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

We're joining you today from Buenos Aires with our management team to walk you through the results of the second quarter of 2026, and afterwards, we'll 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, 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've also refined how we convert historical peso figures into dollars.

You'll 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's 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 GWh, representing approximately 15% of total generation on Argentina's grid.

This was a 3.1% decrease from the first quarter's 5,420 GWh, but a 20.1% increase versus the 4,372 GWh 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 twelve months adjusted EBITDA of $403.8 million.

FONINVEM collections from CAMMESA were $16.0 million in the quarter, and outstanding credit was $104.8 MM dollars. 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. We now serve more than 120 large industrial customers plus 16 distribution and sub-distribution companies.

All together, contracted sales, combining PPAs, MAT, and MATER, represented 55% of our total sales volumes and 48% of our total revenues, including hydro sales under the terms of the concession. On our growth projects, our battery storage system projects are on schedule.

Construction is 69% complete at Nuevo Puerto and 54% complete at Central Costanera, with major equipment delivered or in transit, and installation progressing on schedule. We expect the projects to be energized between October and November, with commercial operation in the fourth quarter of this year.

Once operational, we expect these projects to contribute between $25 and $27 million to the adjusted EBITDA in 2027. In April, we closed the acquisition of the oil and gas blocks.

For now, we are maintaining technical due diligence previous to the [unclear]. Let's move to slide 4 for more detail on generation and our commercial development.

In the second quarter, total energy offered into the Argentine grid was 36,724 GWh, made up of 34,954 GWh of local generation plus approximately 1,770 GWh of imports. Central Puerto held more than 35% of the Resolution 400 term market share in the second quarter.

Looking at the monthly trend, our share increased significantly through the quarter, reaching 35% in June, reflecting the continued progress of our commercial contracting efforts. Turning to slide 5, let's look at revenues in more detail.

Revenues were $453.3 million, up 82.3% quarter-on-quarter and 165.8% year-on-year. Two things drove that growth.

First, contracted sales increased, primarily due to a full quarter of revenues from the Brigadier López plant under its power purchase agreement; higher contracted energy and capacity sales in the term market from Central Puerto, Central Costanera, Piedra del Águila, and Luján de Cuyo; and the reclassification of Piedra del Águila's hydro sales as contracted sales beginning in 2026, reflecting the pricing mechanism established under Article 9 of the concession terms. Second, spot sales increased due to higher capacity revenues resulting from seasonal capacity remuneration parameters applicable during the winter months, as well as the fuel cost component that is reflected in revenues when we self-procure fuel for spot generation.

In the second quarter, this included approximately $174 million of NG, LNG, and liquid fuels purchased directly. When CAMMESA supplies the fuel under the Gas Acuerdo program, that cost is managed by CAMMESA, and therefore is not recognized as revenue by the company.

Now to slide 6 for the adjusted EBITDA of the quarter. Adjusted EBITDA was $145.0 million, up 20.1% quarter-on-quarter and 136.2% year-on-year.

The improvement was mainly driven by the margin captured on self-procured liquid fuels and seasonal spot prices, together with new contracted thermal energy in the MAT. Let's move to slide 7 for generation and availability.

Total generation was 5,250 GWh this quarter. Compared to the first quarter, a few things moved in different directions.

Generation from our legacy steam turbines was down 17%, while Piedra del Águila more than doubled its output, up 112.9%, reflecting stronger hydrology. Renewable generation was down 17.0% quarter-on-quarter, and the Luján de Cuyo gas turbine unit was still out of service following the generator failure that occurred in the first quarter of last year.

Our thermal fleet remained reliable. Total thermal availability of combined cycles was 87.0%, and steam production totaled 781,742 tons, up 45.4% quarter-on-quarter, but down 16.0% year-on-year.

Central Puerto represented approximately 15% of total generation on Argentina's grid, or 15.9% including our FONINVEM plants at our working interest. Turning to slide 8, total capital expenditures for the first half of the year were $421.9 million.

This includes $245.0 million for the Piedra del Águila concession, $50.0 million for the oil and gas block acquisition, $106.0 million for our battery storage projects, and $20.9 million for maintenance and other items. The battery energy storage system projects have already executed 81% of the projects' total capital budget.

