YPF Energia Electrica (YLUZ) Registration filing summary

Company overview and business model

• Leading pure-play power generation company in Argentina with 3,764 MW installed capacity, representing 8.2% of the national grid as of March 2026.

• Operates 17 assets: 10 thermal plants (2,740 MW) and 7 renewable sites (1,024 MW), with a diversified portfolio across eight provinces.

• Revenues are primarily from long-term, USD-denominated PPAs with private clients and CAMMESA, and spot market sales; all revenues are dollarized but paid in pesos.

• Recent growth driven by organic development, new renewable projects, and a robust pipeline including a 90 MW battery storage project under construction.

• Strategic focus on operational excellence, sustainable growth, innovation, and digital transformation.

Financial performance and metrics

• FY2025 revenues: $640.8M; net profit: $7.4M; Adjusted EBITDA: $427.5M (66.7% margin).

• Q1 2026 revenues: $217.2M; net profit: $66.5M; Adjusted EBITDA: $125.7M (57.9% margin).

• Six-month 2026 estimated revenues: $529–$548M; net profit: $126–$137M; Adjusted EBITDA: $250–$257M.

• Net leverage ratio improved to 1.6x as of March 2026; cash and equivalents: $237M; $470M in uncommitted credit lines.

• Adjusted EBITDA margin declined in Q1 2026 due to internalization of fuel costs under new regulations, but underlying profitability remained stable.

Use of proceeds and capital allocation

• No proceeds to the company; all IPO proceeds go to the selling shareholder, BNR Power Investments B.V.

• Capital allocation focused on operational maintenance, expansion projects, and debt service; robust pipeline of 5.3 GW in development.