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.

• Power 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, including Brigadier Lopez combined cycle and San Carlos solar, are 80% complete and expected online in 4Q25.

Financial highlights

• Last 12 months Adjusted EBITDA reached US$309.9 million, 8% above full year 2024.

• Net leverage ratio stood at 0.56x LTM Adjusted EBITDA; net financial debt was US$174.2 million.

• Standing financial debt was US$409 million as of June 13, with US$235 million in cash and equivalents.

• CapEx for the semester totaled US$102.4 million, fully financed by operating cash flow.

• FONINVEMEM debt collections were US$17.2 million in the quarter.

Outlook and guidance

• Brigadier Lopez combined cycle and San Carlos solar projects are expected to reach commercial operation before year-end 2025, adding 155 MW of capacity.

• Alamitos wind project (130–150 MW) is in the bidding phase, with construction planned for Q1 2026.

• Participation in battery storage tenders with bids totaling 205 MW; results expected by end of August 2025.

• Ongoing regulatory reforms, including monthly inflation adjustments to spot prices and self-managed fuel procurement.