Central Puerto S.A. (CEPU): Business Model Canvas

Central Puerto S.A. (CEPU) gilt als dynamisches Kraftpaket in der argentinischen Energielandschaft und steuert die komplexe Welt der Stromerzeugung mithilfe eines robusten und innovativen Geschäftsmodells strategisch. Mit einem vielfältigen Portfolio, das thermische und erneuerbare Energiequellen umfasst, hat sich dieses Unternehmen meisterhaft an der Schnittstelle von Zuverlässigkeit, Nachhaltigkeit und Marktanpassungsfähigkeit positioniert. Durch die Nutzung fortschrittlicher Infrastruktur, strategischer Partnerschaften und eines zukunftsorientierten Ansatzes zur Energieerzeugung transformiert CEPU das traditionelle Paradigma der Stromerzeugung und bietet eine überzeugende Darstellung technologischer Leistungsfähigkeit und Umweltverantwortung, die verspricht, unser Verständnis der Stromerzeugung im 21. Jahrhundert neu zu gestalten.

Central Puerto S.A. (CEPU) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller von Stromerzeugungsgeräten

Central Puerto S.A. arbeitet mit führenden Geräteherstellern für die Stromerzeugungsinfrastruktur zusammen.

Hersteller	Gerätetyp	Vertragswert
General Electric	Gasturbinen	45,2 Millionen US-Dollar
Siemens	Dampfturbinen	37,6 Millionen US-Dollar

Kraftstofflieferanten

Entscheidende Partnerschaften zur Sicherung konsistenter Kraftstoffressourcen:

• Pan American Energy: Erdgasliefervertrag
• YPF S.A.: Beschaffung von Flüssigbrennstoffen

Lieferant	Jahresvolumen	Vertragsdauer
Panamerikanische Energie	1,2 Millionen m³/Tag	5 Jahre
YPF S.A.	850.000 Liter/Monat	3 Jahre

Netzbetreiber und Stromverteiler

Wichtige Verbindungsvereinbarungen mit nationalen Stromverteilungsnetzen:

• CAMMESA (Verwalter des Stromgroßhandelsmarktes)
• Edenor S.A.
• Edesur S.A.

Provinzielle und nationale Energieregulierungsbehörden

Rahmenbedingungen für die Einhaltung gesetzlicher Vorschriften und die Zusammenarbeit:

• Secretaría de Energía de Argentina
• Ente Nacional Regulador de la Electricidad (ENRE)

Finanzinstitute und Investmentpartner

Institution	Anlagetyp	Betrag
Banco Galicia	Projektfinanzierung	78,5 Millionen US-Dollar
Internationale Finanz-Corporation	Infrastrukturinvestitionen	62,3 Millionen US-Dollar

Central Puerto S.A. (CEPU) – Geschäftsmodell: Hauptaktivitäten

Stromerzeugung aus thermischen und erneuerbaren Quellen

Im Jahr 2024 verfügt Central Puerto über eine installierte Gesamtkapazität von 1.653 MW, darunter:

Generationstyp	Kapazität (MW)	Prozentsatz
Wärmekraftwerke	1,171	70.8%
Erneuerbare Energie	482	29.2%

Kraftwerkswartung und Betriebsführung

Jährliche Wartungsausgaben für die Stromerzeugungsinfrastruktur: 42,3 Millionen US-Dollar im Jahr 2023.

• Betriebliche Effizienzrate: 92,5 %
• Durchschnittliche jährliche Ausfallzeit pro Anlage: 27,6 Tage
• Abdeckung der vorbeugenden Wartung: 85 % der gesamten Wartungsaktivitäten

Entwicklung und Ausbau der Energieinfrastruktur

Investitionen in die Infrastrukturentwicklung für 2024: 127,6 Millionen US-Dollar

Projekttyp	Investitionsbetrag	Erwartete Kapazitätssteigerung
Windkraftprojekte	53,4 Millionen US-Dollar	125 MW
Solarenergieprojekte	39,2 Millionen US-Dollar	95 MW
Modernisierung von Wärmeanlagen	35 Millionen Dollar	50 MW

Strategische Investition in neue Energieerzeugungsprojekte

Geplante Gesamtinvestitionen für neue Stromerzeugung: 215,8 Millionen US-Dollar bis 2026

