Thank you very much. Good morning, and welcome everyone.

We are joining you today from Buenos Aires with our management team to report on the results of the first quarter of 2026 and to answer any questions you may have. Before we begin, I would like to remind everyone that today's presentation, as reference on slide 2, contains forward-looking statements and non-IFRS financial measures, including adjusted EBITDA.

These statements are based on management's current expectations and are subject to risks and uncertainty. Please refer to the full disclaimer in our slide deck and on our website for further information.

The company has changed its functional currency from Argentine pesos to US dollars effective January 1, 2026, applicable to 1Q 2026 financial figures. For previous quarters, figures are presented in US dollars converted from Argentine pesos using the reference exchange rate reported by the Argentine Central Bank at the end of each period.

With that, let us move to the highlights of the quarter. Turning to slide 3.

The first quarter 2026 was a strong quarter for Central Puerto, characterized by outstanding commercial execution and continued progress in market normalization following Resolution 425. Let me walk you through our key metrics.

Adjusted EBITDA reached $120.0 million, representing a 41.6% increase quarter-on-quarter versus $84.7 million in 4Q 2025 and 33.4% year-on-year growth versus $89.9 million in 1Q 2025. This result reflects the full benefit of new generation assets, commercial contracting gains, and the normalization of the wholesale electricity market.

Revenues totaled $248.6 million, up 43.8% quarter-on-quarter versus 4Q 2025 and up 26.7% year-on-year versus 1Q 2025, driven by higher contracted and spot revenues, the contribution of Brigadier López combined cycle, and the new solar farms added in 2025. Total generation for the quarter was 5,420 GWh, a 54.2% increase quarter-on-quarter, largely reflected by [upside on base solar animal?]

total generation, the restoration of Central Costanera combined cycle units, and the addition of new installed capacity. Capital expenditure for the quarter amounted to $301.0 million US, including the $225.0 million US transfer of Piedra del Águila shares following the concession award renewal, and $66.0 million US in BESS construction and maintenance works.

Our net financial leverage ratio stands at 1.06 times, with net financial debt of $390.8 million against the last 12 months adjusted EBITDA of $367.2 million. The FONINVEMEM credit outstanding balance is $105.8 million.

On the credit rating front, we received an upgrade to AAA from Moody's Argentina. From a strategic perspective, the concession renewal of Piedra del Águila for 30 years to January 2056 is a landmark achievement, securing a flagship hydro asset under a new long-term framework.

Additionally, our BESS project at the Central Puerto facility is advancing well, with 60% of site works completed, 32 concrete pads finished, and phase 1 of the 132 kV works done. Market normalization continues under Resolution 425, and Central Puerto has achieved a leading commercial position in the newly established term market.

More on that on the next slide. Moving to slide 4.

In the first quarter of 2026, Central Puerto achieved a decisive commercial breakthrough under the new market framework established by Resolution 400-25. Our contracting performance in the newly established term market, we could highlight that Central Puerto held number 1 market share in MAT P, the contracted capacity segments for thermal and hydro processes.

In MAT E, the contracted energy segment for thermal and hydro, Central Puerto held the number 2 market share. Overall, 44% of our 1Q 2026 revenues were generated from contracted sales, demonstrating our ability to quickly capitalize on market opportunities.

Turning to slide 5 for the earnings summary. First quarter 2026 adjusted EBITDA came in at $120.0 million US dollars, with an adjusted EBITDA margin reflecting efficient operations and a better revenue mix.

The 41.7% quarter-on-quarter increase was driven by higher spot revenues from market normalization under Resolution 400-2025; the contribution of the Brigadier López combined cycle, which achieved its COD in January 2026 with an additional gas turbine closing the CCGT configuration, adding 140 MW; full quarter contributions from our 2025 solar acquisitions, Cafayate and San Carlos; and the solid performance of our wind farms. On the revenue side, the 44% quarter-on-quarter increase to $248.6 million reflected contracted revenues growing from new PPA sales from Brigadier López, active participation in MAT contracting, and contributions from Piedra del Águila; spot revenues improving due to market normalization, restored volumes at Central Costanera following its 4Q 2025 maintenance, and $8 million from self-procured natural gas.

