Central Puerto S A : Results release (CEPU 1Q25 Consolidated Results VF)

About this update from Central Puerto Sa

1Q25 Consolidated Results May 2025 Central Puerto 1Q25 Earnings Release Stock information: New York Stock Exchange Ticker: CEPU 1 ADR = 10 ordinary shares Bolsas y Mercados Argentinos Ticker: CEPU Contact information: Head Corporate Finance & IRO Alejandro Díaz López Tel: (+54 11) 4317 5000 Email: [email protected] [email protected] Investor Relations Website: https://investors.centralpuerto.com/ Buenos Aires, May 12 th , Central Puerto S.A ("Central Puerto" or the "Company") (NYSE: CEPU), the largest private sector power generation companies in Argentina, reports its consolidated financial results for the First Quarter 2025 ( "1Q25"), ended on March 31st, 2025. A conference call to discuss the 1 Q25 results will be held on May 12 th , 2025, at 12:00 PM ET Eastern Time (see details below). All information provided is presented on a consolidated basis, unless otherwise stated. Financial statements as of March 31st, 20254, include the effects of the inflation adjustment, applying IAS 29. Accordingly, the financial statements have been stated in terms of the measuring unit current at the end of the reporting period, including the corresponding financial figures for previous periods reported for comparative purposes. Growth comparisons refer to the same periods of the previous year, measured in the current unit at the end of the period, unless otherwise stated. Consequently, the information included in the Financial Statements for the first quarter ended on March 31st, 2025, is not comparable to the Financial Statements previously published by the company. However, we presented some figures converted from Argentine Pesos to U.S. dollars for comparison purposes only. The exchange rate used to convert Argentine Pesos to U.S. dollars was the reference exchange rate (Communication "A" 3500) reported by the Central Bank for U.S. dollars for the end of each period. The information presented in U.S. dollars is for the convenience of the reader only and may defer if such conversion for each period is performed at the exchange rate applicable at the end of the latest period. You should not consider these translations to be representations that the Argentine Peso amounts actually represent these U.S. dollars amounts or could be converted into U.S. dollars at the rate indicated. Definitions and terms used herein are provided in the Glossary at the end of this document. This release does not contain all the Company's financial information. As a result, investors should read this release in conjunction with Central Puerto's consolidated financial statements as of and for the fiscal period ended on March 31st, 2025, and the notes thereto, which will be available on the Company's website. Regulatory Updates and News Resolution SE N°603/2024 On December 31st, 2024 , the Secretariat of Energy published Resolution N°603/2024 in the Official Gazette. This resolution updated the remuneration values for power and energy generation of units not committed in contracts. It replaced Annexes I to V of Resolution N°387/2024 and established a 4% increase in remuneration values effective from January 1st, 2025. Resolution SE N°21/2025 On January 28th, 2025 , the Secretariat of Energy published Resolution N°21 in the Official Gazette, which establishes the following main aspects: New Power Purchase Agreements (PPAs): new generation facilities, regardless of their technology, are allowed to sign PPAs either with industrial/commercial clients or distribution companies. This decision lifts the restriction imposed many years ago by clause 9 of Resolution 95/2013. This change applies for power plants with COD January 1st, 2025 onwards. Fuel management: since March 1, 2025, thermal generators are now allowed to manage their own fuel, regardless of which one they use. This decision abolishes Resolution 354/2020, issued in December 2020, and also lifts a restriction imposed by clause 8 of Resolution 95/2013. Non-Delivered Energy Costs: As of February 1, 2025, a set of Non-Delivered Energy Costs has been established: i) USD/MWh 350 up to 5% of the demand, ii) USD/MWh 750 up to 10% of the demand and iii) USD/MWh 1,500 for more than 10% of the demand. These figures do not represent actual costs to be borne by anyone but serve as price signals for scarcity. If a shortage in the supply is discovered during the dispatch projections for future years these "costs" will be included to act as a proxy of operating costs to better reflect the real cost of generation. This seeks to give a signal for investment needs. "Energia Plus" framework : an ending is settled for the Energía Plus framework. Current contracts will be in place and continue