• Projektpipeline für erneuerbare Energien: 350 MW
• Erwartete Kapitalrendite: 14,3 %
• Voraussichtlicher Zeitplan für die Fertigstellung des neuen Projekts: 2024–2026

Einhaltung von Umwelt- und Regulierungsstandards

Compliance-bezogene Ausgaben: 18,7 Millionen US-Dollar im Jahr 2023

Compliance-Bereich	Ausgaben	Rate der Einhaltung gesetzlicher Vorschriften
Umweltüberwachung	7,2 Millionen US-Dollar	98.5%
Emissionsreduzierung	6,5 Millionen Dollar	96.3%
Regulatorische Berichterstattung	5 Millionen Dollar	100%

Central Puerto S.A. (CEPU) – Geschäftsmodell: Schlüsselressourcen

Diverse Energieerzeugungsanlagen

Ab 2024 betreibt Central Puerto S.A. mehrere Stromerzeugungsanlagen in verschiedenen Energiesegmenten:

Energietyp	Gesamtkapazität (MW)	Anzahl der Einrichtungen
Wärmekraft	1.653 MW	7 Einrichtungen
Windkraft	294 MW	5 Einrichtungen
Solarenergie	100 MW	2 Einrichtungen

Qualifizierte technische und ingenieurwissenschaftliche Arbeitskräfte

Central Puerto S.A. verfügt über eine spezialisierte Belegschaft:

• Gesamtzahl der Mitarbeiter: 492
• Ingenieure: 187
• Technische Spezialisten: 215
• Durchschnittliche Berufserfahrung: 12,4 Jahre

Fortschrittliche Energieinfrastruktur und -ausrüstung

Details zu Infrastrukturinvestitionen:

Asset-Kategorie	Gesamtwert (USD)	Altersspanne
Energieerzeugungsausrüstung	782 Millionen Dollar	3-15 Jahre
Übertragungsinfrastruktur	213 Millionen Dollar	5-10 Jahre

Langfristige Stromerzeugungsverträge

Details zum Vertragsportfolio:

• Insgesamt aktive Verträge: 24
• Durchschnittliche Vertragsdauer: 15 Jahre
• Gesamte vertraglich vereinbarte Kapazität: 2.047 MW
• Vertragswert: 1,4 Milliarden US-Dollar

Finanzielle und betriebliche Fähigkeiten

Finanzkennzahl	Wert 2024
Gesamtvermögen	1,92 Milliarden US-Dollar
Jahresumsatz	487 Millionen US-Dollar
EBITDA	276 Millionen Dollar
Nettoverschuldung	342 Millionen Dollar

Central Puerto S.A. (CEPU) – Geschäftsmodell: Wertversprechen

Zuverlässige und konsistente Stromversorgung

Gesamte installierte Erzeugungskapazität: 4.466 MW ab 2023

Generationstyp	Kapazität (MW)	Prozentsatz
Wärmekraftwerke	3,762	84.2%
Erneuerbare Energie	704	15.8%

Diversifiziertes Energieerzeugungsportfolio

Aufschlüsselung des Energieerzeugungsmixes:

• GuD-Kraftwerke: 2.149 MW
• Offene Kreislaufkraftwerke: 1.613 MW
• Windkraft: 294 MW
• Solarenergie: 410 MW

Wettbewerbsfähige Preise auf dem Strommarkt

Durchschnittliche Stromerzeugungskosten: 45 USD/MWh im Jahr 2023

Marktsegment	Preisstrategie	Durchschnittspreis
Großhandelsmarkt	Wettbewerbsfähige Preise	42 USD/MWh
Große industrielle Verbraucher	Langfristige Verträge	48 USD/MWh

Engagement für nachhaltige und erneuerbare Energien

Investitionen in erneuerbare Energien: 310 Millionen USD im Jahr 2023

• Windkraftprojekte: 180 Millionen USD
• Solarenergieprojekte: 130 Millionen USD

Beitrag zur argentinischen Energiesicherheit

Gesamte Stromerzeugung im Jahr 2023: 18.240 GWh

Beitrag des Energiesektors	Prozentsatz
Nationale Stromversorgung	12.5%
Spitzenbedarfsabdeckung	15.3%

Central Puerto S.A. (CEPU) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Industrie- und Gewerbekunden

Ab 2024 behält Central Puerto S.A. bei 15 langfristige Stromabnahmeverträge (PPAs) mit verschiedenen Industrie- und Gewerbekunden. Diese Verträge haben eine durchschnittliche Laufzeit von 12,5 Jahre und vertreten 287,6 Millionen US-Dollar prognostizierter Umsatz.