On a year-on-year basis, the 33.5% EBITDA growth and 27% revenue growth underscored a structural improvement in our earnings profile. Moving to slide 6 for a review of our generation and availability performance.

Total generation for the quarter was 5,420 GWh, up 54% quarter-on-quarter. This significant jump was primarily driven by the maintenance works of Central Costanera's Mitsubishi and Siemens combined cycle units, which had been under maintenance during 4Q 2025; the addition of Brigadier López combined cycle, which contributed incremental generation since its COD in January 2026, adding plus 229 MW to our installed capacity on a quarter-on-quarter basis.

In the first quarter, Central Puerto acquired 100% of the shares of Patagonia Energy S.A., or PESA, for a total consideration of $50 million. PESA holds a 10-year conventional exploitation license for the Aguada del Chivato and Aguada Bocarey blocks in Neuquén province, valid through May 2031.

The investment thesis is compelling for several reasons: the blocks cover over 27,000 oil-focused acres in the northern area of the Vaca Muerta play, an area adjacent to blocks that have already de-risked the black oil window of this world-class formation; low entry cost per acre and a limited exploratory phase plan with an existing oil treatment plant facility of 1,900 barrels per day already in operation; solid geological evidence of unconventional hydrocarbon potential in [target landing?] zones, assessed by qualified geologists based on existing conventional drilling data.

Under a successful development scenario, this is a potential R&D-related investment opportunity of up to $600 million to unlock the potential value of these assets. We are currently advancing a de-risking plan backed by international unconventional play experts.

Our balance sheet remains solid, though the quarter was capital-intensive due to the Piedra del Águila concession transfer. Total outstanding financial debt stands at $539.2 million against cash and financial current assets of around $148.4 million, resulting in a net financial debt of $390 million.

Against our last 12 months adjusted EBITDA of $367.2 million, this yields a net leverage ratio of 1.06 times. First quarter 2026 marks a pivotal inflection point for Central Puerto.

Our results reflect sustained revenue, margin, and EBITDA growth, driven by strong commercial execution, operational excellence, and the contribution of the new power generation assets incorporated through our capital plan over the past 2 years. Our 2026 outlook is constructive.

We expect continued operational excellence and financial performance, with BESS projects progressing toward their mid-2027 commercial [presentation?] , ongoing market normalization providing further revenue upside, and incremental contracting opportunities with large users and distribution companies materializing as the market matures.

We remain firmly committed to delivering long-term value for our shareholders, and we are excited about the opportunities ahead for Central Puerto. Thank you very much for your interest and confidence in Central Puerto.

Operator, please open the line for questions.

Hi. Good morning.

How are you? I got three questions.

First, in the first quarter, we observed that Costanera's generation rebound flowed primarily into the spot market rather than into contracted PPAs, with PPAs volume growth as we are seeing it would be more gradual, right, for 2026. Could you share with us how the migration towards more contracting and PPAs is progressing into 2026?

Then I got another question on how do you expect self-procurement in fuels affecting CEPU going forward? Do you expect to access gas transportation capacity through the Perito Moreno expansion, or do you see a reliance on CAMMESA's Plan Gas going forward?

Then I got a final question. Following the closing of the transaction with Patagonia Energy, could you walk us through the specific timeline for the two shale pilots, and have you been in conversations with other potential operating partners, or does it involve a standalone development?

Okay. Thank you for your question.

Going one by one, the first that you asked is related to the migration from the spot market to the contracted market. We are, in fact, in the first quarter and right now advanced in that area, for the first 20% that the regulation allows to us to sell to the private consumers, we are full contracted there right now.

We are now keep going in the other 80% that we can only sell to the distribution companies. This is the regulation as is right now.

We are starting to moving that 80% that we still sell to the spot market to negotiating with distribution companies. Right now we are having a good advance with them, and we expect that to have more news about that in next quarter.

That is the first question. The second you mentioned, I think, is related to the gas transportation.

In terms of gas transportation, we participated in the TGS auction. Was an auction very competitive, we have received less than we asked.

