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 November, 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 S.A.

Consolidated financial statements for the nine-month periods ended September 30,2025

Registered office: Av. Edison 2701 - Ciudad Autónoma de Buenos Aires - República Argentina

FISCAL YEAR N° 34 BEGINNING JANUARY 1, 2025

FINANCIAL STATEMENTS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025

CUIT (Argentine taxpayer identification number): 33-65030549-9.

Date of registration with the Public Registry of Commerce:

Registration number with the IGJ (Argentine regulatory agency of business associations): 1.855, Book 110, Volume A of Corporations.

Expiration date of the articles of incorporation: March 13, 2091.

The Company is not enrolled in the Statutory Optional System for the Mandatory Acquisition of Public Offerings.

CAPITAL STRUCTURE

(stated in pesos)

CONSOLIDATED STATEMENT OF INCOME

for the three and nine-month periods ended September 30, 2025

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the three and nine-month periods ended September 30, 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as of September 30, 2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the nine-month period ended September 30, 2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the nine-month period ended September 30, 2024

(1) 11,403,875 common shares are held by subsidiaries.

CONSOLIDATED STATEMENT OF CASH FLOWS

for the nine-month periods ended September 30, 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

for the nine-month period ended September 30, 2025

1.        Corporate information and main business

Central Puerto S.A. (hereinafter the “Company”, or “CPSA”) and the companies that make up the business group (hereinafter the “Group”) form an integrated group of companies related to the energy sector. The Group is mainly engaged in the generation of electric power.

CPSA was incorporated pursuant to Executive Order No. 122/92 issued by the National Executive Branch, in accordance with Law No. 24,065, which declared the generation, transmission, distribution, and commercialization of electricity subject to full privatization.

On April 1, 1992, the Awardee Consortium took possession of Central Puerto S.A., thereby initiating the operations of the new company.

Our shares are listed on the BYMA (“Bolsas y Mercados Argentinos”), and, since February 2, 2018, they have been listed on the NYSE (“New York Stock Exchange”), both under the symbol “CEPU”.

In order to carry out our electric energy generation activity the Group owns the following assets:

In 2022, under Resolution MEyM No. 281/2017, the Group was awarded the “Parque Solar San Carlos” project, with a capacity of 10 MW, currently under construction in San Carlos, Salta Province.

On July 19, 2018, the National Gas Regulatory Authority (Enargas) registered the Company in the Enargas Registry of Traders and Trading Agreements. Later, on March 22, 2024, the controlled company Puerto Energía S.A.U. was also registered as a natural gas trader in said registry, and on September 20, 2024, it was authorized to join the Wholesale Electricity Market (“MEM”) as a Commercial Participant.

Through Proener S.A.U., a company fully controlled by CPSA, the Group participates in the forestry sector since Proener S.A.U. is the parent company of: a) Forestal Argentina S.A., which owns approximately 141,000 hectares in Entre Ríos and Corrientes provinces, of which approximately 67,000 hectares are planted with eucalyptus and pine, out of a total plantable area of approximately 77,500 hectares; and b) Loma Alta Forestal S.A., which owns approximately 19,400 hectares in Corrientes province, of which approximately 10,400 hectares are planted with pine.

Also, the Group has begun to participate in the mining sector through an equity interest in the Diablillos silver and gold mining project located in northwestern Argentina and an equity interest in the Tres Cruces lithium mining project located in the province of Catamarca.

Lastly, the Group was linked to the natural gas distribution sector in the Cuyo and Central regions of Argentina through its equity investments in the associate companies belonging to the ECOGAS Group. See Note 11.2.

The issuance of the Group’s consolidated financial statements for the nine-month period ended September 30, 2025 was approved by the Company’s Board of Directors on November 10, 2025.

