Central Puerto SA (CEPU) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Central Puerto's third quarter of 2025 earnings conference call. A slide presentation is accompanying today's webcast and will be also available on the investor section of the company's website central puerto.com/En/investors. All participants will be in 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 central puerto.com.

女士們、先生們，早安。歡迎參加 Central Puerto 2025 年第三季財報電話會議。今天的網路直播將附帶幻燈片演示文稿，該演示文稿也可在公司網站 central puerto.com/En/investors 的投資者關係專區查看。演示期間，所有參與者將處於僅收聽模式。之後，將有機會提問。請注意，本次活動正在錄影。如果您沒有新聞稿副本，請造訪公司官網 central puerto.com 的投資者關係支援部分。

In addition, our play of today's call will be available in upcoming days by accessing the webcast link at the same section of the Central Perto's website. Our host today will be Mr. Fernando Bonnet, Central Puerto CEO, Mr. Enrique Tellico, the company CFO, Mrs. Maria Laura Feller, head of investor relations, and Mr. Alejandro Diaz Lopez, head of corporate finance. Maria Laura, please go ahead.

此外，我們今天這場比賽的錄影將在未來幾天內透過造訪中央銀行網站同一部分的直播連結提供。今天我們的主持人是：Central Puerto 執行長 Fernando Bonnet 先生、公司財務長 Enrique Tellico 先生、投資者關係主管 Maria Laura Feller 女士以及企業融資主管 Alejandro Diaz Lopez 先生。瑪麗亞·勞拉，請繼續。

Thank you very much. Good morning and welcome. We are joining you today with our management team from Buenos Aires to report on the results of the third quarter of year 2025 and then answer any question you may have.

非常感謝。早上好，歡迎光臨。今天，我們邀請到布宜諾斯艾利斯的管理團隊，向大家報告2025年第三季的業績，並回答大家可能提出的任何問題。

During the third quarter, a Chastia BDA reached $101.1 million up 64% quarter on quarter, and 8% increase year on year. Revenues totalled $233.9 million up 30% quarter on quarter, mainly reflecting higher contract sales from renewables and thermal fuel costs pass through. And up 26% year on year, mostly reflecting additional revenues in this quarter from fuel costs by through and also Central Costanera successfully resuming activities after the maintenance works.

第三季度，Chastia BDA 達到 1.011 億美元，季增 64%，年增 8%。營收總計 2.339 億美元，環比成長 30%，主要反映了再生能源合約銷售額的成長以及火力燃料成本的轉嫁。年比成長 26%，主要反映了本季燃油成本增加帶來的額外收入，以及 Central Costanera 在維護工作後成功恢復營運。

Total generation was 4,539 gigawatt hours, 4% up from second quarter 2025, but 20% down year on year, mostly due to the low hydrology at Piedra ligula.

總發電量為 4,539 吉瓦時，比 2025 年第二季成長 4%，但年減 20%，主要是由於 Piedra ligula 水庫水位較低。

From a financial standpoint, our net lever ratio remains very healthy at 0.5 times a cha the EBITDA, underscoring our strong balance sheet and financial flexibility.

從財務角度來看，我們的淨槓桿率仍然非常健康，為 EBITDA 的 0.5 倍，這凸顯了我們強勁的資產負債表和財務靈活性。

Also good news for our grade rating. Moody's has initiated the grade assessment with a A A +, a fixed SER upgrading our rating to AA from minus.

對我們的成績評級也是個好消息。穆迪已啟動評級評估，評級為 A A +，固定 SER 將我們的評級從負數提升至 AA。

Third quarter 2025 at capital expenditures amounted to $76.1 million which includes the acquisition of Cachet Solar Farm at $48.5 million. Final works for the closing of the Bria Dia Lopez combined cycle and San Carlos Solar Farm, which are very near COD, as well as maintenance Capex.

2025 年第三季資本支出為 7,610 萬美元，其中包括以 4,850 萬美元收購 Cachet 太陽能發電廠。Bria Dia Lopez 聯合循環發電廠和 San Carlos 太陽能發電廠的收尾工作即將完成，這兩個發電廠已接近商業營運日，此外還有維護資本支出。

Moving to a key development for the quarter in August, our company successfully participated in Alma Hea battery energy storage systems bidding process.

8 月份，我公司取得了一項重要的季度進展，成功參與了 Alma Hea 電池儲能係統招標過程。

We were awarded both projects we submitted, which collectively represent 205 megawatt hours of new best capacity. The projects are scheduled to be fully operational by mid-2027.

