Central Puerto(CEPU) - 2025 Q4 - Annual Report

Financial Performance - 4Q25 Adjusted EBITDA was US$ 84.7 million, a 16% decrease from US$ 101.1 million in 3Q25, while FY25 Adjusted EBITDA reached US$ 337.2 million, a 17% increase from US$ 288.0 million in FY24[8] - Revenues from sales in 4Q25 totaled US$ 172.8 million, a 26% decrease quarter-over-quarter from US$ 233.9 million in 3Q25, while FY25 revenues reached US$ 782.6 million, a 17% increase year-over-year from US$ 671.3 million in FY24[8] - Net income for 2025 surged to $254.1 million, a 389% increase from $52.0 million in 2024[37] - Operating income for FY25 was US$ 265.1 MM, compared to US$ 170.3 MM in FY24, marking a significant increase[41] - Total operating expenses for FY25 were US$ 574.3 MM, up from US$ 477.5 MM in FY24[42] - FY25 total revenues reached US$ 782.6 MM, a 17% increase year-over-year compared to FY24 revenues of US$ 671.3 MM[40] - Energy sales accounted for 91% of total revenues in FY25, totaling US$ 712.3 MM, which is a 20% increase from FY24's US$ 595.4 MM[40] Generation and Capacity - Total generation volumes in 4Q25 were 3,957 GWh, representing a 13% decrease compared to 3Q25 (4,539 GWh) and a 27% decline versus 4Q24 (5,416 GWh)[25] - Annual electricity generation in 2025 totaled 142,789 GWh, with renewable generation increasing by 16.5% year-over-year, supplying approximately 19% of total demand[23] - Installed capacity increased to 6,938 MW, with thermal capacity at 4,923 MW, representing 71% of total capacity[29] - The company reported a total installed capacity of 6,938 MW across various energy plants, including thermal, hydro, wind, and solar technologies[55] - The company incorporated 80 MW of new solar capacity from the acquired Cafayate asset in August 2025, contributing to higher generation volumes[40] Debt and Financing - As of December 31, 2025, total outstanding gross debt was US$ 337.8 million, with net financial debt at US$ 106.3 million and a net leverage ratio of 0.32x Adjusted EBITDA[13] - The company signed a US$ 300 million A/B syndicated loan with the International Finance Corporation (IFC) to finance the privatization fee of Piedra del Aguila and the battery energy storage project[13] - The outstanding gross debt balance at the end of FY25 was US$ 337.8 MM, with a net debt of US$ 106.3 MM after accounting for cash[48] Capital Expenditures and Investments - Total capital expenditures in 2025 reached US$ 202.4 million, including US$ 48.5 million for the acquisition of the Cafayate solar farm[9] - Net cash flows used in investing activities increased to US$ 189.4 million in FY2025 from US$ 159.7 million in FY2024, primarily due to higher acquisitions of property, plant, and equipment[54] Market Position and Strategy - The company was awarded the concession for the Piedra del Aguila hydroelectric facility, extending its operating term through 2055, with a winning bid of US$ 245 million paid in January 2026[8] - The San Carlos solar farm achieved commercial operation in November 2025, adding 15 MW of renewable capacity, which, along with the Cafayate project, doubled the company's installed solar capacity and increased the total renewable portfolio by 20%[8] - The company plans to expand its renewable energy portfolio, with several wind and solar projects expected to contribute to future capacity growth[55] - The company anticipates continued focus on operational efficiency and strategic investments to enhance its market position in the energy sector[63] Shareholder Returns - The Board of Directors initiated a 180-day share buyback program, authorizing the repurchase of up to US$ 20.0 million in shares, with US$ 2.54 million utilized to repurchase 2,756,000 shares to date[49] Other Financial Metrics - Cash and cash equivalents as of December 31, 2025, were US$ 25.8 MM, with total financial current assets at US$ 231.5 MM[46] - Cash and cash equivalents at the end of the period increased to US$ 25.8 million in 2025 from US$ 3.7 million in 2024[54] - Total assets decreased from US$ 2,578 million in 2024 to US$ 2,515 million in 2025, reflecting a decline of approximately 2.4%[51] - Total equity attributable to shareholders of the parent remained stable at US$ 1,748 million in 2025, compared to US$ 1,743 million in 2024[51] Operational Efficiency - Total thermal average availability improved to 77%, up from 67% in 2024[34] - Adjusted EBITDA is expected to provide useful supplemental information about the company's core operating performance, excluding certain non-recurring items[70] - Adjusted EBITDA does not account for cash requirements related to working capital, finance expenses, income taxes, or asset replacements[73] - The calculation of Adjusted EBITDA may vary among companies, affecting its comparability[73]