure, high-return potential.

Geographic and business rationale

Catamarca, Argentina (Lithium Triangle). Home to world-class deposits (e.g., Salar del Hombre Muerto). Unique geology and favorable business environment.

Catamarca/Salta, Argentina. Home to significant polymetallic deposits (Gold, Silver, Copper). E.g. Bajo de la Alumbrera.

Legal/Regulatory

Strong political consensus supporting a 30-year fiscal stability period and the new RIGI regime.

Leading partner

Minera Cordillera S.A.

AbraSilver Resources

Project

"3 Cruces" Project

"Diablillos" Silver-Gold Project

Current Stake

35%

(consolidated in FFSS in "Share of the profit of an associate").

9.9%

(via subsidiary Proener, consolidated in FS in "Gain (loss) on fair value valuation of acquisitions").

Investment Date(s)

December 26, 2024 (27.5%), January 2026 (7.5%).

April 2024 and Jan. 2025 (total 9.9%)

Geographic footprint of Lithium and Mining projects



Salta/Catamarca

(Mining)

Catamarca (Lithium)



10X

6.1X







  1. Through the acquisition of share capital and voting rights of 3C Lithium Pte. Ltd. ("3C"), (a company incorporated under the laws of Singapore), which holds 100% of the share capital of MCSA..

    23

  2. Through a common shares subscription agreement with AbraSilver Resource Corp. (a Canadian company listed in the Canadian stock market) ("AbraSilver"). In turn, and in conjunction with us, Kinross Gold Corporation, a major Canadian mining company, (NYSE: KGC, TSX: K) also acquired a 4% interest on similar terms.

24



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.

IFC

International Finance Corporation.

MATER

Term Market for Renewable Energy set forth under Resolution No. 281-E/17;

MM

Million.

NYSE

New York Stock Exchange.

PPA

Power Purchase Agreements, power capacity and energy supply agreements for a defined period of time or energy

quantity;

Q-o-q

Quarter-over-Quarter - Comparison between consecutive quarters.

SADI

The Argentine Interconnection System is the high-voltage lines electrical system that interconnects all different regions of Argentina.

SEC

Securities and Exchange Commission - U.S. financial markets regulator.

SG&A

Selling, general & administrative expenses.

Spot market

Energy sold by generators to the WEM and remunerated by CAMMESA pursuant to the framework in place prior to the

Spot Sales.

US$

United States Dollar.

WEM

Argentine Mercado Eléctrico Mayorista, the wholesale electric power market.

Y-o-y

Year-over-Year - Comparison between the same period in different years.

Investors Presentation

March 2026

Contact

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Central Puerto

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Phone

+ 54 11 4317 5000

Headquarters

Av. Tomas Alva Edison 2701, Dock E,

City of Buenos Aires Port.



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