我們提交的兩個項目都獲得了合同，這兩個項目總共代表了 205 兆瓦時的新最佳容量。這些項目計劃於 2027 年年中全面投入營運。

A significant four quarter outlook, the Energy Secretariat released Resolution 400 in October. This resolution marks a pivotal step in the liberalization of the powered market and creates a strong business outlook for our company.

能源秘書處在 10 月發布了第 400 號決議，對未來四個季度的前景進行了展望。該決議標誌著電力市場自由化邁出了關鍵一步，並為我們公司創造了強勁的業務前景。

Going now to page 4 for the early summary.

現在翻到第4頁查看簡要總結。

Our HST ETA came in strong at $101.1 million reflecting the effective fuel cost path through to revenues and solid operational performance in both our renewable portfolio and at Central Cotan era.

我們的 HST ETA 強勁成長至 1.011 億美元，反映了有效的燃料成本轉化為收入，以及我們在再生能源組合和 Central Cotan 時代穩健的營運表現。

In this quarter our revenue mix was 53% spot and 47% contracted with 63% of total revenues denominated in dollars.

本季我們的收入組成中，現貨收入佔 53%，合約收入佔 47%，總收入的 63% 以美元計價。

Renewal generation revenues increased by 24% this quarter, supported by a 21% rise in generation volumes quarter on quarter.

本季續約發電收入成長了 24%，這得益於發電量較上季成長了 21%。

This strong performance was driven by our wind farms and the contribution from the newly acquired Caveach solar plant.

這一強勁的業績得益於我們的風力發電場和新收購的 Caveach 太陽能發電廠的貢獻。

On the thermal side, contracted revenues benefited from additional fuel costs pass through at Terminal 6.

在熱電方面，由於 6 號航站樓額外燃料成本的轉嫁，合約收入受益。

Thermal revenues also rose in both the spot and contract markets reflecting the positive impact of Central Costanera which successfully completed maintenance works in the second quarter as well as fuel cost Paro effects.

現貨和合約市場的火力收入均有所增長，這反映了第二季度成功完成維護工作的中央科斯塔內拉電廠的正面影響，以及燃料成本帕羅的影響。

Now turning to page 5 let's look at our generation availability performance.

現在翻到第 5 頁，讓我們來看看我們的發電可用性效能。

Total generation for the quarter was 4,539 gigawatt hours composed of thermal, hydro, and renewable resources. Volumes were up 4% quarter on quarter.

本季總發電量為 4,539 吉瓦時，由火力發電、水力發電和再生能源組成。銷量較上月成長4%。

Thermal generation represented the largest share, followed by hydro and rivers.

火力發電佔比最大，其次是水力發電和河川發電。

Thermal and renewal volumes grew while hydro volumes increased due to low hydrology in the Coma guan region.

由於科馬關地區水文狀況不佳，熱能和更新水量增加，水力發電量也增加。

Availability rates for all our thermal units remain strong at 88% with combined cycles rate at a very competitive level of 96%.

我們所有熱力裝置的可用率保持在 88% 的強勁水平，而綜合循環可用率則達到了極具競爭力的 96%。

We continue executing our growth strategy.

我們將繼續執行成長策略。

Ryhope combined cycle and San Carlos Solar farm are very near Ciruli.

Ryhope聯合循環發電廠和San Carlos太陽能發電廠距離Ciruli非常近。

In August, we acquired the 80-megawatt Karate solar farm and also, we secured two projects totalling 205 megawatts and 15-year contracts.

8 月，我們收購了 80 兆瓦的 Karate 太陽能發電廠，此外，我們還獲得了兩個總裝置容量為 205 兆瓦的項目，並簽訂了 15 年的合約。

Central Porto complex will have 150 megawatts of lithium battery storage, and the undertaker will be the distribution company Eleanor.

波爾圖中心綜合大樓將擁有 150 兆瓦的鋰電池儲能，承建商將是配電公司 Eleanor。

Central Castanea complex will have 55 megawatts and the up taker will be ecru.

中央卡斯塔尼亞綜合設施將擁有 55 兆瓦的裝置容量，電力用戶將是 ecru 公司。

Estimated capital expenditure is between $130 and $140 million for both projects combined.

