Central Puerto (CEPU) Q1 2026 earnings summary

Executive summary

• Achieved strong commercial execution and market normalization in 1Q26, supported by new generation assets, regulatory changes under Resolution 400/2025, and operational excellence.

• Adjusted EBITDA for 1Q26 was $120.0 million, up 41.6% quarter-on-quarter and 33.4% year-on-year, driven by higher thermal generation, new asset operations, and improved revenue mix.

• Revenues reached $248.6 million, up 43.8% sequentially and 26.7% year-over-year, with 93.8% from energy sales and a higher share of US dollar-denominated revenues.

• Secured a 30-year concession renewal for Piedra del Aguila and acquired Patagonia Energy S.A. (PESA), entering the Vaca Muerta oil and gas sector.

• Changed functional currency to US dollars effective January 1, 2026, reflecting dollarization of revenues and regulatory changes.

Financial highlights

• Adjusted EBITDA: $120.0 million, up 41.6% quarter-on-quarter and 33.4% year-on-year; margin at 48%.

• Revenues: $248.6 million, up 43.8% quarter-on-quarter and 26.7% year-on-year.

• Total generation: 5,420 GWh, up 54.2% quarter-on-quarter but down 5% year-over-year.

• Capital expenditures: $311.0 million, mainly for Piedra del Aguila and battery storage projects.

• Net financial leverage ratio: 1.06x, with net financial debt of $390.8 million.

Outlook and guidance

• Expect continued operational excellence and financial performance for 2026, with ongoing market normalization and incremental contracting opportunities.

• BESS projects progressing toward mid-2027 commercial operation; up to 700MW battery storage tender ongoing.

• Focus on expanding PPAs with distribution companies and large users.

• Maintenance of Luján de Cuyo GT26 (47MW) expected to complete in 2H26.

• Additional financing secured in 2Q26 to support acquisitions and project development.