Central Puerto S.A 6-K, filed Nov 18, 2025
Central Puerto S.A. (CEPU)
About this 6-K
Central Puerto S.A filed this 6-K on November 18, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 27a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of November, 2025
Commission File Number: 001-38376
Central Puerto S.A.
(Exact name of registrant as specified in its charter)
Port Central S.A.
(Translation of registrant’s name into English)
Avenida Thomas Edison 2701
C1104BAB Buenos Aires
Republic of Argentina
+54 (11) 4317-5000
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [_]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes [_] No [X]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes [_] No [X]
Central Puerto S.A.
Consolidated
financial statements for the nine-month periods ended September 30,2025
| -1-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
Registered office: Av. Edison 2701 - Ciudad Autónoma de Buenos Aires - República Argentina
FISCAL YEAR N° 34 BEGINNING JANUARY 1, 2025
FINANCIAL STATEMENTS
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025
CUIT (Argentine taxpayer identification number): 33-65030549-9.
Date of registration with the Public Registry of Commerce:
| – | Of the articles of incorporation: March 13, 1992. |
| – | Of the last amendment to by-laws: December 29, 2022. |
Registration number with the IGJ (Argentine regulatory agency of business associations): 1.855, Book 110, Volume A of Corporations.
Expiration date of the articles of incorporation: March 13, 2091.
The Company is not enrolled in the Statutory Optional System for the Mandatory Acquisition of Public Offerings.
CAPITAL STRUCTURE
(stated in pesos)
| Subscribed, paid-in, issued and registered | |||||||
| Class of shares | Outstanding shares | Treasury shares |
Total | ||||
| 1,514,022,256 common, outstanding book-entry shares, with face value of 1 each and entitled to one vote per share. | 1,502,378,381 | 11,643,875 | 1,514,022,256 | ||||
| -2-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
CONSOLIDATED STATEMENT OF INCOME
for the three and nine-month periods ended September 30, 2025
| 9 months | 3 months | ||||||||
| Unaudited | Unaudited | ||||||||
| Notes | 01-01-2025 to 09-30-2025 | 01-01-2024 to 09-30-2024 | 07-01-2025 to 09-30-2025 | 07-01-2024 to 09-30-2024 | |||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||||
| Revenues | 5 | 783,613,662 | 689,133,441 | 319,592,490 | 236,958,625 | ||||
| Cost of sales | Exhibit F | (485,807,018) | (408,195,011) | (188,023,468) | (141,575,855) | ||||
| Gross income | 297,806,644 | 280,938,430 | 131,569,022 | 95,382,770 | |||||
| Exhibit H | |||||||||
| Administrative and selling expenses | (68,188,840) | (61,876,232) | (24,671,065) | (21,377,289) | |||||
| Other operating income | 5.1 | 95,759,953 | 115,209,355 | 43,871,589 | 23,791,272 | ||||
| Other operating expenses | 5.2 | (13,070,866) | (45,979,196) | (8,698,692) | 2,142,498 | ||||
| Operating income | 312,306,891 | 288,292,357 | 142,070,854 | 99,939,251 | |||||
| Loss on net monetary position | (24,199,717) | (14,301,043) | (6,789,942) | (5,617,003) | |||||
| Finance income | 5.3 | 85,167,543 | 83,860,095 | 24,945,386 | 26,340,170 | ||||
| Finance expenses | 5.4 | (181,830,573) | (164,408,533) | (86,184,957) | (46,440,197) | ||||
| Share of the profit of associates | 55,279,768 | 14,527,761 | (335,727) | 10,169,902 | |||||
| Result from investments in entities measured at fair value | 88,453,045 | 3,653,652 | 45,368,376 | 2,448,868 | |||||
| Income before income tax | 335,176,957 | 211,624,289 | 119,073,990 | 86,840,991 | |||||
| 6 | |||||||||
| Income tax for the period | (8,520,528) | (102,199,238) | 20,878,269 | (35,986,169) | |||||
| Net income for the period | 326,656,429 | 109,425,051 | 139,952,259 | 50,854,822 | |||||
| Total comprehensive net income for the period | 326,656,429 | 109,425,051 | 139,952,259 | 50,854,822 | |||||
| Attributable to: | |||||||||
| – Equity holders of the parent | 323,504,796 | 100,642,364 | 139,795,312 | 50,246,862 | |||||
| – Non-controlling interests | 3,151,633 | 8,782,687 | 156,947 | 607,960 | |||||
| 326,656,429 | 109,425,051 | 139,952,259 | 50,854,822 | ||||||
| Earnings per share: | |||||||||
| Basic and diluted (ARS) | 215.33 | 66.97 | 93.03 | 33.44 | |||||
| -3-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the three and nine-month periods ended September 30, 2025
| 9 months | 3 months | ||||||||
| Unaudited | Unaudited | ||||||||
| Notes | 01-01-2025 to 09-30-2025 | 01-01-2024 to 09-30-2024 | 07-01-2025 to 09-30-2025 | 07-01-2024 to 09-30-2024 | |||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||||
| Net income for the period | 326,656,429 | 109,425,051 | 139,952,259 | 50,854,822 | |||||
| Other comprehensive income for the period |
|||||||||
| Other comprehensive income not to be reclassified to income in subsequent periods | |||||||||
| Remeasurement of losses from longterm employee benefits | - | 2,198,858 | - | 2,198,858 | |||||
| Income tax related to remeasurement of losses from long-term employee benefits |
6 | - | (769,600) | - | (769,600) | ||||
| Other comprehensive income not to be reclassified to income in subsequent periods | - | 1,429,258 | - | 1,429,258 | |||||
| Other comprehensive income for the period |
- | 1,429,258 | - | 1,429,258 | |||||
| Total comprehensive income for the period |
326,656,429 | 110,854,309 | 139,952,259 | 52,284,080 | |||||
| Attributable to: | |||||||||
| – Equity holders of the parent | 323,504,796 | 101,894,765 | 139,795,312 | 51,499,262 | |||||
| – Non-controlling interests | 3,151,633 | 8,959,544 | 156,947 | 784,817 | |||||
| 326,656,429 | 110,854,309 | 139,952,259 | 52,284,079 | ||||||
| -4-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as of September 30, 2025
| 09-30-2025 | 12-31-2024 | ||||
| Notes | Unaudited | Audited | |||
| ARS 000 | ARS 000 | ||||
| Non-current assets | |||||
| Property, plant and equipment | Exhibit A | 2,100,926,291 | 1,973,255,553 | ||
| Intangible assets | Exhibit B | 35,884,536 | 37,463,368 | ||
| Biological assets | 266,681,093 | 227,834,033 | |||
| Investments in associates | 26,750,963 | 133,274,583 | |||
| Inventories | 1,605,875 | 5,218,755 | |||
| Other non-financial assets | 8.1 | 10,645,878 | 838,150 | ||
| Trade and other receivables | 7.1 | 135,024,133 | 166,776,979 | ||
| Other financial assets | 7.4 | 117,686,810 | 18,248,408 | ||
| Deferred tax asset | 6 | 7,160,224 | 7,833,165 | ||
| 2,702,365,803 | 2,570,742,994 | ||||
| Current assets | |||||
| Biological assets | 16,516,496 | 42,871,638 | |||
| Inventories | 48,852,844 | 26,598,869 | |||
| Other non-financial assets | 8.1 | 34,118,237 | 43,445,149 | ||
| Trade and other receivables | 7.1 | 319,107,526 | 265,531,788 | ||
| Other financial assets | 7.4 | 332,343,140 | 292,932,905 | ||
| Cash and cash equivalents | 66,894,043 | 4,686,436 | |||
| 817,832,286 | 676,066,785 | ||||
| Assets available for distribution | 11.2 | 135,310,089 | - | ||
| 953,142,375 | 676,066,785 | ||||
| Total assets | 3,655,508,178 | 3,246,809,779 | |||
| Equity and liabilities | |||||
| Capital stock | 1,514,022 | 1,514,022 | |||
| Adjustment to capital stock | 522,726,736 | 658,341,825 | |||
| Legal reserve | 131,971,169 | 129,249,803 | |||
| Voluntary reserve | 919,782,164 | 919,782,164 | |||
| Other equity accounts | (49,425,492) | (49,857,183) | |||
| Voluntary reserve for future dividends distribution | 533,702,258 | 474,329,926 | |||
| Retained earnings | 310,745,951 | 62,093,697 | |||
| Equity attributable to holders of the parent | 2,371,016,808 | 2,195,454,254 | |||
| Non-controlling interests | 57,245,976 | 76,907,411 | |||
| Total equity | 2,428,262,784 | 2,272,361,665 | |||
| Non-current liabilities | |||||
| Trade and other payables | - | 823,155 | |||
| Other non-financial liabilities | 8.2 | 24,188,351 | 30,226,086 | ||
| Loans and borrowings | 7.3 | 337,713,579 | 280,537,684 | ||
| Compensation and employee benefits liabilities | 8.3 | 10,413,152 | 9,353,812 | ||
| Provisions | 2,653,314 | 2,740,673 | |||
| Deferred income tax liabilities | 6 | 173,280,042 | 193,730,622 | ||
| 548,248,438 | 517,412,032 | ||||
| Current liabilities | |||||
| Trade and other payables | 7.2 | 270,976,300 | 116,914,403 | ||
| Other non-financial liabilities | 8.2 | 55,818,370 | 37,338,965 | ||
| Loans and borrowings | 7.3 | 280,087,643 | 183,898,036 | ||
| Compensation and employee benefits liabilities | 8.3 | 36,063,152 | 41,313,482 | ||
| Income tax payable | 32,306,848 | 73,985,091 | |||
| Provisions | Exhibit E | 3,744,643 | 3,586,105 | ||
| 678,996,956 | 457,036,082 | ||||
| Total liabilities | 1,227,245,394 | 974,448,114 | |||
| Total equity and liabilities | 3,655,508,178 | 3,246,809,779 |
| -5-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the nine-month period ended September 30, 2025
| Attributable to holders of the parent | |||||||||||||||||||
| Contributions from owners | Retained earnings | ||||||||||||||||||
| Capital stock | Appropriated retained earnings | ||||||||||||||||||
| Face
value (1) |
Adjustment to capital stock | Legal reserve | Voluntary reserve | Other
equity accounts |
Voluntary reserve for future dividends distribution | Unappropriated retained earnings | Total | Non-controlling interests | Total | ||||||||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||||||||
| As of January 1, 2025 | 1,514,022 | 658,341,825 | 129,249,803 | 919,782,164 | (49,857,183) | 474,329,926 | 62,093,697 | 2,195,454,254 | 76,907,411 | 2,272,361,665 | |||||||||
| Net income for the period | - | - | - | - | - | - | 323,504,796 | 323,504,796 | 3,151,633 | 326,656,429 | |||||||||
| Total comprehensive income for the period | - | - | - | - | - | - | 323,504,796 | 323,504,796 | 3,151,633 | 326,656,429 | |||||||||
| - Increase in legal reserve | - | - | 2,721,366 | - | - | - | (2,721,366) | - | - | - | |||||||||
| - Increase in voluntary reserve for future dividends distribution | - | - | - | - | - | 59,372,332 | (59,372,332) | - | - | - | |||||||||
| Equity transactions (Note 10) | - | - | - | - | 729,715 | - | (12,758,844) | (12,029,129) | (21,876,744) | (33,905,873) | |||||||||
| Acquisition of treasury shares (Note 7.3.7) | - | - | - | - | (298,024) | - | - | (298,024) | - | (298,024) | |||||||||
| Spin-off of ECOGAS Group (Note 11.2) | - | (135,615,089) | - | - | - | - | - | (135,615,089) | - | (135,615,089) | |||||||||
| Dividends in cash distributed by a subsidiary (2) | - | - | - | - | - | - | - | - | (936,324) | (936,324) | |||||||||
| As of September 30, 2025 | 1,514,022 | 522,726,736 | 131,971,169 | 919,782,164 | (49,425,492) | 533,702,258 | 310,745,951 | 2,371,016,808 | 57,245,976 | 2,428,262,784 | |||||||||
| (1) | 11,643,875 common shares are held by subsidiaries. |
| (2) | It corresponds to the dividend distribution approved by the General Shareholders’ Meeting held on May 14, 2025, of the subsidiary company Central Vuelta de Obligado S.A. |
| -6-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the nine-month period ended September 30, 2024
| Attributable to holders of the parent | |||||||||||||||||||
| Contributions from owners | Retained earnings | ||||||||||||||||||
| Capital stock | Appropriated retained earnings | ||||||||||||||||||
| Face
value (1) |
Adjustment to capital stock | Legal reserve | Voluntary reserve | Other
equity accounts |
Voluntary reserve for future dividends distribution | Unappropriated retained earnings | Total | Non-controlling interests | Total | ||||||||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||||||||
| As of January 1, 2024 | 1,514,022 | 658,341,824 | 109,589,721 | 919,782,164 | (59,836,560) | 194,738,399 | 393,137,916 | 2,217,267,486 | 57,770,476 | 2,275,037,962 | |||||||||
| Net income for the period | - | - | - | - | - | - | 100,642,364 | 100,642,364 | 8,782,687 | 109,425,051 | |||||||||
| Other comprehensive income for the period | - | - | - | - | - | - | 1,252,401 | 1,252,401 | 176,857 | 1,429,258 | |||||||||
| Total comprehensive income for the period | - | - | - | - | - | - | 101,894,765 | 101,894,765 | 8,959,544 | 110,854,309 | |||||||||
| - Increase in legal reserve | - | - | 19,660,083 | - | - | - | (19,660,083) | - | - | - | |||||||||
| - Increase in voluntary reserve for future dividends distribution | - | - | - | - | - | 373,477,833 | (373,477,833) | - | - | - | |||||||||
| Dividends in cash | - | - | - | - | - | (19,141,074) | - | (19,141,074) | - | (19,141,074) | |||||||||
| Equity transactions (Note 10) | - | - | - | - | 9,890,309 | - | - | 9,890,309 | 4,647,089 | 14,537,398 | |||||||||
| As of September 30, 2024 | 1,514,022 | 658,341,824 | 129,249,804 | 919,782,164 | (49,946,251) | 549,075,158 | 101,894,765 | 2,309,911,486 | 71,377,109 | 2,381,288,595 | |||||||||
(1) 11,403,875 common shares are held by subsidiaries.
| -7-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
CONSOLIDATED STATEMENT OF CASH FLOWS
for the nine-month periods ended September 30, 2025
| 09-30-2025 | 09-30-2024 | |||
| Unaudited | ||||
| ARS 000 | ARS 000 | |||
| Operating activities | ||||
| Income for the period before income tax | 335,176,957 | 211,624,289 | ||
| Adjustments to reconcile income for the period before income tax to net cash flows: | ||||
| Depreciation of property, plant and equipment | 88,339,272 | 102,577,287 | ||
| Amortization of intangible assets | 1,578,832 | 2,753,256 | ||
| Gain (loss) on disposal of property, plant and equipment | 65,219 | (62,109) | ||
| Charge for discount of tax credits | (173,411) | (12,865) | ||
| Interest earned from customers | (15,770,203) | (32,950,083) | ||
| Finance income | (85,167,543) | (83,860,095) | ||
| Finance expenses | 181,830,573 | 164,408,533 | ||
| Insurance recovery collected | (7,359,730) | (5,972,104) | ||
| Share of the profit of associates | (55,279,768) | (14,527,761) | ||
| Result from acquisition of investments in companies | (88,453,045) | (3,653,652) | ||
| Movements in provisions and long-term employee benefit plan expense | 4,290,368 | 12,457,664 | ||
| Biological assets revaluation | (17,728,481) | (15,688,718) | ||
| Foreign exchange difference for trade receivables | (48,438,299) | (53,628,592) | ||
| Net effect CAMMESA agreement - Resolution SE No 58/2024 and 66/2024 | - | 15,054,352 | ||
| Loss on net monetary position | (35,531,385) | (58,463,468) | ||
| Working capital adjustments: | ||||
| (Increase) Decrease in trade and other receivables | (9,004,676) | 56,417,328 | ||
| Increase in other non-financial assets, inventories and biological assets | (17,732,967) | (6,067,130) | ||
| Decrease in trade and other payables, other non-financial liabilities and liabilities from employee benefits |
(6,057,697) | (77,451,229) | ||
| Interest received from customers | 14,690,749 | 38,684,638 | ||
| Income tax paid | (31,298,902) | (17,018,249) | ||
| Tax interest paid | (283,767) | (563,677) | ||
| Insurance recovery collected | 10,511,846 | 1,752,209 | ||
| Net cash flows provided by operating activities | 218,203,942 | 235,809,824 | ||
| Investing activities | ||||
| Purchase of property, plant and equipment | (184,779,420) | (101,401,458) | ||
| Dividends collected | 24,881,492 | 9,932,372 | ||
| Sale of property, plant and equipment | - | 1,362,021 | ||
| Acquisition of associates | (6,200,577) | - | ||
| Acquisition of other financial assets, net | (77,849,926) | (62,305,464) | ||
| Net cash flows used in investing activities | (243,948,431) | (152,412,529) | ||
| Financing activities | ||||
| Bank and investment accounts overdrafts received | 40,202,055 | 17,941,290 | ||
| Bank and investment accounts overdrafts paid | (26,521,041) | - | ||
| Loans received | 168,699,589 | 78,795,355 | ||
| Loans paid | (82,641,762) | (136,993,733) | ||
| Direct financing and loans refinancing costs paid | (23,555,298) | (40,892,575) | ||
| Bank fees and expenses paid | (1,299,297) | - | ||
| Dividends paid | (936,325) | (18,140,703) | ||
| Net cash flows provided by (used in) financing activities | 73,947,921 | (99,290,366) | ||
| Increase (Decrease) in cash and cash equivalents | 48,203,432 | (15,893,071) | ||
| Exchange difference and other financial results | 17,908,217 | 613,699 | ||
| RECPAM generated by cash and cash equivalents | (3,904,042) | (11,618,308) | ||
| Cash and cash equivalents as of January 1 | 4,686,436 | 35,777,377 | ||
| Cash and cash equivalents as of September 30 | 66,894,043 | 8,879,697 | ||
| -8-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the nine-month period ended September 30, 2025
1. Corporate information and main business
Central Puerto S.A. (hereinafter the “Company”, or “CPSA”) and the companies that make up the business group (hereinafter the “Group”) form an integrated group of companies related to the energy sector. The Group is mainly engaged in the generation of electric power.