until their ending date, but new agreements and extensions will have a deadline: October 31st, 2025. New regulatory framework ( "Lineamientos de 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 November 2025. As of the date of this document, the Secretariat of Energy continues to work on this subject. Resolution SE N°27/2025 On January 31st, 2025 , the Secretariat of Energy published Resolution N°27/2025 in the Official Gazette. This resolution updated the remuneration values for power and energy generation of units not committed in contracts. It replaced Annexes I to V of Resolution N°603/2024 and established a 4% increase in remuneration values effective from February 1st, 2025. Resolution SE N°67/2025 On February 17th, 2025 , the Secretariat of Energy launched a storage capacity auction. This project aims to meet short-term capacity needs in AMBA region, with a maximum target of 500 MW of power with four hours of operating capacity at EDENOR and EDESUR nodes. On April 22nd, 2025, CAMMESA published a note modifying certain aspects of the original terms and conditions (including seasonal factors for capacity payments, new penalties for unavailability and adjustments to the annual capacity payment factors). Additionally, a new schedule was published, setting the offer submission date to June 10th, 2025, and the award date to July 23rd, 2025. Resolution SE N°113/2025 On February 28th, 2025 , the Secretariat of Energy published Resolution N°113/2025 in the Official Gazette. This resolution updated the remuneration values for power and energy generation of units not committed in contracts. It replaced Annexes I to V of Resolution N°27/2025 and established a 1.5% increase in remuneration values effective from March 1st, 2025. Resolution SE N°143/2025 On April 25th, 2025 , the Secretariat of Energy published Resolution N°143/2025 in the Official Gazette. This resolution updated the remuneration values for power and energy generation of units not committed in contracts. It replaced Annexes I to V of Resolution N°113/2025 and established a 1.5% increase in remuneration values effective from April 1st, 2025. Resolution SE N°177/2025 On April 30th, 2025 , the Secretariat of Energy published Resolution N°177/2025 in the Official Gazette. This resolution updated the remuneration values for power and energy generation of units not committed in contracts. It replaced Annexes I to V of Resolution N°143/2025 and established a 2.0% increase in remuneration values effective from May 1st, 2025. Decree No. 263/2025 Hidroeléctrica Piedra del Aguila (HPDA) On April 9 th , 2025 , Decree No. 263/2025 set a 15 day-period to launch the National and International Public Tender provided for under Decree No. 718/2024 (as amended by Decree No. 895/2024), for purposes of offering certain hydro assets (including Hidroeléctrica Piedra del Aguila "HPDA") to private investors for a new 30-year concession term. News Acquisition of Interest in Abrasilver On January 31 st , 2025 , our subsidiary Proener signed a subscription agreement for additional shares of AbraSilver Resource Corp. Our shareholding in AbraSilver through Proener thus increased to 9.9%. Simplification of Corporate Structure at Central Puerto S.A. Merger Vientos La Genoveva II S.A. On January 1, 2025 , the effective merger of Vientos La Genoveva II S.A. (VLGII), a wholly controlled subsidiary of Central Puerto S.A., with CP Manque S.A.U. (CPM), CP Los Olivos (CPLO), and CPR Energy Solutions S.A.U. (CPRES), took place. The merger was officially registered with the Public Registry on January 28, 2025. Consequently, the absorbed companies were dissolved without liquidation, and their assets and liabilities were transferred to Vientos La Genoveva II S.A. Merger of forestry companies On March 31, 2025 , 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 22, 2025, EVASA will absorb the assets and liabilities of all the above-mentioned companies, with the merger becoming effective as of June 30, 2025. CP Renovables Merger On March 31, 2025 , CEPU's Board of Directors approved a corporate reorganization whereby, subject to approval by the shareholders' meeting of the companies involved, convened for May 22, 2025, CEPU will absorb the entirety of CP Renovables' assets and liabilities, thereby assuming ownership of all assets, liabilities, rights, and obligations of CP Renovables as of the effective date of the merger. Since CEPU holds 100% of CP Renovables' shares, CEPU's net worth will not increase as a result of the merger. Also as a result of the merger, CP Renovables will be dissolved without liquidation. Ecogas Inversiones Spin-off and Merger On March 31, 2025 , CEPU's Board of Directors approved a corporate reorganization whereby, subject to approval by the