Good morning, ladies and gentlemen. Welcome to Central Puerto's First Quarter of 2025 Earnings Conference Call. A slide presentation is accompanying today's webcast, and will also be available on the Investors section of the company's website, www.centralpuerto.com/en/investors. All participants will be in a listen-only mode during the presentation. After that there will be an opportunity for you 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 www.centralpuerto.com. In addition, a replay of today's call will be available in upcoming days, by accessing the webcast link at the same section of the Central Puerto's website. Before we proceed, please be aware that all financial figures were prepared in accordance with IFRS and were 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 reported by the Central Bank for US dollars for the end of each period. The information presented in U.S. dollars is for the convenience of the reader only and you should not consider these translations to be representations that the Argentine pesos amount actually represents this US dollars amount or could be converted into US dollars at the rate indicated. Finally, it is worth noting that the financial statements for the first quarter ended on March 31, 2025, include the effects of the inflation adjustment. Also, please take into consideration that certain statements made by the company during this conference call and answer to your questions may include forward-looking statements, which are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by industry remarks. Thus, we refer you to the forward-looking statement sections of our earnings release and recent filings with the SEC. Central Puerto assumes no obligation to update forward-looking statements except as required under applicable securities laws. To follow the discussion better, please download the webcast presentation available on the company's website. Please be aware that some of the numbers mentioned during the call may be rounded to simplify the discussion. On the call today from Central Puerto is Fernando Bonnet; Chief Executive Officer, Enrique Terraneo, Chief Financial Officer, and Alejandro Diaz Lopez, Head of Corporate Finance and Investor Relations Officer. And now, I will turn the call over to Alejandro Diaz Lopez. Please Alejandro, you may begin.

Thank you very much, and good morning everybody. Thank you for joining us today on a new session of earnings presentation, where we are going to discuss our financial results for the first quarter of 2025. As usually, I will begin the presentation by addressing shortly the main figures of the quarter, followed by a quick update of the regulatory framework, and relevant news. Then I will show an overview of the Argentine electricity industry, moving afterwards to our operational and financial results. Finally, at the end of the presentation, we will be happy to address any question you may have. Before going into a more exhaustive analysis of our financial and operational results, let me briefly review Central Puerto's main figures for the first quarter of 2025. The Group's installed capacity remains at 6,703 megawatts and energy generation amounted to 5.7 terawatt hour, during the first quarter of 2025, increasing 4% year-over-year. Regarding our financial results, it should be noted that due to Central Puerto's accounting methodology, all items in pesos must be adjusted for inflation to the end of the quarter, local currency. While the company reports it results in dollars by converting them at the end of the period official exchange rate, I mean the so called Central Bank a 3,500 exchange rate. This causes a non-cash impact that affects positively or negatively as appropriate our financial metrics, and affects the comparability. Revenues for the first quarter of 2025, amounted to $196 million increasing 31% year-over-year, compared to the first quarter of 2024, while adjusted EBITDA rose 8% year-over-year for the first quarter of 2025 to $90 million. Net income for the first three months of 2025, was positive in $80 million rising 150% year-over-year. Finally, net debt as of March 31 of 2025, amounted to $132…

Thank you very much for the presentation. [Operator Instructions] Our first question comes from Martin Arancet with Balanz Capital.

Well, thank you for the presentation. As always, I have three questions. I would like to run them one-by-one, if that's okay. My first question is regarding the possible hydro auction that is coming soon. I don't know if did Secretary here or CAMMESA disclosed the possible pricing conditions? Or if you have any guesses on pricing? Because on one hand, we understand that the government wants to be - as free as possible in terms of a free market. But at the same time, hydro, low pricing is what is keeping - is pushing down tariffs for regulated consumers. So I think that there is a trade-off there that I don't know how the government is going to tackle that. And also regarding the same subject, we have seen other companies interested in participating in the auction. I don't know if you expect a lot of competition? Thanks.

Okay. This is the first one. Thank you, Martin for your interest and your questions. Yes. As you mentioned, in terms of pricing, we don't have a confirmation about the pricing yet, because it's not - the auction is being delayed, or the process - process is being delayed, the government want to agree some scheme with the two provinces that - where the hydros are places, and the process is being delayed a few days. I don't know when they are planning to be made public, the conditions of the auction. But, as you mentioned, we hear the same points that you see, which is if they increase the price - the actual price of the remuneration, of course, it will impact on the tariff at the end. And on the other hand, they want to go to a free market sooner or later. So, the thing that we hear about is, they are planning to establish a pricing similar more, or less that we have right now. But in a transition scheme in, which we can sell some portion of the generation to a private - in the private contracts. Starting with the 5% of the generation of the hydros. And then going to, I think, 5% each - or 10% additionally each two years, and then reach 50% and so on. So they are thinking in that mix, between a fixed price similar or in the - perhaps a little bit higher than we have right now. But then a transition to a private contract scheme, increasing percentage every two years, to reach perhaps 100% of the 10 years after. So that is the idea that they are thinking on, but it's not public yet. So it's only things that we hear.

