Central Puerto S.a. (CEPU)

Price$14.04Cached quoteAs of 2026-09-05 02:36 UTC

AI: Undervalued

Price checkCEPU’s valuation looks discounted versus its earnings base, with management also signaling confidence through repurchases.

For Central Puerto S.A.’s NYSE-listed ADR, CEPU, trailing valuation looks inexpensive rather than distressed: FinanceCharts shows enterprise value to EBITDA near 6.3 times. Enterprise value is the stock-market value plus net debt; EBITDA is a rough operating-earnings measure before interest, tax, depreciation and amortization. The September buyback authorization is another valuation signal because management said trading levels did not reflect underlying assets. That supports an Undervalued view, although Argentina-specific policy, currency and power-market risks justify a meaningful discount.

Big pictureEarnings jumped, but part of the surge reflects seasonal prices and unusually strong spot-market economics.

Second-quarter adjusted EBITDA reached $145.0 million, up 136% year over year, while revenue was $453.3 million. The strength was not purely recurring: it benefited from high seasonal wholesale prices, margins on self-procured liquid fuel and stronger hydro output, alongside growing contracted thermal volumes. First-half operating cash flow stayed positive, but heavy investment spending exceeded internally generated cash and required financing. The bull case assumes contracted sales and new assets preserve much of the earnings step-up; the bear case assumes spot margins and hydrology normalize sharply.

Business strengthDiversified generation and contracted sales help, while leverage remains manageable after a financing-heavy investment cycle.

Central Puerto combines thermal, hydro, wind and solar generation, spreading operating risk across technologies, and its second-quarter presentation said it represented more than one-third of MAT/MATER bilateral energy sales. Liquidity is adequate but less conservative after major investments: June gross debt was $671.9 million, net debt was $493.4 million and net leverage was about 1.2 times trailing adjusted EBITDA. Cash durability now depends on receivable collection, capital-spending discipline and successful refinancing as the maturity profile becomes heavier from 2029 onward.

What could change the storyStorage commissioning, market reform and disciplined buybacks are upside levers; project execution and regulation remain key risks.

The next rerating hinges on execution. The 205 MW battery portfolio was progressing toward year-end commercial operation, while Piedra del Águila and Patagonia Energy broaden earnings sources. Management also authorized up to $30 million of share repurchases, a shareholder-friendly counterweight to dilution risk; parent share capital did not increase in the first half. Upside improves if storage starts on time and contracted-market reforms persist. Downside grows if acquisitions disappoint, capital spending stays financing-heavy, regulation turns less favorable, or debt rises faster than EBITDA.

AI: News

Buyback plan authorizedThe board approved a sizable repurchase program after saying market trading undervalued Central Puerto’s underlying assets.

On August 31, the board approved share repurchases of up to $30 million over 180 calendar days, subject to legal ownership and daily-volume limits, using unrestricted reserves. The company said market trading did not adequately reflect the fair value of its assets and stated that liquidity was sufficient without harming solvency. The move is shareholder-friendly and could reduce share count if executed, but it competes with a heavy investment program for cash.

Second-quarter earnings surgedSecond-quarter earnings accelerated as thermal pricing, contracted volumes and stronger hydro generation lifted operating performance.

On August 11, Central Puerto reported second-quarter revenue of $453.3 million and adjusted EBITDA of $145.0 million. Adjusted EBITDA rose 20.1% from the first quarter and 136.2% from a year earlier. Management attributed the gain to higher spot and contracted thermal revenue, stronger seasonal prices, self-procured fuel margins and improved Piedra del Águila hydro output. The result was strong, but several drivers are cyclical rather than guaranteed to repeat.

Battery projects advanceBoth battery projects advanced toward year-end operation, with most planned project spending already executed.

In its August 11 update, Central Puerto said the 150 MW Nuevo Puerto battery project was 69% complete and the 55 MW Costanera project was 54% complete. Both remained targeted for commercial operation by year-end 2026, with 81% of project capital expenditure already executed. Timely commissioning would add a new contracted storage earnings stream and improve portfolio flexibility; delays or cost overruns would weaken that near-term growth case.