CPSA was incorporated pursuant to Executive Order No. 122/92 issued by the National Executive Branch, in accordance with Law No. 24,065, which declared the generation, transmission, distribution, and commercialization of electricity subject to full privatization.
On April 1, 1992, the Awardee Consortium took possession of Central Puerto S.A., thereby initiating the operations of the new company.
Our shares are listed on the BYMA (“Bolsas y Mercados Argentinos”), and, since February 2, 2018, they have been listed on the NYSE (“New York Stock Exchange”), both under the symbol “CEPU”.
In order to carry out our electric energy generation activity the Group owns the following assets:
| – | The thermal power plants Puerto Nuevo and Nuevo Puerto, located in the City of Buenos Aires, with a total installed thermal capacity of 1,747 MW, including a combined cycle plant and steam turbine units. |
| – | Our Luján de Cuyo plants are located in Luján de Cuyo, Province of Mendoza and have an installed capacity of 576 MW and a steam production capacity of 125 tons per hour. |
| – | The Group also owns the concession right of the Piedra del Águila hydroelectric power plant located on the Limay River in Neuquén province. Piedra del Águila has four 360 MW generating units. See Note 1.2.a). |
| – | The thermal station Brigadier López located in Sauce Viejo, Province of Santa Fe, with an installed capacity of 280.5 MW (open-cycle operation). |
| – | The thermal cogeneration plant Terminal 6 - San Lorenzo located in Puerto General San Martín, Santa Fe Province, with an installed capacity of 391 MW and 340 tn/h of steam production. |
| – | The thermal station Costanera located in the City of Buenos Aires consists of a thermal generation plant composed of four turbo-steam units with an installed capacity of 661 MW and two combined cycle plants with an installed capacity of 1,128 MW. |
| – | Generation plants using renewable energy sources with a total installed capacity of 553.8 MW, distributed as follows: (i) wind farm La Castellana 100.8 MW; (ii) wind farm La Castellana II 15.2 MW; (iii) wind farm La Genoveva 88.2 MW; (iv) wind farm La Genoveva II 41.8 MW; (v) wind farm Achiras 48 MW; (vi) wind farm Los Olivos 22.8 MW; (vii) wind farm Manque 57 MW; (viii) solar farm Guañizuil II A 100 MW; and (ix) solar farm Cafayate 80 MW (see Note 11.3). |
| -9-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
| – | Equity interests in Termoeléctrica José de San Martín S.A. (“TSM”) and Termoeléctrica Manuel Belgrano S.A. (“TMB”), which operate thermal generation plants with an installed capacity of 865 MW and 873 MW, respectively, and in the company Central Vuelta de Obligado S.A. (“CVOSA”), whose purpose was to manage the construction and currently the operation of a combined cycle power plant, with a capacity of 816 MW. |
In 2022, under Resolution MEyM No. 281/2017, the Group was awarded the “Parque Solar San Carlos” project, with a capacity of 10 MW, currently under construction in San Carlos, Salta Province.
On July 19, 2018, the National Gas Regulatory Authority (Enargas) registered the Company in the Enargas Registry of Traders and Trading Agreements. Later, on March 22, 2024, the controlled company Puerto Energía S.A.U. was also registered as a natural gas trader in said registry, and on September 20, 2024, it was authorized to join the Wholesale Electricity Market (“MEM”) as a Commercial Participant.
Through Proener S.A.U., a company fully controlled by CPSA, the Group participates in the forestry sector since Proener S.A.U. is the parent company of: a) Forestal Argentina S.A., which owns approximately 141,000 hectares in Entre Ríos and Corrientes provinces, of which approximately 67,000 hectares are planted with eucalyptus and pine, out of a total plantable area of approximately 77,500 hectares; and b) Loma Alta Forestal S.A., which owns approximately 19,400 hectares in Corrientes province, of which approximately 10,400 hectares are planted with pine.
Also, the Group has begun to participate in the mining sector through an equity interest in the Diablillos silver and gold mining project located in northwestern Argentina and an equity interest in the Tres Cruces lithium mining project located in the province of Catamarca.
Lastly, the Group was linked to the natural gas distribution sector in the Cuyo and Central regions of Argentina through its equity investments in the associate companies belonging to the ECOGAS Group. See Note 11.2.
The issuance of the Group’s consolidated financial statements for the nine-month period ended September 30, 2025 was approved by the Company’s Board of Directors on November 10, 2025.
1.1. Summary of the Argentine Electricity Market
Transactions among the different participants in the electricity industry take place through the wholesale electricity market (“WEM”) which is a market in which generators, distributors and large users of electricity buy and sell electricity at prices determined by supply and demand (“Term Market”) and also, where prices are established on an hourly basis based on production cost, represented by the short-term marginal cost measured in the interconnection system (“Spot Market”). CAMMESA (Compañía Administradora del Mercado Mayorista Eléctrico Sociedad Anónima) is a quasi-governmental organization that was established to administer the WEM and functions as a clearing house for the different market participants operating in the WEM. Its main functions include the operation of the WEM, the dispatch of generation, the calculation of prices in the Spot Market, the real-time operation of the electricity system, and the administration of commercial transactions in the electricity market.
After the Argentine economic crisis in 2001 and 2002 and after the end of the Convertibility Law, generation costs increased as a result of the Argentine peso devaluation. In addition, the price of fuels used for power generation increased as well. The increasing generation costs, combined with the freezing of end-user tariffs decided at the time by the administration, led to a permanent deficit in CAMMESA’s accounts, and therefore it faced difficulties to pay generators for energy purchases. Due to this structural deficit, the Secretariat of Energy enacted a series of regulations to keep the electricity system operating despite the deficit.
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In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
1.2. Amendments to WEM regulations
| a) | Provisions on Hydroelectric Power Plants |
On July 11, 2023, Resolution SE No. 574/2023 was published, which extended for 60 days (renewable for another 60 days) the expiration date of the concession agreement of the Piedra del Águila Hydroelectric Power Plant, among other national hydroelectric power plants whose concession terms were set to expire during 2023.
On January 17, 2024, through Resolution SE No. 2/2024, the Secretariat of Energy extended the transition period of the concession agreement for 60 days starting February 28, 2024. Then, through Resolution SE No. 33/2024, published in the Official Gazette on March 18, 2024, the Secretariat of Energy once again extended the transition period contemplated in the concession agreement for another 60 days starting April 28, 2024, so that the term expired on June 27, 2024.
On May 17, 2024, through Resolution SE No. 78/2024, the transition period of the concession agreement was extended until the end of the term established in the contract, that is, December 28, 2024.
On August 12, 2024, PEN Decree No. 718/2024 was published in the Official Gazette, which extended for one year the term to continue operating the Piedra del Águila Hydroelectric Complex in its capacity as concessionaire, with a maximum date of December 28, 2025. The aforementioned Decree also established that the Secretariat of Energy would call for a National and International Public Tender to proceed with the sale of the equity package of the companies created for each of the hydroelectric power plants of the Comahue region.
On August 20, 2025, Resolution No. 1200 of the Ministry of Economy was published, which initiated the sale of the equity package of the hydroelectric power plants (i) Alicurá Hidroeléctrica Argentina S.A., (ii) El Chocón Hidroeléctrica Argentina S.A., (iii) Cerros Colorados Hidroeléctrica Argentina S.A., and (iv) Piedra del Águila Hidroeléctrica Argentina S.A., and approved the Terms and Conditions of the Tender.
b) Secretariat of Energy Resolutions No. 603/2024, No. 27/2025, No. 113/2025, No. 143/2025, No. 177/2025, No. 227/2025, No. 280/2025, No. 331/2025, No. 356/2025 and No. 381/2025
Throughout 2025, the remuneration values for power and energy of generation not committed under contracts were updated on a monthly basis, in accordance with various resolutions issued by the Secretariat of Energy.
In this regard, on December 27, 2024, Resolution SE No. 603/2024 was published in the Official Gazette, which updated the remuneration values by replacing Annexes I to V of Resolution No. 387/2024 and establishing a 4% increase effective as of January 1, 2025. Subsequently, through Resolutions No. 27/2025, No. 113/2025, No. 143/2025, No. 177/2025, No. 227/2025, No. 280/2025, No. 331/2025, No. 356/2025 and No. 381/2025 of the Secretariat of Energy, the corresponding remuneration values were updated monthly by 4%, 1.5%, 1.5%, 2%, 1.5%, 1%, 0.4%, 0.5% and 0.5%, respectively.
The increases established by Resolutions No. 143/2025, No. 177/2025, No. 227/2025, No. 356/2025 and No. 381/2025 were not applicable to certain hydroelectric plants, among which is included the Piedra del Águila hydroelectric plant.
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In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
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c) Secretariat of Energy Resolution No. 21/2025
On January 28, 2025, Secretariat of Energy Resolution No. 21/2025 was published in the Official Gazette, establishing that new conventional energy generation projects, commercially commissioned as of January 1, 2025, may enter into supply contracts in the Term Market with Large Users and Distributors. Additionally, Secretariat of Energy Resolution No. 354/2020 was repealed, modifying certain considerations of the GasAr Plan and the priorities for natural gas consumption in the Wholesale Electricity Market. It was also established that as of March 1, 2025, generators selling their energy in the Spot Market may purchase their fuel, which will be recognized by CAMMESA according to the variable production cost declared and recognized by the generator. The cost of unserved energy in the MEM was also set, with a maximum value of 1,500 USD/MWh when it exceeds 10% of the system demand. Finally, the Energía Plus Program was repealed, with existing contracts remaining in effect until their termination.
d) Secretariat of Energy Resolution No. 67/2025
On February 17, 2025, Secretariat of Energy Resolution No. 67/2025 was published in the Official Gazette, through which the National and International Open Call “Almacenamiento AlmaGBA” was authorized, with the purpose of entering into energy storage generation contracts with MEM distributor agents Edenor and Edesur, and with CAMMESA as the last-resort payment guarantor, in accordance with the bidding terms and conditions approved by this resolution.
This new energy storage system will allow coverage of short-duration capacity requirements and provide fast-response reserve services, as evidenced by battery energy storage systems (“Battery Energy Storage Systems”).
On July 15, 2025, the submission of bids took place. The Group submitted a 150 MW project at the Nuevo Puerto power plant and a 55 MW project at the Costanera power plant. Both projects were awarded to the Group on September 1, 2025.
e) Decree No. 450/2025
On July 7, 2025, Decree No. 450/2025 was published in the Official Gazette, through which the National Executive Branch approved adjustments and amendments to Electricity Laws No. 15,336 and No. 24,065, which constitute the Electricity Regulatory Framework, based on the delegation provided under the Bases Law (see Note 13).
In this regard, the National Executive Branch emphasized that the delegation bases aim to recover the objective of reducing the intervention of the National Government in the pricing and contracting system, in order to provide greater freedom to private actors and provide greater legal certainty to ensure long-term supply. Additionally, the federal electricity regime is consolidated, preserving the supremacy of the national regulatory framework over local provisions, so as not to hinder the free circulation of electricity.
Accordingly,
Decree No. 450/2025 established a 24-month transition period for the modification of regulations and complementary standards as necessary,
during which the Secretariat of Energy was to undertake all necessary actions to ensure a gradual, orderly, and predictable transition
toward the objectives established in Article 2 of Law No. 24,065 and the full implementation of said law and its regulations.
Furthermore, it was established that during the transition period, the Secretariat of Energy would issue the necessary regulations for
its implementation.
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In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
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f) Secretariat of Energy Resolution No. 400/2025
On October 20, 2025, Resolution No. 400/2025 of the Energy Secretariat was published in the Official Gazette, through which the “Rules for the Normalization of MEM and its Progressive Adaptation” were approved, which implement the modifications to MEM regulations established by Decree No. 450/2025, with application as from November 1, 2025.
The central objective of these rules is to reformulate the MEM to establish a price system based on marginal costs, decentralize fuel management, and allow demand to contract its supply through the Term Market (Mercado a Término – MAT).
The Resolution No. 400/2025, among its main points, establishes the following:
| i. | Categories of demand for energy distributors, dividing them between demand that can contract its supply (GUDI) and demand that cannot contract (Residential and Non-Residential). The latter will be mainly supplied by Assigned Generation, as defined below. |
| ii. | Assigned Generation comprises generation units (i) with existing MEM supply contracts, (ii) hydroelectric plants under concession of the National Government, (iii) hydroelectric plants of binational entities, (iv) nuclear plants, and (v) energy imports carried out in a centralized manner by the OED. The remuneration of Assigned Generation will remain based on contract values and/or specific regulations issued by the Secretariat of Energy. Generation units not classified as Assigned Generation are considered Spot Generation and may participate in the energy and power remuneration scheme and the MAT scheme described in section (iv) below, except for thermal power plants in which ENARSA has a majority stake and combined-cycle generation units with power availability commitments under the Agreement approved by Resolution SE No. 59/2023, which may terminate said agreement and formally adhere to the regime to participate in it. |
| iii. | New Generation is defined as all generation equipment whose commercial commissioning occurred on or after January 1, 2025. |
| iv. | A scheme of fuel management and energy and power remuneration for Spot Market generation is defined, according to the following terms: |
a. Fuel Management:
| – | Decentralization of fuel management (natural gas and alternative fuels) by generators. |
| – | Natural Gas (NG): While the Gas Plan remains in effect (until 2028), generators may access an “NG Agreement” administered centrally by CAMMESA/ENARSA. However, self-management of NG is allowed, while full fuel management becomes mandatory as of January 1, 2029. |
| – | Generators with self-managed fuel must freely declare their Variable Production Cost (CVP) within reference ranges to compete in dispatch and recover costs (including fuel). |
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In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
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| – | Generators without self-managed fuel will apply reference costs and will not access the marginal rent scheme. Their power remuneration will gradually decrease until eliminated as of 2028, except when dispatched. |
b. Remuneration of Spot Generation:
| – | The remuneration seeks to value both the offered cost (CVP) and the marginal rent, incentivizing competition. |
| – | Remuneration Formula: |
Hourly Remuneration Price = CVP + Adapted Marginal Rent (RMA), where RMA = (Hourly Marginal Cost × Loss Factor – CVP) × Adapted Rent Factor (FRA).
