[6-K] Central Puerto S.A. American Current Report (Foreign Issuer)
Central Puerto reported mixed 2Q25 results driven by scheduled maintenance and currency/index adjustments. Adjusted EBITDA was US$61.4 million, down 32% versus 1Q25 but up 35% versus 2Q24. Total generation fell to 4,372 GWh (‑24% q/q; ‑12% y/y), primarily due to maintenance at the Mitsubishi combined cycle at Central Costanera and ST06 at the Central Puerto complex. Revenues totaled US$179.6 million (‑8% q/q; +7% y/y), with energy sales representing 89.6% of total and amounting to US$160.9 million. Cash and current financial assets were US$235.2 million, gross debt was US$409.4 million, net financial debt US$174.2 million, LTM Adjusted EBITDA US$309.9 million, and net leverage 0.56x.
Central Puerto ha riportato risultati 2Q25 contrastanti a causa di manutenzioni programmate e aggiustamenti valutari/di indice. L'EBITDA rettificato è stato di US$61,4 milioni, in calo del 32% rispetto al 1Q25 ma in aumento del 35% rispetto al 2Q24. La produzione totale è scesa a 4.372 GWh (‑24% t/t; ‑12% a/a), principalmente per lavori di manutenzione sulla turbina combinata Mitsubishi a Central Costanera e sull'unità ST06 del complesso Central Puerto. I ricavi sono stati pari a US$179,6 milioni (‑8% t/t; +7% a/a), con le vendite di energia che hanno rappresentato l'89,6% del totale per US$160,9 milioni. La cassa e le attività finanziarie correnti ammontavano a US$235,2 milioni, il debito lordo a US$409,4 milioni, il debito finanziario netto a US$174,2 milioni, l'EBITDA rettificato LTM a US$309,9 milioni e la leva netta a 0,56x.
Central Puerto reportó resultados mixtos en 2T25, influenciados por mantenimientos programados y ajustes por moneda/índice. El EBITDA ajustado fue de US$61,4 millones, un 32% menos que en 1T25 pero un 35% más que en 2T24. La generación total cayó a 4.372 GWh (‑24% t/t; ‑12% a/a), principalmente por mantenimiento en el ciclo combinado Mitsubishi de Central Costanera y en la unidad ST06 del complejo Central Puerto. Los ingresos sumaron US$179,6 millones (‑8% t/t; +7% a/a), con las ventas de energía representando el 89,6% del total, por US$160,9 millones. Caja y activos financieros corrientes fueron US$235,2 millones, deuda bruta US$409,4 millones, deuda financiera neta US$174,2 millones, EBITDA ajustado LTM US$309,9 millones y apalancamiento neto 0,56x.
Central Puerto는 예정된 정비와 환율/지수 조정으로 2Q25에 엇갈린 실적을 보고했습니다. 조정 EBITDA는 6,140만 달러(US$)로 1Q25 대비 32% 감소했지만 2Q24 대비 35% 증가했습니다. 총 발전량은 4,372 GWh로 감소(전분기 대비 -24%, 전년동기 대비 -12%)했으며, 주된 원인은 Central Costanera의 미쓰비시 복합사이클 설비와 Central Puerto 단지의 ST06 정비였습니다. 매출은 1억7,960만 달러(US$)(전분기 -8%, 전년동기 +7%)였고, 에너지 판매가 총매출의 89.6%인 1억6,090만 달러(US$)를 차지했습니다. 현금 및 유동금융자산은 2억3,520만 달러(US$), 총부채 4억940만 달러(US$), 순금융부채 1억7,420만 달러(US$), LTM 조정 EBITDA 3억99만 달러(US$), 순레버리지 0.56배였습니다.
Central Puerto a publié des résultats 2T25 contrastés, affectés par des maintenances programmées et des ajustements de devise/indice. L'EBITDA ajusté s'élève à 61,4 M$, en baisse de 32% par rapport au 1T25 mais en hausse de 35% par rapport au 2T24. La production totale a chuté à 4 372 GWh (‑24% t/t ; ‑12% a/a), principalement en raison de travaux de maintenance sur le cycle combiné Mitsubishi à Central Costanera et sur l'unité ST06 du complexe Central Puerto. Les revenus se sont élevés à 179,6 M$ (‑8% t/t ; +7% a/a), les ventes d'énergie représentant 89,6% du total pour 160,9 M$. La trésorerie et les actifs financiers courants étaient de 235,2 M$, la dette brute de 409,4 M$, la dette financière nette de 174,2 M$, l'EBITDA ajusté LTM de 309,9 M$ et l'endettement net de 0,56x.
Central Puerto meldete gemischte 2Q25-Ergebnisse, bedingt durch planmäßige Wartungen und Währungs/Indexanpassungen. Das bereinigte EBITDA betrug US$61,4 Mio., ein Rückgang von 32% gegenüber 1Q25, aber ein Anstieg von 35% gegenüber 2Q24. Die Gesamtstromerzeugung sank auf 4.372 GWh (‑24% q/q; ‑12% j/j), vor allem wegen Wartungsarbeiten am Mitsubishi-Kombikreislauf in Central Costanera und an der Einheit ST06 im Central Puerto-Komplex. Die Umsatzerlöse beliefen sich auf US$179,6 Mio. (‑8% q/q; +7% j/j), wobei der Energieverkauf 89,6% des Gesamtumsatzes ausmachte und US$160,9 Mio. betrug. Zahlungsmittel und kurzfristige Finanzanlagen lagen bei US$235,2 Mio., die Bruttoverschuldung bei US$409,4 Mio., die Nettofinanzverschuldung bei US$174,2 Mio., das LTM bereinigte EBITDA bei US$309,9 Mio. und die Nettohebelwirkung bei 0,56x.
- Year-over-year growth in Adjusted EBITDA (+35% vs 2Q24 to US$61.4MM)
- Revenues up y/y (+7% vs 2Q24 to US$179.6MM)
- Strong liquidity position with US$235.2MM in cash and current financial assets
- Low net leverage at 0.56x LTM Adjusted EBITDA (US$309.9MM)
- Sharp q/q decline in Adjusted EBITDA (‑32% vs 1Q25)
- Material reduction in generation volumes to 4,372 GWh (‑24% q/q; ‑12% y/y) due to maintenance at key thermal units
- Revenues declined q/q (‑8% vs 1Q25), driven by lower seasonal capacity charges and volumes
- Gross debt of US$409.4MM remains notable despite positive net leverage
Insights
TL;DR: Quarter shows healthy balance sheet metrics but near-term operational weakness from planned maintenance reduced volumes and q/q profitability.
