CEPU

Good morning, ladies and gentlemen. Welcome to the Central Puerto's second quarter of 2026 earnings conference call. A slide presentation is accompanying today's webcast and will be also available on the investor section of the company's website, www.centralpuerto.com/en/investors. All participants will be in a listen-only mode during the presentation. After that, there will be an opportunity to ask questions. Please note this event is being recorded. If you do not have a copy of the press release, please refer to the investor relations support section on the company's corporate website at www.centralpuerto.com. In addition, a replay of today's call will be available in upcoming days by accessing the website link at the same section of the Central Puerto's website.

Our host today will be Mr. Fernando Bonnet, Central Puerto CEO, Mr. Enrique Terraneo, the company's CFO, Mrs. Maria Laura Feller, Head of Investor Relations, and Mr. Alejandro Díaz López, Head of Corporate Finance. María Laura, please go ahead.

Thank you very much. Good morning and welcome, everyone. We are joining you today from Buenos Aires with our management team to walk you through the results of the second quarter of 2026, and afterward, we will take your questions. Before we start, a couple of quick notes, both covered on slide 2. First, today's presentation includes forward-looking statements and non-IFRS measures, including adjusted EBITDA, so please keep our full disclaimer in mind as we go through the numbers. Also, to remind the audience, since January 1 of this year, our functional currency is the US dollar rather than the Argentine peso, and we have also refined how we convert historical peso figures into dollars. You will find the full detail in Note 2.2 to our financial statements. All figures are in US dollars unless otherwise stated. Let's turn to slide 3 for the highlights of the quarter.

Second quarter adjusted EBITDA came in at $145.0 million. That is up 20.1% versus the $120.7 million we posted in the first quarter and up 136.2% versus the $61.4 million posted in the second quarter of 2025. Revenues totaled $453.3 million, up 82.3% quarter-on-quarter from $248.6 million, and up 165.8% year-on-year from $170.5 million. This figure includes $176.4 million of spot CVP related to self-procured fuel. Total generation reached 5,250 GWh, representing approximately 15% of total generation on Argentina's grid. This was a 3.1% decrease from the first quarter's 5,420 GWh, but a 20.1% increase versus the 4,372 GWh generated in the second quarter of last year. On the investment side, capital expenditures for the first half of 2026 totaled $421.9 million.

This included $245.0 million for the Piedra del Águila concession, $50.0 million for the acquisition of the oil and gas blocks, $106.0 million for our battery storage projects, and $20.9 million in maintenance and other capital expenditures. Net financial leverage stood at 1.2x adjusted EBITDA, with net financial debt of $493.4 million and last 12-month adjusted EBITDA of $403.8 million. FONINVEMEM collections from CAMMESA were $16.0 million in the quarter, and outstanding credit was $104.8 million. On the financing front, in April, we issued our Class D notes for $130.1 million at a 6% rate. In July, after quarter end, we issued our Class E notes for $94.3 million at a 5.5% rate. We also continued strengthening our commercial position. Our average market share in the Resolution 400 Term Market, or MAT, reached more than 35% in the second quarter.

We now serve more than 120 large industrial customers, plus 16 distribution and sub-distribution companies. Altogether, contracted sales combining PPAs, MAT, and MATER represented 55% of our total sales volumes and 48% of our total revenues, including hydro sales under the terms of the concession. On our growth projects, our battery storage system projects are on schedule. Construction is 69% complete at Nuevo Puerto and 54% complete at Central Costanera. With major equipment delivered or in transit and installation progressing on schedule. We expect the projects to be energized between October and November, with commercial operation in the fourth quarter of this year. Once operational, we expect these projects to contribute between $25 million and $27 million to the adjusted EBITDA in 2027. In April, we closed the acquisition of the oil and gas blocks. For now, we are maintaining technical due diligence previous to the CEN.

Let's move to slide 4 for more detail on generation and our commercial development. In the second quarter, total energy offered into the Argentine grid was 36,724 GWh. Made up of 34,954 GWh of local generation, plus approximately 1,770 GWh of imports. Central Puerto held more than 35% of the Resolution 400 term market share in the second quarter. Looking at the monthly trend, our share increased significantly through the quarter, reaching 35% in June, reflecting the continued progress of our commercial contracting efforts. Turning to slide 5, let's look at revenues in more detail. Revenues were $453.3 million, up 82.3% quarter-on-quarter and 165.8% year-on-year. Two things drove that growth. First, contracted sales increased, primarily due to a full quarter of revenues from the Brigadier López plant under its power purchase agreement.

Higher contracted energy and capacity sales in the term market from Central Puerto, Central Costanera, Piedra del Águila, and Luján de Cuyo, and the reclassification of Piedra del Águila's hydro sales as contracted sales beginning in 2026, reflecting the pricing mechanism established under Article 9 of the concession terms. Second, spot sales increased due to higher capacity revenues resulting from seasonal capacity remuneration parameters applicable during the winter months, as well as the fuel cost component that is reflected in revenues when we self-procure fuel for spot generation. In the second quarter, this included approximately $174 million of NG, LNG, and liquid fuels purchased directly. When CAMMESA supplies the fuel under the Plan Gas.Ar program, that cost is managed by CAMMESA, and therefore is not recognized as revenue by the company. Now to slide 6 for the adjusted EBITDA of the quarter.

Adjusted EBITDA was $145.0 million, up 20.1% quarter-on-quarter and 136.2% year-on-year. The improvement was mainly driven by the margin captured on self-procured liquid fuels and seasonal spot prices, together with new contracted thermal energy in the MAT. Let's move to slide seven for generation and availability. Total generation was 5,250 GWh this quarter. Compared to the first quarter, a few things moved in different directions. Generation from our legacy steam turbines was down 17%, while Piedra del Águila more than doubled its output, up 112.9%, reflecting stronger hydrology. Renewable generation was down 17.0% quarter-on-quarter, and the Luján de Cuyo gas turbine unit was still out of service following the generator failure that occurred in the first quarter of last year. Our thermal fleet remained reliable.

Total thermal availability of combined cycles was 87.0%, and steam production totaled 781,742 tons, up 45.4% quarter-on-quarter, but down 16.0% year-on-year. Central Puerto represented approximately 15% of total generation on Argentina's grid, or 15.9% including our FONINVEMEM plants at our working interest. Turning to slide eight, total capital expenditures for the first half of the year were $421.9 million. This includes $245.0 million for the Piedra del Águila concession, $50.0 million for the oil and gas block acquisition, $106.0 million for our battery storage projects, and $20.9 million for maintenance and other items. The Battery Energy Storage System projects have already executed 81% of the project's total capital budget. Construction is 69% complete at Nuevo Puerto and 54% at Central Costanera. Major equipment has either been delivered or is in transit, and installation is progressing on schedule.

We expect commercial operation in the fourth quarter of 2026. Once running, we expect these projects to add between $25 million and $27 million EBITDA in 2027. Now to slide nine on our balance sheet and financial flexibility. As of June 30, our total outstanding financial debt was $671.9 million. Against cash equivalents, and financial current assets of $178.4 million, that leaves us with net debt of $493.4 million. Measured against our last 12 months adjusted EBITDA of $403.8 million, our net leverage ratio was 1.2x, a healthy level that gives us financial flexibility. On our debt maturity profile, we hold $178.4 million in cash and financial current assets today, and our maturities are well spread out over time, with $176.4 million coming due later this year, followed by moderate amounts in 2027 and 2028 and larger maturities in 2029 and 2030.

On financing activity, in April, we issued our Class D notes for $130.1 million at a 6.0% rate with a 48-month bullet maturity. In July, after the quarter closed, we issued our Class E notes for $94.3 million at 5.5% with a 36-month bullet maturity, mainly to fund working capital and fuel procurement needs. Thank you very much for your time and for your continued confidence in Central Puerto. Operator, please open the line for questions.

Thank you very much for the presentation. We will now begin the Q&A session for the investors and analysts. If you wish to ask a question, please press the button Reaction, then click on Raise Hand. If your question has already been answered, you can leave the queue by clicking on Put Hand Down.

Our first question comes from Matías Cattaruzzi with Adcap. Your microphone is open.

Hi, team. Congratulations on the quarter. I got a question on the material contribution from the self-procurement of fuels in the second quarter. How will we see it in the future? In the third quarter, we will be seeing something similar in revenues, or it depends on the fuel procurement in each quarter? If in the fourth quarter, if it is going to be lower or as analysts, what do we need to keep in mind to get a better understanding of it and to project it better on our models?

Okay. Thank you, Matías, for your question and your interest in Central Puerto. Regarding the fuel consumption and self-procurement, we see during July similar levels that we see in June. On August, this is very early to have a final view. If this cold winter continues, perhaps we will see not as the same as June and July, but perhaps a little bit less. Some, of course, self-procurement of natural gas and a small portion of liquid fuels. We do not see a lot of liquid fuels coming on forward. For the third quarter, you can expect during July same levels of self-consumption than in June. On August, less, perhaps a little bit less, half could be a good number in terms of LNG. Not the same as liquid that, as I mentioned, we do not see a lot of liquid during August.

For sure, in terms of the fourth quarter, until we can start buying our own natural gas, local natural gas, which is not the case today because the Plan Gas.Ar is still in place, it is not easy that the producers break that contract with CAMMESA and start signing new contracts with us. Because of that, we see a reduction in the fourth quarter of self-procurement fuel. We are starting conversation with different providers so we can do something in terms of local gas, buying our own local gas, but not for all of our consumption. We see that we start seeing some providers and oil companies start going out for the Plan Gas.Ar at the end of the year and perhaps more heavily during the next one.

Making a wrap up, you will see less own fuel consumption during the last quarter of this year.

A follow-up on self-procurement of fuels. Is there any way that we can see how it impacts on the EBITDA compared to previous quarters? We have seen it with the revenues, disaggregated from the revenues. It is not visible in the cost part, the self-procurements?

No. Yes.

measure the Yeah.

Yes. You can see it in our cost because that's open in our accountability. You can see how this cost of sales increase during winter and compared to summer. But you need to consider both effects in order to estimate the future EBITDA, because during winter, we also have not only the self-procurement margin that we made there, but you have also the marginal income that we receive from the new regulation when our equipment is cheaper than the last unit entering in the market. You need to have both effects combined. When you go to summer, anyone has expensive fuel like diesel oil or LNG, so the margin of all the system gets reduced, not only the ones that we don't acquire our own fuel.

Okay, great. Thank you so much.

Our next question comes from Martín Arancet with Balanz Capital. Your microphone is open.

Hi. Well, thank you for the presentation and for taking my questions. I have only two questions. I would like to run them one by one, if that's okay. First, regarding growing opportunities, I was wondering, where do you see growing opportunities in the future? You renew the concession of Piedra del Águila. Now you are with the battery project. But I was wondering, where do you see growing opportunities after that? Also, we heard that the government could be working on a new auction for thermal and probably renewable plus batteries before year-end. I was wondering if you had more information on that, and I don't know if it could be something where you could add capacity to some of your thermal assets.

Okay. Thank you, Martín, for your question and your interest. Going to the first one, the growing opportunities. As you mentioned, we are seeing different opportunities coming in from different processes. One is that you mentioned the government is analyzing, they are in the final stages of analysis. The new capacity perhaps will be not an option like we saw in the past. I think they are thinking on a regular scheme, perhaps quarterly scheme or perhaps biannual scheme, in which generators could present projects in order to increase the capacity of the system. Will be capacity schemes, not energy, capacity. But they are already doing the last perhaps adjustment of that scheme, and we think that could be online perhaps during this quarter or the next one, not more than that. There we are, of course, developing different projects.

We have all the development that we done in 2023 for the thermal capacity auction, if you remember. There we get awarded in two projects. So these projects are fully developed, but we want to maintain and present in this new scheme one of the two of those projects. We are also developing new ones for capacity in different places. One are the one that we have capacity here in Buenos Aires, but we are also looking in other places. The other opportunity that we are seeing is, as you mentioned, batteries. We present in the AlmaGBA scheme several projects that get close or get out by close margin of the ones that were awarded. So we want to maintain those projects alive and try to present them in new coming auctions.

Perhaps the government wanted to introduce this perhaps similar scheme that we have been talking for thermal, not an auction, a specific auction, but perhaps regular scheme of presenting the possibility that the generator presenting opportunities there. The government decides if they want to make an auction after that or not. We are willing to maintain those BESS projects alive and look for the opportunities to present them again and try to make them feasible in the near future. We also see opportunities in different perhaps sellings of government asset that will come, like Centrales of [ENARSA] or similars. We see opportunities there. We also are keeping developing the transmission line in the north that we are working with YPF in order to provide electricity to the lithium companies in the north of the country.

That is something that with the actual lithium price start moving on again and with good perspective. This will be another opportunity to growth, not only the transmission line itself, but also the provision of electricity, perhaps mainly renewables. This will perhaps give us the opportunity to keep building renewable projects also. We are working in different bidding processes or budgeting processes for mining companies to provide electricity and capacity. That will be another opportunity for growth. There are a lot of projects that wanted to have energy provision, the same as also data center that, of course, these are in very early stage, but they are coming also to ask and try to work for developing that capacity and electricity provision. We see a lot of opportunities moving forward.

