Central Puerto (CEPU) Q4 2025 earnings summary

Executive summary

• 2025 saw 17% year-over-year revenue growth to $782.8 million and 17% adjusted EBITDA growth to $337.2 million, despite a 14% drop in generation volumes due to low hydrology and maintenance outages.

• Achieved consistent growth and market normalization, reinforcing the power generation asset portfolio for long-term value creation.

• Portfolio expanded with new solar and combined cycle projects, and a 30-year extension of the Piedra del Águila hydro concession to 2055 with a $245 million payment in January 2026.

• Focused on operational excellence and sustained growth, maintaining a leadership position in the market.

Financial highlights

• FY2025 revenues were $782.8 million, up 17% year-over-year; 4Q25 revenues were $172.8 million, up 3% year-over-year.

• FY2025 adjusted EBITDA was $337.2 million, up 17% year-over-year, with a margin of 43%; 4Q25 adjusted EBITDA was $84.7 million, up 30% year-over-year.

• FY2025 net income was $254.1 million, a 389% increase year-over-year; EPS was $0.17.

• Net leverage ratio at year-end was 0.3x–0.34x adjusted EBITDA; net financial debt at $106.3 million; gross financial debt stood at $337.8 million.

• Cash and cash equivalents at year-end were $25.8 million.

Outlook and guidance

• Expectation of increased thermal generation in 2026 as major maintenance is completed and no further outages are planned until 2027–2028.

• Anticipate additional EBITDA of $150–160 million in 2026 from new PPAs, regulatory changes, and full-year contributions from recent projects.

• Transition to new wholesale electricity market remuneration scheme under Resolution 400/25, with increased contractualization and spot market exposure.

• Incremental remuneration for certain thermal units to continue through March 2027 to ensure system reliability.

• Actively pursuing new battery storage and renewable projects, and monitoring upcoming auctions and privatizations.