The quarter reflects expected operational disruption: large q/q declines in thermal output—notably the Mitsubishi combined cycle at Central Costanera—and resulting lower energy sales and Adjusted EBITDA. On the balance sheet the company holds robust liquid assets (US$235.2MM) and modest net leverage (0.56x LTM Adj. EBITDA), which supports near-term liquidity and debt service. Revenue and EBITDA are higher y/y, indicating resilience year-over-year despite seasonality and maintenance. Investors should view this as a mixed operational quarter with solid financial cushions.
TL;DR: Market and regulatory adjustments partially offset operational declines; maintenance drove the volume drop.
Generation volumes declined materially q/q because scheduled maintenance significantly reduced output at key thermal units. Spot price adjustments in AR$ were modest in 2Q25 (5.1% as of June) and cumulatively 15.4% year-to-date, roughly tracking inflation and FX movements; this suggests regulated price mechanics are moving but did not fully offset lower volumes. Capital expenditures continue for new projects (Brigadier Lopez CC, San Carlos solar) and project execution appears on track. Overall, operational timing drove the quarter rather than market deterioration.
Central Puerto ha riportato risultati 2Q25 contrastanti a causa di manutenzioni programmate e aggiustamenti valutari/di indice. L'EBITDA rettificato è stato di US$61,4 milioni, in calo del 32% rispetto al 1Q25 ma in aumento del 35% rispetto al 2Q24. La produzione totale è scesa a 4.372 GWh (‑24% t/t; ‑12% a/a), principalmente per lavori di manutenzione sulla turbina combinata Mitsubishi a Central Costanera e sull'unità ST06 del complesso Central Puerto. I ricavi sono stati pari a US$179,6 milioni (‑8% t/t; +7% a/a), con le vendite di energia che hanno rappresentato l'89,6% del totale per US$160,9 milioni. La cassa e le attività finanziarie correnti ammontavano a US$235,2 milioni, il debito lordo a US$409,4 milioni, il debito finanziario netto a US$174,2 milioni, l'EBITDA rettificato LTM a US$309,9 milioni e la leva netta a 0,56x.
Central Puerto reportó resultados mixtos en 2T25, influenciados por mantenimientos programados y ajustes por moneda/índice. El EBITDA ajustado fue de US$61,4 millones, un 32% menos que en 1T25 pero un 35% más que en 2T24. La generación total cayó a 4.372 GWh (‑24% t/t; ‑12% a/a), principalmente por mantenimiento en el ciclo combinado Mitsubishi de Central Costanera y en la unidad ST06 del complejo Central Puerto. Los ingresos sumaron US$179,6 millones (‑8% t/t; +7% a/a), con las ventas de energía representando el 89,6% del total, por US$160,9 millones. Caja y activos financieros corrientes fueron US$235,2 millones, deuda bruta US$409,4 millones, deuda financiera neta US$174,2 millones, EBITDA ajustado LTM US$309,9 millones y apalancamiento neto 0,56x.
Central Puerto는 예정된 정비와 환율/지수 조정으로 2Q25에 엇갈린 실적을 보고했습니다. 조정 EBITDA는 6,140만 달러(US$)로 1Q25 대비 32% 감소했지만 2Q24 대비 35% 증가했습니다. 총 발전량은 4,372 GWh로 감소(전분기 대비 -24%, 전년동기 대비 -12%)했으며, 주된 원인은 Central Costanera의 미쓰비시 복합사이클 설비와 Central Puerto 단지의 ST06 정비였습니다. 매출은 1억7,960만 달러(US$)(전분기 -8%, 전년동기 +7%)였고, 에너지 판매가 총매출의 89.6%인 1억6,090만 달러(US$)를 차지했습니다. 현금 및 유동금융자산은 2억3,520만 달러(US$), 총부채 4억940만 달러(US$), 순금융부채 1억7,420만 달러(US$), LTM 조정 EBITDA 3억99만 달러(US$), 순레버리지 0.56배였습니다.
Central Puerto a publié des résultats 2T25 contrastés, affectés par des maintenances programmées et des ajustements de devise/indice. L'EBITDA ajusté s'élève à 61,4 M$, en baisse de 32% par rapport au 1T25 mais en hausse de 35% par rapport au 2T24. La production totale a chuté à 4 372 GWh (‑24% t/t ; ‑12% a/a), principalement en raison de travaux de maintenance sur le cycle combiné Mitsubishi à Central Costanera et sur l'unité ST06 du complexe Central Puerto. Les revenus se sont élevés à 179,6 M$ (‑8% t/t ; +7% a/a), les ventes d'énergie représentant 89,6% du total pour 160,9 M$. La trésorerie et les actifs financiers courants étaient de 235,2 M$, la dette brute de 409,4 M$, la dette financière nette de 174,2 M$, l'EBITDA ajusté LTM de 309,9 M$ et l'endettement net de 0,56x.
Central Puerto meldete gemischte 2Q25-Ergebnisse, bedingt durch planmäßige Wartungen und Währungs/Indexanpassungen. Das bereinigte EBITDA betrug US$61,4 Mio., ein Rückgang von 32% gegenüber 1Q25, aber ein Anstieg von 35% gegenüber 2Q24. Die Gesamtstromerzeugung sank auf 4.372 GWh (‑24% q/q; ‑12% j/j), vor allem wegen Wartungsarbeiten am Mitsubishi-Kombikreislauf in Central Costanera und an der Einheit ST06 im Central Puerto-Komplex. Die Umsatzerlöse beliefen sich auf US$179,6 Mio. (‑8% q/q; +7% j/j), wobei der Energieverkauf 89,6% des Gesamtumsatzes ausmachte und US$160,9 Mio. betrug. Zahlungsmittel und kurzfristige Finanzanlagen lagen bei US$235,2 Mio., die Bruttoverschuldung bei US$409,4 Mio., die Nettofinanzverschuldung bei US$174,2 Mio., das LTM bereinigte EBITDA bei US$309,9 Mio. und die Nettohebelwirkung bei 0,56x.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 27a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of August, 2025
Commission File Number: 001-38376
Central Puerto S.A.
(Exact name of registrant as specified in its charter)
Port Central S.A.
(Translation of registrant’s name into English)
Avenida Thomas Edison 2701
C1104BAB Buenos Aires
Republic of Argentina
+54 (11) 4317-5000
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [_]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes [_] No [X]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes [_] No [X]
 |
Central Puerto 2nd Quarter 2025 Financial and Operational Results
Buenos Aires, August 11th, Central Puerto S.A (“Central Puerto” or the “Company”) (NYSE and BYMA: CEPU), the largest private sector power generation companies in Argentina, reports its consolidated financial results for the Second quarter 2025 (“2Q25”), ended on June 30th, 2025.
A conference call to discuss the results of the second quarter of 2025 will be held today at 12:00 PM ET Eastern Time. Webcast Access: Click here1.
