Results release (CEPU FY 2024 4Q24 Consolidated Results VF)

FY24 & 4Q24

Consolidated Results

March 2025

Central Puerto FY 2024 & 4Q24 Earnings Release

Buenos Aires, March 11th, Central Puerto S.A

Stock information:("Central Puerto" or the "Company") (NYSE: CEPU), the largest private sector power generation companies in Argentina, reports its consolidated financial results for the Fiscal Year 2024 and Fourth Quarter 2024 ("4Q24"), ended on December 31st, 2024.

A conference call to discuss the FY 2024 and 4Q24 results will be held on March 12th, 2025, at 9 AM Eastern Time (see details below). All information provided is presented on a consolidated basis, unless otherwise stated.

Financial statements as of December 31st, 2024, 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 fiscal year ended on December 31st, 2024, 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 year ended on December 31st, 2024, and the notes thereto, which will be available on the Company's website.

Consolidated Results FY 2024 & 4Q24

A. Regulatory Updates and News

Resolution SE N°285/2024

On September 27th, 2024, the Secretariat of Energy updated remuneration prices for energy and power of generation units not committed in a PPA (spot market). This resolution replaced Annexes I to V of Resolution N°233/2024 and established a 2,7% increase in remuneration values effective from October 1st, 2024.

Resolution SE N°294/2024

On October 1st, 2024, the Secretariat of Energy published Resolution N°294 in the Official Gazette, establishing a contingency plan for the electricity sector aiming to mitigate possible critical situations ("Contingency Plan for critical months of the period 2024/2026"). The plan covers the period December 2024 - March 2026 and states action plans for generation, transmission and distribution, as well as for large users demand. Regarding generation, an "additional, complementary and exceptional" remuneration for power and energy is stablished, with the aim of ensuring the availability of equipment in critical months and hours. The scheme is for thermal power plants located in critical nodes that do not have MEM supply contracts (PPAs) and that have not adhered to Resolution 59/23 (for combined cycles). Generators included in this universe are invited to adhere to a "Power Availability Commitment and Reliability Improvement" (the Commitment). The Commitment establishes an Availability Price Agreement (USD/MW 2,000) that is affected by a node criticality factor, which can vary between

0.75 and 1.25, being the final remuneration obtained by the generator affected by the real availability of the generation units.

The units belonging to the Group that are eligible to adhere to this resolution are the steam turbines located in Buenos Aires and Luján de Cuyo, the gas turbines located in Luján de Cuyo and the Brigadier López thermal power plant. For Central Puerto, the additional remuneration varies from USD/MW 2,000 to USD/MW 2,500 depending on months and units considered.

Resolution SE N°20/2024

On November 1st, 2024, the Secretariat of Energy published Resolution N°20/2024 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°285/2024 and established a 6% increase in remuneration values effective from November 1st, 2024.

Consolidated Results FY 2024 & 4Q24

Resolution SE N°387/2024

On December 2nd, 2024, the Secretariat of Energy published Resolution N°387/2024 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°20/2024 and established a 5% increase in remuneration values effective from December 1st, 2024.

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-DeliveredEnergy 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.

Consolidated Results FY 2024 & 4Q24

• "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.

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.

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.

Dividend Payment

On November 22nd, 2024, Central Puerto S.A. distributed $39.47 per share dividends.

Consolidated Results FY 2024 & 4Q24

Puna power transmission line

On December 5th, 2024, Central Puerto signed an agreement with the International Finance Corporation (IFC) to jointly finance the feasibility studies of a power transmission line to supply energy to mining companies in northwestern Argentina. These studies will evaluate the technical, economic and environmental feasibility of the project, which aims to interconnect mining projects in the Argentine Puna region to the Argentine Interconnection System (SADI), guaranteeing a reliable supply of renewable energy through private agreements.

Later, on January 14th, 2025, the Company and YPF Luz signed an agreement to jointly move forward with the analyses and development of this strategic project. This agreement marks an important milestone, as it is the first time that two major electricity generation companies will jointly evaluate the technical and regulatory aspects necessary to carry out a large-scale electrical infrastructure project that will provide a comprehensive electricity supply solution, with a particular focus on the development of the mining industry. This joint effort would involve an investment ranging from $250 million to $400 million, depending on the final scope of the project. The development under evaluation includes the construction of approximately 140 km of electric power transmission line, which could potentially be extended up to 350 km.

