Central Puerto Reports 136% EBITDA Growth in Q2 2026, Advances Dual Battery Storage Projects

Central Puerto reported second-quarter 2026 adjusted EBITDA of $145 million, rising 136.2% year-over-year and 20.1% sequentially, driven by expanded contracted sales, seasonal spot pricing and margins from direct fuel procurement. Revenue reached $453.3 million, up 165.8% from the prior year, including $176.4 million in spot cost-variable-pass-through revenue tied to self-procured fuel. Total generation of 5,250 GWh represented approximately 15% of Argentina’s grid output, with a 20.1% year-over-year increase offset by a 3.1% sequential decline as stronger hydrology boosted Piedra del Águila hydroelectric output 112.9% while legacy steam turbine and renewable generation decreased.

The company’s fuel procurement strategy centers on securing local natural gas, liquefied natural gas and liquid fuels outside Argentina’s Plan Gas.Ar framework, which currently limits direct contracting for domestic gas. Chief Executive Officer Fernando Bonnet indicated procurement levels in July matched June volumes, with August potentially lower depending on winter weather patterns. Fourth-quarter self-procurement is expected to decline due to Plan Gas.Ar contract obligations, though direct purchases of local gas should expand in 2027. Central Puerto aims to self-procure sufficient local gas to operate three combined-cycle units consuming 4 million to 5 million cubic meters daily, representing one-third to 40% of total consumption, with full local-gas self-procurement feasible near 2028 as Plan Gas.Ar approaches expiration.

Battery storage construction progressed to 69% completion at Nuevo Puerto and 54% at Central Costanera, with both facilities scheduled for fourth-quarter commercial operation. The projects are projected to contribute $25 million to $27 million in adjusted EBITDA during 2027. Central Puerto’s Resolution 400 term market share exceeded 35% in the second quarter, serving more than 120 large industrial customers and 16 distribution companies. Contracted sales across power purchase agreements, term markets and renewable contracts represented 55% of sales volumes and 48% of revenue.

Bonnet outlined expansion opportunities including prospective government capacity mechanisms, additional battery storage development, potential state asset acquisitions, transmission development in northern Argentina with YPF, mining electricity supply contracts and early-stage data center projects. The company maintains discussions with distribution companies for expanded contracts while preserving spot-market exposure to capture higher winter pricing. Net debt stood at $493.4 million, equivalent to 1.2 times trailing adjusted EBITDA.