Central Puerto S.A. American Depositary Shares (each represents ten Common Shares) 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Central Puerto S.A. reported second quarter 2026 adjusted EBITDA of $145.0 million, up 20.1% quarter on quarter and 136.2% year on year.
- Revenues totaled $453.3 million, increasing 82.3% quarter on quarter and 165.8% year on year, including $176.4 million from spot CVP related to self-procured fuel.
- Total generation was 5,250 gigawatt hours, representing approximately 15% of Argentina's grid, down 3.1% from the first quarter but up 20.1% year on year.
- Capital expenditures for the first half of 2026 were $421.9 million, including $245.0 million for the Piedra del Aguila concession, $50.0 million for oil and gas block acquisition, $106.0 million for battery storage projects, and $20.9 million for maintenance and other items.
- Net financial leverage was 1.2 times adjusted EBITDA, with net financial debt of $493.4 million and last 12 months adjusted EBITDA of $403.8 million.
- In April, the company issued Class D notes for $130.1 million at 6%, and in July issued Class E notes for $94.3 million at 5.5%.
- Battery storage projects are on schedule with construction 69% complete at Nuevo Puerto and 54% at Central Costanera, expected to be energized between October and November 2026 and commercially operational in Q4 2026, contributing $25 to $27 million to adjusted EBITDA in 2027.
- The company holds more than 35% market share in the Resolution 400 term market and serves over 120 large industrial customers plus 16 distribution companies.
- Generation from legacy steam turbines declined 17% quarter on quarter, Piedra del Aguila output increased 112.9%, renewable generation decreased 17%, and the Lujan de Cuyo gas turbine remains out of service.
- Thermal fleet availability was 87.0%, with steam production up 45.4% quarter on quarter but down 16.0% year on year.
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Transcript
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Good morning, ladies and gentlemen. Welcome to the Central Puerto's second quarter of 2026 earnings conference call. A slide presentation is accompanying today's webcast and will be also available on the investor section of the company's website, www.centralpuerto.com/en/investors. All participants will be in a listen-only mode during the presentation. After that, there will be an opportunity to ask questions. Please note this event is being recorded. If you do not have a copy of the press release, please refer to the investor relations support section on the company's corporate website at www.centralpuerto.com. In addition, a replay of today's call will be available in upcoming days by accessing the website link at the same section of the Central Puerto's website.
Our host today will be Mr. Fernando Bonnet, Central Puerto CEO, Mr. Enrique Terraneo, the company's CFO, Mrs. María Laura Feller, Head of Investor Relations, and Mr. Alejandro Díaz López, Head of Corporate Finance. María Laura, please go ahead.
Thank you very much. Good morning and welcome, everyone. We are joining you today from Buenos Aires with our management team to walk you through the results of the second quarter of 2026, and afterward, we will take your questions. Before we start, a couple of quick notes, both covered on slide 2. First, today's presentation includes forward-looking statements and non-IFRS measures, including adjusted EBITDA, so please keep our full disclaimer in mind as we go through the numbers. Also, to remind the audience, since January 1 of this year, our functional currency is the US dollar rather than the Argentine peso, and we have also refined how we convert historical peso figures into dollars. You will find the full detail in Note 2.2 to our financial statements. All figures are in US dollars unless otherwise stated. Let's turn to slide 3 for the highlights of the quarter.
Second quarter adjusted EBITDA came in at $145.0 million. That is up 20.1% versus the $120.7 million we posted in the first quarter and up 136.2% versus the $61.4 million posted in the second quarter of 2025. Revenues totaled $453.3 million, up 82.3% quarter-on-quarter from $248.6 million, and up 165.8% year-on-year from $170.5 million. This figure includes $176.4 million of spot CVP related to self-procured fuel. Total generation reached 5,250 gigawatt hours, representing approximately 15% of total generation on Argentina's grid. This was a 3.1% decrease from the first quarter's 5,420 gigawatt hours, but a 20.1% increase versus the 4,372 gigawatt hours generated in the second quarter of last year. On the investment side, capital expenditures for the first half of 2026 totaled $421.9 million.
This included $245.0 million for the Piedra del Águila concession, $50.0 million for the acquisition of the oil and gas blocks, $106.0 million for our battery storage projects, and $20.9 million in maintenance and other capital expenditures. Net financial leverage stood at 1.2 times adjusted EBITDA, with net financial debt of $493.4 million and last 12-month adjusted EBITDA of $403.8 million. FONINVEMEM collections from CAMMESA were $16.0 million in the quarter, and outstanding credit was $104.8 million. On the financing front, in April, we issued our Class D notes for $130.1 million at a 6% rate. In July, after quarter end, we issued our Class E notes for $94.3 million at a 5.5% rate. We also continued strengthening our commercial position. Our average market share in the Resolution 400 Term Market, or MAT, reached more than 35% in the second quarter.
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