Central Puerto (CEPU) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA reached $145.0 million, up 20.1% quarter-on-quarter and 136.2% year-on-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% sequentially and 165.8% year-over-year, driven by higher contracted and spot sales, rising energy prices, and a shift to higher-cost thermal sources.

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

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

• Battery storage projects (205 MW) are on schedule for Q4 2026 operation, expected to contribute $25–27 million EBITDA in 2027.

Financial highlights

• Adjusted EBITDA: $145.0 million, up 20.1% quarter-on-quarter and 136.2% year-on-year.

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

• Net financial debt: $493.4 million; net leverage ratio: 1.2x adjusted EBITDA.

• Capital expenditures for H1 2026: $421.9 million.

• Gross income was $129.3 million, up 26.3% quarter-on-quarter and 181.0% year-on-year.

Outlook and guidance

• Battery storage projects expected to be energized in Q4 2026, contributing $25–27 million EBITDA in 2027.

• Self-procurement of fuel expected to decrease in Q4 2026, with further reduction as Plan Gas.Ar phases out.

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

• Ongoing efforts to increase contracted sales with distribution companies, balancing spot and contracted exposure.

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