Highlights of the quarter
| · | 2Q25 Adjusted EBITDA was US$ 61.4 MM, a -32% compared to the US$ 89.9 MM Adjusted EBITDA in 1Q25, and +35% compared to 2Q24 Adjusted EBITDA of US$ 45.6 MM. |
| · | Total generation volumes in 2Q25 reached 4,372 GWh, representing a 24% decrease compared to 1Q25 (5,731 GWh) and a 12% decline versus 2Q24 (4,985 GWh). Lower volumes are explained mainly by the maintenance work at the Mitsubishi combined cycle of Central Costanera which generated 409 GWh in 2Q25, 75% below from 1Q25 (1,612 GWh) and 57% lower than 2Q24 (961 GWh) and the maintenance of the ST06 (TV06) of Central Puerto complex which generated 5.3 GWh in 2Q25 vs 191.8 GWh in 1Q25 and 90.3 GWh in 2Q24. |
| · | Revenues in 2Q25 totalized US$ 179.6 MM, which represented an 8% decrease compared to 1Q25 (US$ 196.2 MM) and an increase of 7% compared to 2Q24 (US$ 168.3 MM). Revenues from energy sales represented 89.6% out of total revenues. Energy sales at 2Q25 were US$ 160.9 MM, a 10% decrease compared to 1Q25 (US$ 179.3 MM), and a 9% increase compared to 2Q24 (US$ 147.2 MM). The q/q variation was primarily due to seasonal capacity charges (US$ -19.1 MM q/q) and lower volumes sold mainly from the maintenance work at the Mitsubishi combined cycle of Central Costanera and ST06 (TV06) from Central Puerto complex (US$ -12.4 MM q/q), partly compensated by additional revenues from self-procured fuels for Luján de Cuyo plan, and other fuels as established by Resol. SE N° 21/25 (+US$ 13.8 MM q/q). |
| · | Spot prices: In 2Q25, the Energy Secretariat approved AR$-denominated spot price adjustments totaling 5.1% on a compound basis as of June. This compares to a 6.0% increase in the wholesale inflation index and 11.6% variation in the exchange rate over the same period. Since January 2025, the Energy Secretariat has implemented AR$-denominated spot price adjustments totaling 15.4% on a compound basis as of June. This compares to a 15.1% increase in the wholesale inflation index and a 15.7% variation in the exchange rate over the same period. |
| · | Capital expenditures in 1Q25 and 2Q25 totaled US$ 102.4 MM, mainly allocated to the closing of Brigadier Lopez combined cycle and the San Carlos solar project, the capex for the Mitsubishi CC and additional capital subscription of AbraSilver. |
| · | As of June 30, 2025, cash and cash equivalents and current financial assets balance at the end of the period was US$ 235,2 MM (cash and cash equivalents totaling US$3.7 MM, while other current financial assets amounted to US$ 231.5 MM). The total outstanding gross debt balance as of June 30th, 2025, was US$ 409.4 MM. As of June 30th, 2025, net financial debt resulted in US$ 174.2 MM and LTM Adjusted EBITDA was US$ 309.9 MM. Net leverage ratio was 0.56x Adj. EBITDA. |
| A. | Regulatory updates and analysis |
| § | Energy regulatory framework reform announcements |
On July 4th, 2025, in accordance with Sections 161 and 162 of Law No. 27,742 on Bases and Starting Points for the Freedom of Argentines (the “Bases Law”), the National Executive Branch issued Decrees No. 450/2025, No. 451/2025, and No. 452/2025.
1 We suggest accessing the site in advance to ensure streaming compatibility. The webcast replay will be available shortly after the event in the Investor Relations section at www.centralpuerto.com. For more information about the Company, also visit:
| · | Central Puerto Investor Relations |
| · | U.S. Securities and Exchange Commission (SEC) |
| · | Argentine Securities Commission (CNV) |
Central Puerto financial and operational results for 2Q 2025 |
| |
Decree No. 450/2025 approved amendments to Law No. 15,336 and Law No. 24,065, which regulate the electricity sector. Decree No. 451/2025 approved adjustments to Law No. 24,076, concerning natural gas Law No. 24,076. Decree No. 452/2025 established the National Gas and Electricity Regulatory Entity, a new body that consolidates the regulatory functions previously exercised by ENARGAS and ENRE.
| § | Piedra del Águila concession |
On August 7, 2025, Argentina's Executive Branch (PEN) issued Decree No. 476/2025. The decree establishes a new set of terms and a required payment for an Adhesion Agreement. It also grants an additional 90-day period for the current concession, which can be extended until the end of the year.
| § | AR peso denominated electricity spot prices adjustments in 2025: |
Since January 2025, the Energy Secretariat has implemented AR$-denominated spot price adjustments totaling 15.4% on a compound basis through June (1st semester, 2025). In the same semester, the compound increase in the wholesale inflation index was 15.1% and the variation in the AR$/US$ exchange rate was 15.7%.
Analysis of AR$-denominated spot prices compared to inflation and FX variation:
| AR$-denominated spot prices adjustments | 2Q 2025 | 1Q 2025 | 1H 2025 |
| Spot prices adjustments (1) | 5.1% | 9.8% | 15.4% |
| INDEC’s Wholesale Inflation index (2) | 6.0% | 9.1% | 15.1% |
| AR$/US$ FX variation | 11.6% | 4.0% | 15.7% |
(1) Certain resolutions did not apply to hydro generation. Please refer to the table below for details.
(2) INDEC’s Wholesale Price Index (Índice de Precios Internos al por Mayor – IPIM).
Energy Secretariat Resolutions in 2025:
| Resolution from SE | Release date | Effective from | Adjustment |
| N° 331/25 | July 30th, 2025 | August 1st, 2025 | 0.4% |
| N° 280/25 | June 30th, 2025 | July 1st, 2025 | 1.0% |
| N° 227/25 | May 29th, 2025 | June 1st, 2025 | 1.5% |
| N° 177/25 | April 29th, 2025 | May 1st, 2025 | 2.0% |
| N° 143/25 | April 1st, 2025 | April 1st, 2025 | 1.5% |
| N° 113/25 | February 28th, 2025 | March 1st, 2025 | 1.5% |
| N° 27/25 | January 31st, 2025 | February 1st, 2025 | 4.0% |
| N° 603/24 | December 27th, 2024 | January 1st, 2025 | 4.0% |
§ In addition, we would also like to highlight Resolution SE No. 21/25. Although the resolution was issued at the end of January, the self-managed fuel procurement scheme was established to begin in March 2025. As a result, its full impact was reflected in the current quarter, which we will discuss in more detail in the following sections.
| B. | Electricity market balance and trends |
The total system installed capacity remained stable both quarter-over-quarter and year-over-year, with a 3% increase in renewable capacity compared to the previous quarter. The 11% year-on-year decrease in hydro capacity (from Yacireta’s bi-national plant generation re-assignment agreement) was offset by a 21% increase in renewables.