Clienttyp	Anzahl der Verträge	Gesamtvertragswert
Industriekunden	9	172,4 Millionen US-Dollar
Gewerbliche Kunden	6	115,2 Millionen US-Dollar

Regierungs- und Versorgungspartnerschaftsvereinbarungen

Central Puerto S.A. hat 4 aktive Regierungs- und Versorgungspartnerschaftsvereinbarungen, abdeckend 372 MW Erzeugungskapazität. Diese Partnerschaften generieren 95,3 Millionen US-Dollar Jahresumsatz.

Kundensupport und technischer Service

• 24/7 technisches Support-Team mit 18 engagierte Profis
• Durchschnittliche Antwortzeit: 47 Minuten
• Bewertung der Kundenzufriedenheit: 94.6%

Transparente Kommunikation zur Energieerzeugung

Das Unternehmen bietet Echtzeitdaten zur Energieerzeugung über digitale Plattformen, abdeckend 100 % seiner Stromerzeugungsanlagen.

Kommunikationskanal	Engagement-Kennzahlen
Online-Dashboard	87.500 einzelne Besucher pro Monat
Monatliche Berichte	2.300 Abonnenten

Digitale Plattformen für die Kundenbindung

Central Puerto S.A. ist tätig 3 primäre Plattformen für digitales Engagement:

• Kundenportal: 5.200 registrierte Benutzer
• Mobile Anwendung: 3.750 aktive monatliche Benutzer
• Plattform zur Analyse des Energieverbrauchs: 2.900 Firmenkunden

Central Puerto S.A. (CEPU) – Geschäftsmodell: Kanäle

Direktverkauf an große Industrieverbraucher

Im Jahr 2023 erzeugte Central Puerto S.A. 4.134 GWh Strom, wobei der Direktvertrieb an große Industrie- und Gewerbekunden gerichtet war. Das Stromerzeugungsportfolio des Unternehmens umfasst 1.637 MW installierte Leistung in verschiedenen Kraftwerken.

Kanaltyp	Anzahl direkter Industriekunden	Jährlich verkaufte Energie (GWh)
Große industrielle Verbraucher	42	2,876

Teilnahme am Stromgroßhandelsmarkt

Central Puerto nimmt aktiv am argentinischen Stromgroßhandelsmarkt (MEM) teil und verfügt über bedeutende Marktanteile und Handelsvolumina.

Marktsegment	Marktanteil (%)	Jährliches Handelsvolumen (GWh)
MEM-Teilnahme	8.2%	4,134

Energiehandelsplattformen

Das Unternehmen nutzt hochentwickelte Energiehandelsplattformen für eine effiziente Stromvermarktung.

• CAMMESA-Plattform (Wholesale Electricity Market Administrator).
• Bilaterale Vertragshandelssysteme
• Echtzeit-Schnittstellen für den Energiehandel

Unternehmenswebsite und digitale Kommunikation

Central Puerto unterhält eine umfassende digitale Kommunikationsstrategie mit detaillierten Online-Plattformen.

Digitaler Kanal	Monatliche Website-Besucher	Social-Media-Follower
Unternehmenswebsite	45,672	LinkedIn: 18.340

Branchenkonferenzen und Networking-Events

Das Unternehmen beteiligt sich aktiv an Branchenveranstaltungen, um sein Netzwerk und seine Geschäftsmöglichkeiten zu erweitern.

• Jährliche argentinische Stromerzeugungskonferenz
• Lateinamerikanischer Energiegipfel
• Investorenforum für erneuerbare Energien

Gesamter jährlicher Kanalumsatz: 154,6 Milliarden ARS (2023)

Central Puerto S.A. (CEPU) – Geschäftsmodell: Kundensegmente

Große industrielle Stromverbraucher

Central Puerto S.A. bedient große Industriekunden in Argentinien mit besonderen Anforderungen an den Stromverbrauch.

Sektor	Jährlicher Stromverbrauch (MWh)	Geschätzter Marktanteil
Bergbau	1,245,000	22%
Herstellung	2,678,500	35%
Landwirtschaft	687,300	15%

Elektrizitätsversorgungsunternehmen

Das Unternehmen bietet Großhandelsstromerzeugung für regionale Versorgungsnetze an.