這兩個項目的總預期資本支出在 1.3 億美元至 1.4 億美元之間。

On October 21st and already effective since November 1st, the Energy Secretariat issued the new framework to reform the Argentine's wholesale electricity market.

10月21日，能源部發布了改革阿根廷批發電力市場的新框架，該框架已於11月1日生效。

The core objective of Resolution 400 is to liberalize such markets through a progressive transition.

第 400 號決議的核心目標是透過漸進過渡來實現此類市場的自由化。

The new spot revenues incorporate a margin on top of variable production costs, supporting long-term value creation for generators.

新的現貨收入在可變生產成本的基礎上增加了利潤，從而支持發電企業的長期價值創造。

Also, there is a significant shift for revenues in the spot now denominated in dollars, mitigating currency and inflation risk.

此外，現貨收入也大幅轉向以美元計價，從而降低了貨幣和通貨膨脹風險。

Thermal generators gained significant flexibility, allowing them to trade capacity and energy in the new thermal t market.

熱力發電機獲得了極大的靈活性，使其能夠在新的熱力市場中交易容量和能源。

We can sell up to 20% of our production to large users and the remaining up to 100% to distribution companies or the spot market.

我們可以將高達 20% 的產品賣給大型用戶，其餘高達 100% 的產品可以賣給分銷公司或現貨市場。

Spot market energy remuneration will capture marginal rent on top of the variable cost of producing the energy, and capacity payment in the spot market is now $12 per megawatt of capacity per month and is weighted by a factor based on fuel requirement and fuel management approach.

現貨市場能源報酬將在能源生產的變動成本之外，加上邊際租金。目前，現貨市場的容量支付為每兆瓦容量每月 12 美元，並根據燃料需求和燃料管理方法按一定係數加權。

Also it is added a reliability reserve.

此外，也增加了可靠性儲備。

During a fuel management transition period until plan gas contracts naturally expire, Camesa continues as a supplier of the contracted capacity of plant gas, which ends December 2028. From 2029, generators will be fully responsible for their own fuel management.

在燃料管理過渡期內（直至計劃天然氣合約自然到期），Camesa 將繼續作為合約規定的工廠天然氣供應能力的供應商，該合約將於 2028 年 12 月到期。從 2029 年起，發電機組將完全負責自身的燃料管理。

For renewables, existing renewal contracts will be enforceable until natural expiration. Then generators will trade in the matter.

對於再生能源，現有的續約合約將持續有效，直到自然到期為止。然後發電機組就會參與交易。

Our total financial debt at quarter end stood at $452 million. Cash and cash equivalents totalled $292 million resulting in net debt of $159.9 million.

截至季末，我們的財務債務總額為 4.52 億美元。現金及現金等價物總額為 2.92 億美元，淨債務為 1.599 億美元。

Net leverage ratio stood very healthy at 0.5 times a Chas ETA.

淨槓桿率非常健康，為 Chas ETA 的 0.5 倍。

In October we issued a new corporate bond raising $89 million in capital and also repaid $90 million of maturing debt including the repayment of our Class B corporate bond and the legacy debt associated with the Guanylyl solar farm.

10 月份，我們發行了新的公司債，籌集了 8,900 萬美元的資金，並償還了 9,000 萬美元的到期債務，其中包括償還我們的 B 類公司債券和與 Guanylyl 太陽能發電廠相關的遺留債務。

Total install capacity in Argentina of September 2025 was approximately 43,887 megawatts.

截至 2025 年 9 月，阿根廷的總裝置容量約為 43,887 兆瓦。

Energy generation during the third quarter was 34,342 gigawatt hours while domestic demand reached 35,255 gigawatt hours.

第三季發電量為 34,342 吉瓦時，而國內需求量達到 35,255 吉瓦時。

Going now to page 10 for key takeaways.

現在請翻到第10頁查看要點。

325 a chaitya BTA of $101.1 million and 3Q25 last 12 months a chattier BTA of $317.5 million reflects solid operations and a starting point in this new market environment.

325 座佛塔的 BTA 為 1.011 億美元，而 2025 年第三季的 BTA 為 3.175 億美元，這反映了穩健的營運和在這個新市場環境中的起點。

Central Porto was awarded both projects submitted under the Alma Hevea battery Energy Storage System tender. This means we added.

波爾圖中心獲得了 Alma Hevea 電池儲能係統招標中提交的兩個項目。這意味著我們增加了。

205 megawatts of new capacity. These strategic projects notably boost our growth path and provide additional operational capabilities needed in the future of power generation.

