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 26 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, 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. '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 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 25. 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 5.25 thousand gigawatt hours representing approximately 15% of total generation on Argentina's grid. This was a 3.1% decrease from the first quarter's 5.42 thousand gigawatt hours, but a 20.1% increase versus the 4.37 thousand gigawatt hours generated in the second quarter of last year.

On the investment side, capital expenditures for the first half of 26 totaled $421.9 million This included $245 million for the Piedra del Águila concession $50 million for the acquisition of the oil and gas blocks, $106 million for our battery storage projects. $20.9 million in maintenance and other capital expenditures.

Net financial leverage stood at 1.2x 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 million in the quarter and outstanding credit was $104.8 On the financing front, in April, we issued our class d notes $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 subdistribution companies.

Altogether, 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, 54% complete at Central Costanera.

With major equipment delivered or in transit 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 million 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 SENCH.

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 36.7 thousand gigawatt hours.

Made up of 35 thousand gigawatt hours of local generation plus approximately 1.77 thousand gigawatt hours 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, 1 hundred and 65 point 8 percent year-on-year.

2 things drove that growth. First, contracted sales increased primarily due to a full quarter of revenues from the Brigadier Lopez 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. 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 Plan Gas.Ar 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 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, cogeneration and availability. Total generation was 5.25 thousand gigawatt hours 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 782 thousand 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 FONINVEMEM 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 million for the Piedra del Águila concession. $50 million for the oil and gas block acquisition $106 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 project's 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 26. Once running, we expect these projects to add between $25 million 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 have a question on the material contribution from the self procurement of fuels in the second quarter. How will we see in the future?

In the third quarter, we will be seeing some similar in revenues or it depends on the fuel procurement in each quarter. And if in the fourth quarter is if it is going to be lower or what as analysts, what do we need to keep in mind to get a better understanding of it and to project it on our models.

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

Regarding the fuel consumption and self procurement, we saw in during July similar levels that we saw in June On August, this is very early to have a final view if this, winter cold winter continues, perhaps we will not see the same as June and July, but perhaps a little bit less. But some, of course, of self procurement of natural gas and a small portion of liquid fuels.

I do not see a lot of liquid fuels coming on right forward. So for the third quarter, you can expect during your July same levels of self consumption, than in June.

I know it was less, perhaps a little bit less, a half would be a good number in terms of LNG, not the same as liquid that as I mentioned, we do not see a lot of liquid during August. And 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 is still in place.

And it is not easy that the producers break that contract with CAMMESA and start signing new contracts with us. So because of that, we see a reduction in the fourth quarter of sale procurement of 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. So we see that we start seeing some providers and oil companies start going out of the Plan Gas.Ar at the end of the year and perhaps more heavily during the next 1.

But making a wrap up, you will see less fuel own fuel consumption during the last quarter of this year.

And 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 have seen it as with the revenues, this disaggregated from the revenues. But how it is not visible in the cost part The self-procurement is just for us to No.

Yeah. Yeah.

Measure the Yeah.

You can show it in our costs because there is a-- it is is-- that is open in our accountability. So you can see how this cost of sales increase during winter and compared to summer.

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

So when you go to summer, when no 1 has a fuel expensive fuel like diesel oil or LNG. So the margin of all the system get reduced not only the ones that we do not acquire our own fuel.

You know?

Okay. Great.

Thank you so much.

Hi. Well, thank you for the presentation and for taking my questions.

I have only 2 questions. I would like to run them 1 by 1 if that is okay.

First, regarding growth opportunities, I was wondering where do you see growth opportunities in the future You renew the concession of Piedra del Águila. Now you are with the battery project.

But I was wondering whether you see growth opportunities after that. And also, we heard that the government could be working on a new auction for thermal and probably renewables plus batteries before year-end.

I was wondering if you had more information on that. And I do not 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.

As going to the first 1, the growth opportunities. As you mentioned, we are seeing different opportunities coming in from different processes 1 is that you mentioned the government is analyzing in are in the final stages of analysis.

The new capacity perhaps will be not an option like we see we saw in the past. I think they are thinking on a regular scheme perhaps quarterly scheme or perhaps biannual scheme.

In which generators could present projects in order to increase the capacity of the system. You know?

We will be capacity schemes, not energy capacity. But they are already doing the last haircut adjustment of that scheme, and we think that would be online perhaps during this quarter or the next 1, not more than that.

And there, we are, of developing different projects. We have the all the development that we done in 2023 for the thermal capacity auction.

If you remember, there, we get awarded in 2 projects these projects are fully developed, and we want to maintain and present in this new scheme 1 or the 2 of these of those projects. And we are also developing new ones for capacity in different places.

Some are the ones that we have capacity here in Buenos Aires, but we are also looking in other places. And the other opportunity that we are seeing is, as you mentioned, batteries.

We presented in the AlmaGBA scheme, several projects that get close or get out by close margin of the ones that were awarded. So we want to maintain those projects alive and try to present them in new coming auctions.

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

And, also, we see opportunities in different perhaps, sellings of government asset that will come, like, Centrales de ENARSA Or similars. So we see opportunities there.

And we also are keep, we also 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.

