Central Puerto (CEPU) Q3 2026 earnings summary

Executive summary

• Q3 adjusted EBITDA rose 70.3% YoY to $185.3M; 9M adjusted EBITDA was $451.0M, with FY26 guidance maintained at $500M-$550M.

• Revenue reached $532.4M, up 157.6% YoY; generation totaled 4,791 GWh, up 5.6% YoY.

• Higher winter spot prices, self-procured fuel margins, improved hydro conditions and added solar generation supported results.

Financial highlights

• Revenue was $532.4M, including $218.6M of spot revenue tied to directly procured fuel; spot thermal revenue was $289.8M, up 192.2% YoY.

• Adjusted EBITDA was $185.3M, up 27.8% QoQ; margin was 34.8%, versus 32.0% in Q2 and 52.6% in Q3 2025, with YoY comparison affected by fuel-cost recognition.

• Contracted revenue totaled $219.7M: thermal MAT/PPA $167.3M, renewables $29.8M and hydro $22.5M.

• Net income was $102.9M, up 12.6% YoY; gross income was $170.8M and operating income was $149.5M.

Outlook and guidance

• FY26 adjusted EBITDA guidance remains $500M-$550M; Q4 was estimated at $75M-$80M, with potential for $90M subject to temperatures, dispatch and hydro inflows.

• Q4 EBITDA is expected below prior-year ~$100M, reflecting Costanera combined-cycle maintenance; liquid fuel use is not expected.

• BESS Costanera is expected to enter commercial operation before year-end and BESS Puerto in January 2027; projects are expected to contribute $25M-$27M to 2027 adjusted EBITDA.

• If admitted to RIGI, oil and gas investment is expected to reach at least $240M over two years; exploration could begin in Q1 or early Q2 2027, subject to CENCH progress.