Very clear. Thanks. Just a small follow-up. I guess that is still too early to have a timeline regarding when we could see, I don't know, a closure of the deal or something similar for the new projects for mining companies, right?

Yeah. I think it's early stage because they all are big companies and big projects, so they are working on the feasibility phase and try to get that feasibility first and then start signing the contracts. I think we're going to see perhaps next year the first big contracts. In terms of transmission line, I think we can see something earlier, perhaps at the end of this year. As I mentioned, they need to finalize the feasibility studies and have all the financing commit, and then after that, they're going to start signing the electricity provision contracts.

Okay. Very clear. Thanks. My second question then. You were really commercially successful signing new PPAs for thermal assets after the regulatory change. You already had contracted the 20%, as far as I know, the 20% that you are allowed with industrial consumers, but you were trying to get to 100% with distribution companies. I was wondering, how is that moving forward, if there has been any progress on that? Also, we have seen a spike on spot prices in this winter, if you think that it is still more profitable to sign a new PPA or to get the exposure to the spot market.

Okay. Thank you. Yes, as you mentioned, we moved very fast in order to get that 20% allowed contracted. In the past, we were the first or the bigger contractor in Argentina. I am talking about during the 2010, when we can make freely contract with the demand. We maintained the team, and we maintained the contact, and of course, we enlarged the team when we saw the regulation going to change. We moved very fast, and we are very confident on our team to get the best contracts possible. As you mentioned, we want to enlarge that 20%. I do not know if we are going to reach the 100%. That is not perhaps the idea. The idea is to get first the best contract distribution companies possible. We are choosing. We are not going to any distribution companies.

As you know, the distribution companies, after 20 years of regulation and controls and all that, there are different situations in each provinces, and internal of the different provinces have different situations regarding distribution companies, cooperatives, and those that can contract if we want to go to the 100%. At the beginning, we decide to move forward with distribution companies because, as you mentioned, perhaps during the winter, the prices are higher to stay in the spot market are higher, but the rest of the year are prices that goes very below that what you can contract in a full year base.

You need to have the better mix between having some megawatts exposed to the spot market and have to make the catch up of those prices going up during winter, but also have the good prices or a base of contract energy that cover the prices when the prices goes down very strongly during summer and September, April, and those months. We are trying to have the better balance possible, having some exposure to the spot market to make that catch up during the worst days of winter and hours, because it is not all the day. As we see, we see the prices every hour. We want to have some exposure of that, yes, and make the better perhaps margin during the cold days or the cold hours of the day.

But we also want to have a good price, a stable price for the rest of the year. We are working on that sense, trying to have the better mix of having the flexibility to have good prices during winter but not go in summer on prices that are below the market. I do not see that we are going to reach 100% of contractualization, but we also are working on increase that to, in overall, have a better margin that if we stay fully to a spot.

Also, we see in the future that the prices during winter need to go down because we are going to reduce the consume of liquid fuels and the LNG in the future when Transportadora de Gas del Sur expansion will be done, and of course, if Transportadora de Gas del Norte expansion come online, the prices during winter will need to be reduced, for sure.

Yeah, I think it is a temporary thing. Just a small follow-up on that. Do you see interest from good distribution companies to sign new PPAs? I know that you are going to have some exposure to the spot, but do you think that probably this year you could sign new PPAs with distribution companies?

It could be. Yes, we are working with some of these big distribution companies on that sense. I cannot say that it is fully clear that we can finalize this year, but we are working on it.

Okay. Thank you. Thank you very much.

Our next question comes through Q&A test with Marcos Saro with Allaria. Thank you for the presentation. I want to ask the following questions. Could you give us an approximate of the split between the energy and capacity in spot revenues? How do you see the ramping in self-supplies through 2027? How much EBITDA should we expect from the BESS project once it is fully operational? Should we expect dividend payments this year? Thank you.

Okay. Thank you. Thank you for your question, Marcos. Talking about the first question, that approximately split between energy capacity in spot revenues. I could say that's depending, as I mentioned, where part of the year you are looking because that's when the variable margin start increasing, when you compare, as I mentioned, the operating cost of more inefficient equipment or using liquid fuels, it goes up and the variable part of the remuneration, it goes up, and the capacity payment stay fixed. But talking about in general, could be like to say right now, in the past was more heavy, the capacity payment than the variable payment. Right now it's the opposite. So we can say 60 variable, 40, in general terms, 40 capacity payment. Depends, as I mentioned. This will change, depends on the month of the year, but in general, I could say that.

The second one, how do you see the self-procurement ramping during 2027? As I mentioned, I think that we're going to maintain the procurement as this year of liquid fuels and LNG. This will be maintained for the next one, and the part that will increase for sure in the next year will be the local natural gas self-procurement. As I mentioned, that's something that we are working on. I don't see that we can reach 100% of self-procurement of local natural gas, but we will be happy that we can have at least three half cycles, three middle cycles, combined cycles operating with our own natural gas. This will be between 4 or 5 million cubic meters per day average. That will be something that we'll be happy to have. It's less than, perhaps it's more like a third or 40% of our whole consumption.

When we get close, perhaps in 2028, when we get close to the finalization of Plan Gas.Ar, for sure we will go forward for the whole natural gas self-consumption. Sorry, there are another one. The last one was the EBITDA estimated of BESS projects. We are seeing that around in a full year operation, in between $25 million-$27 million per year.

Again, if you have a question, please press the button Reaction and then click on Raise Hand. This concludes our Q&A session. I would like to turn the conference back over to Mr. Fernando Bonnet for any closing remark.

Thank you. To wrap up, this was another quarter of a strong execution for Central Puerto. We delivered solid financial results, continued to strengthen our commercial position, maintain a disciplined balance sheet, and made meaningful progress across our strategic growth initiatives. Looking ahead, we are focused on bringing our battery storage projects in operation and scale, advancing and develop of our new acquired Vaca Muerta assets, and continuing to pursuing new business expansion opportunities to create long-term value for our shareholders while preserving financial flexibility. I would like to thank our people for their commit, our customers and business partners for their trust, the financial sector and our shareholder for their continued support. See you soon. Thank you for joining us today, and we can disconnect. Thank you.

All participants will be in a listen-only mode during the presentation. After that, there will be an opportunity to ask questions. Please note this event is being recorded. If you do not have a copy of the press release, please refer to the Investor Relations support section on the company's corporate website at www.centralpuerto.com. In addition, a replay of today's call will be available in upcoming days by accessing the webcast link at the same section of Central Puerto's website. Our host today will be Mr. Fernando Bonnet, Central Puerto's CEO, Mr. Enrique Terraneo, the company's CFO, and Mrs. Maria Laura Feller, Head of Investor Relations, and Mr. Alejandro Diaz Lopez, Head of Corporate Finance. Maria Laura, please go ahead.

Thank you very much. Good morning and welcome everyone. We are joining you today from Buenos Aires with our management team to report on the results of the first quarter of 2026 and to answer any questions you may have. Before we begin, I would like to remind everyone that today's presentation, as referenced on Slide 2, contains forward-looking statements and non-IFRS financial measures, including Adjusted EBITDA. These statements are based on management's current expectations and are subject to risks and uncertainty. Please refer to the full disclaimer in our slide deck and on our website for further information. The company has changed its functional currency from Argentine pesos to USD Dollars, effective January 1, 2026, so applicable to 1Q 2026 financial figures.

For previous quarters, figures are presented in US dollars, converted from Argentine pesos using the reference exchange rate reported by the Central Bank of the Argentine Republic at the end of each period. With that, let us move to the highlights of the quarter. Turning to Slide 3. The first quarter 2026 was a strong quarter for Central Puerto, characterized by outstanding commercial execution and continued progress in market normalization following Resolution 400/2025. Let me walk you through our key metrics. Adjusted EBITDA reached $120.0 million, representing a 41.6% increase quarter-on-quarter versus $84.7 million in 4Q 2025 and 33.4% year-on-year growth versus $89.9 million in 1Q 2025. This result reflects the full benefit of new generation assets, commercial contracting gains, and the normalization of the wholesale electricity market.

Revenues totaled $248.6 million, up 43.8% quarter-on-quarter versus 4Q 2025, and up 26.7% year-on-year versus 1Q 2025, driven by higher contracted and spot revenues. The contribution of Brigadier Lopez combined cycle and the new solar farms added in 2025. Total generation for the quarter was 5,420 GWh, a 54.2% increase quarter-on-quarter, largely reflected by uptime by solar and a mini. Total generation, the restoration of Central Costanera combined cycle units and the addition of new installed capacity. Capital expenditure for the quarter amounted to $301.0 million, including the $225.0 million transfer of Piedra del Aguila shares following the concession award renewal, and $66.0 million in business construction and maintenance works. Our net financial leverage ratio stands at 1.06 times, with net financial debt of $390.8 million against the last 12 months Adjusted EBITDA of $367.2 million.

The FONINVEMEM credit outstanding balance is $105.8 million. On the credit rating front, we received an upgrade to AAA from Moody's Local AR Agente de Calificación de Riesgo S.A. From a strategic perspective, the concession renewal of Piedra del Aguila for 30 years to January 2056 is a landmark achievement, securing a flagship hydro asset under a new long-term framework. Additionally, our BESS project at the Central Puerto facility is advancing well, with 60% of site works completed, 32 concrete pads finished, and phase 1 of the 132 kV work done. Market normalization continues under Resolution 400/2025, and Central Puerto has achieved a leading commercial position in the newly established term market. More on that on the next slide. Moving to Slide 4. In the first quarter of 2026, Central Puerto achieved a decisive commercial breakthrough under the new market framework established by Resolution 400/2025.

Our contracting performance in the newly established term market, we could highlight that Central Puerto held number 1 market share in MAT-P, the contracted capacity segments for thermal and hydro process. In MAT-E, the contracted energy segment for thermal and hydro, Central Puerto held the number 2 market share. Overall, 44% of our 1Q 2026 revenues were generated from contracted sales, demonstrating our ability to quickly capitalize the market opportunities. Turning to Slide 5 for the earnings summary. First quarter 2026 Adjusted EBITDA came in at $120.0 million, with an Adjusted EBITDA margin reflecting efficient operations and a better revenue mix. The 41.7% quarter-on-quarter increase was driven by higher spot revenues from market normalization and the Resolution 400/2025. The contribution of the Brigadier Lopez combined cycle, which achieved its COD in January 2026 with an additional gas turbine closing the CC configuration, adding 140 MW.

Full quarter contributions from my 2025 solar acquisitions, Cafayate and San Carlos, and the solid performance of our wind farms. On the revenue side, the 44% quarter-on-quarter increase to $248.6 million reflected contracted revenues growing from new PPA sales from Brigadier Lopez, active participation in MAT contracting, and contributions from Piedra del Aguila. Spot revenues improving due to market normalization, restored volumes at Central Costanera following its 4Q 2025 maintenance, and $8 million from self-procured natural gas. On a year-on-year basis, the 33.5% EBITDA growth and 27% revenue growth underscore the structural improvement in our earnings profile. Moving to Slide 6 for a review of our generation and availability performance. Total generation for the quarter was 5,420 GWh, up 54% quarter-on-quarter. This significant jump was primarily driven by the maintenance works of Central Costanera's Mitsubishi and Siemens combined cycle units, which had been under maintenance during 4Q 2025.

The addition of Brigadier Lopez combined cycle, which contributed incremental generation since its COD in January 2026, adding +229 MW to our installed capacity on a quarter-on-quarter basis. In the first quarter, Central Puerto acquired 100% of the shares of Patagonia Energy S.A., or PESA, for a total consideration of $50 million. PESA holds a 10-year conventional exploitation license for the Aguada del Chivato and Aguada Bocarey blocks in Neuquén Province, valid through May 30, 2031. The investment thesis is compelling for several reasons. The blocks cover over 27,000 oil-focused acres in the northern area of the Vaca Muerta play, an area adjacent to blocks that have already de-risked the black oil window of this world-class formation. Low entry cost per acre and a limited exploratory phase plan with an existing oil treatment plant facility of 1,900 barrels per day already in operation.

Solid geological evidence of unconventional hydrocarbon potential in target landing zones, assessed by qualified geologists based on existing conventional drilling data. Under a successful development scenario, this is a potential RIGI-related investment opportunity of up to $600 million to unlock the potential value of these assets. We are currently advancing a de-risking plan backed by international unconventional play experts. Our balance sheet remains solid, though the quarter was capital intensive due to the Piedra del Águila concession transaction. Total outstanding financial debt stands at $539.2 million against cash and financial current assets of $148.4 million, resulting in a net financial debt of $390 million. Against our last 12 months Adjusted EBITDA of $367.2 million, this yields a net leverage ratio of 1.06 times. First quarter 2026 marks a pivotal inflection point for Central Puerto.