• Gesamtzahl der Versorgungsverträge: 17
• Durchschnittlicher Vertragswert: 45,6 Millionen US-Dollar pro Jahr
• Vertragsdauer: 5-10 Jahre

Staatliche Energieagenturen

Agenturtyp	Jährliche Energieversorgung (MWh)	Vertragswert
Nationales Energiesekretariat	3,450,000	128,7 Millionen US-Dollar
Energieabteilungen der Provinzen	1,875,000	62,3 Millionen US-Dollar

Handels- und Fertigungssektoren

Central Puerto bedient verschiedene Handels- und Fertigungskunden in ganz Argentinien.

• Gesamtzahl gewerblicher Kunden: 423
• Durchschnittlicher jährlicher Stromverbrauch pro Kunde: 1,2 Millionen kWh
• Sektorale Abdeckung: 67 % des argentinischen kommerziellen Marktes

Regionale Stromverteilungsnetze

Region	Netzwerkabdeckung	Jährliche Energieverteilung
Buenos Aires	45%	4.567.000 MWh
Patagonien	22%	2.345.000 MWh
Zentralargentinien	33%	3.678.000 MWh

Central Puerto S.A. (CEPU) – Geschäftsmodell: Kostenstruktur

Betriebskosten des Kraftwerks

Gesamtbetriebskosten für 2022: 222,6 Mio. USD

Ausgabenkategorie	Betrag (USD)
Arbeitskosten	48,3 Millionen
Verwaltungskosten	37,5 Millionen
Betriebsaufwand	136,8 Millionen

Kosten für die Kraftstoffbeschaffung

Jährliche Ausgaben für die Treibstoffbeschaffung: 315,4 Mio. USD

• Erdgas: 189,2 Mio. USD
• Diesel: 86,7 Mio. USD
• Kohle: 39,5 Mio. USD

Instandhaltungs- und Infrastrukturinvestitionen

Gesamtinvestitionen in die Infrastruktur für 2022: 156,9 Mio. USD

Anlagetyp	Betrag (USD)
Kraftwerksausrüstung	98,3 Millionen
Netzinfrastruktur	58,6 Millionen

Kosten für die Einhaltung gesetzlicher Vorschriften

Gesamter Compliance-Kosten: 42,1 Mio. USD

• Umweltkonformität: 22,6 Millionen US-Dollar
• Sicherheitsvorschriften: 12,5 Millionen US-Dollar
• Rechts- und Berichterstattungskosten: 7 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

F&E-Ausgaben für 2022: 18,7 Mio. USD

F&E-Schwerpunktbereich	Investition (USD)
Erneuerbare Energietechnologien	12,3 Millionen
Effizienzsteigerung	6,4 Millionen

Central Puerto S.A. (CEPU) – Geschäftsmodell: Einnahmequellen

Stromverkauf im Großhandelsmarkt

Im Jahr 2023 erzeugte Central Puerto 5.811 GWh Strom, wobei die Einnahmen auf dem Großhandelsmarkt 225,7 Millionen US-Dollar erreichten.

Marktsegment	Umsatz (USD)	Prozentsatz
Stromgroßhandelsmarkt	225,700,000	52.3%

Langfristige Stromerzeugungsverträge

Das Unternehmen hat sich langfristige Stromabnahmeverträge (PPAs) mit einer vertraglich vereinbarten Gesamtkapazität von 1.284 MW gesichert.

• Wärmekraftverträge: 759 MW
• Verträge für erneuerbare Energien: 525 MW

Verkauf von Zertifikaten für erneuerbare Energien

Central Puerto erzeugte im Jahr 2023 1.054 GWh aus erneuerbaren Quellen und ermöglichte so den Verkauf von Zertifikaten für erneuerbare Energien.

Erneuerbare Quelle	Erzeugung (GWh)	Zertifikatsumsatz (USD)
Windkraft	704	18,300,000
Solarenergie	350	9,100,000

Kapazitätszahlungen von Netzbetreibern

Die Kapazitätszahlungen im Jahr 2023 beliefen sich auf insgesamt 47,5 Millionen US-Dollar zur Aufrechterhaltung der Netzstabilität.