shareholders' meeting of the companies involved, convened for May 22, 2025,CEPU intends to spin off part of its assets to be absorbed by Ecogas Inversiones as of the effective date of the spin-off and merger. The spun-off assets consist of: (a) 5,998,658 Class "A" book-entry common shares of Ecogas Inversiones, with a nominal value of Ps.10 each and one vote per share, which shall be converted into 59,986,580 Class "A" book-entry common shares of Ecogas Inversiones with a nominal value of Ps.1 each and one vote per share, subject to the approval by Ecogas Inversiones' shareholder s of the nominal value adjustment; (b) 27,597,032 Class "B" book-entry common shares of DGCE, with a nominal value of Ps.1 each and one vote per share; (c) 33,369 registered non-endorsable common shares of Energía Sudamericana S.A., with a nominal value of Ps.1 each and one vote per share; and (d) Ps. 305,000,000 in cash. As a result, CEPU shareholders are expected to receive 8,097,326 Ecogas Inversiones shares (the "New Shares") in proportion to their holdings in CEPU. Current Projects: San Carlos Solar & Brigadier Lopez Cycle Works continue in both projects. Brigadier Lopez is on schedule, moving forward at good pace. With regards to San Carlos, after solving out some issues the project is back on track. Argentine Market Overview The table below sets forth key Argentine energy market data for 1Q25 compared to 4Q24 and 1Q24. 1Q25 4Q24 1Q24 Δ % 1Q25/1Q24 Installed capacity (MW; EoP 1 ) 43,554 43,350 43,873 (1%) Thermal 25,224 25,284 25,448 (1%) Hydro 9,639 9,639 10,834 (11%) Nuclear 1,755 1,755 1,755 0% Renewable 6,936 6,672 5,836 19% Installed capacity (%) 100% 100% 100% N/A Thermal 58% 58% 58% (0 p.p) Hydro 22% 22% 25% (2 p.p) Nuclear 4% 4% 4% 0 p.p Renewable 16% 15% 13% 2 p.p Energy Generation (GWh) 38,752 34,149 39,285 (1%) Thermal 23,343 17,631 21,355 9% Hydro 6,613 8,513 9,055 (27%) Nuclear 2,580 1,472 3,225 (20%) Renewable 6,216 6,533 5,650 10% Energy Generation (%) 100% 100% 100% N/A Thermal 60% 52% 54% 5 p.p Hydro 17% 25% 23% (5 p.p) Nuclear 7% 4% 8% (1 p.p) Renewable 16% 19% 14% 1 p.p Energy Demand (GWh) 38,167 33,250 37,898 1% Residential 18,290 14,511 18,314 (0%) Commercial 10,650 9,654 10,429 2% Major Demand (Industrial/Commercial) 9,227 9,085 9,155 1% Energy Demand (%) 100% 100% 100% N/A Residential 47.92% 43.64% 48.32% (0 p.p) Commercial 27.90% 29.03% 27.52% 0 p.p Major Demand (Industrial/Commercial) 24.18% 27.32% 24.16% 0 p.p Source: CAMMESA; company data. Figures are rounded. (1) As of March 31st, 2025, December 31 st , 2024 and March 31 st , 2024, as appropriate. Installed Power Generation Capacity: By the end of the first quarter of 2025 (1Q25), the country's installed capacity reached 43,554 MW, which means a decrease of 1% (or 319 MW) compared to the 43,873 MW recorded as of March 31st, 2024. The variation results from the installation of new power facilities, a reduction in installed capacity and adjustments/repowering to power plants already in operations. The contraction of 319 MW is decomposed as follows: (i) +1,100 MW of renewable sources, of which +637 MW corresponds to wind farms (23MW of new plants installed during the 1Q25), +423 MW to solar plants (205 MW of new capacity installed during the 1Q25), +3 MW to biogas power plants and +37 to biomass, being all installed during the 1Q25; (ii) a reduction of 1,195 MW in hydraulic sources and (iii) a net decrease of 224 MW in thermal sources, where a contraction was recorded in gas turbines (-155 MW), steam turbines (-470 MW), being all partially offset by +401 MW capacity increase in combined cycles. The decline of 1,195 MW in hydro installed capacity is basically explained by a reassessment of Yacyretá's power available for Argentina and Paraguay. Since August 2024, 50% of Yacyreta's installed capacity is allocated to Argentina, whereas it used to be approximately 88% before then. Power generation & demand : During 1Q25, energy demand reached 38,167 GWh, a 1% increase from the 37,898 GWh recorded during the 1Q24. There was a 0.1% slight decrease in residential consumption offset by commercial (+2.1%) and major demand (+0.8%). In line with weather conditions, retail consumption rose during January, with a higher average temperature as compared to the same month of the previous year. Then, consumption decreased during February and March. Major and commercial demands increased during the whole quarter (though commercial consumption dropped in February), reflecting stronger economic activity levels. It should be highlighted the growth rates observed in mining, trade and services, automotive and food and beverage. On the other hand, generation decreased 1% during the quarter on a year-over-year (YoY) basis. The decrease was driven by nuclear and hydro generation (-20% and -27%, respectively). Renewable and thermal generation rose 10% and 9%, respectively. Nuclear generation mainly decreased by the two year-maintenance shutdown of Atucha I, which started in November 2024. Hydro generation shrank due to a combination of two factors: i) the aforementioned change in the allocation of Yacyretá's installed capacity and energy generation upon Paraguay's claim and ii) a reduction of river flows. In this last regard, the contraction was as follows: 78% in the Uruguay River, 34% in the Neuquen River, 25% in the Limay River, 27% in the Collón Curá River, 25% in the Futaleufú River and 1% in the Paraná River. As it was previously stated, Paraguay historically consumed a smaller portion of the energy produced at Yacyretá: while this country took only 15% of the generated energy in 2023, by mid-2024 it started to take its full 50% share, leaving Argentina with a smaller portion of the generated energy. The increase in energy generation from renewable sources was driven mainly by the impact of new installed capacity. Finally, there was an increase in thermal generation to cope with the lower supply of hydro and nuclear. Despite the slight decrease in availability (74% on average during the 1Q25 vs 76% on average during the same period of 2024), generation rose 9% YoY. The growth in thermal generation led to a rise of 9% in natural gas consumption. Alternative fuels (diesel and fuel oil) consumption shrank during the 1Q25. Additionally, the electricity trade balance resulted in a net import situation during the whole quarter, with a peak in February. Local energy Demand (TWh) Central Puerto S.A.: Main operating metrics The table below sets forth key operating metrics of the Central Puerto group for 1Q25, compared to 4Q24 and 1Q24: 1Q25 4Q24 1Q24 Δ % 1Q25/1Q24 Energy Generation (GWh) 5,731 5,416 5,520 4% Thermal 4,487 3,767 4,272 5% Hydro 793 1,164 807 (2%) Wind 373 396 358 4% Solar 78 88 82 (5%) Installed capacity (MW) 6,703 6,703 7,173 (7%) Thermal 4,783 4,783 5,253 (9%) Hydro 1,441 1,441 1,441 0% Wind 374 374 374 0% Solar 105 105 105 0% Thermal availability Central Puerto CC 89% 61% 90% (1%) Central Puerto turbines 60% 61% 68% (8%) Steam production (Ktn) 756 590 574 32% - Source: CAMMESA; company data. . Thermal availability (1) (%) Steam & gas turbines Combined Cycles 1- Availability weighted average by power capacity. Off-time due to scheduled maintenance agreed with CAMMESA is not considered in the ratio. During 1Q25, Central Puerto's power generation increased 4% to 5,731 GWh, compared to 5,520 GWh in 1Q24. This operating result is a consequence of several factors. Hydro energy generation from Piedra del Aguila dropped 2%, reaching 793 GWh from 807 GWh in 1Q24. This decline was primarily due to a 27% and a 25% reduction in water levels of the Collón Curá River and the Limay River, respectively, which resulted in lower availability of water for generation. Regarding renewable generation, there are mixed results. Wind generation rose 4%, reaching 373 GWh in 1Q25 compared to 358 GWh in the same period of 2024. This increment was mainly due to higher generation from Achiras, Las Castellana I and La Castellana II wind farms, as a consequence of better operation performance (during the same period of 2024 these facilities were either out of service or with reduce operations because of some maintenance works and failures). On the other hand, solar energy generation reached 78 GWh in 1Q25 compared to 82 GWh in the same period of 2024 basically as a result of some restrictions in the node and weather conditions. Thermal generation increased 5% during 1Q25 compared to 1Q24, reaching 4,487 GWh from 4,272 GWh. The growth was mainly due to higher dispatch of some steam turbines in Puerto and Costanera sites and some steam and gas turbines in Luján de Cuyo, as well as higher generation registered in the combined cycle of Santa Fe. To a lesser extent, a higher availability was recorded in the Buenos Aires combined cycle and higher dispatch was registered for the Mitsubishi combined cycle, both located in Costanera site. Finally, steam production rose 32% during 1Q25, reaching 756 thousand tons compared to 573 in 1Q24. This growth was driven by a 57% rise at San Lorenzo cogeneration plant and a 7% growth at Lujan de Cuyo facility. The surge at Lujan de Cuyo was primarily due to higher demand from YPF. A higher demand from San Lorenzo's client was also recorded. 