Central Puerto SA Q1 FY2025 earnings call

• Recent regulatory updates: Spot prices adjusted monthly in 2024, cumulative increase of 3.5% for April and May 2025; Brigadier López project on schedule with milestones achieved, expected COD end of 2025; San Carlos project back on track, expected COD end of third quarter 2025; increased equity stake in AbraSilver to 9.9%. - Argentine electricity industry: Installed capacity decreased by 319 megawatts, electricity generation shrank 1%, demand rose 1%, electricity trade balance in net import situation. - Corporate news: Merger of Vientos La Genoveva II, Manque Los Olivos and CPR Energy Solutions; Board of Directors approved organization subject to approval by shareholders meeting and SEC; Board of Directors of Empresas Verdes Argentina, etc. approved corporate organization subject to approval.

The Group's installed capacity remains at 6,703 megawatts. Energy generation in the first quarter of 2025 amounted to 5.7 terawatt hour, increasing 4% year-over-year. Revenues for the first quarter of 2025 amounted to $196 million, increasing 31% year-over-year. Adjusted EBITDA rose 8% year-over-year to $90 million. Net income for the first three months of 2025 was $80 million, rising 150% year-over-year. Net debt as of March 31, 2025, amounted to $132 million, with a net debt ratio to adjusted EBITDA of about 0.5 times. Revenues breakdown: $36 million increase in spot market revenues due to cash effect on currency devaluation and spot remuneration increases, higher thermal generation and non-cash effect; $5 million increase in sales under contract due to higher energy sales of San Lorenzo cogeneration plant and higher wind generation of Achiras La Castellana I and II, and non-cash effect.

• Brigadier López expected to have COD end of 2025, San Carlos expected to have COD end of third quarter 2025. - Anticipation of participation in hydro tender and storage auction, with careful analysis of terms and conditions. - Expectation of moving forward in stages for market deregulation, with some progress in liquid fuels and signals for battery auction and contracts between generators and distribution companies.

• Regulatory uncertainty regarding pricing and terms of hydro auction. - Uncertainty in project progress and execution, such as potential issues with market deregulation implementation. - Impact of currency devaluation, inflation, and exchange rate conversion on financial metrics and comparability.

Q: Regarding the possible hydro auction, any news on pricing conditions or competition?

A: Pricing conditions not confirmed yet, with process delayed; thinking of a transition scheme with fixed price and private contract scheme increasing percentage every two years. For competition, local big generators likely to be interested, with international companies possibly requiring additional guarantees.

Q: Why was there lower availability in Brigadier López in the first quarter?

A: It was due to a big maintenance of the gas turbine for combined cycle, with the maintenance done and expecting full dispatch and speed at the end of the year.

Q: View on market liberalization schedule and implementation issues?

A: Thinking of moving forward in stages, with progress in liquid fuels but difficulty in natural gas liberalization until Plan Gas ends; seeing some signals for battery auction and contracts but not a complete turnover in free market at once.

Q: Targeting other projects beyond mentioned ones this year?

A: The mentioned projects are the most important, with starting of construction of a wind farm in Bahía Blanca city possibly at the end of the year or beginning of next year, but nothing certain yet.