Our results reflect sustained revenue, margin, and EBITDA growth, driven by strong commercial execution, operational excellence, and the contribution of the new power generation assets incorporated through our capital plan over the past two years. Our 2026 outlook is constructive. We expect continued operational excellence and financial performance, with BESS projects progressing toward their mid-2027 commercial first on date, ongoing market normalization providing further revenue upside, and incremental contracting opportunities with large users and distribution companies materializing as the market matures. We remain firmly committed to delivering long-term value for our shareholders, and we are excited about the opportunities ahead for Central Puerto. Thank you very much for your interest and confidence in Central Puerto. Operator, please open the line for questions.

Thank you very much for the presentation. We will now begin the Q&A section for investors and analysts. If you wish to ask a question, please click on Raise Hand. If your question has already been answered, you can leave the queue by clicking on Put Hand Down. Please hold while we poll for questions. Please hold while we poll for questions. Our first question comes from Matías Cattaruzzi with Adcap.

Hi, good morning. How are you? I got three questions. First, in the first quarter, we observed that post-maintenance generation rebound flowed primarily into the spot market rather than into contracted PPAs. With PPAs volumes growth as we are seeing, it would be more gradual for 2026. Could you share with us how the migrations towards more contracting and PPAs is progressing into 2026? I got another question on how do you expect self-procurement in fuels affecting CEPU going forward? Do you expect to access gas transportation capacity through the Perito Moreno expansion, or do you see a reliance on CAMMESA's Plan Gas.Ar going forward? I got a final question. Following the closing of the transaction with Patagonia Energy, could you walk us through the specific timeline for the two shale pilots?

Have you been in conversations with other potential operating partners, or does it involve a standalone development?

Okay. Thank you. Thank you for your question. Going one by one. The first that you ask is related to the migration from the spot market to the contracted market. We are, in fact, in the first quarter and right now advancing that area. For the first 20% that the regulation allows to us to sell to the private consumers, we are fully contracted there right now. We are now keep going in the other 80% that we can only sell to the distribution companies. This is the regulations as is right now. We are starting to moving that 80% that we still sell to the spot market, to negotiating with distribution companies. Right now we are having a good advance with them, and we expect that to have more news about that in next quarter. That is the first question.

The second, you mentioned, I think, is related to the gas transportation. In terms of gas transportation, we participate in the TGS auction. It was an auction, very competitive, so we received less than we asked. We received around 400,000 meter cubes, and we asked for 1.6 million. We are still trying to get in the next round of the TGS auction, more gas transportation there. We are talking with distribution companies also to have more transportation. In terms of the gas itself, we are working. Right now, we are still in the Plan Gas with CAMMESA, but we had advanced conversation with all gas producers to start buying our own gas. I think that in the next two months, we will have news related to that. It is not easy because there is no producer except Pampa Energía S.A. that get out of Plan Gas.

Pampa Energía S.A., by using their own generation. There is no private producer yet outside the Plan Gas, but we have an advanced conversation with some of them. We expect news for the next two or three months, in order to start buying the gas directly, not through CAMMESA. In terms of alternative fuels like diesel oil, fuel oil, and LNG or import gas, we are working, and we are right now buying our own fuel and gas. We are having that set with CAMMESA. The last one is the acquisition of PESA. As Maria Laura Feller mentioned, we are working with a U.S. company in order to develop the middle phase for the two pilots, two or three wells that we are thinking on doing in order to confirm the resources there and work for the CENJ with the province.

But right now, we do not have a fixed timing to comment, but we expect that this is going to happen perhaps last quarter of this year or the first of the next one, because you need to bring all the drilling sets and that is the time right now, between 4 and 5 months. So that would be the timing, but it is not fully closed yet.

Great. Thank you. I got a follow-up on generation volumes going forward, in 2026. Do you expect PPA, contracted volumes to continue growing during 2026 or to stay steady as you shown in the first quarter? What will happen with the spot market generation as well?

Oh, yes. As I mentioned before, we expect to increase our PPAs, especially with distribution companies. That is the idea that we are looking for. As I mentioned, we are in the private PPAs with big industries. We are almost at 100% of our capacity right now, regulated capacity. But we have something to do related to distribution company. We can go up to that 20% when we start a negotiation with distribution company. So that is what we are looking for the next quarters.

Great. Do you have a specific contract timeline of the new contracts, like they are a year contract, two-year contracts?

Yes. Normally, we are seeing one year or no more than two years. This is for thermal. When you go to renewables, that could be perhaps bigger than that, three years, five years.

Okay, great. Thank you.

You are welcome.

Next question from Tomás Peresin with Balanz.

Hello, good morning. Can you hear me?

Yes, Tomás.

Okay. Congratulations on the results first. I have three questions. I will go one by one, if that's okay.

Yes.

Just a quick follow-on of the previous question. First, how much capacity do you consider can be able contracted under energy PPAs with DISCOs and industrial users? How much have you effectively contracted to date? If you see feasible to close PPAs with DISCOs this year.

You ask about capacity, not energy. Capacity, we are fully contracted right now. Our capacity are fully contracted. Previously, I talk about energy. I think during this year, yes, we can have. Of course, this is one by one. Each DISCO have the process itself. I expect to have contracts with DISCOs or perhaps the first ones during this year, yes.

Okay. The second one, regarding the TGS transport capacity, how much additional capacity do you still need to fully cover your fuel needs once Plan Gas.Ar expire? How challenging do you think this will be considering current bottlenecks in the system?

Well, the question itself, I think, is very big to discuss and perhaps in a few minutes. You need to consider that we more or less consume perhaps between 10 and 12 million cubic per day. This doesn't mean that we need all this firm capacity because there is a lot of capacity in the pipelines, except in the wintertime. We want to have the capacity that we need for the contract that we have, and this is much more less than the old gas that we consume. As I mentioned, in the TGS bidding process, we asked for 1.6 million, and we received 400. I think we want to at least cover that 1.6 million to have firm gas during winter, which is the period that is important to have it. The rest of the year, the transportation is not a problem.

The problem is during perhaps 30, 45 days during winter. In that moment is when we're going to need this additional firm capacity. As mentioned, 1.6, 2 million is what we expect to have.

Okay. The last one regarding your recently acquisition in Vaca Muerta. Do you have an estimated CapEx for the two or three wells that you are thinking to develop?

No, not yet, but what we expect is the normal values that the industry have there is around USD 17 million per well.

Okay, thank you. Thank you very much.

Okay. You are welcome.

Next question from Teodora Nasheva with Sandlas Capital. You can open your microphone. I believe she is having some technical issues. We are going to go ahead with our next question from Marcos Cerro with Allaria. Thank you for the presentation. A few questions. Number one, could you explain more about the plans in Vaca Muerta? Second, leverage ratio guidance for December 2026. Thank you.

Okay. In terms of Vaca Muerta first, our plan is, of course, entering the area and trying to develop the area that we acquire. That is our plan. It is an area of 27,000 acres. There is a lot to do there. This is the first time that we enter in oil and gas business, so we need to de-risk the area to start understanding the business, and this will take perhaps a couple of years. Of course, we are going to look at opportunities if appear, but our first focus is to develop this area. It is an area that could place a rig there, so we need to work for the rig also and to have the same. This is our main focus right now, to develop in Vaca Muerta. We are going to see how it works and if we could enlarge that.

In terms of leverage, it will depend on the opportunities. We are going to still see opportunities in M&A in our sector, in energy sector, coming from privates or coming from government auctions. The leverage ratio is going to depend on that, opportunities that we can develop there, that opportunities, but we are not expecting gross 2.5 or that area, 2.5 times. Well, it will depend on the opportunities appearing and what we can get it or not.

Thank you. Our next question comes from Theodora Nasheva with Sandlas Capital. You can open your microphone. You can open your microphone.

Hi, I hope you can hear me now.

Yes.

Sorry. Yeah, internet in London is crazy. Just taking back to the liberalization and spot market, maybe you mentioned it, but I couldn't hear you well. Can you mention again what is the realized price in legacy energy and capacity, how you see it going forward with PPAs? You mentioned the private ones, but I also saw there's something about CAMMESA potentially launching a small auction again. If you can-

Oh, okay.

yeah.

A lot of questions in one, but going one by one. In terms of prices, there is no clear market right now, so we see each negotiation is by each, so depending on the timing, depending on if you are acquiring renewables, if you are acquiring hydro, if you are acquiring thermal. So it's not easy to set the price for the whole market. But for sure, it's higher than the spot market prices. That's good news. But it's depending on, as I mentioned, the counterpart, if you are acquiring hydro or depending on the technology, but are better, we are seeing better prices, much more better price than the spot market.

In terms of new auctions or CAMMESA possible new auctions are coming, or there are one auction in place, which is the AlmaSADI auction, is an auction for battery storage system in the whole country, not as the previous one that we win. It was related to AMBA area, to Buenos Aires area. The new auction is for the whole country, and this 700 megawatts of capacity, battery capacity. We are looking to participate there. We are developing projects to participate there. CAMMESA are talking about new capacity auctions and that is not still launched. They expect to launch a capacity auction, thermal capacity auction, for perhaps the second half of this year. We don't have a precision about quantity of megawatts or a specific regulation scheme that's not completely said by CAMMESA yet.

I understand. Isn't that, CAMMESA launching another thermal auction, isn't that a step back? The whole idea of this liberalization was to move away from the CAMMESA PPAs, and now they're doing it again.

Well, more or less, because all over the world, the capacity auction is launched by the system regulator. It's not easy for distribution companies or privates to go for capacity, because it depends on the growth of the demand, the whole system. So in Brazil do the same, and it's more a free market than it was in Argentina. Chile, and it's normal that the system regulator launch the capacity in advance, trying to look forward to the whole system demand and trying to cover that. It's not energy, it's capacity. So I didn't see as a pack, because the electricity, the energy, will still be contracted by private companies and the distribution companies. But the capacity is different. So I only see that capacity option. No new PPAs related to energy. That is something that CAMMESA said that is not going back.

Capacity, especially when you are trying to look the system for 3, 4, 5, 10 years in advance, it's something that the system regulators have a better understanding about the needs of the system in terms of capacity.

Okay, thank you. Just to clarify, on thermal spot legacy, what is the realized price that you are getting at the moment? Because it is subject to this frac cap.

You are saying in the spot market?

Yeah.

Well, that is a combination. You have capacity payments and you have a-

No, I am talking about dispatch.

You talk about dispatch, the variable price that we receive is depending on what fuel we use. To say something, it's around $40 per megawatts. Yes. With gas-

Okay

$40 something dollars per megawatt. Sorry, not thousand. Dollars.

Okay, understood. Thank you.

It's depending on the efficiency of equipment, depending on the fuel that you use, but it's something around that.

Thank you. This concludes our Q&A session. I would like to turn the conference back over to Mr. Fernando Bonnet for any closing remarks.

Okay, thank you. Central Puerto is in a growing phase marked by Piedra del Aguila concession extension, portfolio expansion, market normalization, and diversification in strategic sectors. Thank you, everyone, for joining and for your interest in our company. This is all for this quarter. Have a great rest of the week and month. You may now disconnect.

Thank you. This concludes today's conference call. You may now disconnect.

Good morning, ladies and gentlemen. Welcome to Central Puerto's Fourth Quarter of 2025 Earnings Conference Call. A slide presentation is accompanying today's webcast and will be also available on the Investors section of the company's website, centralpuerto.com/en/investors. [Operator Instructions] Please note, this event is being recorded. If you do not have a copy of the press release, please refer to the Investor Relations Support section on the company's corporate website at www.centralpuerto.com. In addition, a replay of today's call will be available in upcoming days by accessing the webcast link at the same section of the Central Puerto's website. Our host today will be Mr. Fernando Bonnet, Central Puerto's CEO; Mr. Enrique Terraneo, the company's CFO; Mrs. Maria Laura Feller, Head of Investor Relations; and Mr. Alejandro Diaz Lopez, Head of Corporate Finance. Maria Laura, please go ahead.

