Presentación de resultados (CEPU 1Q25 Earnings Webcast Presentation)

1Q25

May 12th, 2025

3

1Q25 Earnings Webcast - Agenda

1. The results presented for the period 1Q25 are positively or negatively affected, as appropriate, at a non-cash level. 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 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 as of 03/31/2025 (AR$1,073.88 to US$1.00) and 03/27/2024 (AR$857.41 to US$1.00), as appropriate. FY figures are the sum of the quarterly results converted to dollars at the EOP FX rate of each period.

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

Spot market (Energía Base)

Energy and capacity prices adjustments

Cumulative increase during April and May  3.5%

Status on Brigadier Lopez Combined Cycle project

Works continue in both projects. Brigadier Lopez is on schedule, moving forward at good pace, with expected COD by the end of 2025. San Carlos is back on track with expected COD by the end of 3Q25.

Investment in mining sector

Abarsilver (silver & gold project): a share subscription agreement that increased the

5

equity stake to 9.9% from 4%. Funds allocated to feasibility studies corporate purposes. February 2025.

and general

Resolution

SE N°21/2025 (Jan-25)

Beginning of deregulation. Key aspects:

• New thermal facilities, with COD January 1, 2025 onwards, are able to sign Purchase Power Agreements (PPAs) with private agents..

• Since March 1st it is possible to purchase fuel again.

• Energía Plus is set to finish on October 31st. This capacity will move to the spot market.

  New regulatory framework

  ("Lineamientos CAMMESA")

  The Secretariat of Energy proposed a new regulatory framework and instructed CAMMESA to issue a document and notify all the market participants, which could object and/or propose amendments. The goal is to launch the new framework by the beginning of the November.

  Resolution

  SE N°67/2025 (Feb-25)

  + CAMMESA note

  Storage capacity auction. This project aims to meet short-term capacity needs in AMBA region. CAMMESA issued a note on April 22nd modifying certain terms & conditions, including a new submission date (June 10th) and award date (July 3rd).

  Presidential Decree

  6

  N°263/2025 (Apr-25)

  New extension for the hydro assets auction. This decree set a period of 15 days to launch the National and International public tender process.

  Regulatory Updates and News - cont.

  Corporate reorganizations

  • January 1st Effective merger of Vientos La Genoveva II S.A (VLGII) with CP Manque S.A.U., CP Los Olivos and CPR Energy Solutions S.A.U., being VLGII the absorbing company.

  • March 31st  the Board of Directors approved a reorganization subject to approval by a shareholder meetings set by May 22nd and the CNV whereby:

    • CEPU will absorb the entirety of CP Renovables' assets and liabilities.

    • CEPU will spin off part of its assets to be absorbed by Ecogas Inversiones.

  • March 31st  the Board of Directors of Empresas Verdes Argentina S.A. (EVASA), Forestal Argentina S.A. (FASA), Estancia Celina S.A. (ECSA) and Las Misiones S.A. (LMSA) approved a corporate reorganization whereby, subject to approval by the shareholders' meetings of the companies involved, convened for May 22nd, EVASA will absorb the assets and liabilities of all the above-mentioned companies

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Argentine market overview(1)

Installed Capacity

(MW)

(319) MW

Energy Generation

(TWh)

(0.5) TWh

43,873

(1%)

43,554

39.3

(1%)

38.8

4%

25%

58%

58%

16%

4%

1Q24 1Q25

Thermal: (224) MW

Hydro: (1,195) MW*

Wind: + 637 MW

Solar: + 423 MW Biomass: + 37 MW Biogas: + 3 MW

1Q24 1Q25

• Renewable generation was busted mainly by new installed capacity.

• Hydro generation dropped significantly due to an adjustment in

  Yacyretá's installed capacity allocation and reduced river flows.

• Nuclear generation also dropped due to maintenance shutdown of Atucha I.

• Lower supply of hydro and a nuclear generation prompted higher thermal dispatch.

8

6

(1) Source CAMMESA

*: adjustment in Yacyretá's installed capacity allocation between Argentina and Paraguay.

Argentine market overview(1)

Local Energy Demand

(TWh)

13.6

13.6

14.0

(0.0) 0.2 0.1

1Q24 Residential Commercial Industrial 1Q25

13.1

12.9

12.9

11.9

12.0

11.7

Jan Feb Mar

• Milder temperatures, on average, during two-thirds of the quarter prompted an almost flat residential consumption along the 1Q25.

• A slightly higher industrial/commercial demand

  boosted by stronger economic activity.

• Electricity trade balance resulted in a net import situation during the whole quarter, with a peak in February.

(1) Source CAMMESA

Central Puerto's Consolidated operating metrics(1)

Thermal Availability (%)

Steam & gas turbines

95%

72% 68%

67%

63%

68%

58%

51% 48%

60%

62% 61%

Puerto Nuevo/Nuevo Puerto

Lujan de Cuyo

Brigadier Lopez

Central Costanera

CEPU avg.

1Q24 1Q25

Market avg.

1Q24 1Q25

1Q24 1Q25

Combined Cycles

88%

98% 96%

100% 100%

92%

90% 89%

92% 93%

75%

85%

Puerto Nuevo/Nuevo Puerto

Lujan de Cuyo San Lorenzo

Central Costanera

CEPU avg.