Energiehandel und Marktbeteiligung

Die Einnahmen aus dem Energiehandel erreichten durch strategische Marktinteraktionen 32,6 Millionen US-Dollar.

Handelsaktivität	Umsatz (USD)
Kurzfristiger Energiehandel	22,600,000
Zusatzleistungen	10,000,000

Central Puerto S.A. (CEPU) - Canvas Business Model: Value Propositions

You're looking at the core value Central Puerto S.A. (CEPU) delivers to its customers and the market as of late 2025. It's about providing the essential backbone of Argentina's power supply while aggressively de-risking its revenue profile.

Reliable, large-scale power is the foundation. Central Puerto S.A. is a critical supplier, covering approximately 17% of the country's total energy consumption. As of the third quarter of 2025, the company's operational output was significant, having generated 20,057 GWh in the first nine months alone. This scale is backed by an installed capacity of around 6.938 GW across its various plants.

The shift toward financial resilience is clear in the revenue structure. You'll see that 63% of total revenues in the third quarter of 2025 were denominated in U.S. dollars. This dollar-denomination, a direct result of recent market deregulation, significantly reduces the currency and inflation risk inherent in operating in Argentina.

To enhance system stability, Central Puerto S.A. is leading the charge in grid modernization. They successfully secured two utility-scale Battery Energy Storage System (BESS) projects through the AlmaGBA tender, totaling 205 MW of capacity. This storage capacity is split into a 150 MW project and a 55 MW project, both designed to support peak shaving needs in the Buenos Aires area.

Energy diversification is another key proposition, moving beyond just thermal generation. The installed capacity mix, while still heavily weighted toward thermal sources, shows a clear strategic pivot. Here's the quick math on their generation potential:

Source Type	Approximate Percentage of Installed Capacity
Thermal Energy	71%
Hydroelectric Power	21%
Renewable Energy	18%

This diversification is being actively executed; for instance, Central Puerto S.A. expanded its solar footprint to 185 MW following the acquisition of the 80 MW Cafayate Solar Park. Furthermore, they are finalizing a major thermal upgrade, adding 140 MW via combined cycle at the Brigadier López Power Plant, expected online by the end of December 2025.

Finally, the thermal generation segment is protected by contractual mechanisms. The fuel cost pass-through mechanism is explicitly cited as a driver for strong operational performance in Q3 2025, allowing margins to be maintained despite fluctuating fuel costs. This operational flexibility is crucial for navigating the evolving regulatory landscape, which now allows generators to trade capacity and energy in the new Thermal Term Market.

The value proposition is built on these concrete operational and financial pillars:

• Supplying 17% of Argentina's energy market.
• Securing 63% of revenues in U.S. dollars as of Q3 2025.
• Awarded 205 MW in utility-scale BESS projects.
• Adding 140 MW of thermal capacity by end of 2025.
• Thermal generation represents about 71% of capacity, with renewables at 18%.

Finance: draft 13-week cash view by Friday.

Central Puerto S.A. (CEPU) - Canvas Business Model: Customer Relationships

You're looking at how Central Puerto S.A. manages its key customer relationships as of late 2025, which is a mix of long-term regulated contracts and new market-driven agreements, especially with the recent power market reform.

Long-term, contractual relationships with state entities (CAMMESA)

Central Puerto S.A. maintains foundational relationships with the state-run wholesale power market administrator, CAMMESA. This involves selling energy under existing contracts, such as the RenovAr 1.5 contract for the 80 MW Cafayate Solar Park. The regulatory environment is shifting, with the Secretariat of Energy instructing CAMMESA to issue a new framework by the beginning of November 2025, which will alter dynamics. Still, the company has faced payment challenges; for instance, subscribing to an agreement with CAMMESA resulted in a consolidated loss for Central Puerto S.A. of approximately Ps. 24,783 million at the time of the annual report filing. Furthermore, CAMMESA acts as the guarantor for the new Battery Energy Storage System (BESS) projects, which significantly reduces repayment risk for those specific contracts.

• Cafayate Solar Park sells energy under RenovAr 1.5 contract with CAMMESA.
• New regulatory framework expected to launch by early November 2025.
• CAMMESA is guarantor for awarded BESS capacity.

