Central Puerto S A : 4Q 2023 Investor Presentation

Investor Presentation

March 2024

Disclaimer

Additional information about Central Puerto can be found in the Investor Support section on the website at www.centralpuerto.com. This presentation does not contain all the Company's financial information. As a result, investors should read this presentation in conjunction with Central Puerto's consolidated financial statements and other financial information available on the Company's website.

This presentation does not constitute an offer to sell or the solicitation of any offer to buy any securities of Central Puerto or any of its subsidiaries, in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S. Securities Exchange Commission or an exemption from such registration.

Our financial statements and other financial information included in this presentation, unless otherwise specified, are stated in Argentine Pesos. However, we presented some figures converted from Argentine Pesos to U.S. dollars for comparison purposes only. The exchange rate used to convert Argentine Pesos to U.S. dollars was the reference exchange rate (Communication "A" 3500) reported by the Central Bank for U.S. dollars for the end of each period. The information presented in U.S. dollars is for the convenience of the reader only and may defer in such conversion for each period is performed at the exchange rate applicable at the end of the latest period. You should not consider these translations to be representations that the Argentine Peso amounts actually represent these U.S. dollars amounts or could be converted into U.S. dollars at the rate indicated.

Rounding amounts and percentages:

Certain amounts and percentages included in this presentation have been rounded for ease of presentation. Percentage figures included in this presentation have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this presentation may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this presentation may not sum due to rounding.

This presentation contains certain metrics, including information per share, operating information, and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

Cautionary Statements Relevant to Forward-Looking Information

This presentation contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to in this presentation as "forward-looking statements") that constitute forward- looking statements. All statements other than statements of historical fact are forward-looking statements. The words "anticipate," "believe," "could," "expect," "should," "plan," "intend," "will," "estimate" and "potential," and similar expressions, as they relate to the Company, are intended to identify forward-looking statements.

Statements regarding possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition, expected power generation and capital expenditures plan, are examples of forward-looking statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

The Company assumes no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks and uncertainties associated with these forward-looking statements and the Company's business can be found in the Company's public disclosures filed on EDGAR (www.sec.gov).

Adjusted EBITDA

In this presentation, Adjusted EBITDA, a non-IFRS financial measure, is defined as net income for the period, plus finance expenses, minus finance income, minus share of the profit (loss) of associates, plus (minus) losses (gains) on net monetary position, plus income tax expense, plus depreciation and amortization, minus net results of discontinued operations, excluding impairment on property, plant & equipment, foreign exchange difference and interests related to FONI trade receivables and variations in fair value of biological asset.

The Adjusted EBITDA may not be useful in predicting the results of operations of the Company in the future.

Adjusted EBITDA is believed to provide useful supplemental information to investors about the Company and its results. Adjusted EBITDA is among the measures used by the Company's management team to evaluate the financial and operating performance and make day-to-day financial and operating decisions. In addition, Adjusted EBITDA is frequently used by securities analysts, investors and other parties to evaluate companies in the industry. Adjusted EBITDA is believed to be helpful to investors because it provides additional information about trends in the core operating performance prior to considering the impact of capital structure, depreciation, amortization and taxation on the results.

Adjusted EBITDA should not be considered in isolation or as a substitute for other measures of financial performance reported in accordance with IFRS. Adjusted EBITDA has limitations as an analytical tool, including:

• Adjusted EBITDA does not reflect changes in, including cash requirements for, our working capital needs or contractual commitments;
• Adjusted EBITDA does not reflect our finance expenses, or the cash requirements to service interest or principal payments on our indebtedness, or interest income or other finance income;
• Adjusted EBITDA does not reflect our income tax expense or the cash requirements to pay our income taxes;
• although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will need to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for these replacements;
• although share of the profit of associates is a non-cash charge, Adjusted EBITDA does not consider the potential collection of dividends; and
• other companies may calculate Adjusted EBITDA differently, limiting its usefulness as a comparative measure.

The Company compensates for the inherent limitations associated with using Adjusted EBITDA through disclosure of these limitations, presentation of the Company's consolidated financial statements in accordance with IFRS and reconciliation of Adjusted EBITDA to the most directly comparable IFRS measure, net income. For a reconciliation of the net income to Adjusted EBITDA, see the tables included in this release. For more information see "Adjusted EBITDA Reconciliation" below.

2

Who we are

With over 100 years of history, Central Puerto has evolved to become the largest private Argentine generation company both in installed capacity and power generation.

