Q2 2026 Central Puerto SA Earnings Call

August 12, 2026

Speaker #1: Good morning, ladies and gentlemen. Welcome to the Central Porto's second quarter of 2026 Earns Conference call. As live presentation is accompanied today webcast and will be also available on the Vestas section of the company's website, www.centralporto.com/ain/investors.

Speaker #1: All participants will be in a listen-only mode during the presentation. After that, there will be an opportunity to ask questions. Please note this event is being recorded, so if you do not have a copy of the press release, please refer to the investor relations support section on the company's corporate website, at www.centralporto.com.

Speaker #1: In addition, a replay of today's call will be available in upcoming days by accessing the website link at the same section of the Central Porto's website.

Speaker #1: Our host today will be Mr. Fernando. Henrique Terrano, the company's CFO. Mrs. Maria Laura Feller, Head of Investor Relations. And Mr. Alejandro Diaz Lopez, Head of Corporate Finance.

Speaker #1: Maria Laura, please go ahead.

Speaker #2: Thank you very much. Good morning and welcome, everyone. We're joining you today from Buenos Aires with our management team to walk you through the results of the second quarter of 2026, and afterward we'll take your questions.

Speaker #2: Before we start, a couple of quick notes: both covered on slide 2. First, today's presentation includes forward-looking statements and non-IFRS measures, including adjusted EBITDA, so please keep our full disclaimer in mind as we go through the numbers.

Speaker #2: Also, to remind the audience, since January 1 of this year, our functional currency is the US dollar, rather than the Argentine peso, and we've also refined how we convert historical peso figures into dollars.

Speaker #2: You'll find the full detail in Note 2.2 to our financial statements. All figures are in US dollars unless otherwise stated. Let's turn to slide 3 for the highlights of the quarter.

Speaker #2: Second quarter adjusted EBITDA came in at 145.0 million dollars. That's up 20.1% versus the 120.7 million dollars we posted in the first quarter. And up 136.2% versus the 61.4 million dollars posted in the second quarter of 2025.

Speaker #2: Revenues total 453.3 million dollars, up 82.3% quarter on quarter from 248.6 million dollars, and up 165.8% year on year from 170.5 million dollars. These figures include 176.4 million dollars of spot CBP-related to self-procure fuel.

Speaker #2: Total generation reached 5,250 gigawatt-hours, representing approximately 15% of total generation on Argentina's grid. This was a 3.1% decrease from the first quarter's 5,420 gigawatt-hours but a 20.1% increase versus the 4,372 gigawatt-hours generated in the second quarter of last year.

Speaker #2: On the investment side, capital expenditures for the first half of 2026 totaled 421.9 million dollars. This included 245.0 million dollars for the Piedra del Águila concession, 50.0 million dollars for the acquisition of the oil and gas blocks, 106.0 million dollars for our battery storage projects, and 20.9 million dollars in maintenance and other capital expenditures.

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Speaker #2: Net financial leverage stood at 1.2 times adjusted EBITDA, with net financial debt of 493.4 million dollars and last 12 months adjusted EBITDA of 403.8 million dollars.

Speaker #2: Phoney collections from CAMESA were 16.0 million dollars in the quarter, and outstanding credit was 104.8 million dollars. On the financing front, in April we issued our Class D notes for 130.1 million dollars, at a 6% rate.

Fernando Bonnet: Investment side, capital expenditures for H1 2026 totaled $421.9 million. This included $245.0 million for the Piedra del Águila concession, $50.0 million for the acquisition of the oil and gas blocks, $106.0 million for our battery storage projects, and $20.9 million in maintenance and other capital expenditures. Net financial leverage stood at 1.2x adjusted EBITDA, with net financial debt of $493.4 million and last 12 months adjusted EBITDA of $403.8 million. FONI collections from CAMMESA were $16.0 million in the quarter, and outstanding credit was $104.8 million. On the financing front, in April, we issued our Class D Notes for $130.1 million at a 6% rate. In July, after quarter end, we issued our Class E Note for $94.3 million at a 5.5% rate. We also continued strengthening our commercial position.

Speaker #2: This means site capital expenditures for the first half of 2026 totaled $421.9 million. This included $245.0 million for the Piedra del Águila concession, $50.0 million for the acquisition of the oil and gas blocks, $106.0 million for our battery storage projects, and $20.9 million in maintenance and other capital expenditures.

Speaker #2: In July, after quarter end, we issued our Class E notes for 94.3 million dollars, at a 5.5% rate. We also continued strengthening our commercial position.

Speaker #2: Our average market share in the resolution 400 term market, or MAT, reached more than 35% in the second quarter. We now serve more than 120 large industrial customers, plus 16 distribution and sub-distribution companies.

Speaker #2: Net financial leverage stood at 1.2x adjusted EBITDA, with net financial debt of $493.4 million and last 12 months adjusted EBITDA of $403.8 million. Phoney collections from CAMMESA were $16.0 million in the quarter, and outstanding credit was $104.8 million.

Speaker #2: Altogether, contracted sales combining PPAs, MAT, and MATR represented 55% of our total sales volumes, and 48% of our total revenues, including hydro sales under the terms of the concession.

Speaker #2: On the financing front, in April we issued our Class D notes for $130.1 million at a 6% rate. In July, after quarter-end, we issued our Class E notes for $94.3 million at a 5.5% rate.

Speaker #2: On our growth projects, our battery storage system projects are on schedule. Construction is 69% complete at Nuevo Puerto, and 54% complete at Central Costanera.

Speaker #2: With major equipment delivered or in transit, and installation progressing on schedule, we expect the projects to be energized between October and November, with commercial operation in the fourth quarter of this year.

Speaker #2: We also continued strengthening our commercial position: our average market share in the Resolution 400-term market, or MAT, reached more than 35% in the second quarter.

Fernando Bonnet: Our average market share in the Resolution 400 Term Market, or MAT, reached more than 35% in Q2. We now serve more than 120 large industrial customers, plus 16 distribution and sub-distribution companies. All together, contracted sales combining PPAs, MAT, and MATER represented 55% of our total sales volumes and 48% of our total revenues, including hydro sales under the terms of the concession. On our growth projects, our battery storage system projects are on schedule. Construction is 69% complete at Nuevo Puerto and 54% complete at Central Costanera, with major equipment delivered or in transit and installation progressing on schedule. We expect the projects to be energized between October and November, with commercial operation in Q4 of this year. Once operational, we expect these projects to contribute between $25 and $27 million to the adjusted EBITDA in 2027.

Speaker #2: Once operational, we expect these projects to contribute between 25 and 27 million dollars to the adjusted EBITDA in 2027. In April, we closed the acquisition of the oil and gas blocks, for now we are maintaining technical due diligence previous to the sanction.

Speaker #2: We now serve more than 120 large industrial customers, plus 16 distribution and sub-distribution companies. Altogether, contracted sales—combining PPAs, MAT, and MATR—represented 55% of our total sales volumes and 48% of our total revenues, including hydro sales under the terms of the concession.

Speaker #2: Let's move to slide 4 for more detail on generation and our commercial development. In the second quarter, total energy offered into the Argentine grid was 36,724 gigawatt-hours.

Speaker #2: On our growth projects, our battery storage system projects are on schedule: construction is 69% complete at Nuevo Puerto and 54% complete at Central Costanera.

Speaker #2: Made up of 34,954 gigawatt-hours of local generation, plus approximately 1,770 gigawatt-hours of imports. Central Puerto held more than 35% of the resolution 400 term market share in the second quarter.

Speaker #2: Looking at the monthly trend, our share increased significantly through the quarter, reaching 35% in June, reflecting the continued progress of our commercial contracting efforts.

Speaker #2: Once operational, we expect these projects to contribute between $25 million and $27 million to the adjusted EBITDA in 2027. In April, we closed the acquisition of the oil and gas blocks. For now, we are maintaining technical due diligence prior to the sanction.