Offer: Thermal generation decreased 24.5% q/q while hydro generation increased 14.9% q/q.
Central Puerto financial and operational results for 2Q 2025 |
| |
Demand: Electricity demand declined by 12% in 2Q25 compared to 1Q25, primarily due to milder temperatures. This resulted in lower energy consumption from the residential (-15.7% q/q) and commercial (-13.7% q/q) segments—a seasonal trend typically expected in the autumn months compared to summer.
| Argentina's electricity market balance | 2Q 2025 | 1Q 2025 | 2Q 2024 | Δ% q/q | Δ% y/y |
| Total Installed capacity (MW) | 43,661 | 43,554 | 43,602 | 0.2% | 0.1% |
| Thermal | 25,124 | 25,224 | 25,115 | -0.4% | 0.0% |
| Hydro | 9,639 | 9,639 | 10,834 | 0.0% | -11.0% |
| Nuclear | 1,755 | 1,755 | 1,755 | 0.0% | 0.0% |
| Renewable | 7,143 | 6,936 | 5,898 | 3.0% | 21.1% |
| Energy Generation (GWh) | 34,118 | 38,753 | 33,811 | -12.0% | 0.9% |
| Thermal | 17,628 | 23,344 | 17,620 | -24.5% | 0.0% |
| Hydro | 7,597 | 6,613 | 7,839 | 14.9% | -3.1% |
| Nuclear | 2,668 | 2,580 | 3,373 | 3.4% | -20.9% |
| Renewable | 6,225 | 6,216 | 4,979 | 0.1% | 25.0% |
| Energy Demand (GWh) | 33,455 | 38,170 | 33,444 | -12.4% | 0.0% |
| Residential | 15,502 | 18,396 | 15,640 | -15.7% | -0.9% |
| Commercial | 9,116 | 10,568 | 9,016 | -13.7% | 1.1% |
| Large customers | 8,837 | 9,206 | 8,788 | -4.0% | 0.6% |
| Source: CAMMESA | |||||
Central Puerto financial and operational results for 2Q 2025 |
| |
| C. | Operating volumes |
In 2Q25, Central Puerto’s power generation was 4,372 GWh, which implied a 24% decrease from 1Q25 of 5,731 GWh and a 12% decrease from 2Q24 of 4,985 GWh. Lower volumes in the quarter were mainly explained by Mitsubishi’s Central Costanera combined cycle and ST06 (TV06) from Central Puerto complex scheduled maintenance and consequent downtime. Steam production increased 23% during 1Q25, reaching 930 thousand tons (ktn) compared to 756 ktn in the previous quarter.
The table below depicts operating figures for the second quarter of 2025 (2Q25), compared to the previous quarter (Q125) and the same quarter of the previous year (2Q24):
| Central Puerto energy generation (in GWh) |
2Q 2025 | 1Q 2025 | 2Q 2024 | Δ% q/q | Δ% y/y | |
| Generation by plant | GWh | 4,372 | 5,731 | 4,985 | -24% | -12% |
| Central Costanera | Thermal | 409 | 1,612 | 961 | -75% | -57% |
| Central Puerto | Thermal | 1,405 | 1,544 | 1,375 | -9% | 2% |
| Piedra del Águila | Hydro | 848 | 791 | 976 | 7% | -13% |
| Luján de Cuyo(1) | Thermal | 640 | 776 | 762 | -18% | -16% |
| San Lorenzo | Thermal | 649 | 550 | 487 | 18% | 33% |
| Brigadier Lopez | Thermal | 12 | 7 | 22 | 68% | -46% |
| Genoveva I | Wind | 88 | 85 | 95 | 4% | -7% |
| Genoveva II | Wind | 42 | 41 | 45 | 4% | -6% |
| La Castellana I | Wind | 84 | 99 | 86 | -16% | -2% |
| La Castellana II | Wind | 15 | 17 | 6 | -13% | 129% |
| Achiras I | Wind | 44 | 45 | 39 | -2% | 13% |
| Manque | Wind | 56 | 61 | 59 | -8% | -5% |
| Los Olivos | Wind | 25 | 25 | 24 | -3% | 3% |
| Guañizuil II A | Solar | 55 | 78 | 48 | -30% | 13% |
| Generation by technology | ||||||
| Thermal | Thermal | 3,114 | 4,488 | 3,606 | -31% | -14% |
| Hydro | Hydro | 848 | 791 | 976 | 7% | -13% |
| Wind/Solar | Wind/Solar | 409 | 452 | 402 | -9% | 2% |
| Generation by sales contract | ||||||
| Spot total | 3,323 | 4,779 | 4,095 | -30% | -19% | |
| Spot | Thermal | 2,475 | 3,988 | 3,119 | -38% | -21% |
| Spot | Hydro | 848 | 791 | 976 | 7% | -13% |
| Spot | Wind | 0 | 0 | 0 | - | - |
| Contracted MATER/PPA total | 1,048 | 952 | 889 | 10% | 18% | |
| Contracted MATER / PPA | Thermal | 639 | 500 | 487 | 28% | 31% |
| Contracted MATER / PPA | Wind | 354 | 373 | 354 | -5% | 0% |
| Contracted MATER / PPA | Solar | 55 | 78 | 48 | -30% | 13% |
| Foni plants(2) | Thermal | 655 | 780 | 735 | -16% | -11% |
| Total SADI generation offer | GWh | 34,258 | 38,753 | 33,811 | -12% | 1% |
| Central Puerto’s Mkt share in SADI | % | 14.7% | 16.8% | 16.9% | -2.1 p.p. | -2.2 p.p. |
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| % capacity per technology | ||||||
Central Puerto financial and operational results for 2Q 2025 |
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| Installed capacity by technology | MW | 6,703 | 6,703 | 6,703 | 100% | 100% |
| Thermal | 4,783 | 4,783 | 4,783 | 71% | 71% | |
| Hydro | 1,441 | 1,441 | 1,441 | 21% | 21% | |
| Wind | 374 | 374 | 374 | 6% | 6% | |
| Solar | 105 | 105 | 105 | 2% | 2% | |
| Thermal availability rate | % | |||||
| Total thermal average availability | 71% | 74% | 74% | -2.3 p.p. | -2.1 p.p. | |
| CC average availability | 90% | 93% | 93% | -3.4 p.p. | -3 p.p. | |
| ST/GT average availability | 58% | 61% | 60% | -3.1 p.p. | -1.8 p.p. | |
| Steam production (in ktn) | 930 | 756 | 752 | 23% | 24% | |
| Source: CAMMESA | ||||||
| (1) Luján de Cuyo thermal complex includes a mini hydro facility of 1 MW. (2) Participation in Foninvemem plants: Termoeléctrica San Martin (10%), Termoeléctrica Belgrano (11%), CT Vuelta de Obligado (54%). Not included in Revenues line and included in VPP. | ||||||
| The availability was calculated as a weighted average of such availability as declared to CAMMESA. Scheduled maintenance periods approved by CAMMESA are excluded from the ratio. CC: combined cycle, ST: steam turbines and GT: gas turbines. | ||||||
| D. | Earnings for the quarter |
Important notice: Quarterly results include a non-cash effect due to inflation exceeding currency depreciation during the period. As Central Puerto reports in Argentine pesos and converts figures to US dollars at the end-of-period exchange rate, this mismatch may affect comparability.
