Consolidated results 4Q25 & FY 2025
Earnings presentation 4Q25 and FY2O25
Buenos Aires, March Sth, Central Puerto S.A ("Central Puerto" or the "Company"} (NYSE: CEPU; BYMA: CEPU), the largest private power generation company in Argentina, reports its financial results for the fourth quarter 2025 ("4Q25"), ended on December 31**, 2025, and full year 2025.
A conference call to discuss the results of this quarter and full year will be held tomorrow, March 6*^ at 1O:OO AM ET Eastern Time (12:OO PM BAT). Webcast Access is available on our website.
Business development projects & events update
Piedra del Aguila concession extension to 2055: In December 2025, the Company was awarded the concession under the Comahue Hydroelectric Complex privatization process, extending the operating term of the Piedra del Aguila hydroelectric facility throug h 2055. Winning bid offer was US$ 245 MM, paid in January 2026.
San Carlos solar farm: The asset reached commercial operation {COD) in November 2025, adding 15 MW of renewable capacity to our portfolio. Together with Cafayate (acquired through M&A), our two 2025 solar projects doubled our installed solar capacity and increased our total renewable portfolio (wind and solar) by 20%.
Closing of Brigadier Lopez combined cycle of 420 MW: The asset achieved commercial operation date (COD) during 1Q26.
Maintenance update: Lujan de Cuyo LDCU TG26 (47 MW). In November 2025, after a comprehensive technical assessment with Siemens Energy, we decided to undertake a full stator replacement. While this represents an unplanned maintenance event, the selected scope will ensure long-term reliability and asset integrity. The unit is expected to return to service in the second half of 2026.
Financial & operational highlights of the 4th quarter and full year 2025
4Q25 Adjusted EBITDA was US$ 84.7 MM, 16% below the US$ 101.1 MM Adjusted EBITDA in 3Q25. FY25 Adjusted EBITDA was US$ 337.2 MM, 17% above FY24 Adjusted EBITDA of US$ 288.0 MM.
Total generation volumes in 4Q25 were 3,957 GWh, representing a 13% decrease compared to 3Q25 (4,539 GWh) and a 27% decline versus 4Q24 (5,416 GWh). Full year 2025 generation volumes were 18,598 GWh, a 14% decrease compared to 21,605 GWh of 2024. Lower annual volumes are explained mainly by lower hydrology at Piedra del Aguila (-38% y/y) and maintenance work in Central Costanera's combined cycles (-15% y/y) and Lujan de Cuyo cogeneration downtime in 4Q25 (-24% y/y).
Revenues from sales in 4Q25 totalized US$ 172.8 MM, which represented a 26% decrease q/q (US$ 233.9 MM in 3Q25). FY25 revenues from sales totalized US$ 782.6 MM, which represented a 17% increase y/y (FY24 revenues were US$ 671.3 MM). On an annual basis, from total revenues, energy sales represented 91%, and US$ 712.3 MM in 2025, a 20% increase compared to 2024 (FY24 energy sales of US$ 595.4 MM). Spot prices realignment marked the year-over-year variation, and the effect of FO cost passthrough to spot prices, partially offset by lower generation from Piedra del Aguila hydro complex due to low water inflows. Thermal PPA reflects Terminal 6 (San Lorenzo) self purchased liquids (Resol 21/2025), new MAT contracts in November and December 2025, and renewables reflect higher wind resources in 2025 vs 2024, which implied higher generation volumes and new solar capacity from the acquired Cafayate asset (80 MW incorporated in August 2025).
Capital Expenditures: In 2025, total capex reached US$ 202.4 million. This included US$
48.5 million for the acquisition of the Cafayate solar farm, completed in Aug ust, as well
as investments related to the completion of the Brigadier Lopez combined cycle plant and the San Carlos solar project-both initiated in 2024-along with maintenance capex composed of recurrent maintenance capex (US$ 25 MM) and non-recurrent from Central Costanera and Lujan de Cuyo (US$ 27 MM).
As of December 31, 2025, total outstanding gross debt balance was US$ 337.8 MM, and net financial debt resulted in US$ 106.3 MM and net leverage ratio was 0.32 x Adj. EBITDA.
Outstanding credit from Foninvemem program stood at US$ 118.6 MM, to continue being collected in monthly installments throug h May 2028.
The Company signed on Dec. 19, 2025, a US$ 3OO MM A/B syndicated loan with International Finance Corporation (IFC), with an average life of approximately five years. The credit line was granted to finance the privatization fee of Piedra del Aguila and the battery energy system storage (BESS) project.
Resolution SE 400/25: Wholesale Electricity Market reform initiated - transition explained
In October 2025, the generation units without PPAs-mainly Central Puerto and Central Costanera-continued to be remunerated under Energy Secretariat Resolution No. 381/25.
Effective November 1, 2025, these thermal units transitioned to the framework established by Resolution No. 400/25, marking a further step toward Wholesale Electricity Market (WEM) normalization. The new scheme introduced two revenue streams:
a marg inalist spot market remuneration for dispatched energy, and
the Term Market (MAT), through which capacity and energy may be contracted with large users and distributors.
