Business
Central Puerto S A : Results release (20260304 4Q25 ENG CEPU Results)
Central Puerto S A : Results release (20260304 4Q25 ENG CEPU
About this update from Central Puerto Sa
Consolidated results 4Q25 & FY 2025 Earnings presentation 4Q25 and FY2O25 Buenos Aires, March S t h , 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 4 t h 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) Va r. vs 2024 Loc a I DemancJ 141,249 0.7"ñ Generation 147,093 "O 2"é E xports 509 -4 7.6% 1m o o rts 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 RueNo 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/y Income 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 Equity holders of the parent 4.7 10.3 -3.8 0.2 0.8 Non-controlling interest 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 RueNo 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 31 st , 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 2025 Cenkrel 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 2025 Contact: 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 [email protected] Earnings presentation 4Q25 s year 2025