YPF Energía Eléctrica SA (YPF Luz), one of Argentina’s leading energy generation companies, announced strong financial results for the third quarter of 2025 (Q3 2025). Expansion of renewable energy capacity and good performance in the heat sector.
The company’s total revenue amounted to $183.1 million, which is a significant amount. 28.8% increase compared to the same period last year. In line with this positive trend, adjusted EBITDA amounted to USD 106.8 million, an increase of 8.5% year-on-year.
The main driver of growth was in the clean energy sector. EBITDA generated by renewable assets amounted to USD 37.4 million, an increase of 44.3% year-on-year. This leap forward is mainly explained by the increased availability of the Los Telos wind farm, as well as the introduction of the new General Revare wind farm, which completed commercial operation at the end of 2024.
YPF Luz’s total installed capacity increased by 3% compared to last year, totaling 3,397MW. This is a milestone primarily described by General Lebarre. And generationally, Renewable energy production increased by 19.1% in Q3 2025.
As a result, in the third quarter of 2025, the company free cash flow Solid cash generation from operating activities is largely due to Investment plans, regular interest payments and dividend payments to a minority shareholder.
Financial debt as of September 30th Total consolidated net debt is USD 751.8 million$671 million in the same quarter in 2024, driven by the company’s growth strategy, which includes two renewable projects under construction. Despite the increase in net debt, the net leverage ratio improved from 1.92x to 1.83x year over year.
YPF Luz towards 1Gw capacity
Total investments in the third quarter were USD 52.7 million, an increase of 50.6% compared to 3Q24, allocated to projects under construction. Cementos Avellaneda Wind Farm and El Quemado Solar Park.
In August 2025, we achieved a strategic milestone by winning a 90 MW battery energy storage (BESS) project through our subsidiary. Central Dock South. This system aims to strengthen the reliability of electricity supply in the Buenos Aires metropolitan area.
This performance consists of a complete panorama of Argentina’s electricity sector. total electricity demand In the third quarter of 2025, there was a slight decrease of 1.1% compared to the previous year. However, the installed capacity of domestic renewable energy is Significant growth of 16% compared to 3Q24Non-conventional renewable energy accounts for 19% of total electricity generation.
The market share of YPF Luz is Energy sold at the meter totaled 24% in Q3 2025was slightly below 25% compared to the same period last year, mainly due to the market entry of new renewable projects. Nevertheless, YPF Luz maintains its leading position in the private renewable PPA segment; 1st market share.
Project in final stages
YPF Luz is accelerating the pace of construction of new clean power generation capacity with a total investment of USD 290 million to add 368 MW of wind and solar power to Argentina’s interconnected system. Recent reports have confirmed that two projects in the provinces of Buenos Aires and Mendoza are facing difficulties. Physical progress of 75% or morethe operational start date will be between the first and second quarters of 2026.
The Cementos Avellaneda wind farm has an installed capacity of 63 MW, a capital investment of US$80 million, and is nearly 91% complete. Showing the final stage of development. The company reported that major civil works and wind turbine assembly have been fully completed and the equipment is already 100% installed.
In terms of electricity, the park is just waiting Grid interconnection construction At the Carrera Avellaneda substation (ET). These tasks, which focus on bus adaptation, are critical to the final connection of the project to the 132KV network and enable commercial deployment in the civilian or metered market.
In the case of El Quemado, it has been integrated as the largest project; 305 MW capacity and USD 210 million investment. With a physical progress of around 75%, the solar farm has shown significant progress in component installation, with over 230,000 panels and 3,200 solar trackers already assembled.
Work is currently concentrated on the interconnection substation (for the Cruz de Piedra-San Juan high-voltage line), where the assembly of the first 100MW 33/220KV transformer has been completed and the assembly of shore equipment, which is expected to be commissioned early, has begun.
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