Fernando Bonnet: In April, we closed the acquisition of the oil and gas blocks. For now, we are maintaining technical due diligence previous to the CEng. Let's move to slide 4 for more detail on generation and our commercial development. In Q2, total energy offered into the Argentine grid was 36,724 gigawatt-hours, made up of 34,954 gigawatt-hours of local generation, plus approximately 1,770 gigawatt-hours of imports. Central Puerto held more than 35% of the Resolution 400 term market share in Q2. Looking at the monthly trend, our share increased significantly through the quarter, reaching 35% in June, reflecting the continued progress of our commercial contracting efforts. Turning to slide 5, let's look at revenues in more detail. Revenues were $453.3 million, up 82.3% quarter-on-quarter and 165.8% year-on-year. Two things drove that growth.

Fernando Bonnet: In April, we closed the acquisition of the oil and gas blocks. For now, we are maintaining technical due diligence previous to the CEng. Let's move to slide 4 for more detail on generation and our commercial development. In Q2, total energy offered into the Argentine grid was 36,724 GWh, made up of 34,954 GWh of local generation, plus approximately 1,770 GWh of imports. Central Puerto held more than 35% of the Resolution 400 term market share in Q2. Looking at the monthly trend, our share increased significantly through the quarter, reaching 35% in June, reflecting the continued progress of our commercial contracting efforts. Turning to slide 5, let's look at revenues in more detail. Revenues were $453.3 million, up 82.3% quarter-on-quarter and 165.8% year-on-year. Two things drove that growth.

Speaker #2: Turning to slide 5, let's look at revenues in more detail. Revenues were 453.3 million dollars, up 82.3% quarter on quarter, and 165.8% year on year.

Speaker #2: Let's move to slide 4 for more detail on generation and our commercial development. In the second quarter, total energy offered into the Argentine grid was 36,724 gigawatt-hours.

Speaker #2: Two things drove that growth. First, contracted sales increased, primarily due to a full quarter of revenues from the Briarier López plant under its power purchase agreement.

Speaker #2: Made up of 34,954 gigawatt-hours of local generation, plus approximately 1,770 gigawatt-hours of imports. Central Puerto held more than 35% of the Resolution 400-term market share in the second quarter.

Speaker #2: Higher contracted energy and capacity sales in the term market from Central Puerto/Central Costanera/Piedra del Águila and Luján de Cuyo, and the reclassification of Piedra del Águila's hydro sales as contracted sales beginning in 2026, reflecting the pricing mechanism established under Article 9 of the concession terms.

Speaker #2: Looking at the monthly trend, our share increased significantly through the quarter, reaching 35% in June, reflecting the continued progress of our commercial contracting efforts.

Speaker #2: Second, spot sales increased due to higher capacity revenues resulting from seasonal capacity remuneration parameters applicable during the winter months. As well as the fuel cost component that is reflected in revenues when we self-procure fuel for spot generation.

Speaker #2: Turning to slide 5, let's look at revenues in more detail. Revenues were $453.3 million, up 82.3% quarter-on-quarter and 165.8% year-on-year. Two things drove that growth: first, contracted sales increased, primarily due to a full quarter of revenues from the Brigadier López plant under its power purchase agreement; higher contracted energy and capacity sales in the term market from Central Puerto, Central Costanera, Piedra del Águila, and Luján de Cuyo; and the reclassification of Piedra del Águila's hydro sales as contracted sales beginning in 2026, reflecting the pricing mechanism established under Article 9 of the concession terms.

Speaker #2: In the second quarter, this included approximately 174 million dollars of NG/LNG and liquid fuels purchased directly. When CAMESA supplies the fuel under the gas acuerdo program, that cost is managed by CAMESA, and therefore is not recognized as revenue by the company.

Fernando Bonnet: First, contracted sales increased, primarily due to a full quarter of revenues from the Brigadier Lopez plant under its power purchase agreement. Higher contracted energy and capacity sales in the term market from Central Puerto, Central Costanera, Piedra del Águila, and Lujan de Cuyo, and the reclassification of Piedra del Águila's hydro sales as contracted sales beginning in 2026, reflecting the pricing mechanism established under Article 9 of the concession terms. Second, spot sales increased due to higher capacity revenues resulting from seasonal capacity remuneration parameters applicable during the winter months, as well as the fuel cost component that is reflected in revenues when we self-procure fuel for spot generation. In Q2, this included approximately $174 million of NG, LNG, and liquid fuels purchased directly.

Speaker #2: Now to slide 6 for the adjusted EBITDA of the quarter. Adjusted EBITDA was 145.0 million dollars, up 20.1% quarter on quarter, and 136.2% year on year.

Speaker #2: The improvement was mainly driven by the margin captured on self-procure liquid fuels and seasonal spot prices, together with new contracted thermal energy in the MAT.

Speaker #2: Second, spot sales increased due to higher capacity revenues resulting from seasonal capacity remuneration parameters applicable during the winter months, as well as the fuel cost component that is reflected in revenues when we self-procure fuel for spot generation.

Speaker #2: Let's move to slide 7 for generation and availability. Total generation was 5,250 gigawatt-hours this quarter. Compared to the first quarter, a few things moved in different directions.

Speaker #2: In the second quarter, this included approximately $174 million of NG/LNG and liquid fuels purchased directly. When CAMMESA supplies the fuel under the gas acuerdo program, that cost is managed by CAMMESA and therefore is not recognized as revenue by the company.

Speaker #2: Generation from our legacy steam turbines was down 17%, while Piedra del Águila more than doubled its output, up 112.9%, reflecting stronger hydrolysis. Renewable generation was down 17.0% quarter on quarter, and the Luján de Cuyo gas turbine unit was still out of service, following the generator failure that occurred in the first quarter of last year.

Fernando Bonnet: When CAMMESA supplies the fuel under the Gas Acuerdo program, that cost is managed by CAMMESA, and therefore is not recognized as revenue by the company. Now to Slide 6 for the adjusted EBITDA of the quarter. Adjusted EBITDA was $145.0 million, up 20.1% quarter-on-quarter and 136.2% year-on-year. The improvement was mainly driven by the margin captured on self-procured liquid fuels and seasonal spot prices, together with new contracted thermal energy in the MAT. Let's move to slide seven for generation and availability. Total generation was 5,250 gigawatt-hours this quarter. Compared to Q1, a few things moved in different directions. Generation from our legacy steam turbines was down 17%, while Piedra del Águila more than doubled its output, up 112.9%, reflecting stronger hydrology.

Fernando Bonnet: When CAMMESA supplies the fuel under the Gas Acuerdo program, that cost is managed by CAMMESA, and therefore is not recognized as revenue by the company. Now to Slide 6 for the adjusted EBITDA of the quarter. Adjusted EBITDA was $145.0 million, up 20.1% quarter-on-quarter and 136.2% year-on-year. The improvement was mainly driven by the margin captured on self-procured liquid fuels and seasonal spot prices, together with new contracted thermal energy in the MAT. Let's move to slide seven for generation and availability. Total generation was 5,250 GWh this quarter. Compared to Q1, a few things moved in different directions. Generation from our legacy steam turbines was down 17%, while Piedra del Águila more than doubled its output, up 112.9%, reflecting stronger hydrology.

Speaker #2: Now to slide 6, for the adjusted EBITDA of the quarter. Adjusted EBITDA was $145.0 million, up 20.1% quarter-on-quarter, and 136.2% year-on-year. The improvement was mainly driven by the margin captured on self-procured liquid fuels and seasonal spot prices, together with new contracted thermal energy in the MAT.

Speaker #2: Our thermal fleet remained reliable. Total thermal availability of combined cycles was 87.0%, and steam production totaled 781,742 tons, up 45.4% quarter on quarter, but down 16.0% year on year.