1.1. Summary of the Argentine Electricity Market

Transactions among the different participants in the electricity industry take place through the wholesale electricity market (“WEM”) which is a market in which generators, distributors and large users of electricity buy and sell electricity at prices determined by supply and demand (“Term Market”) and also, where prices are established on an hourly basis based on production cost, represented by the short-term marginal cost measured in the interconnection system (“Spot Market”). CAMMESA (Compañía Administradora del Mercado Mayorista Eléctrico Sociedad Anónima) is a quasi-governmental organization that was established to administer the WEM and functions as a clearing house for the different market participants operating in the WEM. Its main functions include the operation of the WEM, the dispatch of generation, the calculation of prices in the Spot Market, the real-time operation of the electricity system, and the administration of commercial transactions in the electricity market.

After the Argentine economic crisis in 2001 and 2002 and after the end of the Convertibility Law, generation costs increased as a result of the Argentine peso devaluation. In addition, the price of fuels used for power generation increased as well. The increasing generation costs, combined with the freezing of end-user tariffs decided at the time by the administration, led to a permanent deficit in CAMMESA’s accounts, and therefore it faced difficulties to pay generators for energy purchases. Due to this structural deficit, the Secretariat of Energy enacted a series of regulations to keep the electricity system operating despite the deficit.

1.2. Amendments to WEM regulations

On July 11, 2023, Resolution SE No. 574/2023 was published, which extended for 60 days (renewable for another 60 days) the expiration date of the concession agreement of the Piedra del Águila Hydroelectric Power Plant, among other national hydroelectric power plants whose concession terms were set to expire during 2023.

On January 17, 2024, through Resolution SE No. 2/2024, the Secretariat of Energy extended the transition period of the concession agreement for 60 days starting February 28, 2024. Then, through Resolution SE No. 33/2024, published in the Official Gazette on March 18, 2024, the Secretariat of Energy once again extended the transition period contemplated in the concession agreement for another 60 days starting April 28, 2024, so that the term expired on June 27, 2024.

On May 17, 2024, through Resolution SE No. 78/2024, the transition period of the concession agreement was extended until the end of the term established in the contract, that is, December 28, 2024.

On August 12, 2024, PEN Decree No. 718/2024 was published in the Official Gazette, which extended for one year the term to continue operating the Piedra del Águila Hydroelectric Complex in its capacity as concessionaire, with a maximum date of December 28, 2025. The aforementioned Decree also established that the Secretariat of Energy would call for a National and International Public Tender to proceed with the sale of the equity package of the companies created for each of the hydroelectric power plants of the Comahue region.

On August 20, 2025, Resolution No. 1200 of the Ministry of Economy was published, which initiated the sale of the equity package of the hydroelectric power plants (i) Alicurá Hidroeléctrica Argentina S.A., (ii) El Chocón Hidroeléctrica Argentina S.A., (iii) Cerros Colorados Hidroeléctrica Argentina S.A., and (iv) Piedra del Águila Hidroeléctrica Argentina S.A., and approved the Terms and Conditions of the Tender.

b) Secretariat of Energy Resolutions No. 603/2024, No. 27/2025, No. 113/2025, No. 143/2025, No. 177/2025, No. 227/2025, No. 280/2025, No. 331/2025, No. 356/2025 and No. 381/2025

Throughout 2025, the remuneration values for power and energy of generation not committed under contracts were updated on a monthly basis, in accordance with various resolutions issued by the Secretariat of Energy.

In this regard, on December 27, 2024, Resolution SE No. 603/2024 was published in the Official Gazette, which updated the remuneration values by replacing Annexes I to V of Resolution No. 387/2024 and establishing a 4% increase effective as of January 1, 2025. Subsequently, through Resolutions No. 27/2025, No. 113/2025, No. 143/2025, No. 177/2025, No. 227/2025, No. 280/2025, No. 331/2025, No. 356/2025 and No. 381/2025 of the Secretariat of Energy, the corresponding remuneration values were updated monthly by 4%, 1.5%, 1.5%, 2%, 1.5%, 1%, 0.4%, 0.5% and 0.5%, respectively.