新增裝置容量205兆瓦。這些策略項目顯著促進了我們的成長，並提供了未來發電所需的額外營運能力。

Our growth pipeline is delivering results with the acquisition of Kadasha Solar Farm, which added 80 megawatts of install capacity to our portfolio since August 2025.

我們的成長計畫正在取得成效，收購 Kadasha 太陽能發電廠為我們的投資組合增加了 80 兆瓦的裝置容量，自 2025 年 8 月以來一直如此。

Additional growth will be provided by ongoing projects. The Brigade Lope combined cycle crossing and the San Carlo solar farm very near Codi.

持續進行的項目將帶來進一步的成長。Brigade Lope 自行車道和聖卡洛太陽能發電廠就在 Codi 附近。

Central Porto's business outlook has gained significant growth momentum driven by the Energy Secretariat's Resolution 400. This resolution formalizes the market liberalization road map, representing a pivotal step toward strengthening long-term value creation for us. This context reinforces our positive outlook for 2026 and our long-term company vision.

受能源秘書處第 400 號決議的推動，波爾圖中心地區的商業前景獲得了顯著的成長動力。該決議正式確定了市場自由化路線圖，是朝著加強我們長期價值創造邁出的關鍵一步。這一背景強化了我們對 2026 年的樂觀展望以及我們對公司的長期願景。

Thank you for your time and your confidence in Central Porto. Operator, please open the line for questions.

感謝您抽出寶貴時間並信任波爾圖中心。接線員，請開通提問線。

Thank you very much for the presentation. We will now begin the Q&A section for 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.

非常感謝您的演講。現在我們將開始面向投資人和分析師的問答環節。如果你想提問，請按下「反應」按鈕，然後點擊「舉手」。如果你的問題已經得到解答，你可以點擊放下手按鈕離開隊列。

The first question comes from Mr.

第一個問題來自先生。

Martin Adam Sedge with Balance Capital. Please, Mr. Martin, go ahead.

Martin Adam Sedge，來自 Balance Capital。馬丁先生，請繼續。

Hi, can you hear me?

你好，你聽得到我說話嗎？

Thanks.

謝謝。

Hi, Martin.

你好，馬丁。

Hi.

你好。

Thank you.

謝謝。

Thank you for the presentation and for taking my questions, I have 22 topics that I would like to discuss. I will run them one by one if that's okay. First, regarding the market liberalization, I was wondering if you could provide any guidance on how much do you expect this to improve your results, over the next 2 years. Also, if you're considering any improvement, to your loyaly fleet given this, enhance in.

感謝您的演講和回答我的問題，我有22個主題想討論。如果可以的話，我會逐一進行。首先，關於市場自由化，我想知道您是否可以就未來兩年內您預計這將在多大程度上改善您的業績提供一些指導意見。另外，如果您正在考慮對您的忠誠艦隊進行任何改進，鑑於此，請進行增強。

In revenues and how likely do you think it will be to contract that 20% with large users? Thanks.

就收入而言，你認為大用戶減少 20% 的可能性有多大？謝謝。

Hi Martin, thank you for your interest and your questions. Well, I'm going to the first one, the impact of the new deregulation of the sector, in terms of cash, we are seeing that's depend on the dispatch on the use consumer fuels, but we can expect around between 20 and 25% of increasing our BDDA.

馬丁，你好，感謝你的關注和提問。好的，我先來談談第一個問題，也就是該行業新的放鬆管制措施對現金流的影響。我們看到，這取決於消費者燃料的使用情況，但我們可以預期我們的 BDDA 將成長 20% 到 25%。

It could be, as I mentioned, would be 2025 depending on the dispatch of the units and the fuel consumption.

正如我之前提到的，這可能要等到 2025 年，這取決於設備的調度和燃料消耗。

Talking about the other improvements that the regulation brings that are important, also as important as the pricing as Maria says mentioned is It's very important for us to have the denominations of these new prices in dollars set, so we cannot need to wait until the government resolution by month for price increase, which was the case in the past. So, for us it's very important to keep the remuneration at least attached to dollars updated.

