Business
Central Puerto S A : Investor presentation (CEPU 4Q24 Corporate Presentation v2)
Central Puerto S A : Investor presentation (CEPU 4Q24 Corporate Presentation
About this update from Central Puerto Sa
Investor Presentation December 2024 Who we are 3 Central Puerto (NYSE: CEPU) has evolved to become the largest private Argentine generation company in terms of both installed capacity and power generation. Central Puerto generation business at a glance 6,703 MW of installed capacity (1)(2) A well diversified generation portfolio with 14 Power Plants Market Share Dic-24 (4) A GT converted to CC + 140 MW/+60 USD MM EBITDA Total new capacity: 421 MW Higher efficiency/dispatch long term PPA 438 MW Brigadier Lopez project Thermal PPA portfolio 2,585 MW thermal assets largest private participant with equity stake in 3 combine cycles Fully contracted: Renov.AR and MATER PPAs mini-hydro assets 1 MW a solar assets 105 MW wind assets 374 MW hydro assets 1,440 MW Steam/gas turbines (3) 2,083 MW Combined cycles (3) 2,262 MW Foninvemen program Renewables portfolio Spot portfolio (2) Central Puerto, 15% Pampa Others, 45% Energia, 11% Genneia, 3% Albanesi, 4% MSU, 6% Aes, 8% YPF Luz, 7% (4) Percentage share over total installed capacity as of Dec-24. Source CAMMESA 4 Source CAMMESA - corresponds to the total theoretical power of each asset. On April 26, 2024, the Secretariat of Energy requested CAMMESA to proceed with the disconnection of steam turbines COSTTV04 and COSTTV06 (470 MW in total) of Central Costanera, following a solicitation originally made by Enel, former owner of that plant, and followed up by the Company. This update has no impact on revenues: these turbines have not been operating since long time ago. For more information, please refer to slide 18 "Annex 1 - Regulatory framework". The 2,262 MW are remunerated under Resolution 59/23 (combined cycles). Well diversified portfolio of generation assets 9 6 11 5 4 10 12 1 2 8 7 3 Assets in Operation Technology Power Capacity (MW) Remuneration (MW) (3) PPA term Installed (1) Available (2) Spot PPA 1 Central Costanera (6) Thermal 1,789 1,692 1,692 (4) 2 Central Puerto Thermal 1,747 1,645 1,645 (4) 3 Piedra del Águila Hydro 1,440 1,440 1,440 - - 4 Luján de Cuyo (5) Thermal Cogen 576 562 453 (4) 109 2034 5 San Lorenzo Thermal 391 366 36 330 2035 Cogen 6 Brigadier Lopez Thermal 281 280 280 - - 7 Genoveva I & II Wind 130 130 - 130 2040/2027 8 La Castellana I & II Wind 116 116 - 116 2038/2029 9 Guañizul II A Solar 105 105 - 105 2041 10 Manque Wind 57 57 - 57 2039 11 Achiras I Wind 48 48 - 48 2038 12 Los Olivos Wind 23 23 - 23 2030 Total 6,703 6,464 5,546 918 G E O G R A P H I C F O O T P R I N T Source CAMMESA, corresponds to the total theoretical power of each asset. Net available power capacity reported to CAMMESA MW over available capacity PPA refers to the Res. 59/23 - For more information, please refer to slide 18 "Annex 1 - Regulatory framework". 5 The facility Includes 290 MW of combined cycles, 95 MW of cogeneration, 190 MW of gas/steam turbines and 1 MW of mini-hydro On April 26, 2024, the Secretariat of Energy requested CAMMESA to proceed with the disconnection of steam turbines COSTTV04 and COSTTV06 (470 MW in total) of Central Costanera, following a solicitation originally made by Enel, former owner of that plant, and followed up by the Company. This update has no impact on revenues: these turbines have not been operating since long time ago. Continuously expanding and diversifying our operated portfolio 2024 portfolio by technology 2% 6% 21% 7% 65% Thermal Cogeneration Hydro Wind Solar 6 Installed Capacity (1) (MW) Thermal Hydro Renewbables 3,638 4,218 4,809 6,703 2017 2019 2021 2024 Thermal: . Puerto Complex . Lujan de Cuyo Hydro: . Piedra del Aguila Thermal: . Puerto Complex . Lujan de Cuyo . San Lorenzo Brigadier Lopez Hydro: . Piedra del Aguila Renewables: . Achiras .La Castellana I & II . La Genoveva II . Manque Thermal: . Puerto Complex . Lujan de Cuyo . San Lorenzo Brigadier Lopez Hydro: . Piedra del Aguila Renewables: . Achiras . La Castellana I & II . La Genoveva I & II . Manque . Los Olivos Thermal: . Puerto Complex . Lujan de Cuyo . San Lorenzo Brigadier Lopez . Central Costanera* Hydro: . Piedra del Aguila Renewables: . Achiras . La Castellana I & II . La Genoveva I & II . Manque . Los Olivos . Guañizul II A** (1) Source CAMMESA. *:acquired by mid-Feb-23 **:acquired by mid-Oct-23 Availability of thermal units (1) Steam & Gas turbines (%) 88% 86% 77% 74% 78% 62% 65% 68% 74% 65% 50% 53% 96% 96% 95% 93% 97% 2020 2021 2022 2023 LTM4Q24 Puerto Complex Lujan de Cuyo Brigadier Lopez Costanera Complex Combined Cycles (%) 89% 75% 91% 88% 91% 91% 86% 71% 68% 35% 93% 93% 97% 99% 98%99% 2020 2021 2022 2023 LTM4Q24 Puerto Complex Lujan de Cuyo San Lorenzo Costanera Complex (1) Availability reported by CAMMESA, calculated based on the total installed capacity of each power plant. 7 Renewables Energy Portfolio RenovAr Program Term Market (MATER) La Castellana I Achiras La Genoveva I Guañizul II A La Castellana II Manque Los Olivos La Genoveva II Technology Wind Farm Wind Farm Wind Farm Solar farm Wind Farm Wind Farm Wind Farm Wind Farm Capacity 100.8 MW 48 MW 88.2 MW 104.6 MW 15.2 MW 57 MW 22.8 MW 41.8 MW Capacity factor (2) 45.2% 49.5% 50.4% 33.0% 54.1% 49.1% 52.9% 50.2% Status In Operation In Operation In Operation In Operation In Operation In Operation In Operation In Operation COD August 2018 September 2018 November 2020 July 2021 July 2019 Dec-19 /Jan-20 February 2020 September 2019 Equipment 32 Units 15 Units 21 Units 358,560 Units 4 Units 15 Units 6 Units 11 Units Awarded Price Starting 61.5 US$/MWh 59.4 US$/MWh 40.9 US$/MWh 50.0 US$/MWh nder MATER: Adjustments Annual adjustment factor + incentive factor Main clients u PPA Signing Date January 2017 May2017 July 2017 July 2021 Term 20 years starting on COD Equity stake in wind farms La Castellana I, Achiras I, La Genoveva I, La Castellana II, Manque, Los Olivos, La Genoveva II, owned through CP La Castellana S.A.U., CP Achiras S.A.U., Vientos La Genoveva S.A.U., CPR Energy Solutions S.A.U.; CP Manque S.A.U., CP Los Olivos S.A.U. and Vientos La Genoveva II S.A.U, respectively. 8 Calculated from CAMMESA data as total energy generated over theoretical energy production, for the quarter ended Jun-24 . It includes losses and scheduled and non-scheduled maintenance. FY24 & 4Q24 Key Figures (1)(2) Installed Capacity (3) MW 6,703 Energy Generation Revenues Adj.EBITDA (4) Net Income Net Debt TWh US$ MM US$ MM US$ MM US$ MM FY24 4Q24 FY24 4Q24 FY24 4Q24 FY24 4Q24 4Q24 21.6 5.4 671 168 288 65 52 (28) 132 +4% Y/Y +5% Y/Y +25% Y/Y +71% Y/Y 4% Y/Y 44% Y/Y (73%) Y/Y (118)% Y/Y -US$154 mm vs Dec-23 The results presented for the annual period 2023 and 4Q23 are negatively affected at a non-cash level as a consequence of the sharp devaluation of the local currency occurred in mid-December 2023. Given that the functional currency of the company is the Argentine peso, our Financial Statements are subject to inflation adjustment, while Company's figures are converted into US dollars using the end of period official exchange rate. Thus, given the significant disparity between inflation and devaluation for the period, it might affect comparability. The FX rate used to convert Argentine Pesos to U.S. dollars is the reference exchange rate (Communication "A" 3500) reported by the Central Bank for U.S. dollars as of 31/12/24 or 31/12723, as appropriate. Annual figures are the sum of the quarterly results converted to dollars at the EOP FX rate of each period. On February 22, 2024, it was published in the Official Gazette of the Republic of Argentina, the request submitted by Central Costanera for the decommissioning of steam generation units COSTTV04 and COSTTV06, for a total installed capacity of 120 MW and 350 MW, respectively. This was a request originally made by Enel, former owner of that plant, and followed up by the Company. This update has no impact on revenues since these turbines have not been operating since long time ago. See "Disclaimer-EBITDA & Adjusted EBITDA" on slide 2 for further information. 