Group 1 - The article introduces Mauro Caversazzi as a new contributing analyst for Seeking Alpha, inviting others to share their investment ideas [1] - Caversazzi focuses on equities in technology, energy, and consumer staples, with an emphasis on emerging markets as a risk component of his portfolio [2] - He has experience in producing economic and financial content and has worked as an analyst at Crowdsense, which identifies events impacting specific assets [2] Group 2 - The article does not provide any specific company or industry analysis, nor does it include financial data or performance metrics [3][4]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Financial Performance - 3Q25 Adjusted EBITDA was US$ 101.1 million, a 64% increase compared to US$ 61.4 million in 2Q25, and up 8% from US$ 93.4 million in 3Q24[10] - Revenues in 3Q25 totaled US$ 233.9 million, a 30% increase quarter-over-quarter and a 26% increase year-over-year[10] - In Q3 2025, Central Puerto reported an Adjusted EBITDA of US$ 101.1 million, reflecting a 64% increase quarter-over-quarter and an 8% increase year-over-year[30] - Total revenues for Q3 2025 reached US$ 233.9 million, a 30% increase from Q2 2025 and a 26% increase from Q3 2024[34] - The company reported a net income of US$ 102.4 million for Q3 2025, a 44% increase from Q2 2025[31] - The net income for Q3 2025 was $226.1 million, a substantial increase of 335% compared to Q3 2024[43] - The revenue margin ratio for gross income was 37% in Q3 2025, a decrease of 2 percentage points from the previous year[43] Generation and Capacity - Total generation volumes in 3Q25 were 4,539 GWh, representing a 4% increase compared to 2Q25 (4,372 GWh) but a 20% decline versus 3Q24 (5,685 GWh)[26] - Total installed capacity in Argentina's electricity market was 43,887 MW, reflecting a 0.5% increase quarter-over-quarter and a 2.6% increase year-over-year[24] - The company reported a total installed capacity of 6,938 MW with total generation volumes of 21,605 GWh as of 2024[45] Revenue Sources - Energy sales accounted for 92.1% of total revenues in Q3 2025, amounting to US$ 215.3 million, which is a 34% increase compared to Q2 2025[36] - Spot market revenues rose to US$ 113.6 million in Q3 2025, a 26% increase from Q2 2025[36] - Revenues from thermal and hydro plants reached $184.5 million in Q3 2025, up 36% compared to Q3 2024[37] Investments and Acquisitions - The Company acquired an 80 MW solar farm for US$ 48.5 million, with a Power Purchase Agreement (PPA) extending through 2039[10] - The Company secured contracts for two large-scale Battery Energy Storage System (BESS) projects totaling 205 MW, ensuring predominantly fixed, US$-denominated revenues[10] - Capital expenditures amounted to $76.1 million in Q3 2025, including $48.5 million for the acquisition of the Cafayate solar farm[38] Financial Position - Cash and cash equivalents as of September 30, 2025, were US$ 48.9 million, with total outstanding gross debt at US$ 452.1 million[11] - As of September 30, 2025, the total outstanding gross debt was $452.1 million, with net financial debt at $159.9 million[40] - Current liabilities increased significantly from $363 million to $497 million, representing a rise of approximately 37%[44] - Total non-current liabilities decreased slightly from $411 million to $401 million, a reduction of about 2.4%[44] - Cash and cash equivalents increased from $4 million to $48.9 million, indicating a significant improvement in liquidity[44] - Retained earnings saw a substantial increase from $49 million to $227 million, reflecting a growth of approximately 363%[44] Market Dynamics - The new spot remuneration mechanism establishes a margin on top of Variable Production Costs, supporting long-term value creation for generators[10] - The Energy Secretariat approved AR$-denominated spot price adjustments totaling 1.9% on a compound basis for 3Q25[10] - Central Puerto's market share in the SADI decreased to 14.1% in Q3 2025, down from 14.7% in Q2 2025 and 17.1% in Q3 2024[30] Operational Efficiency - The thermal availability rate improved to 88% in Q3 2025, up from 79% in Q2 2025[30] - Total operating expenses for Q3 2025 were $155.6 million, an increase of 8% quarter-over-quarter and 34% year-over-year[37] - The operating margin for thermal and hydro plants improved to 26% in Q3 2025, a significant increase of 18 percentage points from the previous quarter[37] - Financial expenses increased by 25% quarter-over-quarter, totaling US$ 63.1 million in Q3 2025[31] Shareholder Actions - The company initiated a share buyback program for 2,756,000 shares, totaling US$ 2.54 million[11] - The company initiated a share buyback program on September 25, 2025, authorizing the repurchase of up to $20 million in shares[41] Future Outlook - The company plans to continue expanding its renewable energy capacity, focusing on wind and solar projects to meet future energy demands[46] - The Guañizuil II solar farm, developed by Equinor, was transferred to Central Puerto in October 2023, enhancing the company's renewable energy portfolio[46]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI technologies [3][7][8] Investment Landscape - Wall Street is investing hundreds of billions into AI, but there is a looming question regarding the energy supply needed to sustain this growth [2] - AI data centers, such as those powering large language models, consume energy equivalent to that of a small city, indicating a significant strain on global power grids [2] - The company in focus is positioned to benefit from the surge in demand for electricity driven by AI, making it a unique investment opportunity [3][6] Company Profile - The company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and benefiting from the onshoring trend due to tariffs [5][6] - It possesses critical nuclear energy infrastructure assets, which are vital for America's future power strategy [7] - The company is noted for its capability to execute large-scale engineering, procurement, and construction projects across various energy sectors, including oil, gas, and renewables [7] Financial Position - The company is completely debt-free and has a significant cash reserve, amounting to nearly one-third of its market capitalization, which positions it favorably compared to other energy firms burdened with debt [8] - It also holds a substantial equity stake in another AI-related company, providing investors with indirect exposure to multiple growth engines in the AI sector [9] Market Sentiment - There is a growing interest from hedge funds in this company, which is considered undervalued and off-the-radar, trading at less than seven times earnings excluding cash and investments [10][9] - The company is recognized for delivering real cash flows and owning critical infrastructure, making it a compelling investment choice in the context of the AI and energy sectors [11] Future Outlook - The ongoing technological revolution driven by AI is expected to create significant investment opportunities, with a strong emphasis on the importance of energy infrastructure [12][14] - The company is well-positioned to capitalize on the anticipated growth in AI and energy demand, making it a strategic investment for those looking to participate in the future of technology [13][15]

Core Viewpoint - The article discusses the recent large-scale battery energy storage system (BESS) tender in Buenos Aires, Argentina, highlighting the competitive bidding process and the implications for the energy market [2]. Group 1: Tender Overview - The tender received 27 proposals from 15 companies, with a total capacity of 1,347 MW, significantly exceeding the 500 MW tender size [2]. - The reference price set by CAMMESA was $15,000 per MW per month, but most bids came in well below this level [2]. - The awarded capacity was expanded due to competitive pricing, with the final awarded price threshold set at approximately $14,100 per MW per month [2]. Group 2: Winning Bids - Central Puerto won a 150 MW project at $10,161 per MW per month, nearly 40% lower than the reference price [2]. - MSU Green Energy secured a 150 MW project at $11,290 per MW per month [3]. - Southern Wind won a bid at $11,461 per MW per month [4]. - Other companies like Genneia and Coral Energía also received awards [5]. Group 3: Market Transformation - This tender marks a transformation in Argentina's electricity wholesale market (MEM), as it is the first time contracts are signed directly between generators and distributors, with CAMMESA acting as a guarantor [2]. - The procurement aims to strengthen key nodes in AMBA, enhance grid reliability, and promote private sector restructuring [2]. - The awarded projects are expected to start operations by January 1, 2027, with a final operational deadline of December 31, 2028, and contracts lasting for 15 years from the start of commercial operation [2].

