Good morning, ladies and gentlemen. Welcome to the Central Porto's second quarter of 2026 earnings conference call. A slide presentation is a Companies Today webcast and will be also available on the Investors section of the company's website, www.centralporto.com.an.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 Centro Puerto's website. Our hosts today will be Mr. Fernando Bonnet, Centro Puerto's 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. 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 walk you through the results of the second quarter of 2026 and afterward we'll 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 EVTA, 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've also refined how we convert historical peso figures into dollars. You'll 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 EVTA came in at $145.0 million. That's 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 total $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 5250 GWh, representing approximately 15% of total generation on Argentina's grid. This was a 3.1% decrease from the first quarter's 5420 GWh, but a 20.1% increase versus the 4372 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 1.2 times adjusted EBTA, with net financial debt of $493.4 million and last 12-month adjusted EBTA of $403.8 million. FONI collections from Gamesa were $16.0 million in the quarter and outstanding credit was $104.8 mm. On the financing front, in April we issued our Class D notes for $133.1 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 and 27 million dollars to the adjusted EVTA 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 CENCH. 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 Briarier 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 CAMESA supplies the fuel under the gas acuerdo program, that cost is managed by CAMESA and therefore is not recognized as revenue by the company. Now to slide 6 for the adjusted EBTA of the quarter. Adjusted EBTA 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 7, core 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 total 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 FONI plants at our working interest. Turning to slide 8, total capital expenditures for the first half of the year were $421.9 million. This includes $245.0 million for the Piedra de la Isla 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. An 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 and 27 million dollars EVTA in 2027. Now to slide 9 on our balance sheet and financial flexibility. As of June 30, our total outstanding financial debt was 671.9 million dollars. against cash, 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 1.2 times, 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 and 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 Matias Cataruzzi with AdCap. Your microphone is open.

Hi, Tim. 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 exceed In the future, in the third quarter, we'll be seeing something similar in revenues or it depends on the fuel procurement in each quarter. And if in the fourth quarter, if it's going to be lower or whatever, 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 in July similar levels that we see in June. On August is very early to have a final view. If this winter, cold winter continues, perhaps we will see not as the same as June and July, but perhaps a little bit less about some, of course, self-procurement of natural gas and A small portion of liquid fuels. We don't see a lot of liquid fuels coming on right forward. So for the second, for the third quarter, you can expect during July same levels of self-consumption than in June. And almost less, perhaps a little bit less, a half would be a good number in terms of Thank you very much. The Plan Gas Cuatro is still in place and it's not easy that the producers break that contract with CAMESA and start signing new contracts with us. So 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. So we see that we start seeing some providers and oil companies start going out for the plant gas at the end of the year and perhaps more heavily during the next one. But making a wrap up, you will see less on fuel consumption during the last quarter of this year.

And then a follow-up on self-procurement of fuels. Is there any way that we can see how it impacts on the EBDA compared to previous quarters? We've seen it as... Like, with the revenues, disaggregated from the revenues, but how it's not visible in the cost part, the self-procurements, just for us to measure the...

Yes, you can see it in our cost because that's open in our accountability. So you can see how this... Thank you very much. During winter, we also have not only the self-recurement machine 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. So you need to have both effects combined. So when you go to summer, which Doesn't, anyone has fuel, 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, you know?

Okay, great. Thank you so much.

Our next question comes from Martin Arancet with Balance 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 and... Also, we heard that the government could be working on a new option 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 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 The capacity of the system, you know, will be capacity schemes, not energy capacity. But they are already doing the last adjustment of that scheme and we think that would be online perhaps during this quarter or the next one, not more than that. And there we are, of course, developing different projects. We have all the development that we've done in 2023 for the thermal capacity auction, if you remember. There we get awarded in two projects. So these projects are fully developed and we want to maintain and present in this new scheme one or the two of those projects. And we are also developing new ones for capacity in different places. Ones are the ones that we have capacity here in Buenos Aires, but we are also looking in other places. and the other opportunity that we are seeing is, as you mentioned, batteries. We present in the Almazade scheme several projects that Thank you very much. Thank you very much. Thank you very much. Sellings of government assets that will come like Centrales of Honimemen or similars. So we see opportunities there. And 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. So this will be another opportunity to grow not only the transmission line itself, but also the provision of electricity, perhaps mainly renewables. So this will perhaps give us the opportunity to keep building renewable projects also. And we are working in different bidding processes or budgeting processes for mining companies to provide electricity and capacity. So that will be another opportunity for growth. There are a lot of projects we wanted to have Energy provision, the same as also data centers. 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. So we see a lot of opportunities moving forward.

Very clear, thanks. Just a small follow-up. I guess that it's 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. 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. So 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. But 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, well, you were really commercially successful signing new PPAs for formal assets after the regulatory change, and you were trying to, well, you already had contracted the 20%, as far as I know, The 20% that you are allowed with industrial consumers, but you are trying to get to 100% with distribution companies. I was wondering how is that going forward, if there has been any progress on that. And also, we have seen a spike on spot prices this winter. If you think that it is still more profitable to sign a new PPA or to get 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'm talking about during... The 20, 20, 2010, when we can make freely contract with the demand. So we maintain the team and we maintain the contact. And of course, we enlarge the team when we saw the regulation going to change. So we move very fast and we are very, very confident that and our team to get the best contracts possible. And as you mentioned, we want to enlarge that 20%. I don't know if we're going to reach the 100%. That is not perhaps the idea. The idea is to get first the best contract distribution companies possible. So 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 you know, there are different situations in each industry. Thank you very much. Thank you very much. We are trying to have the better balance possible, having some exposure to to the spot market to make that catch up during the worst days of winter and hours because it's not all the day. As we see, we see the prices every hour. So we want to have some exposure of that, yes, and make the better 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. So we are working on that sense, trying to have the better mix of having the flexibility to have good prices during winter, but not going in summer on prices that are below the market. So I don't see that we're going to reach 100% of contractualization. But we also are working on an increase that to in overall have a better margin that if we stay fully to a spot. And also we see in the future that the prices during winter need to go down because we reduce, we're going to reduce the consume of Liquid Fuels and LNG in the future when TGS expansion will be done. And of course, if TGN expansion come online, the prices during winter will need to be reduced for sure.

Yeah, I think it's a temporary thing. Just a small follow-up on that. Do you see interest from good distribution companies to sign new PPAs? I mean, I know that you're going to have some exposure to the sport, 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 big distribution companies on that sense. I cannot say that it's fully clear that we can finalize this year, but we are working on it.

Okay, thank you very much.

Our next question comes through Q&A test with Marcos Serro with Alaria. Thank you for the presentation. I want to ask the following questions. Could you give us an approximate of the splint between the energy and capacity in spot avenues? How do you see the ramping in self-supplies fill through 2027? How much EBITDA should we expect from the BASS 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 speed 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 starts increasing when you compare, as I mentioned, the The operating cost of more inefficient equipment or using liquid fuels goes up and the variable part of the remuneration goes up and the capacity payment stays fixed, you know? But talking about in general, it would be like to say right now, in the past it was more Well, what's more heavy, the capacity payment than the variable payment right now is the opposite. So we can say 60 variable, 40 in general terms, you know, 40 capacity payment. Depends, as I mentioned, this will change, depends on the month of the year, but in general I could say that. And the second one, how do you see the ramping The self-procurement ramping in during 2007, 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 Thank you very much. Half cycles, three like middle cycles, combined cycles, operating with our own natural gas. This will be like between four or five million cubic meters per day. Average, you know. 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 coal consumption and then after the when we get close perhaps in 2028 when we close to the finalization of plant gas for sure we will go forward for the whole natural gas cell consumption. Sorry, there are another one. The last one was the ABTDA estimated of best projects. We are seeing that around in the full year operation in between 25, 27 million dollars 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 remarks.

Thank you. To wrap up, this was another quarter of a strong execution for Central Puerto. We deliver solid financial results, continue to strengthen our commercial position, maintain a disciplined balance sheet, and make meaningful progress across our strategic growth initiatives. Looking ahead, we are focused on bringing our battery storage projects in operation on schedule, advancing and developing our new acquired Vaca Muerta assets, and continuing to pursue 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 commitment, our customers and business partners for their trust, the financial sector and our shareholders for their continued support. See you soon. Thank you for joining us today. And we can disconnect. Thank you.