Central Puerto (CEPU) Q3 2025 earnings summary

Executive summary

• Adjusted EBITDA for Q3 2025 reached US$101.1 million, up 64% quarter-on-quarter and 8% year-on-year, driven by higher contract sales from renewables, thermal fuel cost pass-through, and improved margins from self-procured fuels.

• Revenues totaled US$233.9 million, up 30% quarter-on-quarter and 26% year-on-year, reflecting additional revenues from fuel cost pass-through, seasonal price effects, and the resumption of Central Costanera after maintenance.

• Total generation was 4,539 GWh, up 4% sequentially but down 20% year-on-year due to low hydrology at Piedra del Águila and downtime at key assets.

• The company acquired the 80 MW Cafayate Solar Farm for US$48.5 million and secured two BESS projects totaling 205 MW with 15-year US$-denominated contracts.

• Market liberalization via Resolution 400/25 introduces US$-denominated revenues, new trading mechanisms, and is expected to drive long-term value creation.

Financial highlights

• Adjusted EBITDA: US$101.1 million for Q3 2025, up 64% quarter-on-quarter and 8% year-on-year.

• Revenues: US$233.9 million, up 30% quarter-on-quarter and 26% year-on-year.

• Net income for Q3 2025 was US$102.4 million, up 44% sequentially and 158% year-over-year.

• CapEx for Q3 2025 was US$76.1 million, including the Cafayate Solar Farm acquisition.

• Net financial debt at quarter end: US$159.9 million, with a net leverage ratio of 0.5x adjusted EBITDA; cash and cash equivalents: US$292.1 million; total financial debt: US$452.1 million.

Outlook and guidance

• Market reforms allow up to 20% of thermal output to be sold to large users and the rest to distribution companies or the spot market; existing contracts remain in force during the transition.

• Management expects a 20%-25% increase in EBITDA from deregulation, potentially US$70–80 million more annually, with further upside if 20% is contracted to industrials.

• Additional EBITDA expected from new capacity: Brigadier López (US$60–65 million/year) and San Carlos (US$3–5 million/year) on a full-year basis.

• CapEx for BESS projects estimated at US$130–140 million, with completion expected in 2026–2027.

• 4Q25 will see US$90 million in debt repayments and a maintenance program at Luján de Cuyo, with estimated downtimes of 45–60 days.