Group 1 - Central Puerto S.A. has entered into a purchase agreement to acquire 100% of the shares and votes of Fieldfare Argentina S.R.L., which owns the Cafayate Solar Project with a nominal installed capacity of approximately 80 MW and a generation of 220 GWh [1][2] - The closing of the transaction is expected on September 2, 2025, pending the fulfillment of standard conditions [2] - This acquisition marks a significant step in Central Puerto's strategy to diversify its technology and strengthen its position in the renewable energy market [2]

General Company Information This section outlines Central Puerto S.A.'s filing details, board, legal structure, and capital as of June 30, 2025 [Form 6-K Filing Details](index=1&type=section&id=Form%206-K%20Filing%20Details) Central Puerto S.A. filed a Form 6-K report for August 2025, indicating its status as a foreign private issuer filing under Form 20-F - Central Puerto S.A. is a foreign private issuer filing under Form 20-F[2](index=2&type=chunk) [Board of Directors and Statutory Audit Committee Members](index=4&type=section&id=Board%20of%20Directors%20and%20Statutory%20Audit%20Committee%20Members) This section lists the members of the Board of Directors, Deputy Directors, Statutory Auditors, and Deputy Statutory Auditors for Central Puerto S.A - The report details the composition of the Board of Directors and Statutory Audit Committee, including key personnel like Osvaldo Reca (Director) and Carlos César Adolfo Halladjian (Statutory Auditor)[5](index=5&type=chunk) [Company Legal and Capital Structure](index=5&type=section&id=Company%20Legal%20and%20Capital%20Structure) Central Puerto S.A. is legally based in Buenos Aires, Argentina, with fiscal year No. 34 commencing January 1, 2025. The company's capital structure consists of 1,514,022,256 common and book-entry shares, with a portion held as treasury shares - Central Puerto S.A. is located at Av. Edison 2701, City of Buenos Aires, Argentina, with fiscal year No. 34 starting January 1, 2025[6](index=6&type=chunk) Capital Structure (as of June 30, 2025) | Class of shares | Outstanding shares | Treasury shares | Total | | :--- | :--- | :--- | :--- | | 1,514,022,256 common and book-entry shares with a face value of $1, carrying 1 vote each. | 1,502,618,381 | 11,403,875 | 1,514,022,256 | Consolidated Financial Statements This section presents Central Puerto S.A.'s consolidated income, balance sheet, equity changes, and cash flows for H1 2025 [Consolidated Statement of Income and Comprehensive Income](index=6&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20INCOME%20AND%20COMPREHENSIVE%20INCOME) For the six-month period ended June 30, 2025, Central Puerto S.A. reported a significant increase in net profit and profit per share compared to the same period in 2024, driven by higher income from ordinary operations and financial activities, despite increased cost of sales Consolidated Statement of Income Highlights (6 months ended June 30) | Metric | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Income from ordinary operations | 437,886,905 | 426,707,751 | +2.62% | | Cost of sales | (281,011,999) | (251,602,823) | +11.69% | | Gross income | 156,874,906 | 175,104,928 | -10.41% | | Operating income | 160,648,125 | 177,744,817 | -9.62% | | Income (loss) before income tax | 203,931,771 | 117,755,340 | +73.19% | | Net profit for the period | 176,188,752 | 55,271,477 | +218.79% | | Basic and diluted profit per share (ARS) | 115.37 | 22.70 | +408.25% | [Consolidated Balance Sheet](index=7&type=section&id=CONSOLIDATED%20BALANCE%20SHEET) As of June 30, 2025, Central Puerto S.A.'s total assets increased by 4.4% compared to December 31, 2024, primarily driven by growth in non-current assets, while total liabilities saw a slight decrease Consolidated Balance Sheet Highlights (as of June 30, 2025 vs. Dec 31, 2024) | Metric | June 30, 2025 (ARS Thousands) | December 31, 2024 (ARS Thousands) | Change | | :--- | :--- | :--- | :--- | | Total assets | 3,198,559,995 | 3,063,945,292 | +4.40% | | Non-current assets | 2,570,852,943 | 2,425,955,454 | +5.98% | | Current assets | 627,707,052 | 637,989,838 | -1.61% | | Total equity | 2,287,652,558 | 2,144,379,343 | +6.68% | | Total liabilities | 910,907,437 | 919,565,949 | -0.94% | | Non-current liabilities | 433,322,208 | 488,270,724 | -11.25% | | Current liabilities | 477,585,229 | 431,295,225 | +10.73% | [Consolidated Statement of Changes in Equity](index=8&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) The consolidated equity attributable to the owners of the parent company increased significantly by 7.8% from January 1, 2025, to June 30, 2025, primarily due to the net profit for the period and an increase in the optional reserve for future dividend payments Consolidated Statement of Changes in Equity Highlights (6 months ended June 30, 2025) | Equity Component | As of January 1, 2025 (ARS Thousands) | Net profit for the period (ARS Thousands) | As of June 30, 2025 (ARS Thousands) | | :--- | :--- | :--- | :--- | | Equity attributable to the owners of the parent company | 2,071,803,457 | 173,362,731 | 2,233,802,381 | | Non-controlling shareholding | 72,575,886 | 2,826,021 | 53,850,177 | | Total Equity | 2,144,379,343 | 176,188,752 | 2,287,652,558 | - The increase in statutory reserve by **ARS 2,568,095 thousand** and optional reserve for future dividend payments by **ARS 56,028,406 thousand** were decided at the Shareholders Meeting dated April 30, 2025[14](index=14&type=chunk) [Consolidated Statement of Cash Flows](index=10&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) For the six-month period ended June 30, 2025, net cash flow from operating activities significantly increased by 78.4% year-over-year, while cash used in investment activities also increased substantially. Net cash flow used in financing activities decreased Consolidated Statement of Cash Flows Highlights (6 months ended June 30) | Cash Flow Activity | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Net cash flow from operating activities | 146,494,756 | 82,125,216 | +78.38% | | Net cash flow used in investment activities | (122,270,255) | (15,561,670) | +685.72% | | Net cash flow used in financing activities | (21,899,557) | (84,012,754) | -73.93% | | Net increase (decrease) in cash and short-term placements | 2,324,944 | (17,449,208) | N/A | | Cash and short-term placements as of June 30 | 6,389,128 | 6,798,833 | -5.99% | - The significant increase in cash used in investment activities is primarily due to higher acquisition of property, plant and equipment, and inventory (**ARS 113,789,371 thousand** in 2025 vs. **ARS 60,719,076 thousand** in 2024) and net acquisition of other financial assets[18](index=18&type=chunk) Notes to the Consolidated Financial Statements This section details Central Puerto S.A.'s corporate information, market context, accounting policies, segment performance, and financial notes [Corporate Information and Principal Activity of the Group (Note 1)](index=11&type=section&id=Corporate%20Information%20and%20Principal%20Activity%20of%20the%20Group%20(Note%201)) Central Puerto S.A. (CPSA) is an integrated energy sector group primarily engaged in electric power generation, with diverse assets including thermal, hydroelectric, and renewable power stations. The Group has also expanded into natural gas distribution, forestry, and mining sectors - CPSA is an integrated energy group focused on electric power generation, owning thermal (e.g., Puerto Nuevo, Costanera), hydroelectric (Piedra del Águila), and