Overview
Central Puerto S.A., Argentina’s largest private power generation company, posted third‑quarter 2026 results that significantly outperformed estimates.
Financial Performance
Adjusted earnings per share were $0.25. Revenue reached $532.4 million, representing a 157.6 % increase year‑on‑year from $206.7 million in the same quarter of 2025. Spot thermal revenue climbed 192.2 % YoY to $289.8 million, reflecting seasonal winter pricing and higher margins from self‑procured fuel. The company self‑procured an average of 3.96 million cubic metres equivalent per day, accounting for 55.3 % of total fuel consumption.
Total generation volume was 4,791 GWh, up 5.6 % YoY, driven by a 93.6 % YoY rise in hydro generation at the Piedra del Aguila plant and the ramp‑up of the Brigadier Lopez combined‑cycle unit. Adjusted EBITDA amounted to $185.3 million, a 70.3 % YoY increase from $108.8 million in Q3 2025. Year‑to‑date adjusted EBITDA through September stood at $451.0 million, and the company reaffirmed its full‑year 2026 adjusted EBITDA guidance of $500‑$550 million.
Capital Allocation and Debt
Capital expenditures for the quarter were $36.7 million, primarily directed toward Battery Energy Storage System projects at Central Puerto and Central Costanera, together with routine maintenance. Net financial debt as of 30 September 2026 was approximately $343.7 million, yielding a net leverage ratio of 0.72 × adjusted EBITDA.
Operational Commentary
The company noted a quarter‑over‑quarter decline in thermal generation at the Central Costanera and legacy Central Puerto assets, which was partially offset by higher hydro output at Piedra del Aguila and increased generation from the Brigadier Lopez and San Lorenzo units.
Market Reaction
Shares edged up 0.20 % in after‑hours trading following the release.