As part of this ramp-up toward contractualization, during November and December 2025 Central Puerto delivered approximately 900 MWh under new TERM contracts with industrial customers, representing around 11% of total new TERM volumes executed in the market during that period.
Under Resolution No. 400/25, the 4Q25 spot remuneration scheme for thermal assets consisted
of:
Energy component: Spot price formula based on CVP + RMA, equivalent to approximately US$ 7/MWh net of fuel costs.
Capacity payment: US$ 12 per MW-month with a remunerated availability of 90 hours per week. Fuel-related factors: Natural gas (single-fuel units): 1.1 (summer/winter) and
0.9 (shoulder months). Alternative fuels (FO, GO): 1.5 (summer/winter) and 1.O (shoulder months).
Reliability reserve component: Additional remuneration of US$ 1,OOO per MW-month for assets previously categorized as spot thermal units.
Meanwhile, the hydro plant Piedra del Aguila remained under its prior regulatory framework during the quarter. However, it was reached by Resolutions No. 483/25 and No. 602/25, applicable to November and December 2025, respectively.
Additionally, the Gas and Steam Turbine (GT/ST) units at Central Puerto and Central Costanera that adhered to Resolution No. 294/2024-within the Contingency and Forecast Plan for the 2O24-2O26 critical period-continued receiving incremental remuneration of US$ 2,500 per MW (which will be applicable throug h March 2027). This scheme aims to ensure system reliability during peak demand and critical supply conditions.
A. 2025 Electricity market summary Annual demand for electricity
In 2025, the system reached a historic peak capacity of 30,257 MW on February 10, surpassing the previous record.
Renewable generation increased 16.5% year-over-year, supplying approximately 19% of total demand.
Including hydroelectric generation, total renewable participation represented approximately 38.6% of the annual energy mix.
Domestic demand breakdown
Industrial: 36,363
GWh (26%)
Commercial 38,498 (27%)
Residential
66,388 GWh (47%)
Category Demand (GWh) Var. vs 2024 Loc aI DemancJ 141,249 0.7"ñ
Generation 147,093 "O 2"é
E xports 509 -47.6%
1m oorts d,3 O4 -7.5%
Annual electricity generation
Total 2025: 142,789 GWh
Annual domestic eIectricitv generation breakdown per technology in Gwh
Hydro, 30,144
Nuclear, 10,761
Renewable N!ix
Thermal, 75,225
Renewable, 26,659
(19%)
Wind: 70%
Solar: 19%
Biomass: 4%
Biogas: 2%
Small Hydro (HI SOJ: 5%
Fuel consumption in thermal generation assets in 2025
Natural gas: 42.2 Mm3/d (+1.1%)
Gas Oil: 439.3 Mil m3 (-53.5%)
Fuel Oil: 91.4 Mil Ton (-60.9%)
Coal: 266.0 Mil Ton (+5.2%)
Overview:
Fuel consumption normalized in Tj*
Fuel type
2024
(TJ/yr)
2025
(TJ/yr)
Y-o-y Var.%
Natural
sv9,1z1
sss, 094
,
c 8dO2O 5,815 gggg
Coal
Fuel consumption fell by 2.6% y-o-y.
Liquid fuels were partially replaced by natural gas.
Gas Oil consumption decreased 53.5% and Fuel Oil -60.9%.
Natural gas slightly increased (+1.2%).
Coal slightly up {+5.2%).
TOTAL 6Z7,564 610,949 _
Source: CAMMESA
B. Central Puerto operating volumes
Total generation volumes in 4Q25 were 3,957 GWh, representing a 13% decrease compared to 3Q25 (4,539 GWh) and a 27% decline versus 4Q24 (5,416 GWh).