The increases established by Resolutions No. 143/2025, No. 177/2025, No. 227/2025, No. 356/2025 and No. 381/2025 were not applicable to certain hydroelectric plants, among which is included the Piedra del Águila hydroelectric plant.

c) Secretariat of Energy Resolution No. 21/2025

On January 28, 2025, Secretariat of Energy Resolution No. 21/2025 was published in the Official Gazette, establishing that new conventional energy generation projects, commercially commissioned as of January 1, 2025, may enter into supply contracts in the Term Market with Large Users and Distributors. Additionally, Secretariat of Energy Resolution No. 354/2020 was repealed, modifying certain considerations of the GasAr Plan and the priorities for natural gas consumption in the Wholesale Electricity Market. It was also established that as of March 1, 2025, generators selling their energy in the Spot Market may purchase their fuel, which will be recognized by CAMMESA according to the variable production cost declared and recognized by the generator. The cost of unserved energy in the MEM was also set, with a maximum value of 1,500 USD/MWh when it exceeds 10% of the system demand. Finally, the Energía Plus Program was repealed, with existing contracts remaining in effect until their termination.

d) Secretariat of Energy Resolution No. 67/2025

On February 17, 2025, Secretariat of Energy Resolution No. 67/2025 was published in the Official Gazette, through which the National and International Open Call “Almacenamiento AlmaGBA” was authorized, with the purpose of entering into energy storage generation contracts with MEM distributor agents Edenor and Edesur, and with CAMMESA as the last-resort payment guarantor, in accordance with the bidding terms and conditions approved by this resolution.

This new energy storage system will allow coverage of short-duration capacity requirements and provide fast-response reserve services, as evidenced by battery energy storage systems (“Battery Energy Storage Systems”).

On July 15, 2025, the submission of bids took place. The Group submitted a 150 MW project at the Nuevo Puerto power plant and a 55 MW project at the Costanera power plant. Both projects were awarded to the Group on September 1, 2025.

e) Decree No. 450/2025

On July 7, 2025, Decree No. 450/2025 was published in the Official Gazette, through which the National Executive Branch approved adjustments and amendments to Electricity Laws No. 15,336 and No. 24,065, which constitute the Electricity Regulatory Framework, based on the delegation provided under the Bases Law (see Note 13).

In this regard, the National Executive Branch emphasized that the delegation bases aim to recover the objective of reducing the intervention of the National Government in the pricing and contracting system, in order to provide greater freedom to private actors and provide greater legal certainty to ensure long-term supply. Additionally, the federal electricity regime is consolidated, preserving the supremacy of the national regulatory framework over local provisions, so as not to hinder the free circulation of electricity.

Accordingly, Decree No. 450/2025 established a 24-month transition period for the modification of regulations and complementary standards as necessary, during which the Secretariat of Energy was to undertake all necessary actions to ensure a gradual, orderly, and predictable transition toward the objectives established in Article 2 of Law No. 24,065 and the full implementation of said law and its regulations.
Furthermore, it was established that during the transition period, the Secretariat of Energy would issue the necessary regulations for its implementation.

f) Secretariat of Energy Resolution No. 400/2025

On October 20, 2025, Resolution No. 400/2025 of the Energy Secretariat was published in the Official Gazette, through which the “Rules for the Normalization of MEM and its Progressive Adaptation” were approved, which implement the modifications to MEM regulations established by Decree No. 450/2025, with application as from November 1, 2025.

The central objective of these rules is to reformulate the MEM to establish a price system based on marginal costs, decentralize fuel management, and allow demand to contract its supply through the Term Market (Mercado a Término – MAT).

The Resolution No. 400/2025, among its main points, establishes the following:

a. Fuel Management:

b. Remuneration of Spot Generation:

Hourly Remuneration Price = CVP + Adapted Marginal Rent (RMA), where RMA = (Hourly Marginal Cost × Loss Factor – CVP) × Adapted Rent Factor (FRA).

