Central Puerto (CEPU) Q3 2024 earnings summary

Executive summary

• Revenue increased 14% year-over-year to $185 million, driven by higher spot and contract sales, improved thermal generation, and increased steam and forestry revenues.

• Adjusted EBITDA was $93 million, nearly flat year-over-year, with higher operating income offset by lower other operating results.

• Net income doubled year-over-year to $40 million, reflecting improved operating performance and lower non-cash effects.

• Power generation reached 5,685 GWh, down 1% year-over-year, with installed capacity at 6,703 MW.

• Dividend of $39.47 per share approved for distribution.

Financial highlights

• Revenue for Q3 2024 was $185 million (+14% year-over-year); adjusted EBITDA was $93 million (+1% year-over-year).

• Net income for Q3 2024 was $40 million (+100% year-over-year), aided by non-cash effects and lower D&A.

• Net debt reduced to $149 million as of September 2024, with a net debt to adjusted EBITDA ratio of 0.5x.

• Net cash from operating activities for the first nine months was $184 million; CapEx and investments used $119 million.

• Cash and equivalents plus financial assets totaled $245 million at quarter-end.

Outlook and guidance

• San Carlos Solar Farm expected to complete by Q2 2025; Brigadier López Combined Cycle COD planned for Q4 2025, both on schedule and on budget.

• Regulatory changes include multiple remuneration price updates for spot market units and a contingency plan for additional remuneration from Dec 2024 to Mar 2026.

• No significant EBITDA change expected until regulatory changes allow private PPAs or fuel deregulation.