Direct sales and negotiation with large industrial users

The power market reform opens a significant channel for direct customer engagement. New rules allow thermoelectric and hydroelectric plants to sign corporate Power Purchase Agreements (PPAs), letting Central Puerto S.A. sell up to 20% of output directly to Large Industrial Users (GUDIs) for plants with a Commercial Operation Date (COD) on or after January 1st, 2025. The company is actively evaluating these opportunities. The base impact of deregulation, even without securing the full 20% direct sales, is projected to increase EBITDA by 20-25%. For context on the demand side, in the first quarter of 2025 (1Q25), the Major Demand segment, which includes industrial/commercial users, accounted for 24.18% of the total energy demand.

Here's a quick look at the demand breakdown from 1Q25:

Demand Segment	Percentage of Energy Demand (1Q25)
Residential	47.92%
Commercial	27.90%
Major Demand (Industrial/Commercial)	24.18%

Institutional engagement with distribution companies (Edenor, Edesur) for BESS projects

Central Puerto S.A. secured its role with major distribution companies through the AlmaGBA auction, which targets peak shaving in the Buenos Aires Metropolitan Area (AMBA). These are firm, capacity-based relationships tied to specific infrastructure deployment. The company won two projects totaling 205 MW of installed BESS capacity, with commercial operation expected in the second half of 2027. This engagement involves significant capital expenditure, estimated between US$130 million and US$140 million.

The BESS customer commitments are:

Project	Capacity (MW)	Distribution Company Customer	Capex Estimate (US$ Million)
Central Puerto BESS (Nuevo Puerto)	150 MW (for 5 hours)	Edenor	~US$130-140 total for both
Central Costanera BESS	55 MW (for 5 hours)	Edesur	~US$130-140 total for both

Investor relations for NYSE-listed ADRs (CEPU)

The relationship with the financial community is managed through the listing on the New York Stock Exchange (NYSE) under the ticker CEPU, alongside its listing on the Buenos Aires Stock Exchange (BYMA). The company emphasizes its strong operational performance and solid financial position to support consistent returns for investors. For the full year 2024, Central Puerto S.A. reported US$671.3MM in Sales and an Adjusted EBITDA of US$288MM. The company's ADR trading volume on the NYSE for the entirety of 2024 was 82,826,158 ADRs, which represented 828,261,580 common shares.

Here are key financial metrics as of the latest reported snapshot, September 30, 2025:

• Outstanding financial debt: US$452.1 million.
• Cash & cash equivalent and financial current assets: US$292.1 million.
• Net Debt: US$132.5 million.
• Net Leverage Ratio: 0.46X.
• Total installed capacity: 6,938 MW across 16 power generation plants.

Finance: draft 13-week cash view by Friday.

Central Puerto S.A. (CEPU) - Canvas Business Model: Channels

You're looking at how Central Puerto S.A. gets its generated power to the market as of late 2025. It's a mix of direct grid connection and specific contractual sales, all governed by recent regulatory shifts.

High-voltage transmission lines connecting power plants to the SADI (Argentine Interconnected System)

Central Puerto S.A. contributes significantly to the national grid infrastructure. As of the third quarter of 2025, the company held a 14.1% share of the Argentine Interconnection System (SADI) generation park. The total installed capacity in Argentina reached approximately 43,887 MW by September 2025. Central Puerto's total installed generation capacity stood at 6,703 MW as of September 2025. The Brigadier López Power Plant, for instance, injects power into the interconnected system through a 132 kV connection following its combined cycle upgrade to 432 MW total capacity.

Direct power purchase agreements (PPAs) for large users

Recent regulatory changes under Resolution SE 400/2025, effective in November 2025, opened up new direct sales channels for thermal generators. Specifically, this reform allows for sales of up to 20% of output to large industrial users via term market contracts, which function as corporate PPAs. Central Puerto S.A. is actively evaluating potential opportunities within this segment.

Wholesale Electricity Market (WEM) spot sales via CAMMESA

A substantial portion of Central Puerto S.A.'s sales flows through the Wholesale Electricity Market (WEM), managed by CAMMESA. The company's Q3 2025 revenue mix showed that 53% of its revenue came from the spot market, with the remaining 47% from contracted sales. Total energy sales revenue for the third quarter of 2025 was US$215.3 million, which represented 92.1% of the total revenue of US$233.9 million for that period. A key development is that spot-market revenue is now dollar-denominated, which helps reduce inflation and currency risks for this channel.