Speaker #2: Central Puerto represented approximately 15% of total generation on Argentina's grid, or 15.9% including our phoney plants, at our working interest. Turning to slide 8, total capital expenditures for the first half of the year were 421.9 million dollars.

Speaker #2: Generation from our legacy steam turbines was down 17%, while Piedra del Águila more than doubled its output, up 112.9%, reflecting stronger hydrology. Renewable generation was down 17.0% quarter-on-quarter, and the Luján de Cuyo gas turbine unit was still out of service following the generator failure that occurred in the first quarter of last year.

Speaker #2: This includes 245.0 million dollars for the Piedra del Águila concession. 50.0 million dollars for the oil and gas block acquisition, 106.0 million dollars for our battery storage projects, and 20.9 million dollars for maintenance and other items.

Fernando Bonnet: Renewable generation was down 17.0% quarter-on-quarter, and the Lujan de Cuyo gas turbine unit was still out of service following the generator failure that occurred in Q1 of last year. Our thermal fleet remained reliable. Total thermal availability of combined cycles was 87.0%, and steam production totaled 781,742 tons, up 45.4% quarter-on-quarter, but down 16.0% year-on-year. Central Puerto represented approximately 15% of total generation on Argentina's grid, or 15.9% including our FONI plants at our working interest. Turning to slide eight, total capital expenditures for the H1 of the year were $421.9 million. This includes $245.0 million for the Piedra del Águila concession, $50.0 million for the oil and gas block acquisition, $106.0 million for our battery storage projects, and $20.9 million for maintenance and other items.

Fernando Bonnet: Renewable generation was down 17.0% quarter-on-quarter, and the Lujan de Cuyo gas turbine unit was still out of service following the generator failure that occurred in Q1 of last year. Our thermal fleet remained reliable. Total thermal availability of combined cycles was 87.0%, and steam production totaled 781,742 tons, up 45.4% quarter-on-quarter, but down 16.0% year-on-year. Central Puerto represented approximately 15% of total generation on Argentina's grid, or 15.9% including our FONI plants at our working interest. Turning to slide , total capital expenditures for the H1 of the year were $421.9 million. This includes $245.0 million for the Piedra del Águila concession, $50.0 million for the oil and gas block acquisition, $106.0 million for our battery storage projects, and $20.9 million for maintenance and other items.

Speaker #2: Our thermal fleet remained reliable. Total thermal availability of combined cycles was 87.0%, and steam production totaled 781,742 tons, up 45.4% quarter-on-quarter but down 16.0% year-on-year.

Speaker #2: The battery energy storage system projects have already executed 81% of the project's total capital budget. Construction is 69% complete at Nuevo Puerto, and 54% at Central Costanera.

Speaker #2: Central Puerto represented approximately 15% of total generation on Argentina's grid, or 15.9% including our FONI plants, at our working interest. Turning to slide 8, total capital expenditures for the first half of the year were $421.9 million.

Speaker #2: Major equipment has either been delivered or is in transit, and installation is progressing on schedule. We expect commercial operation in the fourth quarter of 2026.

Speaker #2: Once running, we expect these projects to add between 25 and 27 million dollars EBITDA in 2027. Now to slide 9 on our balance sheet and financial flexibility.

Speaker #2: This includes $245 million for the Piedra del Águila concession, $50 million for the oil and gas block acquisition, $106 million for our battery storage projects, and $20.9 million for maintenance and other items.

Speaker #2: As of June 30, our total outstanding financial debt was 671.9 million dollars. Against cash, cash equivalents, and financial current assets of 178.4 million dollars, that leaves us with net debt of 493.4 million dollars.

Speaker #2: The battery energy storage system projects have already executed 81% of the project’s total capital budget. Construction is 69% complete at Nuevo Puerto, and 54% at Central Costanera.

Fernando Bonnet: The battery energy storage system projects have already executed 81% of the project's total capital budget. Construction is 69% complete at Nuevo Puerto and 54% at Central Costanera. Major equipment has either been delivered or is in transit, and installation is progressing on schedule. We expect commercial operation in Q4 2026. Once running, we expect these projects to add between $25 and $27 million EBITDA in 2027. Now to slide nine on our balance sheet and financial flexibility. As of 30 June, our total outstanding financial debt was $671.9 million against cash equivalents and financial current assets of $178.4 million. That leaves us with net debt of $493.4 million. Measured against our last 12 months adjusted EBITDA of $403.8 million, our net leverage ratio was 1.2 times, a healthy level that gives us financial flexibility.

Fernando Bonnet: The battery energy storage system projects have already executed 81% of the project's total capital budget. Construction is 69% complete at Nuevo Puerto and 54% at Central Costanera. Major equipment has either been delivered or is in transit, and installation is progressing on schedule. We expect commercial operation in Q4 2026. Once running, we expect these projects to add between $25 million and $27 million EBITDA in 2027. Now to slide nine on our balance sheet and financial flexibility. As of 30 June, our total outstanding financial debt was $671.9 million against cash equivalents and financial current assets of $178.4 million. That leaves us with net debt of $493.4 million. Measured against our last 12 months adjusted EBITDA of $403.8 million, our net leverage ratio was 1.2 times, a healthy level that gives us financial flexibility.

Speaker #2: Measured against our last 12 months' adjusted EBITDA, of 403.8 million dollars, our net leverage ratio was 1.2 times. A healthy level that gives us financial flexibility.

Speaker #2: Major equipment has either been delivered or is in transit, and installation is progressing on schedule. We expect commercial operation in the fourth quarter of 2026.

Speaker #2: On our debt maturity profile, we hold 178.4 million dollars in cash and financial current assets today, and our maturities are well spread out over time, with 176.4 million dollars coming due later this year.

Speaker #2: Once running, we expect these projects to add between $25 million and $27 million of EBITDA in 2027. Now, moving to slide 9 on our balance sheet and financial flexibility.

Speaker #2: Followed by moderate amounts in 2027 and 2028, and larger maturities in 2029 and 2030. On financing activity, in April we issued our Class D notes for 130.1 million dollars at a 6.0% rate, with a 48-month bullet maturity.

Speaker #2: As of June 30, our total outstanding financial debt was $671.9 million. Against cash, cash equivalents, and financial current assets of $178.4 million, that leaves us with net debt of $493.4 million.

Speaker #2: In July, after the quarter closed, we issued our Class E notes for 94.3 million dollars at 5.5%, with a 36-month bullet maturity. Mainly to fund working capital and fuel procurement needs.

Speaker #2: Measured against our last 12 months' adjusted EBITDA of $403.8 million, our net leverage ratio was 1.2x— a healthy level that gives us financial flexibility.

Speaker #2: Thank you very much for your time, and for your continued confidence in Central Puerto. Operator, please open the line for questions.

Speaker #2: On our debt maturity profile, we hold $178.4 million in cash and financial current assets today, and our maturities are well spread out over time, with $176.4 million coming due later this year.

Fernando Bonnet: On our debt maturity profile, we hold $178.4 million in cash and financial current assets today, and our maturities are well spread out over time, with $176.4 million coming due later this year, followed by moderate amounts in 2027 and 2028, and larger maturities in 2029 and 2030. On financing activity, in April, we issued our Class D Notes for $130.1 million at a 6.0% rate with a 48-month bullet maturity. In July, after the quarter closed, we issued our Class E Note for $94.3 million at 5.5% with a 36-month bullet maturity, mainly to fund working capital and fuel procurement needs. Thank you very much for your time and for your continued confidence in Central Puerto. Operator, please open the line for questions.

Speaker #1: Thank you very much for the presentation. We will now begin the Q&A session for the investors, and analysts. If you wish to ask a question, please press the button "Reaction," and then click on "Raise Hand." If you have a question that has already been answered, you can leave the queue by clicking on "Put Hand Down." Our first question comes from Matías Cataruzzi with "Edge Cap." Your microphone is open.