Construction is 69% complete at Nuevo Puerto and 54% at Central Costanera. Major equipment has either been delivered or is in transit, and installation is progressing on schedule.

We expect commercial operation in the fourth quarter of 2026. Once running, we expect these projects to add between $25 and $27 million EBITDA in 2027.

Now to slide 9 on our balance sheet and financial flexibility. As of June 30, our total outstanding financial debt was $671.9 million.

Against cash, cash equivalents, and financial current assets of $178.4 million, that leaves us with net debt of $493.4 million. Measured against our last 12 months adjusted EBITDA of $403.8 million, our net leverage ratio was 1.2 times, a healthy level that gives us financial flexibility.

On our debt maturity profile, we hold $178.4 million in cash and financial current assets today, and our maturities are well spread out over time, with $176.4 million coming due later this year, followed by moderate amounts in 2027 and 2028, and larger maturities in 2029 and 2030. On financing activity, in April, we issued our Class D notes for $130.1 million at a 6.0% rate with a 48-month bullet maturity.

In July, after the quarter closed, we issued our Class E notes for $94.3 million at 5.5% with a 36-month bullet maturity, mainly to fund working capital and fuel procurement needs. Thank you very much for your time and for your continued confidence in Central Puerto.

Operator, please open the line for questions.

Hi, team. Congratulations on the quarter.

I got a question on the material contribution from the self-procurement of fuels in the second quarter. How will we see it in the future?

In the third quarter, will be seeing something similar in revenues, or it depends on the fuel procurement in each quarter? If in the fourth quarter it's going to be lower, or as analysts what do we need to keep in mind to get a better understanding of it, and to project it better on our models?

Okay. Thank you, Matías, for your question and your interest in Central Puerto.

Regarding the fuel consumption and self-procurement, we see during July similar levels that we see in June. August is very early to have a final view if this winter, cold winter continues.

Perhaps we will see not as the same as June and July, but perhaps a little bit less, but some, of course, self-procurement of natural gas and a small portion of liquid fuels. We don't see a lot of liquid fuels coming on forward.

For the third quarter, you can expect during July same levels of self-consumption than in June. August less, perhaps a little bit less, a half could be a good number in terms of LNG, and not the same as liquid that, as I mentioned, we don't see a lot of liquid during August.

For sure, in terms of the fourth quarter, until we can start buying our own natural gas, local natural gas, which is not the case today because the Plan Gas.Ar 4 is still in place and it's not easy that the producers break that contract with CAMMESA and start signing new contracts with us. Because of that, we see a reduction in the fourth quarter of self-procurement fuel.

We are starting conversation with different providers so we can do something in terms of local gas, buying our own local gas, but not for all of our consumption. We start seeing some providers, some oil companies start going out for the Plan Gas at the end of this year, and perhaps more heavily during the next one.

Making a wrap-up, you will see less own fuel consumption during the last quarter of this year. Then

a follow-up on self-procurement of fuels. Is there any way that we can see how it impacts on the EBITDA compared to previous quarters?

We've seen it as with the revenues, this disaggregated from the revenues, but how it's not visible in the cost part, the self-procurements,

just for us to

measure the— No, you— —yeah.

Yes, you can saw it in our cost because that's open in our accountability. You can see how this cost of sales increased during winter and compared to summer.

You need to consider both effect in order to estimate the future EBITDA because during winter, we also have not only the self-procurement margin that we made there, but you have also the marginal income that we receive from the new regulation when our equipment is cheaper than the last unit entering in the market. You need to have the both effects combined.

When you go to summer, which doesn't anyone has expensive fuel like diesel oil or LNG, the margin of all the system get reduced, not only the ones that we don't acquire our own fuel.

Okay. Great.

Thank you so much.

Hi. Thank you for the presentation and for taking my questions.

I have only two questions. I would like to run them one by one, if that's okay.

First, regarding growing opportunities, I was wondering, where do you see growing opportunities in the future? You renew the concession of Piedra del Águila, now you are with the battery project, but I was wondering, where do you see growing opportunities after that?

