Earnings release
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0.7 Earnings presentation Consolidated results 2nd Quarter 2026 August 11 , 2026 Central Puerto $
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Earnings presentation 2Q26 Central Puerto - Earnings presentation 2Q26 Buenos Aires, August 11 th , Central Puerto S.A (“Central Puerto” or the “Company”) (NYSE: CEPU; BYMA: CEPU), the largest private power generation company in Argentina, reports its financial results for the second quarter 2026 ( “2Q26”), ended on June 30 th , 2026. A conference call to discuss the results of this quarter will be held tomorrow, August 12 th at 11 :30 AM ET Eastern Time (12 :30 PM BAT) . Webcast Access is available on our website . Business development projects & events update • Change in Functional Currency : On December 31, 2025, the Company concluded that changes in the economic conditions affecting its operations supported a change in its functional currency from Argentine pesos to U.S. dollars. This change became effective on January 1, 2026. In addition, the methodology for converting financial figures expressed in Argentine Pesos to U.S. dollars has been revised. Under the prior approach, quarterly figures expressed in Argentine pesos were converted at each quarter - end closing exchange rate and aggregated on a year - to - date basis. Under the revised approach, historical cumulative year - to - date figures expressed in Argentine pesos are converted using the closing exchange rate at the applicable historical reporting date. Comparative information has been recast to conform to the revised methodology. Market trends and seasonal prices • Energy prices in Argentina's wholesale market (MEM) increased across the second quarter of 2026, driven by higher seasonal demand and a shift in the generation mix toward higher - cost thermal sources. Total demand increased 5.2% y/y (2Q26 vs 2Q25) while nuc lear and hydro generation declined 21.4% and 1.6% respectively y/y, reducing the share of low - cost baseload supply in the system mix. Thermal generation increased 8.3% y/y and renewables increased 1.2% y/y. Contracted natural gas volumes ("Acuerdo ") declined 14.8% y/y in April, 33% y/y in May and 48.2% y/y in June 2026), increasing reliance on higher - cost liquid fuels and coal to meet thermal dispatch requirements. T his effect, together with prevailing international fuel prices, drove the Marginal Operating Cost (CMO) of 86.2 US$/MWh in April 2026, 188.3 US$/MWh in May 2026 and 202.5 US$/MWh in June 2026. Operational Update of Battery Energy Storage System Projects • Construction of the Company's 205 MW BESS portfolio continued to progress during the quarter. As of August 2026, the 150 MW Nuevo Puerto project reached 69% completion and the 55 MW Costanera project reached 54%, with both projects remaining on track to ac hieve commercial operation by year - end 2026. Major equipment has been delivered or is in transit, while installation activities continue as planned. • W e have already completed the concrete works for all equipment foundations. At the same time, all battery containers cleared customs and are now being transported to the site. With the civil works substantially completed, we have started the installation phase. Also in July, construction crews completed the installation at approximately 12 battery containers per day. Once completed, Nuevo Puerto will provide 150 MW / 750 MWh of battery storage capacity and Central Costanera 55 MW and 275 MWh . 81% of project CAPEX executed, supporting timely execution ( executed US$ 106 MM) . Natural Gas transportation capacity awarded • On April 15, 2026 , Transportadora de Gas del Sur S.A. (“TGS”) awarded CEPU firm natural gas transportation services of 436,804 m ³ /day (Perito Moreno pipeline) and 428,199 m ³ /day (Neu - Ba pipeline), for 30 years. Such capacity was awarded through two open bidding processes. The cost will be US$ 30.7 MM and AR$ 9,341 MM respectively, which is being paid in four installments (May, September and December 2026, and April 2027).
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Earnings presentation 2Q26 Maintenance update • LDCU GT26 (47 MW) rotor and stator spare parts expected to arrive in September; asset expected to be repaired by October 2026. Oil & Gas assets acquisition to de - risk Vaca Muerta • I n April , the Company acquired Patagonia Energy S.A., which h eld a hydrocarbon concession over the block known as Aguada del Chivato / Aguada Bocarey, located in the Neuquén Basin for US$ 50 MM. The Company ha s already submitted a technical draft for the CENCH proces s while continuing to make progress in consolidating the team. ALMA SADI Battery Storage Tender • The ALMA SADI tender attracted strong competition, with 235 bids submitted by 37 companies for approximately 8.3 GW of BESS capacity, while 20 projects totaling 700 MW were ultimately awarded to 5 companies . Central Puerto's Campana project w as competitively priced and ranked within the eligible projects on price, but was not selected due to the tender's size allocation criteria . The development work completed for the project positions the Company to participate in future CAMMESA battery storage tenders, which would continue bui lding system reliability . Financial & operational highlights of the second quarter 2026 • 2Q26 Adjusted EBITDA was US$ 14 5 .0 MM, representing a 2 0 . 