Speaker #2: This will be followed by moderate amounts in 2027 and 2028, and larger maturities in 2029 and 2030. On financing activity, in April we issued our Class D notes for $130.1 million at a 6.0% rate, with a 48-month bullet maturity.

Speaker #2: In July, after the quarter closed, we issued our Class E notes for $94.3 million at 5.5%, with a 36-month bullet maturity, mainly to fund working capital and fuel procurement needs.

Speaker #2: Hi, team. Congratulations on the quarter. I got a question on the material contribution from the self-procurement of fuels. In the second quarter, how will we see in the future, in the third quarter, we'll be seeing something similar in revenues or it depends on the fuel procurement in each quarter, and if in the fourth quarter is if it's going to be lower or what as analysts, what do we need to keep in mind to get a better understanding of it and to project it better on our models?

Speaker #2: Thank you very much for your time and for your continued confidence in Central Puerto. Operator, please open the line for questions.

Speaker #1: Thank you very much for the presentation. We will now begin the Q&A session for investors and analysts. If you wish to ask a question, please press the "Reactions" button and then click on "Raise Hand." If your question has already been answered, you can leave the queue by clicking on "Put Hand Down." Our first question comes from Matías Cataruzzi with EdgeCap. Your microphone is open.

Operator: Thank you very much for the presentation. We will now begin the Q&A session for the investors and analysts. If you wish to ask a question, please press the button Reaction and then click on Raise Hand. If your question has already been answered, you can leave the queue by clicking on Put Hand Down. Our first question comes from Matías Cattaruzzi with Adcap. Your microphone is open.

Matías Cattaruzzi: Hi, team. Congratulations on the quarter. I got a question on the material contribution from the self-procurement of fuels in Q2. How will we see it in the future? In Q3, we will be seeing something similar in revenues, or it depends on the fuel procurement in each quarter? And if in Q4, if it is going to be lower or as analysts, what do we need to keep in mind to get a better understanding of it and to project it better on our models?

Speaker #3: Hi team, congratulations on the quarter. I have a question on the material contribution from the self-procurement of fuels. In the second quarter, how should we think about this going forward? In the third quarter, will we be seeing something similar in revenues, or does it depend on the fuel procurement in each quarter? And for the fourth quarter, if it's going to be lower—what should we, as analysts, keep in mind to get a better understanding of this and to project it more accurately in our models?

Speaker #3: Okay. Thank you, Matías, for your question and your interest in Central Puerto. Regarding the fuel consumption and self-procurement, we see in July similar levels that we see in June.

Speaker #3: On August, this is very early to have a final view if this winter, cold winter continues, perhaps we will see not as the same as June and July, but perhaps a little bit less, but some of course self-procurement of natural gas.

Speaker #3: And a small portion of liquid fuels, we don't see a lot of liquid fuels coming on forward. So for the second for the third quarter, you can expect during July same levels of self-consumption.

Speaker #4: Okay. Thank you, Matías, for your question and your interest in Central Puerto. Regarding the fuel consumption and self-procurement, we see in July similar levels to those we saw in June.

Fernando Bonnet: Okay. Thank you, Matías, for your question and your interest in Central Puerto. Regarding the fuel consumption and self-procurement, we see in July similar levels that we see in June. I know this is very early to have a final view. If this cold winter continues, perhaps we will see not the same as June and July, but perhaps a little bit less, about some, of course, self-procurement of natural gas and a small portion of liquid fuels. We do not see a lot of liquid fuels coming on forward. So for Q3, you can expect during July, same levels of self-consumption than in June. August, perhaps a little bit less. A half would be a good number in terms of LNG. Not the same as liquid that, as I mentioned, we do not see a lot of liquid during August.

Speaker #3: Then in June, on August, less, perhaps a little bit less, a half would be a good number in terms of LNG, not the same as liquid that, as I mentioned, we don't see a lot of liquid during August.

Speaker #4: In August, it is very early to have a final view if this cold winter continues. Perhaps we will see not the same as in June and July, but perhaps a little bit less, but still, of course, some self-procurement of natural gas.

Speaker #3: And for sure, in terms of the fourth quarter, until we can start buying our own natural gas local natural gas, which is not the case today because the plant gas cuatro is still in place, and it's not easy that the producers break that contract with Cameza and start signing new contracts with us.

Speaker #4: And a small portion of liquid fuels—we don't see a lot of liquid fuels coming on forward. So, for the third quarter, you can expect during July the same levels of self-consumption.

Speaker #3: So because of that, we see a reduction in the fourth quarter of self-procurement fuel, we are starting conversation with different providers so we can do something in terms of local gas, buying our own local gas.

Speaker #4: Then in June, and in August, less, perhaps a little bit less—a half could be a good number in terms of LNG. Not the same as liquid that, as I mentioned, we don't see a lot of liquid during August.

Speaker #3: But not for all of our consumption. So we see that we start seeing some providers and oil companies start going out for the plant gas at the end of the year, and perhaps more heavily during the next one.

Speaker #4: And for sure, in terms of the fourth quarter, until we can start buying our own local natural gas—which is not the case today, because the Plan Gas Cuatro is still in place—it's not easy for the producers to break that contract with CAMMESA and start signing new contracts with us.

Fernando Bonnet: And for sure, in terms of Q4, until we can start buying our own natural gas, local natural gas, which is not the case today because the Plan Gas.Ar is still in place, it is not easy that the producers

Speaker #3: But making a wrap-up, you will see less fuel own fuel consumption during the last quarter of this year.

Fernando Bonnet: break that contract with CAMMESA and start signing new contracts with us. Because of that, we see a reduction in Q4 of self-procurement fuel. We are starting conversation with different providers so we can do something in terms of local gas, buying our own local gas, but not for all of our consumption. So we start seeing some providers, some oil companies start going out for the Plan Gas.Ar at the end of the year and perhaps more heavily during the next one. But, making a wrap-up, you will see less own fuel consumption during the last quarter of this year.

Speaker #2: And then a follow-up on self-procurement of fuels. Is there any way that we can see how it impacts on the EBITDA compared to previous quarters?

Speaker #4: So, because of that, we see a reduction in the fourth quarter of self-procurement fuel. We are starting conversations with different providers so we can do something in terms of local gas—buying our own local gas.

Speaker #2: Have you we've seen it as like with the revenues, this aggregated from the revenues, but how it's not visible in the cost part, the self-procurements, just for us to.

Speaker #4: But not for all of our consumption. So, we see that we start seeing some providers and oil companies start going out for the plant gas at the end of the year, and perhaps more heavily during the next one.

Speaker #4: But making a wrap-up, you will see less own fuel consumption during the last quarter of this year.

Speaker #2: Measure the yeah.

Speaker #3: Yeah, you can show it in our cost because there is that's open in our accountability. So you can see how this cost of sales increase during winter, and compared to summer, but you need to consider both effect in order to estimate the future EBITDA because during winter, we also have not only the self-procurement machine that we made there, but you have also the marginal income that we receive from the new regulation, when our equipment is cheaper than the last unit entering, in the market.

Speaker #3: And then I'll follow up on self-procurement of fuels. Is there any way that we can see how it impacts the EBITDA compared to previous quarters?

Matías Cattaruzzi: And then a follow-up on self-procurement of fuels. Is there any way that we can see how it impacts on the EBITDA compared to previous quarters? We have seen it with the revenues, disaggregated from the revenues. But it is not visible in the cost part, the self-procurements, just for us to

Speaker #3: We've seen it with the revenues, this aggregated from the revenues, but how it's not visible in the cost part, the self-procurements, just for us to measure the—yeah.

Speaker #3: So you need to have both effect combined. So when you go to summer, which doesn't anyone has fuel expensive fuel like diesel oil or LNG, so the margin of all the system gets reduced not only the ones that we don't acquire our own fuel.