renewable (wind and solar farms totaling **473.8 MW**) power stations[21](index=21&type=chunk)[24](index=24&type=chunk)[27](index=27&type=chunk) - The Group has diversified into natural gas distribution through ECOGAS Group, forestry activities via Proener S.A.U. (managing approximately **160,000 hectares**), and mining (Diablillos silver/gold and Tres Cruces lithium projects)[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) [Overview of Argentine Electricity Market (Note 1.1)](index=12&type=section&id=Overview%20of%20Argentine%20Electricity%20Market%20(Note%201.1)) The Argentine electricity market (MEM) involves generators, distributors, and large users, with prices determined by supply and demand in the Forward Market and hourly economic production costs in the Spot Market. CAMMESA administers the MEM, but faces structural deficits due to increased generation costs and frozen end-user rates - The MEM operates with a Forward Market (supply/demand pricing) and a Spot Market (hourly economic production cost). CAMMESA manages the MEM and dispatches generation[33](index=33&type=chunk) - Since 2001-2002, the MEM has faced a structural deficit due to increased generation costs (peso devaluation, fuel prices) and frozen end-user rates, leading to CAMMESA's difficulties in paying generators[35](index=35&type=chunk) [Amendments to the Wholesale Electricity Market (MEM) Regulations (Note 1.2)](index=13&type=section&id=Amendments%20to%20the%20Wholesale%20Electricity%20Market%20(MEM)%20Regulations%20(Note%201.2)) Recent Secretariat of Energy resolutions and Executive Decrees have extended concessions for hydroelectric power stations, updated remuneration values for power and energy, and introduced significant reforms to the electricity market. These reforms aim to decentralize the market, promote free trade, and ensure legal security for long-term supply, with a 24-month transition period for implementation - Executive Decree No. 718/2024 extended CPSA's operation of Piedra del Águila hydroelectric power station until December 28, 2025, with a national and international bid for its sale expected within **180 days**[39](index=39&type=chunk) - Secretariat of Energy Resolutions (e.g., No. 603/2024, 27/2025, 280/2025) have monthly updated remuneration values for power and energy, with increases ranging from **1% to 4%** in early 2025, though some were not applicable to certain hydroelectric dams[40](index=40&type=chunk)[41](index=41&type=chunk)[43](index=43&type=chunk) - Executive Decree No. 450/2025 approved adjustments to the Electrical Regulatory Framework, aiming to reduce government intervention, promote private actors, and consolidate the federal energy regime, with a **24-month transition period** for regulatory amendments[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) - The Group submitted tenders for **150 MW** and **55 MW** battery energy storage projects in Nuevo Puerto and Central Costanera power stations, respectively, under the 'Almacenamiento AlmaGBA' bid, with awards expected by August 29, 2025[46](index=46&type=chunk) [Presentation Basis of the Consolidated Financial Statements (Note 2)](index=15&type=section&id=Presentation%20Basis%20of%20the%20Consolidated%20Financial%20Statements%20(Note%202)) The consolidated financial statements are prepared in accordance with IFRS, specifically IAS 34 for interim reporting, and are stated in Argentine Pesos (ARS) adjusted for inflation as per IAS 29. The Group adopted new/amended standards, including 'Lack of Exchangeability' (Amendments to IAS 21), which had no significant impact - The financial statements adhere to IFRS, as adopted by FACPCE and CNV, and specifically IAS 34 for interim reporting[53](index=53&type=chunk)[54](index=54&type=chunk) - All figures are stated in ARS, rounded to the nearest thousand, and restated for changes in purchasing power due to inflation (IAS 29). Inflation for the six-month period ended June 30, 2025, was **15.10%**, significantly lower than **79.77%** in 2024[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - The Group adopted 'Lack of Exchangeability' (Amendments to IAS 21) effective January 1, 2025, which did not have a significant impact on the financial statements[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) [Operating Segments (Note 3)](index=17&type=section&id=Operating%20Segments%20(Note%203)) Central Puerto S.A. operates across several segments: Electric Power Generation (conventional and renewable), Forestry activity, Natural gas transportation, distribution and trade, and Others. For the six-month period ended June 30, 2025, conventional electric power generation remained the largest contributor to operating income, while natural gas segment showed significant growth in operating income Operating Income by Segment (6 months ended June 30) | Segment | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Electric Power Generation from conventional sources | 118,945,026 | 123,727,920 | -3.90% | | Electric Power Generation from renewable sources | 38,472,845 | 32,549,175 | +18.19% | | Forestry activity | 2,737,655 | 18,502,719 | -85.21% | | Natural gas transportation, distribution and trade | 59,412,570 | 27,903,315 | +112.92% | | Others | (319,256) | 1,301,505 | N/A | | Total Operating income | 160,648,125 | 177,744,817 | -9.62% | Adjusted EBITDA by Segment (6 months ended June 30) | Segment | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Electric Power Generation from conventional sources | 158,418,778 | 171,113,682 | -7.42% | | Electric Power Generation from renewable sources | 58,352,884 | 53,368,273 | +9.34% | | Forestry activity | 4,241,356 | 19,158,217 | -77.86% | | Natural gas transportation, distribution and trade | 74,405,736 | 42,465,278 | +75.22% | | Others | (243,181) | 1,397,816 | N/A | | Total Adjusted EBITDA | 221,581,692 | 246,701,486 | -10.26% | [Income from Ordinary Operations (Note 4)](index=18&type=section&id=Income%20from%20Ordinary%20Operations%20(Note%204)) Total income from ordinary operations increased by 2.62% for the six-month period ended June 30, 2025, compared to 2024. This was primarily driven by a 12.38% increase in spot market sales, partially offset by a decrease in sales from agreements and forestry activity sales Income from Ordinary Operations (6 months ended June 30) | Revenue Source | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Income from spot market sale | 232,304,098 | 206,712,157 | +12.38% | | Sales from agreements | 163,910,486 | 175,372,877 | -6.54% | | Steam sales | 21,373,049 | 21,534,821 | -0.75% | | Income from forestry activity sales | 8,317,856 | 12,592,841 | -33.95% | | Resale of gas transportation and distribution capacity | 3,830,173 | 3,153,936 | +21.44% | | Income from the management of CVO thermal power station | 8,151,243 | 7,341,119 | +11.04% | | Total income from ordinary operations | 437,886,905 | 426,707,751 | +2.62% | [Other Income and Expenses (Note 5)](index=18&type=section&id=Other%20Income%20and%20Expenses%20(Note%205)) Other operating income decreased significantly by 43.2% year-over-year, mainly due to lower interest from clients and exchange differences. Conversely, other operating expenses saw a substantial reduction of 90.7%, primarily driven by the absence of large CAMMESA agreement-related expenses and claim-related expenses present in the prior year Other Operating Income (6 months ended June 30) | Income Source | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Interest from clients | 8,877,489 | 24,190,380 | -63.29% | | Exchange