Central Puerto SA Q4 FY2024 earnings call

• Financial Results: Q4 2024 revenues up 71% YOY, adjusted EBITDA up 44% YOY; FY 2024 revenues up 25%, adjusted EBITDA up 4%. Net debt reduced.
• Regulatory Updates: Spot prices adjusted monthly; upcoming Q1 2025 spot price increase; contingency plan for electricity industry; Resolution 21 deregulation allowing thermal plants post-2025 to do PPAs; Energía Plus framework updates; Resolution 67 on storage capacity tender.
• Corporate News: Dividend payment in Nov, high-voltage transmission line project with IFC and YPF Luz, mining investments in Tres Cruces and AbraSilver.
• Electricity Market: Installed capacity changes, generation by source (hydro, wind, solar, thermal) with specific changes; demand trends.
• Revenue Breakdown: Spot market, sales under contract, steam sales increases.
• Adjusted EBITDA: Impact of sales, costs, SG&A, other operating results.
• Net Income: Non-cash impacts, impairment, D&A, M&A gains.
• Cash Flow: Operating, investing, financing activities, cash position.

The group's installed capacity remained at 6,703 megawatts. Energy generation in the fourth quarter of 2024 was 5.4 terawatt hour, up 5% year-over-year, and annual generation was 21.6 terawatt hour, up 4% year-over-year. Revenues in the fourth quarter of 2024 were $168 million, a 71% year-over-year increase, and annual revenues reached $671 million, a 25% increase. Adjusted EBITDA in the fourth quarter of 2024 was $65 million, up 44% year-over-year, and annual adjusted EBITDA was $288 million, up 4% year-over-year. Net income in the fourth quarter of 2024 was negative $28 million, while the fiscal year 2024 net income was positive $52 million. Net debt as of December 31, 2024 was $132 million, a reduction of $154 million from December 2023, with a net debt to adjusted EBITDA ratio of about 0.5 times.

• Regulatory phases: Opportunities from new regulations allowing fuel purchase, improved remuneration for efficient combined cycles.
• Investment projects: Transmission line project with YPF Luz, looking into battery auctions in May, no immediate CapEx for mining projects.
• Hydro auctions: Expected in April-May 2025, but details on structure pending.

• Forward-looking statements subject to risks and uncertainties.
• Devaluation impacts on financial metrics.
• Regulatory changes affecting investment and remuneration.
• Hydro allocation changes impacting generation.
• Maintenance delays affecting plant operation.

Q: What impact do you expect from Central Puerto from the new regulations that aim to legalize the power sector?

A: Fernando Bonnet discussed phases of deregulation, ability to buy fuel starting March, opportunities for efficient combined cycles under new marginality pricing.

Q: Will we see more aggressive investment this year in mining and transmission?

A: Mentioned looking into battery auctions in May, working on transmission project with YPF Luz, no immediate CapEx for mining projects.

Q: Any news on the hydro auctions?

A: Expected in April-May 2025, but details on structure pending.