Empresa Distribuidora Y Comercializadora Norte S.A.

Investor Relations Deputy Manager at Edenor. On behalf of Edenor, we would like to thank everybody for participating in this conference call to discuss the results of the fourth quarter that ended in December 31, 2025. We will also have an important recent development and advances in our efforts to express our positions as an energy leader. If you would like to receive our early release or presentation, You can land them easily from the investor relations sections of our website located at www.edenor.com or contact our investor relations team to request the documents. This event is being recorded. After the company remarks are completed, there will be a question and answer section for which you may submit questions through the webcast chat. Before proceeding, let me mention that forward-looking statements are based on the belief and assumptions of the DENOR management and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events and therefore depends on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions, and other operating factors could also affect the future results of Edenor and could cause results to differ materially from those expressed in such forward-looking statements. Now, let me pass the poll to Germán Ralph, our CFO, who will guide us through the presentation.

Thank you, Lucila. Good morning and welcome to everyone. Your presence here is very important to us and we hope to provide you with a good understanding of Adenor performance during the fourth quarter of 2025. Highlights and regulatory framework. Before moving to the discussion of details of our financial performance during the fourth quarter of 2025, I would like to take a few minutes to highlight that Adenor has demonstrated a major improvement in results over the last several years. and many others, led by a restoration and healthy regulatory environment and substantial improvement economic situation in Argentina. These factors, combined with our focus on continuous operational improvements and modernization of the network, have positioned the company well to take advantage of a highly attractive growth opportunity in Argentina. I think it's appropriate to summarize the main key milestones of 2025. January 2025. Illinois submitted a new tariff proposal to the regulatory entity to be evaluated in a public hearing. February of 2025. The regulatory entity held a public hearing to define electricity distribution tariffs for the next five years, 2025 to 2030. April of 2025. There has been approved the five-year tariff review that includes an automatic adjustment of 0.42% plus an inflation adjustment considering the consumer price index of 33% and wholesale price index of 67%. This adjustment is being applied automatically on a monthly basis since April of 2025. May of 2025. Debt regularization with CAMESA is being paid through payment plans in 72 and 75 monthly installments. October of 2025. El Norte filed a claim of regulatory assets calculated by independent third parties. The Secretary of Energy is already analyzing the company's complaint. Between January of 2025 to December of 2025, the 12-month tariff had increased 37% versus the consumer price index of 32% and versus 41% of the foreign exchange depreciation. Monthly average tariff increased of 3.1% since August of 2024. December of 2025, the regulatory entity authorized the company to modify the frequency of meters readings from bimonthly to monthly, with an important impact during the first quarter of 2026. January of 2026 to March of 2026, automatic monthly adjustments continued to be applied. On March of 2026, there has been a 2.5% increase in the value-added amount. The normalization of the target, including the effects of the reduction of subsidies, was clearly reflected in Edron's financial indicators, with an 11% raise in full-year sales and a 110% raise in EBITDA for all of the 2025 revenues increased 11%. An Evita increase of 110% resulting of 572 billion pesos. We believe that these events have positioned the company to be more dynamic with more favorable financing results going forward. This will also enable us to continue our strong investment program and further improve our services. The normalization of tariffs did not impact our collectability, which consistently remains high, being 95.75% for the 2025 period. Financing results. Revenues. In the fourth quarter of 2025, rose 4% in real terms to 680 billion pesos, versus 706 billion pesos by the prior year. This was mainly due to the tariff normalization as explained earlier. Energy sales evolution. Eleanor customer base at the fourth quarter of 2025 reached 3.39 million clients, up 1% versus the fourth quarter of 2024. This raise was mainly due to an increase in residential and medium-sized commercial clients. The race was helped by market disciplinary measures, including the installation of 3,729 energy meters in the fourth quarter of 2025, which are designed to convert informal and unreported connections into fully transparent connections in the electricity distribution system. Full-year energy sales for 2025, as we said, rose 1% year-to-year to 22,952 GW, In the fourth quarter, energy sales volume increased 3.94% to 5,379 GB, led by the higher demand from residential customers and small commercial clients. Distribution Margin. For 2025, our distribution margin rose 9% to 1,253. 