Central Puerto S.a Stock Earnings Reports

Central Puerto delivered a strong 1Q26 driven by market normalization under Resolution 400/25, new generation and commercial contracting. Adjusted EBITDA was $120.0m (up 41.6% QoQ and ~33% YoY). Revenues were $248.6m (up 43.8% QoQ, ~27% YoY). Generation rose to 5,420 GWh (up ~54% QoQ), helped by the return of Central Costanera units, the Brigadier López combined-cycle (COD in Jan-26) and 2025 solar acquisitions. CapEx was capital intensive at ~$311m for the quarter, including the Piedra del Aguila concession payment and BESS construction (~$66m this quarter). Net financial debt was ~$390.8m vs. LTM adjusted EBITDA of $367.2m, yielding net leverage ~1.06x. Strategic highlights: Piedra del Aguila concession renewed for 30 years to Jan-2056; BESS project progressing (site works ~60% complete); Central Puerto ranked #1 in MAT-P and #2 in MAT-E in the new term market; acquired Patagonia Energy (PESA) for $50m—entering Vaca Muerta with 27,000 acres and proposed 2–3 well pilot program (industry-typical well cost ~$17m each) and upside potential under a successful development scenario. Management expects continued PPA contracting (notably with distribution companies and large users), further revenue upside as market normalization continues, BESS commercial readiness toward mid-2027, and selective M&A/opportunity-driven leverage moves.