Fernando Bonnet: No, yeah.

Matías Cattaruzzi: measure the Yeah.

Speaker #4: Yes. You can see it in our costs because there is our accountability. So, you can see how this cost of sales increases during winter compared to summer.

Fernando Bonnet: Yes. You can see it in our cost because that is open in our accountability. So you can see how this cost of sales increased during winter and compared to summer. But you need to consider both effects in order to estimate the future EBITDA, because during winter, we also have not only the self-procurement margin that we made there, but you have also the marginal income that we receive from the new regulation when our equipment is cheaper than the last unit entering in the market. So you need to have both effects combined. So when you go to summer, anyone has expensive fuel like diesel oil or LNG. So the margin of all the system gets reduced, not only the ones that we do not acquire our own fuel.

Speaker #2: Okay, great. Thank you so much.

Speaker #4: But you need to consider both effects in order to estimate the future EBITDA, because during winter, we also have not only the self-procurement machine that we made there, but you also have the marginal income that we receive from the new regulation when our equipment is cheaper than the last unit entering in the market.

Speaker #1: Our next question comes from Martin Aronset with Balance Capital. Your microphone is open.

Speaker #4: Hi. Well, thank you for the presentation, and for seeing my questions. I have only two questions. I would like to run them one by one if that's okay.

Speaker #4: First, regarding growing opportunities, I was wondering where do you see growing opportunities in the future? You renew the concession of Piedra El Águila. Now you are with the battery project, but I was wondering where do you see growing opportunities after that, and also we heard that the government could be working on a new auction for thermal and probably renewable plus batteries before EIN.

Speaker #4: So you need to have both effects combined. So when you go to summer, which doesn't—anyone has fuel, expensive fuel like diesel oil or LNG—so the margin of all the system gets reduced.

Speaker #4: Not only the ones for which we don't acquire our own fuel.

Speaker #3: Okay. Great. Thank you so much.

Matías Cattaruzzi: Okay, great. Thank you so much.

Speaker #1: Our next question comes from Martin Aronset with Balance Capital. Your microphone is open.

Operator: Our next question comes from Martin Arancet with Balanz Capital. Your microphone is open.

Speaker #4: I was wondering if you had more information on that, and I don't know if it could be something where you could add capacity to some of your thermal assets.

Speaker #5: Hi. Thank you for the presentation and for taking my questions. I have only two questions, and I would like to ask them one by one, if that's okay.

Martin Arancet: Well, thank you for the presentation and for taking my questions. I have only two questions. I would like to run them one by one, if that's okay. First, regarding growing opportunities, I was wondering, where do you see growing opportunities in the future? You renewed the concession of Piedra del Águila. Now you are with the battery project. I was wondering, where do you see growing opportunities after that? Also, we heard that the government could be working on a new auction for thermal and probably renewable plus batteries before year-end. I was wondering if you had more information on that. I do not know if it could be something where you could add capacity to some of your thermal assets.

Speaker #3: Okay. Thank you, Martin, for your question and your interest. As going to the first one, the growing opportunities, as you mentioned, we are seeing different opportunities coming from different processes.

Speaker #5: First, regarding growing opportunities, I was wondering—where do you see growing opportunities in the future? You renewed the concession of Piedra El Águila, and now you are working on the battery project, but I was wondering: where do you see growing opportunities after that?

Speaker #3: One is that you mentioned the government is analyzing in they are in the final stages of analysis. The new capacity perhaps will be not an option like we see we saw in the past.

Speaker #5: And also, we heard that the government could be working on a new auction for thermal and probably renewable plus batteries before E&N. I was wondering if you had more information on that.

Speaker #3: I think they are thinking on a regular scheme perhaps quarterly scheme or perhaps biannual scheme, in which generators could present projects in order to increase the capacity of the system.

Speaker #5: And I don't know if it could be something where you could add capacity to some of your thermal assets.

Speaker #4: Okay. Thank you, Martin, for your question and your interest. As for the first one, the growing opportunities, as you mentioned, we are seeing different opportunities coming from different processes.

Fernando Bonnet: Okay. Thank you, Martin, for your question and your interest. Going to the first one, the growing opportunities, as you mentioned, we are seeing different opportunities coming in from different processes. One is that you mentioned the government is analyzing, they are in the final stages of analysis. The new capacity perhaps will be not an option like we saw in the past. I think they are thinking on a regular scheme, perhaps quarterly scheme, or perhaps biannual scheme, in which generators could present projects in order to increase the capacity of the system. It will be capacity schemes, not energy capacity. They are already doing the last perhaps adjustment of that scheme, and we think that would be online perhaps during this quarter or the next one, not more than that. There, we are, of course, developing different projects.

Speaker #3: It will be capacity schemes, not energy capacity. But they are already doing the last perhaps adjustment of that scheme, and we think that would be online perhaps during these quarter or the next one, not more than that.

Speaker #4: One is that you mentioned the government is analyzing, and they are in the final stages of analysis. The new capacity perhaps will not be an option like we saw in the past.

Speaker #3: And there we are, of course, developing different projects. We have all the development that we done in 2023 for the thermal capacity auction. If you remember, there we get awarded in two projects.

Speaker #4: I think they are thinking of a regular scheme, perhaps a quarterly scheme or perhaps a biannual scheme, in which generators could present projects in order to increase the capacity of the system.

Speaker #3: So this project are fully developed, and we want to maintain and present in this new scheme one or the two of those projects. And we are also developing new ones for capacity in different places.

Speaker #4: It will be capacity schemes, not energy capacity. But they are already doing the last, perhaps, adjustment of that scheme, and we think that would be online perhaps during the next one—not more than that.

Speaker #3: Ones are the ones that we have capacity here in Buenos Aires, but we are also looking in other places. And the other opportunity that we are seeing is, as you mentioned, batteries.

Speaker #3: We present in the Almazadi scheme several projects that get close or get out, but by close margin of the ones that were awarded. So we want to maintain those projects alive and try to present them in new coming auctions.

Speaker #4: And there we are, of course, developing different projects. We have all the development that we did in 2023 for the thermal capacity auction. If you remember, there we got awarded in two projects.

Fernando Bonnet: We have all the development that we done in 2023 for the thermal capacity auction. If you remember, there we get awarded in two projects. So these projects are fully developed, and we want to maintain and present in this new scheme, one or the two of those projects. We are also developing new ones for capacity in different places. Ones are the one that we have capacity here in Buenos Aires, but we are also looking in other places. The other opportunity that we are seeing is, as you mentioned, batteries. We present in the AlmaSADI scheme several projects that get close or get out by close margin of the ones that were awarded. So we want to maintain those projects alive and try to present them in new coming auctions.

Speaker #4: So, these projects are fully developed, and we want to maintain and present in this new scheme one or two of those projects. We are also developing new ones for capacity in different places.

Speaker #3: Perhaps the government are wanted to introduce this perhaps similar scheme that we had been talking for thermal, not an auction specific auction, but perhaps regular scheme of presenting the possibility that the generator presenting opportunities there, and the government decide if they want to make an auction after that or not.

Speaker #4: The ones are the ones that we have capacity for here in Buenos Aires, but we are also looking in other places. And the other opportunity that we are seeing is, as you mentioned, batteries.

Speaker #3: So we are willing to maintain those battery projects alive and look for the opportunities to present them again and try to make them feasible in the near future.

Speaker #4: We present in the Almazadi scheme several projects that got close or got out, but by a close margin, of the ones that were awarded. So, we want to maintain those projects alive and try to present them in upcoming auctions.

Speaker #3: And also, we see opportunities in different perhaps sellings of government asset that will come, like centrales, or similars, so we see opportunities there. And we also are keep we also are keeping developing the transmission line in the north that we are working with YPF in order to provide electricity to the lithium companies in the north of the country.

