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Dec 31, 2025
Central Puerto Q4 2025 Earnings Report
Key Takeaways
Central Puerto reported a challenging fourth quarter with a significant decrease in net income and generation volumes, primarily driven by lower hydrology at the Piedra del Águila hydro complex and maintenance downtime. Despite these quarterly headwinds, the company achieved a 17% increase in full-year revenue and successfully transitioned thermal units to a new regulatory framework (Resolution No. 400/25).
Adjusted EBITDA for Q4 2025 was US$ 84.7 million, a 16% decrease compared to the previous quarter.
Total generation volumes fell 27% year-over-year to 3,957 GWh due to low water inflows and unplanned maintenance at Luján de Cuyo.
The company secured a 30-year extension for the Piedra del Águila concession through 2055 for a bid of US$ 245 million.
Renewable capacity increased by 20% in 2025 following the commercial operation of the San Carlos solar farm and the Cafayate acquisition.
Revenue by Segment
Forward Guidance
The company is focusing on long-term reliability through asset maintenance and expanding its footprint in the normalized Wholesale Electricity Market.
Positive Outlook
- Extension of Piedra del Águila concession to 2055 ensures long-term hydro capacity.
- Brigadier Lopez combined cycle achieved COD in 1Q26, adding 420 MW.
- Successful transition to Resolution No. 400/25 regulatory framework.
- US$ 300 million IFC loan secured for strategic projects and privatization fees.
- Doubled solar capacity in 2025 through organic growth and M&A.
Challenges Ahead
- Luján de Cuyo TG26 unit expected to remain out of service until 2H 2026.
- Lower hydrology levels impacting hydroelectric generation efficiency.
- Unplanned maintenance events affecting thermal availability rates.
- Non-cash effects from inflation exceeding currency depreciation impacting comparability.
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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