The FRA is the percentage of the marginal rent that is remunerated; it gradually increases for existing thermal, hydroelectric, and renewable generation (i.e., prior to 2025) from 0.15 in 2025 to 0.35 in 2028, while for New Generation and those incorporating firm NG transport, the FRA equals 1 (full access to rent).

c. Remuneration of Power:

d. Demand Allocation and Prices:

e. Term Market (MAT):

2.        Basis of preparation of the consolidated financial statements

2.1. Professional accounting standards applied

The Group prepares its condensed consolidated financial statements in accordance with the regulations in force of the Argentine Securities Commission (“CNV”) set forth in Chapter III, Title IV of the CNV Regulations (N.T. 2013 as amended). Under Article 1 of this section of the Regulations, issuers of marketable securities must present their condensed consolidated financial statements applying Technical Resolution 26 of the Argentine Federation of Professional Councils in Economic Sciences (“FACPCE”), which provides for the application of the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”), together with its amendments and IFRS adoption circulars that FACPCE may establish in accordance with such Technical Resolution. In particular, interim condensed financial statements must apply the International Accounting Standard 34 (“IAS”) “Interim Financial Reporting”.

2.2. Basis of presentation and consolidation

These condensed consolidated financial statements for the nine-month period ended September 30, 2025 have been prepared applying the financial information framework prescribed by the CNV as mentioned in note 2.1.

In preparing these condensed consolidated financial statements, the Group has applied the main accounting policies and the significant accounting judgments, estimates and assumptions described in notes 2.3 and 2.4 to the financial statements for the year ended December 31, 2024, already issued.

These condensed consolidated financial statements contain all the necessary information for a proper understanding by users of the relevant facts and transactions that occurred after the issuance of the last annual financial statements for the year ended December 31, 2024 and up to the date of issuance of these interim condensed consolidated financial statements. However, these condensed consolidated financial statements include neither all the information nor the disclosures required for the annual financial statements prepared in accordance with IAS 1 (Presentation of financial statements). Therefore, these condensed consolidated financial statements must be read together with the annual financial statements for the year ended December 31, 2024.

The Group’s consolidated financial statements are presented in Argentine pesos, which is the Group’s functional currency, and all values have been rounded to the nearest thousand (ARS 000), except when otherwise indicated.

2.2.1. Measuring unit

The interim condensed consolidated financial statements as of September 30, 2025, including comparative figures for the previous fiscal year, have been restated to consider the changes in the general purchasing power of the functional currency of the Company (Argentine peso) pursuant to IAS 29 and General Resolution No. 777/2018 of the Argentine Securities Commission, without this affecting the decisions taken based on the financial information for such period. Consequently, the financial statements are expressed in the current unit of measurement at the end of the reporting period.

The effects of the application of IAS 29 are disclosed in Note 2.2.2 to the consolidated financial statements for the year ended December 31, 2024, already issued.

Considering the mentioned index, the inflation was 21.97% and 101.58% for the nine-month periods ended September 30, 2025 and 2024, respectively.

2.3. Changes in significant accounting policies

New standards and interpretations adopted

Starting from the fiscal year beginning on January 1, 2025, the Group has applied for the first time certain new and/or amended standards and interpretations as issued by the IASB.

Below is a brief description of the new and/or amended standards and interpretations adopted by the Group and their impact on these consolidated financial statements:

Lack of exchangeability - Amendments to IAS 21

The amendments specify how an entity must assess whether a currency is exchangeable and how it must determine a spot exchange rate when exchangeability is lacking. The amendments also require the disclosure of information that enables users of the financial statements to understand how the lack of exchangeability of a currency affects, or is expected to affect, the entity’s financial performance, financial position, and cash flows.

The amendments are effective for annual reporting periods beginning on or after January 1, 2025. When applying the amendments, entities are not permitted to restate comparative information.

These amendments have not had a significant impact on the Group’s consolidated financial statements.

3.        Operating segments

The following table provides summary information about the operating segments for the nine-month periods ended September 30, 2025 and 2024:

4.        Revenues

5. Other income and expenses

5.1. Other operating income

5.2. Other operating expenses

5.3. Finance income

5.4. Finance expenses

6. Income tax

The main components of income tax for the nine-month periods ended September 30, 2025 and 2024, are as follows:

Consolidated statement of income and comprehensive income

The reconciliation between income tax in the consolidated statement of income and the accounting income multiplied by the applicable tax rate for the nine-month periods ended September 30, 2025 and 2024 is as follows: