Earning Date, Transcript Summary & Report

Energy Generation Increase: The group's installed capacity remains at 6,703 megawatts and energy generation amounted to 5.4 terawatt hour during the fourth quarter of 2024, increasing 5% year-over-year.

Fourth Quarter Revenue Surge: Revenues for the fourth quarter of 2024 amounted to $168 million, increasing 71% year-over-year compared to the fourth quarter of 2023.

EBITDA Growth Surge: Adjusted EBITDA rose 44% year-over-year for the fourth quarter of 2024 to $65 million.

Annual Generation Increase: Annual generation rose 4% to 21.6 terawatt hour.

Net Debt Reduction: Net debt as of December 31st of 2024 amounted to $132 million, a reduction of $154 million vis-a-vis December of 2023, showcasing a net debt to adjusted EBITDA ratio of about 0.5 times.

Spot Price Adjustments: Spot prices have been adjusting once a month since June of 2024, with a compound 10% increase expected for the first quarter of 2025.

High-Voltage Transmission Project: The company announced a high-voltage transmission line project aimed at supplying energy to mining companies, with financing secured from the IFC.

Mining Sector Investments: Central Puerto executed two investments in the mining sector, acquiring a 27.5% stake in a lithium project and increasing its equity participation in AbraSilver to 9.9%.

Project Status Update: The Brigadier Lopez combined cycle project is on schedule, while the San Carlos Solar plant is being actively managed to address delays.

Electricity Generation Increase: Electricity generated by Central Puerto rose 5% to 5,416 gigawatt hour compared to the fourth quarter of 2023, with thermal generation increasing 25%.

Revenue Variation Analysis: The variation in revenues is a consequence of a 61% increase in spot market revenues and a 62% increase in sales under contract, driven by higher thermal generation and solar generation.

Quarterly Net Income Loss: Net income for the fourth quarter of 2024 was negative at $28 million, indicating a loss despite an annual profit of $52 million.

Impairment Impact on Income: The company faced a significant impairment of almost $100 million, which negatively impacted net income.

EBITDA Growth Analysis: Adjusted EBITDA increased by 44% year-over-year, but annual growth was only 4%, suggesting a slowdown in overall performance.

Currency Devaluation Impact: The sharp devaluation of the Argentine peso in December 2023 created a distorted base for financial comparisons, complicating the assessment of true performance.

Operational Inefficiencies in Maintenance: Maintenance programs for steam turbines and combined cycles took longer than expected, leading to operational inefficiencies.

Electricity Generation Decline: Electricity generation decreased by 2% year-over-year, driven by declines in nuclear and hydro generation, which could indicate issues in energy supply stability.

Hydro Energy Decline: Hydro energy generation from Piedra del Aguila dropped 31%, primarily due to reduced water levels, highlighting vulnerability to environmental factors.

Electricity Demand Trends: Electricity demand remained almost flat, with a slight contraction in residential consumption, indicating potential market saturation or economic challenges.

Electricity Trade Balance Analysis: The electricity trade balance resulted in a net import situation during the quarter, suggesting reliance on external sources for energy supply.