Central Puerto S.A.

Good morning, ladies and gentlemen. Welcome to Central Porto's third quarter of 2025 earnings conference call. A slide presentation is accompanying today's webcast and will be also available on the investor section of the company's website, centralporto.com slash en slash investors. All participants will be in listen-only mode during the presentation. After that, there will be an opportunity to ask questions. Please note, this event is being recorded. 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 centralporto.com. In addition, a replay of today's call will be available in upcoming days by accessing the webcast link at the same section of the Central Porto's website. Our host today will be Mr. Fernando Bonet, Central Portal CEO, Mr. Henrique Terranio, the company CFO, Mrs. Maria Laura Feller, Head of Investor Relations, and Mr. Alejandro Diaz-Lopez, Head of Corporate Finance. Maria Laura, please go ahead.

Thank you very much. Good morning and welcome. We are joining you today with our management team from Buenos Aires to report on the results of the third quarter of the year 2025 and then answer any question you may have. During the third quarter, HSTA BTA reached $101.1 million. up 64% quarter-on-quarter and 8% increase year-on-year. Revenues total $233.9 billion, up 30% quarter-on-quarter, mainly reflecting higher contract sales from product renewables and thermal fuel cost path through. and up 26% year-on-year, mostly reflecting additional revenues in this quarter from fuel cost path through and also Central Costanera successfully resuming activities after the maintenance works. Total generation was 4,539 GWh, 4% up from second quarter 2025, but 20% down year-on-year mostly due to the low hydrology at Piedra del Aguila. From a financial standpoint, our net leverage ratio remains very healthy at 0.5 times as just the EBITDA, underscoring our strong balance sheet and financial flexibility. Also good news for our credit rating, Moody's has initiated the credit assessment with the AA+, a fixed SER upgrading our rating to AA from AA-. Third quarter 2025 capital expenditures amounted to $76.1 million, which includes the acquisition of Cajate Solar Farm at $48.5 million, final works for the closing of the Brigadier López Combined Cycle and San Carlos Solar Farm, which are very near COD, as well as maintenance capex. Moving to the key development for the quarter, in August our company successfully participated in Alma GBA Battery Energy Storage System bidding process. We were awarded both projects we submitted, which collectively represent 205 MWh of new PES capacity. The projects are scheduled to be fully operational by mid-2027. As a significant four-quarter outlook, the Energy Secretariat released Resolution 400 in October. This resolution marks a pivotal step in the liberalization of the powered market and creates a strong business outlook for our company. Going now to page 4 for the earnings summary. Our HSDA VTA came in strong at $101.1 million, reflecting the effective fuel cost path through to revenues and solid operational performance in both our renewable portfolio and at Central Costanera. In this quarter, our revenue mix was 53% spot and 47% contracted, with 63% of total revenues denominated in dollars. Renewal generation revenues increased by 24% this quarter, supported by a 21% rise in generation volumes quarter-on-quarter. This strong performance was driven by our wind farms and the contribution from the newly acquired Cafachate Solar Plant. On the thermal side, contracted revenues benefited from additional fuel cost pass-through at Terminal 6. Thermal revenues also rose in both the spot and contract markets, reflecting the positive impact of Central Costanera, which successfully completed maintenance works in the second quarter as well as fuel cost pass-through effects. Now, turning to page 5, let's look at our generation and availability performance. Total generation for the quarter was 4,539 GWh, composed of thermal, hydro and renewable sources. Volumes were up 4% quarter-on-quarter. Thermal generation represented the larger share, followed by hydro and renewables. Thermal and renewable volumes grew, while hydro volumes decreased due to low hydrology in the Comagua region. Availability rates for all our thermal units remain strong at 88%. The combined cycles rate at a very competitive level of 96%. We continue executing our growth strategy. The Adelope combined cycle and Zancamba solar farm are very near COD. In August, we acquired the 80 MW Capachate solar farm and also we secured two best projects totaling 205 MW and 15 year contracts. Central Porto Complex will have 150 MW of lithium battery storage and the uptaker will be the distribution company Elenor. Central Costanera complex will have 55 MW and the uptake will be a result. Estimated capital expenditure is between 130 and 140 million dollars for both projects combined. On October 21st and already effective since November 1st, the Energy Secretariat issued the new framework to reform the Argentine's wholesale electricity market. The core objective of Resolution 400 is to liberalize such market through a progressive transition. The new spot revenues incorporate a margin on top of variable production costs, supporting long-term value creation for generators. Also, there is a significant shift for revenues in the spot, now denominated in dollars, mitigating currency and inflation risk. Thermal generators gain significant flexibility, allowing them to trade capacity and energy in the new thermal term market. We can sell up to 20% of our production to large users and the remaining up to 100% to distribution companies or the spot market. Spot market energy remuneration will capture marginal rent on top of the variable cost of producing the energy. Incapacity payment in the spot market is now $12 per megawatt of capacity per month, and is weighted by a factor based on fuel requirement and fuel management approach. Also, it is added a reliability reserve. During a fuel management transition period until planned gas contracts naturally expire, CAMESA continues as supplier of the contracted capacity of planned gas, which ends December 2028. From 2029, generators will be fully responsible for their own fuel management. For renewables, existing renewable contracts will be enforceable until natural expiration. Then generators will trade in the matter. Our total financial debt at quarter end stood at $452 million. Cash and cash equivalents totaled $292 million, resulting in net debt of $159.9 million. Net leverage ratio stood very healthy at 0.5 times adjusted BTA. In October, we issued a new corporate bond, raising $89 million in capital and also repaid $90 million of maturing debt, including the repayment of our Class B corporate bond and the legacy debt associated with the Guanizu Hill solar farm. Total installed capacity in Argentina of September 2025 was approximately 43,887 MW. Energy generation during the third quarter was 34,342 GWh, while domestic demand reached 35,255 GWh. Going now to page 10 for key takeaways. 3Q25 adjusted VTA of $101.1 million and 3Q25 last-month adjusted VTA of $317.5 million reflect solid operations and a starting point in this new market environment. Central Port was awarded both projects submitted under the Alma GBA Battery Energy Storage System tender. This means we added 205 MW of new capacity. These strategic projects notably boost our growth path and provide additional operational capabilities needed in the future of power generation. Our growth pipeline is delivering results, with the acquisition of Cafachate Solar Farm, which added 80 MW of installed capacity to our portfolio since August 2025. Additional growth will be provided by ongoing projects, the Brigadier López Combined Cycle Crossing and the San Carlos Solar Farm, very near COD. Central Puerto's business outlook has gained significant growth momentum. Driven by the Energy Secretariat's Resolution 400, this resolution formalizes the market liberalization roadmap, representing a pivotal step towards strengthening long-term value creation for us. This context reinforces our positive outlook for 2026 and our long-term company vision. Thank you for your time and your confidence in Central Porto. Operator, please open the line for questions.

Thank you very much for the presentation. We will now begin the Q&A section for 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. The first question comes from Mr. Martin Arancet with Balance Capital. Please, Mr. Martin, go ahead.