談到該法規帶來的其他重要改進，正如瑪麗亞提到的，與定價同樣重要的是，對我們來說，以美元為單位確定這些新價格的面額非常重要，這樣我們就無需像過去那樣，每月等待政府決議來決定價格上漲。因此，對我們來說，保持薪酬至少與美元掛鉤並及時更新非常重要。

And the other big improvement and is related to your question is that we can sell our part of our production to in private terms to private takers, as you mentioned, it's 20% for big users, big consumers, but we have no limitation to sell it in the percentage to sell it to distribution companies. So in terms of this 20%, we are start selling the situation right now is the big consumers are very contract.

另一個重大改進，也與您的問題有關，就是我們可以私下將我們生產的部分產品出售給私人買家，正如您所提到的，大用戶、大消費者的份額是 20%，但我們出售給分銷公司的比例沒有限制。所以就這 20% 而言，我們現在開始銷售的情況是，大消費者的規模非常小。

The biggest ones are very contract with renewables.

規模最大的那些公司與再生能源的合作非常密切。

So, we are trying to find the ones that are not constructed contracted and the smaller, going down to small ones, the good and goodies, but for that is, we have been selling since the regulation was issued.

所以，我們正在努力尋找那些沒有承包建設的、規模較小的建築，越來越小的建築，以及那些優質的建築，但正因如此，自從該法規頒布以來，我們一直在銷售這類建築。

But to be completely H1st with you, the market right now is trying to understand how the price is going to move with these new regulations, how CA is going to set the prices and the Secretary of Energy is going to set the prices for the spot basis of the market, and For the goodies that are still in the in the distribution companies that that right now the price is still setting by resolutions and the scheme of every quarter setting by Secretary of Energy and.

但說實話，目前市場正在試圖了解這些新規將如何影響價格走勢，加州將如何設定價格，能源部長將如何設定現貨市場的價格，以及目前仍在分銷公司流通的商品的價格仍然由能源部長每季度通過決議和方案來設定。

But we are very confident that we, whenever these are more or less clear by the demand is going to start to contract because the prices of the sport during winter times will be much more higher than now, and because of that they're going to prefer to cap that increase on wintertime and set contract with generators. So we are very confident that During this year, we're going to reach that 20% and we expect more with the distribution companies. Distribution companies needs also to set with each regulator, each Province regulator and a national regulator in the case of North Aur said how they're going to make the pass through of these contracts or new contract that the distribution companies will establish with the generator. So, everything is under and is moving and but we are confident that this new market.

但我們非常有信心，一旦這些情況變得或多或少明朗，需求就會開始收縮，因為冬季運動的價格會比現在高得多，因此他們會更傾向於限制冬季的價格上漲，並與發電機簽訂合約。因此我們非常有信心，今年我們將達到 20% 的目標，我們預計與分銷公司合作後將取得更大的成功。配電公司還需要與各監管機構、各省監管機構以及北方地區的國家監管機構協商，確定如何執行這些合約或配電公司將與發電企業簽訂的新合約。所以，一切都在變化之中，但我們對這個新市場充滿信心。

But, as the regulation mentioned it, going to start and we have a good pace to contract our production during this year.

但是，正如相關規定所提到的，我們將開始，並且我們今年將以良好的速度收縮我們的產量。

Right, just a couple of follow-up questions. First, you mentioned 20 to $25 million of additional BDA per year. I was wondering if that's not considering the 20% that you could sell to big users, and.

好的，還有幾個後續問題。首先，您提到每年需要額外 2,000 萬至 2,500 萬美元的 BDA。我想知道這是否沒有考慮到你可以賣給大用戶的 20% 的份額，以及。

If so.

如果是這樣。

So sorry, Martin, it's not $20 million it's 20% increase. Oh.

非常抱歉，馬丁，不是 2000 萬美元，而是成長 20%。哦。

20 to 25%. Okay, great.

20%至25%。好的，太好了。

So it's more than around 70 to $80 million.

所以金額超過7000萬到8000萬美元。

Great, thanks, and that's without the 20%. So if you are successful in selling that 20% to industrials, we could see, further improvement, right? Yes, okay, great. And then, and I shall follow-up question regarding you mentioned distribution companies, probably it's too soon, but do you foresee a new auction for distribution companies next year or so or in the near future?

太好了，謝謝，而且這還不包括那 20% 的費用。所以，如果你能成功地將這 20% 的股份賣給工業企業，我們就能看到進一步的改進，對吧？好的，太好了。然後，關於您提到的分銷公司，我還有一個後續問題，可能現在問還為時過早，但您預計明年或不久的將來會舉行新的分銷公司拍賣嗎？

You are talking about the capacity auction or or batteries.

