Central Puerto S.A. Q2 FY2025 earnings call

• Maintenance works: Central Costanera Mitsubishi combined cycle and Central Puerto steam turbine 6 had schedule upgrade and maintenance, impacting generation volumes. Extraordinary maintenance on boilers at Central Costanera not covered by insurance, costing ~$18-20 million.
• Projects: Brigadier Lopez thermal project nearing completion, adding 140 MW, on track for Q4 2025 commercial operation. San Carlos solar project to deliver 15 MW, expected operational before year-end. Alamitos wind project in bidding phase, scheduled to begin construction Q1 2026. Participating in battery storage tender.
• Regulatory: Spot prices in pesos adjusted monthly for inflation, Decree 476 on hydro concessions reviewed. Spot peso-denominated prices 16% of total revenues, maintaining parity with inflation and exchange rate variation.
• Financial position: Semester capital expenditures $102.4 million, net leverage ratio 0.56x last 12-month adjusted EBITDA.

In the second quarter of 2025, adjusted EBITDA was $61.4 million, a 32% decrease from the previous quarter's $89.9 million but 35% higher than Q2 2024. Last 12 months adjusted EBITDA was $309.9 million, 8% above full year 2024. FONINVEMEM debt collection was $17.2 million. Total generation volumes in Q2 were 4,372 gigawatt hours, a 24% decrease from Q1 and 12% decline year-on-year. Revenues in Q2 were $179.6 million, a 8% decrease QoQ but 7% increase YoY. 89.6% of total revenues came from energy sales.

• Brigadier Lopez combined cycle expected to be commercially operational in Q4 2025, adding 140 MW. San Carlos solar project expected operational before year-end, delivering 15 MW. Alamitos wind project in bidding phase, construction scheduled Q1 2026. Participating in battery storage tender. CapEx remaining for Brigadier Lopez ~$35-40 million, small amount for San Carlos project, and potential 20% of Alamitos cost acceleration by year-end.

• Technical issues during initial part of the Q&A call. Potential impact of unplanned maintenance costs not covered by insurance. Delays in hydro auctions due to negotiations with provinces. Uncertainties regarding timing and details of new thermal auctions.

Q: Regarding Central Costanera, color on maintenance loss and insurance compensation.

A: Maintenance included planned GT maintenance and unplanned boiler maintenance not covered by insurance. Cost of unplanned boiler maintenance ~$18-20 million.

Q: Alamitos project construction timeline.

A: Cautious approach may lead to 2-3 months additional time beyond initial expectations.

Q: CapEx expectation for remainder of year.

A: Remaining CapEx for Brigadier Lopez ~$35-40 million, small amount for San Carlos, and potential 20% of Alamitos cost acceleration.

Q: Piedra del Aguila EBITDA contribution and hydro/thermal auctions.

A: Piedra del Aguila current EBITDA ~$35 million annually. Hydro auction may be resolved end of year, thermal auction to be considered after battery auctions, potentially end of year or beginning of next year.