1 % increase compared to US$ 1 20.7 MM in 1Q26 and a 1 36.2 % increase versus US$ 61.4 MM in 2Q25. The increase was mainly explained by higher spot and contracted thermal generation revenues amid rising wholesale energy prices and a shift in the generation mix toward higher - cost thermal sources, continued growth in contracted PPA/MAT - E volu mes, and higher hydro generation at Piedra del Águila, partially offset by lower dispatch from renewable s and legacy assets . • Total generation volumes in 2Q26 reached 5,250 GWh, representing a 3.1% decrease compared to 5,420 GWh in 1Q26 and a 20.1% increase versus 4,372 GWh in 2Q25. The quarter - over - quarter decrease was mainly driven by lower thermal generation at Central Costane ra ( - 43.4%) and Central Puerto ( - 19.9%) legacy assets , partially offset by higher hydro generation at Piedra del Águila (+112.9% q/q) and increased output from Brigadier López (+104.8% q/q). The year - over - year increase was mainly explained by higher hydro generation at Piedra del Águila (+25.7% y/y) and the ramp - up of the Brigadier López unit, partially offset by lower seasonal generation from wind assets. • Revenues from sales in 2Q26 totaled US$ 453.3 MM, representing an 82. 3 % increase compared to US$ 248.6 MM in 1Q26 and a 165. 8 % increase versus US$ 170.5 MM in 2Q25. Energy sales represented 95.9% of total revenues during the quarter, compared to 93.8% in 1Q26 and 89.5% in 2Q25. Revenue growth was mainly driven by higher spot thermal revenues (+ 90 % q/q; +1 65 .8 % y/y) which include spot CVP from self - procured liquid fuel s in 2Q26 of US$ 176.4 MM , and higher contracted thermal PPA revenues ( +122 % q/q; +3 17 .6 % y/y) which since 2026 include Piedra del Águila revenues (which prices are set in the new Concession Terms of 2026 ) . • Capital expenditures in the first six months of the year reached US$ 4 21.9 MM . Capital expenditures during 2Q26 reached approximately US $ 1 10. 9 MM, mainly related to the Acquisition of the oil & gas fields, the Battery Storage (BESS) projects of Central Puerto and Central Costanera, and maintenance works. • As of June 30, 2026, total outstanding gross debt balance amounted to approximately US$ 671. 9 MM, while net financial debt totaled approximately US$ 493. 4 MM. Net leverage ratio stood at approximately 1. 2 x Adjusted EBITDA (2Q26 LTM Adjusted EBITDA of US$ 4 03.8 MM). • Outstanding credit from the FONINVEMEM collection US$ 16.0 MM and outstanding credit program stood at US$ 10 4 .8 MM as of June 30, 2026, to continue being collected in monthly installments through May 2028.
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Earnings presentation 2Q26 A. Electricity market overview During 2Q 2026, Argentina's electricity demand totaled approximately 35.2 TWh, compared to 36.9 TWh during 1Q 2026 ( - 4.5% q/q). Residential demand totaled 16.7 TWh ( - 3.8% q/q), representing approximately 47% of total demand, while non - residential demand re ached 9.1 TWh ( - 7.5% q/q). Among large users, GUMA demand increased 9.2% q/q to 5.1 TWh, while GUDI demand declined 15.6% to 2.4 TWh and GUME demand decreased 2.9% to 1.5 TWh. Seasonalized demand continued to represent approximately 73% - 75% of total electricity consumption throughout the quarter, while large users (GUMA, GUME and GUDI) accounted for approximately one quarter of total demand. Total electricity supply reached approximately 36.7 TWh, compared to 38.5 TWh during Q1 2026 ( - 4.6% q/q). Thermal generation totaled 19.1 TWh (52.0%), compared to 22.8 TWh (59.2%) during the previous quarter. Hydroelectric generation increased to 7. 8 TWh (2 1 . 3 %), up from 6.4 TWh (16.5%) in 1Q, supported by improved hydrological conditions. Renewable generation contributed 6. 0 TWh (1 6 . 3 %), nuclear generation totaled 2.1 TWh (5.7%). Electricity imports increased to 1.8 TWh (4.8%), compared to 0.4 TWh (0.9%) during 1Q. By market, local generation assigned to the MAT/MATER (B2B sales) totaled 5.0 TWh (14.3%) in 2Q26, compared to 4.2 TWh (10 .9%) in 1Q26. In 2Q26 Central Puerto accounted for +35 % of total energy sold through the MAT/MATER. Installed capacity increased to 44.8 GW by the end of June 2026, from 44.5 GW at the end of March 2026, reflecting the incorporation of approximately 300 MW of new generation capacity, primarily renewable projects. Thermal technologies accounted for 57% of installed capacity, while renewable sources, including large hydroelectric plants, represented approximately 39%. Thermal availability remained above 80%, with combined - cycle units availability above 90%. Average natural gas consumption reached 41.9 MMm ³ /day in April, 35.7 MMm ³ /day in May and 41.3 MMm ³ /day in June, below 1Q26 levels. Throughout the quarter, CAMMESA supplied 26.8 MMm ³ /day, 18.7 MMm ³ /day and 17.7 MMm ³ /day of natural gas in April, May and June, respectively, while generators procured directly 8.0 MMm ³ /day, 8.8 MMm ³ /day and 7.9 MMm ³ /day. Natural gas participation in the thermal fuel mix decreased from 96.1% in April to 81.5% in May and 83.5% in June. LNG, gas oil, fuel oil and coal increased their participation. CEPU Spot sales fuel mix: Fuel Source (dam3) Gas Acuerdo Local NG Imported NG GNL Liquids (FO /GO) 1Q26 627,918 157,253 16,571 0 0 2Q26 325,046 97,472 81,273 89,082 23,020 Argentina's electricity market balance 2Q 2026 1Q 2026 2Q 2025 Δ % q/q Δ % y/y Total Installed capacity (MW) 44,771 44,473 43,662 0.7% 2.5% Thermal 25,171 25,227 25,124 - 0.2% 0.2% Hydro 10,162 10,162 10,164 0.0% 0.0% Nuclear 1,755 1,755 1,755 0.0% 0.0% Renewable 7,683 7,330 6,619 4.8% 16.1% Energy Demand (GWh) 35,205 36,871 33,453 - 4.5% 5.2% Residential 16,696 17,359 15,477 - 3.8% 7.9% Commercial 9,096 9,835 9,141 - 7.5% - 0.5% Large customers 9,413 9,677 8,834 - 2.7% 6.6% Energy Offer (GWh) – Total 36,724 38,472 34,939 - 4.5% 5.1% Imports 1,770 356 820 397.2% 115.9% Local generation by technology (GWh) – Total 34,954 38,116 34,119 - 8.3% 2.4% Thermal 19,088 22,774 17,628 - 16.2% 8.3% Hydro 7,756 6,187 7,883 25.4% - 1.6% Nuclear 2,099 2,352 2,668 - 10.8% - 21.4% Renewable 6,012 6,803 5,939 - 11.6% 1.2% Local generation by market (GWh) – Total 34,954 38,116 N/A - 8.3% N/A SPOT 12,562 16,449 N/A - 23.6% N/A Asignado 17,389 17,504 N/A - 0.7% N/A
