Central Puerto S.A.

Good morning, ladies and gentlemen. Welcome to Central Porto's first quarter of 2026 earnings conference call. A slide presentation is accompanying today's webcast and will be also available on the investors section of the company's website, www.centralporto.com slash EN slash investors. 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. 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.centralpurto.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 Puerto's website. Our hosts today will be Mr. Fernando Bolet, Central Courses CEO, Mr. Enrique Teranio, the company's CFO, and Mrs. Maria Laura Pelle, 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, everyone. We are joining you today from Buenos Aires with our management team to report on the results of the first quarter of 2026 and to answer any questions you may have. Before we begin, I would like to remind everyone that today's presentation, as referenced on slide 2, contains forward-looking statements and non-IFRS financial measures, including adjusted EBDR. These statements are based on management's current expectations and are subject to risk and uncertainty. Please refer to the full disclaimer in our slide deck and on our website for further information. The company has changed its functional currency from Argentine pesos to USC dollars effective January 1, 2026, so applicable to 1Q26 financial figures. For previous quarters, figures are presented in U.S. dollars. converted from Argentin pesos using the reference exchange rate reported by the Argentin Central Bank at the end of each period. With that, let us move to the highlights of the quarter. Turning to slide 3, the first quarter, 2026, was a strong quarter for Central Puerto, characterized by outstanding commercial execution and continued progress in market normalization following resolution 425. Let me walk you through our key metrics. Adjusted EBITDA reached $120.0 million, representing a 41.6% increase quarter-on-quarter, versus $84.7 million in 4Q25 and 33.4% year-on-year growth versus $89.9 million in 1Q25. This result reflects the full benefit of new generation assets, commercial contracting gains, and the normalization of the wholesale electricity market. Revenues totaled $248.6 million, up 43.8% to order on quarter versus 4Q25, and up 26.7% year-on-year versus 1Q25, driven by higher contracted and spot revenues. The contribution of Brigadier López combined cycle and the new solar farms added in 2025. Total generation for the quarter was 5,420 VAT, a 54.2% increase quarter-on-quarter, largely reflected by obsidian by solar anemone. Total generation for the quarter was 5,420 VAT, a 54.2% increase quarter-on-quarter, largely reflected by obsidian by solar anemone. Total generation for the quarter was 5,420 VAT, a 54.2% increase quarter-on-quarter, largely reflected by obsidian by solar anemone. including the 225.0 million U.S. transfer of Piedra del Aguila shares following the concession award renewal, and 66.0 million U.S. in BSS construction and maintenance works. Our net financial leverage ratio stands at 1.06 times, with net financial debt of 390.8 million against the last 12 months adjusted IVADA of 367.2 million. The phone investment credit outstanding balance is $105.8 million. On the credit rating front, we received an upgrade to 3PA from Moody's Argentina. From a strategic perspective, the concession renewal of Piedra del Águila for 30 years to January 2056 is a landmark achievement, securing a flagship hydro asset under a new long-term framework. Additionally, our BESS project at the central Puerto facility is advancing well. With 60% of site was completed, 32 concrete paths finished, and phase one of the 132-kilometer work done. Market normalization continues under resolution 425, and Central Puerto has achieved a leading commercial position in the newly established term market. More on that on the next slide. Moving to slide four. In the first quarter of 2026, Central Puerto achieved a decisive commercial breakthrough under the new market framework established by Resolution 400-25. Our contracting performance in the newly established term market, we could highlight that. Central Puerto held number one market share in MATP, the contracted capacity segment for thermal and hydro processes. In Amatei, the contracted energy segment for thermal and hydro, Central Puerto held the number two market share. Overall, 44% of our 1Q26 revenues were generated from contracted saves, demonstrating our ability to quickly capitalize the market opportunities. Turning to slide five for the earning summary, first quarter 2026 adjusted EBITDA came in at 120.0 million U.S. dollars, with an adjusted EBITDA margin reflecting efficient operations and a better revenue mix. The 41.7% quarter-on-quarter increase was driven by higher spot revenues from market normalization under Resolution 400-2025. The contribution of the Brigadier-López combined cycle, which achieved its COD in January 2026, with an additional gaze turbine closing the CISEC configuration adding 140 MW. Full quarter contributions from my 2025 solar acquisitions, Capayate and San Carlos, and the solid performance of our wind farms. On the revenue side, the 44% quarter-on-quarter increase to $248.6 million reflected contracted revenues growing from new PPA sales from Brigadier López, active participation in mark contracting, and contributions from Piedra de la Aguila. Spot revenues improving due to market normalization, restored volumes at Central Costanera following its 4Q25 maintenance, and $8 million from self-procured natural gas. On a year-on-year basis, the 33.5% EBITDA growth and 27% revenue growth there scored a structural improvement in our earnings profile. Moving to slide 6 for a review of our generation and availability performance. Total generation for the quarter was 5,420 gigabits, up 54% quarter-on-quarter. This significant jump was primarily driven by the maintenance works of Central Costanera's Mitsubishi and Siemens combined cycle units, which have been under maintenance during 4Q25. the addition of Brigadier López combined cycle, which contributed incremental generation since its COD in January 2026, adding plus 229 megawatts to our installed capacity on a quarter-on-quarter basis. In the first quarter, Central Puerto acquired 100% of the shares of Patagonia Energy S.A., or PESA, for a total consideration of 50 million euros. PESA holds a 10-year conventional exploitation license for the Aguada del Chivato and Aguada de Bocaré blocks in Neuquén Province, valid through May 30, 2031. The investment thesis is compelling for several reasons. The blocks cover over 27,000 oil-focused acres in the northern area of the Vaca-Morta play, an area adjacent to blocks that have already de-risked the black oil window of this world-class formation. Low entry cost per acre and a limited exploratory phase plan with an existing oil treatment plant facility of 1,900 barrels per day already in operation. Solid geological evidence of unconventional hydrocarbon potential in cargo landing zones, assessed by qualified geologists based on existing conventional drilling data. Under a successful development scenario, this is a potential REG-related investment opportunity of up to $600 million to unlock the potential value of these assets. We are currently advancing a de-risking plan backed by international unconventional play experts. Our balance sheet remains solid, though the quarter was capital-intensive due to the Piedra del Águila concession transaction. Total outstanding financial debt stands at $5392 million, against cash and financial current assets of $148.4 million, resulting in a net financial debt of $390 million. Against our last 12 months adjusted EBITDA of $367.2 million, this yields a net leverage ratio of 1.06 times. First quarter 2026 marks a pivotal inflection point for Central Puerto. Our results reflect sustained revenue, margin, and EBITDA growth, driven by strong commercial execution, operational excellence, and the contribution of the new power generation assets incorporated through our capital plan over the past two years. Our 2026 outlook is constructive. We expect continued operational excellence and financial performance, with VEES projects progressing toward their mid-2027 commercial presentation, ongoing market normalization providing further revenue upside, and incremental contracting opportunities with large users and distribution companies materializing as the market matures. We remain firmly committed to delivering long-term value for our shareholders, and we are excited about the opportunities ahead for Central Puerto. Thank you very much for your interest and confidence in Central Puerto. 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 click on Raise Hand. If your question has already been answered, you can leave the queue by clicking on Put Hand Down. Please hold while we poll for questions. Please hold while we poll for questions. Our first question comes from Matias Cataruzzi with EdCap.