1Q25 Analysis of Consolidated Results Important notice: The results presented for the period 1Q25 are positively or negatively affected, as appropriate, by a non-cash effect, given by the fact that inflation rates were greater than currency depreciation rates during the quarter. Since the functional currency of Central Puerto is the Argentine peso, our Financial Statements are subject to inflation adjustment, while Company's reporting 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. Main financial magnitudes of continuing operations (1) (2) Main Financial Figures (unaudited figures in US: millions) 1Q25 4Q24 1Q24 Δ % 1Q25/1Q24 Revenues 196 168 150 31% Operating Income 78 (38) 84 (7%) EBITDA 104 (11) 111 (6%) Adjusted EBITDA 90 65 84 7% Net Income 80 (28) 32 150% FONI trade receivables 181 195 246 (26%) Total Debt 382 369 432 (12%) 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), 12/30/2024 (AR$1,032.50 to US$1.00), and 03/27/2024 (AR$857.41 to US$1.00), as appropriate. See "Disclaimer-EBITDA & Adjusted EBITDA" on page 24 for further information. During 1Q25, revenues totaled US$196 million, increasing 31% or US$46 million compared to US$150 million in 1Q24. Consolidated Revenues Breakdown (unaudited figures in US$ millions) 1Q25 4Q24 1Q24 Δ % 1Q25/1Q24 Total Revenues 196 168 150 31% Spot market revenues 109 78 73 50% Sales under contracts 70 69 65 8% Steam sales 8 8 6 24% Forestry activity revenues 4 5 4 (7%) Resale of gas transport and distribution capacity 2 2 0 288% Revenues from CVO thermal plant management 4 6 2 119% This was mainly due to a combination of: A 50% or US$36 million increase in spot market revenues, which amounted to US$109 million in 1Q25 compared to US$73 million in 1Q24, driven by: A 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. A 8% or US$5 million increase in sales under contracts, which totaled US$70 million in 1Q25 compared to US$65 million in 1Q24, driven by: Higher wind generation in Achiras, La Castellana I and La Castellana II facilities. Higher energy sales of San Lorenzo cogeneration plant. A non-cash effect on the gap between currency devaluation and inflation. Being all partially offset by lower solar generation (mainly due to some node restrictions and weather conditions). A 24% or US$1 million increase in steam sales, driven by higher steam production in San Lorenzo facility, as a consequence of higher demand from the client. Sales totaled US$8 million in 1Q25 compared to US$6 million in 1Q24, approximately. Operating cost, excluding depreciation and amortization, in 1Q25 amounted to US$59 million, increasing 24% or US$11 million when compared to US$48 million in 1Q24. Production costs increased primarily due to: (i) a rise in consumption of materials and spare parts, (ii) a rise in maintenance expenses and (iii) the real appreciation of the Argentine Peso. On the other hand, production costs were also negatively impacted by a non-cash effect on the gap between currency devaluation and inflation. SG&A, excluding depreciations and amortizations, increased 34% or US$5 million to US$20 million from US$15 million in 1Q24. The increase in SG&A during the quarter was mainly due to the real appreciation of the Argentine Peso. Similar to production costs, SG&A were also negatively impacted by a non-cash effect due to the gap between currency devaluation and inflation. Other operating results net in 1Q25 were positive in US$13 million, diminishing 61% or US$21 million from US$34 million in 1Q24. This is mainly explained by: (i) lower interest from clients, due to lower CAMMESA delays, and (ii) lower FX differences (income). Additionally, there was a negative non-cash effect due to the gap between currency devaluation and inflation. If we deduct the variation in biological assets and FONI FX differences and interest, Other operating results net in 1Q25 were negative in US$1 million . Consequently, the Consolidated Adjusted EBITDA (1) amounted to US$90 million in 1Q25 , compared to US$84 million in 1Q24. Consolidated Net financial results in 1Q25 were negative in US$6 million compared to a loss of US$21 million in 1Q24 , which means an improvement of US$16 million. This was mainly driven by lower foreign exchange differences on financial liabilities, lower interest on loans paid and higher holding results on financial assets. Loss on net monetary position in 1Q25 measured in US dollars amounted to US$11 million, being 89% higher than the US$6 million loss in 1Q24. Profit/Loss on associate companies was positive in US$37 million compared to a US$4 million loss in 1Q24. Additionally, there was a gain on the fair value valuation of acquisitions of US$7 million during 1Q25 directly connected with the investment made by our subsidiary Proener in AbraSilver Resource Corp. Income tax in 1Q25 amounted to US$26 million compared to, US$21 million in 1Q24. Finally, Net Income in 1Q25 amounted to a gain of US$80 million, compared to a gain of US$32 million of 1Q24. Adjusted EBITDA Reconciliation (1) ‌(1) See "Disclaimer-EBITDA & Adjusted EBITDA" on page 24 for further information. (unaudited