您指的是容量拍賣還是電池？

An auction to sell the other 80%. I mean if I am correctly.

剩餘80%的股份將透過拍賣出售。我的意思是，如果我沒理解錯的話。

Yeah, this will be each by each distribution company process. It's not a centralized like a batteries or like a capacity capacity contract. It's any distribution company can do go for this regulation established that Camesha is going to provide.

是的，這將是每個分銷公司各自的流程。它不像電池那樣集中管理，也不像容量合約那樣集中管理。任何分銷公司都可以按照 Camesha 將提供的這項既定規定行事。

Around between 70 and 75% of the of the distribution company's demand and the rest could be contracted by distribution companies itself direct with generators. So we are seeing some distribution companies asking for quotations and start the conversation for this 2020 or 25% of these of their demand, but it's not centralized will be each by each by distribution companies.

配電公司約 70% 至 75% 的需求，其餘需求可由配電公司直接與發電公司簽訂合約。因此，我們看到一些分銷公司正在詢價，並開始討論 2020 年或 25% 的需求，但這並非集中式的，而是由各個分銷公司自行處理。

And they will be a negotiation directly between generators and distribution companies.

這將是發電公司和配電公司之間的直接談判。

Okay, thank you for clarifying. So

好的，謝謝你的解釋。所以

Yes.

是的。

So, we could spread also beyond the 20% some distribution companies probably in 2026, 2027, contracting additional energy, yeah.

所以，我們或許可以將這一比例擴大到 20% 以上，一些分銷公司可能在 2026 年、2027 年簽訂額外的能源合同，是的。

Well, great, thanks. Then my, the second topic that I would like to discuss was regarding the recent hydro auction.

太好了，謝謝。其次，我想討論的第二個主題是關於最近的水力發電拍賣。

I don't know if you could provide any colour, on that, probably the targeted assets and the expected timeline for awarding these assets.

我不知道您能否提供一些細節信息，例如目標資產以及授予這些資產的預期時間表。

Yes, as we participate with Central Puerto and Costner.

是的，因為我們與 Central Puerto 和 Costner 合作。

We expect that have more news in next coming weeks. The first, the CEA are evaluating. CAA Secretary of Energy are evaluating the capacity and the documentation, and the bidders provide and then I think we between, as I mentioned, next week on the other one, we will have a clear view of the competition, or the ones are available to compete and then for sure in previous to.

我們預計未來幾週會有更多消息公佈。第一種情況，CEA正在評估。民航局能源部長正在評估能力和文件，以及投標者提供的材料，然後我認為，正如我所提到的，下週我們將清楚地了解競爭情況，或者哪些人可以參與競爭，然後肯定在此之前。

To middle of December, we will have the final results.

到十二月中旬，我們將得到最終結果。

Okay.

好的。

Thank you very much. Very clear. That's all on my side.

非常感謝。非常清楚。以上都是我方的情況。

Thank you.

謝謝。

Thank you for your interest.

感謝您的關注。

Thank you. Our next question comes from Mr. Matteos Tosti's with C.

謝謝。我們的下一個問題來自 Matteos Tosti 先生和 C。

Please go ahead.

請繼續。

Hi, and thanks for taking my question.

您好，感謝您回答我的問題。

Congratulations on the result. My question is on capital allocation. I mean, we have been seeing a lot of re-rating of Argentinian assets over the last couple of weeks. So in that context, are you evaluating, Maybe some portfolio recycling with some of your assets in forestry, perhaps in in mining already, or would you rather wait for a longer cycle to engage on that front, especially considering now there may be some more projects looking interesting as investment opportunities, and yes, my second question would be.

恭喜取得這樣的成績。我的問題是關於資本配置的。我的意思是，在過去幾周里，我們看到阿根廷資產的估值出現了很大的變化。所以，在這種情況下，您是否正在評估，或許可以對您在林業或採礦業的一些資產進行一些投資組合重組，還是更願意等待更長的周期再進行這方面的操作？尤其考慮到現在可能有一些項目看起來很有投資價值。是的，我的第二個問題是：

Conceptually speaking, where do you see the stabilizing for the term market price, right, which today is about $60 per megawatt hour, but you will get an ever growing.

從概念上講，你認為長期市場價格何時才能穩定下來？目前市場價格約為每兆瓦時 60 美元，但未來價格將會持續上漲。

A supply of power there.