differences, net | 21,325,050 | 39,634,043 | -46.25% | | Insurance recovery | 6,901,062 | 0 | N/A | | Income (loss) from growth and revaluation of biological assets | 11,272,453 | 21,515,844 | -47.61% | | Total other operating income | 49,041,493 | 86,269,298 | -43.20% | Other Operating Expenses (6 months ended June 30) | Expense Category | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Agreement with CAMMESA -SE Resolution No. 58/2024 and 66/2024 | 0 | (28,525,057) | N/A | | Claim-related expenses | 0 | (11,342,735) | N/A | | Forestry expenses | (2,694,631) | (638,077) | +322.31% | | Total other operating expenses | (4,201,476) | (45,411,419) | -90.75% | Financial Income and Costs (6 months ended June 30) | Category | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Total financial income | 56,830,368 | 54,280,329 | +4.69% | | Total financial costs | (90,258,732) | (111,324,207) | -18.92% | | Net Financial Costs | (33,428,364) | (57,043,878) | -41.39% | [Income Tax (Note 6)](index=19&type=section&id=Income%20Tax%20(Note%206)) The income tax for the six-month period ended June 30, 2025, was a charge of ARS 27,743,019 thousand, a significant reduction from the ARS 62,483,863 thousand charge in the prior year. This change was primarily influenced by a large positive variation between provision and tax return, including an update of tax losses, and a lower deferred income tax charge Income Tax Components (6 months ended June 30) | Component | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Current income tax charge | (36,725,495) | (37,688,046) | -2.55% | | Variation between provision and tax return | 28,671,381 | 5,690,922 | +403.81% | | Deferred income tax | (19,688,905) | (30,486,739) | -35.39% | | Total Income tax | (27,743,019) | (62,483,863) | -55.60% | - The variation between provision and tax return in 2025 includes **ARS 27,280,175 thousand** corresponding to the update of tax losses[75](index=75&type=chunk) Net Deferred Tax Liabilities (as of June 30) | Metric | June 30, 2025 (ARS Thousands) | December 31, 2024 (ARS Thousands) | Change | | :--- | :--- | :--- | :--- | | Deferred-tax assets | 6,838,659 | 7,391,991 | -7.49% | | Deferred tax liabilities | (201,955,038) | (182,819,465) | +10.47% | | Net deferred tax liabilities | (195,116,379) | (175,427,474) | +11.22% | [Financial Assets and Liabilities (Note 7)](index=21&type=section&id=Financial%20Assets%20and%20Liabilities%20(Note%207)) The Group's financial assets and liabilities include trade receivables, payables, and various loans. Trade receivables from CAMMESA remain significant, and the Group manages multiple project financing loans, with several having transitioned from LIBOR to SOFR. The fair value of financial assets is primarily measured using Level 1 inputs (quoted prices) Trade Receivables and Other Receivables (as of June 30) | Category | June 30, 2025 (ARS Thousands) | December 31, 2024 (ARS Thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current Trade receivables - CAMMESA | 124,979,460 | 157,268,356 | -20.53% | | Current Trade receivables - CAMMESA | 227,647,020 | 206,009,088 | +10.50% | | Total Trade receivables and other receivables | 406,786,539 | 407,960,584 | -0.29% | | CVO receivables collected (6 months) | 41,886,399 | 33,580,796 | +24.73% | Trade Payables and Other Payables (as of June 30) | Category | June 30, 2025 (ARS Thousands) | December 31, 2024 (ARS Thousands) | Change | | :--- | :--- | :--- | :--- | | Current Trade payables and other payables | 126,615,731 | 110,329,634 | +14.76% | | Non-current Trade payables and other payables | 0 | 776,794 | -100% | Debts and Loans Accruing Interest (as of June 30) | Category | June 30, 2025 (ARS Thousands) | December 31, 2024 (ARS Thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current Debts and loans accruing interest | 195,312,526 | 264,737,442 | -26.22% | | Current Debts and loans accruing interest | 244,069,028 | 173,540,663 | +40.65% | | Total Debts and loans accruing interest | 439,381,554 | 438,278,105 | +0.25% | - Several project financing loans (IIC-IFC, KfW, IFC Vientos La Genoveva, Banco de Galicia y Buenos Aires Vientos La Genoveva II) have transitioned from LIBOR to SOFR due to LIBOR's suspension, with adjusted interest rates and fixed Credit Adjustment Spreads (CAS)[94](index=94&type=chunk)[105](index=105&type=chunk)[108](index=108&type=chunk)[118](index=118&type=chunk) - CPSA's corporate bonds program was extended until **October 29, 2030**, and its amount increased to **USD 1,000,000,000**. The company also acquired **2,552,027** of its own shares for **ARS 1,514,755 thousand** under a buyback program[130](index=130&type=chunk)[136](index=136&type=chunk) - The fair value measurement of financial assets primarily uses Level 1 inputs (quoted prices in active markets) for mutual funds, public debt securities, shares, and corporate bonds[153](index=153&type=chunk)[157](index=157&type=chunk) [Non-Financial Assets and Liabilities (Note 8)](index=31&type=section&id=Non-Financial%20Assets%20and%20Liabilities%20(Note%208)) Non-financial assets primarily include tax credits and down payments to suppliers, with non-current down payments increasing significantly. Non-financial liabilities consist mainly of VAT and turnover tax payables, with current VAT payable increasing substantially Other Non-Financial Assets (as of June 30) | Category | June 30, 2025 (ARS Thousands) | December 31, 2024 (ARS Thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current Down payments to suppliers | 10,174,276 | 5,080 | +199,985% | | Current Down payments for the purchase of materials and spare parts | 21,192,139 | 27,829,011 | -23.99% | | Total Other non-financial assets | 50,511,306 | 41,789,207 | +20.87% | Other Non-Financial Liabilities (as of June 30) | Category | June 30, 2025 (ARS Thousands) | December 31, 2024 (ARS Thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current VAT payable | 21,922,524 | 27,254,268 | -19.56% | | Current VAT payable | 40,534,666 | 30,596,239 | +32.50% | | Total Other non-financial liabilities | 69,571,455 | 63,759,701 | +9.11% | Liabilities for Compensations and Benefits for Employees (as of June 30) | Category | June 30, 2025 (ARS Thousands) | December 31, 2024 (ARS Thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current Employee long-term benefits | 9,791,836 | 8,826,994 | +10.93% | | Current Provision for bonuses payable | 8,753,842 | 16,812,339 | -47.93% | | Total Liabilities from compensations and benefits for employees | 40,076,180 | 47,813,648 | -16.20% | [Information on Related Entities (Note 10)](index=33&type=section&id=Information%20on%20Related%20Entities%20(Note%2010)) Transactions with related parties, including associated entities like Distribuidora de Gas Cuyana S.A. and various related entities, are unsecured and interest-free. The Group's shareholding in controlled companies saw minor changes, and a corporate reorganization is underway for CPSA to absorb its subsidiary CPR Transactions with Related Parties (6 months ended June 30) | Entity Type | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Total Income from related entities | 191,730 | 96,214 | +99.27% | | Total Expenses to related entities | 13,167,139 | 9,554,970 | +37.80% | | Total Accounts payable to related entities | 1,020,858 | 1,495,767 | -31.76% | - Balances with related parties are unsecured and interest-free, with no impairment of receivables recorded for amounts owed by related parties[172](index=172&type=chunk)[173](index=173&type=chunk) - CPSA is undergoing a