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Earnings presentation 2Q26 Source: Figures published by CAMMESA in the monthly reports. Information by company is an estimate made by Central Puerto, ba sed on the assets listed by each company in their most recent reports published with the SEC. B. Central Puerto operating volumes Total generation volumes in 2Q26 reached 5,250 GWh, representing a 3.1% decrease compared to 5,420 GWh in 1Q26 and a 20.1% increase versus 4,372 GWh in 2Q25. Spot generation totaled 2,361 GWh, decreasing 33% q/q and 9% y/y, mainly reflecting a lower share of thermal spot dispatch as contracted volumes expanded. Generation under regulated/concession terms (Piedra del Águila hydro) reached 1,013 GWh, up 102% q/q, supported by improved hydrological conditions. Contracted generation (PPA/MAT - E and renewables) r eached 1,876 GWh, increasing 37% q/q and 6% y/y, supported by higher contracted thermal PPA/MAT - E volumes. The quarter - over - quarter decrease in total generation was mainly explained by lower thermal dispatch at Central Costanera and Central Puerto, partial ly offset by higher hydro output at Piedra del Águila. On a year - over - year basis, generation growth was mainly driven by higher hydro generation at Piedra del Águila (+25.7%) and the ramp - up of the Brigadier López combined cycle, partially offset by lower generation from certain wind assets. Central Puerto’s market share in SADI generation reached 15.9% during 2Q26, compared to 16.3% in 1Q26 ( - 0.3 p.p. q/q) and 14.7% in 2Q25 (+1.2 p.p. y/y). Thermal fleet average availability reached 80% during 2Q26, compared to 81% in 1Q26 ( - 1 p.p. q/q) and 67% in 2Q25 (+13 p.p. y/y). Combined - cycle average availability reached 87%, compared to 86% in 1Q26 and 72% in 2Q25, while steam and gas turbine availability reached 66%, compared to 69% in 1Q26 and 56% in 2Q25. Central Puerto energy generation (in GWh) 2Q 2026 1Q 2026 2Q 2025 Δ % q/q Δ % y/y Generation by plant GWh 5,250 5,420 4,372 - 3.1% 20.1% Central Costanera Thermal 841 1,486 409 - 43.4% 105.7% Central Puerto Thermal 1,239 1,546 1,405 - 19.9% - 11.8% Piedra del Águila Hydro 1,067 501 848 112.9% 25.7% Luján de Cuyo (1) Thermal 715 636 640 12.5% 11.8% San Lorenzo Thermal 650 580 649 12.1% 0.3% Brigadier Lopez Thermal 306 149 12 104.8% 2555.0% Genoveva I Wind 82 86 88 - 4.8% - 6.8% Genoveva II Wind 39 40 42 - 3.7% - 8.4% La Castellana I Wind 81 101 84 - 19.1% - 2.8% La Castellana II Wind 15 17 15 - 10.1% 3.6% Achiras I Wind 37 45 44 - 18.5% - 17.3% Manque Wind 53 62 56 - 13.4% - 4.9% Los Olivos Wind 23 26 25 - 13.0% - 8.6% Guañizu i l II A Solar 48 75 55 - 36.2% - 11.8% Cafayate Solar 45 58 0 - 22.1% - San Carlos Solar 9 11 0 - 17.5% - Generation by technology Thermal Thermal 3,751 4,398 3,114 - 15% 20% Hydro Hydro 1,067 501 848 113% 26% Wind/Solar Wind/Solar 432 521 409 - 17% 6% MAT / MATER 5,003 4,163 N/A 20.2% N/A MAT / MATER share on total local generation 14% 11% N/A Market share (by Market) - 2Q 2026 Central Puerto PAMPA YPF LUZ Otros % SPOT 19% 20% 12% 49% % Asignado 4% 9% 13% 73% % MAT / MATER 43% 15% 17% 25%
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Earnings presentation 2Q26 Generation volumes by market Spot 2,361 3,544 2,599 - 33% - 9% Thermal 2,361 3,544 1,750 - 33% 35% Hydro 0 0 848 Regulated - concession terms Hydro 1,013 501 0 102% - Contracts 1,876 1,374 1,773 37% 6% Thermal PPA - MAT 1,391 853 1,364 63% 2% Renewables 432 521 409 - 17% 6% Hydro 53 0 0 Volumes sold under contracts (%) 55% 35% 41% WI CEPU generation in Foni plants (2) Thermal 324 783 655 - 59% - 51% Total SADI generation offer GWh 34,954 38,116 34,119 - 8% 2% Central Puerto’s Mkt share in SADI % 15.9% 16.3% 14.7% - 0.3 p.p. 1.2 p.p. *MAT - E is the new market to contractualize thermal and hydro energy generation. % capacity per technology Installed capacity by technology MW 6,933 6,933 6,704 100% 100% Thermal 4,923 4,923 4,784 71% 71% Thermal PPA 1,387 1,387 1,248 20% 20% Thermal Spot CC 1,926 1,926 1,926 28% 28% Thermal Spot ST/GT 1,610 1,610 1,610 23% 23% Hydro 1,441 1,441 1,441 21% 21% Wind 374 374 374 5% 5% Solar 195 195 105 3% 3% Thermal availability rate % Total thermal average availability 80% 81% 67% - 1 p.p. 13 p.p. CC average availability 87% 86% 72% 1 p.p. 1 5 p.p. ST/GT average availability 66% 69% 56% - 3 p.p. 10 p.p. Steam production (in ktn) 78 2 538 930 45 % - 16 % Source: CAMMESA (1) Luján de Cuyo thermal complex includes a mini hydro facility of 1 MW. (2) Participation in Foninvemem plants: Termoeléctrica San Martin (10%), Termoeléctrica Belgrano (11%), CT Vuelta de Obligado (54%). Not included in Revenues line and included in VPP. The availability was calculated as a weighted average of such availability as declared to CAMMESA. Scheduled maintenance periods approved by CAMMESA are excluded from the ratio. CC: combined cycle, ST: steam turbines and GT: gas turbines.
