Central Puerto Sa · BCBA:CEPU
Central Puerto Sa — Q1 2026 Earnings Presentation
27 slides from Central Puerto Sa's earnings presentation, July 2026
Slide 1: Investor Presentation
Investor Presentation July 2026
Slide 2: Disclaimer
Disclaimer Additional information about Central Puerto can be found in the Investor Support section on the website at www.centralpuerto.com. This presentation does not contain all the Company’s financial information. As a result, investors should read this presentation in conjunction with Central Pu
Slide 3: Who we are
Who we are Established in 1992 as a privately-owned company, 100% of our shares are listed on the Buenos Aires Stock Exchange (BYMA) under the regulatory framework of the CNV (Argentina's Securities Commission), and on the New York Stock Exchange (NYSE) under U.S. SEC regulations (since February 201
Slide 4: Central Puerto at a glance
Central Puerto at a glance Installed capacity Activity Revenue model 6,933 MW in 16 Generation volumes Near 100% power generation assets 2025 18,603 GWh and 1Q 2026 5,420 GWh US$-denominated revenues Installed capacity breakdown: Generation volumes breakdown: 1Q 2026 71% 21% 8% 74% 17% 9% US$ 248.6
Slide 5: Central Puerto in 1 quarter 2026
Central Puerto in 1 quarter 2026 st Outlook 1st Quarter 2026 – Highlights Power market normalization In 1Q26 Central Puerto achieved a 1Q26 Adjusted EBITDA(1) Revenues Total generation progress consistent Adj. EBITDA growth through US$ 120.0 MM US$ 248.6 MM 5,420 GWh Resolution 400/25. outstanding c
Slide 6: Commercial performance in 1Q26
Commercial performance in 1Q26 Central Puerto drives commercial upside in 1Q26 Contracting breakthrough from key generation assets (Resolution SE N°400/25) In 1Q26, we added contracted sales Increasing the share of revenues (from previously sold on the spot market volumes) under contract to 44% #1 M
Slide 7: Well inventory positioned to de-risk in the north of Vaca Muerta
Well inventory positioned to de-risk in the north of Vaca Muerta Aguada del Chivato Strong foundations The blocks in the Vaca Muerta map & Aguada de Bocarey support our investment blocks thesis in Vaca Muerta Oil Treatment Plant facility of 1,900 bbl/d ✓ +27,000 oil-focused acres located in northern
Slide 8: Concession extension Piedra del Águila hydro plant
Concession extension Piedra del Águila hydro plant Central Puerto was awarded the Piedra del Águila concession for 30 years, with a bid of US$ 245 million. • New energy and capacity prices: 1,733 US$/MW-month affected by maintenance hours and available capacity. Energy: 3.5 US$/MWh (when dispatched)
Slide 9: Power market normalization initiated
Power market normalization initiated Resolution 400/25 (Oct 21, 2025) outlines a gradual roadmap to liberalize Argentina’s Wholesale Electricity Market (WEM), progressively reintroducing long-term value creation, contracts and competitive dynamics. • Contract market optionality for spot thermal: The
Slide 10: Delivering results through the years
Delivering results through the years Central Puerto’s historical performance Revenues from sales (US$ MM) Adjusted EBITDA (US$ MM) (Revenue mix by type of sale) 782.6 69 671.3 54 73 566.1 536.9 74 510.2 393 66 271 271 301 223 376.3 248.6 316.9 337.2 17 324 320 276.8 288.0 224 267 101.4 211 131.9 120
Slide 11: Availability rates of thermal units
Availability rates of thermal units (1) Combined Cycles (%) Since 2023 Central Puerto complex Central Costanera complex Lujan de Cuyo San Lorenzo Steam & Gas turbines (%) 2021 2022 2023 2024 Since 2023 2025 Central Puerto complex Central Costanera complex Brigadier Lopez (1)Availability reported by
Slide 12: Leading power generation portfolio
Leading power generation portfolio CEPU Installed capacity Location Spot, Contracts and Asset overview Plant Technology commercial (MW) (Province) PPA exp. date operating date Geographic footprint Central Thermal Spot Resol 400/25/ 1 Costanera (2 CC + 4 ST) 1,789 City of Buenos Aires Feb.23 Contract
Slide 13: Consistent growth of installed capacity
Consistent growth of installed capacity Installed capacity growth (in MW) (1992-2000) (2018) (2020) (2023) (2025) 2025 • Central Puerto & • Luján de Cuyo CC • Wind farms: La • Central Costanera • Closing of B. Lopez Installed capacity breakdown by Puerto Nuevo ⁽¹⁾ (+95 MW) Genoveva I, (1,789 MW) CC
Slide 14: 1Q26 restored margins & new projects impact