Shareholder's structure:

Prov. Of
Neuquen	ANSES
5%	3%
Federal
Government
10%

Free Float

82%

3

Central Puerto at a glance

7,173 MW of installed capacity(1)(2) through a well diversified	21 TWh generated in 2023.
generation portfolio operating 14 Power Plants	Market share: 15% (total SADI) /
20% (private Gencos)
Spot portfolio(2)		Renewables portfolio		Foninvemen program	Forestry Business segment

2,553MW		374	MW	2,584MW
thermal assets			thermal assets
1,440MW						wind assets	with equity stake in 3
						105MW	largest private participant
hydro assetsº						combine cycles
	a					solar assets	US$254mm
					1MW
Thermal PPA portfolio
438 MW						mini-hydro assets	total outstanding
							receivables
long term PPA		Fully contracted:	monthly collections until
2,262MW		PPAs
		Renov.AR and MATER	May-28.

Res.59/23(1)

160,453ha.

In Entre Ríos and Corrientes with ~71,000 hectares planted with eucalyptus and pine

Natural Gas Distribution & Transportation

ECOGAS 22% stake in DGCU
TGM	41% stake in DGCE
20% stake
	15% market share

(1)	Source CAMMESA - corresponds to the total theoretical power of each asset. On February 22, 2024, it was published in
	the Official Gazette of the Republic of Argentina, the request submitted by Central Costanera for the decommissioning
	of steam generation units COSTTV04 and COSTTV06, for a total installed capacity of 120 MW and 350 MW, respectively					4
(2)	For more information, please refer to slide 18 "Annex 1 - Regulatory framework".

Key Financial Figures

			Spot market revenues					Adj. EBITDA
Revenues(1) (US$mm)		Sales under contracts	Adj.EBITDA + FONI collections
	Steam sales		FONI Collections
			Other		(US$mm)
606						Adj. EBITDA margin
		566	537					445
7		510	500			390		120%
121	456	15	27	26	450	369	362	69	343	110%
		400
	13		301	223	350	72	75	73	376		100%
		271	66	90%
	220	300	317
				250	297	287		277	80%
464
				200			70%
			224	267	150	49%				52%	60%
	209	211	100	63%		66%
	62%	50%
		50
					0						40%
2019	2020	2021	2022	2023		2019	2020	2021	2022	2023
CAPEX (US$mm)				Debt (US$mm)			Net Debt
595									Gross Debt
				700	646	606		Net Debt/ Adj.EBITDA	1.8x
										1.6x
					600	1.7x
					1.5x				1.4x
								415
					500			358
								1.2x
				214	400					1.0x
								1.0x
	138			300	493		158		0.8x
		73			435			0.6x
	44		200		0.2x	287
			100			0.3x	0.4x
						0.2x
								92	70
					0				0.0x
2019	2020	2021	2022	2023		2019	2020	2021	2022	2023

(1) Sales under resolution 59 are included in Spot sales. For more information, please refer to slide 18 "Annex 1 - Regulatory framework".

5

	+70%	of Operating Cashflow is secured
		by long term contracts in dollars
		with protection mechanisms

Adj. EBITDA contribution by regulatory framework

+US$ 66 MILLION

12%	PPA - MATER (1)
19%	PPA - RenovAr (2)
29%	PPA - Thermal Units
	PPA - Res. 59 (3)
29%
	Legacy - Spot
11%

2023

60%

of Adj.EBITDA Through long term contracts, with prices set in US$ dollars

5 years -termContracts partially set in US$ dollar

Collections (only principal) under CVO during 2023*º

CVO receivables to be collected total approximately US$253 million, as of September 30, 2023, and accrue interest at a 30 days LIBOR rate + 5%, to be collected in 53 monthly principal installments until

May 2028.

Collections protected by reserve accounts mechanisms

1. PPAs directly with private clients
2. Backed by reserve fund financed by the World Bank (FODER)
3. The percentage represents the total EBITDA generated by the combined cycles under Res 59.
   For more information, please refer to slide 18 "Annex 1 - Regulatory framework".