Recent acquisitions

3 Cruces

On December 26th,2024, Proener S.A.U., an affiliate wholly owned by Central Puerto, directly acquired 27.5% of the capital votes and stock of 3C Lithium Pte. Ltd., which is the sole owner of Minera Cordillerana, that is developing the Tres Cruces lithium project, located in Catamarca.

The "Tres Cruces" project is a recently discovered lithium deposit. The funds provided by Central Puerto are intended to finance exploration and drilling activities and working capital for the initial stage of the project.

Abrasilver

On January 31st, 2025, Proener S.A.U., signed a new share subscription agreement with AbraSilver Resource Corp ("AbraSilver"), a company listed on the Canadian Stock Exchange, which owns the Diablillos silver-gold project located in northwestern Argentina. With this subscription, Central Puerto increased its equity participation share in AbraSilver to 9.9%. The funds collected by AbraSilver will be used to move forward with feasibility studies and for general corporate purposes. Feasibility studies are

Consolidated Results FY 2024 & 4Q24

expected to be completed by the end of December 2025, which will allow to determine the start date of the mine construction.

Current Projects: San Carlos Solar & Brigadier Lopez Cycle

Works continue in both projects. Brigardier Lopez is on schedule, moving forward at good pace. The contractor of San Carlos has presented some delays in its workflow, we are currently working together to solve out issues and keep the project on track.

Consolidated Results FY 2024 & 4Q24

B. Argentine Market Overview

The table below sets forth key Argentine energy market data for 4Q24 compared to 3Q24 and 4Q23 and FY 2024 compared to FY 2023.

Source: CAMMESA; company data. Figures are rounded.

(1) As of December 31st, 2024, December 31st, 2023 and September 30th, 2024, as appropriate.

Installed Power Generation Capacity: By the end of the fourth quarter of 2024 (4Q24), the country's installed capacity reached 43,350 MW, which means a decrease of 1% (or 423 MW) compared to the 43,773 MW recorded as of December 31st, 2023. 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 423 MW is decomposed as follows: (i) +925 MW of renewable sources, of which +614 MW corresponds to wind farms (224MW of new plants installed during the 4Q24), +307 MW to solar plants (88 MW of new capacity installed during the 4Q24) and +4 MW to biogas power plants; (ii) a reduction of 1,195 MW in hydraulic sources and (iii) a net decrease of 153 MW in thermal sources, where a contraction was recorded in gas turbines (-470 MW), steam turbines (-470 MW) and diesel engines (-101 MW),

Consolidated Results FY 2024 & 4Q24

being all partially offset by +888 MW in combined cycles (130 MW of new capacity installed during the 4Q24). 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 4Q24, energy demand reached 33,250 GWh, a slight decrease from the 33,258 GWh recorded during the 4Q24. There was a 1% decrease in residential consumption almost offset by commercial (+1%) and major demand (+1%). Higher temperatures recorded during October 2024 vis-à-vis same month of 2023 prompted higher retail consumption, which shrank in November and December as a result of milder temperatures compared to equal months of 2023.

For the whole of 2024 residential demand barely grew 0.4%. Major and commercial demands both ended 2024 with a 1% decrease in their consumption, though some positive interannual growth rates were observed during the second half of the year for food and beverage, oil & gas and mining.

On the other hand, generation decreased 2% during the quarter on a year-over-year (YoY) basis. The decrease was driven by nuclear and hydro generation (-48% and -30%, respectively). Renewable and thermal generation rose 13% and 24%, respectively.

Nuclear generation decreased basically by the two year-maintenance shutdown of Atucha I, which started in November, an a seasonal maintenance program of Atucha II, carried on between the end of September and the beginning of December. 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: 69% in the Uruguay River, 44% in the Paraná River, 22% in the Limay River and 7% in the Collón Curá 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, this year 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 (72% on average during the 4Q24 vs 74% on average during the same period of 2023), generation rose 24% YoY. The growth in thermal generation led to higher fuel consumption: 66% rise in gas oil, 9% in natural gas and 3% in fuel oil. The breakdown of availability levels shows that combined

Consolidated Results FY 2024 & 4Q24

cycles figures decreased 2%, from 91% to 89%, while gas and steam turbines decreased 1%, from 63% to 62%.

Additionally, the electricity trade balance resulted in a net import situation during the whole quarter, with a peak in November: in line with the demand trend showcased above, net imports were recorded in October and November, being substantially lower in December.

Local energy Demand

(TWh)

Consolidated Results FY 2024 & 4Q24