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Earnings presentation 2Q26 A. Earnings for the quarter 2Q 2026 Adjusted EBITDA growth overview : • Self - procurement of liquid fuels margin and seasonal spot prices. • New contracted thermal energy in the MAT. Consolidated Income Statement (in US$ MM) 2Q 2026 1Q 2026 2Q 2025 Δ % q/q Δ % y/y Revenues 453.3 248.6 170.5 82.3% 165.8% Cost of Sales - 324.0 - 146.2 - 124.5 121.6% 160.2% Gross income 129.3 102.4 46.0 26.3% 181.0% Administrative and selling expenses - 23.5 - 22.7 - 14.0 3.2% 67.2% Other operating income 10.1 15.6 26.6 - 35.4% - 62.2% Other operating expenses - 1.8 - 2.0 - 2.4 - 7.8% - 24.9% Operating Income 114.1 93.3 56.2 22.3% 103.1% Loss on net monetary position - 0.4 - 0.4 - 2.9 - 2.1% - 85.1% Finance income - 0.6 18.3 27.2 - 103.2% - 102.1% Finance expenses - 12.9 - 14.9 - 49.3 - 13.7% - 73.9% Share of the profit of associates - 0.7 - 0.6 7.1 14.3% - 109.8% Results from investments in entities measured at fair value 13.5 19.2 26.7 - 29.7% - 49.6% Income before Income tax 113.0 114.8 65.0 - 1.6% 73.7% Income tax for the period - 30.5 27.0 2.4 - 213.0% - 1358.0% Net income for the period 82.5 141.8 67.5 - 41.9% 22.2% Earnings per share 0.14 0.09 0.05 58.0% 198.0% Adjusted EBITDA (in US$ MM) 2Q 2026 1Q 2026 2Q 2025 Δ % q/q Δ % y/y Gross Income 129.3 102.4 46.0 26.3% 181.0% Administrative and selling expenses - 23.5 - 22.7 - 14.0 3.2% 67.2% Operating results, net 8.3 13.6 24.2 - 39.4% - 65.9% ( - ) Depreciation of properties, plants and equipments 37.8 35.9 25.1 5.3% 50.4% ( - ) Amortization of intangible assets 0.6 0.6 0.4 0.2% 53.7% ( - ) Amortization Piedra del Águila concession 2.0 2.0 0.0 0.0% - ( - ) Non - recurring operating results - 9.5 - 11.1 - 20.3 Adjusted EBITDA 145.0 120.7 61.4 20.1% 136.2% Adjusted EBITDA reconciliation (in US$ MM) 2Q 2026 1Q 2026 2Q 2025 Δ % q/q Δ % y/y Net income for the period 82.5 141.8 67.5 - 41.9% 22.2% ( - ) Income tax expenses 30.5 - 27.0 - 2.4 - 29.7% - 49.6% ( - ) Financial results, net 1.1 - 21.5 - 8.9 - 105.0% - 112.2% ( - ) Depreciation and amortization total 40.4 38.5 25.5 4.9% 58.4% ( - ) Non - recurring operating results - 9.5 - 11.1 - 20.3 - 14.4% - 53.2% Adjusted EBITDA 145.0 120.7 61.4 20.1% 136.2%
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Earnings presentation 2Q26 Segment analysis (year - to - date) 1 H 26 1 H 25 1 H 26 1 H 25 1 H 26 1 H 25 1 H 26 1 H 25 Business segments (US$ MM) Conventional p ower g eneration & s team Δ % y / y R enewable p ower g eneration ( 1) Δ % y / y Forestry & Other Total Revenue from operations 589.5 268.6 119% 92.2 81.1 14% 20.2 16.2 701.9 366.7 Cost of sales - 410.7 - 196.2 109% - 39.6 - 22.9 73% - 19.8 - 14.6 - 470.2 - 235.3 Administrative & selling expenses - 38.9 - 20.8 87% - 3.4 - 8.0 - 58% - 7.0 - 4.9 - 46.2 - 34.4 Impairment of property, plant & equipment 0.0 - 0.0 - 0.0 0.0 0.0 Other operating income 12.1 - 0.7 1957% 1.0 31.8 - 97% 12.1 11.6 25.2 41.1 Other operating expenses 1.4 1.0 38% - 2.8 - 2.1 38% - 1.8 - 1.3 - 3.3 - 3.5 Operating income 153.3 51.9 195% 47.3 79.9 - 41% 3.6 7.0 207.3 134.5 Depreciation of property, plant & equipment 54.8 32.7 68% 17.4 16.2 8% 1.4 1.3 73.7 50.2 Amortization of intangible assets 0.6 0.4 69% 0.6 0.5 31% 0.0 0.0 1.2 0.8 Amortization – Piedra del Águila Hydroelectric Concession 0.0 - 4.1 - 0.0 0.0 4.1 Non - recurring operating results - 9.4 - 27.6 - 66% 0.0 0.0 - - 11.2 - 9.4 - 20.6 0.0 Adjusted EBITDA 199.3 57.4 247% 69.4 96.6 - 28% - 6.2 - 1.1 265.7 185.6 Operating income 207.3 134.5 Other results 16.9 13.0 Net income 224.3 147.6 (1) Includes wind & solar renewable assets and hydroelectric assets .
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Earnings presentation 2Q26 B. Revenues • Revenues from sales totaled US$ 453.3 MM in 2Q26, representing an 82% increase compared to US$ 248.6 MM in 1Q26 and a 166% increase versus US$ 170.5 MM in 2Q25. • Energy sales totaled US$ 43 4.9 MM during the quarter and represented 95.9% of total revenues, compared to 93.8% in 1Q26 and 89.5% in 2Q25. • Spot thermal revenues increased to US$ 2 27.0 MM during 2Q26, up 90 % q/q and 1 65.8 % y/y . Spot sales increased due to higher capacity revenues resulting from seasonal capacity remuneration parameters applicable during the winter months. Also, e nergy *CVP component related to fuel cost is exposed in revenues when the fuel is self - procured by the generator. On 2Q26 revenues reflect LNG and liquid fuels procured for approximately US$ 1 76.4 MM. When fuel is supplied directly by CAMMESA under the “Gas Acuerdo ” program, the related fuel cost is managed by CAMMESA and therefore is not recognized as revenue by the Company. • Contracted thermal PPA revenues reached US$ 181.6 MM during the quarter, increasing 122 % q/q and 3 17.6 % y/y . Sales under contract increased, primarily driven by : (i) A full quarter of revenues from the Brigadier López PPA ; (ii) Higher MAT contracted energy and capacity sales from the Central Puerto, Central Costanera, Piedra del Águila and Luján de Cuyo assets ; (iii) The reclassification of Piedra del Águila hydro sales as contracted sales beginning in 2026, reflecting the pricing mechanism established under Article 9 of the concession agreement. Hydro sales under concession terms (Piedra del Águila) totaled US$ 12.4 MM during 2Q26. • Contracted renewable revenues, from solar & wind assets, totaled US$ 2 6.2 MM in 2Q2 6 and US$ 31.9 MM in 1Q26 . • The share of contracted revenues over total energy sales represented 48 % during 2Q26, compared to 4 9 % in 1Q26 ( - 1 p.p. q/q) and 44% in 2Q25 (+ 4 p.p. y/y). Additionally, 100% of energy sales revenues during the quarter were U.S. dollar - denominated, unchanged versus 1Q26 and up from 64% in 2Q25 (+36 p.p. y/y). Revenues (in US$ MM) 2Q 2026 1Q 2026 2Q 2025 Δ % q/q Δ % y/y Total revenues 453.3 248.6 170.5 82.3% 165.8% Revenues breakdown: Energy sales 434.9 233.2 152.6 86.5% 185.1% % energy sales from total revenues 95.9% 93.8% 89.5% Steam sales 8.5 5.2 10.2 65.8% - 16.4% Forestry 4.8 4.6 3.0 4.3% 57.5% Resale of gas T&D capacity 0.9 1.9 1.5 - 56.1% - 43.0% CVO management 2.9 3.7 3.2 - 21.6% - 8.7% Oil & Gas 1.3 0.0 0.0 - - Power energy sales breakdown Spot thermal 227.0 119.5 85.4 90.0% 165.8% Contracted thermal MAT/PPA 181.6 81.8 43.5 122.0% 317.6% Contracted renewables MATER/PPA 26.2 31.9 23.6 - 17.9% 10.8% % contracted from total energy sales 48% 49% 44% - 1 p.p. 4 p.p. % US$ - denominated from total energy sales 100% 100% 64% 0 p.p. 36 p.p. CVP Fuel self - procured 176.4 24.2 0
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Earnings presentation 2Q26 C. Financi al position Our outstanding gross debt balance as of June 30 th , 2026 was US$ 671.9 MM while cash, cash equivalents and other financial current assets’ balance was US$ 178.4 MM, composed of US$ 4. 5 MM in cash and cash equivalents, and US$ 17 3 . 9 MM in current financial assets. Net leverage ratio stood at 1. 2 x. CPSA Notes Program: During 2026, the Company completed the following issuances under the program: • Class D Notes. On April 30, 2026, the Company issued US$ 130.1 MM aggregate principal amount of Class D Notes in the local market. Annual interest at 6.0%, payable semiannually, mature in 48 months, and amortize on a bullet basis. • Class E Notes. Subsequent to the reporting period, on July 27, 2026, the Company issued US$ 94.3 MM aggregate principal amount of Class E Notes in the local market. The notes bear interest at 5.5% per annum, payable semiannually, mature in 36 months, and a mortize on a bullet basis on the Maturity Date, July 27, 2029. The chart below shows the principal maturity profile to such date, expressed in US$ MM: Financial ratios as of June 30, 2026 (US$ MM) Total outstanding financial debt 671.9 Cash & cash equivalent and financial current assets 178.4 Financial debt net from cash (Net debt) 493.4 2Q 2026 LTM Adj. EBITDA 403.8 Net Leverage ratio 1.2 x 178.4 176.4 31.2 37.4 126.6 217.1 39.6 43.6 Cash & eq. 2026 2027 2028 2029 2030 2031 >2032 Corporate Bond Corporate Loan Project finance