figures in US$ millions) Net income for the period 80 (28) 32 Result from exposure to the change in purchasing power of the currency 11 7 6 Financial expenses 26 36 43 Financial income (20) (47) (22) Share of the profit of an associate (37) (4) 4 Gain (loss) from bargain purchase 0 0 0 Gain (loss) on fair value valuation of acqusitions (7) 0 0 Income tax expenses 26 (2) 21 Depreciation and amortization 26 27 27 EBITDA 104 (11) 111 Impairment 0 99 0 FONI FX Difference and interests and D&A (10) (14) (18) Δ Biological Assets - Fair value variation (4) (9) (8) Adjusted EBITDA 90 65 84 Adj.EBITDA reconciliation 1Q25 4Q24 1Q24 Financial Situation As of March 31st, 2025, the Company and its subsidiaries had Cash and Cash Equivalents of US$6 million , and Other Current Financial Assets of US$244 million. The following chart breaks down the Net Debt position of Central Puerto (on a standalone basis) and its subsidiaries: Million U$S As of March 31, 2025 Cash and cash equivalents (stand-alone) 4 Other current financial assets (stand-alone) 65 Financial Debt (stand-alone) (150) Composed of: Financial Debt (current) (Central Puerto S.A s ta nd-alone) (132) Financial Debt (non-current) (Central Puerto S.A s ta nd-alone) (18) Subtotal Central Puerto stand-alone Net Cash Position (81) Cash and cash equivalents of subsidiaries 2 Other current financial assets of subsidiaries 178 Financial Debt of subsidiaries (232) Composed of: Financial Debt of subsidiaries (current) (82) Financial Debt of subsidiaries (non-current) (150) Subtotal Subsidiaries Net Cash Position (51) Consolidated Net Debt Position (132) Consolidated Cash and cash equivalents 6 Other current financial assets 244 Financial Debt (382) Financial Debt (current) (214) Financial Debt (non-current) (168) Consolidated Net Debt Position (132) Cash Flow of 3M25 Million of US$ 3M25 ended on March 31, 2025 Cash and Cash equivalents at the beginning 4 Net cash flows provided by operating activities 44 Net cash flows used in investing activities (60) Net cash flows used in financing activities 6 Exchange difference and other financial results 13 Results due to exposure to the change in the purchasing power of the currency generated by cash and cash equivalents (0) Cash and Cash equivalents at the end 6 Net cash provided by operating activities was US$44 million during 3M25. This cash flow arises mainly from (i) US$106 million of net income for the period before income tax; (ii) US$4 million in collection of interest from clients; (iii) adjustments to reconcile profit for the period before income tax with net cash flows of US$50 million; and (iv) US$3 million in insurance recovery; partially offset by (v) US$18 million in working capital variations (accounts payables, accounts receivables, inventory, and other nonfinancial assets and liabilities); and (vi) US$1 million in income tax and other taxes payments. Net cash used by investing activities was US$60 million during 3M25. This amount is mainly explained by (i) US$44 million in acquisitions of property, plant and equipment and inventory and (ii) US$27 million in acquisitions of other financial assets, net, being all partially offset by (iii) US$11 million in dividends collections. Net cash provided by financing activities was US$6 million in the 3M25. This is basically the result of (i) US$8 million in long-term debt repayments; (ii) US$6 million in interest and other long-term debt costs paid, being all partially offset by, (iv) US$20 million in bank and investment accounts overdrafts received, net. The net decrease in cash and cash equivalents was US$10 million during 3M25. The exchange difference and other financial results were US$13 million while the monetary loss on cash and cash equivalents due to the change in purchasing power of the currency was substantially lower. Hence, given that Cash and cash equivalents as of January 1, 2025, was US$4 million, as of March 31, 2025 it ended-up at US$6 million. The following table shows the company's principal maturity profile as of March 31, 2025, expressed in millions of dollars: Debt Maturity schedule (1)(2) (US$ mm.) As of march 31st, 2025. Considers only principal maturities. Does not consider accrued interest. For the year 2025, maturities since 2Q25 onwards. Tables Consolidated Statement of Income 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), 12/30/2024 (AR$1,032.50 to US$1.00), and 03/27/2024 (AR$857.41 to US$1.00), as appropriate. Consolidated Statement of Financial Position Consolidated Statement of Financial Position (audited figures) in AR$ million 3M25 12M24 mar-25 dic-24 Assets Non-current Assets Property, plant, and equipment 1,760,754 1,756,507 Intangible assets 32,887 33,348 Biological Assets 220,780 202,808 Investment in associates 146,563 