Market avg.

1Q24

1Q25

1Q24

1Q25

1Q24

1Q25

Energy Generation

(GWh)

5,520

215

15

5,731

(14)

(4)

1Q24 Generation thermal Hydro Wind Solar 1Q25 Generation

Higher dispatch

Node restrictions & weather conditions

10

(1) Source CAMMESA

1Q25 Revenues breakdown(1)

Revenues (1)

(US$ mm)

Spot Sales (Legacy)

36

5

1

3

196

(0)

150

▲ Cash effect on the gap between currency devaluation and spot remuneration increases.

▲ Higher thermal generation, mainly in some turbines located in Luján de Cuyo, Puerto and Costanera sites.

▲ Non-cash effect on the gap between currency devaluation and inflation.

Sales under contracts

▲ Higher energy sales of San Lorenzo cogeneration plant.

▲ Higher wind generation of Achiras, La Castellana I and II.

▲ Non-cash effect on the gap between currency devaluation and inflation.

1Q24 Spot Sales Sales under contracts Steam Sales Forestry Others 1Q25

(1) The FX rate used to convert Argentine Pesos to U.S. dollars is the reference exchange rate reported by

the Central Bank (Communication "A" 3500) as of 03/31/2025 (AR$1,073.88 to US$1.00) and 03/27/2024

(AR$857.41 to US$1.00), as appropriate. 11

1Q25 Reconciliation of Adj. EBITDA(1)

Adj. EBITDA (1)

(US$ mm)

(5)

Revenues

▲ Higher spot sales and sales under contracts.

46

(27)

(8)

84

▲ Cash effect on the gap between currency devaluation and remuneration increases.

▲ Non-cash effect on the gap between currency devaluation and inflation.

Cost of Sales

▼ Higher maintenance expenses/consumption of materials due to higher dispatch.

G0 ▼ Higher operating costs, mostly related to the real appreciation of the Argentine Peso.

▼ Non-cash effect on the gap between currency devaluation and inflation.

SG&A

▼ Higher expenditures mainly impacted by the real appreciation of the Argentine Peso.

▼ Non-cash effect on the gap between currency devaluation and inflation

.

1Q24 Revenues Cost of Sales SG&A Other results, net 1Q25

Other operating results, net

▼ Lower interest from clients (lower CAMMESA delays).

▼ Non-cash effect on the gap between devaluation/inflation.

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(1) The FX rate used to convert Argentine Pesos to U.S. dollars is the reference exchange rate reported by the Central Bank (Communication "A" 3500) as of 03/31/2025 (AR$1,073.88 to US$1.00) and 03/27/2024 (AR$857.41 to US$1.00), as appropriate. See "Disclaimer-EBITDA & Adjusted EBITDA" on page 2.

1Q25 Reconciliation of Net Income(1)

Net Income (1)

56

(US$ mm)

(5)

Non-Cash Effects + FONI FX Differences and Interest

▼ Lower FX differences due to lower FX variation.

▼ Lower variation in biological assets.

80 ▼ Results driven by the change in purchasing power of the currency.

▲ Gain on fair value valuation of acquisitions.

32

6

(10)

Net Financial Results

▲ Lower foreign exchange differences on financial liabilities.

▲ Lower interest on loans.

▲ Higher share of the profit of associates.

▲ Higher holding results on financial assets.

▼ Lower interest earned.

1Q24

Non-Cash Effects

+ FONI FX Diff

and Interest

Adj. EBITDA Net Financial

Results

Income Tax 1Q25

(1) The FX rate used to convert Argentine Pesos to U.S. dollars is the reference exchange rate reported by

the Central Bank (Communication "A" 3500) as of 03/31/2025 (AR$1,073.88 to US$1.00) and 03/27/2024

(AR$857.41 to US$1.00), as appropriate. 13

3M25 Consolidated Cashflow(1)

Operating Cash Flow

▲ Income before income tax of the period.

▲ Interest collect from clients.

▲ Insurance recovery.

▼ Tax payments.

Investing Activities

▼ CAPEX San Carlos and Brigadier Lopez projects.

▼ Acquisition of financial assets.

▲ Dividends collected.

Financing Activities

▼ Long term loan repayments and interest.

▲ Bank and investment accounts overdrafts, net.

14

Cashflow Bridge (1)

(US$ mm)

Cash & equivalents at the beginning of the period

Operating Cash Flow

(60)

Investing activities

6

Financing activities

13

44

4

Exchange diff., inflation & others

6

Cash & equivalents at the end of the period

(1) The FX rate used to convert Argentine Pesos to U.S. dollars is the reference exchange rate reported by the Central Bank (Communication "A" 3500) as of 03/31/2025 (AR$1,073.88 to US$1.00) and 03/27/2024 (AR$857.41 to US$1.00), as appropriate.

Low leverage ratio and manageable short-term maturities

Debt Maturity schedule(1)(2)

(US$ mm.)

50

18

47

56

46

23

12

17

12

18

12

18

12

29

1. As of March 31th, 2025.

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2. Considers only principal maturities. Does not consider accrued interest. For the year 2025, maturities since 2Q25 onwards.

3. Net Debt/ Adj.EBITDA = US$132 mm / US$294mm

1Q25

Earnings Webcast

May 12th, 2025

Questions & Answers

May 12th, 2025

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