Okay. And just as a follow-up on that. I probably a point to be careful there is the time of the guarantees, right? I don't know if have you been talking about possible guarantees that this 5% is going to increase gradually, and that is going to be respected, or something like that?

Yes. We don't talk about that guarantees. They are thinking to establish that - in the auction, but they will not - they are not talking about any additional guarantee. That is something that we need to consider at the moment of setting prices.

Yes, sure. Sorry, just the last point. Regarding competition, I don't know if you are seeing a lot of interest in the auction?

For sure, the hydros are very efficient equipment. Also, they have - you need to have some experience to operate it. So I think the people with experience, the ones that have the concession, or even kind of know the hydros being operating here, of course, will be possible competition. We hear for another generator big generators in Argentina that they're going to see it. For now, we are not here any external, or foreign companies, but depending on the conditions. As the one point that you mentioned is guarantees, well our international companies need some perhaps additional guarantees or certainties. But for sure, the local - the big locals, we're going to see the auction and perhaps have some interest in participating, yes.

Okay. Thank you. Then my second question, sorry if you already mentioned this, but I was wondering if you could give us some additional color on why, did we see lower availability in Brigadier López in the first quarter. If you expect this to continue this year, or it should be solved, or if it's something related to the construction of the close cycle?

No, no, no. It was not related to the construction. The Brigadier López have a big maintenance we want to - the gas turbine be ready for the combined cycle, and we made a big maintenance there. So we have - I don't remember exactly the date, but more than about 40 days in maintenance, and we have that done. So we don't expect additional perhaps an availability from Brigadier López, and we expect that enter in a combined cycle at the end of the year, with full dispatch and full speed. So we don't see additional maintenance coming in the next years for Brigadier López.

Okay. Thanks. And my last question then regarding the utilization of the market. I was wondering what - do you think or what is your point of view regarding the schedule, if you think that it is possible to have this fully implemented by year-end? Or if you think that is probably too optimistic and since it's a big change, I think that while it could have some - it could present some issues at the time of implementation?

We think that they're going to move forward in the stages, like not everything at the same time. So we are - as Alejandro mentioned, we are seeing some deregulation in terms of fuel, especially in liquid fuels that we can acquire, and we can buy, buy by ourselves and CAMMESA is like giving a space there for us. In terms of natural gas, which is the main fuel that we use. We need to wait and for the full liberalization there. We need to wait until the ending of the Plan Gas, because CAMMESA with the Plan Gas contracts until 2028, are the main buyers. So there is a small room for us to buy, when they have that contract and they require a reduction in that price, to buy if we want to buy, and you only have a spot volumes, so it's not easy for us to start moving forward there. So if you don't have a liberalization of the natural gas, it's difficult to deregulate all the - legacy market. If we cannot buy the gas, it's very difficult to sign a contract for the legacy equipment. But on the other hand, they are willing to move forward, as I mentioned, in liquid fuels, gives us space for perhaps a new capacity that we can sign contracts directly with the demand. We are seeing some additional moving forward - some signals to moving forward to contract with the distribution companies in all related to this new auction of - batteries that they're willing to set contracts between generators and distribution companies. So that is a good sign to move forward, but we are not seeing perhaps a completely turnover in the free market at once. We are seeing some improvements and some deregulation, perhaps schemes, but not in one shot.

Okay. Very clear. Well, I have one additional question, but I don't want to catch all your attention. So I will wait until the end of the call if anyone else wants to make a question.

Okay.

Thanks.

[Operator Instructions].

Okay. If there is no more question, Martin, you can answer your last one.

Sorry yes. Thank you. Just last one question. Regarding your projects, I mean, you are moving forward with Brigadier López, San Carlos. And I understand that you have intention to participate, well, if we have a new formal auction, the battery auction and also the hydro auction. But I guess that all of them are somehow uncertain. We are now the pricing yet and the conditions. And if you're going to get awarded on everything. So I was wondering if you are targeting possibly other projects beyond those probably this year.

As you mentioned, we are - the one that you mentioned are the most important one for us. So that are the most important. But also, we are developing some wind farm in the -- in Bahía Blanca city, perhaps the starting of the construction of that project is the end of the year, or perhaps the beginning of the next one. But for this year, we - the ones that you mentioned are the bigger ones. We're also looking for opportunities in solar and wind, but nothing certainly yet. So the ones that you mentioned are the bigger ones, yes, the most relevant.

Okay, that's all. Thank you very much.

Thank you.

This concludes the question-and-answer session. I would like to turn the conference back over to Mr. Fernando Bonnet for any closing remarks.

Thank you 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.

Central Puerto's conference call is now closed.