The FRA is the percentage of the marginal rent that is remunerated; it gradually increases for existing thermal, hydroelectric, and renewable
generation (i.e., prior to 2025) from 0.15 in 2025 to 0.35 in 2028, while for New Generation and those incorporating firm NG transport,
the FRA equals 1 (full access to rent).
| – | Minimum Rent: Minimum rent values expressed in USD per MWh are established for existing thermal, hydroelectric, and renewable generation. |
c. Remuneration of Power:
| – | Power Made Available (PPAD): Remunerated during Power Remuneration Hours (HRP, typically 90 hours per week) at a rate of USD 12 / MW available per HRP hour (with multiplier factors depending on fuel type and season). |
| – | Base Reliability Reserve Service (SRC Base): Payment of USD 1,000 / MW per month for power available from existing thermal generation. |
| – | Additional Reliability Reserve Service (SRC Additional): Differential payment of USD 9,000 / MW per month for new hydrothermal generation or low-utilization storage at nodes required by the SADI. |
d. Demand Allocation and Prices:
| – | Distributor demand is divided and the price signal is redirected. |
| – | Seasonalized Demand of Distributors: Includes Residential demand (priority 1) and Non-Residential demand (priority 2) and will be supplied by Assigned Generation. Wholesale costs for this demand will reflect the average costs of the Assigned Generation. |
| – | Spot Demand (Large Users, Uncovered Demand): Prices will reflect system costs, with a gradual incorporation of the Hourly Marginal Cost. |
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In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
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e. Term Market (MAT):
| – | The MAT for energy and power is promoted as the main contracting mechanism, with the objective of allowing demand (Distributors and Large Users) to freely contract their supply with generators, obtaining physical backing and price stability. |
| – | Existing thermal and hydro generation has limits on its capacity to contract with Large Users (maximum 20% of its monthly production) until January 1, 2030. |
| – | MAT Power: Allows demand parties to secure their power requirements during HRP through contracts, which will be deducted from their obligation to purchase power made available in the Spot market. |
| v. | Any new demand in the MEM that is directly connected to the High-Voltage Transmission System, and that represents a relative increase exceeding 0.5% of the average demand of the MEM, must accompany its request for access to the MEM and transmission capacity with the submission of a supply plan that ensures (i) at least 80% of new energy production; and (ii) sufficient physical power backing to cover up to 80% of its consumption. |
2. Basis of preparation of the consolidated financial statements
2.1. Professional accounting standards applied
The Group prepares its condensed consolidated financial statements in accordance with the regulations in force of the Argentine Securities Commission (“CNV”) set forth in Chapter III, Title IV of the CNV Regulations (N.T. 2013 as amended). Under Article 1 of this section of the Regulations, issuers of marketable securities must present their condensed consolidated financial statements applying Technical Resolution 26 of the Argentine Federation of Professional Councils in Economic Sciences (“FACPCE”), which provides for the application of the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”), together with its amendments and IFRS adoption circulars that FACPCE may establish in accordance with such Technical Resolution. In particular, interim condensed financial statements must apply the International Accounting Standard 34 (“IAS”) “Interim Financial Reporting”.
2.2. Basis of presentation and consolidation
These condensed consolidated financial statements for the nine-month period ended September 30, 2025 have been prepared applying the financial information framework prescribed by the CNV as mentioned in note 2.1.
In preparing these condensed consolidated financial statements, the Group has applied the main accounting policies and the significant accounting judgments, estimates and assumptions described in notes 2.3 and 2.4 to the financial statements for the year ended December 31, 2024, already issued.
These condensed consolidated financial statements contain all the necessary information for a proper understanding by users of the relevant facts and transactions that occurred after the issuance of the last annual financial statements for the year ended December 31, 2024 and up to the date of issuance of these interim condensed consolidated financial statements. However, these condensed consolidated financial statements include neither all the information nor the disclosures required for the annual financial statements prepared in accordance with IAS 1 (Presentation of financial statements). Therefore, these condensed consolidated financial statements must be read together with the annual financial statements for the year ended December 31, 2024.
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In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
The Group’s consolidated financial statements are presented in Argentine pesos, which is the Group’s functional currency, and all values have been rounded to the nearest thousand (ARS 000), except when otherwise indicated.
2.2.1. Measuring unit
The interim condensed consolidated financial statements as of September 30, 2025, including comparative figures for the previous fiscal year, have been restated to consider the changes in the general purchasing power of the functional currency of the Company (Argentine peso) pursuant to IAS 29 and General Resolution No. 777/2018 of the Argentine Securities Commission, without this affecting the decisions taken based on the financial information for such period. Consequently, the financial statements are expressed in the current unit of measurement at the end of the reporting period.
The effects of the application of IAS 29 are disclosed in Note 2.2.2 to the consolidated financial statements for the year ended December 31, 2024, already issued.
Considering the mentioned index, the inflation was 21.97% and 101.58% for the nine-month periods ended September 30, 2025 and 2024, respectively.
2.3. Changes in significant accounting policies
New standards and interpretations adopted
Starting from the fiscal year beginning on January 1, 2025, the Group has applied for the first time certain new and/or amended standards and interpretations as issued by the IASB.
Below is a brief description of the new and/or amended standards and interpretations adopted by the Group and their impact on these consolidated financial statements:
Lack of exchangeability - Amendments to IAS 21
The amendments specify how an entity must assess whether a currency is exchangeable and how it must determine a spot exchange rate when exchangeability is lacking. The amendments also require the disclosure of information that enables users of the financial statements to understand how the lack of exchangeability of a currency affects, or is expected to affect, the entity’s financial performance, financial position, and cash flows.
The amendments are effective for annual reporting periods beginning on or after January 1, 2025. When applying the amendments, entities are not permitted to restate comparative information.
These amendments have not had a significant impact on the Group’s consolidated financial statements.
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In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
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3. Operating segments
The following table provides summary information about the operating segments for the nine-month periods ended September 30, 2025 and 2024:
| Electric Power Generation from conventional sources |
Electric Power Generation from renewable sources |
Forest activity |
Natural Gas Transport and Distribution (1) (2) |
Others (1) | Adjustments and Eliminations (3) | Total | ||||||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||||||
| As of September 30, 2025 | ||||||||||||||
| Revenues | 644,491,664 | 107,040,457 | 13,719,836 | 463,110,170 | 12,247,952 | (456,996,417) | 783,613,662 | |||||||
| Cost of sales | (411,466,961) | (44,156,906) | (15,324,940) | (294,248,276) | (10,117,761) | 289,507,826 | (485,807,018) | |||||||
| Administrative and selling expenses | (53,939,599) | (3,838,309) | (6,726,244) | (66,619,469) | (3,684,688) | 66,619,469 | (68,188,840) | |||||||
| Other operating income | 56,310,773 | 20,924,413 | 18,500,232 | 6,175,661 | 24,535 | (6,175,661) | 95,759,953 | |||||||
| Other operating expenses | (4,787,919) | (4,090,724) | (4,186,958) | (10,898,440) | (5,265) | 10,898,440 | (13,070,866) | |||||||
| Operating income | 230,607,958 | 75,878,931 | 5,981,926 | 97,519,646 | (1,535,227) | (96,146,343) | 312,306,891 | |||||||
| Depreciation of property, plant and equipment | (65,408,012) | (20,290,288) | (2,515,685) | (20,324,142) | (125,287) | 20,324,142 | (88,339,272) | |||||||
| Amortization of intangible assets | (349,695) | (1,229,137) | - | (988,276) | - | 988,276 | (1,578,832) | |||||||
| Adjusted EBITDA (5) | 296,365,665 | 97,398,356 | 8,497,611 | 118,832,065 | (1,409,940) | (117,458,762) | 402,224,995 | |||||||
| Operating income | 312,306,891 | |||||||||||||
| Other results (4) | 14,349,538 | |||||||||||||
| Net income | 326,656,429 | |||||||||||||
| Total assets | 2,237,164,997 | 830,163,228 | 441,784,952 | 558,624,182 | 146,362,265 | (558,591,446) | 3,655,508,178 | |||||||
| Total liabilities | (835,895,634) | (334,889,354) | (47,733,036) | (228,143) | (8,727,370) | 228,143 | (1,227,245,394) | |||||||
| Electric Power Generation from conventional sources |
Electric Power Generation from renewable sources |
Forest activity |
Natural Gas Transport and Distribution (1) (2) |
Others (1) | Adjustments and Eliminations (3) | Total | ||||||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||||||
| As of September 30, 2024 | ||||||||||||||
| Revenues | 539,030,650 | 113,488,348 | 20,657,288 | 474,190,225 | 10,597,358 | (468,830,428) | 689,133,441 | |||||||
| Cost of sales | (329,564,651) | (46,588,302) | (19,037,287) | (325,122,613) | (9,761,160) | 321,879,002 | (408,195,011) | |||||||
| Administrative and selling expenses | (54,577,851) | (4,449,241) | (2,849,140) | (67,568,514) | - | 67,568,514 | (61,876,232) | |||||||
| Other operating income | 94,867,381 | 2,826,288 | 17,391,449 | 6,399,063 | 124,237 | (6,399,063) | 115,209,355 | |||||||
| Other operating expenses | (31,291,067) | (12,975,251) | (1,730,566) | (1,301,284) | 17,688 | 1,301,284 | (45,979,196) | |||||||
| Operating income | 218,464,462 | 52,301,842 | 14,431,744 | 86,596,877 | 978,123 | (84,480,691) | 288,292,357 | |||||||
| Depreciation of property, plant and equipment | (68,427,850) | (32,943,227) | (1,056,602) | (22,266,015) | (149,608) | 22,266,015 | (102,577,287) | |||||||
| Amortization of intangible assets | (1,515,344) | (1,237,912) | - | (933,879) | - | 933,879 | (2,753,256) | |||||||
| Adjusted EBITDA (5) | 288,407,656 | 86,482,981 | 15,488,346 | 109,796,771 | 1,127,731 | (107,680,585) | 393,622,900 | |||||||
| Operating income | 288,292,357 | |||||||||||||
| Other results (4) | (178,867,306) | |||||||||||||
| Net income | 109,425,051 | |||||||||||||
| Total assets | 2,118,324,122 | 826,646,827 | 436,498,077 | 758,030,552 | 7,896,000 | (758,030,552) | 3,389,365,026 | |||||||
| Total liabilities | (532,888,523) | (418,522,014) | (51,566,659) | (314,426,806) | (4,959,155) | 314,426,806 | (1,007,936,351) |
| (1) | Includes information from associates. |
| (2) | Includes results related to the resale of gas transport and distribution capacity. |
| (3) | Includes adjustments and eliminations related to investments accounted for using the equity method. |
| (4) | Includes gain or loss on net monetary position, share of net results of associates, finance income and expenses, results from investments measured at fair value, and income tax. |
| (5) | Corresponds to operating income before depreciation and amortization |
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4. Revenues
| 9 months | 3 months | |||||||
| 01-01-2025 to 09-30-2025 | 01-01-2024 to 09-30-2024 | 07-01-2025 to 09-30-2025 | 07-01-2024 to 09-30-2024 | |||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | |||||
| Spot market revenues | 401,383,156 | 337,536,562 | 155,214,525 | 118,487,267 | ||||
| Sales under contracts | 312,698,035 | 276,879,399 | 139,004,931 | 91,039,798 | ||||
| Steam sales | 37,450,931 | 38,103,038 | 14,802,281 | 15,282,961 | ||||
| Forest activity revenues | 13,719,835 | 20,657,287 | 4,905,547 | 7,312,871 | ||||
| Resale of gas transport and distribution capacity | 6,113,753 | 5,359,797 | 2,054,985 | 2,017,626 | ||||
| Revenues from CVO thermal plant management | 12,247,952 | 10,597,358 | 3,610,221 | 2,818,102 | ||||
| Total revenues | 783,613,662 | 689,133,441 | 319,592,490 | 236,958,625 | ||||
5. Other income and expenses
5.1. Other operating income
| 9 months | 3 months | ||||||||
| 01-01-2025 to 09-30-2025 | 01-01-2024 to 09-30-2024 | 07-01-2025 to 09-30-2025 | 07-01-2024 to 09-30-2024 | ||||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||||
| Interest earned from customers | 16,053,970 | (1) | 33,513,760 | (1) | 6,646,649 | (3) | 7,879,633 | (3) | |
| Foreign exchange difference, net | 48,438,299 | (2) | 53,628,592 | (2) | 25,840,513 | (4) | 11,629,083 | (4) | |
| Insurance recovery | 7,359,730 | 5,972,104 | 46,794 | 5,972,104 | |||||
| Penalties applied to suppliers | 4,986,078 | - | 4,986,078 | - | |||||
| Recovery related to discount of tax credits | 173,411 | 12,865 | 253,468 | (325,109) | |||||
| Trade discounts | - | 4,088,859 | - | 4,088,859 | |||||
| Gain on disposal of property, plant and equipment | - | 62,109 | - | 8,397 | |||||
| Income for growth and revaluation of biological assets | 17,728,481 | 15,688,718 | 5,783,258 | (4,816,562) | |||||
| Others | 1,019,984 | 2,242,348 | 314,829 | (645,133) | |||||
| Total other operating income | 95,759,953 | 115,209,355 | 43,871,589 | 23,791,272 | |||||
| (1) | Includes 12,963,594 and 21,588,231 related to CVO receivables for the nine-month periods ended September 30, 2025 and 2024, respectively. |
| (2) | Includes 49,460,798 and 49,324,107 related to CVO receivables for the nine-month periods ended September 30, 2025 and 2024, respectively. |
| (3) | Includes 4,277,976 and 6,201,488 related to CVO receivables for the three-month periods ended September 30, 2025 and 2024, respectively. |
| (4) | Includes 23,256,080 and 13,590,121 related to CVO receivables for the three-month periods ended September 30, 2025 and 2024, respectively. |
5.2. Other operating expenses
| 9 months | 3 months | |||||||
| 01-01-2025 to 09-30-2025 | 01-01-2024 to 09-30-2024 | 07-01-2025 to 09-30-2025 | 07-01-2024 to 09-30-2024 | |||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | |||||
| Claims expenses | (1,356,343) | (11,528,689) | (1,356,343) | 491,012 | ||||
| Forestry expenses | (3,801,593) | (845,126) | (946,139) | (168,967) | ||||
| Net charge related to the provision for lawsuits and claims (Exhibit E) | (804,405) | (1,435,223) | (358,773) | (250,596) | ||||
| Trade and tax interests | (283,767) | (563,677) | (152,887) | (62,237) | ||||
| Agreement with CAMMESA - Resolutions SE N° 58/2024 and 66/2024 | - | (30,227,510) | - | - | ||||
| Net charge related to the allowance for doubtful accounts and other receivables (Exhibit E) | (251,654) | (41,833) | (152,716) | (2,559) | ||||
| Others | (6,573,104) | (1,337,138) | (5,731,834) | 2,135,845 | ||||
| Total other operating expenses | (13,070,866) | (45,979,196) | (8,698,692) | 2,142,498 | ||||
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5.3. Finance income
| 9 months | 3 months | |||||||
| 01-01-2025 to 09-30-2025 | 01-01-2024 to 09-30-2024 | 07-01-2025 to 09-30-2025 | 07-01-2024 to 09-30-2024 | |||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | |||||
| Interest earned | 3,231,210 | 3,707,102 | 1,406,901 | 1,199,855 | ||||
| Net income on financial assets at fair value through profit or loss (1) | 81,936,333 | 80,027,533 | 23,538,485 | 27,741,558 | ||||
| Interest rate swap income | - | 125,460 | - | (2,601,243) | ||||
| Total finance income | 85,167,543 | 83,860,095 | 24,945,386 | 26,340,170 | ||||
| (1) | Net of turnover tax of 107,981 and 460,897 for the nine-month periods ended September 30,2025 and 2024, respectively. |
5.4. Finance expenses
| 9 months | 3 months | |||||||
| 01-01-2025 to 09-30-2025 | 01-01-2024 to 09-30-2024 | 07-01-2025 to 09-30-2025 | 07-01-2024 to 09-30-2024 | |||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | |||||
| Interest on loans | (34,386,048) | (55,415,163) | (14,411,655) | (13,594,772) | ||||
| Foreign exchange differences | (142,792,298) | (104,804,520) | (71,096,459) | (31,600,783) | ||||
| Bank commissions for loans and others | (3,267,176) | (3,994,424) | (884,583) | (1,115,622) | ||||
| Interest rate swap expense | (1,333,024) | - | 231,432 | - | ||||
| Others | (52,027) | (194,426) | (23,692) | (129,020) | ||||
| Total finance expenses | (181,830,573) | (164,408,533) | (86,184,957) | (46,440,197) | ||||
6. Income tax
The main components of income tax for the nine-month periods ended September 30, 2025 and 2024, are as follows:
Consolidated statement of income and comprehensive income
| 9 months | 3 months | ||||||
| 01-01-2025 to 09-30-2025 | 01-01-2024 to 09-30-2024 | 07-01-2025 to 09-30-2025 | 07-01-2024 to 09-30-2024 | ||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||
| Current income tax | |||||||
| Income tax charge for the period | (58,680,733) | (71,192,296) | (19,763,361) | (31,254,925) | |||
| Variation between provision and tax return | 30,382,566 | (1) | 6,030,571 | - | (1) | - | |
| Deferred income tax | |||||||
| Related to the net variation in temporary differences | 19,777,639 | (37,037,513) | 40,641,630 | (4,731,244) | |||
| Income tax | (8,520,528) | (102,199,238) | 20,878,269 | (35,986,169) | |||
| Consolidated statement of comprehensive income | |||||||
| Deferred income tax | - | (769,600) | - | (769,600) | |||
| Income
tax charged to other comprehensive income |
- | (769,600) | - | (769,600) | |||
| (1) | Includes 28,908,329 related to the inflation adjustment of tax loss carryforwards. |
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CENTRAL PUERTO S.A. |
The reconciliation between income tax in the consolidated statement of income and the accounting income multiplied by the applicable tax rate for the nine-month periods ended September 30, 2025 and 2024 is as follows:
| 9 months | 3 months | |||||||
| 01-01-2025 to 09-30-2025 | 01-01-2024 to 09-30-2024 | 07-01-2025 to 09-30-2025 | 07-01-2024 to 09-30-2024 | |||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | |||||
| Income before income tax | 335,176,957 | 211,624,289 | 119,073,990 | 86,840,991 | ||||
| At statutory income tax rate 35% | (117,311,935) | (74,068,502) | (41,675,897) | (30,394,348) | ||||
| Effect of dividends received from associates | - | 331,838 | (8,677,628) | (696,876) | ||||
| Spin-off of ECOGAS Group (Note 11.2) | 47,302,591 | - | 47,302,591 | - | ||||
| Effect related to the discount of income tax payable | (474,163) | 16,083,442 | 4,646,001 | 5,429,400 | ||||
| Variation between provision and tax return | 30,382,566 | 6,030,571 | - | - | ||||
| Loss on net monetary position and inflation accounting effect | 14,750,085 | (53,496,455) | 18,034,812 | (1,239,702) | ||||
| Used tax-loss carryforwards | 6,995,147 | 2,633,702 | 189,250 | (319,495) | ||||
| Share of results of associates | 61,871 | - | 100,170 | - | ||||
| Others | 9,773,310 | 286,166 | 958,970 | (8,765,148) | ||||
| Income tax for the period | (8,520,528) | (102,199,238) | 20,878,269 | (35,986,169) | ||||
Deferred income tax
Deferred income tax relates to the following:
| Consolidated
statement of financial position |
Consolidated statement of income and statement of other comprehensive income | ||||||
| 09-30-2025 | 12-31-2024 | 09-30-2025 | 09-30-2024 | ||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||
| Trade receivables | 259,408 | 50,271 | 209,137 | (604,136) | |||
| Other financial assets | (27,627,136) | (988,563) | (26,638,573) | 101,988 | |||
| Provisions and others | (12,411,243) | (13,295,431) | 884,188 | 6,832,135 | |||
| Employee benefit liability | 4,495,714 | 4,366,146 | 129,568 | 1,011,956 | |||
| Investments in associates | - | (37,168,667) | 37,168,667 | (4,395,241) | |||
| Property, plant and equipment - Material & spare parts - Intangible assets | (130,572,177) | (129,984,952) | (587,225) | (84,177) | |||
| Deferred tax income | (19,657,962) | (23,483,676) | 3,825,714 | 26,765,093 | |||
| Tax loss carry-forward | 19,083,493 | 15,492,192 | 3,591,301 | (70,079,076) | |||
| Tax inflation adjustment - Asset | 316,137 | 5,195 | 310,942 | (144,398) | |||
| Tax inflation adjustment - Liability | (6,052) | (889,972) | 883,920 | 2,788,743 | |||
| Deferred income tax income | 19,777,639 | (37,807,113) | |||||
| Deferred income tax liabilities, net | (166,119,818) | (185,897,457) | |||||
Deferred income tax liability, net, disclosed in the consolidated statement of financial position
| Consolidated statement of financial position | |||||
| 09-30-2025 | 12-31-2024 | ||||
| ARS 000 | ARS 000 | ||||
| Deferred income tax asset | 7,160,224 | 7,833,165 | |||
| Deferred income tax liability | (173,280,042) | (193,730,622) | |||
| Deferred income tax liability, net | (166,119,818) | (185,897,457) | |||
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CENTRAL PUERTO S.A. |
7. Financial assets and liabilities
7.1. Trade and other receivables
| 09-30-2025 | 12-31-2024 | ||
| ARS 000 | ARS 000 | ||
| Non-current: | |||
| Trade receivables - CAMMESA | 127,832,558 | 166,654,553 | |
| Receivables from shareholders (Note 10) | 6,959,794 | 122,374 | |
| Guarantee deposits | 231,781 | 52 | |
| 135,024,133 | 166,776,979 | ||
| Current: | |||
| Trade receivables - CAMMESA | 268,570,529 | 218,304,264 | |
| Trade receivables - YPF S.A. and YPF Energía Eléctrica S.A. | 5,876,950 | 6,211,219 | |
| Trade receivables - Large users | 23,350,924 | 24,458,129 | |
| Trade receivables - Forest clients | 4,363,136 | 3,397,816 | |
| Receivables from associates and other related parties (Note 10) | 39,583 | 101,161 | |
| Guarantee deposits (Note 15) | 2,449,067 | - | |
| Other receivables | 14,795,371 | 13,168,608 | |
| 319,445,560 | 265,641,197 | ||
| Allowance for doubtful accounts - Exhibit E | (338,034) | (109,409) | |
| 319,107,526 | 265,531,788 |
CVO receivables: As described in Note 1.2.a), in 2010 the Company approved an agreement with the former Energy Secretariat (the “CVO Agreement”) and effective as of March 20, 2018, CAMMESA granted commercial authorization for the combined cycle operation of the Central Vuelta de Obligado thermal power plant (the “Commercial Authorization”).
