SEC Form 6-K filed by Central Puerto S.A.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 27a-16 or 15d-16
under the Securities Exchange Act of 1934

For the month of August, 2025

Commission File Number: 001-38376

Central Puerto S.A.

(Exact name of registrant as specified in its charter)

Port Central S.A.

(Translation of registrant’s name into English)

Avenida Thomas Edison 2701

C1104BAB Buenos Aires

Republic of Argentina

+54 (11) 4317-5000

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F [X] Form 40-F [_]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes [_] No [X]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes [_] No [X]

Central Puerto 2^nd Quarter 2025 Financial and Operational Results

Buenos Aires, August 11^th, Central Puerto S.A (“Central Puerto” or the “Company”) (NYSE and BYMA: CEPU), the largest private sector power generation companies in Argentina, reports its consolidated financial results for the Second quarter 2025 (“2Q25”), ended on June 30^th, 2025.

A conference call to discuss the results of the second quarter of 2025 will be held today at 12:00 PM ET Eastern Time. Webcast Access: Click here¹.

Highlights of the quarter

On July 4^th, 2025, in accordance with Sections 161 and 162 of Law No. 27,742 on Bases and Starting Points for the Freedom of Argentines (the “Bases Law”), the National Executive Branch issued Decrees No. 450/2025, No. 451/2025, and No. 452/2025.

¹ We suggest accessing the site in advance to ensure streaming compatibility. The webcast replay will be available shortly after the event in the Investor Relations section at www.centralpuerto.com. For more information about the Company, also visit:

Decree No. 450/2025 approved amendments to Law No. 15,336 and Law No. 24,065, which regulate the electricity sector. Decree No. 451/2025 approved adjustments to Law No. 24,076, concerning natural gas Law No. 24,076. Decree No. 452/2025 established the National Gas and Electricity Regulatory Entity, a new body that consolidates the regulatory functions previously exercised by ENARGAS and ENRE.

On August 7, 2025, Argentina's Executive Branch (PEN) issued Decree No. 476/2025. The decree establishes a new set of terms and a required payment for an Adhesion Agreement. It also grants an additional 90-day period for the current concession, which can be extended until the end of the year.

Since January 2025, the Energy Secretariat has implemented AR$-denominated spot price adjustments totaling 15.4% on a compound basis through June (1^st semester, 2025). In the same semester, the compound increase in the wholesale inflation index was 15.1% and the variation in the AR$/US$ exchange rate was 15.7%.

Analysis of AR$-denominated spot prices compared to inflation and FX variation:

(1) Certain resolutions did not apply to hydro generation. Please refer to the table below for details.

(2) INDEC’s Wholesale Price Index (Índice de Precios Internos al por Mayor – IPIM).

Energy Secretariat Resolutions in 2025:

§ In addition, we would also like to highlight Resolution SE No. 21/25. Although the resolution was issued at the end of January, the self-managed fuel procurement scheme was established to begin in March 2025. As a result, its full impact was reflected in the current quarter, which we will discuss in more detail in the following sections.

The total system installed capacity remained stable both quarter-over-quarter and year-over-year, with a 3% increase in renewable capacity compared to the previous quarter. The 11% year-on-year decrease in hydro capacity (from Yacireta’s bi-national plant generation re-assignment agreement) was offset by a 21% increase in renewables.

Offer: Thermal generation decreased 24.5% q/q while hydro generation increased 14.9% q/q.

Demand: Electricity demand declined by 12% in 2Q25 compared to 1Q25, primarily due to milder temperatures. This resulted in lower energy consumption from the residential (-15.7% q/q) and commercial (-13.7% q/q) segments—a seasonal trend typically expected in the autumn months compared to summer.

In 2Q25, Central Puerto’s power generation was 4,372 GWh, which implied a 24% decrease from 1Q25 of 5,731 GWh and a 12% decrease from 2Q24 of 4,985 GWh. Lower volumes in the quarter were mainly explained by Mitsubishi’s Central Costanera combined cycle and ST06 (TV06) from Central Puerto complex scheduled maintenance and consequent downtime. Steam production increased 23% during 1Q25, reaching 930 thousand tons (ktn) compared to 756 ktn in the previous quarter.

The table below depicts operating figures for the second quarter of 2025 (2Q25), compared to the previous quarter (Q125) and the same quarter of the previous year (2Q24):

Important notice: Quarterly results include a non-cash effect due to inflation exceeding currency depreciation during the period. As Central Puerto reports in Argentine pesos and converts figures to US dollars at the end-of-period exchange rate, this mismatch may affect comparability.

Adjusted EBITDA refers to EBITDA excluding impairment on property, plant & equipment, foreign exchange differences and interests related to FONI trade receivables and variations in fair value of biological asset.

