Central Puerto (CEPU) Q1 2025 earnings summary

Executive summary

• Installed capacity remained at 6,703 MW; energy generation rose 4% year-over-year to 5.7 TWh for Q1 2025.

• Revenues increased 31% year-over-year to $196 million, driven by higher spot market revenues and increased thermal and wind generation.

• Net income surged 150% year-over-year to $80 million, reflecting improved operating results and positive contributions from associates.

• Adjusted EBITDA reached $90 million, up 8% year-over-year, supported by higher aggregate sales and favorable non-cash effects.

• Major investment projects (Brigadier López and San Carlos) are on schedule, with expected CODs by end of 2025 and Q3 2025, respectively.

Financial highlights

• Revenue for Q1 2025 was $196 million, up from $150 million in Q1 2024, mainly due to higher spot market revenues and increased thermal generation.

• Adjusted EBITDA reached $90 million, an 8% increase year-over-year, driven by higher aggregate sales and spot sales.

• Net income for Q1 2025 was $80 million, reflecting improved EBITDA and favorable net financial results.

• Net cash provided by operating activities was $44 million; cash position at quarter-end was $6 million, with total current liquidity of $250 million including financial assets.

• Spot market revenues increased 50% year-over-year to $109 million.

Outlook and guidance

• Brigadier López and San Carlos projects are progressing as planned, with no further major maintenance expected for Brigadier López.

• Management expects gradual market deregulation, particularly in liquid fuels, with full liberalization of natural gas constrained by existing contracts until 2028.

• Participation in upcoming hydro and battery auctions is under consideration, with additional wind and solar projects being explored.

• Regulatory changes signal increased investment opportunities and market liberalization, including new PPAs and fuel management autonomy.