corporate reorganization to absorb its subsidiary CPR, which is expected to dissolve without liquidation, pending CNV approval[176](index=176&type=chunk) [Contracts, Acquisitions and Agreements (Note 11)](index=35&type=section&id=Contracts,%20Acquisitions%20and%20Agreements%20(Note%2011)) The Group increased its equity interest in AbraSilver Resource Corp. to 9.9% and underwent a share swap offer and split-off of ECOGAS Group, resulting in a direct shareholding of 26.17% in Ecogas Inversiones S.A. and a pending split-off merger of Ecogas Group shareholding - Proener S.A.U. increased its shareholding in AbraSilver Resource Corp. to **9.9%** through an additional shares subscription agreement for **25,741,477 Canadian dollars**[177](index=177&type=chunk) - A share swap offer and split-off of ECOGAS Group resulted in the Group holding **26.17%** direct shareholding in Ecogas Inversiones S.A. and **17.20%** directly in DGCE as of January 17, 2025[180](index=180&type=chunk) - A corporate reorganization was approved for CPSA to split its shareholding in Ecogas Group, with the shares to be received directly by CPSA shareholders, pending CNV approval[181](index=181&type=chunk) [Comprehensive Tax Inflation Adjustment (Note 12)](index=36&type=section&id=Comprehensive%20Tax%20Inflation%20Adjustment%20(Note%2012)) The Group applies tax inflation adjustment for determining taxable net profits, as conditions for its applicability (IPC variation thresholds) have been met since December 31, 2019. This adjustment impacts current and deferred income tax - Tax inflation adjustment is applied for determining taxable net profits, as the accumulated IPC variation thresholds (e.g., **>100%** over 36 months, **>15%** for the third fiscal year) have been met since December 31, 2019[183](index=183&type=chunk)[184](index=184&type=chunk) [Measures on the Argentine Economy (Note 13)](index=37&type=section&id=Measures%20on%20the%20Argentine%20Economy%20(Note%2013)) Argentina's new government, taking office in December 2023, implemented measures aimed at fiscal balance, subsidy reduction, and economic flexibilization, including a significant peso devaluation. The 'Bases Act' (Law No. 27742) modifies energy sector regulations to promote private initiatives and market competition. Foreign exchange market restrictions have been loosened, and corporate income tax rates were adjusted based on a staggered structure - The Argentine government implemented measures for fiscal balance, leading to a primary financial surplus and inflation slowdown, following a significant peso devaluation in December 2023[186](index=186&type=chunk)[187](index=187&type=chunk) - The 'Bases Act' (Law No. 27742) modifies energy sector laws to reduce government intervention, promote free trade, and consolidate the federal energy regime, including combining gas and electricity regulating entities[189](index=189&type=chunk)[190](index=190&type=chunk)[192](index=192&type=chunk) - Foreign exchange market regulations were loosened on **April 11, 2025**, establishing a floating exchange rate band, eliminating certain export income liquidation mechanisms, removing individual purchase limits for USD, and authorizing dividend distribution to foreign shareholders for fiscal years commencing 2025[194](index=194&type=chunk)[195](index=195&type=chunk) - Corporate income tax rates for fiscal year 2025 are staggered: **25%** up to **ARS 101.7 million** taxable net profit, **30%** up to **ARS 1,016.8 million**, and **35%** on the exceeding amount[196](index=196&type=chunk) [Restrictions on Profit Distributions (Note 14)](index=39&type=section&id=Restrictions%20on%20Profit%20Distributions%20(Note%2014)) Profit distributions are subject to statutory reserve requirements (5% of profits until 20% of share capital is reached), a 7% dividend tax for natural persons and foreign legal entities, and specific requirements outlined in certain loan agreements - **5%** of annual profits must be assigned to the statutory reserve until it reaches **20%** of the Company's share capital[198](index=198&type=chunk) - Dividends distributed to natural persons and foreign legal entities are subject to a **7%** withholding tax for fiscal years closed after December 31, 2017[198](index=198&type=chunk) - Certain loan agreements (Notes 7.3.1, 7.3.3, 7.3.4, and 7.3.8) impose additional requirements for dividend distribution[199](index=199&type=chunk) [Collaterals Granted (Note 15)](index=39&type=section&id=Collaterals%20Granted%20(Note%2015)) Central Puerto S.A. has granted various collaterals, including a surety bond for the Piedra del Águila hydroelectric power station concession extension, pledges on shares of TSM and TMB for FONINVEMEM trusts, and T-BILLs for specific loan agreements - CPSA submitted a **USD 4,500,000** surety bond for the extension of the Piedra del Águila hydroelectric power station concession agreement[200](index=200&type=chunk) - The Group pledged **100%** of shares in TSM and TMB as collateral for obligations related to FONINVEMEM trusts[201](index=201&type=chunk) - T-BILLs have been granted as compliance collaterals for agreements described in Notes 7.3.10 and 7.3.11[202](index=202&type=chunk) [Subsequent Events (Note 16)](index=39&type=section&id=Subsequent%20Events%20(Note%2016)) There are no other events or operations between the closing date of the fiscal year and the issuance date of these financial statements that could significantly affect those financial statements - No significant subsequent events occurred between the fiscal year closing date and the financial statements issuance date[203](index=203&type=chunk) Exhibits to the Consolidated Financial Statements This section provides detailed exhibits on Central Puerto S.A.'s property, intangible assets, provisions, cost of sales, foreign currency, and operating expenses [Property, Plant and Equipment (Exhibit A)](index=40&type=section&id=Property,%20Plant%20and%20Equipment%20(Exhibit%20A)) As of June 30, 2025, the net result of property, plant, and equipment increased to ARS 1,914,446,540 thousand from ARS 1,862,119,226 thousand at December 31, 2024, primarily due to additions in machines, equipment, and ongoing works, partially offset by depreciation Property, Plant and Equipment (as of June 30, 2025 vs. Dec 31, 2024) | Category | Acquisition Cost (June 30, 2025, ARS Thousands) | Net Result (June 30, 2025, ARS Thousands) | Net Result (Dec 31, 2024, ARS Thousands) | | :--- | :--- | :--- | :--- | | Lands and buildings | 491,469,361 | 404,695,968 | 413,373,263 | | Machines, equipment, turbo generators and auxiliary equipment | 2,281,596,288 | 951,219,556 | 947,232,740 | | Wind turbines | 533,095,145 | 377,427,781 | 390,848,223 | | Ongoing works | 397,876,618 | 397,878,618 | 324,154,090 | | Total Property, Plant and Equipment | 3,868,470,877 | 1,914,446,540 | 1,862,119,226 | - Additions to property, plant, and equipment for the six-month period ended June 30, 2025, amounted to **ARS 113,419,518 thousand**, with significant contributions from machines, equipment, and ongoing works[205](index=205&type=chunk) [Intangible Assets (Exhibit B)](index=41&type=section&id=Intangible%20Assets%20(Exhibit%20B)) Intangible assets, primarily concession rights for electric energy generation and supply agreements, showed a slight decrease in net result to ARS 34,365,531 thousand as of June 30, 2025, from ARS 35,353,384 thousand at December 31, 2024, due to amortizations Intangible Assets (as of June 30, 2025 vs. Dec 31, 2024) | Category | Acquisition Cost (June 30, 2025, ARS