New notes extend fundingA new local bond added funding flexibility while pushing another meaningful repayment into the 2029 maturity schedule.

Central Puerto disclosed that on July 27 it issued $94.3 million of Class E notes in the local market. The notes carry a 5.5% annual coupon, mature in three years and repay principal at maturity. The financing supplements an earlier Class D issuance and supports a capital-intensive expansion program. It improves near-term funding flexibility, but also adds fixed obligations, making timely cash generation from hydro, storage and other projects more important before larger maturities arrive.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$1.10T	$738.17B	$682.84B	$687.58B	$346.24B	$112.05B	$73.90B	$29.88B	$14.83B	$7.04B	$2.65B
Gross profit	$392.94B	$291.64B	$225.17B	$325.98B	$166.92B	$62.61B	$34.94B	$16.29B	$6.83B	$2.06B	$1.26B
Gross margin	35.81%	39.51%	32.98%	47.41%	48.21%	55.87%	47.29%	54.53%	46.06%	29.30%	47.35%
Operating expenses	$180.73B	$338.84B	$379.78B	$287.15B	$142.02B	$39.80B	$18.32B	$9.05B	$7.21B	$4.43B	$1.26B
Operating income	$212.21B	$197.20B	$736.52B	$419.70B	$155.97B	$82.17B	$57.64B	$63.87B	$6.42B	$3.32B	$1.57B
Operating margin	19.34%	26.72%	107.86%	61.04%	45.05%	73.33%	78.00%	213.78%	43.30%	47.18%	59.08%
EBITDA	$666.93B	$310.99B	$889.43B	$480.27B	$176.83B	$91.15B	$62.23B	$66.16B	$8.03B	$3.57B	—
EBITDA margin	60.77%	42.13%	130.25%	69.85%	51.07%	81.35%	84.21%	221.46%	54.19%	50.62%	—
Net income	$346.35B	$61.25B	$317.85B	$129.37B	−$3.93B	$20.46B	$17.80B	$35.99B	$8.10B	$1.38B	$1.34B
Net profit margin	31.56%	8.30%	46.55%	18.82%	−1.14%	18.26%	24.08%	120.47%	54.60%	19.57%	50.56%
Basic EPSper basic share	ARS 2,467.55	ARS 33.01	ARS 214.55	ARS 85.79	—	ARS 4.58	ARS 7.97	ARS 24.38	ARS 5.41	ARS 0.92	ARS 0.89
Diluted EPSper diluted share	ARS 2,467.55	ARS 33.01	ARS 214.55	ARS 85.79	—	ARS 4.58	ARS 7.97	ARS 24.38	ARS 5.41	ARS 0.92	ARS 0.89

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of CEPU
Holder	Shares held
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	2.04M
Fourth Sail Capital LP	1.7M
Suva Marcelo Atilio	1.5M
MORGAN STANLEY	830.69K
NEXPOINT ASSET MANAGEMENT, L.P.	530K
Glenorchy Capital Ltd	298.81K
Absolute Gestao de Investimentos Ltda.	198.38K
WEXFORD CAPITAL LP	198.12K
Point72 Asset Management, L.P.	176.11K
PING CAPITAL MANAGEMENT, INC.	175.2K
JPMORGAN CHASE & CO	162.57K
Banco BTG Pactual S.A.	135.31K
HSBC HOLDINGS PLC	118.08K
AQR CAPITAL MANAGEMENT LLC	111.45K
GOLDMAN SACHS GROUP INC	110.92K
UBS Group AG	83.09K
Jump Financial, LLC	69.3K
BANK OF AMERICA CORP /DE/	56.51K
CITADEL ADVISORS LLC	44.38K
Walleye Capital LLC	43.84K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Central Puerto S.a. (CEPU)

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