Good morning, everyone, and thank you for joining us. We will walk you through Central Puerto's fourth quarter and full year 2025 results, discuss key operational and market developments and then open the line for questions. Before we begin, please note that my remarks may include forward-looking statements and references to non-IFRS measures, such as adjusted EBITDA. These statements are subject to risks and uncertainties, and actual results may differ materially. Definitions and reconciliations are available in our 4Q '25 earnings presentation and financial statements. Revenues for 2025 reached $782.8 million, up 17% year-over-year. 4Q '25 revenues were $172.8 million, decreasing 26% quarter-on-quarter and increasing 3% year-on-year. 2025 adjusted EBITDA was $337.2 million, an increase of 17% year-over-year. And 4Q '25 adjusted EBITDA was $84.7 million, down 16% quarter-on-quarter and up 30% year-on-year. Total generation for the year was 18.6 terawatt hour, down 14% year-over-year, largely reflecting historically low hydrology at Piedra del Aguila. And also in 2025, we undertook nonrecurring maintenance works in Central Costanera combined cycles and Lujan de Cuyo generation asset. Regarding business performance, 2025 marked a pivotal year of consistent growth and market normalization. The company strengthened its strategic positioning and reinforced its power generation asset portfolio for long-term value creation. Throughout 2025, Argentina's wholesale market -- power market advanced toward normalization. Since November 1, Resolution 400 has supported U.S. dollars-denominated spot prices and recognized a margin over variable costs. In December 2025, 97% of our revenues were denominated in U.S. dollars and we also progressed in the new thermal term market, signing around 11% of total volumes in the contracted market with approximately 900 megawatt hour delivered to industrial customers during November and December. Our CapEx plan in 2025 included fully executed projects over the year and additional projects that allow us to look forward and continue delivering growth. In 2025, our total CapEx was $202.4 million, consisting of concluding with 2024 projects such as the closing of the Brigadier Lopez combined cycle that achieved commercial operation during 1Q '26, and we concluded also the San Carlos solar farm project, our first solar greenfield project. The asset reached commercial operation in November 2025, adding 15 megawatts of renewable capacity to our portfolio. Together with Cafayate, our two 2025 solar projects doubled our installed solar capacity and increased our total renewable portfolio by 20%. Also, in 2025, we extended Piedra del Aguila concession. The company was awarded the concession under the Comahue Hydroelectric Complex privatization process, extending the operation -- the operating term of the Piedra del Aguila hydroelectric facility through 2055. Winning bid offer was $245 million paid in January 2026. The company is also focused on the battery energy storage system projects, looking forward to add 205 megawatts of new technology in 2027. Our growth plan is [ backed ] by our financial strength, flexibility and low leverage ratio. In December 2025, net leverage ratio was 0.3x annual adjusted EBITDA, which positions us well to add new financial debt to finance Piedra del Aguila concession extension and the fee payment and the battery energy storage system projects. 2025 revenues stood at $782.6 million, 17% above 2024 revenues despite the 14% decrease in generation volumes. Spot revenues growth in 2025 reflects additional revenues from the realignment of the spot price over the year and the Resolution 400 since November 2025. Also, we see the effect of the self-procured fuel oil with the associated cost pass-through in revenues. Offsets came from lower water inflows from Piedra del Aguila and the maintenance works in Central Costanera combined cycles. PPA sales growth include new MAT contracts in November and December 2025, including also cost of fuels incorporated in the energy component. Renewable revenues increased by 3% as wind farm volumes increased 5% due to higher wind resources and the full contribution from Cafayate solar plant since the end of August 2025. Full year 2025 EBITDA reached $337.2 million, a 17% increase year-on-year, primarily driven by revenue growth and the market normalization and higher margins from self-procured fuels, which added approximately $8 million. In 2025, total generation reached 18.6 terawatt hours, representing 14% decrease compared to 2024. Central Costanera's generation volumes decreased by 15% year-over-year, primarily due to maintenance work in both Mitsubishi and Siemens combined cycle during 2025. Second, Piedra del Aguila generated 38% less than in 2024, mainly due to historically low water inflows affecting hydro production. Finally, Lujan de Cuyo was 24% lower year-on-year, largely explained by maintenance works in the co-generation asset in the fourth quarter. Moving to installed capacity, our portfolio reached 6,938 megawatt hours in 2025, representing an increase of 234 megawatt hours compared to 2024. The increase was driven by several developments. Brigadier Lopez combined cycle was completed and the San Carlos solar project added 15 megawatts of solar capacity. Together with Cafayate solar farm acquired in August 2025, these two solar projects contributed by 20% of the renewal capacity additions during the year. Regarding market position, Central Puerto maintained its market leadership, reaching 14% market share of total SADI generation. Finally, looking at operational performance, our thermal fleet continued to show solid availability levels. In 2025, total thermal availability reached 77%, while combined cycle availability stood at 89%, reflecting strong operational reliability. During 2025, three thermal and renewable projects were completed, combining greenfield developments and M&A transactions, further expanding our generation portfolio. First, the Cafayate solar farm, which was acquired through an M&A transaction is already in operations. Second, we finalized Brigadier Lopez combined cycle project, which is also already in operation since January 2026. Third, the San Carlos solar farm also entering in operations in November 2025. In addition, we were awarded two battery energy storage system projects, which were granted in August 2025. These projects are currently under development and are expected to begin operations during the first half of 2027. Finally, an important milestone regarding the Piedra del Aguila hydroelectric plant was that Central Puerto successfully secured a 30-year concession extension for the plant through the privatization tender process. The concession fee payment was successfully completed in January 2026, marking another key step in strengthening our long-term asset base. In 2025, the Argentine power system reached a new record for the demand with a peak of 30,257 megawatts on February 10, 2025. Renewable generation rose 16.5% year-over-year and supplied about 19% of total demand, including hydro renewables representing roughly 39% of the total annual energy mix. Thermal fuel consumption declined 2.6% year-over-year with gas oil down 53% and fuel oil 60%, partially offset by 1.2% increase in natural gas and 5.2% increase in coal. As of December 31, outstanding financial debt was $337.8 million and net leverage ratio stood at 0.3x adjusted EBITDA. On December 19, we signed a $300 million syndicate A/B loan with IFC with an average life of 5 years to fund Piedra del Aguila concession fee and Central Puerto's BESS project. Also, our outstanding FONINVEMEM receivable credit was $118 million as of year-end. Overall, 2025 was a year of solid growth and continued progress as the market normalized. During the year, the company kept expanding and strengthening its generation portfolio to support long-term development. Looking ahead, we will focus on three priorities: discipline contracting commercialization, operational excellence and advancing our growth agenda.

2025 was a pivotal year for Central Puerto, marked by Piedra del Aguila concession extension by 30 years more, portfolio expansion, market normalization and strategic progress across our assets. We enter 2026 from a position of strength with robust liquidity and resilient business model. Thank you for your continued confidence in Central Puerto. Please let's stay connect. And now we will open the line for questions.

[Operator Instructions] Our first question comes from Martin Arancet with Balanz.

I have three. I would like to run them one by one, if that's okay. First, I was wondering if you could give us some color on why the decrease in the quarter-over-quarter EBITDA given that the market liberalization should have been at least positive for thermal exposed to the spot market.

Martin, thank you for your question and your interest in Central Puerto. The main topic affected the 4Q 2025 is that we have a strong maintenance in our combined -- Central Puerto combined cycle and Mendoza combined cycles, the two of our biggest combined cycles. And because of that, we don't catch in those units, the benefits of the new regulation scheme. But it's only regarding to that. The rest of the equipment was okay and the new regulation is in place. So we expect that will be recovered in the first quarter 2025 -- '26, sorry.

Okay. And sorry for this follow-up because probably you already disclosed this, but are those plants already working again?

Yes, yes, yes, they start working at the end of December and the other one early January. So we don't expect additional maintenance for those units until 2027, '28.

Okay. Then regarding one of your main focus for 2026, I was wondering how much of the thermal capacity that was under the legacy scheme do you think can compete for energy PPAs? How much of that do you already have contracted? And how do you see the market for signing the rest of the energy that you have? I don't know if you are seeing much interest. I don't know if you have discussed this with distribution companies. And if you expect probably a stronger interest for industrial consumers as we approach the winter where you have higher seasonal prices?

Well, in terms of our capacity, we are -- we can contract, as you know, 20% of our combined cycles that are the spot legacy scheme. That is around 2 gigawatts, the whole combined cycle. So it's the 20% of that with the private customers, with big industries. And then this -- and we are doing around that 20% yet. During January, February and March, we're going to cover that capacity contracted. For -- to exceed that, we need to go to -- as you mentioned, we need to go to the distribution companies. And that is coming slower. The distribution companies need to discuss with the regulators -- each regulator because it's not only federal, it has local regulators in each provinces. And this is coming slowly because they need to discuss and receive a pass-through possibility in order to make the pass-through to the demand. So by now, we are entering with not a lot -- we are not doing a lot of transaction with distribution companies. Right now, we are, of course, in discussions. We are having advances, but we are not closing big deals yet. We expect that it could happen -- start happening during this year.

Okay. Right. So do you think that to sign contract with distribution companies, you probably will require I don't know, some backup from CAMMESA or something like that, like it happened with the battery project?

No, no, no, no. We -- of course, we're going to make our credit analysis, and we're going to pick the distribution companies that we think that they are suitable to giving credit, but we don't request additional CAMMESA backup. Talking about, as I mentioned, legacy energy selling because this is month on month, and we can cut the provision if they doesn't pay. So -- but talking about other projects like new generation or perhaps, [indiscernible] this is different. This will be different.

Okay. And my last question then regarding the other main focus that you will have for 2026. I was wondering where do you see growth opportunities coming this year and probably also the next year? Because it seems that there is not enough incentives yet to add thermal capacity. Now with the thermal capacity competing also for PPAs with renewables, we have seen lower [ tenures ] in new PPAs and at slightly lower prices. So I don't know if adding more battery is now the best idea. And there has been a lot of comments regarding probably new renewable capacity for mining and oil and gas, but it doesn't appear to have materialized yet. So I was wondering where do you see the growth opportunities coming in the near term?

Okay. Well, first of all, we have right now an auction in place for new battery storage system for the other provinces than Buenos Aires that was -- that we get awarded last year. So we are looking spots over the interior in different province Santa Fe, Mendoza, [ Corrientes ], Cordoba, there are opportunities there. This new auction is in place and will be -- have the due date in May this year. So this is an opportunity of expansion that we're going to look at. As you mentioned, in terms of renewables, right now, it's getting difficult to get new PPAs with existing demand. So we are looking for new demand. Now the existing one, as you mentioned, mining companies are one of them. Oil and gas companies are other possibilities, companies that needs -- perhaps gain efficiency in the product in their processes, like introducing steam, perhaps we can work on co-generations there. And looking forward for perhaps in the middle of this year or perhaps in the third quarter of an auction for new capacity that need to be set for cover some areas, specific areas like specifically Buenos Aires area. And I see there are opportunities, not -- as you mentioned, not trying to catch the existing demand with renewable because, as you mentioned, it's been challenging right now because the thermal are entering in the market and are stressing prices. Also, the hydros are entering the market and put some pressure there also. But I see opportunities, as I mentioned, in storage system capacity, in new demand coming from new players in the market like mining companies and a possibility in capacity -- new thermal capacity coming in some auction during this year.

Okay. Great. So this thermal auction that you mentioned, something similar to the Terconf that got canceled?

Well, it's not completely established by the government yet, but we have talking with them that could be something similar, but with different perhaps approach to the to the demand. So something like receiving a payment for capacity from CAMMESA. But well, it's something that are under discussion right now.

We are going to go now for the question with Lucas Lombardo with BACS.

I want to know the percentage of new term contract that -- the income from -- for the company.

Okay. I think you are referring to how much of the 20% that we can sell to private consumers we reach. That is the question.

Yes.

Yes. We expect during March to cover all those 20%.

Our next question comes from Matias Cattaruzzi with Adcap.

I wanted to ask first about the outlook for 2026 and the -- how do you see volumes coming for next year, especially hydro volumes? And then how do you expect the PPA versus spot mix to be in next year regarding the new regulation? Do you expect PPAs to grow more in generation?

Okay. Thank you. Talking about volumes for Piedra del Aguila specifically, the hydrological year starts on May. So it's difficult today to say that we're going to see better inflows than the previous year. Of course, the previous year was a low year, so in our expectations are to be better than that. But to have a clear view, we need perhaps 2 more months in order to see how the year comes. In terms of the thermal generation, we expect an increase because, as I mentioned before, two of our combined cycles were in maintenance during the whole month of December and the other one was in maintenance the whole month of September. So we don't see those maintenance in 2026. So we expect an increase of our thermal generation also. In terms of new PPAs coming, we -- as I mentioned, we are trying to catch additional demand from the distribution companies. This will unlock the possibility to sell the legacy energy above the 20% that we have already granted -- so we expect to have news on that this year. It's difficult to predict, as I mentioned before, it's difficult to predict the volume that we can reach there because the distribution companies are discussing with the regulators, the feasibility of make that pass-through directly to the demand and the terms of that pass-through. So right now, it's difficult to forecast the potential there, but we see potential. So I think we can catch more than the 20% that we are already selling, and we can go over that going to distribution companies.

Great. And then do you intend to participate in the upcoming tender for national batteries?

Yes, we are looking at, yes. Yes. We are looking at -- of course, it's different from the participation that we have in the last year because we are looking in places different for our facilities in -- the ones that we awarded last year, we established inside our facilities and it's convenient or very convenient for us. And right now, this new auction is all over the country. So we are looking at places. And the new reality in the battery storage system prices because the lithium goes up, the copper, all the materials the batteries used. So -- and the price according to the last auction. So we are looking at returns on that places that are outside from the -- our facilities -- are far from our facilities is not the same. So we are looking at, but we need to do more work in order to understand if something suitable for us or not.

Great. Do you expect to participate in the upcoming privatizations by ENARSA assets?

Yes. Yes, we are looking at. We don't have the mandate yet to move forward, but we are looking at.

Great. And do you have any updates on the OpenAI-Sur Energy project?

No, we have discussion with them. After that we award Piedra del Aguila that was very important for them that we have a huge hydro backup in us to give power to them. That was a great news for them. We discussed with them that, but we don't have a clear timing on any additional news coming from that place.

Great. And last, can you give us like an EBITDA bridge for upcoming years until 2028?

Well, I can give you some perhaps information regarding 2026. 2028 is, of course, need to -- we will expect to maintain that, but talking about increasing will be challenging regarding the expansion, as I mentioned, of new PPAs and how we're going to do in terms of the new coming auctions. But talking about 2026, we have some certainties that can share with you and the rest of the listeners. One important thing or the biggest improvement that we are seeing for 2026 and onwards is that the PPA, the Brigadier Lopez closing combined cycle PPA going to bring additional $60 million for our EBITDA. The other improvement, as we talked in the previous calls, the new regulation for spot market bring another between $70 million and $80 for our EBITDA. Piedra del Aguila also have an improvement compared to the old regime that compared to this new concession will bring additional $15 million. And if you perform the full year of the renewables that we acquired and build last year, this will add additionally $8 million and -- between $8 million and $10 million more. So [indiscernible] terms will be an improvement of $150 million, $160 million.

Great. And I have two more questions. One is if you expect distributing dividends in 2026? Yes. And the second one would be more operational. With the upcoming IP for the Perito Moreno pipeline expansion, do you expect that your plants in the central area would get some more upside with lower costs due to lower gas prices because of the expansion of the [indiscernible] Perito Moreno?

Okay. In terms of dividend, that is something that we'll be discussing by the Board of Directors. Right now, we have no guidance regarding to that, specifically because, as I mentioned, we have different projects under our pipeline, and we are performing some projects right now. So this is something that Board will be -- discuss in the next coming month. Talking about the TGS pipeline, we are -- we don't see a reduction on prices because the gas prices are set right now by the plant gas contracts that CAMMESA and the government signed during the former administration. So we received these prices -- or these prices are fixed until the end of 2028 when those contracts get to the end. So we don't see big reduction on prices until this plant gas goes to the end. In terms of the capacity or the transportation capacity of the TGS, we are analyzing the convenience or not to acquire that capacity. The problem is that going further in a big 10 or -- contract is like 15 -- of course, you can do less, but normally it will be 15 years of contract, is not fully discussed the regulation scheme in which we can recover this additional cost because this additional transportation will have an incremental cost related to what -- one that we are paying now. So it's not clear for us yet the new regulation scheme that will be available or the regulation scheme that will be available to recover that incremental cost. So right now, we are looking at, but we don't have a decision yet.

Great. But wouldn't it be better for gas prices in the winter? Wouldn't you need less liquids or gasoline or fuel oil?

Yes. The problem is to get here to our terminals, you do not only need the TGS expansion, you will need distribution here and the distribution in Buenos Aires area are very constrained. So we don't see a full elimination of diesel and LNG during winters for a while. Of course, will be a reduction because the TGS will inject here and also have some volumes that could go to the north. But we'll see a reduction, but not a full elimination of diesel and LNG.

This concludes our Q&A session. I would like to turn the conference back over to Mr. Fernando Bonnet for any closing remarks.

Well, thank you for your interest in Central Puerto. I will encourage you to ask any questions to our team that you may have. Thank you very much, and have a good day.

This concludes today's presentation. You may now disconnect, and have a good day.

Good morning, ladies and gentlemen. Welcome to Central Puerto's Third Quarter of 2025 Earnings Conference Call. A slide presentation is accompanying today's webcast and will be also available on the Investors section of the company's website, centralpuerto.com/en/investors. [Operator Instructions] Please note, this event is being recorded. If you do not have a copy of the press release, please refer to the Investor Relations support section on the company's corporate website at centralpuerto.com. In addition, a replay of today's call will be available in upcoming days by accessing the webcast link at the same section of the Central Puerto's website. Our host today will be Mr. Fernando Bonnet, Central Puerto CEO; Mr. Enrique Terraneo, the company's CFO; Mrs. Maria Laura Feller, Head of Investor Relations; and Mr. Alejandro Diaz Lopez, Head of Corporate Finance. Maria Laura, please go ahead.

Thank you very much. Good morning, and welcome. We are turning you today with our management team from Buenos Aires to report on the results of the third quarter of year 2025 and then answer any questions you may have. During the third quarter, adjusted EBITDA reached $101.1 million, up 64% quarter-on-quarter and 8% increase year-on-year. Revenues totaled $233.9 million, up 30% quarter-on-quarter, mainly reflecting higher contract sales from renewables and thermal. Fuel cost pass-through, up 26% year-on-year mostly reflected additional revenues in this quarter from fuel cost pass-through and also Central Costanera successfully resuming activities after the maintenance works. Total generation was 4,539 gigawatt hours, 4% up from second quarter 2025, but 20% down year-on-year mostly due to the lower hydrology at Piedra del Aguila. From a financial standpoint, our net leverage ratio remains very healthy at 0.5x, adjusted EBITDA underscoring our strong balance sheet and financial flexibility. Also good news for our credit rating. Moody's has initiated the grade assessment with a AA+ Fix SCR upgrading our rating to AA from AA-. Third quarter 2025 capital expenditures amounted to $76.1 million which includes the acquisition of Cafayate solar farm at $48.5 million. Final works for the closing of the Brigadier Lopez combined cycle and San Carlos Solar farm, which are very near COD as well as maintenance CapEx. Moving to a key development for the quarter. In August, our company successfully participated in [ AlmaGBA ] Battery Energy Storage System biding process, BESS. We were awarded, both projects we submitted which collectively represent 205-megawatt hours of new best capacity. The projects are scheduled to be fully operational by mid-2027. A significant fourth quarter outlook. The Energy Secretariat released Resolution 400/25 in October. This resolution marks a pivotal step in liberalization of the power market and creates a strong business outlook for our company. Going now to Page 4 for the earnings summary. Our adjusted EBITDA came in strong at $101.1 million reflecting the effective fuel cost pass-through to revenues and solid operational performance in both our renewable portfolio and at Central Costanera. In this quarter, our revenue mix was 53% spot and 47% contracted with 63% of total revenues denominated in dollars. Renewable generation revenues increased by 24% this quarter, supported by a 21% rise in generation volumes quarter-on-quarter. This strong performance was driven by our wind farms and the contribution from the newly acquired Cafayate solar plant. On the thermal side, contracted revenues benefited from additional fuel cost pass-through at Terminal 6. Thermal revenues also rose in both the spot and contract markets, reflecting the positive impact of Central Costanera, which successfully completed maintenance works in the second quarter as well as fuel cost pass-through effects. Now turning to Page 5. Let's look at our generation and availability performance. Total generation for the quarter was 4,539 gigawatt hours, composed of thermal, hydro and renewable sources. Volumes were up 4% quarter-on-quarter. Thermal generation represented the largest share followed by [ hydro and renewables ]. Thermal and renewal volumes grew, while hydro volumes decreased due to lower [indiscernible]. Availability rates for all our thermal units remained strong at 88%, with combined cycles rate at a very competitive level of 96%. We continue executing our growth strategy. [indiscernible] combined cycle at the [indiscernible] solar farm are very near COD. In OS, we acquired 80-megawatt [ Cafayate ] solar farm and also, we secured 2 best projects totaling 205 megawatts and [ 15-year contracts ]. Central Puerto complex we had 150 megawatts of lithium [ iron phosphate ] and the offtaker would be the institutional company Edenor. Central Costanera complex will have 55 megawatts and the offtaker will be Edesur. Estimated capital expenditure is between $130 million and $140 million for both projects combined. On October 21 and already effective since November 1, the Energy Secretariat issued the new framework to reform the Argentine's wholesale electricity market. The core objective of Resolution 400 is to liberalize such market through a progressive transition. The new spot revenues incorporate a margin on top of variable production costs supporting long-term value creation for generators. Also, there is a significant shift for revenues in the spot, now denominated in dollars, mitigating currency and inflation risk. Thermal generators gained significant flexibility, allowing them to trade capacity and energy in the new Thermal Term Market. We can sell up to 20% of our production to large users and the remaining up to 100% to distribution companies or the spot market. Spot market energy remuneration will capture marginal rent on top of the variable cost of producing the energy, and capacity payment in the spot market is now $12 per megawatt of capacity per [ MAT ] and is weighted by a factor based on fuel requirement and fuel management approach. Also, we decided the reliability reserve. During a fuel management transition period until Plan Gas contracts naturally expire, CAMMESA continues as a supplier of the contracted capacity of Plan Gas which ends December 2028. From 2029, generators will be fully responsible further on fuel management. For renewables, existing renewable contracts will be enforceable until natural expiration, then generators will trade in the matter. Our total financial debt at quarter end stood at $452 million. Cash and cash equivalents totaled $292 million, resulting in net debt of $159.9 million. Net leverage ratio stood very healthy at 0.5x adjusted EBITDA. In October, we issued a new corporate bond facing $89 million in capital and also repaid $90 million of maturing debt, including the repayment of our Class B corporate bond and the legacy debt associated with the [ Guanizuil ] solar farm. Total installed capacity in Argentina as of September 2025 was approximately 43,887 megawatts. Energy generation during the third quarter was 34,342 gigawatt hours, while domestic demand reached 35,255 gigawatt hours. Going now to Page 10 for key takeaways. 3Q '25 adjusted EBITDA of $101.1 million and 3Q '25 last 12-month adjusted EBITDA of $317.5 million reflect solid operations and a starting point in this new market environment. Central Puerto was awarded both projects submitted under the AlmaGBA Battery Energy Storage Systems tender. This means we added 205 megawatts of new capacity. These strategic projects notably boost our growth path and provide additional operational capabilities needed in the future of power generation. Our growth pipeline is delivering results with the acquisition of Cafayate Solar Farm, which added 80 megawatts of installed capacity to our portfolio since August 2025. Additional growth will be provided by ongoing projects. Brigadier Lopez combined cycle closing and the San Carlos Solar Farm very near COD. Central Puerto's business outlook has gained significant growth momentum, driven by the Energy Secretariat Resolution 400. This resolution formalizes the market liberalization roadmap, representing a pivotal step towards strengthening long-term value creation for us. This context reinforces our positive outlook for 2026 in our long-term company vision. Thank you for your time and your confidence in Central Puerto. Operator, please open the line for questions.

[Operator Instructions] The first question comes from Mr. Martin Arancet with Balanz Capital.

I have 2 topics that I would like to discuss. I will run them one by one, if that's okay. First, regarding the market liberalization. I was wondering if you could provide any guidance on how much do you expect this to improve your results over the next 2 years? Also, if you are considering any improvement to your loyalty fleet, given this inhales in revenues? And how likely do you think it will be to contract that 20% with large users?

Martin, thank you for your interest and your questions. We are going to the first one. The impact of the new deregulation of the sector. In terms of -- in terms of cash, we are seeing -- that's depending on the dispatch of the used consumer fuels, but we can expect around between 20% and 25% of increase in our EBITDA could be, as I mentioned, would be 20%, 25% depending on the dispatch of the units and the fuel consumption. Talking about the other improvements that the regulation brings that are important also as important as the pricing as Maria has mentioned -- it's very important for us to have the denominations of these new prices in dollars, setting dollars. So we cannot need to wait until the government resolution month by month for price increase, which was the case in the past. So for us, it's very important to keep the remuneration at least attached to dollars updated. And the other big improvement and is related to your question is that we can sell our part of our production to -- in private terms, private offtakers, as you mentioned, it's 20% for big users, the consumers, but we have no limitation to sell it -- in the percentage to sell it to distribution companies. So in terms of this 20%, we are start selling, the situation right now is the big consumers are very, very contract. The biggest ones are very contract with renewables. So we are trying to find the ones that are not contracted and the small -- going down to small ones, the [indiscernible] GUDIs. But for that, it is -- we have been selling since the regulation was issued, but to be completely honest with you, the market right now is trying to understand how the price is going to move with these new regulations. How CAMMESA is going to set the prices and the Secretariat of Energy is going to set the prices for spot basis of market, and for the GUDIs that are still in the distribution companies that right now, the price is still setting by resolutions and the scheme of every quarter setting by Secretariat of Energy and CAMMESA. But we are very confident that we -- whenever these are more or less clear by the demand, the demand is going to start to contract because the prices of the spot during winter times will be much more higher than now. And because of that, they're going to prefer to cap that increase on winter times and set contract we generate. So we are very confident that during this year, we're going to reach that 20%, and we expect more with the distribution company. Distribution companies needs also to set with each regulator -- each province regulator and national regulator in the case of [indiscernible] how they're going to make the pass-through of these contracts or new contract that the distribution companies will establish with the generator. So everything is under -- and is moving, but we are confident that this new market [ MAT ] as the regulation mentioned going to start, and we have a good pace to contract our production during this year.

Just a couple of follow-up questions. First, you mentioned $20 million to $25 million of additional EBITDA per year. I was wondering if that's not considering the 20% that you could sell to big users? And if so...

Sorry, Martin, it's not $20 million it's 20% increase.

20% to 25% okay, right...

This is -- it is more than around $70 million, $80 million.

Great. And that's without the 20%. So if you are successful in selling that 20% to industrials, we could see any where further improvement, right?

Yes.

Okay. Great. And then follow-up question regarding you mentioned distribution companies. Probably it's too soon, but do you foresee new auction for distribution companies next year or in the near future?

You are talking about the capacity auction or batteries?

An option to sell the other 80%, I mean, if I understood correctly...

No, no, but -- yes, this will be by each distribution company process. It's not a centralized like batteries or like a capacity contract. It's any distribution company can do -- go for -- this regulation established that CAMMESA is going to provide around 75% or between 70% and 75% of the distribution company's demand and the rest could be contract by distribution companies itself direct with generators. So we are seeing some distribution companies asking for quotations and start the conversation for provide these 20% or 25% of these -- of their demand. But it's not centralized -- will be each by distribution company and there will be a negotiation directly between generators and distribution companies...

Yes. So we can expect also beyond the 20%, some distribution companies probably in 2026, 2027 contracting additional energy?

Yes.

Well, great. Then my -- the second topic that I would like to discuss was regarding the recent hydro auction. I don't know if you could provide any color on that, probably the targeted assets and expected time line for awarding these assets?

Yes. So as you know, we participate with Central Puerto and Costanera. We expect that have more news in the next coming weeks. The first, the CAMMESA is -- are evaluating CAMMESA and Secretariat of Energy are evaluating the capacity and the documentation that the bidders provide. And then I think between, as I mentioned, next week, on the other one, we will have a clear view of the competition or the ones are available to compete. And then for sure, in previous to middle of December, we will have the results -- the final results.

Our next question comes from Mr. [indiscernible] with Citi.

My question is on -- first on capital allocation. I mean we have been seeing a lot of rerating of Argentinian assets over the last couple of weeks. So in that context, are you evaluating maybe some portfolio recycling with some of your assets in forestry perhaps in mining already? Or would you rather wait for longer cycle to engage on that front, especially considering now there may be some more projects looking interesting as investment opportunities. And yes, my second question would be, conceptually speaking, where do you see the stabilizing for the term market price, right, which today is about $60 per megawatt hour, but you will get an ever growing supply of power there. On the other hand, you may also have increasing demand from distributors for those PPAs. So where do you see that stabilizing over the short term? Those would be my 2 questions.

Okay. Thank you. Going to the first one. We are not evaluating right now a reallocation of our assets or selling. We are not -- we think that they have a lot of room to increase price. And so because of that, we are waiting for a longer period of growth, and we are also evaluating the possibility of -- if we improve the value by some developments around those assets. So it's not -- right now, we are not looking for reallocate that assets or sell. In terms of the second one, talking about prices, we are seeing some -- in the short term, for sure, we are seeing some reduction around $60, perhaps moving between $57, $55, $56 in the short term when this new offer come to the market. But in the long run, we are not seeing a huge reduction on those values because you will have to increase the capacity of Argentina and the prices for new capacity are going up. All the data centers, boom and the demand of Middle East are rocketing the prices of the GTs and the delivery time. So perhaps we see some reduction at the beginning in order to stabilize that market, that new market -- but in the long run, we are seeing prices around $60.

If I may add a quick one. Now that thermal projects should have, I mean, with the new rules should have better rates of return, very likely. What would you say are the key projects in the thermal side of the business that Central Puerto is looking into?

Well, this new regulation is not -- I think it's not enough yet to bring new projects from zero from scratch. It's not easy to set a big combined cycle, I don't know 800 megawatts and sell it to the market. We are not there yet. As I mentioned, the price will be much more than $50 something. So I think the new projects coming will be perhaps at the beginning of the next year, some auctions that the government are planning to set in terms of capacity, small open cycles and machines working as [ pickers ] I think this is what we are seeing coming with centralized auctions but not huge combined cycle selling to private. We think we are new -- I mentioned new ones, we are not there yet.

Our next question comes from text. This is [indiscernible]. In the release, we saw that the installed capacity of San Carlos, Cafayate and Brigadier Lopez is already available. Could you provide some color on how much of the capacity will actually be operating or contributing to generation during 4Q? And what we could expect in terms of revenues or margin uplift, both from the additional capacity and from the recent steps toward electricity market deregulation?

Thank you for your question. In terms of new capacity entrants, San Carlos and Brigadier Lopez, as you mentioned, are right now entering -- San Carlos is entering, I think this week or the next -- the beginning of the next month. So the impact in our revenues for the fourth quarter will be like half of November and full December. In respect of Brigadier Lopez, which is closing of combined cycle, we are expecting the COD. We are right now in the commissioning -- at the end of the commissioning phase, but we need to make a lot of test to be online and to be producing energy and we receiving the payment. So in the case of Brigadier Lopez, we expect the mid of December, perhaps 20 -- 20 something of December. So the impact on our revenues in the fourth quarter will be significant. But talking about full year basis, we expect around -- in terms of Brigadier Lopez around an additional EBITDA of $60 million, $65 million, and San Carlos around $3 million -- between $3 million and $5 million more, fully based -- full year basis. I don't know if I forget a question or one part.

Our next question comes from Ludovic Casrouge with Autonomy Capital.

My question was about the CapEx. Which level of CapEx do you expect for next year?

Okay. Thank you for your question. In terms of CapEx, we are finishing, as I mentioned, Brigadier Lopez and San Carlos. So we are not expecting big CapEx for that part. The CapEx that we are entering on right now and will be continued in the next year is the best projects that we get awarded last quarter. And this will be around $130 million, $140 million for both projects, the Central Puerto and Costanera projects. Sorry?

Just for 2026?

Yes, yes. We expect the completion of those projects in 2026, yes.

Okay. And just thinking could we expect an extra dividend distribution for the end of this year?

Well, that depends on the results of the hydro auction. That will depend on that.

Thank you. This concludes our Q&A session. I would like to turn the conference back over to Mr. Fernando Bonnet for any closing remarks.

Hello, everyone, for your interest in Central Puerto. We encourage you to call us for any information that you may need. Have a great day. Bye-bye.

Good morning, ladies and gentlemen. Welcome to Central Puerto's Second Quarter of 2025 Earnings Conference Call. A slide presentation is accompanying today's webcast and will be also available on the Investors section of the company's website, www.centralpuerto.com/en/investors. [Operator Instructions] Please note, this event is being recorded. If you do not have a copy of the press release, please refer to the Investor Relations support section on the company's corporate website at www.centralpuerto.com. In addition, a replay of today's call will be available in upcoming days by accessing the webcast link at the same section of the Central Puerto's website. Our host today will be Mr. Fernando Bonnet, Central Puerto's CEO; Mr. Enrique Terraneo, the company's CFO; Mrs. Maria Laura Feller, Head of Investor Relations; and Mr. Alejandro Diaz Lopez, Head of Corporate Finance. Maria Laura, please go ahead.

Good day. Thank you, operator. Before we begin, please be aware that this presentation contains forward-looking statements based on current outlooks and assumptions. Such statements involve risks and uncertainties that may cause actual results to differ materially. Also, U.S. dollar figures presented may be impacted at a noncash level as our financial statements are reverting in Argentine pesos and subsequently converted into U.S. dollars solely for comparability and analysis purposes. Investors are advised to review the full disclaimer and financial statements available on Central Puerto's website and public filings. Adjusted EBITDA is a non-IFRS measure and should not be considered separately. So please refer to our financial statements. In the second quarter of 2025, the adjusted EBITDA was $61.4 million, which reflects a 32% decrease compared to $89.9 million in the previous quarter, and above 35% compared to the second quarter of year 2024. Last 12 months adjusted EBITDA was $309.9 million and 8% above the full year 2024. In the second quarter, FONINVEMEM debt collection was of $17.2 million. Total generation volumes in this quarter were 4,372 gigawatt hours, a 24% decrease compared to the first quarter and 12% decline year- on-year. The decrease compared to the previous quarter is primarily due to the onetime schedule upgrade and maintenance of Central Costanera Mitsubishi combined cycle and the steam turbine 6 from Central Puerto complex. Revenues in this quarter were $179.6 million, a decrease of 8% compared to the previous quarter and an increase of 7% compared to the same quarter of the previous year. From total revenues in this quarter 89.6% of total revenues came from energy sales. Such revenues in this quarter decreased from the previous quarter due to the seasonality of spot capacity charges and lower volumes as discussed before. These effects were partially offset by additional self-managed fuel procurement from the T6 plant and other fuels procured. On the regulatory front, spot prices in pesos adjusted every month for inflation as set by Energy Secretariat, adding up to a compounded 5.1% for the quarter. And in addition, still on the regulatory front, last Thursday, the National Executive Branch released a Decree 476 with further definitions on hydro concessions, which we will review in the following slide. Capital expenditures in the semester were $102.4 million and were mainly allocated to the 155 megawatts of installed capacity we are building. From this additional capacity, 140 megawatts will come from the closing of the Brigadier Lopez combined cycle, while 15 megawatts from the San Carlos solar project. Both projects were at an approximate 80% completion at the end of the quarter with an expected COD before year-end. Finally, our solid financial position is reflected in the balance statement of the quarter with a resulting net leverage ratio of 0.56x the last 12-month adjusted EBITDA. As discussed before, the Energy Secretariat has allowed monthly adjustments to peso-denominated electricity spot prices to reflect inflation. Regarding the Piedra del Aguila concession extension, last Thursday, the National Executive Branch issued the Decree #476. This decree established a new set of terms and a required payment for an adhesion agreement. It also granted an additional 90-day period for the current concession and opens the possibility for it to be extended until the end of the year. Second quarter adjusted EBITDA decreased 32% quarter-over-quarter, mainly due to the seasonality of capacity charges and the maintenance works in the Costanera and Central Puerto plants. That impacted in lower revenues and additional OpEx related to such maintenance works. The resulting last 12-month adjusted EBITDA is 8% above full year 2024 adjusted EBITDA. Also to account for this quarter's results, FONINVEMEM collections were $17.2 million. Power generation volumes of the quarter were impacted by Central Costanera Mitsubishi combined cycle with 1,200 gigawatt hours below the previous quarter. Also, the Central Puerto steam turbine 6 was below the previous quarter by 186 gigawatt hours. This resulted in a total thermal availability rate of 68%, and average combined cycle availability of 73% and an average steam turbine and gas turbines availability of 60%. The steam production increased 20% in the second quarter compared to the previous quarter. Total revenues were $176 million, while energy generation-related revenues were $160.9 million. In the second quarter, spot revenues were impacted by the seasonal capacity charges established under Resolutions 59 and 294. This led to a quarter-over-quarter revenue reduction of $19.2 million. Additionally, the lower volumes sold impacted in the energy component of spot revenues by $12.5 million. These effects were partially offset by additional $18.4 million from self-managed fuel procurement for our T6 plant and other fuels as authorized under Resolution 21. Spot peso-denominated prices represented 16% of total revenues. And during the quarter, such prices maintained the parity with inflation and the exchange rate variation. Our ongoing pipeline of projects is a cornerstone of our growth strategy. Let's begin with Brigadier Lopez, a thermal power project that is nearing completion. With the closing of the Brigadier Lopez combined cycle, we are adding 140 megawatts hours to its current capacity, bringing the total installed capacity to 421 megawatts hours. Total project investment will be of approximately $185 million, and we are on track for commercial operation in the fourth quarter of 2025. Next, we have the San Carlos solar project, which will deliver 15 megawatts of installed capacity with an estimated CapEx of $18 million. Like Brigadier Lopez, San Carlos is expected to be operational before year-end. Finally, we turn to Alamitos, a wind project planned for 130 megawatts with potential expansion to 150 megawatts, depending on final technology offers with an estimated investment of $130 or $50 million. Alamitos is currently in the bidding phase for power generation technology and engineering services. Construction is scheduled to begin in the first quarter of 2026. Also, Central Puerto is participating in the battery storage tender process. We submitted bids for 150 megawatts through Central Puerto and 55 megawatts through Central Costanera. The Alamitos process is ongoing with final definitions expected by the end of August. Let us also briefly touch on the hydro concession extensions. Last Friday, the National Executive Branch released new conditions that are under our analysis at this moment. As discussed earlier, our strong balance sheet and financial flexibility is reflected in these figures. Our outstanding financial debt was $409 million as of June 13. Cash, cash equivalents and current financial assets balance was $235. The resulting net leverage ratio was 0.56x the last 12-month adjusted EBITDA. Outstanding credit under the FONINVEMEM program stood at $166.5 million and is being collected in monthly installments through May 2028. Also, it is good to remark that our capital expenditures of the semester were fully financed by our operating cash flow. On the market overview, variations in the demand reflect the seasonal effect of the second quarter of the year, where the temperatures were milder compared to the previous quarter. On the composition of the offer, hydroelectric power generation is being impacted by low water levels. Total system installed capacity remained quite stable. Now to conclude, we would like to share our takeaways for the second quarter of the year. Starting from our growth plan that is already adding around 300 megawatts of installed capacity, reflecting our active focus on growth opportunities with the Brigadier Lopez combined cycle closing and the San Carlos solar farm that are nearing conclusion and the Alamitos wind farm that is currently in the design phase. We are also looking forward to the developments in the battery storage center process and hydro concession development. On the operational front, we have highlighted our operation efficiency and availability advocacy for high standards. which are reflected in the Central Costanera Mitsubishi combined cycle maintenance works and the upgrade of the steam turbine 6 from Central Puerto's complex. On the regulatory front, we expect additional government disclosure to the ongoing electricity market reform, including economic [indiscernible] to expand our self-managed procurement of fuels as allowed under Resolution 21. Thank you for your attention. Now we can move to the Q&A session.

