Central Puerto (CEPU) Q2 2025 earnings summary

Executive summary

• Adjusted EBITDA for Q2 2025 was US$61.4 million, down 32% sequentially but up 35% year-over-year.

• Revenues reached US$179.6 million, an 8% decrease from the previous quarter but a 7% increase year-over-year.

• Power generation volumes fell 24% sequentially and 12% year-over-year due to scheduled and extraordinary maintenance at key plants.

• Major maintenance at Central Costanera and Central Puerto impacted operational availability and OpEx.

• Capital expenditures in 1H25 were US$102.4 million, focused on Brigadier Lopez combined cycle and San Carlos solar projects, both 80% complete and expected online in 4Q25.

Financial highlights

• Last 12-month adjusted EBITDA was US$309.9 million, 8% above full year 2024.

• FONINVEMEM debt collections in Q2 totaled US$17.2 million.

• Net leverage ratio stood at 0.56x last 12-month adjusted EBITDA; net financial debt was US$174.2 million.

• Standing financial debt was US$409 million as of June 13, with US$235 million in cash and equivalents.

• Adjusted EBITDA margin for Q2 2025 was 34%, down from 46% in Q1 2025.

Outlook and guidance

• Brigadier Lopez combined cycle (140 MW) and San Carlos solar (15 MW) projects are 80% complete, with expected COD before year-end 2025.

• Alamitos wind project (130–150 MW) is in the bidding phase, with construction to start Q1 2026.

• Participation in battery storage tenders for 205 MW; results expected by end of August 2025.

• CapEx for the semester was US$102.4 million, fully financed by operating cash flow.

• Monitoring regulatory changes and further self-managed fuel procurement as per Resolution 21/25.