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.

• Dividend of $39.47 per share approved for distribution.

• Installed capacity reached 6,703 MW; energy generation was 5,685 GWh, down 1% year-over-year.

Financial highlights

• Revenue: $185 million (+14% year-over-year).

• Adjusted EBITDA: $93 million (+1% year-over-year), with EBITDA at $103 million.

• Net income: $40 million (+100% year-over-year).

• Net debt: $149 million as of September 30, 2024; consolidated net debt position stood at $55 million.

• Cash and cash equivalents at quarter-end were $7 million; total liquidity including financial assets was $245 million.

Outlook and guidance

• San Carlos Solar Farm and Brigadier López Combined Cycle projects are on schedule and on budget, with expected completion in 2Q25 and 4Q25, respectively.

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

• EBITDA for 2024 expected to remain stable unless regulatory changes allow for private PPAs or fuel deregulation.

• Steam demand is expected to remain strong, driven by increased industrial activity, especially in oil and gas.