Investor presentation (CEPU 4Q24 Corporate Presentation v2)

Investor Presentation

December 2024

Who we are

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

Market Share Dic-24(4)

long term PPA

438 MW

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

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

1. 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disconnection of steam turbines COSTTV04 and COSTTV06 (470 MW in total) of Central Costanera, following a solicitation originally made by Enel, former owner of that plant, and followed up by the Company.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.

2. For more information, please refer to slide 18 "Annex 1 - Regulatory framework".

3. 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

   1. Source CAMMESA, corresponds to the total theoretical power of each asset.

   2. Net available power capacity reported to CAMMESA

   3. MW over available capacity

   4. PPA refers to the Res. 59/23 - For more information, please refer to slide 18 "Annex 1 - Regulatory framework".

      5

   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

   6. 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

      1. 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

FY24 & 4Q24 Key Figures(1)(2)

1. 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.

2. 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.

3. 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.

4. See "Disclaimer-EBITDA & Adjusted EBITDA" on slide 2 for further information. 4

%

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.)

130

50

82 83

Corporate Loan Project Finance Corporate Bond

1. As of September 30th, 2024.

   20

2. Considers only principal maturities. Does not considering accrued interest.

3. 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.

7%

12%

5%

65%

11%

Other

873 MW combined cycle COD: 2010

Transfer: 2020

Arg. Gov.

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

12

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

MW

281

MW

+ Steam Turbine

+ Res.59 for gas turbine

+ Efficiency and higher dispatch

Gas Turbine Combined Cycle

13

Forestry asset's location

Concordia

1. San Miguel Concepción

   Saladas San Roque

2. Virasoro

3. La Cruz Paso de los Libres

Concordia

La Cruz

Paso de los Libres

3

Virasoro

San Roque

2

San Miguel Concepción

Saladas

1

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

7of the8total 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 inversores@centralpuerto.com

Location

Av. Tomas Alva Edison 2701 Dársena E Puerto de Buenos Aires.