118,635 Inventories 3,118 4,646 Other non-financial assets 11,050 746 Trade and other receivables 127,901 148,458 Other financial assets 41,561 16,244 Deferred tax asset 6,428 6,973 2,351,043 2,288,365 Current assets Biological Assets 21,641 38,162 Inventories 29,466 23,677 Other non-financial assets 49,697 38,673 Trade and other receivables 246,096 236,365 Other financial assets 261,677 260,756 Cash and cash equivalents 6,545 4,172 615,122 601,806 Total Assets 2,966,165 2,890,171 Equity and liabilities Equity Capital stock 1,514 1,644 Adjustment to capital stock 585,861 585,732 Legal reserve 115,053 115,053 Voluntary reserve 818,751 818,751 Other equity accounts (55,222) (44,381) Optional reserve for future dividend distribution 422,228 422,228 Retained earnings 138,019 55,273 Equity attributable to shareholders of the parent 2,026,204 1,954,299 Non-controlling interests 52,047 68,460 Total Equity 2,078,251 2,022,759 Non-current liabilities Accounts Payable Trade and Other Accounts Payable - 733 Other non-financial liabilities 23,267 26,906 Other loans and borrowings 180,597 249,723 Compensation and employee benefits liabilities 8,804 8,326 Provisions 2,104 2,440 Deferred income tax liabilities 175,239 172,451 390,010 460,578 Current liabilities Trade and other payables 102,326 104,072 Other non-financial liabilities 43,577 33,238 Other loans and borrowings 229,878 163,698 Compensation and employee benefits liabilities 33,229 36,775 Income tax payable 85,795 65,858 Provisions 3,098 3,192 497,903 406,834 Total liabilities 887,914 867,412 Total equity and liabilities 2,966,165 2,890,171 in US$ thousand 3M25 12M24 mar-25 dic-24 1,640 1,567 31 30 206 181 136 106 3 4 10 1 119 132 39 14 6 6 2,189 2,041 20 34 27 21 46 34 229 211 244 233 6 4 573 537 2,762 2,578 1 1 546 523 107 103 762 730 (51) (40) 393 377 129 49 1,887 1,743 48 61 1,935 1,804 - 1 22 24 168 223 8 7 2 2 163 154 363 411 95 93 41 30 214 146 31 33 80 59 3 3 464 363 827 774 2,762 2,578 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), 12/30/2024 (AR$1,032.50 to US$1.00), and 03/27/2024 (AR$857.41 to US$1.00), as appropriate. Consolidated Statement of Cash Flow Consolidated Statement of Cash Flow (unaudited figures) In AR$ Million 31-mar-25 31-mar-24 Operating activities Income for the period before income tax 113,555 70,997 Adjustments to reconcile income for the period before income tax to net cash flows: Depreciation of property, plant, and equipment 26,931 34,275 Amortization of intangible assets 461 1,300 Impairment on property, plant and equipment and intangible assets - - Income from sale of property, plant and equipment and inventory - (16) Recovery (Charge) for discount of tax credits - - Interest earned from customers (3,262) (16,490) Financial income (21,935) (29,087) Financial expenses 28,222 57,725 Insurance recovery (324) - Share of the profit of associates (39,526) 5,086 Result from acquisition of investments in companies (7,868) - Provision for material impairment - - Movement in accruals and charge to long-term employee benefit plan 1,264 5,104 Revaluation of biological assets (4,394) (11,317) Foreign exchange difference for trade receivables (7,535) (17,325) Net effect CAMMESA Agreement - - Loss on net monetary position (26,146) 43,196 Descuento de cuentas por cobrar y cuentas por pagar, netos 101 - Working capital adjustments: - Increase/Decrease in trade and other receivables (10,854) (24,960) Increase/Decrease in other non-financial assets, inventories and biological assets (19,769) (77,117) Increase/Decrease in trade and other payables, other non-financial liabilities, and liabilities from employee 11,560 (70,173) benefits Interest received from customers 4,605 13,514 Income tax paid (936) (9,671) Fiscal interest paid (55) (206) Insurance recovery 2,933 - Net cash flows provided by operating activities 47,028 (25,163) Investing activities Purchase of property, plant and equipment and intagible assets (46,790) (37,062) Shares buyback - - Dividends received 11,609 5,884 Sale of property, plant and equipment - 16 Aquisition of other financial assets, net (29,376) 43,590 Acquisition of subsidiaries and associates, net of the cash acquired (10) - Net cash flows used in investing activities (64,567) 12,427 Financing activities Bank overdrafts, net 21,865 26,149 Loans received - 38,674 Loans paid (9,103) (41,091) Bonds buybacks - - Direct borrowing costs and refinancing of loans (189) (33) Interests and other loan costs paid (6,103) (12,691) Dividends paid - (16,018) Contribution of non-controlling interests - - Net cash flows used in financing activities 6,470 (5,010) Increase/Decrease in cash and cash equivalents (11,069) (17,746) Exchange difference and other financial results 13,829 - Monetary results effect on cash and cash