We received around 400,000 cubic meters, and we asked for 1.6 million, we are still trying to get in the next round of the TGS auction more gas transportation there. We are talking with distribution companies also to have more transportation.

In terms of the gas itself, we are working. Right now we still in the Plan Gas with CAMMESA, but we had advanced conversation with all gas producers to start buying our own gas.

I think that in the next 2 months we will have news related to that. It's not easy because there is no producer except Pampa that get out of Plan Gas, Pampa by using their own generation, there's no private producer yet outside the Plan Gas, but we have advanced conversation with some of them, and we expect news for the next 2 or 3 months in order to start buying the gas directly not through CAMMESA.

In terms of alternative fuels like diesel oil, fuel oil, and LNG or import gas, we are working and we are right now buying our own fuel and gas. We are having that set with CAMMESA.

The last one is the acquisition of PESA. We are, as Laura mentioned, we are working with a US company in order to develop the development phase for the two pilots, two or three wells that we are thinking on doing in order to confirm the resources there and work for the cinch with the province, but right now we don't have a fixed timing to comment.

We expect that this going to happen perhaps last quarter or this year or the first of the next one because you need to bring all the drilling sets and that's daytime right now four between 4 and 5 months. That would be the timing, but it's not fully closed yet.

Great. Thank you.

I got a follow-up on generation volumes going forward in 2026. Do you expect PPA contracted volumes to continue growing during 2026 or to stay steady as you shown in the first quarter, and what will happen with the spot market generation as well?

No, yes, as I mentioned before, we expect to increase our PPAs especially with distribution companies. That is the idea that we are looking for.

As I mentioned, we are in the private PPAs with big industries, we are almost at 100% of our capacity right now, regulated capacity, but we have something to do in related to distribution company. We can go up to that 20% when we start negotiation with distribution company.

That is what we are looking for the next quarters.

Great. Do you have a specific contract timeline of the new contracts, like they are a 1-year contract, 2-year contracts?

Yes. Normally, we are seeing, yes, 1 year or not more than 2 years, yes.

This is for thermal. When you go to renewables, that could be perhaps bigger than that, 3 years, 5 years.

Okay. Great.

Thank you.

You're welcome.

Hello. Good morning.

Can you hear me?

Yes, Tomás.

Okay. Congratulations on the result.

First, I have three questions. I will go one by one if that's okay.

Just a quick follow-up on the previous question. First, how much capacity do you consider can be able contracted under energy PPAs with DISCOs and industrial users, and how much have you effectively contracted to date?

Do you see feasible to close PPAs with DISCOs this year?

You asked about capacity, not energy. Capacity, we are fully contracted right now.

Our capacities are fully contracted. Previously I talk about energy, I think during this year, yes, we can have Of course, this is one by one.

Each DISCO have a process itself, but I expect to have contracts with DISCOs, or perhaps the first ones, during this year, yes.

Okay. The second one, regarding the TGS transport capacity, how much additional capacity do you still need to fully cover your fuel needs once Plan Gas expire, and how challenging do you think this will be considering current bottlenecks in the system?

The question says I think is very big to discuss in perhaps in a few minutes, but you need to consider that we more or less consume perhaps between 10 and 12 million cubic meters day, per day. This doesn't mean that we need all these firm capacity because there is a lot of capacity in the pipelines except in the winter time.

We want to have the capacity that we need for the contracts that we have, and this is less, much more less than the all gas that we consume. As I mentioned, in the TGS bidding process, we asked for 1.6 million, and we received 400, I think we want to at least cover that 1.6 million to have firm gas during winter, which is the period that is important to have it.

The rest of the year is not the transportation is not a problem, the problem is during perhaps 30, 45 days during winter. In that moment is when we going to need this additional firm capacity.

As I mentioned, 1.6, 2 million is what we expect to have.

Okay. The last one regarding your recently acquisition in Vaca Muerta, do you have an estimated CAPEX for the two or three wells that you think into develop?

No, not yet, but what we expect is the normal values that the industry have there is around $17 million per well.

Okay. Thank you.

Thank you very much.

Okay. You're welcome.

Okay. In terms of Vaca Muerta first, our plan is of course enter in the area and try to develop the area that we acquired.