Also, we heard that the government could be working on a new auction for thermal and probably renewable plus batteries before year end. I was wondering if you had more information on that, and I don't know if it could be something where you could add capacity to some of your thermal assets.

Okay. Thank you, Martín, for your question and your interest.

Going to the first one, the growing opportunities, as you mentioned, we are seeing different opportunities coming in from different processes. One is that you mentioned, the government, they are in the final stages of analysis the new capacity, perhaps will be not an auction like we saw in the past.

I think they are thinking on a regular scheme, perhaps quarterly scheme or perhaps bi-annual scheme, in which generators could present projects in order to increase the capacity of the system. Will be capacity schemes, not energy, capacity.

They are already doing the last perhaps adjustment of that scheme, and we think that could be online perhaps during this quarter or the next one, not more than that. There we are, of course, developing different projects.

We have all the development that we done in 2023 for the thermal capacity auction, if you remember. There we get awarded in two projects, these projects are fully develop, and we want to maintain and present in this new scheme one or the two of those projects.

We are also developing new ones for capacity in different places. Ones are the one that we have capacity here in Buenos Aires, but we are also looking in other places.

The other opportunity that we are seeing is, as you mentioned, batteries. We present in the Alma 32 scheme several projects that get close or get out, but by close margin, of the ones that were awarded, we want to maintain those projects alive and try to present them in upcoming auctions.

Perhaps the government are wanted to introduce the perhaps similar scheme that we had been talking for thermal, not an auction, a specific auction, but perhaps regular scheme of presenting the possibility that the generator is presenting opportunities there and the government decide if they want to make an auction after that or not. We are willing to maintain those batteries projects alive and look for the opportunities to present them again and try to make them feasible in the near future.

Also, we see opportunities in different perhaps sellings of government asset that will come, like Centrales of FONINVEM or similars. We see opportunities there.

We are keeping developing the transmission line in the north that we are working with YPF in order to provide electricity to the lithium companies in the north of the country. That is something that with the actual lithium price start moving on again and with good perspective.

This will be another opportunity to growth, not only the transmission line itself, but also the provision of electricity, perhaps mainly renewables. This will perhaps give us the opportunity to keep building renewable projects also.

We are working in different bidding processes or budgeting processes for mining companies to provide electricity and capacity, so that will be another opportunity for growth. There are a lot of projects wanting to have a energy provision, the same as also data centers, that of course, this is at a very early stage, but they are coming also to ask and try to work for developing that capacity and electricity provision.

We see a lot of opportunities moving forward.

Very clear. Thanks.

Just to a small follow-up. I guess that is still too early to have a timeline regarding when we could see, I don't know, a closure of the deal, or something similar, for the new projects and for mining companies, right?

Yeah. I think it's early stage because they all are big companies and big projects, they are working on the feasibility phase and try to get that feasibility first, and then start signing the contracts.

I think we're going to see perhaps next year the first big contracts. In terms of transmission line, I think we can see something earlier, perhaps at the end of this year.

As I mentioned, they need to finalize the feasibility studies and have all the financing commit, and then after that, they're going to start signing the electricity provision contracts.

Very clear. Thanks.

My second question, then. You were really commercially successful signing new PPAs for thermal assets after the regulatory change, and you were trying to well, you already had contracted the 20%, as far as I know, the 20% that you are allowed with industrial consumers, but you were trying to get to 100% with distribution companies.

I was wondering how is that moving forward, if there is has been any progress on that. Also, we have seen a spike on on on spot prices in this winter.

If you think that it is still more profitable to sign a new PPA or to get an exposure to the spot market?

Okay. Thank you.

Yes, as you mentioned, we moved very fast in order to get that 20% allowed contracted. In the past, we were the first or the bigger contractor in Argentina, talking about during the 20 20 2010 when we can make freely contracts with the demand, we maintained the team and we maintained the contacts, and of course, enlarged the team when we saw the regulation going to change.

We moved very fast, and we are very very confident on our team to get the best contracts possible. As you mentioned, we want to enlarge that 20%.

