CEPU
Q1 wasn’t shy
Central Puerto came out swinging in the first quarter of 2026, with adjusted EBITDA climbing to $120.0 million. That’s up 41.6% from the prior quarter and 33.4% from a year ago — basically the kind of jump that makes the spreadsheet sit up straighter.
The business is getting bigger, not just busier
Revenue rose to $248.6 million, helped by higher contracted and spot revenues plus fresh juice from Brigadier Lopez combined cycle and newer solar assets. Generation also surged to 5,420 GWh, which is a fancy way of saying the plants actually had a lot more to do.
- The company also switched its functional currency to U.S. dollars starting January 1, 2026, which should make reporting feel less like an FX escape room.
- Capital spending hit $301.0 million, including the $225.0 million transfer tied to Piedra del Aguila’s concession renewal and $66.0 million in BESS construction and maintenance.
- Management says it wants to keep moving more sales from the spot market into longer-term contracted PPAs, which is usually code for: less volatility, more predictability.
Big picture
There’s also a strategic layer here. Central Puerto renewed a 30-year concession for Piedra del Aguila, kept BESS work moving with 60% of site works done, and even acquired Patagonia Energy S.A.E. to chase oil-focused blocks in Vaca Muerta. Translation: this isn’t just an earnings beat — it’s a company quietly stacking new revenue streams while trying to make the old ones less choppy.