That is our plan. It's an area of 20 27,000 acres, so that is a lot of to do there.

This is the first time that we enter in oil and gas business, we need to de-risk the area to start understanding the business, and this will be take perhaps a couple of years. Of course, we're going to look at opportunities if appear, but our first focus is to develop this area.

It's an area that could place a rig there, we need to work for the rig also and to have the set, this is our main focus right now to develop in Vaca Muerta. We're going to see how it works and if we could enlarge that.

In terms of leverage, it will depends on the opportunities. We're going to still see opportunities in M&A in our sector, in energy sector, coming from privates or coming from government auctions.

That's the leverage ratio going to depend on that opportunities that we can develop there that opportunities and. We are not expecting cross 2.

2.5 or that area, 2.5 times. It will depends on the opportunities appear and what we can get it or not.

Hi. I hope you can hear me now.

Yes.

Sorry, yeah, internet in London is crazy. Just taking back to the liberalization and spot market, maybe you mentioned it, but I couldn't hear you well, can you mention again what is the realized pricing in legacy energy and capacity?

How you see going forward with PPAs, you mentioned the private ones, but I also saw there's something about CAMMESA potential launching a small auction again.

A lot of questions in one, but going one by one, in terms of prices, there is no a clear market right now, each negotiation is by each, depending on the timing, depending on if you are acquiring renewables, if you are acquiring hydro, if you are acquiring thermal, it's not easy to set a price for the whole market. For sure are higher than the spot prices.

That's a good news. It's depending on, as I mentioned, the counterpart, if you are acquiring hydro or depending on the technology, but are better.

We are seeing better prices, much more better price than the spot market. In terms of new options or CAMMESA possible new options are coming or they are one option in place, which is the Alma Sayi auction is an option for battery storage system in the whole country, not as the previous one that we win.

It was related to AMBA area, to Buenos Aires area. This new auction is for the whole country, and this 700 MW of capacity, battery capacity, and we are looking to participate there.

We are developing projects to participate there. CAMMESA are talking about new capacity auctions, but it's not still launch it.

They expect to launch a capacity auction, thermal capacity auction for, I don't know, perhaps the second half of this year, but we don't have a precision about quantity of megawatts or a specifical regulation scheme. That's not completely say by CAMMESA yet.

I understand. Isn't that CAMMESA launching another thermal auction, isn't that a step back?

The whole idea of this liberalization was to move away from the CAMMESA PPAs, and now they're doing it again.

More or less, because all over the world, the capacity auction is launch it by the system regulator. It's not easy for distribution companies or privates to go for capacity, because depends on the growth of the demand, the whole system.

In Brazil do the same, and is a free market that was in Argentina. Chile and it's normal that the system regulator launch the capacity in advance, trying to look forward to the whole system demand and try to cover that.

It's not energy, it's capacity. I didn't see as a bad because the electricity energy will still be contracted by private companies and distribution companies, but the capacity is different.

I only see that capacity auction, no new PPAs related to energy. That is something that CAMMESA said that is not going back.

Capacity, especially when you are trying to look the system for 3, 4, 5, 10 years in advance, is something that the system regulator have a better understanding about the needs of the system in terms of capacity.

Okay. Thank you.

Just to clarify on thermal, spot, legacy, what is the realized price that you're getting at the moment? Because it's subject to this frac app.

No, you're saying in the spot market?

Yeah.

It's a combination. You have a capacity payments, and you have a

No, I'm talking about dispatch.

You talk about dispatch, or the variable price that we receive is depending on what fuel we use. To say something is around $40,000 per megawatt.

Yes, with gas, 40, $40-something thousand $40-something per megawatt, sorry, not thousand, dollars.

Okay. Understood.

Thank you.

It's depending on the efficiency of equipment, depending on the fuel that you use, but it's something around that.

Okay. Thank you.

Central Puerto is in a growing phase, marked by Piedra del Águila concession extension, portfolio expansion, market normalization, and diversification in strategic sectors. Thank you everyone for joining and for your interest in our company.

This is all for this quarter, have a great rest of the week and month. You may now disconnect.