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 margin recovery.

• 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 Cafayate Solar Farm (80 MW) for US$48.5 million and secured two BESS projects totaling 205 MW with 15-year contracts.

• Market liberalization via Resolution 400/25 is expected to drive long-term value creation, mitigate currency and inflation risk, and introduce new trading mechanisms.

Financial highlights

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

• Adjusted EBITDA margin improved to 43% in Q3 2025 from 34% in Q2 2025; gross income margin for the last twelve months was 37%.

• Net financial debt at quarter end was US$159.9 million, with a net leverage ratio of 0.5x adjusted EBITDA.

• Total financial debt stood at US$452.1 million; cash and equivalents plus current financial assets were US$292.1 million.

• Moody’s upgraded credit rating to AA+ and Fix SCR to AA; share buyback program repurchased 2,756,000 shares for US$2.54 million.

Outlook and guidance

• Market reforms are expected to restore long-term value creation, with US$-denominated spot prices mitigating inflation and currency risk.

• EBITDA is expected to increase by 20–25% (US$70–80 million) due to deregulation, with further upside if 20% of production is contracted to large users.

• BESS projects (205 MW) are scheduled to be operational by mid-2027, with CapEx of US$130–140 million.

• Existing power contracts remain in force during the transition, ensuring stability.

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