Our first question comes from Martin Arancet with Balanz.

Can you hear me ?

Yes. We can hear you, sir.

I have four questions. I would like to run them one by one, if that's okay. The first one regarding Central Costanera, even though it was on a scheduled maintenance, it seems that it caused a loss for Costanera since OpEx was higher than the revenues. I was wondering if you could add a little bit of color on that and if you expect to have, I don't know, an additional income from an insurance company or something like that to compensate that loss.

Martin, we were able to hear you. We are having a few technical issues. Just a second, please. We are having a few technical issues. Please hold. [Technical Difficulty]

Martin, can you hear me.

Yes, I can hear you. There is like an echo.

Martin, can you hear me.

Yes. Perfect.

Yes. Thank you. Sorry for the inconvenience. Well, going to your question, talking about Central Costanera Mitsubishi combined cycle maintenance. We have -- in the maintenance, we have we performed two things, two important things. One was planned, which was the big maintenance of our GT, one of our GTs, which was the eighth GT that was planned and was performed by Mitsubishi. But in the other hand, we performed an extraordinary maintenance in the boiler that was not planned, but that was performed in order to put the boiler in the condition in our standards, in Central Puerto standards. In the past, the previous owner was not doing all the maintenance that we understand that they need to do in the boiler. So we performed a big maintenance on the two boilers of the two GTs and that was extraordinary. But as a consequence, that was a degradation during the operation. It's not something that was covered by the insurance company. So we are not expecting recover that money from the insurance company. But as I mentioned, we put those two boilers in a good perspective for the operation in the next 20 years. So it's something that we need to perform in order to have that combined cycle operating in the Central Puerto standards with an availability over 90%, 95% and we expect that this is going to happen after that big maintenance that we performed.

Just a follow-up on that. How much will you say that it was the additional cost for this unplanned maintenance of the boiler.

It's something around $18 million, $20 million.

Okay. Then my second question is about the Alamitos project. The 2 years construction scale seems a little bit longer than similar projects with the same technology. I was wondering if you could add some color on that on why the 2 years. I don't know if there are some issues with the providers of the technology or something like that.

No, no, no, that is not an issue. Perhaps it's something that we are very cautious. We expect that could be less, as you mentioned. But yes, perhaps talking about being cautious, perhaps we are taking 2 or 3 months additionally than we expected, really expected.

Okay. Great. Then a quick one. What's your CapEx expectation for the remainder of the year?

Well, we have some remaining CapEx for Brigadier Lopez around $35 million, $40 million and a small amount for San Carlos project, which is, I don't know, $2 million or $3 million more. And perhaps at the end of the year, we can reach -- we can accelerate as we have been talking with Alamitos something related to, yes, 20% of the total cost.

Okay. Great. And my last question then, well, as you mentioned, there was the extension of the hydro concessions.

Yes.

Yes. And I was wondering there, how much is the current contribution to EBITDA of Piedra del Aguila? Also regarding the auctions, I think that you should -- you're probably also waiting for the new thermal auction. I don't know if there is something planned for that.

In fact, talking about the extension, in fact, our extension is not so relevant because we -- previous extension ends 29 of December. So it's kind of 2 or 3 days, the new extension. So it's not so relevant. It's more relevant for the other concession that ends in August. So it's not so relevant. The current EBITDA of Piedra del Aguila is around $35 million, depending on how they're going to adjust the tariff is something that happens every month, but it's something around that $35 million. And depending on, of course, the [indiscernible], the inflows, water inflows, but it's around between $30 million, $35 million a year.

Okay. And you will wait to see the hydro auction at the end of the year? And also, I don't know if you have any news on the new thermal auction. I heard that there are some issues to get new turbines and that could be a reason for [indiscernible].

New turbines you referred to hydro or you are talking about thermal right now?

Both, actually. I mean when do you expect the new hydro auction to took place, so if you heard something about the possibility of a new thermal auction?

In terms of hydro, I think they are adjusting some things with the provinces, Neuquen and Rio Negro, that is perhaps what we hear about why it's having some delays on launching. But well, I think that perhaps it will be solved at the end of the year, as you mentioned. The new decree that extent that the concession established that is the ending of the concession is in December or when the government finalized the auction, so earlier, so -- or the latest -- sorry, not earlier, the latest. So I don't know if they can make all the process in the month at the end of the year, could be at the end of the year. If not, they don't need a new decree. So they can automatically extend until the timing that they finalize the auction. So I don't know. We hear that they want to do it earlier -- sooner, but I don't know, depending on -- as I mentioned, depending on how they can agree that final points with the provinces and so on. And in terms of thermal, they want to finish first the auction of -- the battery auctions and see how is the output about that. And then perhaps the end of the year or beginning of the next one, start talking about a thermal -- a new thermal auction for capacity installed in the critical points of the grid, yes.

Our next question comes from Julian Casas with Balanz.

Can you hear me fine?

Yes.

Myself from I am from Latin Securities. No worries. I wanted to ask you if you could please walk us through how you arrived at the $409 million in gross debt figure that you mentioned before?

Okay. Do you want to go through it?

Yes, if you don't mind.

Yes. You have the -- just a second, please.

Yes, sure.

We have around $100 million of bonds at Central Puerto level. And then we have another $50 million in Central Costanera regarding to [indiscernible] financing. The rest of the amount are loans at the subsidiary level, project finance loan mainly with IFC and IDB for approximately $150 million.

Sorry for the delay, but we...

No, no worries. It was a tough question, sorry.

[Operator Instructions] This concludes our Q&A session. I would like to turn the conference back over to Mr. Fernando Bonnet for any closing remarks.

Thank you to everyone for your interest in Central Puerto. We encourage you to call us for any information that you may need. Have a great day.

This concludes today's presentation. You may now disconnect and have a nice day.

Good morning, ladies and gentlemen. Welcome to Central Puerto's First Quarter of 2025 Earnings Conference Call. A slide presentation is accompanying today's webcast, and will also be available on the Investors section of the company's website, www.centralpuerto.com/en/investors. All participants will be in a listen-only mode during the presentation. After that there will be an opportunity for you to ask questions. Please note, this event is being recorded. If you do not have a copy of the press release, please refer to the Investor Relations Support section on the company's corporate website at www.centralpuerto.com. In addition, a replay of today's call will be available in upcoming days, by accessing the webcast link at the same section of the Central Puerto's website. Before we proceed, please be aware that all financial figures were prepared in accordance with IFRS and were converted from Argentine pesos to U.S. dollars for comparison purposes only. The exchange rate used to convert Argentine pesos to U.S. dollars was the reference exchange rate reported by the Central Bank for US dollars for the end of each period. The information presented in U.S. dollars is for the convenience of the reader only and you should not consider these translations to be representations that the Argentine pesos amount actually represents this US dollars amount or could be converted into US dollars at the rate indicated. Finally, it is worth noting that the financial statements for the first quarter ended on March 31, 2025, include the effects of the inflation adjustment. Also, please take into consideration that certain statements made by the company during this conference call and answer to your questions may include forward-looking statements, which are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by industry remarks. Thus, we refer you to the forward-looking statement sections of our earnings release and recent filings with the SEC. Central Puerto assumes no obligation to update forward-looking statements except as required under applicable securities laws. To follow the discussion better, please download the webcast presentation available on the company's website. Please be aware that some of the numbers mentioned during the call may be rounded to simplify the discussion. On the call today from Central Puerto is Fernando Bonnet; Chief Executive Officer, Enrique Terraneo, Chief Financial Officer, and Alejandro Diaz Lopez, Head of Corporate Finance and Investor Relations Officer. And now, I will turn the call over to Alejandro Diaz Lopez. Please Alejandro, you may begin.

