Central Puerto S.A.

Second quarter adjusted EBITDA was $145 million, up 20.1% from $120.7 million in Q1 and up 136.2% from $61.4 million in Q2 2025. Revenue was $453.3 million, up 82.3% from $248.6 million in Q1 and up 165.8% from $170.5 million a year ago. Total generation was 5.25 thousand gigawatt hours, down 3.1% sequentially from 5.42 thousand gigawatt hours and up 20.1% from 4.37 thousand gigawatt hours last year. Net debt was $493.4 million, with net leverage of 1.2x adjusted EBITDA and last-12-month adjusted EBITDA of $403.8 million. For the first half, capital expenditures totaled $421.9 million. Management did not provide formal next-quarter or full-year revenue/EPS guidance, but said the battery storage projects are expected to be energized between October and November and enter commercial operation in Q4 2026, contributing $25 million to $27 million of adjusted EBITDA in 2027.

Fernando Bonnet framed the quarter as another period of strong execution, emphasizing commercial momentum, disciplined leverage, and progress on strategic projects. He highlighted opportunities in new capacity schemes, batteries, transmission for mining customers, and possible new contracts with distribution companies, while saying the company is actively pursuing growth without overcommitting to any one path. His tone was constructive and opportunistic, but measured on timing, repeatedly noting that many of the new business discussions are still in feasibility stages.

The CFO commentary focused on the mechanics behind the quarter’s performance: revenue growth came from a full quarter of Brigadier Lopez under PPA, stronger contracted energy and capacity sales, and higher spot sales tied to seasonal capacity remuneration and self-procured fuel. He cited first-half capex of $421.9 million, including $245 million for Piedra del Águila, $50 million for oil and gas blocks, and $106 million for battery storage, and noted that battery projects have already used 81% of their total capital budget. On the balance sheet, he said total debt was $671.9 million, cash and financial current assets were $178.4 million, net debt was $493.4 million, and leverage was 1.2x.

Analysts focused on how much of the quarter’s revenue uplift came from self-procured fuels and whether that would persist. Management said July was similar to June, August was still early, and Q4 should see lower self-procurement because Plan Gas.Ar remains in place; they also said the EBITDA impact must be assessed together with higher winter margins. Another area of interest was growth after Piedra del Águila and batteries: management pointed to thermal capacity schemes, more battery auctions, transmission to serve mining demand, and early discussions with distribution companies, but said most opportunities are still in feasibility or early contracting stages. On contracting, Bonnet said the company does not expect to reach 100% contracted exposure, and prefers a mix of spot and contracted sales to capture winter upside while protecting summer margins.