Central Puerto (CEPU) Q4 2025 earnings summary

Executive summary

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

• Major portfolio expansion included the San Carlos solar farm and Cafayate acquisition, doubling solar capacity and increasing renewables by 20%.

• Secured a 30-year extension for the Piedra del Águila hydro concession with a $245 million payment in January 2026, strengthening the long-term asset base.

• Achieved market normalization, with 97% of December revenues USD-denominated and new contracts signed in the thermal term market.

• 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 but down 26% sequentially.

• 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 but down 16% sequentially.

• FY25 net income was $254.1 million, a 389% increase year-over-year; EPS was $0.17.

• Spot revenues grew due to price realignment and Resolution 400, with self-procured fuel oil pass-through boosting margins by $18 million.

• Gross financial debt stood at $337.8 million as of December 31, 2025.

Outlook and guidance

• 2026 EBITDA expected to improve by $150–160 million, driven by new PPAs, market regulation, and full-year contribution from recent renewable projects.

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

• Thermal generation volumes expected to rise as major maintenance is not anticipated in 2026.

• Focus areas: disciplined contracting, operational excellence, and advancing growth agenda.

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