4 + 50 Adj. EBITDA by regulator 8% PPA - M 18% PPA - Re 35% PPA - T 30% Leagcy Legacy 9% LTM 4Q24 PPAs directly with private clien Backed by FODER. % contribution of Operating Cashflow is secured by long term contracts in dollars with protection mechanisms +US$ 74 MILLION y framework LTM 4Q24 collections under CVO ATER (1)1 novAr (2) hermal Units - Res. 59 (3) - Spot 61% of Adj.EBITDA Through long term contracts, with prices set in US$ dollars 5 years -term Contracts partially set in US$ dollar CVO receivables amount to approximately US$198 million as of Dec 31, 2024. Interest: 30 days SOFR + adj. spread + 5%. Pending collections: 41 monthly principal and interest installments due May 2028 . LTM 3Q24 ts 10 (3) The percentage represents the total EBITDA generated by the combined cycles under Res 59. For more information, please refer to slide 18 "Annex 1 - Regulatory framework". Low leverage ratio and manageable short-term maturities Debt Maturity schedule (1)(2) (US$ mm.) Net Debt/ Adj. EBITDA (3) 0.5x 130 50 82 83 16 0 6 24 56 47 23 12 29 17 12 30 18 12 30 12 56 28 4Q24 2025 2026 2027 2028 2029 (+)2030 Corporate Loan Project Finance Corporate Bond As of September 30 th , 2024. 20 Considers only principal maturities. Does not considering accrued interest. Net Debt/ Adj.EBITDA = US$149 mm / US$273mm 6% 4% 11% 69% 10% Other 865 MW combined cycle COD: 2010 Transfer: 2020 Arg. Gov. San Martín 7% 12% 5% 65% 11% Other 873 MW combined cycle COD: 2010 Transfer: 2020 Arg. Gov. Manuel Belgrano US$ 238 million to be collected (SOFR+spread) Central Puerto has a control stake in the operating company 56% 44% Other 847 MW combined cycle COD: 2018 Transfer: 2028 Vuelta de Obligado 12 Shareholders Facilities The largest private player in the FONI Program, with 2,585 MW combined cycle plants Brigadier López Closing cycle project The project contemplates the addition of a heat recovery steam generator and a steam turbine to the existing dual fuel Siemens gas turbine of 281 MW, increasing the plant's capacity by approximately 140MW , reaching a total installed capacity of 421 MW , enough to supply more than 300,000 houses throughout the country. Estimated CAPEX: US$150 mm . Steam turbine remuneration: 10-year PPA with CAMMESA Estimated recurring EBITDA: ~ US$60 mm . 421 +140 MW MW 281 MW + Steam Turbine + Res.59 for gas turbine + Efficiency and higher dispatch Gas Turbine Combined Cycle 13 Forestry asset's location Concordia San Miguel Concepción Saladas San Roque Virasoro La Cruz Paso de los Libres Concordia La Cruz Paso de los Libres 3 Virasoro San Roque 2 San Miguel Concepción Saladas 1 14 Central Puerto has become the largest forestry player in Argentina The future development of the industry will allow the group to explore new business models focusing on increasing and diversifying revenue sources, generating exports, and evaluating the feasibility of developing carbon credits and energy generation from biomass. 160.453 hectares (1) distributed in: 11.037 Ha. Property Infrastructure 58.195 Ha. Natural Reserves 44.880 Ha. Pine 26.049 Ha. Eucalyptus 20.293 Ha. Forest Lands 7 of the 8 total fore % stry area Investor Presentation December 2024 Thank You Investor Presentation December 2024 Contact Us LinkedIn Central Puerto Phone Number (5411) 4317 5000 Web / E-mail https://www.centralpuerto.com [email protected] Location Av. Tomas Alva Edison 2701 Dársena E Puerto de Buenos Aires. Attention : This is an excerpt of the original content. To continue reading it, access the original document here .