Central Puerto: 1Q26a: Strong results on liberalization tailwinds

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Central Puerto: 1Q26a: Strong results on liberalization tailwinds

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Central Puerto

1Q26a: Strong results on liberalization

tailwinds

Reiterate Rating: BUY | PO: 20.00 USD | Price: 14.24 USD

Adj. EBITDA at US$120mn beat our estimates 13 May 2026

Central Puerto reported good 1Q26 results with adj. "cash" EBITDA at US$120mn, up Equity

33% YoY and a 15% beat vs. our estimates of US$105mn. The beat came mainly from

stronger energy gross margin (+27% YoY) on higher thermal realized margin of Gustavo Faria >> Research Analyst

US$46/MWh (vs. BofAe at US$30/MWh), also helped by higher spot power price of Merrill Lynch (Brazil)

US$65/MWh (vs. US$60/MWh BofAe). On the flipside, the beat was partially offset by gustavo.faria@bofa.com

weaker volumes (-17% vs. BofAe on lower hydro availability) + higher manageable Andre Silveira >>

expenses (up 34%/24% QoQ/YoY). Notably, reported EBITDA of U$131mn was also ResearchMerrill LynchAnalyst(Brazil)

adjusted by US$11mn impairment of biological assets. Overall, we welcome CEPU’s andre.silveira@bofa.com

1Q26 results and see it as a positive materialization of Argentina’s power sector

liberalization improvement into company’s earnings.

Stock Data

Into the bottom-line, CEPU reported a +US$22mn financial result (vs. +US$19mn

BofAe) leading to a solid US$141mn net income (vs. BofAe of US$74mn). CEPU’s Price (ADR / Common) 14.24 USD / 2,130.00 ARS

leverage increased US$285mn QoQ with ND/EBITDA ratio at 1.1x (vs. 0.32x in 4Q25) – Price Objective 20.00 USD / 2,900.00 ARS

still comfortable. The increase in leverage is mainly explained by Piedra del Águila Date Established 31-Oct-2025 / 31-Oct-

concession fee of US$245mn + BESS-related investments that led to a total reported 2025

capex disbursement in the quarter to US$311mn (vs.