Central Puerto (CEPU) Q2 2025 earnings summary

Executive summary

• Adjusted EBITDA for Q2 2025 was US$61.4 million, down 32% sequentially but up 35% year-over-year.

• Revenues for the quarter were US$179.6 million, an 8% decrease from the previous quarter and a 7% increase year-over-year.

• Generation volumes fell 24% sequentially and 12% year-over-year due to scheduled and extraordinary maintenance at key plants.

• Major maintenance at Central Costanera and Central Puerto impacted operational availability and increased OpEx.

• Growth projects include Brigadier Lopez combined cycle (140 MW), San Carlos solar (15 MW), and Alamitos wind (130–150 MW), with Brigadier Lopez and San Carlos 80% complete and expected online in 4Q25.

Financial highlights

• Last 12-month adjusted EBITDA reached US$309.9 million, 8% above full year 2024.

• FONINVEMEM debt collections in Q2 were US$17.2 million.

• Net leverage ratio stood at 0.56x last 12-month adjusted EBITDA; net financial debt was US$174.2 million.

• Standing financial debt was US$409.4 million as of June 30, with US$235.2 million in cash and equivalents.

• CapEx for the semester totaled US$102.4 million, fully financed by operating cash flow and focused on major projects.

Outlook and guidance

• Brigadier Lopez and San Carlos projects are expected to reach commercial operation before year-end 2025.

• Alamitos wind project construction is scheduled to begin in Q1 2026; ongoing bidding for battery storage (205 MW total bids).

• Participation in battery storage tenders and anticipation of new hydro and thermal auctions.

• Regulatory changes allow monthly inflation adjustments to spot prices and further self-managed fuel procurement.