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Earnings presentation 2Q26 Annex I: Consolidated Balance Sheet Consolidated Statement of Financial Position 31/12/2024 31/12/2025 30/06/2025 30/06/2026 (in US$ MM) Property, plant, and equipment 1,567 1,607 1,276 1,697 Intangible assets 30 28 24 82 Biological Assets 181 131 147 155 Investment in associates 106 20 86 38 Inventories 4 9 3 9 Other non - financial assets 1 8 1 17 Trade and other receivables 132 88 108 65 Other financial assets 14 126 12 209 Deferred tax asset 6 3 5 45 Investment in subsidiaries 0 0 Piedra del Águila hydro concession 0 0 0 241 Total non - current assets 2,041 2,020 1,662 2,559 Biological Assets 34 9 28 11 Inventories 21 19 17 39 Other non - financial assets 34 15 28 39 Trade and other receivables 211 220 172 501 Other financial assets 233 206 189 174 Cash and cash equivalents 4 26 3 4 Total current assets 537 495 437 768 Total Assets 2,578 2,515 2,099 3,326 Capital stock 1 1 1 1 Adjustment to capital stock 523 383 426 385 Owned shares in portfolio 0 0 0 0 Cost of owned shares in portfolio 0 - 6 0 - 6 Legal reserve 103 98 84 78 Voluntary reserve 730 680 595 682 Other equity accounts - 40 - 33 - 32 - 33 Optional reserve for future dividend distribution 377 394 307 644 Comprehensive adjustment of treasury shares 0 0 0 3 Accumulated other comprehensive income 0 0 0 33 Retained earnings 49 228 40 213 Equity attributable to shareholders of the parent 1,743 1,748 1,420 2,000 Non - controlling interests 61 44 50 66 Total Equity 1,804 1,793 1,469 2,066 Accounts Payable Trade and Other Accounts Payable 0 0 1 0 Other non - financial liabilities 24 15 20 10 Other loans and borrowings 223 239 181 456 Lease liabilities 0 0 0 18 Compensation and employee benefits liabilities 7 7 6 7 Provisions 2 7 2 12 Income tax payable 0 0 0 10 Deferred income tax liabilities 154 170 125 145 Total non - current liabilities 411 443 335 6 59 Trade and other payables 93 85 76 200 Lease liabilities 30 0 24 1 Other non - financial liabilities 0 38 0 87 Other loans and borrowings 146 99 119 216 Compensation and employee benefits liabilities 33 30 27 28 Income tax payable 59 25 48 66 Provisions 3 3 2 3 Total current liabilities 363 279 296 602 Total liabilities 774 722 630 1,242 Total equity and liabilities 2,578 2,515 2,099 3,308
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Earnings presentation 2Q26 Annex II: Cash flow statement 2Q26 1Q26 2Q25 4Q25 Summary of Flow of Funds (in US$ MM) 6 - month period 3 - month period 6 - month period 12 - month period to June 30 2026 to March 31 2026 to June 30 2025 to Dic 31 2025 Cash, cash equivalents and short - term financial assets, at the beginning 19.1 25.8 6.1 48.9 Net cash flow from operating activities 97.6 17.0 115.8 281.4 Net cash flow used in investing activities - 421.9 - 248.4 - 75.6 - 189.4 Property, equipment and inventory acquisitions - 112.4 - 66.0 - 95.3 - 202.4 Acquisition of subsidiaries and associates, net of cash acquired (1) - 300.3 - 245.0 19.7 - 0.1 Other - 9.2 62.6 0.0 13.1 Net cash flow used in financing activities 296.9 193.7 - 18.3 - 65.9 Cash and short - term placements at the end of the period 4.5 19.1 3.7 25.8 ( 1) Includes Piedra del Águila Hydroelectric Concession , the acquisition of Patagonia Energy S.A , and oil & gas exploration and evaluation assets
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Earnings presentation 2Q26 Annex III: Central Puerto’s power generation assets Plant Unit Technology Installed capacity Location Commercial date Market PPA term Regulatory framework MW Province Date Year Central Puerto Complex Thermal 1,747 City of Buenos Aires 1992 - 2000 - Puerto Nuevo Plant PNUE T V07 145 Spot Res. 400/25 Res. 294/24 PNUETV08 194 Spot PNUETV09 250 Spot Nuevo Puerto Plant NPUE TV05 110 Spot NPUETV06 250 Spot Puerto Combined cycle pant C EPUTG11 258 Spot Res . 400/25 CEPUTG12 258 Spot C EPUTV10 282 Spot Piedra del Águila PAGUHI Hydro 1,440 Río Negro 1994 Spot - Res. 1200/25 Brigadier Lopez Thermal 421 Santa Fé 2019 - 2026 2036 Brigadier Lopez Plant BLOPTG01 281 Spot Res. 400/25 BLOPTV01 140 PPA Res. 220/07 Luján de Cuyo (2) Thermal 576 Mendoza 2019 2034 Combined cycle LDCU TG25 290 PPA Res. 400/25 LDC UTV15 PPA LDCUTG22 24 Spot Res. 400/25 Res. 294/ 24 LDCUTG23 23 Spot LDCUTG24 23 Spot LDCUTV 11 60 Spot LDCUTV12 60 Spot Cogeneration LDCUTG26 47 PPA Res. 287 LDCUTG27 48 PPA LDCUHI 1 PPA Res. 712 /2009 San Lorenzo (3) Thermal 391 Santa Fé 2021 2035 Combined cycle TER6TG11 391 PPA Res. 287 TER6TV21 PPA Central Costanera Thermal 1,789 City of Buenos Aires 2023 - BSAS combined cycle BSASTG01 190 Spot Res. 400/25 BSASTV01 87 Spot Costanera combined cycle COSTTG08 264 Spot COSTTG09 264 Spot COSTTV10 322 Spot COSTTV01 123 Spot Res. 400/25 Res. 294/24 COSTTV02 116 Spot COSTTV03 112 Spot COSTTV07 310 Spot La Castellana I LCAEO Wind 10 1 Buenos Aires 2019 PPA 2040 Genoveva I GNVEO Wind 88 Buenos Aires 2020 PPA 2040 Genoveva II GNV2EO Wind 4 2 Buenos Aires 2020 MATER 2029 La Castellana II LCA2EO Wind 15 Buenos Aires 2020 MATER 2034 Manque MANQEO Wind 57 Córdoba 2020 MATER 2040 Achiras I ACHIEO Wind 48 Córdoba 2020 PPA 2040 Los Olivos OLIVEO Wind 23 