Here's a quick look at the Q3 2025 revenue breakdown by sales type:

Sales Channel	Revenue Mix Percentage (Q3 2025)	Q3 2025 Energy Sales Revenue (USD)
Spot Market (via CAMMESA)	53%	Approximately US$114.11 million (53% of US$215.3 million)
Contracted Sales (including Renewables)	47%	Approximately US$101.19 million (47% of US$215.3 million)

Note: The spot market revenue estimate is derived by applying the 53% mix to the total energy sales revenue of US$215.3 million for Q3 2025.

Renewable energy contracts (RenovAr) for solar and wind farms

Central Puerto S.A. utilizes specific contracts, like those under the RenovAr Program, to channel renewable energy generation. The 80 MW Cafayate Solar Park, acquired in August 2025 for approximately US$50 million, sells its energy under the RenovAr 1.5 contract with CAMMESA. This asset generates 220 GWh annually. Renewable generation revenues saw a 21% rise in generation volumes quarter-on-quarter during Q3 2025, supported by this and other renewable assets. Furthermore, the company won two battery storage projects totaling 205 MW capacity under the AlmaGBA tender, with commissioning scheduled for 2027.

The company's renewable portfolio channels include:

• Contracted sales under the RenovAr Program.
• The 80 MW Cafayate Solar Park on a RenovAr 1.5 contract.
• New capacity from 205 MW of Battery Energy Storage System (BESS) projects awarded in the AlmaGBA tender.

Central Puerto S.A. (CEPU) - Canvas Business Model: Customer Segments

Central Puerto S.A. serves distinct customer segments within the Argentine electricity market, reflecting the evolving regulatory landscape as of late 2025.

CAMMESA (Wholesale Electricity Market Administrator) as the main buyer

CAMMESA remains a central counterparty, managing the Wholesale Electricity Market (MEM). Central Puerto S.A. is noted as the largest private sector power generation company in Argentina, according to CAMMESA data. The company's generation volume for the first nine months of 2025 reached exactly 20,057 GWh. In Q3 2025, the revenue mix showed 53% from the spot market and 47% from contracted sales. Furthermore, for certain thermal power plants not committed in MEM supply contracts, an 'additional, complementary and exceptional' remuneration scheme was established, with a contingency plan offering additional remuneration of USD 2,000-2,500/MW for critical power units.

Large industrial and commercial users (LU)

The segment of Large Users (LU) is increasingly important due to market liberalization efforts. Central Puerto S.A. has historically pursued sales directly to private clients under the MATER mechanism, with past targets including 137 MW sales to large users. Market analysts suggest that if Central Puerto S.A. manages to sell 20% of its output to large users, the resulting revenue could increase EBITDA by 20-25%. In the first quarter of 2025, energy demand from 'major demand' users saw a slight increase of 0.8% year-over-year.

Electricity distribution companies (e.g., Edenor, Edesur)

Distribution companies like Edenor and Edesur are key customers, particularly through specific regulatory programs. Central Puerto S.A. secured awards for two battery energy storage system (BESS) projects totaling 205 MW under the AlmaGBA program, which involves contracts with the distributors EDENOR and EDESUR. The company's total installed capacity across its 16 plants is 6,938 MW.

Institutional investors and shareholders (NYSE: CEPU)

The financial performance directly impacts institutional investors and shareholders trading on the NYSE under the ticker CEPU. As of late 2025 reporting periods, the Current Market Cap stood at $2.47B. For the nine months ended September 30, 2025, Equity attributable to shareholders grew to ARS 2,371,016,808 thousand. In Q3 2025, 63% of total revenues were denominated in dollars, which helps mitigate currency risk for these stakeholders.

Here's a quick look at the scale and revenue exposure for late 2025:

Metric	Value	Period/Context
Total Generation Volume	20,057 GWh	First 9 months of 2025
Installed Capacity	6,938 MW	As of Q3 2025
Revenue Mix - Spot Market	53%	Q3 2025
Revenue Mix - Contracted Sales	47%	Q3 2025
Dollar-Denominated Revenues	63%	Q3 2025
Market Share of Argentine Consumption	17%	As of late 2025
Market Cap	$2.47B	As of Q3 2025

The customer base is segmented by sale type and regulatory framework, as shown below:

• CAMMESA: Primary off-taker for regulated energy sales.
• Large Users (LU): Target for direct sales, with potential EBITDA uplift of 20-25%.
• Distribution Companies: Counterparties for capacity contracts like AlmaGBA BESS projects (205 MW total awarded).
• Shareholders: Beneficiaries of dollar-denominated revenues (63% in Q3 2025).

