YPF Energia Electrica (YLUZ) Registration filing summary

Company overview and business model

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

• Portfolio includes 10 thermal plants (2,740 MW) and 7 renewable assets (1,024 MW), with a growing share of renewables.

• Revenues are primarily from long-term, USD-denominated PPAs with private clients and CAMMESA, and spot market sales.

• Diversified client base includes over 100 industrial clients and YPF, with a focus on expanding private PPAs.

• Recent regulatory changes (Resolution 400/2025) promote market deregulation, competition, and fuel procurement decentralization.

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).

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

• Strong growth: 16% CAGR in installed capacity (2016–2026); Adjusted EBITDA up 18.6% in 2025.

• FY2025 spot market sales increased due to regulatory changes; Adjusted EBITDA margin impacted by internalization of fuel costs.

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 organic growth, project pipeline (5.3 GW), and selective acquisitions.

• Recent capex includes new wind, solar, and BESS projects; $2.1B in board-approved capex since inception.