Speaker #4: Perhaps the government are wanted to introduce perhaps similar scheme that we had been talking for thermal, not an auction specific auction, but perhaps regular scheme of presenting the possibility that the generator presenting opportunities there and the government decide if they want to make an auction after that or not.

Fernando Bonnet: Perhaps the government wanted to introduce this perhaps similar scheme that we have been talking for thermal, not an auction, a specific auction, but perhaps regular scheme of presenting the possibility that the generator presenting opportunities there, and the government decide if they want to make an auction after that or not. So we are willing to maintain those battery projects alive and look for the opportunities to present them again and try to make them feasible in the near future. Also, we see opportunities in different, perhaps sellings of government assets that will come, like centrales of EMEL or similars. So we see opportunities there. We also are keeping developing the transmission line in the north that we are working with YPF S.A. in order to provide electricity to the lithium companies in the north of the country.

Speaker #3: That is something that with the actual lithium price start moving on again and with good perspective. So this will be another opportunity to growth, not only the transmission line itself, but also the provision of electricity vehicles.

Speaker #4: So we are willing to maintain those battery projects alive and look for the opportunities to present them again and try to make them feasible in the near future.

Speaker #4: And also, we see opportunities in different, perhaps, sellings of government assets that will come, like the Centrales of Juan Menem or similar. So we see opportunities there.

Speaker #3: So this will perhaps give us the opportunity to keep building renewable projects also. And we are working in different bidding processes or budgeting processes for mining companies to provide the electricity and capacity.

Speaker #4: And we are also continuing to develop the transmission line in the north that we are working on with YPF in order to provide electricity to the lithium companies in the north of the country.

Speaker #3: So that will be another opportunity for growth. There are a lot of projects wanted to have an energy provision. The same as also data center that, of course, this is Ardenberry early stage, but they are coming also to ask and try to work for developing that capacity and electricity provision.

Speaker #4: That is something that, with the actual lithium price starting to move up again and with good perspective, will be another opportunity for growth—not only in the transmission line itself, but also in the provision of electricity, perhaps mainly from renewables.

Fernando Bonnet: That is something that with the actual lithium price, start moving on again and with good perspective. So this will be another opportunity to grow, not only the transmission lines itself, but also the provision of electricity, perhaps mainly renewables. So this will perhaps give us the opportunity to keep building renewable projects also. We are working in different bidding processes or budgeting processes for mining companies to provide electricity and capacity. So that will be another opportunity for growth. There are a lot of projects wanted to have energy provision, the same as also data centers that, of course, these are in very early stage, but they are coming also to ask and try to work for developing that capacity and electricity provision. So we see a lot of opportunities moving forward.

Speaker #3: So we see a lot of opportunities moving forward.

Speaker #4: Very clear. Thanks, Ed. Just to a small follow-up, I guess that is still too early to have a timeline regarding when we could see, I don't know, a closure of the deal or something similar.

Speaker #4: So, this will perhaps give us the opportunity to keep building renewable projects as well. We are also working in different bidding processes or budgeting processes for mining companies to provide electricity and capacity.

Speaker #4: For the new projects and for mining companies, right?

Speaker #4: So that will be another opportunity for growth. There are a lot of projects wanting to have energy provision, the same as also data centers that—of course, this is at a very early stage—but they are coming also to ask and try to work for developing that capacity and electricity provision.

Speaker #3: Yeah. Yeah. I think it's early stage because they also they all are big companies and big projects. So they are working on the feasibility phase.

Speaker #3: And try to get that feasibility first and then start signing the contracts. So I think we want to see perhaps next year the first transmission line.

Speaker #4: So, we see a lot of opportunities moving forward.

Speaker #5: Very clear, thanks. Just a small follow-up: I guess it is still too early to have a timeline regarding when we could see, I don't know, a closure of the deal or something similar.

Martin Arancet: Very clear. Thanks. Just a small follow-up, I guess that is still too early to have a timeline regarding when we could see, I don't know, a closure of the deal or something similar for the new projects and for mining companies, right?

Speaker #3: I think we can see something earlier, perhaps at the end of this year. But as I mentioned, they need to finalize the feasibility studies and have all the financing commit, and then after that, they're going to start signing the electricity provision contracts.

Speaker #5: For the new projects and for mining companies, right?

Speaker #4: Yeah, I think it's early stage, because they are all big companies and big projects, so they are working on the feasibility phase.

Fernando Bonnet: Yeah. I think it is early stage because they all are big companies and big projects, so they are working on the feasibility phase, and try to get that feasibility first and then start signing the contracts. So I think we are going to see perhaps next year, the first big contracts. In terms of transmission line, I think we can see something earlier, perhaps at the end of the year. But as I mentioned, they need to finalize the feasibility studies and have all the financing commit, and then after that, they are going to start signing the electricity provision contracts.

Speaker #4: Okay. Very clear. Thanks. My second question then while you were really commercially successful signing new PPAs for formal assets, after the regulatory change, and you were trying to well, you already had contracted the 20% as far as I know.

Speaker #4: And try to get that feasibility first, and then start signing the contracts. So, I think we're going to see perhaps next year the first big contracts.

Speaker #4: The 20% that you are allowed with industrial consumers, but you were trying to get to 100% with distribution companies. I was wondering how is that moving forward if there has been any progress on that.

Speaker #4: In terms of the transmission line, I think we can see something earlier, perhaps at the end of this year. But as I mentioned, they need to finalize the feasibility studies and have all the financing committed, and then after that, they're going to start signing the electricity provision contract.

Speaker #4: And also, we have seen a spike on spot prices in this winter. If you think that it is still more profitable to sign a new PPA or to get the exposure to the spot market.

Speaker #5: Okay, very clear, thanks. My second question: While you were really commercially successful signing new PPAs for former assets, after the regulatory change, you were trying to—well, you already had contracted the 20%, as far as I know.

Martin Arancet: Okay. Very clear. Thanks. My second question then. Well, you were really commercially successful signing new PPAs for thermal assets after the regulatory change, and you were trying to. Well, you already had contracted the 20%, as far as I know, the 20% that you are allowed with industrial consumers, but you were trying to get to 100% with distribution companies. I was wondering, how is that moving forward, if there has been any progress on that? Also, we have seen a spike on spot prices this winter. If you think that it is still more profitable to sign a new PPA or to get exposure to the spot market.

Speaker #3: Okay. Thank you. Yes. As you mentioned, we moved very fast in order to get that 20% allowed contracted. In the past, we were the first or the bigger contractor in Argentina talking about during the 2020, 2010, when we maintained the team and we maintained the contacts.

Speaker #5: The 20% that you are allowed with industrial consumers, but you were trying to get to 100% with distribution companies. I was wondering how that is moving forward, and if there has been any progress on that.

Speaker #3: And of course, in large, the team when we saw the regulation going to change, so we moved very fast and we are very confident on our team to get the best contracts.

Speaker #5: And also, we have seen a spike in spot prices this winter. Do you think it is still more profitable to sign a new PPA, or to have exposure to the spot market?

Speaker #3: Possible. And as you mentioned, we want to enlarge that 20%. I don't know if we're going to reach the 100%. That is not perhaps the idea.

Speaker #4: Okay, thank you. Yes, as you mentioned, we moved very fast in order to get that 20% allowed contracted. In the past, we were the first or the bigger contractor in Argentina, talking about during 2020, 2010, when we could make freely contracts with the demand.

Fernando Bonnet: Okay. Thank you. Yes, as you mentioned, we moved very fast in order to get that 20% allowed contracted. In the past, we were the first or the bigger contractor in Argentina. I am talking about during 2010, when we can make freely contracts with the demand. So we maintain the team, and we maintain the contact, and of course, we enlarge the team, when we saw the regulation going to change. We move very fast, and we are very confident in our team to get the best contracts possible. As you mentioned, we want to enlarge that 20%. I do not know if we are going to reach 100%. That is not perhaps the idea. The idea is to get first, the best contract distribution companies possible. We are choosing, we are not going to any distribution companies.

