Central Puerto: 3 Key Takeaways for Long-Term Investors

On its third quarter of 2026 earnings call, held on Nov. 12, 2026, Central Puerto (NYSE:CEPU) announced that its third-quarter adjusted EBITDA, a key measure of core operating earnings, jumped 70% year over year to $185.3 million. The energy producer is capturing higher margins by procuring its own fuel and expanding into utility-scale battery storage and shale oil. Three things management said stand out.

1. Direct Fuel Deals Boost Operating Margins

Central Puerto shifted 55% of its fuel consumption to direct procurement during the quarter to lock in fuel margins rather than relying solely on CAMMESA, Argentina's wholesale electricity market administrator. It also contracted 2 million cubic meters per day of natural gas directly with producer Pluspetrol through December 2028.

On October 1, we signed the first direct natural gas supply agreement of its kind in the sector. Together with Pluspetrol, we became the first nonintegrated companies to withdraw Plan Gas volumes from the CAMMESA pool.
-- Maria Laura Feller, Head of Investor Relations

2. Balance Sheet Strength Opens Acquisition Opportunities

The company reduced its net financial debt to 0.72 times adjusted EBITDA, giving it room to fund capital projects and pursue state generation assets. Management is prioritizing high-return investments over immediate dividend payouts while evaluation of public power auctions continues.

So this gives you a full flexibility to enter a new acquisition. We are seeing opportunities on the selling the government assets, talking about the Hydro and the Thermal units that the government is planning to sell and other opportunities to acquire.
-- Fernando Bonnet, Chief Executive Officer

3. Vaca Muerta Exploration Diversifies Energy Operations

Beyond traditional power generation, Central Puerto is expanding into upstream oil and gas across the Vaca Muerta shale formation. The company plans to apply for Argentina's Large Investment Incentive Regime (RIGI) to support its upcoming exploration schedule across its newly acquired concessions.

And then after that, we are planning to enter in an exploration phase for Aguada del Chivato and Aguada Bocarey and then as if we enter a RIGI regime, we need to spend at least $240 million in the next 2 years.
-- Fernando Bonnet, Chief Executive Officer

Looking Ahead

Full-year earnings targets remain within reach as thermal power plants and hydro facilities continue to generate steady cash flows. Central Puerto is finalizing battery storage assets to protect pricing discipline.

Our adjusted EBITDA for the first 9 months of the year was $451.0 million, and we are on track to reach our full year guidance of $500 million to $550 million.
-- Maria Laura Feller, Head of Investor Relations

Operational expansion into battery storage and shale gas positions the company for multiyear growth.

Looking ahead, we are focused on bringing our battery storage project into operation on schedule, advancing to development of our newly acquired Vaca Muerta assets and pursuing new business expansion opportunities to create long-term value for our shareholders while preserving financial flexibility.
-- Fernando Bonnet, Chief Executive Officer

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