Córdoba 2020 MATER 2030 Guañizuil II (4) GZ2AFV Solar 100 San Juan 2023 PPA 2041 Cafayate CAFAFV Solar 80 Salta 2025 PPA 2039 San Carlos SCARFV Solar 15 Salta 2025 MATER 2035 Total 6,933 (1) Source CAMMESA. Capacity does not include non - operating FONINVEMEM plants WI. (2) The facility Includes 290 MW of combined cycles sold to spot market, 95 MW of cogeneration, 190 MW of gas/steam turbines and 1 MW of mini hydro. (3) San Lorenzo plant is composed by 330 MW May - Aug / 317 MW Sept - Apr PPA contracted capacity, and remaining capacity assigned to spot market under Res. 59/23. (4) Guañizuil II solar farm was developed by Equinor (Cordillera Solar project) and transferred to Central Puerto in October 2023. The inst alled capacity of the Guañizuil II solar farm was restated following CAMMESA’s authorization confirming an installed capacity of 1 00 MW. Accordingly, the previously reported installed capacity of 105 MW was adjusted to reflect the authorized capacity.
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Earnings presentation 2Q26 Glossary of terms and abbreviations Abbreviation / Term Definition 1Q26 / 2Q26 / 3Q26 / 4Q26 First, second, third and fourth quarters of 2026, respectively. 1H26 / 6M26 Six - month period ended June 30, 2026. FY25 / FY26 Fiscal year ended December 31, 2025 and 2026, respectively. LTM Last Twelve Months. q/q Quarter - over - quarter comparison. y/y Year - over - year comparison. Adj. EBITDA Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Non - IFRS measure). New Adjusted EBITDA formula : Net income + Income tax expenses + Financial results, net + Depreciation and amortization − Non - recurring operating results. Art. 9 Article 9 of the Piedra del Águila Concession Terms, establishing the remuneration mechanism applicable to the hydroelectric complex. BCRA Central Bank of Argentina ( Banco Central de la República Argentina ). BESS Battery Energy Storage System. BYMA Bolsas y Mercados Argentinos S.A., Argentina's stock exchange. CAMMESA Wholesale Electricity Market Administrator ( Cía Administradora del Mercado Mayorista Eléctrico ). CAPEX Capital Expenditures. CENCH Non - Conventional Hydrocarbon Concession granted by the Province of Neuquén for the exploration and exploitation of unconventional hydrocarbon resources. CMO Marginal Operating Cost ( Costo Marginal Operativo ). COD Commercial Operation Date. COGS Cost of Goods Sold. CVP Variable Production Cost ( Costo Variable de Producción ). EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization (Non - IFRS financial measure). FONINVEMEM Fund for Investments Required to Increase Electricity Supply in the Wholesale Electricity Market ( Fondo para i nversiones n ecesarias que p ermitan i ncrementar la o ferta de e . e léctrica en el MEM ). Gas Acuerdo Natural gas supply program under which CAMMESA procures and allocates natural gas to eligible thermal generating units under regulated conditions. GNL / LNG Liquefied Natural Gas. Gross Income Gross Profit. GT Gas Turbine. IAS 29 International Accounting Standard 29 – Financial Reporting in Hyperinflationary Economies . IFRS International Financial Reporting Standards. MAT Term Electricity Market ( Mercado a Término ). MATER Renewable Energy Term Market established under S E Resolution No. 281 - E/2017. MEM / WEM Argentine Wholesale Electricity Market ( Mercado Eléctrico Mayorista ). MM Million. MW Megawatt. MWh Megawatt - hour. GWh Gigawatt - hour. NYSE New York Stock Exchange. ON Corporate Bonds ( Obligaciones Negociables ). Piedra del Águila Concession Terms Concession agreement governing the operation and remuneration framework of the Piedra del Águila hydroelectric complex following the expiration of the original concession. PPA Power Purchase Agreement. R400 Secretariat of Energy Resolution No. 400/2025. RMA Spot Market Remuneration Adjustment Factor. Resolution No. 400/2025 Resolution issued by Argentina's SE establishing the remuneration framework for generation, including seasonal capacity remuneration and energy pricing mechanisms applicable in the MEM. SADI Argentine Interconnection System ( Sistema Argentino de Interconexión ). SEC U.S. Securities and Exchange Commission. SE Argentina's Secretariat of Energy. Self - procured fuel Fuel purchased directly by the Company for spot generation and subsequently reimbursed by CAMMESA under the applicable regulatory framework. SG&A Selling, General and Administrative Expenses. Spot Market Electricity sold into the Argentine Wholesale Electricity Market and remunerated under the applicable regulatory framework. ST Steam Turbine. US$ U.S. Dollar. WI Working Interest. Unless otherwise indicated, all monetary amounts are expressed in U.S. dollars and all operational metrics refer to Central Puerto's consolidated operations.