Central Puerto energy generation (in GWh) | 4Q 2025 3Q 2O25 4Q 2024 | Δ% q/q | Δ% y/y | |||
Generation by plant | GWh | 3,957 | 4,539 | 5,416 | -13% | -27% |
Central Costanera | Thermal | 1,041 | 886 | 1,325 | 18% | -21% |
Central Puerto | Thermal | 814 | 1,173 | 816 | -31% | 0% |
Piedra del Apuila | Hydro | 466 | 578 | 1,163 | -19% | -60% |
Lujan de Cuyo | Thermal | 415 | 731 | 946 | -43% | -56% |
San Lorenzo | Thermal | 619 | 666 | 668 | -7% | -7% |
Brigadier Lopez | Thermal | 30 | 11 | 14 | 181% | 121% |
Genoveva I | Wind | 102 | 94 | 87 | 8% | 18% |
Genoveva II | Wind | 47 | 45 | 40 | 3% | 15% |
La Castellana I | Wind | 108 | 107 | 99 | 1% | 9% |
La Castellana II | Wind | 18 | 19 | 17 | -4% | 4% |
Achiras I | Wind | 52 | 53 | 55 | -2% | -4% |
Manque | Wind | 67 | 70 | 70 | -5% | -4% |
Los Olivos | Wind | 28 | 29 | 29 | -5% | -3% |
Guañizul II A | Solar | 85 | 57 | 88 | 49% | -4% |
Cafayate | Solar | 64 | 20 | 0 | 226% | |
Generation by technology | ||||||
Thermal | Thermal | 2,920 | 3,466 | 3,769 | -16% | -23% |
Hydro | Hydro | 466 | 578 | 1,163 | -19% | -60% |
Wind/Solar | Wind/Solar | 571 | 495 | 484 | 15% | 18% |
Generation volumes by market | ||||||
Spot total | 1,966 | 2,578 | 3,474 | -24% | -43% | |
Thermal | 1,500 | 2,000 | 2,311 | -25% | -35% | |
Hydro | 466 | 578 | 1,163 | -19% | -60% | |
Contracted MATER/PPA total | 1,991 | 1,961 | 1,942 | 2% | 3% | |
Thermal | 1,420 | 1,466 | 1,458 | -3% | -3% | |
Wind | 422 | 418 | 396 | 1% | 6% | |
Solar | 149 | 77 | 88 | 94% | 69% | |
WI CEPU generation in Font plants* | Thermal | !S58 | 291 | JJ£ | 92% | 68% |
Total SADI generation offer | GWh | 35,583 | 34,342 | 34,150 | 4% | 4% |
Central Puerto's Mkt share in SADI | 12.7% | 14.1% | 16.8% | -1.4 p.p. | -4.1 p.p. | |
Installed capacity by technology MW | 6,938 | 6,784 | 6,784 | 100% | 100% |
Thermal | 4,923 | 4,784 | 4,784 | 71% | 71% |
Hydro | 1,441 | 1,441 | 1,441 | 21% | 21% |
Wind | 374 | 374 | 374 | 5% | 6% |
Solar | 200 | 185 | 185 | 3% | 3% |
Thermal availability rate | |||||
Total thermal average availability | 61% | 79% | 89% | -18.5 p.p. | -28.3 p.p. |
CC average availability | 76% | 94% | 95% | -18.Ip.p. | -18.4 p.p. |
ST/GT average availability | 37% | 56% | 81% | -19 p.p. | -43.5 p.p. |
Steam production (in ktn) | 827 | 930 | 88O | -11% | -6% |
Sonrce: CAT MUSA
Lujan de Cuyo thermal complex includes a mini hydro facility of 1 MW.
Participation in Foninvemem plants: Termoeléctrica San Martin (10%), Termoeléctrica Belgrano (11%), CT Vuelta de Obligado (54%). Not included in Revenues line and included in VPP.
The availability was calculated as a weighted average of such availability as declared to CAMMESA. Scheduled maintenance periods approved by CALMESA are excluded from the ratio. CC: combined cycle, ST: steam turbines and GT: gas turbines.
Full year 2025 generation volumes were 18,598 GWh, a 14% decrease compared to 21,605 GWh of 2024. Lower annual volumes are explained mainly by lower hydrology at Piedra del Aguila (-38% y/y) and maintenance work in Central Costanera's combined cycles (-15% y/y) and Lujan de Cuyo plant (-24% y/y).
Central Puerto energy generation (in GWh) | 2025 | 2024 | 2023 | 2022 | Δ% 2025 /2O24 | |
Generation by plant | GWh | 18,598 | 21,605 | 20,773 | 17,484 | -14% |
Central Costanera | Thermal | 3,947 | 4,638 | 3,367 | 0 | -15% |
Central Puerto | Thermal | 4,936 | 5,109 | 5,371 | 7,414 | -3% |
Piedra del Apuila | Hydro | 2,683 | 4,348 | 5,174 | 3,283 | -38% |
Lujan de Cuyo | Thermal | 2,563 | 3,376 | 3,137 | 3,090 | -24% |
San Lorenzo | Thermal | 2,484 | 2,263 | 2,037 | 1,935 | 10% |
Brigadier Lopez | Thermal | 59 | 96 | 67 | 153 | -38% |
Genoveva I | Wind | 369 | 361 | 378 | 391 | 2% |
Genoveva II | Wind | 175 | 171 | 177 | 191 | 2% |
La Castellana I | Wind | 398 | 372 | 398 | 432 | 7% |
La Castellana II | Wind | 68 | 46 | 70 | 62 | 50% |
Achiras I | Wind | 195 | 186 | 188 | 202 | 5% |
Manque | Wind | 254 | 254 | 238 | 231 | 0% |
Los Olivos | Wind | 107 | 106 | 100 | 102 | 1% |
Guañizul II A | Solar | 275 | 281 | 73 | 0 | -2% |
Cafayate | Solar | 84 | 0 | 0 | 0 | |
San Carlos | Solar | 0 | 0 | 0 | 0 | |
Generation by technology | ||||||
Thermal | Thermal | 13,989 | 15,482 | 13,980 | 12,591 | -10% |
Hydro | Hydro | 2,683 | 4,348 | 5,174 | 3,283 | -38% |
Wind/Solar | Wind/Solar | 1,926 | 1,775 | 1,620 | 1,610 | 8% |
Cenl:ral Ruerto
Generation by sales contract | 2025 | 2024 | 2023 | 2022 | ||
Spot total | 13,589 | 16,967 | 16,506 | 20,633 | -20% | |
Thermal | 10,906 | 12,619 | 11,333 | 17,35O | -37% | |
Hydro | 2,683 | 4,348 | 5,174 | 3,283 | -38% | |
Contracted MATER/PPA total | 5,OO8 | 4,638 | 4,267 | 4,263 | 8% | |
Thermal | 3,083 | 2,863 | 2,647 | 2,655 | 8% | |
Wind | 1,567 | 1,495 | 1,547 | 1,608 | 5% | |
Solar | 359 | 281 | 73 | 0 | 28% | |
Foniplants at WI** | Thermal | 2,058 | /,965 | 1,588 | 2,4OI | 5% |
Total SADI generation | GWh | 141,364 | 142,138 | 141,401 | 138,747 | -1% |
Central Puerto's Mkt share in , SADI
14.6% 16.6% 15.8% 14.3% -2 p.p.