| Income statement (in US$ MM) |
2Q 2025 | 1Q 2025 | 2Q 2024 | Δ% q/q | Δ% y/y |
| Income Statement | |||||
| Revenues | 179.6 | 196.2 | 168.3 | -8% | 7% |
| Cost of Sales | -129.7 | -110.8 | -103.2 | 17% | 26% |
| Gross Income | 50.0 | 85.4 | 65.1 | -41% | -23% |
| Operating Income | 59.8 | 78.4 | 46.1 | -24% | 30% |
| Adjusted EBITDA | 61.4 | 89.9 | 45.6 | -32% | 35% |
| Net income | |||||
| Net Income for the period | 71.2 | 80.1 | 7.7 | -11% | 822% |
| Basic and diluted earnings per share | 0.0 | 0.1 | 0.0 | -100% | -99% |
| Revenue margin ratios | |||||
| Gross income margin | 28% | 44% | 39% | -16 p.p. | -11 p.p. |
| Adjusted EBITDA margin | 34% | 46% | 27% | -12 p.p. | 7 p.p. |
| Income statement (in US$ MM) |
1H 2025 LTM | 2024 | 2023 | 2022 | Δ% y/y (2025 LTM/2024) |
| Income Statement | LTM | Full year | Full year | Full year | |
| Revenues | 728.8 | 671.3 | 536.9 | 566.1 | 9% |
| Cost of Sales | -459.5 | -407.2 | -359.4 | -298.4 | 13% |
| Gross Income | 269.3 | 264.2 | 177.5 | 267.7 | 2% |
| Operating Income | 178.4 | 170.3 | 529.5 | 345.0 | 5% |
| Adjusted EBITDA | 309.9 | 288.0 | 277.8 | 344.0 | 8% |
| Net income | |||||
| Net Income for the period | 163.5 | 52.0 | 193.3 | 106.0 | 214% |
| Basic and diluted earnings per share | 0.1 | 0.0 | 0.1 | 0.1 | 103% |
| Revenue margin ratios | |||||
| Gross income margin % | 37% | 39% | 33% | 47% | -2 p.p. |
| Adjusted EBITDA margin | 43% | 43% | 52% | 61% | 0 p.p. |
Adjusted EBITDA refers to EBITDA excluding impairment on property, plant & equipment, foreign exchange differences and interests related to FONI trade receivables and variations in fair value of biological asset.
Central Puerto financial and operational results for 2Q 2025 |
| |
D.1. Revenues
Revenues in 2Q25 totalized US$ 179.6 MM, which represented an 8% decrease compared to 1Q25 (US$ 196.2 MM) and an increase of 7% compared to 2Q24 (US$ 168.3 MM). Revenues from energy sales represented 89.6% out of total revenues. Energy sales at 2Q25 were US$ 160.9 MM, a 10% decrease compared to 1Q25 (US$ 179.3 MM), and a 9% increase compared to 2Q24 (US$ 147.2 MM). The q/q variation was primarily due to seasonal capacity charges (US$ -19.1 MM q/q) and lower volumes sold mainly from the maintenance work at the Mitsubishi combined cycle of Central Costanera and ST06 (TV06) from Central Puerto complex (US$ -12.4 MM q/q), partly compensated by additional revenues from self-procured fuels for Luján de Cuyo and other fuels (natural gas and liquids) as established by Resol. SE N° 21/25 (+US$ 13.8 MM q/q).
| Revenues (in US$ MM) |
2Q 2025 | 1Q 2025 | 2Q 2024 | Δ% q/q | Δ% y/y |
| Total revenues | 179.6 | 196.2 | 168.3 | -8% | 7% |
| Revenues breakdown: | |||||
| Energy sales | 160.9 | 179.3 | 147.2 | -10% | 9% |
| % energy sales from total revenues | 89.6% | 91.4% | 87.5% | ||
| Steam sales | 10.6 | 7.7 | 10.0 | 38% | 6% |
| Forestry | 3.2 | 3.9 | 5.2 | -18% | -38% |
| Resale of gas T&D capacity | 1.6 | 1.7 | 2.0 | -8% | -21% |
| CVO management | 3.4 | 3.6 | 3.9 | -8% | -14% |
| Energy sales by contract type | |||||
| Spot market revenues | 90.5 | 109.1 | 81.4 | -17% | 11% |
| Sales under contracts | 70.4 | 70.1 | 65.7 | 0.4% | 7% |
| % contracted from total energy sales | 44% | 39% | 45% | ||
| Energy sales by technology | |||||
| Thermal & hydro | 136.4 | 151.6 | 122.7 | ||
| Renewable | 24.5 | 27.7 | 24.5 | ||
| % thermal from total energy sales | 85% | 85% | 83% | ||
| Energy sales by currency | |||||
| US$-denominated revenues | 97.7 | 96.9 | |||
| AR$-denominated revenues | 63.2 | 82.4 | |||
| % US$-denominated from total energy sales | 61% | 54% | |||
Central Puerto financial and operational results for 2Q 2025 |
| |
| Margin analysis | 2Q 2025 | 1Q 2025 | 2Q 2024 | Δ% q/q | Δ% y/y |
| Central Puerto's Thermal & hydro | |||||
| Revenues (US$ MM) | 121.5 | 115.9 | 97.8 | 5% | 24% |
| Operating expenses (US$ MM) | -70.7 | -71.8 | -57.5 | -1% | 23% |
| Operating margin (US$ MM) | 50.8 | 44.1 | 40.3 | 15% | 26% |
| Op. margin / revenues (%) | 42% | 38% | 41% | 4 p.p. | 1 p.p. |
| Generation (GWh) | 3,114 | 4,488 | 3,606 | -31% | -14% |
| Margin / MWh ($/MWh) | 16.3 | 9.8 | 11.2 | 66% | 46% |
| Revenues / MWh ($/MWh) | 39.0 | 25.8 | 27.1 | 51% | 44% |
| Central Costanera | |||||
| Revenues (US$ MM) | 14.4 | 35.7 | 24.9 | -60% | -42% |
| Operating expenses (US$ MM) | -26.7 | -18.4 | -16.9 | 45% | 58% |
| Operating margin (US$ MM) | -12.2 | 17.3 | 8.0 | -171% | -253% |
| Op. margin / revenues (%) | -85% | 49% | 32% | -133 p.p. | -117 p.p. |
| Generation (GWh) | 409 | 1,612 | 961 | -75% | -57% |
| Margin / MWh ($/MWh) | -29.9 | 10.8 | 8.3 | -378% | -459% |
| Revenues / MWh ($/MWh) | 35.3 | 22.2 | 25.9 | 59% | 36% |
| Renewable | |||||
| Revenues (US$ MM) | 24.9 | 27.7 | 24.5 | -10% | 2% |
| Operating expenses (US$ MM) | -8.4 | -8.5 | -8.3 | -1% | 1% |
| Operating margin (US$ MM) | 16.5 | 19.2 | 16.2 | -14% | 2% |
| Op. margin / revenues (%) | 66% | 69% | 66% | -3 p.p. | 0 p.p. |
| Generación (GWh) | 409 | 452 | 402 | -9% | 2% |
| Margin / MWh ($/MWh) | 40.3 | 42.4 | 40.2 | -5% | 0% |
| Revenues / MWh ($/MWh) | 61.0 | 61.3 | 60.8 | 0% | 0% |
D.2. Operating expenses
| Operating expenses (in US$ MM) |
2Q 2025 | 1Q 2025 | 2Q 2024 | Δ% q/q | Δ% y/y |
| Total operating expenses | -145 | -139 | -116 | 4% | 24% |
| Main opex lines | |||||
| Cost of sales | -43.3 | -29.8 | -27.4 | 45% | 58% |
| O&M expenses | -101.4 | -109.2 | -89.1 | -7% | 14% |
| By business unit | |||||
| Thermal & hydro plants | -97.4 | -90.1 | -74.4 | 8% | 21% |
| Renewables | -8.4 | -8.5 | -8.3 | -1% | 2% |
| Central Costanera | -26.7 | -18.4 | -16.9 | 45% | 9% |
| Forestry expenses | -8.0 | -6.5 | -19.1 | 23% | -66% |
| Others | -4.2 | -15.5 | 2.2 | ||
| Cost of sales (COGS) includes demi water, natural gas consumption, fuel for associated services, T+D of natural gas and depreciation. | |||||
Central Puerto financial and operational results for 2Q 2025 |
| |
E. Capital expenditures (capex)
Total capex in 1H 2025 was US$ 102.4 MM, mainly consisted of the Brigadier López combined cycle conversion, the San Carlos solar project, the additional subscription of shares from AbraSilver and maintenance capex (mainly for the one-time major maintenance work in the Mitsubishi combined cycle from Central Costanera).
Projects under construction & planned
| Project | Brigadier Lopez | San Carlos | Alamitos |
| Installed capacity | 140 MW Closing of CC, to reach 421 MW. | 15 MW | 130 MW |
| Technology | Thermal | Solar | Wind |
| Revenue model & offtaker | Steam turbine remuneration 10-year PPA (CAMMESA) + Res.59. | Private PPA with large users (dispatch priority awarded of 10 MW) | Private PPA with large users (dispatch priority awarded of 1111 MW) |
| Location | Santa Fé | Salta | Buenos Aires |
| CAPEX | ~ US$ 185 MM | ~US$ 18 MM | ~ US$ 130 MM |
| Project stage | Started in 2024, ~80% executed and disbursed as of June 30, 2025. | Started in 2024, ~80% executed and disbursed as of June 30, 2025. | Ongoing bidding process for power generation technologist and engineering services, scheduled to begin in 1Q26. |
| Expected COD | 4Q 2025 | 4Q 2025 | 4Q 2027 |
Ongoing & future tender processes
| Alma-GBA energy storage tender offer | Hydro concessions | |
| Background | Resolution SE 67/2025 defined an Open Call “AlmaGBA Energy Storage’ for new battery energy storage systems (BESS) in the Buenos Aires metropolitan area, targeting up to 500 MW of storage capacity contracted with Edenor and Edesur, with CAMMESA as guarantor. | Central Puerto has held the plant concession since 1994. In December 2023, the concession expired, and we were granted temporary and successive extensions since then. |
| Current status |
On July 15, 2025, we submitted a 205 MW offer, 150 MW Central Puerto and 55 MW Central Costanera. Full tender details are available on CAMMESA’s website. |
Decree No. 476/2025 established a new set of terms and a required payment for an Adhesion Agreement. It also grants an additional 90-day period for the current concession, which can be extended until the end of the year. |
| Timeline | Definition announcement expected for: Aug. 29, 2025. | The timeframe was set by Decree PEN No. 476/2025 until the end of 2025. |
Central Puerto financial and operational results for 2Q 2025 |
| |
F. Financial position
As of June 30, 2025, the Company and its subsidiaries held cash and cash equivalents totaling US$3.7 MM, while other current financial assets amounted to US$ 231.5 MM.
| Cash Flow (in US$ MM) – Summary |
For the six-month period ended on June 30, 2025 | |
| Cash , cash equivalents and current financial assets as of January 1st, 2025 |
236.3 | |
| Net cash flows provided by operating activities | 122.7 | |
| Income for the period before income tax | 170.8 | |
| Adjustments to reconcile income for the period to net cash flows | (33.8) | |
| Working capital adjustments: | (14.3) | |
| Net cash flows used in investing activities | (102.4) | |
| Net cash flows used in financing activities | (44.8) | |
| Financial debt | 3.3 | |
| Principal, interest, and finance expense payments | (47.5) | |
| Contributions and dividends | (0.6) | |
| Exchange difference and other financial (1) | 23.4 | |
| Cash and Cash equivalents at the end of the period | 235.2 | |
| (1) Currency translation effects and Impact of monetary result on cash position. | ||
The total outstanding gross debt balance as of June 30th, 2025, was US$ 409.4 MM.
The following chart shows the principal maturity profile to such date, expressed in US$ MM:
Note to the chart: Project Finance corresponds to Achiras, La Castellana I and La Genoveva I & II projects.
Net leverage ratio
(Financial figures are expressed in US$ MM, except for the ratio)
Financial position as of June 30th, 2025
| Outstanding financial debt | 409.4 |
| Cash, cash equivalents and current financial assets | 235.2 |
| Net financial debt | 174.2 |
| LTM Adj EBITDA | 309.9 |
| Net leverage ratio (Net debt/Adj. EBITDA) | 0.56x |
Central Puerto financial and operational results for 2Q 2025 |
| |
Annex I: Adjusted EBITDA Reconciliation
| Adjusted
EBITDA reconciliation (in US$ MM) |
2Q25 | 1Q25 | 2Q24 | ||
| Net income for the period | 71.2 | 80.1 | 7.7 | ||
| Gain (loss) on net monetary position | 3.4 | 10.9 | 0.0 | ||
| Financial expenses | 50.5 | 26.3 | 39.4 | ||
| Financial income | -28.1 | -20.4 | -18.4 | ||
| Share of the profit of an associate | -8.9 | -36.8 | -7.5 | ||
| Gain (loss) from bargain purchase | 0.0 | 0.0 | 0.0 | ||
| Gain (loss) on fair value valuation of acquisitions | -27.1 | -7.3 | -0.9 | ||
| Income tax expenses | -1.2 | 25.7 | 25.7 | ||
| Depreciation and amortization | 25.9 | 25.5 | 24.5 | ||
| EBITDA | 85.7 | 103.9 | 70.6 | ||
| Impairment | 0.0 | 0.0 | 0.0 | ||
| FONI FX Difference and interests and D&A | -18.8 | -9.8 | -17.5 | ||
| Δ Biological Assets - Fair value variation | -5.5 | -4.1 | -7.5 | ||
| Adjusted EBITDA | 61.4 | 89.9 | 45.6 | ||
| Adjusted
EBITDA reconciliation (in US$ MM) |
LTM Q2 2025 | 2024 | 2023 | 2022 | 2021 |
| Net income for the period | 163.5 | 52.0 | 193.3 | 106.0 | -3.7 |
| Gain (loss) on net monetary position | 25.6 | 17.1 | 215.4 | 171.5 | 16.4 |
| Financial expenses | 148.8 | 154.6 | 537.0 | 244.2 | 153.5 |
| Financial income | -116.2 | -107.8 | -354.4 | -144.7 | -18.0 |
| Share of the profit of an associate | -57.7 | -15.7 | -8.6 | -0.7 | 4.5 |
| Gain (loss) from bargain purchase | 0.0 | 0.0 | -89.9 | -68.7 | 0.0 |
| Gain (loss) on fair value valuation of acquisitions | -35.8 | -2.3 | 0.0 | 0.0 | 0.0 |
| Income tax expenses | 50.3 | 72.6 | 36.7 | 37.5 | 74.6 |
| Depreciation and amortization | 103.3 | 103.0 | 118.3 | 108.8 | 95.8 |
| EBITDA | 281.6 | 273.3 | 647.8 | 453.9 | 323.1 |
| Impairment | 98.9 | 98.9 | -54.4 | 79.2 | 70.6 |
| FONI FX Difference and interests and D&A | -57.9 | -65.2 | -295.9 | -189.0 | 0.0 |
| Δ Biological Assets - Fair value variation | -12.7 | -19.0 | -19.7 | -0.1 | 0.0 |
Adjusted EBITDA |
309.9 | 288.0 | 277.8 | 344.0 | 393.7 |
| FONINVEMEM debt collections | 87.1 | 74.4 | 66.3 | 69.4 | 72.9 |
Central Puerto financial and operational results for 2Q 2025 |
| |
Annex II: Consolidated Balance Sheet
Argentine Peso amounts were converted to U.S. dollars using the reference exchange rate published by the Central Bank of Argentina (Communication 'A' 3500) as of June 30, 2025 (AR$1,194.08/US$1.00) and December 30th, 2024 (AR$ 1032.5/US$1.00) respectively.
Central Puerto financial and operational results for 2Q 2025 |
| |
Annex III: Consolidated Cash Flow Statement
Argentine Peso amounts were converted to U.S. dollars using the reference exchange rate published by the Central Bank of Argentina (Communication 'A' 3500) as of June 30th, 2025 (AR$1,194.08/US$1.00) and June 28th, 2024 (AR$911.75/US$1.00) respectively.
Central Puerto financial and operational results for 2Q 2025 |
| |
Annex IV: Central Puerto’s operating assets
| Plant | Technology |
Installed capacity (MW) (1) |
Location (Province) |
Central Puerto’s since |
PPA contract term (year) |
| Central Costanera (2) | Thermal | 1,789 | CABA | Feb.23 | - |
| Central Puerto (3) | Thermal ST and combined cycle |
1,747 | CABA |
1992 2000 |
- |
| Piedra del Águila | Hydro | 1,440 | Río Negro | 1994 | - |
| Luján de Cuyo (4) | Thermal Cogen | 576 | Mendoza | 2019 | 2034 |
| San Lorenzo (5) | Thermal Cogeneration | 391 | Santa Fé | 2021 | 2035 |
| Brigadier Lopez | Thermal | 281 | Santa Fé | 2019 | - |
| Genoveva I | Wind | 88.2 | Bs As | 2020 | 2040 |
| Genoveva II | Wind | 41.8 | Bs As | 2020 | 2040 |
| La Castellana I | Wind | 100.8 | Bs As | 2019 | 2039 |
| La Castellana II | Wind | 15.2 | Bs As | 2020 | 2040 |
| Guañizuil II (6) | Solar | 105 | San Juan | Oct.23 | 2041 |
| Manque | Wind | 57 | Córdoba | 2020 | 2040 |
| Achiras I | Wind | 48 | Córdoba | 2020 | 2040 |
| Los Olivos | Wind | 22.8 | Córdoba | 2020 | 2040 |
| Total | 6,703 |
| (1) | Source CAMMESA for capacity and volumes. 2024 generation does not include non-operating generation of 901 GWh of FONINVEMEM plants. |
| (2) | Central Costanera’s net available capacity was adjusted to reflect the formal disconnection of steam turbines COSTTV04 and COSTTV06 (470 MW), approved by CAMMESA in April 2024. As these units had already been offline, the adjustment had no impact on our revenue generation.Net available capacity. |
| (3) | From total capacity, 798 MW corresponds to the combined cycle. Total complex net available capacity is 1,645 MW. |
| (4) | The facility Includes 290 MW of combined cycles sold to spot market, 95 MW of cogeneration, 190 MW of gas/steam turbines and 1 MW of mini hydro. |
| (5) | San Lorenzo plant is composed by 330 MW May-Aug / 317 MW Sept-Apr PPA contracted capacity, and the remaining capacity is assigned to the spot market under Res. 59/23. |
| (6) | Guañizuil II solar farm was developed by Equinor (Cordillera Solar project) and transferred to Central Puerto in October 2023. |
Central Puerto financial and operational results for 2Q 2025 |
| |
Glossary of terms and abbreviations
| BCRA | Banco Central de la República Argentina, Argentina’s Central Bank |
| CAMMESA | Compañía Administradora del Mercado Mayorista Eléctrico Sociedad Anónima – the administrator of Argentina’s wholesale electricity market |
| COD | Commercial Operation Date – the date a generation unit is authorized by CAMMESA to sell electricity under commercial conditions |
| Energía Base | Legacy energy framework under Resolution SE No. 95/13, currently regulated by Resolution SE No. 9/24 |
| Enargas | Argentina’s National Gas Regulatory Entity |
| Enarsa | Argentina’s national energy company |
| Enre | Argentina’s National Electricity Regulatory Entity |
| FONINVEMEM / FONI | Fondo para Inversiones Necesarias que Permitan Incrementar la Oferta de Energía Eléctrica en el Mercado Eléctrico Mayorista – Fund for Investments Required to Increase Electric Power Supply, including programs like the Central Vuelta de Obligado (CVO) Agreement |
| p.p. | Percentage points |
| PPA | Power Purchase Agreement |
| SE | Argentina’s Secretariat of Energy |
| WEM / MEM | Wholesale Electricity Market (Mercado Eléctrico Mayorista) |
Central Puerto financial and operational results for 2Q 2025 |
| |
Disclaimer
Financial statements as of June 30th, 2025, include the effects of the inflation adjustment, applying IAS 29. Accordingly, the financial statements have been stated in terms of the measuring unit current at the end of the reporting period, including the corresponding financial figures for previous periods reported for comparative purposes. Comparative analysis refers to the same period of the previous year, measured in the current unit at the end of the period, unless otherwise stated. Consequently, the information included in the Financial Statements for the second quarter ended on June 30th, 2025, is not comparable to the Financial Statements previously published by the company. However, we presented some figures converted from Argentine Pesos to U.S. dollars for comparison purposes only. The exchange rate used to convert Argentine Pesos to U.S. dollars was the reference exchange rate (Communication “A” 3500) reported by the Central Bank for U.S. dollars for the end of each period. The information presented in U.S. dollars is for the convenience of the reader only and may defer if such conversion for each period is performed at the exchange rate applicable at the end of the latest period. You should not consider these translations to be representations that the Argentine Peso amounts actually represent these U.S. dollars amounts or could be converted into U.S. dollars at the rate indicated.
Definitions and terms used herein are provided in the Glossary at the end of this document. This release does not contain all the Company’s financial information. As a result, investors should read this release in conjunction with Central Puerto’s Audited Consolidated Financial Statements for the fiscal period ended on December 31st, 2024, and the notes thereto, which will be available on the Company’s website.
Rounding amounts and percentages: Certain amounts and percentages included in this release have been rounded for ease of presentation. Percentage figures included in this release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this release may not sum due to rounding.
This release contains certain metrics, including information per share, operating information, and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.
OTHER INFORMATION
Central Puerto routinely posts important information for investors in the Investor Relations support section on its website, www.centralpuerto.com. From time to time, Central Puerto may use its website as a channel of distribution of material Company information. Accordingly, investors should monitor Central Puerto’s Investor Relations website, in addition to following the Company’s press releases, SEC filings, public conference calls and webcasts. The information contained on, or that may be accessed through, the Company’s website is not incorporated by reference into, and is not a part of, this release.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to in this Earnings Release as “forward-looking statements”) that constitute forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘expect’’, ‘‘should’’, ‘‘plan’’, ‘‘intend’’, ‘‘will’’, ‘‘estimate’’ and ‘‘potential’’, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements.
Statements regarding possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition, expected power generation and capital expenditures plan, are examples of forward-looking statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
The Company assumes no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks and uncertainties associated with these forward-looking statements and the Company’s business can be found in the Company’s public disclosures filed on EDGAR (www.sec.govwww.sec.gov).
Central Puerto financial and operational results for 2Q 2025 |
| |
EBITDA and Adjusted EBITDA
In this release, EBITDA, a non-IFRS financial measure, is defined as net income for the period, plus finance expenses, minus finance income, minus share of the profit (loss) of associates, plus (minus) losses (gains) on net monetary position, plus income tax expense, plus depreciation and amortization, minus net results of discontinued operations.
Adjusted EBITDA refers to EBITDA excluding impairment on property, plant & equipment, foreign exchange differences and interests related to FONI trade receivables and variations in fair value of biological asset.
Adjusted EBITDA is believed to provide useful supplemental information to investors about the Company and its results. Adjusted EBITDA is among the measures used by the Company’s management team to evaluate the financial and operating performance and make day-to-day financial and operating decisions. In addition, Adjusted EBITDA is frequently used by securities analysts, investors, and other parties to evaluate companies in the industry. Adjusted EBITDA is believed to be helpful to investors because it provides additional information about trends in the core operating performance prior to considering the impact of capital structure, depreciation, amortization, and taxation on the results.
Adjusted EBITDA should not be considered in isolation or as a substitute for other measures of financial performance reported in accordance with IFRS. Adjusted EBITDA has limitations as an analytical tool, including:
| · | Adjusted EBITDA does not reflect changes in, including cash requirements for, working capital needs or contractual commitments. |
| · | Adjusted EBITDA does not reflect the finance expenses, or the cash requirements to service interest or principal payments on indebtedness, or interest income or other finance income. |
| · | Adjusted EBITDA does not reflect income tax expense or the cash requirements to pay income taxes. |
| · | Although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will need to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for these replacements. |
| · | Although a certain share of the profit of associates is a non-cash charge, Adjusted EBITDA does not consider the potential collection of dividends; and |
| · | Other companies may calculate Adjusted EBITDA differently, limiting its usefulness as a comparative measure. |
The Company compensates for the inherent limitations associated with using Adjusted EBITDA through disclosure of these limitations, presentation of the Company’s consolidated financial statements in accordance with IFRS and reconciliation of Adjusted EBITDA to the most directly comparable IFRS measure, net income. For a reconciliation of the net income to Adjusted EBITDA, see the tables included in this release.
All the information presented must be considered as consolidated unless otherwise specified.
| · | Contact: inversores@centralpuerto.com – www.centralpuerto.com - +54 11 4317 5000 |
Central Puerto financial and operational results for 2Q 2025 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Central Puerto S.A. | ||||||
| Date: August 14, 2025 | By: |
/s/ Leonardo Marinaro | ||||
| Name: | Leonardo Marinaro | |||||
| Title: | Attorney-in-Fact | |||||
FAQ
What was Central Puerto's Adjusted EBITDA in 2Q25 (CEPU)?
How much electricity did Central Puerto generate in 2Q25?
What drove the lower volumes and revenues in 2Q25?
What are Central Puerto's cash and debt positions as of June 30, 2025?
What is Central Puerto's net leverage ratio?