Receivables under the CVO Agreement are included in “Trade receivables - CAMMESA”. CVO receivables are denominated in US dollars and accrue interest at a rate of LIBOR plus 5%. Due to the discontinuation of the LIBOR rate, which occurred on June 30, 2023, for the purpose of determining the applicable interest, this rate has been replaced by the Secured Overnight Financing Rate (SOFR) published in the CME source (Chicago Mercantile Exchange) plus a fixed spread of 0.11448%.
As a consequence of the Commercial Authorization and in accordance with the CVO agreement, the Company collects the CVO receivables in 120 equal and consecutive installments.
During the nine-month periods ended September 30, 2025 and 2024, collections of CVO receivables amounted to 67,397,239 and 78,369,966, respectively.
Information on the Group’s objectives and policies for managing credit risk is included in Note 17 to consolidated financial statements for the year ended December 31, 2024.
The breakdown by maturity of trade and other receivables as of the respective dates is as follows:
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CENTRAL PUERTO S.A. |
| Past due | ||||||||||||||
| Total | To due | Hasta 90 days | 91 - 180 days | 181 - 270 days | 270 - 360 days | Más de 360 days | ||||||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||||||
| 09-30-2025 | 454,131,659 | 445,791,400 | 7,166,921 | 489,039 | 309,612 | 165,195 | 209,492 | |||||||
| 12-31-2024 | 432,308,767 | 426,000,316 | 5,934,984 | 179,961 | 155,774 | 812 | 36,920 | |||||||
7.2. Trade and other payables
| 09-30-2025 | 12-31-2024 | ||
| ARS 000 | ARS 000 | ||
| Current | |||
| Trade and other payables | 269,654,963 | (1) | 115,231,986 |
| Payables to associates and other related parties (Note 10) | 1,321,337 | 1,682,417 | |
| 270,976,300 | 116,914,403 |
(1) Includes 135,615,089 corresponding to the liability with shareholders arising from the spin-off / merger of ECOGAS Group as described in Note 11.2.
Trade payables are non-interest bearing and are normally settled within 60 days.
Information on the Group’s financial risk management objectives and policies is included in Note 17 to the consolidated financial statements for the year ended December 31, 2024, which have already been issued.
For the terms and conditions related to trade payables with related parties, refer to Note 10.
7.3. Loans and borrowings
| 09-30-2025 | 12-31-2024 | |||
| ARS 000 | ARS 000 | |||
| Non-current | ||||
| Long-term loans for project financing (Notes 7.3.1, 7.3.2, 7.3.3, 7.3.4, 7.3.8 and 7.3.10) | 215,384,087 | (1) | 221,115,567 | (1) |
| Corporate bonds - CPSA Program (Note 7.3.6) | 122,329,492 | 59,422,117 | (1) | |
| 337,713,579 | 280,537,684 | |||
| Current | ||||
| Long-term loans for project financing (Notes 7.3.1, 7.3.2, 7.3.3, 7.3.4, 7.3.8 and 7.3.10) | 100,833,703 | (1) | 90,711,198 | (1) |
| Short-term loans for import financing (Note 7.3.11) | - | 2,103,771 | ||
| Corporate bonds - CPSA Program (Note 7.3.6) | 138,198,357 | (1) | 64,561,968 | (1) |
| Bank and investment accounts overdrafts | 41,055,583 | 26,521,099 | ||
| 280,087,643 | 183,898,036 |
(1) Net of debt issuance costs.
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CENTRAL PUERTO S.A. |
7.3.1. Loans from International Finance Corporation (“IFC”) and Inter-American Investment Corporation (“IIC”)
On October 20, 2017 and January 17, 2018, CP La Castellana S.A.U. and CP Achiras S.A.U. (both of which are subsidiaries of CPR), respectively, entered into agreements with: (i) International Finance Corporation (IFC) on its own behalf, as Eligible Hedge Provider and as an implementing entity of the Managed Co-Lending Portfolio Program; (ii) Inter-American Investment Corporation (“IIC”), as lender on its behalf, acting as agent for the Inter-American Development Bank (“IDB”) and on behalf of IDB as administrator of the Canadian Climate Fund for the Private Sector in the Americas (“C2F”, and together with IIC and IDB, “Group IDB”, and together with IFC, “Senior Creditors”).
In accordance with the terms of the agreement entered into by CP La Castellana S.A.U., USD 5 million accrue an interest rate equal to LIBOR plus 3.5%, and the rest at LIBOR plus 5.25%, until August 15, 2023. As a consequence of the discontinuation of the LIBOR rate, which occurred on June 30, 2023, CP La Castellana S.A.U., together with IDB Group and IFC amended the loan agreements on June 29, 2023, replacing the LIBOR rate with the Secured Overnight Financing Rate (SOFR) plus a fixed Credit Adjustment Spread (CAS) of 0.26161% applicable from August 15, 2023. The loan is amortizable quarterly in 52 equal and consecutive installments starting February 15, 2019.
In accordance with the terms of the agreement entered into by CP Achiras, USD 40.7 million accrue a fixed interest rate equal to 8.05%, and the rest accrue a 6.77% fixed interest rate. The loan is amortizable quarterly in 52 equal and consecutive installments starting May 15, 2019.
As per the executed loan agreement and among other obligations undertaken, the subsidiaries CP La Castellana and CP Achiras have committed to maintain a Historical Senior Debt Service Coverage Ratio of at least 1.05:1.00, and such ratio shall not be lower than 1.20:1.00 for more than eight consecutive quarters. These ratios must be maintained until the project completion date and are calculated by dividing the sum of EBITDA for the most recent four financial quarters prior to the calculation date by the sum of all scheduled debt payments due in those same four quarters.
In addition, as a guarantee of the obligations undertaken, the subsidiaries CP La Castellana and CP Achiras have a pledge in favor of IFC and IIC with a first degree recording on the financed assets.
Other related agreements and documents, such as the Guarantee and Sponsor Support Agreement (the
“Guarantee Agreement” under which CPSA fully, unconditionally and irrevocably guarantees, as principal debtor, all payment obligations undertaken by CP La Castellana and CP Achiras until the projects reach the project compliance date) hedging agreements, guarantee trusts, a mortgage, guarantee agreements on shares, guarantee agreements on wind turbines, direct agreements and promissory notes have been signed.
As of February 16, 2023, CP La Castellana and CP Achiras have fulfilled all the requirements and conditions to certify the occurrence of the project’s compliance date. As a result, the Guarantee Agreement posted by CPSA was released.
The Company also agreed to maintain, unless otherwise consented to in writing by each senior lender, ownership and control of the CP La Castellana and CP Achiras as follows: (i) until each project completion date, (a) it shall maintain (x) directly or indirectly, at least seventy percent (70%) beneficial ownership of CP La Castellana and CP Achiras; and (y) control of the CP La Castellana and CP Achiras; and (b) CP Renovables shall maintain (x) directly, ninety-five percent (95%) beneficial ownership of CP La Castellana and CP Achiras;
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CENTRAL PUERTO S.A. |
and (y) control of CP La Castellana and CP Achiras. In addition, (ii) after each project completion date, (a) the Company shall maintain (x) directly or indirectly, at least fifty point one percent (50.1%) beneficial ownership of each of CP La Castellana, CP Achiras and CP Renovables; and (y) control of each of CP La Castellana, CP Achiras and CP Renovables; and (b) CP Renovables shall maintain control of CP La Castellana and CP Achiras. As a result of the merger between CPSA and CPR described in Note 10, as from October 1, 2025, the obligations originally assumed by CPR are fulfilled by CPSA. Finally, there are certain requirements to be fulfilled in order to distribute dividends from CP La Castellana and CP Achiras.
As of September 30, 2025, the Group has met such obligations.
Under the executed trust guarantee agreement, as of September 30, 2025 and as of December 31, 2024, there are trade receivables with specific assignment amounting to 7,458,398 and 5,364,735, respectively.
As of September 30, 2025 and as of December 31, 2024, the balance of these loans amounts to 98,900,940 and 100,609,623, respectively.
7.3.2. Loan from Kreditanstalt für Wiederaufbau (“KfW”)
On March 26, 2019, the Company entered into a loan agreement with KfW for an amount of up to USD 56 million to finance the acquisition of two gas turbines, equipment and related services corresponding to the Luján de Cuyo cogeneration plant project.
In accordance with the terms of the agreement, the loan accrues an interest rate of LIBO plus 1.15%. Due to the discontinuation of the LIBO rate, which occurred on June 30, 2023, the Company and KfW amended the loan agreement on June 30, 2023, replacing the LIBO rate with the Secured Overnight Financing Rate (SOFR) plus a Credit Adjustment Spread (CAS) of 0.26161%. The loan is amortizable quarterly in 47 equal and consecutive installments starting six months after the commissioning of the gas turbines and their equipment.
Pursuant to the loan agreement, among other obligations, CPSA must maintain a leverage ratio of no more than 3.5:1.00 as of December 31 of each year. The Company has complied with this requirement.
As of September 30, 2025 and December 31, 2024, the balance of this loan amounted to 28,898,407 and 28,688,932, respectively.
7.3.3. Loan from the IFC to the subsidiary Vientos La Genoveva S.A.U.
On June 21, 2019, Vientos La Genoveva S.A.U., a CPSA subsidiary, signed a loan agreement with IFC, acting on its own behalf, as Eligible Hedge Provider and as implementing entity of the Managed Co-Lending Portfolio Program (MCPP) administered by IFC, for an amount of USD 76.1 million.
Pursuant to the terms of the agreement signed with Vientos La Genoveva S.A.U., this loan accrued an interest rate equal to LIBO plus 6.50% until August 15, 2023. Due to the discontinuation of the LIBO rate, which occurred on June 30, 2023, Vientos La Genoveva S.A.U. together with IFC amended this agreement on June 14, 2023, replacing the LIBO rate with the Secured Overnight Financing Rate (SOFR) plus a Credit Adjustment Spread (CAS) of 0.26161% applicable from August 15, 2023. The loan is amortizable quarterly in 55 consecutive installments starting November 15, 2020.
As per the executed loan agreement and among other obligations undertaken, the subsidiary Vientos La Genoveva S.A.U. has committed to maintain a Historical Senior Debt Service Coverage Ratio of at least 1.05:1.00, and such ratio shall not be lower than 1.20:1.00 for more than eight consecutive quarters. Such ratio is calculated by dividing the sum of the EBITDA for the most recent four financial quarters prior to the calculation date by the sum of all scheduled debt payments due in those four quarters.
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CENTRAL PUERTO S.A. |
In addition, as a guarantee of the obligations undertaken, the subsidiary Vientos La Genoveva S.A.U. has granted a first-priority pledge in favor of IFC with a first-ranking registration on the financed assets.
Other related agreements and documents, such as the Guarantee and Sponsor Support Agreement (the “Guarantee Agreement”) by which CPSA fully, unconditionally and irrevocably guarantees, as the main debtor, all payment obligations undertaken by Vientos La Genoveva S.A.U until the project reaches the project compliance date, hedging agreements, guarantee trusts, guarantee agreements on shares, guarantee agreements on wind turbines, direct agreements and promissory notes have been signed.
Pursuant to the Guarantee Agreement, among other obligations, CPSA had committed, until the project completion date, to maintain (i) a leverage ratio of not more than 3.5:1.00; and (ii) an interest coverage ratio of not less than 2.00:1.00. In addition, CPSA, upon certain conditions, agreed to make certain equity contributions to Vientos La Genoveva S.A.U.
On November 29, 2024, Vientos La Genoveva S.A.U. fulfilled all the requirements and conditions necessary to confirm the occurrence of the project completion date, as a result of which the Guarantee Agreement granted by CPSA was released.
Finally, there are certain requirements that Vientos La Genoveva S.A.U. must meet in order to distribute dividends.
As of September 30, 2025, the Group has met all the above-mentioned requirements.
Pursuant to the signed guarantee trust agreement, as of September 30, 2025 and as of December 31, 2024, there are trade receivables with specific assignments amounting to 3,755,535 and 2,790,826, respectively.
As of September 30, 2025 and as of December 31, 2024, the balance of the loan amounted to 73,777,516 and 71,371,489, respectively.
7.3.4. Loan from Banco de Galicia y Buenos Aires S.A. to the subsidiary Vientos La Genoveva II S.A.U.
On July 23, 2019, the subsidiary Vientos La Genoveva II S.A.U. signed a loan agreement with Banco de Galicia y Buenos Aires S.A. for an amount of USD 37.5 million.
According to the terms of the agreement, the loan accrued interest at a rate equal to LIBO plus 5.95%. Due to the discontinuation of the
LIBO rate on June 30, 2023, Vientos La Genoveva II S.A.U. and Banco de Galicia y Buenos Aires S.A. executed an amendment to the loan agreement
on July 21, 2023, whereby the interest rate was changed to SOFR plus a fixed CAS of 0.42826%, effective as of July 24, 2023. The loan
is amortizable quarterly in 26 installments, starting from the ninth calendar month following the disbursement date.
Under this loan agreement, the subsidiary Vientos La Genoveva II S.A.U. had committed to maintain: (i) a financial debt to EBITDA ratio
below 3.75 until the end of June 2025 and 2.25 thereafter, and (ii) an EBITDA to financial debt service ratio above 1.00 until the end
of June 2025 and 1.10 thereafter, both until full repayment of the outstanding amounts. On June 18, 2025, following the amendment granted
by Banco de Galicia y Buenos Aires S.A. in connection with the merger of CPRES, CP Manque S.A.U., and CP Los Olivos
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CENTRAL PUERTO S.A. |
S.A.U.,
Vientos La Genoveva II S.A.U. committed to maintain: (i) a financial debt to EBITDA ratio below 3.75 and (ii) an EBITDA to financial debt
service ratio above 1.00, both until full repayment of the outstanding amounts. Finally, there are certain requirements that the subsidiary
must meet in order to distribute dividends. As of September 30, 2025, the subsidiary has complied with the aforementioned requirements.
On May 24,
2019, CPRES (a company now absorbed by Vientos La Genoveva II S.A.U.) signed a loan agreement with Banco de Galicia y Buenos Aires S.A.
for an amount of USD 12.5 million to finance the construction of the “La Castellana II” wind farm. According to the terms
of the agreement, the loan accrued a fixed interest rate of 8.5% during the first year, increasing by half a percentage point annually
until the sixty-first interest period, and is amortizable quarterly in 25 installments starting May 24, 2020.
Under the loan agreement, the subsidiary CPRES had committed to maintain certain financial ratios until full repayment of the outstanding amounts. From June 29, 2024, to June 28, 2025, the subsidiary CPRES obtained waivers for compliance with such ratios and other obligations under the agreement, in relation to losses due to claims included under “Other operating expenses” in the statement of profit or loss for the year ended December 31, 2024. As a result of the corporate reorganization through which CPRES was absorbed by Vientos La Genoveva II S.A.U., since June 18, 2025, the applicable ratios are those previously mentioned in connection with the loan granted to Vientos La Genoveva II.
Furthermore, as collateral for the obligations assumed, the subsidiary Vientos La Genoveva II S.A.U. maintains a first-ranking pledge
in favor of Banco de Galicia y Buenos Aires S.A. over the financed assets.
Other related agreements and documents, such as the Guarantee Agreement (the “Fianza”), under which CPSA fully, unconditionally,
and irrevocably guaranteed, as principal debtor, all payment obligations assumed by Vientos La Genoveva II S.A.U. and CPRES until full
repayment of the guaranteed obligations or until the project reaches its project compliance date, whichever occurs first, share pledge
agreements, turbine pledge agreements, direct agreements, and promissory notes have been executed.
On September 3, 2021, Vientos La Genoveva II S.A.U. and CPRES fulfilled all the requirements and conditions necessary to certify the occurrence
of the project compliance date, and therefore the Guarantee Agreement granted by CPSA was released.
As of September 30, 2025 and December 31, 2024, the outstanding balance of these loans amounted to 11,643,165 and 18,081,273, respectively.
7.3.5. Financial trust corresponding to Thermal Station Brigadier López
Within the framework of the acquisition of the Thermal Station Brigadier López, the Company assumed the role of settlor under the financial trust previously signed by Integración Energética Argentina S.A., which was the former owner of the plant. The financial debt balance at the transfer date of the plant was USD 154,662,725.
In accordance with the provisions of the trust agreement, the financial debt accrued an interest rate equal to the LIBO rate plus 5% or equal to 6.25%, whichever was greater, and was amortized monthly. On April 5, 2022, the outstanding balance was fully repaid.
Under the financial trust agreement, as of September 30, 2025 and as of December 31, 2024, there are trade receivables with specific assignment amounting to 884,757 and 1,079,105, respectively.
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CENTRAL PUERTO S.A. |
During December 2024, CPSA initiated arbitration proceedings before the Buenos Aires Stock Exchange to recover the amounts corresponding to the reserve fund and proceed with the subsequent dissolution of the financial trust.
7.3.6. CPSA Notes Program
On July 31, 2020, the Extraordinary General Shareholders’ Meeting of the Company approved the creation of a new global program for the issuance of notes for a maximum outstanding amount at any time during the term of the program of USD 500,000,000 (or its equivalent in other currencies), to be issued as short-, medium- or long-term notes, simple, non-convertible into shares, under the terms of the Negotiable Obligations Law (the “Program”). Additionally, the Board of Directors was granted authority to determine and establish the conditions of the Program and of the negotiable obligations to be issued under it, insofar as such conditions were not expressly determined by the shareholders’ meeting. On October 29, 2020, the CNV approved the creation of the aforementioned Program. On June 11, 2025, the CNV approved the extension of the Program’s term until October 29, 2030 and the increase of the Program’s amount up to USD 1,000,000,000.
Under this Program, the Company issued three types of securities: (a) on September 17, 2023, the subscription and settlement of Class A Negotiable Obligation (NO) took place, denominated, issued, and payable in U.S. dollars abroad; the characteristics of this NO are as follows: (i) nominal value issued: USD 37,232,818, (ii) interest rate, determined through bidding: 7%, (iii) interest coupon frequency: semiannual, (iv) amortization: bullet, (v) term: 30 months from September 17, 2023, and (vi) applicable law and deposit location: Argentina, Caja de Valores S.A. (b) on October 17, 2023, the subscription and settlement of the international bond denominated “10% Senior Notes due 2025” (Class B NO) took place, denominated, issued, and payable in U.S. dollars abroad, under the Reg S scheme. The characteristics of this bond are as follows: (i) nominal value issued: USD 50,000,000, (ii) interest rate, determined through bidding: 10%, (iii) interest coupon frequency: semiannual, (iv) amortization: bullet, (v) term: 24 months from October 17, 2023, and (vi) applicable law and deposit location: New York, Euroclear; and (c) on August 25, 2025, the subscription and settlement of Class C NO took place, denominated, issued, and payable in U.S. dollars abroad; the characteristics of this NO are as follows: (i) nominal value issued: USD 50,000,000, (ii) interest rate, determined through bidding: 8%, (iii) interest coupon frequency: semiannual, (iv) amortization: bullet, (v) term: 48 months from August 25, 2025, and (vi) applicable law and deposit location: Argentina, Caja de Valores S.A.
On October 20, 2023, the Company decided to reopen Class A NO, a procedure that allows offering in the market a security that replicates all the conditions of the previously offered instrument, incorporating the interest rate determined in the original offering (7%) and bidding the price. As a result of this process, the Company issued an additional USD 10,000,000 for Class A NO, with an issuance price of 102.9%. Thus, the total nominal value of Class A amounts to USD 47,232,818.
On August 28, 2025, the Company decided to reopen Class C NO, issuing an additional USD 39,067,309 with an issuance price of 100.06%. Therefore, the total nominal value of Class C amounts to USD 89,067,309.
On October 17, 2025, Class B NO was fully canceled.
7.3.7. CPSA´s Share Buyback Programs
On August 24, 2023, the Company's Board of Directors approved the creation of a share buyback program for the acquisition of the Company’s own shares in accordance with applicable regulations, for a maximum amount of up to USD 10,000,000 or the lower amount resulting from acquiring up to 10% of the share capital and period of 180 consecutive days counted from the business day following the publication of the purchase in the market’s media, which shall be subject to any term renewal or extension.
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The acquisition procedures could be conducted by the Company and/or its subsidiaries with a daily limit for operations of up to 25% of the average volume of daily transactions for the share in the markets in which it is listed, based on the average of the previous 90 trading days. The maximum price to be paid for the shares was USD 8 per American Depositary Receipt (“ADR”) in the NYSE and up to a maximum of ARS 605 per share in BYMA, which was increased to ARS 800 per share as per the decision of the Company's Board of Directors on October 17, 2023. Under this program, the Group repurchased 2,552,027 shares for a total amount of 1,605,160.
On September 25, 2025, the Company's Board of Directors approved the creation of a new share buyback program for the acquisition of the Company’s own shares, in accordance with applicable regulations, for a maximum amount of up to USD 20,000,000 or the lower amount resulting from acquiring up to 10% of the share capital and for a period of 180 consecutive days counted from the business day following the publication of the purchase in the market’s media, which shall be subject to any term renewal or extension.
The acquisition procedures may be conducted by the Company and/or its subsidiaries, with a daily limit for operations of up to 25% of the average volume of daily transactions for the share in the markets in which it is listed, based on the average of the previous 90 trading days. The maximum price to be paid for the shares is USD 11 per ADR in the NYSE and up to a maximum of ARS 1,500 per share in BYMA, which was increased to ARS 1,750 per share as per the decision of the Company's Board of Directors on October 23, 2025. As of September 30, 2025, the Group repurchased 240,000 shares under this program for a total amount of 298,024.
The transactions conducted through these programs have been recorded as acquisitions of treasury shares in accordance with IAS 32. Therefore, the consideration paid for such shares was recognized directly in equity under “Other equity accounts.”
7.3.8. Mitsubishi Corporation Loan
On November 29, 1996, the Company Central Costanera S.A. signed a contract with Mitsubishi Corporation for the installation of a turnkey combined cycle power plant. The original agreement included financing of USD 192.5 million for 12 years from the provisional acceptance of the project, with a fixed annual interest rate of 7.42% and semiannual amortization of principal and interest.
On October 27, 2014, Central Costanera S.A. and Mitsubishi Corporation agreed to the restructuring of this liability. Among the main restructuring conditions, the following stand out: waiver of accrued and accumulated interest as of September 30, 2014 amounting to USD 66,061,897; rescheduling of principal of USD 120,605,058 for an 18-year term, with a 12-month grace period, which must be fully repaid before December 15, 2032; a minimum annual payment of USD 3,000,000 in principal, in quarterly installments; a fixed annual interest rate of 0.25%; and certain restrictions on dividend payments.
Considering the restrictions imposed at the time by the Central Bank of Argentina (see Note 13), several amendments to the loan agreement have been executed since September 30, 2020.
The loan includes certain financial covenants, which as of September 30, 2025, have been fully complied with by Central Costanera S.A. Moreover, as a guarantee of the obligations undertaken, Central Costanera S.A. maintains a pledge in favor of Mitsubishi Corporation with a first-ranking registration on the financed asset, the amount of which has varied depending on the refinancing obtained.
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As of September 30, 2025 and December 31, 2024, the outstanding balance of the liability amounted to 46,153,262 and 42,055,079, respectively.
7.3.9. Loan from Equinor Wind Power AS
As a result of the acquisition of the Guañizuil II A solar park, the Group assumed the liability corresponding to the loan granted to the subsidiary Cordillera Solar VIII S.A., currently renamed CP Cordillera Solar S.A. (“CPCS”) by its former shareholder Equinor Wind Power AS for a principal amount of USD 62,199,879 and interest of USD 8,983,951. As collateral for this loan, CPCS had previously granted a first-ranking pledge over certain property, plant, and equipment of said company in favor of Equinor Wind Power AS.
On October 18, 2023, both parties agreed to a refinancing plan for a period of 24 months starting from the refinancing date, at an annual rate of 9%. Additionally, on that date, CPCS repaid a principal amount of USD 40 million with the funds obtained through the loan detailed in Note 7.3.10.
Moreover, as a result of the acquisition, the Group assumed the liability for the Junior Shareholder Loan Agreement granted to CPCS with an outstanding balance of USD 1,768,897, which on October 18, 2023, was refinanced at a 9% annual rate, to be repaid 24 months after the refinancing date.
On September 6 and October 7, 2024, both loans were fully repaid, and the associated guarantees were canceled.
7.3.10. Loan from Banco Santander International
On October 18, 2023, the subsidiary CPCS entered into a loan agreement with Banco Santander International for an amount of USD 40 million at an annual rate of 6.5%, to be repaid 24 months after the loan granting date.
As of September 30, 2025 and December 31, 2024, the loan balance amounted to 56,844,500 and 51,020,368, respectively.
On October 20, 2025, the loan was fully repaid at maturity.
7.3.11. Short-term loans for import financing
On November 4, 2024, the subsidiary Central Costanera S.A. entered into a short-term loan agreement with Banco Santander S.A. (Uruguay) for a total amount of USD 36,318 to finance the import of materials and equipment. This loan accrued interest at an effective annual interest rate of 7%, with a scheduled maturity date of May 5, 2025. The loan was fully repaid at maturity.
As of December 31, 2024, the subsidiary Vientos La Genoveva II S.A.U. maintained various short-term loans with Banco Santander S.A. (Uruguay) totaling USD 1,353,776. These loans accrued interest at an effective annual interest rate of 7%, with maturities between January 28, 2025 and March 9, 2025. The aforementioned loans were intended to finance the acquisition of solar trackers, panels, inverters, and transformation centers to be installed at the San Carlos solar park and were repaid at maturity.
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7.4. Quantitative and qualitative information on fair values
Valuation techniques
The fair value reported for financial assets represents the amount at which the instrument could be exchanged in regular transaction between mutually consenting parties, and not in a forced or liquidation transaction. The following methods and assumptions were used to estimate the fair values:
Management has assessed that the fair values of current trade receivables approximate their carrying amounts, largely due to the short-term maturities of these instruments.
The Group assesses long-term receivables at fixed and variable rates based on discounted cash flows. The valuation requires that the Group adopt certain assumptions such as interest rates, specific risk factors for each transaction and the creditworthiness of the customer.
The fair value of quoted debt securities, mutual funds, stocks and negotiable bonds is based on the quoted prices as of the reporting period end date.
The fair value of debts and loans accruing interest approximates their book value.
Fair value hierarchy
The following table shows the fair value hierarchy of financial assets measured at fair value on a recurring basis as of September 30, 2025 and 2024:
| Measurement date | Fair value measurement using: | ||||||||
| As of September 30, 2025 | Total | Level 1 | Level 2 | Level 3 | |||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||||
| Assets measured at fair value | |||||||||
| Financial
assets at fair value through profit or loss |
|||||||||
| Mutual funds | 09.30.2025 | 42,049,931 | 42,049,931 | - | - | ||||
| Public debt securities | 09.30.2025 | 283,137,964 | 283,137,964 | - | - | ||||
| Stocks and corporate bonds | 09.30.2025 | 6,573,950 | 6,573,950 | - | - | ||||
| Interest rate swap | 09.30.2025 | 5,459,867 | - | 5,459,867 | - | ||||
| Interest in companies | 09.30.2025 | 111,752,081 | 111,752,081 | - | - | ||||
| Total
financial assets measured at fair value |
448,973,793 | 443,513,926 | 5,459,867 | - | |||||
| Measurement date | Fair value measurement using: | ||||||||
| As of December 31, 2024 | Total | Level 1 | Level 2 | Level 3 | |||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||||
| Assets measured at fair value | |||||||||
| Financial
assets at fair value through profit or loss |
|||||||||
| Mutual funds | 12.31.2024 | 15,722,629 | 15,722,629 | - | - | ||||
| Public debt securities | 12.31.2024 | 274,662,738 | 274,662,738 | - | - | ||||
| Stocks and corporate bonds | 12.31.2024 | 1,438,104 | 1,438,104 | - | - | ||||
| Interest rate swap | 12.31.2024 | 8,091,501 | - | 8,091,501 | - | ||||
| Interest in companies | 12.31.2024 | 10,216,984 | 10,216,984 | - | - | ||||
| Total
financial assets measured at fair value |
310,131,956 | 302,040,455 | 8,091,501 | - | |||||
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There were no transfers between hierarchies nor significant variations in asset values.
The information on the Group’s objectives and financial risk management policies is included in note 17 to the consolidated financial statements for the year ended December 31, 2024, which have already been issued.
8. Non-financial assets and liabilities
8.1. Other non-financial assets
| 09-30-2025 | 12-31-2024 | ||
| ARS 000 | ARS 000 | ||
| Non-current: | |||
| Tax credits | 26,215 | 99,489 | |
| Income tax credits | 601,213 | 733,277 | |
| Prepayments to vendors | 10,018,450 | 5,384 | |
| 10,645,878 | 838,150 | ||
| Current: | |||
| Upfront payments of inventories purchases | 12,585,541 | 29,489,921 | |
| Prepayment insurance | 2,519,149 | 3,204,218 | |
| Tax credits | 11,471,806 | 8,953,134 | |
| Others | 7,541,741 | 1,797,876 | |
| 34,118,237 | 43,445,149 |
8.2. Other non-financial liabilities
| 09-30-2025 | 12-31-2024 | ||
| ARS 000 | ARS 000 | ||
| Non-current: | |||
| VAT payable | 22,756,517 | 28,880,876 | |
| Tax on bank account transactions payable | 1,431,834 | 1,345,210 | |
| 24,188,351 | 30,226,086 | ||
| Current: | |||
| VAT payable | 47,654,774 | 32,422,305 | |
| Turnover tax payable | 1,778,495 | 854,620 | |
| Income tax withholdings payable | 1,613,418 | 1,166,923 | |
| Concession fees and royalties | 402,428 | 702,970 | |
| Tax on bank account transactions payable | 3,601,454 | 2,140,792 | |
| Others | 767,801 | 51,355 | |
| 55,818,370 | 37,338,965 |
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8.3. Compensation and employee benefits liabilitie
| 09-30-2025 | 12-31-2024 | ||
| ARS 000 | ARS 000 | ||
| Non-current: | |||
| Employee long-term benefits | 10,413,152 | 9,353,812 | |
| Current: | |||
| Employee long-term benefits | 3,490,531 | 4,257,270 | |
| Vacation and annual statutory bonus | 16,363,606 | 14,461,239 | |
| Contributions payable | 2,909,115 | 4,407,950 | |
| Bonus accrual | 12,880,785 | 17,815,745 | |
| Others | 419,115 | 371,278 | |
| 36,063,152 | 41,313,482 |
9. Equity reserves
On January 2, 2024, the Company’s Board of Directors decided to partially release the voluntary reserve intended for dividend payments so as to distribute a dividend equivalent to 5.75 ARS per share (value in historical currency).
On April 30, 2024, the Shareholders’ Meeting of the Company approved an increase in the legal reserve in the amount of 19,660,083 and resolved to allocate the remaining unappropriated earnings as of December 31, 2023 to increase the voluntary reserve in order to be applied to future dividend payments based on the evolution of the Company’s financial condition and in accordance with the Company’s current dividend distribution policy.
On November 7, 2024, the Company´s Board of Directors decided to partially release the voluntary reserve intended for dividend payments so as to distribute a dividend equivalent to 39.47 ARS per share (value in historical currency).
On April 30, 2025, the Company’s Shareholders’ Meeting approved an increase in the legal reserve in the amount of 2,721,366 and resolved to allocate the remaining unappropriated earnings as of December 31, 2024 to increase the voluntary reserve for dividend payments, based on the evolution of the Company’s financial condition and in accordance with its current dividend distribution policy.
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10. Information on related parties
The following table presents the transactions and the accounts payable to/receivable from related parties as of the corresponding period/year:
| Income | Expenses | Receivables, Other financial and non-financial assets | Payables | ||||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||||
| Associates: | |||||||||
| Distribuidora de Gas Cuyana S.A | 09-30-2025 | 43,920 | 11,819,743 | - | 1,321,337 | ||||
| 09-30-2024 | 236,410 | 10,374,274 | - | 1,817,864 | |||||
| 12-31-2024 | 366,565 | 15,350,450 | - | 1,682,417 | |||||
| Energía Sudamericana S.A. | 09-30-2025 | 9,908 | - | - | - | ||||
| 09-30-2024 | - | - | - | - | |||||
| 12-31-2024 | 44,968 | - | 33,293 | - | |||||
| Related companies: | |||||||||
| RMPE Asociados S.A. | 09-30-2025 | 1,055 | 9,470,644 | 3,284,183 | - | ||||
| 09-30-2024 | 63,158 | 6,529,927 | 976,173 | - | |||||
| 12-31-2024 | 2,360 | 8,526,430 | 38 | - | |||||
| RPU Agropecuaria S.A. | 09-30-2025 | 2,619 | - | - | - | ||||
| 09-30-2024 | - | - | - | - | |||||
| 12-31-2024 | 2,866 | - | - | - | |||||
| Full Logistics S.A. | 09-30-2025 | - | - | - | - | ||||
| 09-30-2024 | - | - | - | - | |||||
| 12-31-2024 | 9,218 | - | 43,493 | - | |||||
| M. Dodero Compañía General de Servicios S.A. | 09-30-2025 | 42,113 | - | 39,552 | - | ||||
| 09-30-2024 | - | - | - | - | |||||
| 12-31-2024 | 5,092 | - | 24,337 | - | |||||
| Minera Cordillera S.A. | 09-30-2025 | 68,417 | - | 6,800 | - | ||||
| 09-30-2024 | - | - | - | - | |||||
| 12-31-2024 | - | - | - | - | |||||
| Totales | 09-30-2025 | 168,032 | 21,290,387 | 3,330,535 | 1,321,337 | ||||
| 09-30-2024 | 299,568 | 16,904,201 | 976,173 | 1,817,864 | |||||
| 12-31-2024 | 431,069 | 23,876,880 | 101,161 | 1,682,417 |
Balances and transactions with shareholders
As of September 30, 2025 and December 31, 2024, there is a balance with shareholders of 6,959,794 and 122,374, respectively, corresponding to the personal property tax paid by the Company under the substitute taxpayer regime.
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The transactions with shareholders related to the spin-off and merger process of ECOGAS Group are described in Note 11.2.
Terms and conditions of transactions with related parties
Balances at the related reporting period-ends are unsecured and interest free. There have been no guarantees provided or received for any related party receivables or payables.
For the nine-month periods ended September 30, 2025 and 2024, the Company has not recognized any impairment losses on related party receivables. This assessment is undertaken at the end of each reporting period by examining the financial position of the related party and the market in which the related party operates.
During the nine-month periods ended September 30, 2025 and 2024, the Group sold 0.22% and 2.92%, respectively, of its equity interest in subsidiaries, without losing control over such entities. In accordance with IFRS 10, the effects of these transactions were recognized directly in equity.
On January 7, 2025, the Shareholders’ Meeting of the subsidiary CPR approved the redemption of all shares held by the minority shareholders of said company, with the exception of one share retained by Vientos la Genoveva II S.A.U., pursuant to Article 220, paragraph 1 of the General Companies Law ("LGS"), and voluntarily reduced the share capital in accordance with Article 203 of the LGS. Subsequently, on March 31, 2025, CPSA acquired from Vientos La Genoveva II S.A.U. the remaining CPR share. In accordance with IFRS 10, the effects of these transactions were recognized directly in equity.
On March 31, 2025, the Board of Directors of CPSA approved the implementation of a corporate reorganization whereby, subject to the approval of the Shareholders’ Meetings of the companies involved, CPSA absorbs the assets and liabilities of the subsidiary CPR. Since CPSA holds 100% of CPR’s shares, CPSA’s equity does not increase as a result of the merger, while the subsidiary CPR will be dissolved without liquidation. On May 22, 2025, the corporate reorganization was approved by the respective Shareholders’ Meetings. The effective date of the merger was set for October 1, 2025, once the precedent conditions established in the Definitive Merger Agreement were fulfilled and after the corporate reorganization was approved by the CNV on September 10, 2025.
11. Contracts, acquisitions and agreements
11.1. Acquisition of interest in AbraSilver Resource Corp
On January 31, 2025, Proener S.A.U. made an additional share subscription in the amount of 25,741,477 Canadian dollars, through which its equity interest in AbraSilver Resource Corp. increased to 9.9%.
AbraSilver Resource Corp. is a company listed on the Canadian stock exchange and holds the Diablillos silver and gold mining project located in northwestern Argentina. The investment is measured at fair value as of the reporting date and classified under "Other Financial Assets - Non-Current".
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11.2. Share Exchange Offer and Spin-off of the ECOGAS Group
On December 19, 2024, Ecogas Inversiones S.A. ("Ecogas") launched a public offer for subscription of shares in kind and a voluntary exchange offer, consisting of: (i) a voluntary public offer to exchange shares of Distribuidora de Gas Cuyana S.A. ("DGCU") for new ordinary shares of Ecogas at an exchange ratio of 15.83467388 DGCU shares for each new Ecogas share; and (ii) a voluntary public offer to exchange shares of Distribuidora de Gas del Centro S.A. ("DGCE") for new ordinary shares of Ecogas at an exchange ratio of 12.55431094 DGCE shares for each new Ecogas share. The settlement date for the share exchange was January 17, 2025. As a result of the exchange offer, from that date the Group had a direct interest of 26.17% in Ecogas, while maintaining a 17.20% direct interest in DGCE. The effects of this transaction, amounting to 64,399,243, were recognized under the line item "Share of the profit of associates" in the statement of income and comprehensive income for the nine-month period ended September 30, 2025.
On March 31, 2025, the Board of Directors of CPSA approved to move forward with a corporate reorganization whereby, subject to the approval of the Shareholders’ Meetings of the companies involved, CPSA spins off its equity interest in the ECOGAS Group companies and 305,000 in cash, to be absorbed by Ecogas Inversiones S.A. On May 22, 2025, the corporate reorganization was approved by the respective Shareholders’ Meetings. The effective date of this spin-off-merger was set for October 1, 2025, once the precedent conditions set forth in the Definitive Spin-off – Merger Agreement had been fulfilled and after CNV approval on September 10, 2025. The shares issued by Ecogas Inversiones S.A. in exchange for the incorporation of the spun-off assets were received directly by CPSA shareholders, at a ratio of 1 Ecogas Inversiones S.A. share for every 18.6694 CPSA shares.
As of September 30, 2025, the holdings in the ECOGAS Group and the cash amounting to 305,000 are presented as “Assets available for distribution” in the consolidated statement of financial position and have been measured at the lower of carrying amount and fair value in accordance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations.” In addition, the Company recognized under “Trade and other payables” a liability to its shareholders at fair value to reflect the obligation to deliver these assets because of the spin-off; the corresponding offsetting entry was recorded in equity.
On October 1, 2025 (effective date of the spin-off-merger), the Company settled the mentioned liability by delivering the assets available for distribution.
11.3. Acquisition of Cafayate solar farm
On August 20, 2025, the Company entered into an agreement with Canadian Solar Energy Group B.V. and Canadian Solar UY Holding Latam S.A. for the acquisition of 100% of the equity interests and voting rights of Fieldfare Argentina S.R.L. (currently named as PS Cafayate S.R.L.). The transaction was closed on September 2, 2025. The acquired company is the owner and operator of the Cafayate solar farm, located in the Province of Salta, with an installed capacity of 80 MW and a generation capacity of 220 GWh. The Company accounted for this transaction as an asset acquisition.
12. Tax inflation adjustment
Pursuant to Law No. 27,468, as amended by Law No. 27,430, for the determination of the amount of taxable net income for fiscal years commencing on or after January 1, 2019, the inflation adjustment calculated by applying the provisions set forth in the income tax law may be added to or deducted from the taxable result of the fiscal year. This adjustment will only be applicable (a) if the cumulative variation of the consumer price
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index (“IPC”) during the 36 months prior to fiscal year closing is higher than 100%, and (b) for the first, second, and third fiscal years commencing from January 1, 2018, if the accumulated IPC variation exceeds 55%, 30% or 15% of such 100%, respectively. The positive or negative tax inflation adjustment, depending on the case, corresponding to the first, second and third fiscal year commencing from January 1, 2018, which must be calculated in case the conditions mentioned in paragraphs (a) and (b) are met, shall be allocated one-sixth in that fiscal year and the remaining five-sixths, in equal parts over the five immediately following fiscal years.
As of December 31, 2019 and during the following fiscal years, such conditions had already been met. Consequently, the current and deferred income tax has been recognized in the fiscal year ended December 31, 2019 incorporating the effects derived from the application of the tax inflation adjustment in accordance with the provisions of the income tax law.
13. Measures in the Argentine economy
On December 10, 2023, new government authorities took office and issued a series of measures, whose main objectives included: regulatory flexibility to foster economic development, reducing various expenses to lower the fiscal deficit, reduction of subsidies, among others. In the context of the new government, a significant devaluation of the Argentine peso occurred, reflected in the official exchange rate.
During 2024 and 2025, the national government took actions to achieve fiscal balance, which allowed it to quickly achieve a primary and financial surplus in relation to the Gross Domestic Product, and to initiate a process to slow down inflation.
Passing of Law No. 27,742 “Law of Bases”
On June 28, 2024, Law No. 27,742 (“Law of Bases”) was enacted, which came into force after its enactment by the Executive Power.
Regarding energy, the Law of Bases modifies laws that form the regulatory framework of hydrocarbons, natural gas, biofuels, electricity, among others. These changes are projected with the aim of reconfiguring the relationship between the government and the market so as to give predominance to private initiatives in order to gain in competitive terms and maximize the profits obtained.
In this regard, the Law of Bases enables the Executive Power to modify the Laws No. 15,336 on Electrical Energy and No. 24,065 on the Regulatory Framework of Electric Energy, by guaranteeing the following bases:
| – | Free international trade of electricity. |
| – | Free trade, competition and expansion of markets, and the possibility for the final user to choose their supplier. |
| – | A clear breakdown of the charges payable by the end user. |
| – | The development of electricity transportation infrastructure through open, transparent, efficient and competitive mechanisms. |
| – | The review of administrative structures of the electricity sector, modernizing and professionalizing them. |
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The Law of Bases merges the gas and electricity regulators (ENRE and Enargas) into one National Gas and Electricity Regulatory Entity, which will retain the same functions as the existing entities. In this regard, on July 7, 2025, the Executive Power issued Executive Order No. 452/2025, through which the new regulatory entity was formally established.
Foreign exchange market
Since December 2019, the Central Bank of Argentina (BCRA) had issued a series of communications indefinitely extending foreign exchange regulations, which included controls on exports and imports, as well as the requirement for prior BCRA authorization to access the foreign exchange market for the remittance of profits and dividends abroad, among other restrictions. In particular, the refinancing of foreign financial debt was required under certain conditions. The effects of these regulations on the Group’s loans as of September 30, 2025, are described in Note 7.3.8.
Following the inauguration of the new national government on December 10, 2023, restrictions on payments for imports cleared through customs as from December 13, 2023 were eased, although some of the BCRA-imposed restrictions on access to the Single and Free Exchange Market (MULC) and foreign exchange operations remained in place.
Subsequently, on April 11, 2025, the national government implemented a set of measures aimed at easing the regulatory framework governing access to the foreign exchange market. These measures included: (i) the establishment of a floating exchange rate band within which the U.S. dollar may fluctuate in the market, initially set between 1,000 and 1,400 pesos, with monthly adjustments of 1% to the band limits; (ii) the elimination of the program that allowed export proceeds to be settled using a split mechanism of 80% through the official market and 20% through the financial market; (iii) the removal of foreign exchange restrictions applicable to individuals, including the monthly purchase limit of 200 U.S. dollars in the official market, as well as cross restrictions under BCRA Communication “A” 7340 (notwithstanding that BCRA Communication “A” 8336 introduced new cross restrictions for individuals, under which individuals cannot purchase securities settled in foreign currency for 90 days after accessing MULC), and the elimination of the tax surcharge on foreign currency purchases in the official market, while maintaining it for tourism and credit card payments; (iv) the authorization for Argentine companies to distribute dividends to foreign shareholders for fiscal years beginning in 2025; (v) a relaxation of payment terms for foreign trade transactions; and (vi) a one-time elimination of the 90-day retroactive period under Communication “A” 7340 applicable to legal entities, allowing them to resume access to the foreign exchange market under normal conditions.
Income Tax
On June 16, 2021, the Argentine Executive Power enacted Law No. 27,630, which established changes in the corporate income tax rate for the fiscal periods commencing on or after January 1, 2021. This law establishes payment of the tax based on a structure of staggered rates based on the level of accumulated taxable net income. The threshold amounts in this scale will be annually adjusted, considering the annual variation of the consumer price index provided by the INDEC corresponding to October of the year prior to the adjustment compared with the same month of the previous year. For fiscal year 2024 the applicable scale is the following: 25% up to an accumulated taxable net income of 34.7 million Ps.; 30% for the excess of such amount up to 347 million Ps.; and 35% for the excess of such amount. Meanwhile, for fiscal year 2025 the applicable scale is the following: 25% up to an accumulated taxable net income of 101.7 million Ps.; 30% for the excess of such amount up to 1,016.8 million Ps.; and 35% for the excess of such amount.