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Earnings presentation 2Q26 Disclaimer The financial statements as of June 30, 2026, reflect the effects of inflation adjustment in accordance with IAS 29. Accordingly, these financial statements have been stated in terms of the measuring unit current at the end of the reporting period, including prior period financial figures presented for compa rative purposes. Comparative analysis refers to the previous period of the same year and the same period of the prior year . Definitions and terms used in this release are provided in the Glossary at the end of this document. This release does not contain all of the Company’s financial information. Investors should read this release in conjunction with Central Puerto’s audited c onsolidated financial statements for the fiscal period ended June 30, 2026, and the notes thereto, which will be available on the Company’s website. Effective January 1, 2026, the Company changed its functional currency from Argentine pesos to U.S. dollars. This presentation includes certain financial information stated in U.S. dollars, which is the Company's current functional currency. Comparative fi nancial information for prior periods is expressed in U.S. dollars converted from Argentine pesos. The Company has revised its methodology for converting historical figures expressed in Argentine pesos to U.S. dollars. Under the prior approach, quarterly f igures expressed in Argentine pesos were converted at each quarter - end closing exchange rate and aggregated on a year - to - date basis. Under the revised approach, historical cumulative year - to - date figures expressed in Argentine pesos are converted using the closing exchange rate at the applicable historical reporting date. Comparative information has been recast to conform to the revised methodology. Investors should read this presentation in conjunction with Note 2.2 to the Company's condensed consolidated financial statements for the period ended June 30, 2026, for a full description of the change in functional currency and the applicable conversion methodology. All information presented herein should be considered as consolidated unless otherwise specified. All statements regarding potential resources, investment plans and development scenarios are forward - looking statements and are subject to material risks and uncertainties. EBITDA Non - IFRS EBITDA Methodology: Adjusted EBITDA is calculated as net income for the period, plus income tax expenses, plus net financial results, plus total depreciation and amortization, less non - recurring operating results. This approach combines asset - leve l and regulatory compliance and reflects how management evaluates the operating performance of the Company’s generation assets. Rounding of Amounts and Percentages : Certain amounts and percentages included in this release have been rounded for ease of presentation. Percentage figures included in this release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain amounts that appear in this release may not sum due to rounding. This release contains certain metrics, including per share information, operating information and other information that do not have standardized meanings or standard methods of calculation and therefore may not be comparable to similar measures used by ot her companies. Such metrics have been included to provide investors with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the Company’s future performance, and future performance may not be co mparable to performance in prior periods. OTHER INFORMATION Central Puerto routinely posts relevant information for investors in the “Investors” section of its website, www.centralpuerto.com . From time to time, Central Puerto may use its website as a
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Earnings presentation 2Q26 channel of distribution of material Company information. Accordingly, investors should monitor Central Puerto’s website, in addition to following the Company’s press releases, SEC and CNV filings, public conference calls and webcasts. The information conta ined on, or that may be accessed through, the Company’s website is not incorporated by reference into, and is not a part of, this release. CAUTIONARY STATEMENTS RELEVANT TO FORWARD - LOOKING INFORMATION This release contains certain forward - looking information and forward - looking statements as defined in applicable securities laws (collectively, “forward - looking statements”). All statements other than statements of historical fact are forward - looking stat ements. The words “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “will,” “estimate” and “potential,” and similar expressions, as they relate to the Company, are intended to identify forward - looking statements. Statements regarding possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation, the effects of competition, expected power generation and capital expenditure plans are examples of forward - looking statements. Forward - looking statements are based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the for ward - looking statements. The Company assumes no obligation to update forward - looking statements except as required under applicable securities laws. Further information concerning risks and uncertainties associated with these forward - looking statements and the Company’s business can be found in the Company’s public disclosures filed with the SEC on EDGAR ( www.sec.gov ) and the CNV ( Comisión Nacional de Valores | Argentina.gob.ar ) . Contact: inversores@centralpuerto.com – www.centralpuerto.com - +54 11 4317 5000
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Earnings presentation 2Q26 Contact Corporate website and e - mail www.centralpuerto.com inversores@centralpuerto.com Headquarters Address: Av. Tomas Alva Edison 2701, Dock E Port of Buenos Aires Phone: (5411) 4317 5000 LinkedIn Central Puerto 2Q 2026 Earnings Presentation August 2026