Thousands) | Net Result (June 30, 2025, ARS Thousands) | Net Result (Dec 31, 2024, ARS Thousands) | | :--- | :--- | :--- | :--- | | Concession right for electric energy generation in the Piedra del Aguila Complex | 379,913,464 | 220,000 | 440,000 | | Supply agreements turbo gas and turbo steam of Brigadier Lopez Power Station | 31,038,842 | 20,071,399 | 20,858,202 | | Total Intangible Assets | 601,357,214 | 34,365,531 | 35,353,384 | - Amortization of intangible assets for the six-month period ended June 30, 2025, amounted to **ARS 987,853 thousand**[209](index=209&type=chunk) [Provisions Deducted from Assets and Included in Liabilities (Exhibit E)](index=42&type=section&id=Provisions%20Deducted%20from%20Assets%20and%20Included%20in%20Liabilities%20(Exhibit%20E)) Provisions for assets, mainly inventories and trade receivables, remained relatively stable. Current provisions for liabilities, specifically for trials and claims, slightly decreased to ARS 3,360,774 thousand as of June 30, 2025, from ARS 3,384,131 thousand at December 31, 2024 Provisions (as of June 30, 2025 vs. Dec 31, 2024) | Category | At Closing (June 30, 2025, ARS Thousands) | At Closing (Dec 31, 2024, ARS Thousands) | | :--- | :--- | :--- | | ASSETS - Inventories | 11,786,849 | 11,786,849 | | ASSETS - Provision for the impairment of trade receivables | 183,191 | 103,247 | | LIABILITIES - Provisions for trials and claims | 3,360,774 | 3,384,131 | - Increases in provisions for the impairment of trade receivables amounted to **ARS 95,502 thousand** for the six-month period ended June 30, 2025[211](index=211&type=chunk) [Cost of Sales (Exhibit F)](index=43&type=section&id=Cost%20of%20Sales%20(Exhibit%20F)) Total cost of sales increased by 11.69% for the six-month period ended June 30, 2025, compared to the same period in 2024. This was primarily driven by higher purchases and operating expenses, partially offset by a decrease in forestry growth and revaluation of biological assets Cost of Sales (6 months ended June 30) | Component | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Purchases | 83,700,085 | 49,777,675 | +68.16% | | Operating expenses | 193,774,397 | 197,417,281 | -1.84% | | Forestry production expenses | 5,683,428 | 5,923,631 | -4.06% | | Forestry growth and revaluation of biological assets | 11,272,453 | 21,515,844 | -47.61% | | Total cost of sales | 281,011,999 | 251,602,823 | +11.69% | [Financial Assets and Liabilities in Foreign Currency (Exhibit G)](index=44&type=section&id=Financial%20Assets%20and%20Liabilities%20in%20Foreign%20Currency%20(Exhibit%20G)) The Group's financial assets in foreign currency decreased, while current liabilities in foreign currency, particularly debts and loans accruing interest, increased significantly as of June 30, 2025, compared to December 31, 2024. The majority of foreign currency exposure is in USD Financial Assets and Liabilities in Foreign Currency (as of June 30, 2025 vs. Dec 31, 2024) | Category | June 30, 2025 (ARS Thousands) | December 31, 2024 (ARS Thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current assets (USD) | 128,636,827 | 172,639,781 | -25.50% | | Current assets (USD & EUR) | 393,333,151 | 316,494,198 | +24.29% | | Non-current liabilities (USD) | 210,209,840 | 332,050,830 | -36.69% | | Current liabilities (USD, EUR, SEK) | 336,068,637 | 177,769,996 | +89.05% | - The effective exchange rate for USD was **ARS 1,194-1,196** for assets and **ARS 1,205** for liabilities as of June 30, 2025[215](index=215&type=chunk)[216](index=216&type=chunk) [Operating Expenses and Forestry Production Expenses (Exhibit H)](index=45&type=section&id=Operating%20Expenses%20and%20Forestry%20Production%20Expenses%20(Exhibit%20H)) Total operating expenses and forestry production expenses for the six-month period ended June 30, 2025, remained relatively stable compared to 2024. Key expense categories include compensations to employees, depreciation, and services fees Operating Expenses and Forestry Production Expenses (6 months ended June 30) | Expense Category | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Expenses for compensations to employees | 65,775,417 | 67,705,165 | -2.85% | | Depreciation of property, plant and equipment | 59,945,714 | 66,857,878 | -10.34% | | Services fees and retributions | 33,429,475 | 25,318,957 | +32.04% | | Maintenance expenses | 33,619,436 | 27,888,440 | +20.55% | | Total Operating Expenses and Forestry Production Expenses | 240,524,623 | 241,558,902 | -0.43% | Individual Financial Statements This section presents Central Puerto S.A.'s individual income, balance sheet, cash flows, accounting basis, and investments in subsidiaries [Individual Statement of Income and Comprehensive Income](index=47&type=section&id=INDIVIDUAL%20STATEMENT%20OF%20INCOME%20AND%20COMPREHENSIVE%20INCOME) Central Puerto S.A.'s individual net profit for the six-month period ended June 30, 2025, significantly increased by 264.5% year-over-year, reaching ARS 173,362,731 thousand. This was primarily driven by a substantial increase in interest in the net income of associates and subsidiaries, despite a negative impact from exposure to changes in currency purchasing power Individual Statement of Income Highlights (6 months ended June 30) | Metric | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Income from ordinary operations | 301,704,430 | 268,003,695 | +12.57% | | Gross income | 112,797,245 | 108,052,873 | +4.39% | | Operating income | 106,366,505 | 109,659,843 | -2.99% | | Interest in the net income (loss) of associates and subsidiaries | 137,140,304 | 74,738,762 | +83.50% | | Income (loss) before income tax | 208,292,616 | 26,596,062 | +683.17% | | Net profit for the period | 173,362,731 | 47,557,161 | +264.55% | | Basic and diluted profit per share (ARS) | 115.37 | 22.70 | +408.24% | [Individual Balance Sheet](index=48&type=section&id=INDIVIDUAL%20BALANCE%20SHEET) As of June 30, 2025, Central Puerto S.A.'s individual total assets increased by 9.0% compared to December 31, 2024, primarily driven by growth in non-current assets, especially investments in subsidiaries. Total liabilities also increased by 15.3% Individual Balance Sheet Highlights (as of June 30, 2025 vs. Dec 31, 2024) | Metric | June 30, 2025 (ARS Thousands) | December 31, 2024 (ARS Thousands) | Change | | :--- | :--- | :--- | :--- | | Total assets | 2,673,693,030 | 2,453,442,862 | +9.00% | | Non-current assets | 2,384,252,346 | 2,190,889,484 | +8.82% | | Investment in subsidiaries | 1,093,556,885 | 961,695,020 | +13.71% | | Total equity | 2,233,802,381 | 2,071,803,457 | +7.82% | | Total liabilities | 439,890,649 | 381,639,405 | +15.26% | [Individual Statement of Cash Flows](index=49&type=section&id=INDIVIDUAL%20STATEMENT%20OF%20CASH%20FLOWS) For the six-month period ended June 30, 2025, net cash flow from individual operating activities increased by 142.0% year-over-year. However, net cash flow used in investment activities increased substantially, while financing activities shifted from a net use to a net inflow Individual Statement of Cash Flows Highlights (6 months ended June 30) | Cash Flow Activity | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Net cash flow from operating activities | 112,135,504 | 46,335,783 | +142.00% | | Net cash flow used in investment activities | (136,653,757) | (7,579,862) | +1703.00% | | Net cash flow from (used in) financing activities | 24,677,352 | (40,174,371) | N/A | | Net increase (decrease) in cash and short-term placements | 159,099 | (1,418,450) | N/A | | Cash and equivalents as of June 30 | 386,289 | 198,433 | +94.67% | - The significant increase in cash used in investment activities is mainly due to higher acquisition of property, plant and equipment, and inventory (**ARS 100,820,629 thousand** in 2025 vs. **ARS 51,399,849 thousand** in 2024) and contributions to subsidiaries[224](index=224&type=chunk) [Presentation Basis of the Individual Financial Statements (Note 1)](index=50&type=section&id=Presentation%20Basis%20of%20the%20Individual%20Financial%20Statements%20(Note%201)) The individual financial statements are prepared in accordance with IFRS, as adopted by CNV and FACPCE, and apply the same presentation basis, accounting policies, judgments, estimates, and assumptions as the consolidated financial statements - Individual financial statements are prepared under IFRS, as per CNV Regulations and FACPCE Technical Resolution No. 26[226](index=226&type=chunk) - The presentation basis, accounting policies, estimates, and assumptions are consistent with those used for the consolidated financial statements[227](index=227&type=chunk) [Interest in Subsidiaries (Exhibit C)](index=51&type=section&id=Interest%20in%20Subsidiaries%20(Exhibit%20C)) The Group holds 100% direct and indirect interest in several key subsidiaries, including CP Renovables S.A., Proener S.A.U., Vientos La Genoveva S.A.U., Vientos La Genoveva II S.A.U., and Puerto Energia S.A.U. The total value recorded for investments in subsidiaries increased to ARS 1,093,556,885 thousand as of June 30, 2025, from ARS 961,695,020 thousand at December 31, 2024 Investment in Subsidiaries (as of June 30, 2025 vs. Dec 31, 2024) | Subsidiary | % of Direct and Indirect Interest | Value Recorded (June 30, 2025, ARS Thousands) | Value Recorded (Dec 31, 2024, ARS Thousands) | | :--- | :--- | :--- | :--- | | Central Vuelta de Obligado S.A. | 55.89% | 2,275,809 | 2,057,577 | | CP Renovables S.A. | 100.00% | 240,483,705 | 183,805,814 | | Proener S.A.U. | 100.00% | 608,523,469 | 642,176,764 | | Vientos La Genoveva S.A.U. | 100.00% | 69,831,716 | 67,559,738 | | Vientos La Genoveva II S.A.U. | 100.00% | 81,826,039 | 65,256,698 | | Puerto Energia S.A.U. | 100.00% | 616,147 | 238,431 | | Total Investment in Subsidiaries | | 1,093,556,885 | 961,695,020 | Brief for the Fiscal Years Ended June 30, 2025, 2024, 2023, 2022 and 2021 This section offers a comparative brief of Central Puerto S.A.'s financial performance, cash flows, statistical data, financial indexes, and future perspectives [General Comments (Section 1)](index=52&type=section&id=General%20Comments%20(Section%201)) Central Puerto S.A. reported a net income before tax of ARS 203,932 million for the first half of 2025, a significant increase from ARS 117,755 million in 2024. This growth was driven by higher spot market sales, increased positive income from associates and fair value investments, and lower loan interest, partially offset by reduced operating income from exchange differences and client interest, and higher negative income from currency purchasing power changes - Operating income for the first six months of 2025 was **ARS 160,648 million**, a decrease from **ARS 177,745 million** in 2024, mainly due to lower operating income from net exchange differences and client interest (CVO receivables), and lower forestry income[231](index=231&type=chunk)[232](index=232&type=chunk) - Net income before income tax for H1 2025 was **ARS 203,932 million**, up from **ARS 117,755 million** in H1 2024, primarily due to higher positive income from associates and fair value investments, and lower financial costs[233](index=233&type=chunk)[234](index=234&type=chunk) - Net income per share for H1 2025 was **ARS 115.37**, a substantial increase from **ARS 22.70** per share in H1 2024[236](index=236&type=chunk) [Summary of the Accounting Information (Section 2)](index=53&type=section&id=Summary%20of%20the%20Accounting%20Information%20(Section%202)) The accounting information, presented in constant purchasing power currency, shows a 1.4% increase in total assets and a 4.8% decrease in total liabilities for Central Puerto S.A. as of June 30, 2025, compared to June 30, 2024. Net income for the period significantly increased by 218.8% Comparative Equity Structure (as of June 30) | Metric | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Total assets | 3,198,559,995 | 3,154,395,923 | +1.40% | | Total liabilities | 910,907,437 | 956,714,270 | -4.89% | | Equity | 2,287,652,558 | 2,197,681,653 | +4.09% | Comparative Income (Loss) Structure (6 months ended June 30) | Metric | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Income from ordinary operations | 437,886,905 | 426,707,751 | +2.62% | | Operating income | 160,648,125 | 177,744,817 | -9.62% | | Income before income tax | 203,931,771 | 117,755,340 | +73.19% | | Net income (loss) for the period | 176,188,752 | 55,271,477 | +218.79% | [Comparative Cash Flow Structure (Section 3)](index=55&type=section&id=Comparative%20Cash%20Flow%20Structure%20(Section%203)) Net cash flows from operating activities increased significantly by 78.4% for the six-month period ended June 30, 2025, while net cash used in investment activities saw a substantial increase. Net cash used in financing activities decreased by 73.9% Comparative Cash Flow Structure (6 months ended June 30) | Cash Flow Activity | June 30, 2025 (ARS Thousands) | June 30, 2024 (ARS Thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Net cash flows from operating activities | 146,494,756 | 82,125,216 | +78.38% | | Net cash flows used in investment activities | (122,270,255) | (15,561,670) | +685.72% | | Net cash flows used in financing activities | (21,899,557) | (84,012,754) | -73.93% | | Cash and short-term placements as of June 30 | 6,389,128 | 6,798,833 | -5.99% | [Comparative Statistical Data (Section 4)](index=55&type=section&id=Comparative%20Statistical%20Data%20(Section%204)) For the six-month period ended June 30, 2025, the volume of sales decreased by 3.8% year-over-year, while net production also saw a 4.1% decrease Comparative Statistical Data (6 months ended June 30) | Metric | Unit | June 30, 2025 | June 30, 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | :--- | | Volume of sales | GWH | 10,171 | 10,578 | -3.85% | | Volume of purchases | GWH | 67 | 42 | +59.52% | | Net production | GWH | 10,104 | 10,536 | -4.10% | [Financial Indexes (Section 5)](index=55&type=section&id=Financial%20Indexes%20(Section%205)) As of June 30, 2025, Central Puerto S.A.'s creditworthiness improved, with the Equity/Total liabilities ratio increasing to 2.51 from 2.30 in 2024. The indebtedness ratio decreased, and profitability increased Financial Indexes (as of June 30) | Index | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Current ratio (Current asset / Current liability) | 1.31 | 2.13 | -38.49% | | Creditworthiness (Equity / Total liabilities) | 2.51 | 2.30 | +9.13% | | Indebtedness (Total liabilities / Equity) | 0.40 | 0.44 | -9.09% | | Restricted capital (Non-current assets/ Total assets) | 0.80 | 0.82 | -2.44% | | Profitability (Income (loss) / Average equity) | 0.08 | 0.03 | +166.67% | [Perspectives for the Current Period (Section 6)](index=56&type=section&id=Perspectives%20for%20the%20Current%20Period%20(Section%206)) Central Puerto S.A. plans to focus on improving efficiency in generation unit management and resource administration. The company is expanding its electric power generation capacity with new projects, including the San Carlos solar farm (10 MW) and the closing of the combined cycle of the Brigadier Lopez thermal