Central Puerto (CEPU) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA reached $145.0 million, up 20.1% sequentially and 136.2% year-over-year, driven by higher contracted and spot sales, improved margins from self-procured fuels, and increased contracted volumes.

• Revenues totaled $453.3 million, up 82.3% quarter-on-quarter and 165.8% year-on-year, supported by higher spot and contracted thermal generation revenues and rising energy prices.

• Total generation was 5,250 GWh, representing 15% of Argentina's grid, with a 20.1% year-over-year increase but a 3.1% sequential decline.

• Commercial position strengthened, with over 120 large industrial customers, 16 distribution companies, and a 35% market share in the MAT Res. 400 term market in Q2.

• Net income for 2Q26 was $82.5 million, up 22.2% year-over-year but down 41.9% sequentially due to higher income tax expenses.

Financial highlights

• Adjusted EBITDA: $145.0 million, up 20.1% from Q1 and 136.2% from Q2 2025.

• Revenues: $453.3 million, up 82.3% quarter-on-quarter and 165.8% year-on-year.

• Net financial leverage at 1.2x adjusted EBITDA; net financial debt of $493.4 million.

• Total outstanding financial debt was $671.9 million; cash and equivalents $178.4 million as of June 30, 2026.

• Gross income reached $129.3 million in 2Q26, up 26.3% sequentially and 181.0% year-over-year.

Outlook and guidance

• Battery storage projects (205 MW) are on track for commercial operation in Q4 2026, with 81% of project CAPEX executed and expected to contribute $25–27 million EBITDA in 2027.

• Self-procurement of fuel expected to decrease in Q4 2026, with a gradual increase in local natural gas procurement in 2027.

• Growth opportunities identified in new capacity schemes, battery projects, government asset sales, and transmission for mining and data centers.

• Positioned to participate in future CAMMESA battery storage tenders after Campana project development.