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Investment Promotion Plan
In order to boost the productive structure while generating employment and fiscal resources, the national government implemented in 2024 the “Large Investment Incentive Regime” (RIGI), established under the Law of Bases, which will grant tax benefits, access to foreign currency for imports, and, under certain conditions, allow the remittance of profits to those investment projects that are submitted and approved, corresponding to certain strategic sectors capable of generating exports in the medium and long term.
14. Restrictions on income distribution
Pursuant to the General Companies Law and the Bylaws, 5% of the profits of the fiscal year must be assigned to the statutory reserve until such reserve reaches 20% of the Company’s Capital Stock.
The profits distributed to individuals residing in Argentina or abroad, and to foreign legal entities, are subject to a withholding of 7% as a dividend tax, provided that such profits correspond to fiscal years closed after December 31, 2017.
In addition, certain loan agreements establish requirements for the distribution of dividends (see Notes 7.3.1, 7.3.3, 7.3.4 and 7.3.8).
15. Guarantees granted
Pursuant to Decree No. 718/24 issued by the National Executive Branch (see Note 1.2.a), on September 3, 2024, CPSA submitted a surety bond in the amount of USD 4,500,000 as a guarantee for the extension of the Concession Agreement of the Piedra del Águila Hydroelectric Complex, with a maximum term until December 28, 2025.
On March 19, 2009, the Group entered into a pledge agreement with the Secretariat of Energy to secure its obligations in favor of the FONINVEMEM trusts under the operation and maintenance agreement of the Timbúes and Manuel Belgrano power plants, whereby it pledged 100% of the shares in TSM and TMB.
Additionally, the shares acquired by the Group in Central Costanera S.A. are subject to a pledge, and the Group is carrying out the necessary procedures to cancel it.
In connection with the agreements described in Notes 7.3.10 and 7.3.11, the Group has provided T-Bills as performance guarantees, which are included in the balance of other financial assets. As of the date of issuance of these financial statements, given the settlement of the aforementioned loans, these guarantees have been released.
Furthermore, the Group has granted guarantees for the performance of the agreements described in Notes 1.2.a) and 18.3 to the consolidated financial statements for the fiscal year ended December 31, 2024, already issued, and in Notes 7.3.1, 7.3.3, 7.3.4, and 7.3.8.
The Group has delivered deferred payment checks for 2,449,067 as bid security for the projects awarded under Resolution S.E. No. 67/2025 (see Note 1.2.d).
| -38-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
16. Subsequent events
No events or transactions occurred between the end of the reporting period and the date of issuance of these financial statements that may significantly affect such financial statements.
| -39-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
EXHIBIT A
PROPERTY, PLANT AND EQUIPMENT
AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
| 09-30-2025 | ||||||||||||
| Cost | ||||||||||||
| At the beginning | Additions | Transfers | Disposals | At the end | ||||||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||||||
| Lands and buildings | 520,497,262 | 386,063 | - | - | 520,883,325 | |||||||
| Electric power facilities | 2,366,294,491 | 100,959,839 | 16,335,926 | (2,520,648) | 2,481,069,608 | |||||||
| Wind turbines | 564,911,697 | - | - | - | 564,911,697 | |||||||
| Gas turbines | 62,108,150 | - | - | - | 62,108,150 | |||||||
| Construction in progress | 343,500,476 | 112,917,781 | (188,516) | (46,770) | 456,182,971 | |||||||
| Other | 125,083,365 | 2,105,816 | (16,147,410) | (62,265) | 110,979,506 | |||||||
| Total 09-30-2025 | 3,982,395,441 | 216,369,499 | - | (2,629,683) | 4,196,135,257 | |||||||
| 09-30-2025 | 12-31-2024 | |||||||||||
| Depreciation and impairment | ||||||||||||
| At the beginning | Charges | Disposals and impairment | At the end | Net book value | Net book value | |||||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | |||||||
| Lands and buildings | 82,452,772 | 13,529,106 | - | 95,981,878 | 424,901,447 | 438,044,490 | ||||||
| Electric power facilities | 1,362,528,356 | 66,294,505 | (2,226,378) | 1,426,596,483 | 1,054,473,125 | 1,003,766,135 | ||||||
| Wind turbines | 150,736,601 | 21,332,116 | - | 172,068,717 | 392,842,980 | 414,175,096 | ||||||
| Gas turbines | - | - | - | - | 62,108,150 | 62,108,150 | ||||||
| Impairment of gas turbines (1) | 35,215,132 | - | - | 35,215,132 | (35,215,132) | (35,215,132) | ||||||
| Impairment of electric power facilities, lands and buildings, construction in progress and others (1) | 293,090,086 | (15,132,406) | - | 277,957,680 | (277,957,680) | (293,090,086) | ||||||
| Construction in progress | - | - | - | - | 456,182,971 | 343,500,476 | ||||||
| Other | 85,116,941 | 2,315,951 | (43,816) | 87,389,076 | 23,590,430 | 39,966,424 | ||||||
| Total 09-30-2025 | 2,009,139,888 | 88,339,272 | (2,270,194) | 2,095,208,966 | 2,100,926,291 | |||||||
| 1,973,255,553 | ||||||||||||
(1) See note 2.3.8. to the issued financial statements as of December 31, 2024.
| -40-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
EXHIBIT B
INTANGIBLE ASSETS
AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
| 09-30-2025 | 12-31-2024 | |||||||||||||
| Cost | Amortization and impairment | |||||||||||||
| At the beginning and at the end | At the beginning | % | Charges | At the end | Net book value | Net book value | ||||||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | |||||||||
| Concession right | 402,587,720 | 402,121,461 | 3.3 | 349,695 | 402,471,156 | 116,564 | 466,259 | |||||||
| Transmission lines and electrical substations for wind farms | 32,891,324 | 10,788,248 | 5 | 1,246,389 | 12,034,637 | 20,856,687 | 22,103,076 | |||||||
| Turbogas and turbosteam supply agreements for thermal station Brigadier López (“BL contracts”) | 201,768,784 | 156,856,461 | - | - | 156,856,461 | 44,912,323 | 44,912,323 | |||||||
| BL contracts impairment(1) | - | 29,835,921 | - | - | 29,835,921 | (29,835,921) | (29,835,921) | |||||||
| Transmission lines and electrical substations for wind farms impairment (1) | - | 182,369 | 5 | (17,252) | 165,117 | (165,117) | (182,369) | |||||||
| Total 09-30-2025 | 637,247,828 | 599,784,460 | 1,578,832 | 601,363,292 | 35,884,536 | |||||||||
| 37,463,368 | ||||||||||||||
(1) See note 2.3.8. to the issued financial statements as of December 31, 2024.
| -41-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
EXHIBIT E
ALLOWANCES AND PROVISIONS
AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
| 09-30-2025 | 12-31-2024 | |||||||||||
| Item | At beginning | Increases | Decreases | Recoveries | At end | At end | ||||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | |||||||
| ASSETS | ||||||||||||
| Non-current | ||||||||||||
| Inventories | 12,490,319 | - | - | - | 12,490,319 | 12,490,319 | ||||||
| Trade and other receivables | ||||||||||||
| Allowance
for doubtful accounts - Trade receivables |
109,409 | 253,918 | (23,029) | (1) | (2,264) | 338,034 | 109,409 | |||||
| Total 09-30-2025 | 12,599,728 | 253,918 | (23,029) | (2,264) | 12,828,353 | |||||||
| Total 12-31-2024 | 10,343,057 | 1,603,370 | (56,331) | (1) | - | 12,599,728 | ||||||
| LIABILITIES | ||||||||||||
| Provisions | ||||||||||||
| Current | ||||||||||||
| Provision for lawsuits and claims | 3,586,105 | 804,405 | (645,867) | (1) | - | 3,744,643 | 3,586,105 | |||||
| Total 09-30-2025 | 3,586,105 | 804,405 | (645,867) | - | 3,744,643 | |||||||
| Total 12-31-2024 | 4,070,775 | 2,863,109 | (2,593,567) | (1) | (956,186) | 3,586,105 | ||||||
(1) Income (loss) for exposure to change in purchasing power of currency for the year.
| -42-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
EXHIBIT F
COST OF SALES
FOR THE NINE AND THREE-MONTH PERIODS ENDED
AS OF SEPTEMBER 30, 2025 AND 2024
| 9 months | 3 months | ||||||
| 01-01-2025 to 09-30-2025 | 01-01-2024 to 09-30-2024 | 07-01-2025 to 09-30-2025 | 07-01-2024 to 09-30-2024 | ||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||
| Inventories and biological assets at the beginning of each period | 302,523,295 | 294,607,851 | 316,742,554 | 319,014,052 | |||
| Purchases and operating and forest production for each period: | |||||||
| – Purchases | 190,556,557 | 88,304,125 | 101,860,975 | 33,260,891 | |||
| – Operating expenses (Exhibit H) | 299,541,494 | 311,165,648 | 94,202,120 | 101,965,973 | |||
| – Forest production (Exhibit H) | 9,113,499 | 14,413,163 | 3,090,869 | 8,135,995 | |||
| – Forest growth and revaluation of biological assets | 17,728,481 | 15,688,718 | 5,783,258 | (4,816,562) | |||
| 516,940,031 | 429,571,654 | 204,937,222 | 138,546,297 | ||||
| Inventories and biological assets at the end of each period | (333,656,308) | (315,984,494) | (333,656,308) | (315,984,494) | |||
| Total cost of sales | 485,807,018 | 408,195,011 | 188,023,468 | 141,575,855 | |||
| -43-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
EXHIBIT G
FINANCIAL ASSETS AND LIABILITIES IN FOREIGN CURRENCY
AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
| 09-30-2025 | 12-31-2024 | ||||||||||
| Account | Currency and amount (in thousands) | Effective exchange rate (1) | Book value |
Currency and amount (in thousands) | Book value | ||||||
| ARS 000 | ARS 000 | ||||||||||
| NON-CURRENT ASSET | |||||||||||
| Trade and other receivables | USD | 93,542 | 1,367 | (2) | 127,832,558 | USD | 132,339 | 166,654,554 | |||
| Other financial assets | USD | 84,354 | 1,371 | 115,649,334 | USD | 12,979 | 16,288,833 | ||||
| 243,481,892 | 182,943,387 | ||||||||||
| CURRENT ASSETS | |||||||||||
| Cash and cash equivalents | USD | 42,991 | 1,371 | 58,940,661 | USD | 3,582 | 4,495,527 | ||||
| EUR | 1 | 1,609 | 1,609 | EUR | 1 | 1,304 | |||||
| Other financial assets | USD | 122,395 | 1,371 | 167,803,545 | USD | 130,751 | 164,096,778 | ||||
| Trade and other receivables | USD | 122,731 | 1,367 | (2) | 167,722,135 | USD | 112,540 | 141,721,791 | |||
| USD | 19,311 | 1,371 | 26,475,381 | USD | 19,974 | 25,068,023 | |||||
| 420,943,331 | 335,383,423 | ||||||||||
| 664,425,223 | 518,326,810 | ||||||||||
| NON-CURRENT LIABILITIES | |||||||||||
| Loans and borrowings | USD | 255,078 | 1,380 | 352,007,640 | USD | 277,409 | 349,172,398 | ||||
| Trade and other payables | USD | - | - | - | USD | 2,142 | 2,696,118 | ||||
| Provisions | USD | 1,103 | 1,380 | 1,522,140 | - | - | - | ||||
| 353,529,780 | 351,868,516 | ||||||||||
| CURRENT LIABILITIES | |||||||||||
| Loans and borrowings | USD | 175,415 | 1,380 | 242,072,700 | USD | 87,370 | 109,971,891 | ||||
| Trade and other payables | USD | 72,150 | 1,380 | 99,567,000 | USD | 59,468 | 74,851,876 | ||||
| EUR | 2,306 | 1,623 | 3,741,725 | EUR | 2,553 | 3,345,191 | |||||
| SEK | 1,096 | 148 | 161,964 | SEK | 1,832 | 210,828 | |||||
| 345,543,389 | 188,379,786 | ||||||||||
| 699,073,169 | 540,248,302 | ||||||||||
USD: US dollar.
EUR: Euro.
SEK: Swedish Crown.