Central Puerto S.A. (CEPU) - Canvas Business Model: Cost Structure

You're looking at the core expenses Central Puerto S.A. has to manage to keep the lights on across Argentina. It's a mix of massive, lumpy investments and the constant burn rate of fuel.

The operational cost structure is heavily influenced by the thermal generation fleet, which relies on natural gas and fuel. Following Resolution 400/2025, Central Puerto S.A. generators are now responsible for fuel management, though CAMMESA provides reference maximum fuel costs. The new spot remuneration mechanism is designed to establish a margin on top of the Variable Production Costs (CVP), which directly ties revenue recovery to these underlying fuel expenses. This means the cost of natural gas and fuel remains a significant, high-volume variable cost component.

Capital expenditures are substantial, driven by both modernization and strategic growth into new technologies like battery storage. For the third quarter of 2025 alone, capital expenditures totaled $76.1 million. This CapEx figure was directly impacted by the acquisition of new assets, such as the 80 MW Cafayate solar farm, which cost $48.5 million.

Central Puerto S.A. manages a complex operational footprint, which translates into ongoing maintenance and operational costs across its facilities. As of late 2025, the company operates 14 power plants across six provinces.

The financing structure also contributes significantly to the overall cost base, especially given the company's investment pace. For the nine months ended September 30, 2025, finance expenses on loans and borrowings reached ARS 181,830,573 thousand.

Here's a quick look at some of the key financial outflows and investments reported for the nine-month period ending September 30, 2025, and Q3 2025:

Cost/Expense Category	Period/Context	Amount
Finance Expenses	Nine Months Ended September 30, 2025	ARS 181,830,573 thousand
Capital Expenditures (CapEx)	Q3 2025	$76.1 million
Cafayate Solar Farm Acquisition Cost	Included in Q3 2025 CapEx	$48.5 million
Investing Cash Flow (CapEx & Asset Purchases)	Nine Months Ended September 30, 2025	Negative ARS 243,948,431 thousand

The company is also committed to future costs related to its expansion into energy storage. Central Puerto S.A. secured contracts for two Battery Energy Storage System (BESS) projects totaling 205 MW, with an estimated total CapEx between US$130 million and US$140 million, expected to come online by mid-2027.

The cost structure is further detailed by the operational scale:

• Number of Power Plants Operated: 14
• Total Installed Capacity (as of Sept 2025): Approximately 6.78GW
• Thermal Generation Share of Potential: 71%

Central Puerto S.A. (CEPU) - Canvas Business Model: Revenue Streams

Central Puerto S.A. derives its income from several distinct energy and related service channels. You see a clear split in the core power sales as of the third quarter of 2025.

The Trailing Twelve-Month (TTM) Revenue for Central Puerto S.A. was approximately $0.80 Billion USD as of November 2025.

For the third quarter of 2025, the total revenues reached $233.9 million, with the mix heavily influenced by market dynamics and regulatory changes.

Revenue Stream Category	Q3 2025 Percentage of Total Revenue	Q3 2025 Approximate Dollar Amount (USD)
Spot market energy sales	53%	$123.97 million
Contracted power sales (e.g., PPA, RenovAr)	47%	$109.93 million

The contracted power sales component includes revenue from Power Purchase Agreements (PPA) and the RenovAr program.

Capacity payments from the Argentine government represent another stream, often tied to ensuring availability under various regulatory frameworks, which are evolving with market reforms like Resolution 400/25.

Revenue from the Natural Gas Transport and Distribution segment is recognized through the resale of capacity. For instance, the resale of gas transport and distribution capacity was reported at $2 million in the first quarter of 2025.

Key components contributing to the overall revenue include:

• Contracted power sales, such as those under RenovAr or long-term PPAs.
• Spot market energy sales, which benefit from fuel cost pass-through mechanisms.
• Revenue from the resale of gas transport and distribution capacity.
• Capacity payments from the Argentine government supporting generation units.

Also, Central Puerto S.A. reported revenues from steam sales and revenues from CVO thermal plant management in its first quarter 2025 breakdown.