Good morning ladies and gentlemen. Welcome to Central Puerto's Second Quarter 2023 Earnings Webcast. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, 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 www.centralpuerto.com. In addition, a replay of today's call may be accessed 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 are stated in Argentine pesos, unless otherwise noted. It is worth noting that the financial statements for the second quarter ended on June 30, 2023, include the effects of the inflation adjustment. Accordingly, the financial figures mentioned during the call, including the data from previous periods and the growth comparisons, have been stated in terms of Argentine pesos at the end of the reporting period. Also, please take into consideration that certain statements made by the company during this conference call and answers 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 statements section 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 Pablo Calderone, Corporate Finance and Investor Relations Manager. And now I will turn the call over to Pablo Calderone. Please, Pablo, you may begin.

Thank you very much and good morning to you all. We are joining you today with our management team from Buenos Aires, Argentina to comment on our results of the second quarter of 2023. Taking a moment of your attention to review today's agenda, I would like to begin the presentation by addressing the latest development of the company during the period, then move on to analyze the evolution of the Argentine energy sector in the quarter, and finally, delve into Central Puerto's operating and financial results. At the close of my presentation, we will be happy to address any questions that you may have. To begin with, and in line with our strategy to increase our environmental performance and contribute to the global decarbonization goals on May 3, 2023, Proener, one of our subsidiaries acquired 100% of the capital stock and votes of the forestry companies Empresas Verdes Argentina, Las Misiones and Estancia Celina S.A., which contributed a total of 88,000 hectares geographically located in the center of the province of Corrientes, of which approximately 36,000 hectares are productive and 26,000 on credit accounts with plantations. Following the recent acquisition of Central Costanera and in order to comply with the provision of the capital market law and the CMV rules on March 17, 2023, Proener promoted the tender offer to all the holders of voting shares of Central Costanera. The tender offer was opened from May 30 until June 12, 2023. And the notice of results was published on the following day, June 13, 2023, maybe on which it was informed by over 65,000 shares of the company participated in the tender offer. Consequently, Proener’s shareholder in the company represents now 75.69% of the company’s capital stock. The shares of those holders of Central Costanera that did not participate…

We will now begin the question-and-answer session. [Operator Instructions] And the first question comes from Martín Arancet from Balanz Capital. Martín, your line is live. Please go ahead. Martín Arancet: Hi. Well, first thank you for the materials as always and for taking my questions. I have five questions, sorry for the extent. I will try to be quick. I would like to run them one by one if that’s okay. My first question is regarding the Piedra del Águila concession. The government gave an extension on the concession of hydro assets, so it could be the next government, the one that determines the future of those assets. Do you think it is taking decision to move those plants to government control or could we still see any auction or an extension of the current concessions? And what is your estimate of Avda per year in Piedra del Águila?

Okay. Hi, Martin. Thank you for your interest and your questions. Regarding Piedra del Águila, as you say this government – the former government established an exchange – an extension of the concession in our case that extension have two phases, 60 days first and another 60 days coming after. And that will give our end of concession or put our end of concession in February or April next year. So as you mentioned, the government that will analyze the extension or not extension will be a new government. And for the – for what we have been talking with different, of course, we need to know who will be the new government. Since yesterday it seems not so clear who will be the new government. But we have been talking with different reference from the candidates and the perception that we have is that they need to analyze in detail. They don’t have an answer yet about what to do with this concession. But they need to answer to analyze that and deeply in indeed that not take a decision like the transfer to an OSA or to move statization process without analysis and taking in the consideration all the claims, that the concession – the actual concessioners have and the relation with the province. And the other thing is the investment that these concessions need to have to extend another 30 years of operation. So in any case that we have been talking with the different reference of the opposition, we talk about taking this extension of one year that the concession has in – as a possibility not only two months or three months that the one that this government took. But taking this year of extension to analyze indeed all the aspects, so we are confident that we can have that extension and then start talking how to proceed with this concession in the near future. So we are optimistic that we have – we will have the opportunity to discuss that indeed with the next government. And the Avda – sorry, and the Avda that you mentioned you asked is around – that’s the pending because it’s in peso, so with the new devaluation we need to recheck, but it’s around $30 million per year. Martín Arancet: Very clear. Thank you. My second question then regarding results this quarter. Revenue increased quarter-over-quarter probably partially due to the acquisition of Central Costanera, but results were affected by an increase in OpEx that more time compensated the additional revenue. Could you give us some color on the additional OpEx if it was related to Costanera? And what are your expectations of getting to more normalized levels?

Yes. No. Yes, it’s affected by not only Costanera, it’s affected by the big maintenance that we are doing in our combined cycles, especially in our combined cycles of cogeneration. In fact, our cogeneration of Lujan de Cuyo that we perform a big maintenance there. We are performing a big maintenance also in September in the Costanera combined cycle. And we are having an extraordinary maintenance in the small combined cycle of Costanera is Buenos Aires combined cycle, Siemens combined cycle is a small one that suffered a failure extraordinary failure in March. So we are having a big maintenance of our units, Costanera and Lujan de Cuyo plant, that are the reason of the increase that you see in the OpEx. Martín Arancet: Okay. So in the maintenance of September, we could see increased OpEx also next quarter and probably going back to normalized levels by the year-end?