D.1. Revenues

Revenues in 2Q25 totalized US$ 179.6 MM, which represented an 8% decrease compared to 1Q25 (US$ 196.2 MM) and an increase of 7% compared to 2Q24 (US$ 168.3 MM). Revenues from energy sales represented 89.6% out of total revenues. Energy sales at 2Q25 were US$ 160.9 MM, a 10% decrease compared to 1Q25 (US$ 179.3 MM), and a 9% increase compared to 2Q24 (US$ 147.2 MM). The q/q variation was primarily due to seasonal capacity charges (US$ -19.1 MM q/q) and lower volumes sold mainly from the maintenance work at the Mitsubishi combined cycle of Central Costanera and ST06 (TV06) from Central Puerto complex (US$ -12.4 MM q/q), partly compensated by additional revenues from self-procured fuels for Luján de Cuyo and other fuels (natural gas and liquids) as established by Resol. SE N° 21/25 (+US$ 13.8 MM q/q).

D.2. Operating expenses 

E. Capital expenditures (capex)

Total capex in 1H 2025 was US$ 102.4 MM, mainly consisted of the Brigadier López combined cycle conversion, the San Carlos solar project, the additional subscription of shares from AbraSilver and maintenance capex (mainly for the one-time major maintenance work in the Mitsubishi combined cycle from Central Costanera).

Projects under construction & planned

Ongoing & future tender processes

F. Financial position

As of June 30, 2025, the Company and its subsidiaries held cash and cash equivalents totaling US$3.7 MM, while other current financial assets amounted to US$ 231.5 MM.

The total outstanding gross debt balance as of June 30^th, 2025, was US$ 409.4 MM.

The following chart shows the principal maturity profile to such date, expressed in US$ MM:

Note to the chart: Project Finance corresponds to Achiras, La Castellana I and La Genoveva I & II projects.

Net leverage ratio

(Financial figures are expressed in US$ MM, except for the ratio)

Financial position as of June 30^th, 2025

Annex I: Adjusted EBITDA Reconciliation

 Annex II: Consolidated Balance Sheet

Argentine Peso amounts were converted to U.S. dollars using the reference exchange rate published by the Central Bank of Argentina (Communication 'A' 3500) as of June 30, 2025 (AR$1,194.08/US$1.00) and December 30^th, 2024 (AR$ 1032.5/US$1.00) respectively.

Annex III: Consolidated Cash Flow Statement

Argentine Peso amounts were converted to U.S. dollars using the reference exchange rate published by the Central Bank of Argentina (Communication 'A' 3500) as of June 30^th, 2025 (AR$1,194.08/US$1.00) and June 28^th, 2024 (AR$911.75/US$1.00) respectively.

Annex IV: Central Puerto’s operating assets

Glossary of terms and abbreviations

Disclaimer

Financial statements as of June 30^th, 2025, include the effects of the inflation adjustment, applying IAS 29. Accordingly, the financial statements have been stated in terms of the measuring unit current at the end of the reporting period, including the corresponding financial figures for previous periods reported for comparative purposes. Comparative analysis refers to the same period of the previous year, measured in the current unit at the end of the period, unless otherwise stated. Consequently, the information included in the Financial Statements for the second quarter ended on June 30^th, 2025, is not comparable to the Financial Statements previously published by the company. 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 if 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.

Definitions and terms used herein are provided in the Glossary at the end of this document. This release does not contain all the Company’s financial information. As a result, investors should read this release in conjunction with Central Puerto’s Audited Consolidated Financial Statements for the fiscal period ended on December 31st, 2024, and the notes thereto, which will be available on the Company’s website.

Rounding amounts and percentages: Certain amounts and percentages included in this release have been rounded for ease of presentation. Percentage figures included in this release 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 release 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 release may not sum due to rounding.

This release 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.

OTHER INFORMATION

Central Puerto routinely posts important information for investors in the Investor Relations support section on its website, www.centralpuerto.com. From time to time, Central Puerto may use its website as a channel of distribution of material Company information. Accordingly, investors should monitor Central Puerto’s Investor Relations website, in addition to following the Company’s press releases, SEC filings, public conference calls and webcasts. The information contained on, or that may be accessed through, the Company’s website is not incorporated by reference into, and is not a part of, this release.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to in this Earnings Release 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.govwww.sec.gov).

EBITDA and Adjusted EBITDA

In this release, 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.

Adjusted EBITDA refers to EBITDA excluding impairment on property, plant & equipment, foreign exchange differences and interests related to FONI trade receivables and variations in fair value of biological asset.

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:

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.

All the information presented must be considered as consolidated unless otherwise specified.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.