power station (additional 140 MW), both expected to start operation in 2025 - The Company's future focus is on improving efficiency in generation unit management and resource administration[246](index=246&type=chunk) - New projects include the construction of Parque Solar San Carlos (**10 MW**) and the closing of the combined cycle of the Brigadier Lopez thermal power station (additional **140 MW**), both expected to commence operation during 2025[247](index=247&type=chunk) - The Company aims to continue expanding its electric power generation capacity and forestry production, reinforcing its position as a leading company in these sectors[248](index=248&type=chunk) Auditor's Reports and Statutory Audit Committee's Report This section includes independent auditor's reports on consolidated and individual financial statements, the Statutory Audit Committee's report, and Professional Council Certification [Report on the Review of the Interim Condensed Consolidated Financial Statements](index=57&type=section&id=Report%20on%20the%20Review%20of%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) Pistrelli, Henry Martin y Asociados S.A. (Ernst & Young Global Limited) reviewed Central Puerto S.A.'s interim condensed consolidated financial statements for the six-month period ended June 30, 2025, in accordance with IAS 34 and ISRE 2410. The review found no significant misstatements, concluding that the statements are prepared in all significant aspects according to IAS 34 and relevant regulations - The review was conducted by Pistrelli, Henry Martin y Asociados S.A. (Pablo Decundo, Partner) as per International Standard on Review Engagements 2410 (ISRE 2410)[251](index=251&type=chunk)[258](index=258&type=chunk) - The auditor concluded that nothing came to their attention indicating the consolidated financial statements are not prepared, in all significant aspects, in accordance with IAS 34[253](index=253&type=chunk) - The accrued debt regarding contributions to the Argentine Social Security System as of June 30, 2025, amounts to **ARS 1,060,385,742**, which is non-enforceable as of this date[258](index=258&type=chunk) [Report on the Review of the Interim Condensed Individual Financial Statements](index=60&type=section&id=Report%20on%20the%20Review%20of%20the%20Interim%20Condensed%20Individual%20Financial%20Statements) Pistrelli, Henry Martin y Asociados S.A. also reviewed Central Puerto S.A.'s interim condensed individual financial statements for the six-month period ended June 30, 2025, under IAS 34 and ISRE 2410. The review found no significant issues, affirming compliance with IAS 34 and legal regulations - The review of individual financial statements was performed by Pistrelli, Henry Martin y Asociados S.A. (Pablo Decundo, Partner) in accordance with ISRE 2410[259](index=259&type=chunk)[261](index=261&type=chunk)[265](index=265&type=chunk) - The auditor found no indication that the individual financial statements are not prepared, in all significant aspects, in accordance with IAS 34[262](index=262&type=chunk) - The accrued debt regarding contributions to the Argentine Social Security System as of June 30, 2025, amounts to **ARS 1,060,385,742**, non-enforceable as of this date[265](index=265&type=chunk) [Statutory Audit Committee's Report](index=63&type=section&id=Statutory%20Audit%20Committee's%20Report) The Statutory Audit Committee examined Central Puerto S.A.'s individual and consolidated financial statements, verifying consistency with corporate decisions and legal compliance. Based on their work and the independent auditor's reports, they found no observations regarding the preparation of the interim financial statements in accordance with the Business Entities Act, CNV, and IAS 34 - The Statutory Audit Committee's work focused on verifying consistency between financial statements and corporate decisions, and compliance with legal and bylaws requirements[268](index=268&type=chunk) - The Committee relied on the independent auditor's reports and found no significant issues, concluding that the interim financial statements comply with the Business Entities Act, CNV, and IAS 34[268](index=268&type=chunk)[269](index=269&type=chunk) [Professional Council Certification](index=65&type=section&id=Professional%20Council%20Certification) The Professional Council of Economic Sciences of the City of Buenos Aires certified the professional work of Pablo Gabriel Decundo, Public Accountant, for the interim consolidated financial statements of Central Puerto S.A. for the period ended June 30, 2025, confirming license validity and formal controls - The Professional Council certified the professional work of Pablo Gabriel Decundo for the interim consolidated financial statements of Central Puerto S.A. as of August 7, 2025[273](index=273&type=chunk) - The certification confirms the validity of the license and formal controls, but does not imply a technical judgment on the professional work[273](index=273&type=chunk)[275](index=275&type=chunk) [Signatures](index=67&type=section&id=Signatures) The report is duly signed on behalf of Central Puerto S.A. by Leonardo Marinaro, Attorney-in-Fact, on August 14, 2025, in compliance with the Securities Exchange Act of 1934 - The report was signed by Leonardo Marinaro, Attorney-in-Fact for Central Puerto S.A., on August 14, 2025[279](index=279&type=chunk)

Core Viewpoint - Central Puerto S.A., one of the largest private power generation companies in Argentina, announced the release date for its second quarter 2025 financial results, which will be on August 11, 2025 [2]. Group 1 - The financial results for the second quarter ended June 30, 2025, will be released on Monday, August 11, 2025 [2]. - The company's management will host a conference call and webcast to discuss the results on the same day at 12:00 p.m. Eastern Time [2][3]. - A live webcast link will be available in the "Investors" section of the company's website, and a replay will be accessible shortly after the event [3].

Group 1 - Central Puerto (NYSE: CEPU) has undergone a significant phase of strategic consolidation since March, characterized by an internal transformation and a macroeconomic and regulatory environment that is aligning with market logic [1] Group 2 - The article reflects the author's personal opinions and does not constitute financial advice, emphasizing the importance of individual analysis in investment decisions [2][3][4]

Core Insights - The article discusses the author's background as a sell-side stock analyst focused on value investing, emphasizing the identification of undervalued companies with sustainable competitive advantages [1] - The author highlights a significant increase in their IRA, which grew by 33.15% from May 27, 2022, to May 25, 2025, indicating a successful investment strategy [1] Group 1 - The author has a strong academic background with a BSBA and MS in Mathematics from Shawnee State University [1] - The focus of the analysis is on companies across various sectors that are undervalued [1] - The author expresses a desire to share investment ideas and insights with others in the investment community [1] Group 2 - There is a disclosure stating that the author does not hold any stock or derivative positions in the companies mentioned but may initiate a long position in CEPU within the next 72 hours [2] - The article is presented as the author's own opinions without any compensation from the companies discussed [2] - The author has no business relationships with any of the companies mentioned in the article [2]