Thank you very much, and good morning everybody. Thank you for joining us today on a new session of earnings presentation, where we are going to discuss our financial results for the first quarter of 2025. As usually, I will begin the presentation by addressing shortly the main figures of the quarter, followed by a quick update of the regulatory framework, and relevant news. Then I will show an overview of the Argentine electricity industry, moving afterwards to our operational and financial results. Finally, at the end of the presentation, we will be happy to address any question you may have. Before going into a more exhaustive analysis of our financial and operational results, let me briefly review Central Puerto's main figures for the first quarter of 2025. The Group's installed capacity remains at 6,703 megawatts and energy generation amounted to 5.7 terawatt hour, during the first quarter of 2025, increasing 4% year-over-year. Regarding our financial results, it should be noted that due to Central Puerto's accounting methodology, all items in pesos must be adjusted for inflation to the end of the quarter, local currency. While the company reports it results in dollars by converting them at the end of the period official exchange rate, I mean the so called Central Bank a 3,500 exchange rate. This causes a non-cash impact that affects positively or negatively as appropriate our financial metrics, and affects the comparability. Revenues for the first quarter of 2025, amounted to $196 million increasing 31% year-over-year, compared to the first quarter of 2024, while adjusted EBITDA rose 8% year-over-year for the first quarter of 2025 to $90 million. Net income for the first three months of 2025, was positive in $80 million rising 150% year-over-year. Finally, net debt as of March 31 of 2025, amounted to $132 million, keeping almost constant vis-a-vis December of 2024, showcasing a net debt ratio to adjusted EBITDA of about 0.5 times. Now let's move to the most recent regulatory updates and news. During the first quarter of 2024, spot prices had been adjusted once a month, 4% in January and February and 1.5% in March. As of the date of this conference call for April and May, we have a cumulative increase of 3.5%. Regarding our investment project currently in execution, Brigadier López keeps its status. It is on schedule, moving at a good pace. Important milestones have been accomplished with regards to water intake, electromechanical works and the installation of the heat recovery steam generator. About San Carlos, let me tell you that after solving out some issues the project is back on track. Expected COD for Brigader Lopez is the end of 2025, while for San Carlos is the end of the third quarter of 2025. As you may recall, in our last call, we commented our most recent acquisition in the mining sector. We increased our equity stake in AbraSilver from 4% to 9.9% as a result of a new share subscription agreement. Continuing with news and regulatory updates. As you may know, the Secretariat of Energy aims to deregulate the industry, and normalize the wholesale market. We discussed in our last conference call the well-known Resolution 21 issued last January and the so called Lineamientos CAMMESA. As a result of Resolution 21, we see some interesting and possible opportunities in the management of alternative fuels as well as with natural gas, though more marginal in this later case, given the existence of the Plan Gas. We have been strongly working on this, and of course we will continue doing so. With respect to the Lineamientos CAMMESA, and the potential new regulatory framework, the Secretariat of Energy continues working on this subject. We also anticipated in our last presentation the storage auction. On April 22, CAMMESA issued a note amending some terms and conditions, including the submission and awarding dates. As we mentioned previously, we are carefully analyzing this project, since we are interested in participating in this process. The last concluding remark concerning the industry, the hydro tender process. By means of presidential decree number 263, a new extension for the process was set 15 days. As we publicly commented in several opportunities, we will carefully analyze the terms and conditions of this process, since we are interested in operating hydro assets. Moving now to Central Puerto's corporate news and updates, let me summarize some recent corporate organizations. On January 1, the merger of Vientos La Genoveva II, and Manque Los Olivos and CPR Energy Solutions being Vientos La Genoveva II, the absorbing company. Then on March 31, the Board of Directors approved an organization subject to approval by a shareholders meeting and the Argentine Securities and Exchange Commission whereby Central Puerto will absorb CPR Renovables assets and liabilities and also Central Puerto will spin-off part of its assets to be absorbed by Ecogas Inversiones. Finally, on March 31, the Board of Directors of Empresas Verdes Argentina, Forestal Argentina, Estancia Celina and Las Misiones] approved a corporate organization whereby, subject to approval, by the shareholders meetings of the involved companies, EVASA will absorb the asset and liabilities of all of the above mentioned companies. Now let's skip to the Argentine electricity market picture for this quarter that, will be shown on Slide 8 and 9. By the end of the first quarter of 2025, the country's installed capacity reached 43,554 megawatts, which means a decrease of 1% or 319 megawatts, compared to the 43,873 megawatts recorded as of March 31 of 2024. The variation results from the installation of new power facilities, a reduction in installed capacity and adjustment and repowering, to power plants already in operations. The contraction of 319 megawatts is decomposed as follows: a reduction of 1,195 megawatts in hydraulic sources, a reduction of 224 megawatts in thermal sources being all partially offset by the addition of 637 megawatts of wind farms. Of these, 23 megawatts were installed during the first quarter of 2025. Then the addition of 423 megawatts of solar plants were 205 megawatts, were installed during the first quarter of 2025, the addition of 37 megawatts of biomass facilities all during the first quarter of 2025, and the addition of 4 megawatts of biogas power plants. It is worth to highlight that the decline of 1,195 megawatts in hydro installed capacity, is basically explained by our assessment of Yacyretá power availability between Argentina and Paraguay. Since August of 2024, 50% of Yacyretá's installed capacity is allocated to Argentina, whereas it used to be approximately 88% before then. Electricity generation shrank 1% during the quarter on a year-over-year basis. The contraction was driven by nuclear and hydro generation. Nuclear generation decreased basically by the two-year maintenance shutdown of Atucha I, which started in November of 2024. Hydro generation shrank due to a combination of factors. First, the aforementioned change in the allocation of Yacyretá's install capacity and energy generation upon Paraguay's claim, and a reduction of river flows. Renewable and thermal generation rose 10% and 9% respectively. The growth in thermal generation led to a rise of 9% in natural gas consumption, alternative fuels consumption was significantly lower. Focusing now on the demand. As you can see, electricity demand rose 1% during the first three months of 2025, vis-a-vis at the same period of 2024. There was a slight contraction in residential consumption that was totally offset by commercial and major demand. Big industrial user consumption rose during the whole quarter, reflecting stronger economic activity levels. This was especially remarkable for mining, trade and services, automotive and food and beverage. Finally, the electricity trade balance resulted in a net import situation during the whole quarter with the peak in February. We now go to Slide 10 to our key operating indicators for the quarter. We can see that electricity generated by Central Puerto rose 4% to 5,731 gigawatt hour, compared to 5,520 gigawatt hour during the first quarter of 2024. Hydro energy generation from Piedra del Aguila dropped 2%, reaching 793 gigawatt hour from 807 gigawatt hour in the first quarter of 2024. This decline was primarily due to a reduction in river flows, 27% in the Collón Curá River and 25% in the Limay River. This resulting in lower availability of water for generation. Wind generation rose 3%, reaching 373 gigawatt hour during the first quarter of 2025, compared to 358 gigawatt hour during the same period of 2024. This increment was mainly due to higher generation from Achiras La Castellana I and La Castellana II wind farms, as a consequence of better operation performance. We should recall that during the same period of 2024, these facilities were either out of service, or we reduce operation because of some maintenance works and failures. On the other hand, solar energy generation reached 78 gigawatt hour, during the first quarter of 2025, compared to 82 gigawatt hour in the same period of 2024. Basically as a result of some restriction in the node of injection and also weather conditions. Finally, thermal generation increased 5% during the three months of 2025, compared to the same period of previous year, reaching 4,487 gigawatt hour from 4,272 gigawatt hour. The growth was mainly due to higher dispatch costs some steam turbines in Puerto and Costanera sites, and some steam and gas turbines in Luján de Cuyo as well as higher generation register in the combined cycle of Santa Fe. To a lesser extent, higher availability was recorded in the Buenos Aires combined cycle, and higher dispatch was registered, for the Mitsubishi combined cycle, both located in the Costanera site. Now let's move to our revenues breakdown. As you can see on Slide 11, this amounted to $196 million in the quarter as, compared to $150 million in the same period of 2024. The variation in revenues is a consequence mainly of a $36 million increase in spot market revenues, driven by a cash effect on the gap between currency devaluation, and spot remuneration increases. Higher thermal generation, mainly in some turbines located in Luján de Cuyo, Peurto and Costanera sites, and a non-cash effect on the gap between currency devaluation and inflation. Also a $5 million increase in sales under contract, driven by higher energy sales of San Lorenzo cogeneration plant, and higher wind generation of Achiras La Castellana I and II. Finally, it was also important a non-cash effect on the gap between currency devaluation and inflation. On Slide 12, we can see the dynamic of our adjusted EBITDA. During the first quarter of 2025, the group's adjusted EBITDA amounted to $90 million, rising 8% or $6 million, when compared to the first quarter of 2024. When analyzing the adjusted EBITDA, we can observe that the variation is mainly explained, by the previously stated higher aggregate sales driven by spot sales, and sales under contract, a $27 million increase in cost of sales, explained basically by higher maintenance expenses and consumption of materials, due to higher dispatch, higher operating costs, mostly related to the real appreciation of the Argentine peso and a non-cash effect on the gap between currency devaluation and inflation. SG&A rose $5 million, mainly by the real appreciation of the Argentine peso. Similar to production costs, SG&A were also negatively impacted by a non-cash effect on the gap between currency devaluation and inflation. Finally, there was a negative impact of $8 million in other operating results, net basically as a consequence of lower interest from clients due to lower CAMMESA delays and negative non-cash effect on the gap between currency devaluation and inflation. Moving to the next slide, the consolidated net income. During the first quarter of 2025, Central Puerto's net income amounted to a gain of $80 million. This is basically the result of the previously explained adjusted EBITDA dynamic, and the net financial results, which were driven by lower foreign exchange differences on financial liabilities, lower interest on loans, higher share of the profit of associates, higher holding results on financial assets. These effects were partially offset by a non-cash effect driven by lower FX difference due to lower FX variation, lower variation in biological assets and results driven by the change in the purchasing power of the currency. Lastly on Slide 14, we have the cash flow dynamic during the first three months of 2025. Net cash provided by operating activities was $44 million. This cash flow arises mainly from $106 million of net income for the period before income tax, properly adjusted to reconcile with net cash flows, $4 million in collection of interest from clients, and $3 million in insurance recovery. These cash flows were partially offset by $18 million in working capital variations and $1 million in income tax and other taxes payments. Then the net cash used by investing activities was $60 million. This amount is mainly explained by $44 million in acquisitions of property, plant and equipment and inventory, and $27 million in acquisition of other financial assets, being all partially offset by $11 million in dividends collections. Finally, we have the net cash provided by financing activities that was $6 million. This is basically the result of $8 million in long-term debt repayments, $6 million in interest and other long-term debt costs paid been, or partially offset by $20 million in banks and investment accounts overdraft received net. Consequently, our cash position as of March 31, 2025, amounted to $6 million. If financial assets are included our total current liquidity amounts to $250 million. With this, I conclude the presentation. Now we invite you to ask any questions to our team. Thank you very much for your attention.

Thank you very much for the presentation. [Operator Instructions] Our first question comes from Martin Arancet with Balanz Capital.

Well, thank you for the presentation. As always, I have three questions. I would like to run them one-by-one, if that's okay. My first question is regarding the possible hydro auction that is coming soon. I don't know if did Secretary here or CAMMESA disclosed the possible pricing conditions? Or if you have any guesses on pricing? Because on one hand, we understand that the government wants to be - as free as possible in terms of a free market. But at the same time, hydro, low pricing is what is keeping - is pushing down tariffs for regulated consumers. So I think that there is a trade-off there that I don't know how the government is going to tackle that. And also regarding the same subject, we have seen other companies interested in participating in the auction. I don't know if you expect a lot of competition? Thanks.

Okay. This is the first one. Thank you, Martin for your interest and your questions. Yes. As you mentioned, in terms of pricing, we don't have a confirmation about the pricing yet, because it's not - the auction is being delayed, or the process - process is being delayed, the government want to agree some scheme with the two provinces that - where the hydros are places, and the process is being delayed a few days. I don't know when they are planning to be made public, the conditions of the auction. But, as you mentioned, we hear the same points that you see, which is if they increase the price - the actual price of the remuneration, of course, it will impact on the tariff at the end. And on the other hand, they want to go to a free market sooner or later. So, the thing that we hear about is, they are planning to establish a pricing similar more, or less that we have right now. But in a transition scheme in, which we can sell some portion of the generation to a private - in the private contracts. Starting with the 5% of the generation of the hydros. And then going to, I think, 5% each - or 10% additionally each two years, and then reach 50% and so on. So they are thinking in that mix, between a fixed price similar or in the - perhaps a little bit higher than we have right now. But then a transition to a private contract scheme, increasing percentage every two years, to reach perhaps 100% of the 10 years after. So that is the idea that they are thinking on, but it's not public yet. So it's only things that we hear.

Okay. And just as a follow-up on that. I probably a point to be careful there is the time of the guarantees, right? I don't know if have you been talking about possible guarantees that this 5% is going to increase gradually, and that is going to be respected, or something like that?

Yes. We don't talk about that guarantees. They are thinking to establish that - in the auction, but they will not - they are not talking about any additional guarantee. That is something that we need to consider at the moment of setting prices.

Yes, sure. Sorry, just the last point. Regarding competition, I don't know if you are seeing a lot of interest in the auction?

For sure, the hydros are very efficient equipment. Also, they have - you need to have some experience to operate it. So I think the people with experience, the ones that have the concession, or even kind of know the hydros being operating here, of course, will be possible competition. We hear for another generator big generators in Argentina that they're going to see it. For now, we are not here any external, or foreign companies, but depending on the conditions. As the one point that you mentioned is guarantees, well our international companies need some perhaps additional guarantees or certainties. But for sure, the local - the big locals, we're going to see the auction and perhaps have some interest in participating, yes.

Okay. Thank you. Then my second question, sorry if you already mentioned this, but I was wondering if you could give us some additional color on why, did we see lower availability in Brigadier López in the first quarter. If you expect this to continue this year, or it should be solved, or if it's something related to the construction of the close cycle?

No, no, no. It was not related to the construction. The Brigadier López have a big maintenance we want to - the gas turbine be ready for the combined cycle, and we made a big maintenance there. So we have - I don't remember exactly the date, but more than about 40 days in maintenance, and we have that done. So we don't expect additional perhaps an availability from Brigadier López, and we expect that enter in a combined cycle at the end of the year, with full dispatch and full speed. So we don't see additional maintenance coming in the next years for Brigadier López.

Okay. Thanks. And my last question then regarding the utilization of the market. I was wondering what - do you think or what is your point of view regarding the schedule, if you think that it is possible to have this fully implemented by year-end? Or if you think that is probably too optimistic and since it's a big change, I think that while it could have some - it could present some issues at the time of implementation?

We think that they're going to move forward in the stages, like not everything at the same time. So we are - as Alejandro mentioned, we are seeing some deregulation in terms of fuel, especially in liquid fuels that we can acquire, and we can buy, buy by ourselves and CAMMESA is like giving a space there for us. In terms of natural gas, which is the main fuel that we use. We need to wait and for the full liberalization there. We need to wait until the ending of the Plan Gas, because CAMMESA with the Plan Gas contracts until 2028, are the main buyers. So there is a small room for us to buy, when they have that contract and they require a reduction in that price, to buy if we want to buy, and you only have a spot volumes, so it's not easy for us to start moving forward there. So if you don't have a liberalization of the natural gas, it's difficult to deregulate all the - legacy market. If we cannot buy the gas, it's very difficult to sign a contract for the legacy equipment. But on the other hand, they are willing to move forward, as I mentioned, in liquid fuels, gives us space for perhaps a new capacity that we can sign contracts directly with the demand. We are seeing some additional moving forward - some signals to moving forward to contract with the distribution companies in all related to this new auction of - batteries that they're willing to set contracts between generators and distribution companies. So that is a good sign to move forward, but we are not seeing perhaps a completely turnover in the free market at once. We are seeing some improvements and some deregulation, perhaps schemes, but not in one shot.

Okay. Very clear. Well, I have one additional question, but I don't want to catch all your attention. So I will wait until the end of the call if anyone else wants to make a question.

Okay.

Thanks.

[Operator Instructions].

Okay. If there is no more question, Martin, you can answer your last one.

Sorry yes. Thank you. Just last one question. Regarding your projects, I mean, you are moving forward with Brigadier López, San Carlos. And I understand that you have intention to participate, well, if we have a new formal auction, the battery auction and also the hydro auction. But I guess that all of them are somehow uncertain. We are now the pricing yet and the conditions. And if you're going to get awarded on everything. So I was wondering if you are targeting possibly other projects beyond those probably this year.

As you mentioned, we are - the one that you mentioned are the most important one for us. So that are the most important. But also, we are developing some wind farm in the -- in Bahía Blanca city, perhaps the starting of the construction of that project is the end of the year, or perhaps the beginning of the next one. But for this year, we - the ones that you mentioned are the bigger ones. We're also looking for opportunities in solar and wind, but nothing certainly yet. So the ones that you mentioned are the bigger ones, yes, the most relevant.

Okay, that's all. Thank you very much.

Thank you.

This concludes the question-and-answer session. I would like to turn the conference back over to Mr. Fernando Bonnet for any closing remarks.

Thank you to everyone for your interest in Central Puerto. We encourage you to call us for any information that you may need. Have a great day.

Central Puerto's conference call is now closed.