Central Puerto S.A. Q4 FY2025 earnings call

• 2025 marked a pivotal year of consistent growth and market normalization. Argentina's wholesale market advanced toward normalization with Resolution 400 supporting U.S. dollars denominated spot prices. 97% of revenues in December 2025 were denominated in U.S. dollars. Progressed in new thermal term market, with approximately 900 megawatt hour delivered to industrial customers during November and December. - CAPEX plan in 2025 included fully executed projects and additional projects. Total CAPEX was $202.4 million, with projects like the Brigadier López Combined Cycle achieving commercial operation in 1Q26 and the San Carlos Solar Farm entering operations in November 2025, adding 15 megawatts of renewable capacity. Extended the Piedra del Aguila concession through 2055. Focused on battery energy storage system projects to add 205 megawatts in 2027. - 2025 revenues growth reflected additional revenues from spot price realignment, resolution 400, self-procured fuel oil, and PPA growth. Offsets came from lower water inflows and maintenance works. Generation volumes decreased due to maintenance works and low hydrology. - Operational performance: thermal field showed solid availability levels. Three thermal and renewable projects completed in 2025. Awarded two battery energy storage system projects under development for 2027. Secured 30-year concession extension for Piedra del Aguila Hydroelectric Plant.

Revenues for 2025 reached $782.8 million, up 17% year-over-year. Q25 revenues were $172.8 million, decreasing 26% quarter-on-quarter and increasing 3% year-on-year. 2025 adjusted VTA was $337.2 million, an increase of 17% year-over-year. Q25 HSDA VTA was $84.7 million, down 16% quarter-on-quarter, and up 30% year-on-year. Total generation for 2025 was 18.6 terawatt hour, down 14% year-over-year. 2025 total CAPEX was $202.4 million. 2025 revenues stood at $782.6 million, 17% above 2024 revenues. 2025 EBTA reached $337 million, a 17% increase year-on-year. Total generation in 2025 was 18.6 TWh, a 14% decrease compared to 2024. Portfolio reached 6,900 38 MWh in 2025, an increase of 234 MWh compared to 2024. Central Puerto maintains 14% market share of total salary generation. Thermal availability in 2025 was 77%, combined cycles availability was 89%.

• Expect recovery in first quarter of 2026 from maintenance impacts. - Expect to cover 20% of combined cycles capacity with private customers by March. - Expect news on contracting with distribution companies during 2026. - For 2026, expect thermal generation increase due to end of maintenance on combined cycles. - Expect PPA vs spot mix to have potential growth with distribution company contracts. - Looking at new battery storage system auction in May 2026, looking at opportunities in different provinces. - Expect improvement in EBITDA in 2026 from PPA of Brigadier Lopez Closing Combined Cycle, new spot market regulation, Piedra del Aguila concession improvement, and full year of renewables acquired. - Board will discuss dividend in next coming month. - Analyzing TGS pipeline capacity acquisition, but not clear on regulation for cost recovery yet.

Q: Why the decrease in quarter over quarter BTA despite market liberalization?

A: Strong maintenance in combined Central Puerto combined cycle and Mendoza combined cycles, preventing catching benefits of new regulation scheme, but expected to recover in first quarter of 2026.

Q: How much of new term contract to include in income?

A: Expect to cover all 20% of combined cycles capacity for private consumers by March.

Q: Outlook for 2026 volumes, hydro volumes, and PPA vs spot mix?

A: For Piedra del Aguila, hydrological year starts in May, expectations are better than previous low year. Thermal generation expected to increase as maintenance ends. Expect PPA growth with distribution company contracts but difficult to predict volume.

Q: Intend to participate in upcoming tender for national batteries?

A: Looking at new auction, considering places different from facilities and battery storage system prices.

Q: Expect to participate in upcoming privatizations by Enarsa Assets?

A: Looking at, but no mandate yet.

Q: Updates on OpenAI SurEnergy project?

A: Discussed with them after awarding Piedra el Águila, but no clear timing or additional news.

Q: EBITDA bridge for upcoming years?

A: 2026 expected improvements from PPA, new regulation, Piedra del Aguila concession, and full year of renewables.

Q: Dividend in 2026?

A: Board will discuss in next coming month.

Q: TGS pipeline and gas prices?

A: Gas prices fixed until end of 2028, analyzing TGS pipeline capacity acquisition but unclear on regulation for cost recovery.