FY2024 & 4Q24
Earnings Webcast
March 12th, 2025
FY 2024 &4Q24 Earnings Webcast - Agenda
- FY 2024 & 4Q24 Key Figures
- Regulatory Update and News
- Argentine Market Overview
- Central Puerto's consolidated main operating metrics
- Financial Results
- Questions & Answers
3
FY24 & 4Q24 Key Figures(1)(2)
Installed
Capacity(3)
MW
6,703
Energy
Generation
TWh
FY24 | 4Q24 |
21.6 | 5.4 |
+4% Y/Y | +5% Y/Y |
Revenues
US$ MM
FY24 | 4Q24 |
671 | 168 |
+25% Y/Y | +71% Y/Y |
Adj.EBITDA(4)
US$ MM
FY24 | 4Q24 |
288 | 65 |
4% Y/Y | 44% Y/Y |
Net Income
US$ MM
FY24 | 4Q24 |
52 | (28) |
(73%) Y/Y | (118)% Y/Y |
Net Debt
US$ MM
4Q24
132
-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 This was a request originally made by Enel, former owner of that plant, and followed up by the Company.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.
(4) See "Disclaimer-EBITDA & Adjusted EBITDA" on slide 2 for further information. | 4 |
Regulatory Updates and News
Spot market (Energía Base)
Energy and capacity prices adjustments
Resolution | Date | % Increase |
SE N°285/2024 | Oct-24 | 3% |
SE N°20/2024 | Nov-24 | 6% |
SE N°387/2024 | Dec-24 | 5% |
SE N°603/2024 | Jan-25 | 4% |
SE N°27/2025 | Feb-25 | 4% |
SE N°113/2025 | Mar-25 | 1.5% |
Resolution
SE N°294/2024 (Oct-24)
Contingency plan from Dec-24 to Mar-26, aiming to mitigate possible critical situations, with action plans for generation, transmission and distribution, as well as for large users. For generation segment, an additional remuneration is established for certain units and periods.
- Eligible units: steam turbines located in Buenos Aires and Luján de Cuyo and gas turbines located in Luján de Cuyo, as well as the Brigadier López thermal power plant.
- Additional remuneration varies from USD/MW 2,000 to USD/MW 2,500 depending on months, hours and units.
5
Regulatory Updates and News - cont.
Resolution | Beginning of deregulation. Key aspects: |
SE N°21/2025 (Jan-25) |
New regulatory
framework
("Lineamientos CAMMESA")
Resolution
SE N°67/2025 (Feb-25)
- 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.
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.
The Secretariat of Energy launched a storage capacity auction. This project aims to meet short-term capacity needs in AMBA region.
Dividend Payment
CEPU paid dividends last November, distributing $39.47 per share.
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Regulatory Updates and News - cont.
Puna Transmission Line
- Agreement with IFC (Dec-24): to jointly finance the feasibility studies of the Puna power transmission line.
- Agreement with YPF Luz (Jan-25): to jointly carry-on the analyses and development of this strategic project.
Investment in mining sector
- 3 cruces (lithium project): acquisition of 27.5% of the capital votes and stock of 3C Lithium Pte. Ltd., owner of Minera Cordillerana. Funds allocated to exploration, drilling and working capital. December 2024.
- Abarsilver (silver & gold project): a share subscription agreement that increased the equity stake to 9.9% from 4%. Funds allocated to feasibility studies and general corporate purposes. February 2025.
Status on Brigadier Lopez Combined Cycle project
Works continue in both projects. Brigardier Lopez is on schedule, moving forward at good pace. The contractor of San Carlos presents some delays in its workflow, we are currently working together to solve out issues and keep the project on track.
7
Argentine market overview(1)
Installed Capacity (MW)
(423) MW | ||
43,773 | (1%) | 43,350 |
4% | 4% | |
13% | 16% | |
25% | 22% |
Energy Generation (TWh)
(0.7) TWh | ||
34.9 | (2%) | 34.1 |
8% | 4% | |
16% | 19% | |
35%
25%
58% | 58% |
41%
52%
4Q23 | 4Q24 | ||||||
Thermal | Hydro | Renewable | Nuclear | ||||
Thermal: (153) MW
Hydro: (1,195) MW*
Wind: + 614 MW
Biogas: + 4 MW
Solar: + 307 MW
(1) Source CAMMESA
*: adjustment in Yacyretá's installed capacity allocation between Argentina and Paraguay.
4Q23 | 4Q24 | ||||||
Thermal | Hydro | Renewable | Nuclear | ||||
- 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 the maintenance shutdown of Atucha I and Atucha II.
- Lower supply of hydro and a nuclear generation prompted higher thermal dispatch.
6
8
Argentine market overview(1)
Local Energy Demand
(TWh)
13.6 | 14.0 | 12.513.2 | |||||||||||||||
13.1 | 13.1 | 13.1 | 13.0 | ||||||||||||||
11.912.9 | 12.0 | 11.7 | 12.2 | 12.1 | 12.6 | 11.812.2 | 11.0 | 11.8 | |||||||||
10.9 | 11.8 | 11.0 | 10.5 | ||||||||||||||
10.6 | 10.0 | 10.8 | 11.2 | 11.3 | 11.1 | 11.5 | |||||||||||
10.1 | 10.0 | 10.3 | 10.2 | 10.2 | 10.7 | ||||||||||||
Jan Feb Mar Apr May Jun Jul Ago Sep Oct Nov Dec
2022 2023 2024
(1) Source CAMMESA
- 0 TWh
- 0%
(0.2) 0.1 0.1
33.3 | 33.3 |
4Q23 | Residential Commercial Industrial | 4Q24 |
- Milder temperatures, on average, during two- thirds of the quarter prompted a 1% decrease in residential consumption along the 4Q24.
- A slightly higher industrial demand boosted by stronger economic activity.
- Electricity trade balance resulted in a net import situation during the whole quarter, with a peak in November.
9
Central Puerto's Consolidated operating metrics(1)
Energy Generation
(GWh) | |||||
248 GWh | |||||
5% | |||||
760 | (513) | (14) | 15 | ||
5,168 | 5,416 | ||||
4Q23 Generation | thermal | Hydro | Wind | Solar | 4Q24 Generation |
Higher dispatch | Decrease in | Lower wind | Higher resource |
river flows | resource and | availabilty | |
maintenance |
(1) Source CAMMESA
Thermal Availability (%)
Steam & gas turbines | |||||||
100%97% | |||||||
74% 67% | 72% 68% | 73% | 63% 62% | ||||
60% | 61% | ||||||
35% | |||||||
Puerto | Lujan de Cuyo | Brigadier | Central | CEPU avg. | Market avg. | ||||||
Nuevo/Nuevo | Lopez | Costanera | 4Q23 | 4Q24 | 4Q23 | 4Q24 | |||||
Puerto | 4Q23 | 4Q24 | |||||||||
Combined Cycles
100% | 100% | 100% | ||||
100% | 91% | 89% | ||||
87% | 76% | 83% | ||||
68% | 61% | |||||
3%
Puerto | Lujan de Cuyo | San Lorenzo | Central | CEPU avg. | Market avg. | ||||
Nuevo/Nuevo | Costanera | 4Q23 4Q24 | 4Q23 4Q24 | ||||||
Puerto | 4Q23 | 4Q24 | |||||||
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