Speaker #3: The idea is to get first the best contract distribution companies possible. So we are choosing we are not going to any distribution companies as you know, the distribution companies after 20 years of regulation and controls and all that you know.

Speaker #4: So we maintained the team and we maintained the contact. And of course, in large, the team, when we saw the regulation going to change, we moved very fast, and we are very confident in our team to get the best contracts.

Speaker #3: There are different situations in each provinces and internal of the different provinces are different situations. Regarding the distribution companies, a cooperatives and those that can contract if we want to go to the 100%.

Speaker #3: So beginning at the beginning, we decide to move forward with distribution companies because as you mentioned, perhaps during the winter, the price is higher to stay at the spot market are higher.

Speaker #4: Possible. And as you mentioned, we want to enlarge that 20%. I don't know if we're going to reach 100%. That is not, perhaps, the idea.

Speaker #4: The idea is to first get the best contract distribution companies possible. So we are choosing—we are not going to any distribution companies. As you know, the distribution companies, after 20 years of regulation and controls and all that, you know...

Speaker #3: But the rest of the year are prices that goes very below that what you can contract in a full year base. So you need to between having some megawatts exposed to the spot market and have to catch make the catch-up of those prices going up during winter.

Fernando Bonnet: As you know, distribution companies, after 20 years of regulation and controls and all that, there are different situations in each provinces and internal of the different provinces have different situations regarding distribution companies, cooperatives, and those that we can contract if we want to go to 100%. So at the beginning, we decide to move forward with distribution companies because, as you mentioned, perhaps during the winter, the prices are higher to stay in, and the spot market are higher, but the rest of the year are prices that goes very below that what you can contract in a full year base.

Speaker #4: There are different situations in each province, and internally, the different provinces have different situations regarding the distribution companies, cooperatives, and those that can contract if we want to go to the 100%.

Speaker #3: But also have the good prices or a base of contract energy that cover the prices when the prices goes down very strongly during summer.

Speaker #4: So, beginning at the start, we decided to move forward with distribution companies because, as you mentioned, perhaps during the winter, the prices are higher to stay at the spot market.

Speaker #3: And September, April, and those months. So we are trying to have the good or the better balance possible, having some exposure to the spot market to make that catch-up during the worst days of winter.

Speaker #4: But the rest of the year are prices that goes very below that what you can contract in a full year base. So you need to have the better mix between having some megawatts exposed to the spot market and have to catch make the catch-up of those prices going up during winter.

Speaker #3: And ours, because it's not all the day. As we see, we see the prices every hour. So we want to have some exposure of that, yes.

Fernando Bonnet: So you need to have the better mix between having some megawatts exposed to the spot market and have to make the catch-up of those prices going up during winter, but also have the good prices or a base of contract energy that cover the prices when the prices goes down very strongly during summer and September, April, and those months.

Speaker #3: And make the better perhaps margin during the cold days or the cold hours of the day. But we also want to have a good price stable price for the rest of the year.

Speaker #4: But also have good prices or a base of contracts in energy that cover the prices when they go down very strongly during summer.

Speaker #3: So we are working on that sense, trying to have the better mix of having the flexibility to have good prices during winter, but not going in summer on prices that are below the market.

Speaker #4: And September, April, and those months. So we are trying to have the best balance possible, having some exposure to the spot market to make that catch-up during the worst days of winter.

Martin Arancet: Yeah.

Fernando Bonnet: So we are trying to have the good or the better balance possible, having some exposure to the spot market to make that catch up during the worst days of winter and hours because it is not all the day. As we see, we see the prices every hour. So we want to have some exposure of that, yes, and make the better perhaps margin during the cold days or the cold hours of the day. But we also want to have a good price, a stable price for the rest of the year. So we are working on that sense, trying to have the better mix of having the flexibility to have good prices during winter, but not going, in summer, on prices that are below the market.

Speaker #3: So I don't see that we going to reach 100% of contractualization. But we also are working on increase that to in overall have a better margin that if we stay fully to spot.

Speaker #4: And hours, because it's not all day. As we see, we see the prices every hour. So we want to have some exposure to that, yes.

Speaker #3: And also we see in the future that the prices during winter need to goes down because we reduce we're going to reduce the consume of liquid fuels and the LNG in the future when TGS expansion will be done.

Speaker #4: And make the better, perhaps, margin during the cold days or the cold hours of the day. But we also want to have a good price, a stable price for the rest of the year.

Speaker #4: So we are working in that sense, trying to have a better mix of having the flexibility to have good prices during winter, but not going in summer to prices that are below the market.

Speaker #3: And of course, if TGN expansion come online, the prices during winter will need to be reduced for sure.

Speaker #4: Yeah. I think it's temporary thing. Just a small follow-up on that. Do you see interest on from good distribution companies to sign new PPAs?

Speaker #4: So I don't see that we're going to reach 100% of contractualization. But we also are working on increasing that to, overall, have a better margin than if we stay fully to spot.

Fernando Bonnet: I don't see that we are going to reach 100% of contractualization, but we also are working on increase that to, in overall, have a better margin than if we stay fully to a spot. Also we see in the future that the prices during winter need to go down because we are going to reduce the consume of liquid fuels and the LNG in the future when TGS expansion will be done. Of course, if TGN expansion come online, the prices during winter will need to be reduced for sure.

Speaker #4: I mean, I know that you're going to have some exposure to the spot. But do you think that probably this year you could sign new PPAs with distribution companies?

Speaker #4: And also, we see in the future that the prices during winter need to go down because we are going to reduce the consumption of liquid fuels and LNG. In the future, when the TGS expansion will be done, and of course, if the TGN expansion comes online, the prices during winter will need to be reduced for sure.

Speaker #3: It could be. It could be, yes. We are working with some big distribution companies. I cannot say that is fully clear that we can finalize this year.

Speaker #3: But we are working on.

Speaker #4: Okay. Thank you. Thank you very much.

Speaker #1: Our next question comes through Q&A test with Marco Cerro with Alaria. Thank you for the presentation. I want to ask the following questions. Could you give us an approximated of the split between the energy and capacity in spot avenues?

Speaker #5: Yeah, I think it's a temporary thing. Just a small follow-up on that: Do you see interest from good distribution companies to sign new PPAs?

Martin Arancet: Yeah, I think it is a temporary thing. Just a small follow-up on that. Do you see interest from good distribution companies to sign new PPAs? I know that you are going to have some exposure to the spot, but do you think that probably this year you could sign new PPAs with distribution companies?

Speaker #5: I mean, I know that you're going to have some exposure to the spot, but do you think that, probably this year, you could sign new PPAs with distribution companies?

Speaker #1: How do you see the ramping in self-supplies fill through 2027? How much EBITDA should we expect from the BASS project once it is fully operational?

Speaker #4: It could be. It could be, yes. We are working with some big distribution companies in that sense. I cannot say that it is fully clear that we can finalize this year, but we are working on it.

Fernando Bonnet: Could be. Could be, yes. We are working with some big distribution companies on that sense. I cannot say that it is fully clear that we can finalize this year, but we are working on.

Speaker #1: Should we expect dividend payments this year? Thank you.

Speaker #5: Okay, thank you. Thank you very much.

Martin Arancet: Okay. Thank you. Thank you very much.

Speaker #3: Okay. Thank you. Thank you for your question, Marcos. Talking about the first question that approximately split between energy capacity in spot revenues, I could say depending that's depending, as I mentioned, where part of the year you are looking because that's when the variable margin start increasing when you compare, as I mentioned, the operating cost of a more inefficient equipment or using liquid fuels goes up and the variable part of the remuneration goes up and the capacity payment stay fixed.

