Central Puerto (CEPU) Q4 2024 earnings summary

Executive summary

• Installed capacity held at 6,703 MW; energy generation rose 5% YoY in Q4 2024 to 5.4 TWh and 4% annually to 21.6 TWh.

• Q4 2024 revenues reached $168 million, up 71% YoY; annual revenues were $671 million, up 25%.

• Adjusted EBITDA for Q4 2024 was $65 million (+44% YoY); annual adjusted EBITDA was $288 million (+4%).

• Net income for Q4 2024 was negative $28 million; full-year net income was $52 million, impacted by non-cash effects from currency devaluation and a $99 million impairment.

• Net debt stood at $132 million as of December 31, 2024, with a net debt/adjusted EBITDA ratio of 0.5x.

Financial highlights

• Spot market revenues increased 61% in Q4 2024, driven by higher thermal generation and currency effects.

• Sales under contract rose 62% in Q4 2024, mainly from higher solar and cogeneration output.

• Steam sales grew 109% ($4 million), reflecting higher demand, especially in oil and gas.

• Cost of sales and operating costs increased, mainly due to maintenance and currency appreciation.

• SG&A expenses rose, impacted by one-time projects, higher service fees, and currency effects.

Outlook and guidance

• Regulatory changes allow new PPAs and self-managed fuel for thermal generators from 2025, with a new framework expected by November 2025.

• Spot prices adjusted monthly in Q4 2024; a 10% compound increase expected in Q1 2025.

• Opportunities anticipated from deregulation, including private PPAs, fuel procurement, and storage capacity auctions.