6

Well diversified portfolio of generation assets

9

			6
		11	5
4	10
		1
	12	2
		8	7

3

G E O G R A P H I C

F O O T P R I N T

Assets in Operation	Technology	Power Capacity (MW)	Remuneration (MW)(3)	PPA term
				Installed(1)	Available(2)	Spot	PPA
1	Central Costanera(4)		Thermal	2,259	1,692	590	1,102	2028
2	Central Puerto(4)		Thermal	1,747	1,645	898	748	2028
3	Piedra del Águila		Hydro	1,440	1,440	1,440	-	-
4	Luján de Cuyo(5)		Thermal	576	562	453	109	2029-2034
			Cogen
5	San Lorenzo		Thermal	391	366	36	330	2035
			Cogen
6	Brigadier Lopez		Thermal	281	280	280	-	-
7	Genoveva I & II		Wind	130	130	-	130	2040/2029
8	La Castellana I & II		Wind	116	116	-	116	2040/2034
9	Guañizul II A		Solar	105	105	-	105	2041
10	Manque		Wind	57	57	-	57	2040
11	Achiras I		Wind	48	48	-	48	2040
12	Los Olivos		Wind	23	23	-	23	2030
	Total			7,173	6,464	3,697	2,768

1. Source CAMMESA, corresponds to the total theoretical power of each asset.
2. Net available power capacity reported to CAMMESA
3. MW over available capacity
4. PPA refers to the Res. 59/23 - For more information, please refer to slide 18 "Annex 1 - Regulatory framework".

(5)	The facility Includes 290 MW of combined cycles, 95 MW of cogeneration, 190 MW of gas/steam turbines and 1 MW of mini-hydro		7

Continuously expanding and diversifying our operated portfolio

Installed Capacity(1) (MW)

+3,535 MW incorporated through greenfield and M&A

Thermal

Hydro7,173

Renewbables

3,6384,2184,809

2017	2019	2021	2023
Thermal:	Thermal:	Thermal:	Thermal:
. Puerto Complex	. Puerto Complex	. Puerto Complex
. Puerto Complex
. Lujan de Cuyo	. Lujan de Cuyo	. Lujan de Cuyo
. Lujan de Cuyo
. San Lorenzo	. San Lorenzo	. San Lorenzo
Hydro:
Brigadier Lopez	Brigadier Lopez	Brigadier Lopez
. Piedra del Aguila
Hydro:	Hydro:	. Central Costanera
	. Piedra del Aguila	. Piedra del Aguila	Hydro:
	Renewables:	Renewables:	. Piedra del Aguila
	. Achiras	. Achiras	Renewables:
	.La Castellana I & II	. La Castellana I & II	. Achiras
	. La Genoveva II	. La Genoveva I & II	. La Castellana I & II
	. Manque	. Manque	. La Genoveva I & II
		. Los Olivos	. Manque
			. Los Olivos
			. Guañizul II A

2023 portfolio by technology

5%

20% 1%

60%

13%

Thermal

Cogeneration

Hydro

Wind

Solar

(1) Source CAMMESA. Corresponds to the total theoretical power of each asset.			8

We are the leading private power generation company in Argentina

Local Energy Demand (TWh)(1)

Market Share FY2023(1)(2)

16.0

	13.6		14.0
14.0					13.1
	13.1					12.6	12.5
			29%
		11.9			12.1
12.0				11.7		11.811.8
		10.9				11.0
		10.6	10.8

10.	10.3
10.0
10.0

8.013%

6.0		6%
4%
4.0		0%
(1%)	(1%)

35%

30%

	13.0
10.5 11.311.0	11.825%
10.2	20%
	15%
	10%

		5%
2%		0%
	(2%)	-5%

15%	(20.1 TWh)

14%

50%

6%

7%

2.0
			(8%)		(8%)			-10%
0.0												(10%		-15%
	Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23	Aug-23Sep-23Oct-23Nov-23Dec-23
		2022			2023			% 23 vs 22

1. Source CAMMESA
2. Energy Generation of total SADI

1% 3% 2% 3%

9

Availability of thermal units(1)(2)

Steam & Gas turbines (%)

88%	96%		96%		95%					93%
	86%77%		74%78%
			62%				65%68%
																	50%
			2020		2021		2022					2023
			Puerto Complex				Lujan de Cuyo			Brigadier Lopez			Costanera
Combined Cycles (%)
89%		91% 93%		88%93% 91%			91%	97%99%
75%
																69%
					35%
			2020		2021		2022					2023
		Puerto Complex			Lujan de Cuyo		San Lorenzo		Costanera Complex

(1)	Availability reported by CAMMESA, calculated based on the total installed capacity of each power plant.
(2)	Central Costanera figures does not consider the power capacity values of the steam generation units				10
	COSTTV04 and COSTTV06 for a total installed capacity of 120 MW and 350 MW, respectively