Speaker #1: Our next question comes through the Q&A desk from Marco Cerro with Alaria. Thank you for the presentation. I want to ask the following questions. Could you give us an approximate split between energy and capacity in spot avenues?

Operator: Our next question comes through Q&A test with Marcos Sero, with Alaria. Thank you for the presentation. I want to ask the following questions. Could you give us an approximate of the split between the energy and capacity in spot avenues? How do you see the ramping in self-supply fill through 2027? How much EBITDA should we expect from the BESS project once it is fully operational? Should we expect dividend payments this year? Thank you.

Speaker #1: How do you see the ramping in self-supplies fill through 2027? How much EBITDA should we expect from the BASS project once it is fully operational?

Speaker #1: Should we expect dividend payments this year? Thank you.

Speaker #3: But talking about in general, could be like to say right now in the past was more heavy the capacity payment than the variable. 60 variable 40 in general terms.

Speaker #4: Okay. Thank you. Thank you for your question, Marcos. Talking about the first question regarding the approximate speed between energy capacity in spot revenues, I could say that depends—as I mentioned—on which part of the year you are looking at, because that's when the variable margin starts increasing. When you compare, as I mentioned, the operating cost of less efficient equipment or using liquid fuels, the cost goes up and the variable part of the remuneration goes up, while the capacity payment stays fixed.

Fernando Bonnet: Okay. Thank you. Thank you for your question, Marcos. Talking about the first question, that approximately split between energy capacity in spot revenues, I could say that is depending, as I mentioned, where part of the year you are looking because that is when the variable margin start increasing, when you compare, as I mentioned, the operating cost of more inefficient equipment or using liquid fuels, it goes up, and the variable part of the remuneration, it goes up, and the capacity payment stays fixed. But, talking about in general, could be like to say right now, in the past was more heavy, the capacity payment than the variable payment. Right now is the opposite. So we can say 60% variable, 40%, in general terms for the capacity payment. Depends, as I mentioned. This will change, depends on the month of the year, but in general I would say that.

Speaker #3: 40 capacity payment depends, as I mentioned, this will change depends on the month of the year. But in general, could say that. And the second one, how do you see the ramping in the self-procurement ramping in during 2007, as I mentioned, I think that we're going to maintain the procurement as this year of liquid fuels.

Speaker #4: But talking about in general, it could be like saying that right now, in the past, the capacity payment was heavier than the variable payment.

Speaker #3: And LNG, this will be maintained for the next one. And the part that will increase for sure in the next year will be the local natural gas self-procurement, as I mentioned, that's something that we are working on.

Speaker #4: Right now, it's the opposite. So, we can say 60 variable, 40 in general terms. The 40 capacity payment depends—as I mentioned, this will change depending on the month of the year—but in general, we could say that.

Speaker #3: I don't see that we can reach 100% of self-procurement of natural gas, local natural gas. But we will be happy that we can have at least three health cycles, three.

Speaker #4: And the second one, how do you see the ramping in the self-procurement ramping in during 2007? As I mentioned, I think that we're going to maintain the procurement as this year of liquid fuels and LNG.

Fernando Bonnet: The second one, how do you see the self-procurement ramping in during 2007? As I mentioned, I think that we are going to maintain the procurement as this year of liquid fuels and LNG. This will be maintained for the next one. The part that will increase for sure in the next year will be the local natural gas self-procurement, as I mentioned, that is something that we are working on. I do not see that we can reach 100% of self-procurement of local natural gas, but we will be happy that we can have at least three half cycles, three middle cycles, combined cycles, operating with our own natural gas. This will be between 4 or 5 million cubic meters per day average. That will be something that we will be happy to have. Perhaps it is more like a third or 40% of our whole consumption.

Speaker #3: Operating with our own natural gas. This will be like between four or five million cubic meters per day. Average. That will be something that will be happy to have.

Speaker #4: This will be maintained for the next one, and the part that will increase for sure in the next year will be the local natural gas self-procurement. As I mentioned, that's something that we are working on.

Speaker #3: It's less than perhaps it's more like a third or 40% of our whole consumption. And then after the when we get close, perhaps in 2028, when we get close to the finalization of plan gas, for sure we will go forward for the whole natural gas self-consumption.

Speaker #4: I don't see that we can reach 100% of self-procurement of natural gas local natural gas. But we will be happy that we can have at least three health cycles, three middle cycles combined cycles operating with our own natural gas.

Speaker #3: Sorry, there are another one. The last one was the EBITDA estimated of best projects. We are seeing that around in the full year operation in between 25, 27 million dollars per year.

Speaker #4: This will be like between four or five million cubic meters per day, on average. That will be something that we will be happy to have. It's less than—perhaps it's more like a third or 40% of our whole consumption.

Speaker #1: Again, if you have a question, please press the button, reaction, and then click on raise hand. This concludes our Q&A session. I would like to turn the conference back over to Mr. Fernando Bonnet for any closer remark.

Speaker #4: And then, after that, when we get close, perhaps in 2028, when we get close to the finalization of Plan Gas, for sure we will go forward for the whole natural gas sale consumption.

Fernando Bonnet: When we get close, perhaps in 2028, when we get close to the finalization of Plan Gas.Ar, for sure we will go forward for the whole natural gas self-consumption. Sorry, another one. The last one was the EBITDA estimated of BESS projects. We are seeing that around in a full year operation, in between $25, $27 million per year.

Speaker #4: Sorry, there's another one. The last one was the EBITDA estimate of the best projects. We are seeing that, for a full year of operation, it is between $25 and $27 million per year.

Speaker #3: Thank you. To wrap up this, was another quarter of a strong execution for Central Puerto with delivered solid financial results, continue to strengthen our commercial position, maintain a disciplined balance sheet, and make meaningful progress across our strategic growth initiatives.

Speaker #3: Looking ahead, we are focused on bringing our battery storage projects in operational schedule, advancing and develop our new acquired Vaca Muerta assets, and continuing to pursue new business expansion opportunities to create long-term value for our shareholders while preserving financial flexibility.

Speaker #1: Again, if you have a question, please press the button, select the reaction, and then click on Raise Hand. This concludes our Q&A session. I would like to turn the conference back over to Mr. Fernando Bennett for any closing remarks.

Operator: Again, if you have a question, please press the button Reaction and then click on Raise Hand. This concludes our Q&A session. I would like to turn the conference back over to Mr. Fernando Bonnet for any closing remarks.

Speaker #3: I would like to thank our people for the commit, our customers, and business partners for their trust, the financial sector, and our shareholder for the continued support.

Speaker #4: Thank you. To wrap up, this was another quarter of strong execution for Central Puerto, with solid financial results delivered, continued strengthening of our commercial position, disciplined balance sheet management, and meaningful progress across our strategic growth initiatives.

Fernando Bonnet: Thank you. To wrap up, this was another quarter of strong execution for Central Puerto. We delivered solid financial results, continued to strengthen our commercial position, maintained a disciplined balance sheet, and made meaningful progress across our strategic growth initiatives. Looking ahead, we are focused on bringing our battery storage projects in operation and scale, advancing and developing our new acquired Vaca Muerta assets, and continuing to pursue new business expansion opportunities to create long-term value for our shareholders while preserving financial flexibility. I would like to thank our people for their commitment, our customers and business partners for their trust, the financial sector and our shareholders for their continued support. See you soon. Thank you for joining us today, and we can disconnect. Thank you.

Speaker #4: Looking ahead, we are focused on bringing our battery storage projects into operational schedule, advancing the development of our newly acquired Bacamorte assets, and continuing to pursue new business expansion opportunities to create long-term value for our shareholders while preserving financial flexibility.

Speaker #4: I would like to thank our people for their commitment, our customers and business partners for their trust, the financial sector, and our shareholder for their continued support.