Yes. Yes, you will see some increasement, but we are being paying this big maintenance since or we and ENEL previously since the September or October last year, so we are paying in advance. So you will see an increase on CapEx but not the cash flow because we are – have been paying most of the cash of the CapEx in advance. Martín Arancet: Okay. Perfect. Thanks. My third question then the government just devalued the official effects by more than 20%, as you just mentioned. Do you expect CAMMESA payments days to be the main tool that government could use to cushion the blow on the increased subsidy view?

I don’t know really. I don’t know. And in fact, CAMMESA was reducing the delays that we suffer in May and June, for example, we have a delay there of 60 days. And right now, we are in 30 days – around 30 days of delay in payments from CAMMESA. And also the government as you say, the devaluation impacts of course, because the cost of fuel and some contracts that are setting dollars. But in the other hand, the government increased the tariff or apply the full increase in the segmentation itself in tariff, that implies an impact of an increase on higher segments of the population. So I don’t know really if we have – we can suffer. The good news is that we are ending the winter period in which the fuel and gas oil that we use increase. And that implies a huge quantity of money for CAMMESA. And we are ending that cold periods and the reduction of the build – of the CAMMESA build are unimportant. So I don’t know. I don’t know. We are not expecting for sure increase in delays more than 60 days. That was the higher that we see on May and June. But we are now, if we can go something like 40 days or 45 days, but not more than that. Martín Arancet: Very clear. Thank you. And you were just talking about this big maintenance. So I want to ask about thermal availability. It came at 71% lower than in the previous quarter. Where do you see availability after this big maintenance works in 2024?

Yes. Well, the 71% is an average. So you have there a different combination of equipment and places. If you see only the combined cycles of Central Puerto’s spill in Costanera, you reach 95% or 96%, which is our normal availability. When you combined with the Costanera combined cycles, the one that I mentioned, the central monocytes combined cycle was affected, so the percentage will reduce to 84%. So whenever we can solve the problem of Buenos Aires, I think the – and Buenos Aires is all combined cycle. So we are suffering some problems of the life of this combined cycle. But on the other hand, the Mitsubishi combined cycle is very reliable. So if you exclude the Central Buenos Aires combined cycle the availability of the combined cycles and relatively new units are very, very good. With Buenos Aires, well we are working to get online. But it's an all combined cycle. So for sure, we'll see some ups and downs with this unit. But not the big ones and Mitsubishi and GE and Siemens combined cycles are very, very reliable. In other hand, the steam turbines especially the Costanera ones have a very – a low available this quarter related to long periods of maintenance related to some problems with the boilers that we are hoping that we can reduce the frame, the timing of these interventions, of this maintenance and the boilers to replace the tubes that get broken. And we expect to see better timing or better performance on that maintenance and reduce the availability for the next quarters. Of course, they are all units, as you know and the same as the steam turbines of Puerto. So the availability is not so high like combined cycles, but we expect to reach similar levels or close to similar levels to steam turbines of Central Puerto, which are around 70%, 75% of availability in terms of steam turbines. So we are confident that we can increase that availability in next quarters. Martín Arancet: Okay. So probably closer to Central Puerto all normalized levels of around 80%, 85%, something like that?

Yes, yes. In average, yes, but you need to – if you separate this better because excluding Buenos Aires combined cycle, the one that Costanera, the small one that I mentioned that is unavailable right now. You will see availability around the – 90% in the owned combined cycles and between 88% and 90% for the combined cycles and for the steam turbines, we are expecting to see something related to 68% to 70% something. That are the numbers that we expect the Central Buenos Aires is more unpredictable, as I mentioned, because it's at the end of the its life and we don't have a full maintenance with Siemens. It's only as reduced target of maintenance because they are not, they are not produce all the parts of this combined cycle. So excluding that combined cycle, we are confident that we can reach good levels of availability. Martín Arancet: Very clear. Thank you. And my last question then, you got additional land for forest. How much EBITDA per year do you expect for that line of business, all the forest together, the one that you already got and this new one?

Well, as I mentioned last quarter, this forest lands are almost cutting the same that they are planting. So the EBITDA right now is close to CEO [ph] is around $2 million or $3 million per year because we are increasing our hectares planted. So we are investing on new hectares planted. But right now is, as I mentioned, is $2 million or $3 million. We expect when we finish this process of planting new hectares, an EBITDA around $10 million, around $10 million and $15 million, between $10 million and $15 million. Martín Arancet: Thank you. That's all in my side.

Yes.

Thank you. [Operator Instructions] And there are no further questions in queue at this time. This does conclude our question-and-answer session. I would now like to turn the conference back over to Mr. Fernando Bonnet for any closing remarks.

Okay. Thank you for your interest on Central Puerto. Have a good day. Bye-bye.

Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.