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

And 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 an energy provision, the same as, also data center that is of course, these are in a very early stage, but are coming also to ask and try to work for developing that capacity and electricity provision.

So 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, you know, a closure of the deal or something similar for the new projects and for mining companies.

Right?

Yes. Yes.

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

So I think we will 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.

But as I mentioned, they need to finalize the feasibility studies and have the all the financing committed. And then after that, they will start signing the electricity provision contracts.

Okay. Very clear.

Thanks. My second question then, well, 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. 20% that you are allowed with industrial consumers, but you are trying to get to 100% with distribution companies.

I was wondering how is that moving forward? If there has there been any progress on that.

And, also, we have seen a spike on spot prices in this winter. If you think that it is still more profitable to sign a new PPA or to get exposure to the spot market?

Okay. Thank you.

Yes. As you mentioned, we move very fast in order to get that 20% allowed contracted.

In the past, we have we were the first or the bigger contractor in Argentina. I am talking about in during the 20, 30, then when we can make freely contract with the demand.

So we maintain the team and we maintain the contact. And, of course, we enlarge the team when we saw the-- the regulation would change.

So we moved very fast, and we are very confident that, on our team to get the best contracts possible. And as you mentioned, we want to enlarge that 20% I do not know if we are gonna reach the 100%.

That is not perhaps the idea. The idea is to get first the best contract distribution companies possible.

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

As you know, distribution companies, after 20 years of regulation and controls and all that you know, there are different situations in each provinces and internally, the different provinces at different situations. Regarding the distribution companies,, cooperatives, and those, that can contract.

We want to go to the 100%. So beginning at the beginning, we decide to move forward with distribution companies because, as you mentioned, perhaps during the winter, the prices are higher to stay in the spot market are higher.

But the rest of the year are prices that goes very below than what you can contract on a full-year base. You need to have the better mix between having some megawatts exposed to the to the spot market and have to catch 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 month.

Yeah. So 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 is not all the day. You know?

it is as we see, we see the prices every hour. So we want to have some exposure of that.

Yes. And make the better per-cap margin during the cold days or the cold hours of the day.

But we also want to have a good price, a stable price for the rest of the year. So 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.

You know? So, I do not see that we are going to reach 100% of contractorization.

But, we also are working on increase that to, overall, have a better margin that if we stay fully to spot. And, also, we see in the future, that the prices during winter need to go down because we reduce-- we are going to reduce the consumption 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. Yeah.

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

Do you see interest from good distribution companies, to sign new PPAs. I mean, I know that you are going to have some exposure to the spot.

But do you think that probably this year, you could sign a new PPAs with distribution companies?

It could be. Could be.

Yes. We are working with some of these big distribution companies on that on that sense.

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

Thank you very much.

Want to ask the following questions. Could you give us an approximation of the split between the energy and capacity in spot revenues?

How do you see the ramping in self-supplied fuel through 2027. How much EBITDA should we expect from the BESS project once it is fully operational.

Should we expect dividend payments this year? Thank you.

Okay. Thank you.

Thank you for your question, Marcos, Talking about, the first question the approximate split between energy capacity spot revenues. I could say that is depending on as I mentioned, where part of the year you are you are looking because that is when the when the variable margin start increasing when you compare, as I mentioned, the operating cost of more inefficient equipment or using liquid fuels goes up, and the variable part of the remuneration, it goes up.

And the and the capacity payment stay fixed. You know?

But talking about in general, I could say right now, in the in the past was more-- was heavier. The capacity payment than the variable payment right now is the opposite.

So we can say 60% variable, 40% in general terms, you know, 40 capacity payment. Depends, as I mentioned, the this will change depends on the month of the year, but in general, I would say that.

And the second 1 how do you see the ramping and the self procurement ramping up during 2007, as I mentioned, I think that we are gonna maintain the procurement as this year of liquid fuels and LNG. This will be maintained for the next 1, and the part that will increase for sure in the next year will be the local natural gas, self procurement.

As I mentioned, that is something that we are working on. No.

I do not see that we can reach 100% of self procurement of natural gas local natural gas. But we would be happy if we can have, I do not know, at least a half cycle, 3, like, mid cycles, combined cycles, operating with our own natural gas.

This would be like between 4 or 5 million cubic meters. Per day.

Average. You know?

That will be something that will be happy to have. it is less than perhaps it is more like a third, or 40%, of our total consumption.

And then after the when we get close, perhaps in 2028, when we close to the finalization of Plan Gas.Ar. For sure,, we will go forward for the whole natural gas self-consumption.

Sorry. I have another 1.

And the last 1 was the EBITDA estimate of the BESS projects. We are seeing that around in the full year operation in between $25 million and $27 million per year.

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

We delivered solid financial results continue to strengthen our commercial position, maintain a disciplined balance sheet, and make meaningful progress across our strategic growth initiatives. Looking ahead, we are focused on bringing our battery storage projects into operation at scale, advancing the development of our new acquired Vaca Muerta assets, and continuing to pursue new business expansion opportunities create long term value for our shareholders while preserving financial flexibility.

Would like to thank our people for their commitment, our customers and business partners, for their trust, the financial sector, our shareholders for their continued support. See you soon.

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