I don't know if we're going to reach the 100%, that is not perhaps the idea. The idea is to get first the best contract distribution companies possible.

We are choosing. We are not going to any distribution companies.

As distribution companies, after 20 years of regulation and controls and all that, there are different situations in each provinces, and internal of the different provinces have different situations regarding the distribution companies, cooperatives, and those that can contract if we want to go to the 100%. Beginning at the beginning, we decide to move forward with distribution companies because, as you mentioned, perhaps during the winter, the prices to stay in at the spot market are higher, but the rest of the year are prices that goes very below that what you can contract in a full year base.

You need to have the better mix between having some megawatts exposed to the spot market and make the catch-up of those prices going up during winter, but also have the good prices or a base of contract energy that cover the prices when the prices goes down very strongly during summer and September, April, and those months. We are trying to have the good or the better balance possible, having some exposure to the spot market to make that catch-up during the worst days of winter, and hours, because it's not all the day.

We see the prices every hour. We want to have some exposure of that, yes, and make the better perhaps margin during the cold days or the cold hours of the day.

We also want to have a good price, a stable price for the rest of the year. We are working on that sense, trying to have the better mix of having the flexibility to have good prices during winter, but not going in summer on prices that are below the market.

I don't see that we can going to reach 100% of contractualization, but we also are working on increase that to, in overall, have a better margin that if we stay fully to spot. Also, we see in the future that the prices during winter need to goes down because we're going to reduce the consume of liquid fuels and the LNG in the future when TGS expansion will be done, and of course, if TGN expansion come online, the prices during winter will need to be reduced for sure.

I think it's a temporary thing. Just a small follow-up on that.

Do you see interest from good distribution companies to sign new PPAs? I know that you're going to have some exposure to the spot, but do you think that probably this year you could sign new PPAs with distribution companies?

Could be, yes. We are working with some big distribution companies on that sense.

I cannot say that is fully clear that we can finalize this year, but we are working on.

Okay. Thank you very very much.

Okay. Thank you for your question, Marcos.

Talking about the first question, that approximately split between energy, capacity in spot revenues, could say that's depending, as I mentioned, where part of the year you are looking, because that's when the variable margin start increasing, when you compare, as I mentioned, the operating cost of a more inefficient equipment or using liquid fuels goes up, and the variable part of the remuneration goes up, and the capacity payment stay fix. Talking about in general could be to say right now, in the past was more heavy the capacity payment than the variable payment.

Right now is the opposite, we can say 60 variable, 40 in general terms, 40 capacity payment. Depends, as I mentioned, this will change depends on the month of the year, but in general could say that.

The second one, how do you see the self-procurement ramping in during 2027? As I mentioned, I think that we're going to maintain the procurement as this year of liquid fuels and LNG.

This will be maintained for the next one, and the part that will increase for sure in the next year will be the local natural gas self-procurement, as I mentioned. That's something that we are working on.

I don't see that we can reach 100% of self-procurement of natural gas, local natural gas, but we will be happy that we can have, I know, at least three half cycles, three middle cycles, combined cycles operating with our own natural gas. This will be between 4 or 5 million cubic meters per day average.

That would be something that would be happy to have. It's less than perhaps it's more like a third or 40% of our whole consumption.

Then when we get close perhaps in 2028, when we close to the finalization of Plan Gas, for sure we will go forward for the whole natural gas self-consumption. Sorry, there are another one.

The last one was the EBITDA estimated of BESS projects. We are seeing that around, in a full year operation, in between $25, $27 million per year.

Thank you. To wrap up, this was another quarter of strong execution for Central Puerto.

We delivered solid financial results, continued to strengthen our commercial position, maintained a disciplined balance sheet, and made meaningful progress across our strategic growth initiatives. Looking ahead, we are focused on bringing our battery storage projects in operation on schedule, advancing and develop of our new acquired Vaca Muerta assets, and continuing to pursuing new business expansion opportunities to create long-term value for our shareholders while preserving financial flexibility.

I would like to thank our people for their commit, our customers and business partners for their trust, the financial sector and our shareholder for their continued support. See you soon.

Thank you for joining us today, and we can disconnect. Thank you.