1Q26 restored margins & new projects impact ~ 42% 1Q 2026 New Projects completed in 2025 1Q 2026 business segment breakdown and analysis Adj. EBITDA growth added 440 MW + Piedra del Aguila q/q vs 4Q25 (US$ 84.7 renewed 30-year concession of 1,440 MW. 5,420 120.0 6,933 248.6 MM) In 2026, ongoing two
Slide 15: Growth projects: Status update
Growth projects: Status update Projects 2026: Battery energy storage system (BESS) Two BESS projects were awarded in August 2025, with COD expected by year-end 2026. Central Puerto BESS project Central Costanera BESS project Details: • 150 MW. Lithium (LFP). Contemporary • 55 MW. Lithium (LFP). Cont
Slide 16: Strong balance sheet and financial flexibility
Strong balance sheet and financial flexibility 1Q26 financing activities Debt maturity profile • *In January 2026, the company obtained a bridge loan facility from Banco Galicia for US$ 200 MM, to finance the Piedra del Outstanding financial debt as of March of 31st, 2026 Aguila concession fee paid
Slide 17: 2025 Argentina power market summary
2025 Argentina power market summary Demand & Generation Overview Annual electricity generation Annual electricity demand Total 2025: 142,789 GWh Domestic generation breakdown • In 2025, the system reached a historic peak capacity of 30,257 MW on February 10, surpassing the previous record. Hydro, 30
Slide 18: Appendix
Appendix •New spot prices, Resol. 400/25 •Historical financial summary •ESG & Sustainability data •Non-core asset details
Slide 19: Thermal spot generation capacity remuneration
Thermal spot generation capacity remuneration Expected 2026 spot thermal capacity prices, pursuant to Resolution 400/25: Theoretical capacity prices US$/MW-month Wint/Summ Other Average Natural gas–only equipment 6,148 5,212 5,680 Dual-fuel equipment (natural gas + alternative fuel) 8,020 5,680 6,85
Slide 20: Thermal spot generation Hourly energy remuneration
Thermal spot generation Hourly energy remuneration Expected 2026 spot thermal energy prices, pursuant to Resolution 400/25: Formula: Hourly remuneration = CVP + RMA CVP = Published by CAMMESA biweekly. RMA = CVP + (Marginal hourly cost CMOh x Node loss factor – CVP) x FRA x FRC Adapted Marginal Rent
Slide 21: ESG & Sustainability data
ESG & Sustainability data Strong corporate governance Corporate governance framework Ownership composition (Dec. 2025) Our corporate governance framework is built on internationally recognized best practices 100% of our shares are publicly listed in and guided by strict standards of transparency, ef
Slide 22: ESG & Sustainability data
ESG & Sustainability data ESG in the center of our business Sustainability is present in every stage of our activities Biodiversity protection and, together with environmental management, Conservation of Pampas Meadowlark constitutes one of the pillars of our business. (leistes defilippii) Environme
Slide 23: Non-core asset details non-controlling interest in 3 thermal plants
Non-core asset details non-controlling interest in 3 thermal plants Total capacity installed in ENARSA’s combined cycle plants of 2,554 MW and total annual generation of 823.5 GWh in 2024 (at working interest). San Martín Manuel Belgrano Vuelta de Obligado Installed capacity: 865 MW Installed capaci
Slide 24: Non-core asset details
Non-core asset details Largest private forestry asset owner across +160,000 hectares About Forestal Argentina: We own and operate +160,000 hectares across 8 fields through our fully-owned subsidiary Geographic footprint of Forestal Argentina(1). Our fields are located in the Mesopotamia, Argentina,
Slide 25: Non-core asset details
Non-core asset details Flexible corporate venture capital in mining and lithium Business driver Lithium Gold / Silver Geographic footprint of Lithium and Mining projects Investment vehicle Corporate Venture Capital (CVC): Flexible, low-exposure, high-return potential. Salta/Catamarca Catamarca, Arge
Slide 26: Glossary of terms
Glossary of terms BCRA Argentine Central Bank BYMA Bolsas y Mercados Argentinos – Argentine stock exchange. CAPEX Capital Expenditures. CNV Comisión Nacional de Valores – Argentina’s securities regulator. COGS Cost of goods sold. EPS Earnings per share – Net income divided by the number of shares. I
Slide 27: Contact
Investors Presentation May 2026 Contact Contact us or to subscribe to our Distribution List: [email protected] LinkedIn Phone Central Puerto + 54 11 4317 5000 Web Headquarters www.centralpuerto.com Av. Tomas Alva Edison 2701, Dock E, City of Buenos Aires Port.