那裡有電力供應。

On the other hand, you may also have an increasing demand from distributors for those PPAs. So where do you see that stabilizing over the short-term? Those will be my two questions.

另一方面，經銷商對這些購電協議的需求也可能不斷增加。那你認為短期內這種情況會趨於穩定嗎？這就是我的兩個問題。

Thank you.

謝謝。

Okay, thank you.

好的，謝謝。

In going to the first one, we are not evaluating right now a reallocation of our assets or selling. We think that they have a lot room to increase price and so because of that we are waiting for a longer period of growth and we are also evaluating the possibility of if we improve the value by some developments around those assets so it's not, right now we are not looking for reallocate that assets or sell it.

採取第一種方法，我們目前並沒有評估資產重新配置或出售的可能性。我們認為它們還有很大的提價空間，因此我們正在等待更長的增長期，我們也在評估透過圍繞這些資產的一些開發項目來提高其價值的可能性，所以目前我們並不打算重新配置或出售這些資產。

In terms of the second one, talking about prices, we are seeing some in the short-term for sure we are seeing some reduction around those $60 with perhaps moving between.

關於第二點，談到價格，我們短期內肯定會看到一些下降，價格可能會在 60 美元左右波動。

57, 55, 56, in the short-term, when this new offer come to the market, but in the long run, we are not seeing a huge reduction on that, on those values because you will have to increase the capacity of Argentina and the prices for new capacity are going up. The, all the data centres boom and the demand of Middle East are rocketing the prices of the, of the GDs and the, on the, and the delivery time. So perhaps we see some reduction at the beginning in order to stabilize that market, new mat.

短期內，當新的產品上市時，價格可能會降至 57、55、56，但從長遠來看，我們預計這些價格不會大幅下降，因為阿根廷的產能必須提高，而新增產能的價格正在上漲。所有資料中心都在蓬勃發展，中東的需求正在推高GD和相關設備的價格，以及交貨時間。所以，為了穩定市場，我們或許會在初期看到一些減產，像是新墊子的減產。

But in the long run we are seeing prices around 60.

但從長遠來看，我們看到價格在 60 左右。

Thank you very much. That was very helpful. If I may add a quick one, now that thermal projects should have, I mean, with the new rules, should have better rates of return, very likely, what would you say are the key projects in the thermal side of the business that Central Puerto is looking into?

非常感謝。那很有幫助。如果允許我補充一點，既然現在有了新規，熱能項目的回報率應該會更高，您認為Central Puerto正在關注的熱能業務方面的關鍵項目有哪些？

Well, this new regulation, it's not, is, I think it's not enough yet to bring new projects from zero, from scratch. It's not easy to set a big command cycle, I don't know 800 megawatts and sell it to the market, we are not there yet.

嗯，我認為這項新規還不足以從零開始，從頭開始打造新項目。設定大型指令周期並不容易，我不知道如何將 800 兆瓦的電力賣到市場上，我們還沒有達到那個水準。

As I mentioned, the price will be much more than 50 something, so I think the new projects coming will be perhaps at the beginning of the next year, some.

正如我之前提到的，價格會遠遠超過 50 多萬，所以我認為新的項目可能要到明年年初才會推出。

Actions that the government are planning to set in terms of capacity.

政府計劃在能力方面採取的行動。

Small open cycles and machines working as a speaker.

小型開放式循環和機器用作揚聲器。

I think this is what we are seeing coming with centralized options but not huge, combined cycles selling to privates. We think we are new. I mentioned new ones. We are not there yet.

我認為這就是我們即將看到的集中式選擇權交易模式，但不是大規模的、合併式的向私人企業出售選擇權的模式。我們認為自己是新來的。我提到了新的。我們還沒達到目標。

Okay, thank you.

好的，謝謝。

Our next question comes from text.

我們的下一個問題來自文本。

Hi, this is Ezekiel Harari from ADC Group of Financiera.

您好，我是來自Financiera旗下ADC集團的Ezekiel Harari。

In the release, we saw that the install capacity of San Carlos, Caffeate, and Brigadier Lopez is already available. Could you provide some colour on how much of the capacity we will actually be operating or contributing to generation there in Fort Q? And what we could expect in terms of revenues or margin uplift, both from this additional capacity and from the recent steps toward electricity market deregulation.