equivalents (386) (7,555) Cash and cash equivalents as of January 1 4,172 31,847 Cash and cash equivalents at closing 6,545 6,546 in US$ thousand 31-mar-25 31-mar-24 106 53 25 26 0 1 - - - (0) - - (3) (12) (20) (22) 26 43 (0) - (37) 4 (7) - - - 1 4 (4) (8) (7) (13) - - (24) 32 0 - - - - (10) (19) (18) (58) 11 (52) 4 10 (1) (7) (0) (0) 3 - 44 (19) (44) (28) - - 11 4 - 0 (27) 33 (0) - (60) 9 20 20 - 29 (8) (31) - - (0) (0) (6) (9) - (12) - - 6 (4) (10) (13) 13 - (0) (6) 4 24 6 5 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. Information about the Conference Call There will be a conference call to discuss Central Puerto's 1Q2025 results on May 12, 2025, at 12:00 PM ET. The conference will be hosted by Mr. Fernando Bonnet, Chief Executive Officer, Enrique Terraneo, Chief Financial Officer and Alejandro Diaz Lopez, Head of Corporate Finance & Investor Relations Officer. To access the conference call: Webcast URL: https://mzgroup.zoom.us/webinar/register/WN_8lNNg--URlKvEHaOAiKUug #/registration The Company will also host a live audio webcast of the conference call on the Investor Relations section of the Company's website at https://www.centralpuerto.com . Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast. The call will be available for replay on the Company's website under the Investor Relations section. You may find additional information on the Company at: https://investors.centralpuerto.com/ https://www.sec.gov https://www.cnv.gob.ar Glossary In this release, except where otherwise indicated or where the context otherwise requires: "BCRA" refers to Banco Central de la República Argentina , Argentina's Central Bank, "CAMMESA" refers to Compañía Administradora del Mercado Mayorista Eléctrico Sociedad Anónima ; "COD" refers to Commercial Operation Date, the day in which a generation unit is authorized by CAMMESA (in Spanish, "Habilitación Comercial") to sell electric energy through the grid under the applicable commercial conditions; "Ecogas" refers collectively to Distribuidora de Gas Cuyana ("DGCU"), Distribuidora de Gas del Centro ("DGCE"), and their controlling company Inversora de Gas del Centro ("IGCE") ; "Energía Base" (legacy energy) refers to the regulatory framework established under Resolution SE No. 95/13, as amended, currently regulated by Resolution SE No. 9/24; "FONINVEMEM" or "FONI", refers to the Fondo para Inversiones Necesarias que Permitan Incrementar la Oferta de Energía Eléctrica en el Mercado Eléctrico Mayorista (the Fund for Investments Required to Increase the Electric Power Supply) and Similar Programs, including Central Vuelta de Obligado (CVO) Agreement; "p.p.", refers to percentage points; "PPA" refers to power purchase agreements. Disclaimer Rounding amounts and percentages : Certain amounts and percentages included in this release have been rounded for ease of presentation. Percentage figures included in this release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this release may not sum due to rounding. This release contains certain metrics, including information per share, operating information, and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods. OTHER INFORMATION Central Puerto routinely posts important information for investors in the Investor Relations support section on its website, https://www.centralpuerto.com . From time to time, Central Puerto may use its website as a channel of distribution of material Company information. Accordingly, investors should monitor Central Puerto's Investor Relations website, in addition to following the Company's press releases, SEC filings, public conference calls and webcasts. The information contained on, or that may be accessed through, the Company's website is not incorporated by reference into, and is not a part of, this release. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION This release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to in this Earnings Release as "forward-looking statements") that constitute forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words ''anticipate'', ''believe'', ''could'', ''expect'', ''should'', ''plan'', ''intend'', ''will'', ''estimate'' and ''potential'', and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Statements regarding possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition, expected power generation and capital expenditures plan, are examples of forward-looking statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic 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.gov ). EBITDA & 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 difference 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 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. Central Ruerto

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