Installed capacity by technology MW | 6,938 | 6,704 | 7,174 | 4,809 | 100% |
Thermal | 4,923 | 4,784 | 5,254 | 2,994 | 71% |
Hydro | 1,441 | 1,441 | 1,441 | 1,441 | 21% |
Wind | 374 | 374 | 374 | 374 | 6% |
Solar | 200 | 105 | 105 | 0 | 2% |
Thermal availability rate | |||||
Total thermal average availability | 77% | 77% | 67% | 54% | 0.4p.p. |
CC average availability | 89% | 84% | 76% | 64% | 5.3p.p. |
ST/GT average availability | 58% | 66% | 55% | 39% | -7.9p.p. |
Steam production (in ktn) | 3,386 | 2,942 | 2,018 | 1,960 | 16% |
Source: CAMMESA
Lujan de Cuyo thermal complex includes a mini hydro facility of 1 MW.
Participation in Foninvemem plants: Termoeléctrica San Martin (10%), Termoeléctrica Belgrano (11%), CT Vuelta de Obligado (54%). Not included in Revenues line and included in VPP.
The availability was calculated as a weighted average of such availability as declared to CALMESA. Scheduled maintenance periods approved by CALMESA are excluded from the ratio. CC: combined cycle, ST: steam turbines and GT: gas turbines.
Central
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D. Earnings for the quarter
Income statement (in US$ MM) | 4Q 2025 3Q 2O25 4Q 2024 | Δ% q/q | Δ% y/y | ||
Income Statement | |||||
Revenues | 172.8 | 233.9 | 167.7 | -26% | 3% |
Cost of Sales | -123.7 | -137.6 | -108.3 | -10% | 14% |
Gross Income | 49.2 | 96.3 | 59.4 | -49% | -17% |
Operating Income | 23.0 | 104.0 | -37.9 | -78% | -161% |
Adjusted EBITDA | 84.7 | 101.1 | 65.1 | -16% | 30% |
Net income | |||||
Net Income for the period | O.4 | 102.4 | -27.6 | -100% | -101% |
Basic and diluted earnings per share | O.OO | 0.07 | -O.O2 | -102% | -95% |
Revenue margin ratios | |||||
Gross income margin | 28% | 41% | 35% | -13 p.p. | -7 p.p. |
Adjusted EBITDA marg in | 49% | 43% | 39% | 6 p.p. | 10 p.p. |
Income statement (in US$ MM)
2025 2024 2023 2022
Δ°] y/yIncome Statement | |||||
Revenues | 782.6 | 671.3 | 536.9 | 566.1 | 17% |
Cost of Sales | -501.8 | -407.2 | -359.4 | -298.4 | 23% |
Gross Income | 280.8 | 264.2 | 177.5 | 267.7 | 6% |
Operating Income | 265.1 | 170.3 | 529.5 | 345.0 | 56% |
Adjusted EBITDA | 337.2 | 288.0 | 277.8 | 344.0 | 17% |
Net income | |||||
Net Income for the period | 254.1 | 52.0 | 193.3 | 106.0 | 389% |
Basic and diluted earnings per share | O.2 | O.O | O.1 | O.1 | 500% |
Revenue margin ratios | |||||
Gross income margin % | 36% | 39% | 33% | -3 p.p. | 3 p.p. |
Adjusted EBITDA marg in | 43% | 43% | 52% | 0 p.p. | -9 p.p. |
Adjusted EBITDA refers to EBITDA excluding impairment on property, plant & equipment, result from financial asset positions and variation of biological assets fair value variation.
Important notice: Quarterly results include a non-cash effect due to inflation exceeding currency depreciation during the period. As Central Puerto reports in Argentine pesos and converts figures to US dollars at the end-of-period exchange rate, this mismatch may affect comparability.
Cenl:ral Ruerto
Adjusted EBITDA reconciliation (in US$ MM) | 2025 | 2024 | 2023 | 2022 | 2021 |
Net income for the period | 254.1 | 52.0 | 193.3 | 106.0 | |
Gain (loss) on net monetary position | -/.0 | 17.1 | 215.4 | 171.5 | 16.4 |
Financial expenses | 172.4 | 154.6 | 537.0 | 244.2 | 153.5 |
Financial income | -89.8 | -107.8 | -354.4 | -144.7 | -18.0 |
Share of the profit of an associate | -Q5.5 | -15.7 | -8.6 | -0.7 | 4.5 |
Gain (loss) from bargain purchase | 0.0 | 0.0 | -89.9 | -68.7 | 0.0 |
Gain (loss) on fair value valuation of acquisitions | -9Q.5 | -2.3 | 0.0 | 0.0 | 0.0 |
Income tax expenses | 7g.5 | 72.6 | 36.7 | 37.5 | 74.6 |
Depreciation and amortization | 1g5.2 | 103.0 | 118.3 | 108.8 | 95.8 |
EBITDA | 380.3 | 273.3 | 647.8 | 453.9 | 323.1 |
Impairment | 98.9 | -54.4 | 79.2 | 70.6 | |
Result from financial asset positions | -60.2 | -65.2 | -295.9 | -189.0 | 0.0 |
Δ Biological Assets - Fair value variation | 58.9 | -19.0 | -19.7 | -0.1 | 0.0 |
Adjusted EBITDA | 337.2 | 288.0 | 277.8 | 344.0 | 393.7 |
FONINVEMEM debt collections | 54.2 | 74.4 | 66.3 | 69.4 | 72.9 |
Consolidated Statement of Income | 2025 | 2024 | 2023 | 2022 | 2021 |
Revenues | 782.6 | 671.3 | 536.9 | 566.1 | 510.2 |
Cost of Sales | -501.8 | -407.2 | -359.4 | -298.4 | -263.9 |
Gross Income | 280.8 | 264.2 | 177.5 | 267.7 | 246.3 |
Administrative and selling expenses | -72.5 | -70.3 | -53.2 | -41.8 | -37.1 |
Other operating income | 92.0 | 112.7 | 372.8 | 201.7 | 94.9 |
Other operating expenses | -76.9 | -37.3 | -22.0 | -3.4 | -6.3 |
Impairment of property | D1.8 | -98.9 | 54.4 | -79.2 | -70.6 |
Operating Income | 265.1 | 170.3 | 529.5 | 345.0 | 227.3 |
Gain (loss) on net monetary position | /.0 | -17.1 | -215.4 | -171.5 | -16.4 |
Financial income | 89.8 | 107.8 | 354.4 | 144.7 | 18.0 |
Financial costs | -172.4 | -154.6 | -537.0 | -244.2 | -153.5 |
Share of profit (loss) of associates | D5.5 | 15.7 | 8.6 | 0.7 | -4.5 |
Gain (loss) on fair value valuation of acquisitions | D.5 | 2.3 | 0.0 | 0.0 | 0.0 |
Gain (loss) from bargain purchase | 0.0 | 0.0 | 89.9 | 68.7 | 0.0 |
Income before Income tax | 325.6 | 124.6 | 230.0 | 143.5 | 70.9 |
Income tax for the period | -71.5 | -72.6 | -36.7 | -37.5 | -74.6 |
Net Income for the period | 254.1 | 52.0 | 193.3 | 106.0 | |
Total comprehensive Income for the period | 254.1 | 52.0 | 193.3 | 106.0 | -3.7 |
Other Integral Results Attributable to: | 249.3 | 41.6 | 194.0 | 105.8 | -4.5 |
| 4.7 | 10.3 | -3.8 | 0.2 | 0.8 |
| 254.1 | 52.0 | 190.1 | 106.0 | -3.7 |
Basic and diluted earnings per share | 0.17 | O.03 | 0.13 | 0.07 | O.OO |
Central
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E. Revenues
Revenues from sales in 4Q25 totalized US$ 172.8 MM, which represented a 26% decrease q/q (US$ 233.9 MM in 3Q25). FY25 revenues from sales totalized US$ 782.6 MM, which represented a 17% increase y/y (FY24 revenues were US$ 671.3 MM). On an annual basis, from total revenues, energy sales represented 91%, and US$ 712.3 MM in 2025, a 20% increase compared to 2024 (FY24 energy sales of US$ 595.4 MM). Spot prices realignment marked the year-over-year variation, and the effect of FO cost passthroug h to spot prices, partially offset by lower generation from Piedra del Aguila hydro complex due to low water inflows. Thermal PPA reflects new MAT contracts in November and December 2025, and renewables reflect higher wind resources in 2025 vs 2024, which implied higher generation volumes and new solar capacity from the acquired Cafayate asset (80 MW incorporated in Aug ust 2025).
Revenues (in US$ MM)
4Q 2025 3Q 2O25 4Q 2024 Δ% q/q Δ% y/y
Total revenues | 172.8 | 233.9 | 167.7 | -26% | 3% |
Revenues breakdown: Enerpy sales | 156.8 | 215.3 | 146.9 | -27% | 7% |
% energy sales from total revenues | 90.7% | 92. l% | 87. 6% | ||
Steam sales | 7.8 | 10.8 | 8.O | -28% | -3% |
Forestry | 2.9 | 3.6 | 4.8 | -18% | -38% |
Resale of gas T&D capacity | 1.6 | 1.5 | 1.6 | 4% | -5% |
CVO management | 3.7 | 2.6 | 6.4 | 40% | -42% |
Energy sales by contract type | |||||
Spot market revenues | 79.4 | 113.6 77.6 | -30% | 2% | |
Sales under contracts | 77.5 | 101.7 69.3 | -23.8% | 12% | |
% contracted from total energy sales | '' | 7 ' 7 | 2 |D.|D. | 2 |D.|D. | |
Energy sales by technology Thermal & hydro | 119.2 | 189.0 | 117.1 | -37% | 2% |
Renewable | 37.7 | 26.2 | 29.8 | 43.6% | 26% |
% thermal & hydro from total energy sales | 76% | 88% | 80% | -12 p.p. | -4 p.p. |
Energy sales by currency | |||||
% US$-denominated from total energy sales | 88% | 65% | 60% | 25 p.p. 28 p.p. | |
Fuel cost pass-through | 26. 0 | 27.4 | 9. 6 | ||
Revenues 2025 | 2024 | 2023 | 2022 | 2021 | |
Total revenues 782.6 | 671.3 | 536.9 | 566.1 | 510.2 | |
Revenues breakdown: Enerpy sales 712.3 | 595.4 | 489.9 | 524.9 | 482.1 | |
% energy sales from total revenues | 91. 0% | 88.7% | 91.E% 7% | ||
Steam sales | 36.9 | 36.2 | 25.7 | 27.4 | 15.4 |
Forestry | 13.7 | 19.9 | 9.8 | O.O | O.O |
Resale of gas T&D capacity | 6.4 | 5.6 | 3.3 | 1.5 | 2.7 |
CVO management | 13.3 | 14.2 | 8.1 | 12.3 | 10.1 |
(in US$ MM)
Energy sales by contract type | |||||
Spot market revenues | 319.7 | 271.0 | 223.4 | 3OO.7 | 270.9 |
Sales under contracts | 392.6 | 324.4 | 266.5 | 224.2 | 211.2 |
% contracted from total energy sales | 55% | 54% | 54% | 4S% | 44% |
Energy sales by technology
Thermal & hydro | 632.1 | 519.5 | 422.5 | 450.2 | 396.2 |
Renewable | 116.O | 112.1 | 93.2 | 102.1 | 101.2 |
% thermal from total energy sales | 89% | 87% | 86% | 86% | 82% |
Energy sales by currency % US$-Denominated from total energy sales | 68% | 59% | 59% | 62% | 52% |
Operating expenses (in US$ MM) | 2025 | 2024 | 2023 | 2022 | 2021 |
Total operating expenses (opex) | -574.3 | -477.5 | -412.6 | -340.2 | -301.0 |
Depretiation of assets | 41.8 | -98.9 | 54.4 | -79.2 | -70.6 |
Main opex lines | |||||
Cost of sales | -501.8 | -407.2 | -359.4 | -298.4 | -263.9 |
Administrative and sales expenses | -72.5 | -70.3 | -53.2 | -41.8 | -37.1 |
Opex by business unit | |||||
Thermal & hydro plants | -489.9 | -400.7 | -335.8 | -299.7 | -262.9 |
Renewables | -53.0 | -49.3 | -49.3 | -40.6 | -38.1 |
Forestry expenses | -31.3 | -27.6 | -27.6 | 0.0 | 0.0 |
Cost of sales (COGS) include demi water, natural gas consumption, fuel for associated services, T+D of natural gas and depreciation. | |||||
Margin analysis | 2025 | 2024 | 2023 | 2022 | 2021 |
Central Puerto's Thermal & hydro, CECO Revenues (US$ MM) | 632.1 | 519.5 | 422.5 | 450.2 | 396.2 |
Operating expenses (US$ MM) | -489.9 | -400.7 | -335.8 | -299.7 | -262.9 |
Operating marg in (US$ MM) | 142.2 | 118.8 | 86.7 | 150.5 | 133.4 |
margin revenues (%) | 22% | 2J% | 21% | SS% | 54% |
Generation (G Wh) | 16,672 | 19,830 | 19,153 | 15,874 | 12,851 |
Margin MWh ($/MWh) | 6.0 | 4.5 | 9.5 | ||
Revenues MWh ($/MWh) | 37.9 | 26.2 | 22.1 | 28.4 | TO.8 |
Renewable Revenues (US$ MM) | 116.O | 112.1 | 93.2 | 102.1 | 101.2 |
Operating expenses (US$ MM) | -53.0 | -49.3 | -49.3 | -40.6 | -38.1 |
Operating marg in (US$ MM) | 63.0 | 62.8 | 43.9 | 61.5 | 63.1 |
margin revenues (%) | 54% | 56% | 47% | 60% | 62% |
Generacion (G Wh) | 1,926 | 1,775 | 1,620 | I,6IO | 1,568 |
Margin MWh ($ MWh) | 52.7 | US.4 | 58.2 | ||
Revenues MWh ($ MWh) | 60.2 | 65.2 | 57.5 | 64.6 | |
F. Financial position
Financial debt, as of December 31st, 2025
Total end-of-year outstanding gross debt balance was US$ 337.8 MM while cash, cash equivalents and other financial current assets balance was US$ 231.5 MM, composed of US$ 25.8 MM in cash and cash equivalents, and US$ 205.7 MM in current financial assets.
The chart below shows the principal maturity profile to such date, expressed in US$ MM:
Debt maturity profile
Outstanding financial debt as of December 31•', 2025
82.I
28.4
financial debt and financial ratios as of December Z1"', 202s (US$ MM)
Outstanding financial debt
Cash & cash equ iv alent and financial current assets Financial debt net from cash (Net debt)
FY 2025 Adj. EBITDA
337.B
231.5
IO6.3 337.2
Shares buyback program
On September 25, 2025, the Board of Directors initiated a 18O-day share buyback program, authorizing the repurchase of up to US$ 20.0 million in shares. The program adhered to Article 64 of Capital Markets Law No. 26,831 and relevant CNV regulations. To date of completion, the company repurchased a total of 2,756,OOO shares on the BYMA (Argentina) market, utilizing US$ 2.54 m illion of the authorized amount.
1,567 | 1,607 | |
30 | 28 | |
181 | 131 | |
106 | 20 | |
4 | 9 | |
1 | 8 | |
132 | 88 | |
14 | 126 | |
6 | 3 | |
2,041 | 2,020 | |
34 | 9 | |
21 | 19 | |
34 | 15 | |
211 | 220 | |
233 | 205.7 | |
4 | 25.8 | |
537 | 495 | |
2,578 | 2,515 | |
1 | 1 | |
523 | 383 | |
- | 0 | |
- | (3) | |
103 | 98 | |
730 | 680 | |
(40) | (33) | |
377 | 394 | |
49 | 228 | |
1,74 3 | 1,748 | |
61 | 44 | |
1,804 | 1,793 | |
24 | 15 | |
223 | 239.1 | |
7 | 7 | |
2 | 7 | |
154 | 6 | |
411 | 273 | |
93 | - | |
30 | 85 | |
146 | 98.7 | |
33 | 30 | |
59 | 25 | |
3 | 3 | |
363 | 241 | |
774 | 514 | |
2,578 | 2,307 |
Earnings presentation 4Q25 s year 2025
Annex II: Cash flow statement
Cash Flow
(in US$ MM) - Summary
FY2O24
12-month 12-month
period period
as of as of
Dec. 31, 2025 Dec. 31, 2O24
Cash, cash equivalents and current financial assets at the
48.9 28.0
beginning
Net cash flows provided by operating activities Net cash flows used in investing activities
Acquisitions of property, plant and equipment and inventory
281.4 285.6
-189.4 -159.7
-202.4 -138.O
Acquisition of subsidiaries and associates, net of cash acquired | -O.1 | O.O |
Sale of property, plant and equipment | O.0 | 1.1 |
Acquisition (Sale) of financial assets | -5.3 | -30.7 |
Dividends collected | 18.4 | 7.9 |
Net cash flows used in financing activities | -430 | 106.4 |
Financial credit received | 125.9 | 62.6 |
Repayment of financial debt | 166.8 | 109.4 |
Interest and finance expense payments | -0.7 | -434 |
Other finance expenses | -1.4 | O.0 |
Contributions and dividends | 0.0 | 16.1 |
Exchange difference and other financial *'* | 72.2 | 438 |
Cash and Cash equivalents at the end of the period | 25.8 | 3.7 |
(11 Net decrease in cash and short-term investments | ||
Exchange difference and other financial results | ||
Monetary results from cash and short-term placements |
Plant
Technology
Annex III: Central Puerto's operating assets
Installed capacity | Location | Commercial date since | PPA term |
(AWG | (Province) | Date | Year |
Central Puerto Complex Piedra del Aguila | Thermal Hydro | 1,747 1,440 | City of Buenos Rio Negro | 1992-2000 1994 |
Brigadier Lopez | Thermal | 421 | Santa Fé | 2019-2026 |
Lujan de Cuyo*** | Thermal | 576 | Mendoza | 2019 |
San Lorenzo*** | Thermal | 391 | Santa Fé | 2021 |
Aires
Central Costanera
Thermal
1,789
City of Buenos
Aires
2023
2034
2035
La Castellana I | Wind | 100.8 | Buenos Aires | 2019 | 2040 |
Genoveva I | Wind | 88.2 | Buenos Aires | 2020 | 2040 |
Genoveva II | Wind | 41.8 | Buenos Aires | 2020 | 2029 |
La Castellana II | Wind | 15.2 | Buenos Aires | 2020 | 2034 |
Manque | Wind | 57 | Cordoba | 2020 | 2040 |
Achiras I | Wind | 48 | Cordoba | 2020 | 2040 |
Los Olivos | Wind | 22.8 | Cordoba | 2020 | 2030 |
Guañizuil II*^* | Solar | 105 | San Juan | 2023 | 2041 |
Cafayate | Solar | 80 | Salta | 2025 | 2039 |
San Carlos | Solar | 15.0 | Salta | 2025 | 2035 |
Total | 6,958 |
Source CALMESA. Capacity does not include non-operating FONIN VEMEM plants WI.
