MSU Energy: Stronger 1Q as secured bank loan trends lower. Net leverage down to 3.8x

Research evidence excerpt

MSU Energy: Stronger 1Q as secured bank loan trends lower. Net leverage down to 3.8x

23x YoY. Liquidity tightened to US$12.8mm (-57.1% QoQ) BofA GLOBAL RESEARCH

reflecting US$100.2mm in long-term debt repayments during the quarter, partially

funded by the US$59.7mm Class XIII local note issuance at 7.5%. This issue reduced CAMMESA – Argentine wholesale electricity

secured debt without increasing total indebtedness. The next important payment is the market administrator

US$110.5mm syndicated loan balance due in April 2027, which management targets G&A – General & Administrative

plans to pay with free cash flow (FCF).

GNNEIA – Genneia

Gas turbine 25,000-hour overhaul completed GWh – Gigawatt hours

MSU has now completed the entire overhaul of its gas turbine fleet covering 12 gas MSUNRG – MSU Energy

turbines across the three combined-cycle plants over the last three years. Being

coordinated with CAMMESA, these overhauls did not affect fixed capacity payments. MW - Megawatt

Availability averaged 97.8% in 1Q26, well above the combined-cycle sector average of PAMPAr – Pampa Energia SA

90.4%, and natural gas utilization reached 98% of fuel mix (vs. 97% in 1Q25), with the

company’s direct gas procurement rights under Res. SEE 21/2025 remaining operative PANAME – Pan American

across all Combined Cycle PPAs. The entire fleet is now prepared for another full PPA – Power Purchase Agreement

25,000-hour operating cycle. The next scheduled maintenance window expected Res. SEE – Argentine Secretariat of energy

between 2031 and 2033, so there should be minimal heavy-maintenance capex resolution

requirements for at least five years. TRAGAS – Transp. de Gas Sur

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