在發布資訊中，我們看到 San Carlos、Caffeate 和 Brigadier Lopez 的安裝容量已經可用。能否詳細說明一下我們在 Fort Q 實際營運或參與發電的產能佔比是多少？我們可以期待，新增產能以及近期電力市場放鬆管制的舉措，能夠帶來怎樣的收入或利潤提升。

Okay, thank you.

好的，謝謝。

Thank you for your question. In terms of new capacity entrance, San Carlos and Brigado Lopez, as you mentioned, are right now entering, San Carlos is entering, I think this week or the next or the beginning of the next one. So, the impact in our revenues for the fourth quarter will be like half of November and full December in respect of Ria de Lopez, which is the closing of combined cycle. We are expecting the COD. We are right now in the commission, in the end of the commissioning phase, but we need to make a lot of tests to be online and to be producing energy and to be.

謝謝你的提問。就新增容量而言，正如您所提到的，聖卡洛斯和布里加多·洛佩斯現在正在進入新增容量階段，聖卡洛斯預計將在本週或下週或下下週初進入新增容量階段。因此，Ria de Lopez 對我們第四季收入的影響將相當於 11 月上半月和 12 月的全部收入，這是合併週期的結束。我們正在等待貨到付款。我們現在正處於調試階段的最後階段，但我們需要進行大量的測試才能上線並開始發電。

Receiving the payment. So, in the case of Ria de Lopez, we expect the middle of December, perhaps 2020 something of December. So, the impact on our revenues in the of will be not significant.

收到付款。所以，就 Ria de Lopez 的情況而言，我們預計會在 2020 年 12 月中旬，或許是 2020 年 12 月的某個時候。因此，這對我們收入的影響不會很大。

But talking about full year basis, we expect, around in terms of Ria de Lopez around an additional ABTDA of 60 to $65 million and San Carlos around 33 and $5 million more.

但就全年而言，我們預計 Ria de Lopez 將帶來額外約 6,000 萬至 6,500 萬美元的 ABTDA，而 San Carlos 將額外帶來約 3,300 萬至 500 萬美元的 ABTDA。

Fully, full year basis.

全年全額結算。

I don't know if I forget, a question or one part.

我不知道我是否忘記了一個問題或其中的一部分。

Thank you. Our next question comes from Ludovic Kazu with Autonomy Capital. Please go ahead.

謝謝。我們的下一個問題來自 Autonomy Capital 的 Ludovic Kazu。請繼續。

Hi, do you hear me?

你好，你聽得到我說話嗎？

Yes, clear.

是的，明白了。

Yes, good morning and congratulations for the results. My question was about the Capex.

是的，早安，恭喜你取得好成績。我的問題是關於資本支出的。

Which level of Capex do you expect for next year?

您預計明年的資本支出水準會達到什麼程度？

Okay, thank you for your question.

好的，謝謝你的提問。

In terms of topics, we are We are finishing, as I mentioned, Brian Lopez and San Carlos, so we are not expecting big Capex for that part.

就項目而言，正如我所提到的，我們正在完成布萊恩洛佩茲和聖卡洛斯的項目，所以我們預計這部分不會有太大的資本支出。

The Capex that we are entering on right now and will be continuing in the next year is the best projects that we get awarded in last quarter, and this will be around 130 to $140 million for both projects, the central Porto and Costanera projects.

我們現在開始並將繼續在明年進行的資本支出項目，都是我們在上個季度獲得的最佳項目，這兩個項目（波爾圖中心區和科斯塔內拉項目）的總支出約為 1.3 億至 1.4 億美元。

Sorry, just for 2026.

抱歉，僅限 2026 年。

Yes, we expect the completion of those projects in 2026, yes.

是的，我們預計這些項目將於 2026 年完成。

Okay, and just thinking could we expect an extra dividend distribution for the end of this year?

好的，我只是在想，我們是否可以期待今年年底會有額外的股息分配？

Well, that's depends on, and the results of the hydro auction.

那要看水電拍賣的結果了。

That will depend on that. Okay.

那將取決於此。好的。

Thanks a lot.

多謝。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes our Q&A session. I would like to turn the conference back over to Mr. Fernando Bonnet for any closing remarks.

問答環節到此結束。我謹將會議交還給費爾南多·博內特先生，請他作總結發言。

To everyone for your interest in Central Puerto, we encourage you to call us for any information that you may need. Have a great day.

對於大家在中央波多黎各的關注，我們鼓勵您致電諮詢您可能需要的任何資訊。祝你有美好的一天。

Bye-bye.

再見。