The facility Includes 290 MW of combined cycles sold to spot market, 95 MW of cogeneration, 190 MW of gas/steam turbines and 1 MW of mini hydro.
San Lorenzo plant is composed by SSO MW May-Aug / 317 MW Sept-Apr PPA contracted capacity, and remaining capacity assigned to spot market under Res. 59/25.
Guañizuil II solar farm was developed by Equinor (Cordillera Solar project) and transferred to Central Puerto in October 2025.
Glossary of terms and abbreviations
4025
FY25
AR$ BCR A
CAT MESA
CC COD
Energfa Base FONINVEM EN / FONI
GWh / GW MW/MWh ON
p.p.
Plan Gas
PPA
q/q
SE
Tn
WEM/MEM
y/y
Fourth quarter of 2025 (October, November, December 2025a. In the same way, 3Q25/4Q24 refers to 3'^ quarter 2025/4" quarter 2O24.
Full year 2025 (12 months of the year). Argentine pesos.
Banco Central de la Republica Argentina, Argentina's Central Bank
Compañia Administradora del Mercado Mayorista Eléctrico Sociedad Anonima
- the administrator of Argentina's wholesale electricity market Combined cycle
Commercial Operation Date - the date a generation unit is authorized by CAT MESA to sell electricity under commercial conditions
Legacy energy framework under Resolution SE No. 95/13, currently regulated by Resolution SE No. 9/24
Former National Fund for Investments to Increase Electric Power Supply, including programs like the Central Vuelta de Obligado (CVO) Agreement.
Gigawatt-hour / Gigawatt Nlegawatt-hour / Nlegawatt
Corporate Bonds (Obligaciones Negociables) Percentage point
Plan de Promocion de la Produccion del Gas Natural DNU N° 892/20 and 730/22, Arg.
Power Purchase Agreement Quarter over quarter comparison Argentina's Secretariat of Energy Nletric ton
Wholesale Electricity Market (Mercado Eléctrico Mayorista) Year on year comparison
Earnings presentation 4Q25 s year 2025Cenkrel
RueNo
and competitive uncertainties, and contingencies, which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
The Company assumes no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks and uncertainties associated with these forward-looking statements and the Company's business can be found in the Company's public disclosures filed on EDGAR (https://www.sec.qov) and CNV.
EBITDA and Adjusted EBITDA
In this release, EBITDA, a non-IFRS financial measure, is defined as net income for the period, plus finance expenses, minus finance income, minus share of the profit (loss) of associates, plus minus) losses (gains) on net monetary position, plus income tax expense, plus depreciation and amortization, minus net results of discontinued operations.
Adjusted EBITDA refers to EBITDA excluding impairment on property, plant & equipment, foreign exchange differences and interests related to FONI trade receivables and variations in fair value of biological asset.
Adjusted EBITDA is believed to provide useful supplemental information to investors about the Company and its results. Adjusted EBITDA is among the measures used by the Company's management team to evaluate the financial and operating performance and make day-to-day financial and operating decisions. In addition, Adjusted EBITDA is frequently used by securities analysts, investors, and other parties to evaluate companies in the industry. Adjusted EBITDA is believed to be helpful to investors because it provides additional information about trends in the core operating performance prior to considering the impact of capital structure, depreciation, amortization, and taxation on the results.
Adjusted EBITDA should not be considered in isolation or as a substitute for other measures of financial performance reported in accordance with IFRS. Adjusted EBITDA has limitations as an analytical tool, including:
Adjusted EBITDA does not reflect changes in, including cash requirements for, working capital needs or contractual commitments.
Adjusted EBITDA does not reflect the finance expenses, or the cash requirements to service interest or principal payments on indebtedness, or interest income or other finance income.
Adjusted EBITDA does not reflect income tax expense or the cash requirements to pay income taxes.
Although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will need to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for these replacements.
Although a certain share of the profit of associates is a non-cash charge, Adjusted EBITDA does not consider the potential collection of dividends; and
Other companies may calculate Adjusted EBITDA differently, limiting its usefulness as a comparative measure.
The Company compensates for the inherent limitations associated with using Adjusted EBITDA through disclosure of these limitations, presentation of the Company's consolidated financial statements in accordance with IFRS and reconciliation of Adjusted EBITDA to the most directly comparable IFRS measure, net income. For a reconciliation of the net income to Adjusted EBITDA, see the tables included in this release.
All the information presented must be considered as consolidated unless otherwise specified.
Earnings presentation 4Q25 s year 2025Contact: inversoresDcentralouerto com - https://www.centralDuerto.com - +54 1J 43J7 SOOO
4Q & FY25
Earnings Presentation
March 2026
Linkedin Access
Central Puerto
Phone Number
(5411) 4317 5000
Location
Av. Tomas Alva Edison 2701 Dock E Puerto de Buenos Aires
Web / E-Mail https://www.centralpuerto.com info@centralpuerto.com