Central Puerto (CEPU) Q1 2025 earnings summary

Executive summary

• Installed capacity held at 6,703 MW; energy generation rose 4% year-over-year to 5.7 TWh in Q1 2025.

• Revenues increased 31% year-over-year to $196 million, driven by higher spot market revenues and increased thermal and wind generation.

• Net income surged 150% year-over-year to $80 million, reflecting improved operating results and positive contributions from associates.

• Adjusted EBITDA reached $90 million, up 8% year-over-year, supported by higher generation and favorable non-cash effects.

• Major investment projects (Brigadier López and San Carlos) remain on schedule, with expected CODs by end of 2025 and Q3 2025, respectively.

Financial highlights

• Revenue for Q1 2025: $196 million, up 31% year-over-year, driven by higher spot market and contract sales.

• Adjusted EBITDA: $90 million, up 8% year-over-year, reflecting higher sales and increased costs.

• Net income: $80 million, up 150% year-over-year, supported by improved EBITDA and favorable financial results.

• Net cash from operating activities: $44 million; cash position at quarter-end: $6 million; total liquidity (including financial assets): $250 million.

• Operating income was $78 million, up from $32 million in Q1 2024.

Outlook and guidance

• Ongoing regulatory changes may create opportunities in alternative fuels and hydro asset operations.

• Participation planned in upcoming hydro and battery storage auctions, with careful analysis of terms and competition.

• New wind farm project in Bahía Blanca under development, with construction potentially starting late 2025 or early 2026.

• Regulatory changes signal increased investment opportunities and market liberalization, including new PPAs and fuel management autonomy.