| (1) | At the exchange rate prevailing as of September 30, 2025 as per the Argentine National Bank. |
| (2) | At the exchange rate according to Communication “A” 3500 (wholesale) prevailing as of September 30, 2025 as per the Argentine Central Bank. |
| -44-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
EXHIBIT H
1 of 2
INFORMATION REQUIRED BY LAW 19,550, ART. 64, PARAGRAPH I, SUBSECTION b)
FOR THE NINE-MONTH PERIODS ENDED
AS OF SEPTEMBER 30, 2025 AND 2024
| 9 months | |||||||
| 09-30-2025 | |||||||
| Accounts | Operating expenses | Forest production expenses | Administrative and selling expenses | Total | |||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||
| Compensation to employees | 78,913,231 | 17,777 | 25,384,778 | 104,315,786 | |||
| Other long-term employee benefits | 2,967,025 | - | 518,938 | 3,485,963 | |||
| Depreciation of property, plant and equipment | 85,782,883 | - | 2,556,389 | 88,339,272 | |||
| Amortization of intangible assets | 1,578,832 | - | - | 1,578,832 | |||
| Purchase of energy and power | 3,673,698 | - | - | 3,673,698 | |||
| Fees and compensation for services | 28,017,569 | 370,723 | 24,598,855 | 52,987,147 | |||
| Maintenance expenses | 54,382,093 | - | 320,020 | 54,702,113 | |||
| Consumption of materials and spare parts | 23,936,481 | - | - | 23,936,481 | |||
| Insurance | 13,179,689 | - | 95,591 | 13,275,280 | |||
| Levies and royalties | 4,739,666 | - | - | 4,739,666 | |||
| Taxes and assessments | 1,477,685 | - | 2,812,894 | 4,290,579 | |||
| Tax on bank account transactions | 144,398 | - | 9,223,903 | 9,368,301 | |||
| Forest production services | - | 8,724,999 | 905,681 | 9,630,680 | |||
| Others | 748,244 | - | 1,771,791 | 2,520,035 | |||
| Total 09-30-2025 | 299,541,494 | 9,113,499 | 68,188,840 | 376,843,833 | |||
| 9 months | |||||||
| 09-30-2024 | |||||||
| Accounts | Operating expenses | Forest production expenses | Administrative and selling expenses | Total | |||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||
| Compensation to employees | 81,048,619 | 1,110,492 | 26,640,598 | 108,799,709 | |||
| Other long-term employee benefits | 10,035,524 | - | 986,917 | 11,022,441 | |||
| Depreciation of property, plant and equipment | 101,478,711 | 96,640 | 1,001,936 | 102,577,287 | |||
| Amortization of intangible assets | 2,753,256 | - | - | 2,753,256 | |||
| Purchase of energy and power | 3,225,512 | - | - | 3,225,512 | |||
| Fees and compensation for services | 19,281,567 | 1,114,650 | 21,599,397 | 41,995,614 | |||
| Maintenance expenses | 40,591,759 | - | 219,592 | 40,811,351 | |||
| Consumption of materials and spare parts | 23,695,226 | 139,403 | - | 23,834,629 | |||
| Insurance | 20,609,177 | 5,262 | 82,786 | 20,697,225 | |||
| Levies and royalties | 6,043,883 | - | - | 6,043,883 | |||
| Taxes and assessments | 1,109,711 | 71,330 | 4,037,771 | 5,218,812 | |||
| Tax on bank account transactions | 100,134 | - | 5,823,954 | 5,924,088 | |||
| Forest production services | - | 11,731,547 | 121 | 11,731,668 | |||
| Others | 1,192,569 | 143,839 | 1,483,160 | 2,819,568 | |||
| Total 09-30-2024 | 311,165,648 | 14,413,163 | 61,876,232 | 387,455,043 | |||
| -45-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
EXHIBIT H
2 of 2
INFORMATION REQUIRED BY LAW 19,550, ART. 64, PARAGRAPH I, SUBSECTION b)
FOR THE THREE-MONTH PERIODS ENDED
AS OF SEPTEMBER 30, 2025 AND 2024
| 3 months | |||||||
| 07-01-2025 to 09-30-2025 | |||||||
| Accounts | Operating expenses | Forest production expenses | Administrative and selling expenses | Total | |||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||
| Compensation to employees | 25,909,760 | 4,022 | 8,700,930 | 34,614,712 | |||
| Other long-term employee benefits | 928,979 | - | 162,533 | 1,091,512 | |||
| Depreciation of property, plant and equipment | 23,884,765 | - | 931,072 | 24,815,837 | |||
| Amortization of intangible assets | 532,022 | - | - | 532,022 | |||
| Purchase of energy and power | 1,594,238 | - | - | 1,594,238 | |||
| Fees and compensation for services | 9,041,903 | 660 | 8,519,948 | 17,562,511 | |||
| Maintenance expenses | 18,982,042 | - | 94,137 | 19,076,179 | |||
| Consumption of materials and spare parts | 7,315,380 | - | - | 7,315,380 | |||
| Insurance | 3,915,432 | - | 16,688 | 3,932,120 | |||
| Levies and royalties | 1,215,324 | - | - | 1,215,324 | |||
| Taxes and assessments | 469,970 | - | 961,688 | 1,431,658 | |||
| Tax on bank account transactions | 34,615 | - | 4,529,348 | 4,563,963 | |||
| Forest production services | - | 3,086,187 | 58,712 | 3,144,899 | |||
| Others | 377,690 | - | 696,009 | 1,073,699 | |||
| Total 09-30-2025 | 94,202,120 | 3,090,869 | 24,671,065 | 121,964,054 | |||
| 3 months | |||||||
| 07-01-2024 to 09-30-2024 | |||||||
| Accounts | Operating expenses | Forest production expenses | Administrative and selling expenses | Total | |||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||
| Compensation to employees | 27,577,542 | 568,359 | 8,907,816 | 37,053,717 | |||
| Other long-term employee benefits | 1,485,746 | - | 138,385 | 1,624,131 | |||
| Depreciation of property, plant and equipment | 31,325,196 | (7,310) | 411,267 | 31,729,153 | |||
| Amortization of intangible assets | 529,203 | - | - | 529,203 | |||
| Purchase of energy and power | 1,173,134 | - | - | 1,173,134 | |||
| Fees and compensation for services | 6,741,748 | 332,946 | 8,090,859 | 15,165,553 | |||
| Maintenance expenses | 11,168,037 | - | 90,417 | 11,258,454 | |||
| Consumption of materials and spare parts | 12,974,144 | 139,403 | - | 13,113,547 | |||
| Insurance | 5,507,063 | 3,548 | 35,930 | 5,546,541 | |||
| Levies and royalties | 2,816,555 | - | - | 2,816,555 | |||
| Taxes and assessments | 357,097 | 69,539 | 907,904 | 1,334,540 | |||
| Tax on bank account transactions | 39,056 | - | 2,275,958 | 2,315,014 | |||
| Forest production services | - | 6,941,345 | - | 6,941,345 | |||
| Others | 271,452 | 88,165 | 518,753 | 878,370 | |||
| Total 09-30-2024 | 101,965,973 | 8,135,995 | 21,377,289 | 131,479,257 | |||
| -1-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
SEPARATE STATEMENT OF INCOME
for the nine-month period ended September 30, 2025
| 9 months | 3 months | |||||||
| Unaudited | Unaudited | |||||||
| 01-01-2025 to 09-30-2025 | 01-01-2024 to 09-30-2024 | 07-01-2025 to 09-30-2025 | 07-01-2024 to 09-30-2024 | |||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | |||||
| Revenues | 546,326,520 | 441,352,373 | 226,615,559 | 157,353,498 | ||||
| Cost of sales | (347,516,878) | (261,604,715) | (147,335,205) | (92,107,599) | ||||
| Ganancia bruta | 198,809,642 | 179,747,658 | 79,280,354 | 65,245,899 | ||||
| Administrative and selling expenses | (50,691,022) | (49,659,501) | (18,904,925) | (16,674,769) | ||||
| Other operating income | 56,224,544 | 81,152,698 | 25,926,067 | 21,909,958 | ||||
| Other operating expenses | (5,377,172) | (23,736,677) | (50,248) | 818,454 | ||||
| Operating income | 198,965,992 | 187,504,178 | 86,251,248 | 71,299,542 | ||||
| Loss on net monetary position | (8,809,033) | (143,733,229) | (1,218,098) | (15,303,395) | ||||
| Finance income | 16,284,969 | 13,315,307 | 9,233,145 | 3,933,899 | ||||
| Finance expenses | (75,367,793) | (64,000,796) | (38,591,032) | (15,828,603) | ||||
| Share of the profit of associates and subsidiaries | 193,510,320 | 97,744,732 | 48,185,114 | 18,545,360 | ||||
| Income before income tax | 324,584,455 | 90,830,192 | 103,860,377 | 62,646,803 | ||||
| Income tax for the period | (1,079,659) | 9,812,172 | 35,934,935 | (12,399,941) | ||||
| Net income for the period | 323,504,796 | 100,642,364 | 139,795,312 | 50,246,862 | ||||
| Basic and diluted earnings per share (ARS) | 215.33 | 66.97 | 93.03 | 33.44 | ||||
| -2-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
SEPARATE STATEMENT OF COMPREHENSIVE INCOME
for the nine-month period ended September 30, 2025
| 9 months | 3 months | |||||||
| Unaudited | Unaudited | |||||||
| 01-01-2025 to 09-30-2025 | 01-01-2024 to 09-30-2024 | 07-01-2025 to 09-30-2025 | 07-01-2024 to 09-30-2024 | |||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | |||||
| Net income for the period | 323,504,796 | 100,642,364 | 139,795,312 | 50,246,862 | ||||
| Other comprehensive income for the period |
||||||||
| Other comprehensive income not to be reclassified to income in subsequent periods | ||||||||
| Remeasurement of losses from longterm employee benefits | - | 1,926,770 | - | 1,926,769 | ||||
| Income tax related to remeasurement of losses from long-term employee benefits |
- | (674,369) | - | (674,369) | ||||
| Other comprehensive income not to be reclassified to income in subsequent periods | - | 1,252,401 | - | 1,252,400 | ||||
| Other comprehensive income for the period |
- | 1,252,401 | - | 1,252,400 | ||||
| Total comprehensive income for the period |
323,504,796 | 101,894,765 | 139,795,312 | 51,499,262 | ||||
| -3-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
SEPARATE STATEMENT OF FINANCIAL POSITION
as of September 30, 2025
| 09-30-2025 | 12-31-2024 | ||||
| Notes | Unaudited | Audited | |||
| ARS 000 | ARS 000 | ||||
| Non-current assets | |||||
| Property, plant and equipment | 1,064,702,023 | 984,245,059 | |||
| Intangible assets | 15,192,965 | 15,542,659 | |||
| Investments in associates | 29,882,679 | 134,135,754 | |||
| Investment in subsidiaries | Exhibit C | 1,273,189,526 | 1,019,091,563 | ||
| Inventories | 1,605,875 | 5,218,755 | |||
| Other non-financial assets | 605,581 | 738,604 | |||
| Trade and other receivables | 129,958,864 | 161,203,500 | |||
| Other financial assets | 1,548,958 | 1,471,763 | |||
| 2,516,686,471 | 2,321,647,657 | ||||
| Current assets | |||||
| Inventories | 33,865,987 | 14,614,515 | |||
| Other non-financial assets | 19,667,640 | 27,478,425 | |||
| Trade and other receivables | 223,850,531 | 200,252,637 | |||
| Other financial assets | 84,378,859 | 34,977,118 | |||
| Cash and cash equivalents | 59,236,490 | 900,573 | |||
| 420,999,507 | 278,223,268 | ||||
| Assets available for distribution | 135,310,089 | - | |||
| 556,309,596 | 278,223,268 | ||||
| Total assets | 3,072,996,067 | 2,599,870,925 | |||
| Equity and liabilities | |||||
| Capital stock | 1,514,022 | 1,514,022 | |||
| Adjustment to capital stock | 522,726,736 | 658,341,825 | |||
| Legal reserve | 131,971,169 | 129,249,803 | |||
| Voluntary reserve | 919,782,164 | 919,782,164 | |||
| Other equity accounts | (49,425,492) | (49,857,183) | |||
| Voluntary reserve for future dividends distribution | 533,702,258 | 474,329,926 | |||
| Retained earnings | 310,745,951 | 62,093,697 | |||
| Equity attributable to holders of the parent | 2,371,016,808 | 2,195,454,254 | |||
| Non-current liabilities | |||||
| Trade and other payables | - | 823,155 | |||
| Other non-financial liabilities | 22,892,119 | 29,098,241 | |||
| Loans and borrowings | 146,411,182 | 83,855,167 | |||
| Compensation and employee benefits liabilities | 5,833,456 | 5,390,196 | |||
| Deferred income tax liabilities | 261,006 | 43,356,975 | |||
| 175,397,763 | 162,523,734 | ||||
| Current liabilities | |||||
| Trade and other payables | 249,823,871 | 93,955,818 | |||
| Other non-financial liabilities | 41,727,668 | 28,039,928 | |||
| Loans and borrowings | 184,801,586 | 69,708,274 | |||
| Compensation and employee benefits liabilities | 22,772,724 | 25,720,707 | |||
| Income tax payable | 27,448,955 | 24,460,110 | |||
| Provisions | 6,692 | 8,100 | |||
| 526,581,496 | 241,892,937 | ||||
| Total liabilities | 701,979,259 | 404,416,671 | |||
| Total equity and liabilities | 3,072,996,067 | 2,599,870,925 |
| -4-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
SEPARATE STATEMENT OF CASH FLOWS
for the nine-month period ended September 30, 2025
| 09-30-2025 | 09-30-2024 | |||
| Unaudited | ||||
| ARS 000 | ARS 000 | |||
| Operating activities | ||||
| Income for the period before income tax | 324,584,455 | 90,830,192 | ||
| Adjustments to reconcile income for the period before income tax to net cash flows: | ||||
| Depreciation of property, plant and equipment | 54,260,965 | 51,852,036 | ||
| Amortization of intangible assets | 349,695 | 1,515,344 | ||
| Loss on disposal of property, plant and equipment | (15,017,770) | (29,990,427) | ||
| Interest earned from customers | (16,284,969) | (13,315,307) | ||
| Finance income | 75,367,793 | 64,000,796 | ||
| Finance expenses | - | (489,060) | ||
| Share of the profit of associates and subsidiaries | (193,510,320) | (97,744,732) | ||
| Movements in provisions and long-term employee benefit plan expense | 2,167,915 | 6,622,169 | ||
| Foreign exchange difference for trade receivables | (40,147,431) | (48,214,876) | ||
| Net effect CAMMESA agreement - Resolution SE No 58/2024 and 66/2024 | - | 11,666,382 | ||
| Loss on net monetary position | 8,141,013 | 95,321,229 | ||
| Working capital adjustments: | ||||
| Decrease in trade and other receivables | 1,891,036 | 49,775,411 | ||
| Increase in other financial, non-financial assets and inventories | (9,788,297) | (9,083,678) | ||
| Increase (Decrease) in trade and other payables, other non-financial liabilities and liabilities from employee benefits |
2,310,035 | (33,789,594) | ||
| Trade and tax interests paid | (94,983) | (584,417) | ||
| Interest received | 13,852,019 | 34,056,500 | ||
| Income tax paid | (12,485,354) | (12,738,019) | ||
| Insurance recovery collected | 353,968 | 464,340 | ||
| Net cash flows provided by operating activities | 195,949,770 | 160,154,289 | ||
| Financing activities | ||||
| Purchase of property, plant and equipment | (112,668,235) | (85,313,471) | ||
| Dividends collected | 26,040,343 | 10,106,383 | ||
| Acquisition of available-for-sale financial assets, net | (100,544,753) | (30,541,128) | ||
| Capital contributions to subsidiaries | (89,468,266) | (718,664) | ||
| Loans granted | (491,753) | - | ||
| Net cash flows used in investing activities | (277,132,664) | (106,466,880) | ||
| Financing activities | ||||
| Bank and investment accounts overdrafts received | 34,384,458 | 935 | ||
| Bank and investment accounts overdrafts paid | (565,014) | - | ||
| Dividends paid | - | (17,994,672) | ||
| Loans received | 176,652,922 | 81,444,249 | ||
| Loans paid | (58,941,689) | (91,222,064) | ||
| Interest and other financial costs paid | (10,884,023) | (23,362,702) | ||
| Bank fees and charges | (193,262) | - | ||
| Net cash flows provided by (used in) financing activities | 140,453,392 | (51,134,254) | ||
| Increase in cash and cash equivalents | 59,270,498 | 2,553,155 | ||
| Exchange difference and other financial results | 2,084,199 | (156,801) | ||
| Monetary results effect on cash and cash equivalents | (3,018,780) | (1,400,684) | ||
| Cash and cash equivalents as of January 1 | 900,573 | 3,161,990 | ||
| Cash and cash equivalents as of September 30 | 59,236,490 | 4,157,660 | ||
| -5-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
1. Basis of presentation of the separate financial statements
1.1. Summary of the main material accounting policies applied
The Company prepares its separate financial statements in accordance with the current provisions of the CNV, which approved General Resolution No. 622. This regulation establishes that entities issuing shares and/or negotiable obligations, with certain exceptions, must prepare their financial statements in accordance with Technical Resolution No. 26 (and its amendments) of FACPCE, which provides for the adoption of IFRS issued by the International Accounting Standards Board (IASB), while other entities may opt to apply either IFRS or IFRS for SMEs as a replacement for Argentine Professional Accounting Standards (NCPA).
1.2. Basis for presentation
These separate financial statements for the nine-month period ended September 30, 2025 have been prepared in accordance with IFRS.
When preparing these separate financial statements, the Company applied the presentation bases, accounting policies, and relevant accounting judgments, estimates and assumptions described in the attached consolidated financial statements for the nine-month period ended September 30, 2025.
| -6-
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation
CENTRAL PUERTO S.A. |
EXHIBIT C
INVESTMENT IN SUBSIDIARIES
AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
| 09-30-2025 | 12-31-2024 | |||||||||||||||||
| Name
and characteristics of securities and issuers |
Class | Face
value |
Number | Cost value | Listed
price |
Value obtained by the equity method | Share of profit of subsidiaries | Book
value |
Book
value | |||||||||
| ARS 000 | ARS 000 | ARS 000 | ARS 000 | ARS 000 | ||||||||||||||
| INVESTMENT IN SUBSIDIARIES | ||||||||||||||||||
| Central Vuelta de Obligado S.A. | 1 vote | 1 | 280,950 | 281 | Unlisted | 2,920,917 | 1,291,108 | 2,920,917 | 2,816,188 | |||||||||
| CP Renovables S.A. | 1 vote | 1 | 103,926,943 | 103,927 | Unlisted | 233,397,801 | 46,207,921 | 233,397,801 | 194,775,839 | |||||||||
| Proener S.A.U. | 1 vote | 1 | 207,208,023,541 | 207,208,024 | Unlisted | 780,536,242 | 81,867,725 | 780,536,242 | 680,503,598 | |||||||||
| Vientos La Genoveva S.A.U. | 1 vote | 1 | 1,661,998,361 | 1,661,998 | Unlisted | 71,087,450 | (504,433) | 71,087,450 | 71,591,883 | |||||||||
| Vientos La Genoveva II S.A.U. | 1 vote | 1 | 66,630,956,734 | 498,294 | Unlisted | 118,101,634 | 8,307,896 | 118,101,634 | 69,151,393 | |||||||||
| Puerto Energía S.A.U. | 1 vote | 1 | 120,200,000 | 120,200 | Unlisted | 767,418 | 514,757 | 767,418 | 252,662 | |||||||||
| PS Cafayate S.R.L. | 1 vote | 10 | 3,621,610,937 | 3,621,611 | Unlisted | 66,378,064 | 545,579 | 66,378,064 | - | |||||||||
| 138,230,553 | 1,273,189,526 | 1,019,091,563 | ||||||||||||||||
| Latest available financial information | ||||||||||||||||||
| Name
and characteristics of securities and issuers |
Date | Capital stock | (Loss) Income | Equity | Direct and indirect equity interest % | |||||||||||||
| ARS 000 | ARS 000 | ARS 000 | ||||||||||||||||
| INVESTMENT IN SUBSIDIARIES | ||||||||||||||||||
| Central Vuelta de Obligado S.A. | 09.30.2025 | 500 | 2,897,508 | 5,226,190 | 55.89% | |||||||||||||
| CP Renovables S.A. | 09.30.2025 | 103,926,943 | 45,171,203 | 238,273,969 | 100.00% | |||||||||||||
| Proener S.A.U. | 09.30.2025 | 207,208,024 | 81,867,725 | 780,716,679 | 100.00% | |||||||||||||
| Vientos La Genoveva S.A.U. | 09.30.2025 | 1,661,998 | (164,473) | 64,431,307 | 100.00% | |||||||||||||
| Vientos La Genoveva II S.A.U. | 09.30.2025 | 66,630,957 | 21,217,784 | 227,326,514 | 100.00% | |||||||||||||
| Puerto Energía S.A.U. | 09.30.2025 | 120,200 | 514,757 | 767,418 | 100.00% | |||||||||||||
| PS Cafayate S.R.L. | 09.30.2025 | 36,216,109 | 545,579 | 78,679,131 | 100.00% | |||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Central Puerto S.A. | ||||||
| Date: November 18, 2025 | By: |
/s/ Leonardo Marinaro | ||||
| Name: | Leonardo Marinaro | |||||
| Title: | Attorney-in-Fact | |||||