Central Puerto (CEPU) Q1 2026 earnings summary

Executive summary

• Achieved strong commercial execution and operational excellence in 1Q26, with significant growth in revenue, EBITDA, and generation volumes, driven by new power generation assets and favorable regulatory changes.

• Expanded portfolio with the acquisition of Patagonia Energy S.A. for $50M, entering the oil and gas sector and securing 27,000 oil-focused acres in Vaca Muerta.

• Renewed Piedra del Águila hydro concession for 30 years, securing a flagship asset.

• Changed functional currency to US dollars effective January 1, 2026, reflecting dollarization of revenues and regulatory changes.

• Net income reached $141.8M, a significant increase from $0.4M in 4Q25 and $80.1M in 1Q25, reflecting improved operating performance and positive tax effects.

Financial highlights

• Adjusted EBITDA reached $120.0M, up 41.6% quarter-on-quarter and 33.4% year-on-year; margin at 48%.

• Revenues totaled $248.6M, up 43.8% quarter-on-quarter and 26.7% year-on-year, with 93.8% from energy sales.

• Total generation was 5,420 GWh, a 54.2% increase quarter-on-quarter but down 5% year-on-year.

• Net financial leverage ratio at 1.06x, with net financial debt of $390.8M.

• Capital expenditures in 1Q26 were $311.0M, mainly for Piedra del Águila concession and battery storage projects.

Outlook and guidance

• Expect continued operational excellence and financial performance for 2026, with ongoing market normalization and incremental contracting opportunities.

• BESS projects progressing toward mid-2027 commercial operation; up to 700MW of battery storage projects in tender.

• Maintenance of Luján de Cuyo GT26 (47MW) expected to complete in 2H26.