253 billion pesos, mainly due to an increase in tariff, higher demand and higher energy purchase cost. In the fourth quarter, the distribution margin was 320 billion pesos, 11% higher than the 289 billion pesos in the fourth quarter of 2024. Evita. Looking at Evita, the total accumulated Evita for the 2025 rose 110% to 572 billion pesos. For the fourth quarter of 2026, Evita rose 28% to 97.5 billion pesos and improved from the 76 billion pesos registered in the fourth quarter of 2024. This includes the gain of 219 billion pesos for the full year due to the positive effect of the regularization agreement with CAMESA for the outstanding balance. Not including the CAMESA gain, EBITDA was 354 billion pesos, still up very strong, more than 30%. The improvement was due to higher revenues as a result of the five-year tariff review includes the 320% increase adjustment that we received in February and all the monthly adjustments that we received with an average of 3.1%. Energy purchase costs for the full year rose 13% due to reduction in subsidies, which established limits of 250 kW in N3 and 350 kW in N2. I would also like to highlight our efforts to manage cost, where we saw important improvements and changes, which made an important contribution to the rise of EBITDA. Personal cost declined 6% for the full year of 2025 due to efforts to bring in new talents and optimize our workforce. Contractual costs threw up 14% for the full year were down 23% in the fourth quarter due to the increase of the use of leveraging of artificial intelligence in our expansion of digital customers interaction channels. This enabled us to close three commercial offices and we hope to be able to close all the remaining offices in the near future. We also are negotiating rental, maintenance and service contract suppliers. At the same time, IT related expenses have seen some increase due to the effect of the SAP for HANA implementation. Material costs were down 81% in fourth quarter of 2025 and 27% for the full year. Help by reduced material consumption and improved inventory efficiencies. Lower inventory needs to be lifted of import restrictions and reduce vehicle maintenance costs due to acquisition of electric and new vehicles. Penalties also shown a notable improvement, down 66% for the full year and 6% in the fourth quarter of 2025 because of the change by the regulatory entity in how penalties are valued, resulting in a net positive adjustment. Net Financial Expenses Net financial expenses of 377 billion pesos for 2025 were down 38% versus the prior year, helped by lower financial expenses, mainly driven by reduction in outstanding debt and lower interest expenses related to CAMESA. Net Results On the net income line, Edenor posed a net profit of 46 billion pesos compared to a loss of 21 billion pesos in the fourth quarter of 2024. The difference is mainly due to the positive effect of the tariff adjustments and a higher accounting gain related to inflation adjustments. CapEx For the full year of 2025 we invested 395 billion pesos. Total investment in 2025 was higher than expected because some projects were moved forward from 2026. For the fourth quarter investment total 103 billion pesos. Our outstanding spending reflects our firm commitment to improve service quality, which is reflected in its significant improvement in our main operating indicators. We highlight our key projects that are underway, including the expansion of Zapalorto substation, the new 332 kW Zapalorto Merlo Electroduct, A new step-down transformer in Puerto de Lagos and a new substation in the Buenos Aires sub-suburb of Martinez. We are also planning additional projects for 2026, including replacement of newer substation with the new facilities and the interconnection of the Colegiales substation. Both planned for April of next year. Also, we are planning a new substation in Moreno and an expansion of the Bancalari substation late in the year. We also continue to work to transform our network in a smart network by installing an increasing number of remote control points, tele-supervision points, as well as smart meters. These allow us to quickly resolve problems that raise in the network remotely, which we do by isolating any part of the system experience a service problem and re-establish the service very quickly. We can very often do this without sending Team Physically 2D Locations, which can enable the service to be reestablished within a few minutes. Operating Indicators Now let's look at a few of the key operating indicators. Energy Losses Our energy losses for the 12 months were 15.69%, up a bit from 15.18% at the end of September 2025. but below the 19.9% registered in 2019. Reducing energy losses is a top priority and our multidisciplinary teams are working constantly to find innovation ways to combat energy losses. These efforts are completely complemented by our market discipline initiatives that are aimed Quality of Service As mentioned earlier, our investment plan is continuing to contribute to improvements in our service quality by reducing the duration and frequency of outages, which have been a downward path since 2017. These levels are and have been comfortably exceeding the levels required by the regulator. For the fourth quarter, the CIDI and CIFI service quality indicators show continuous strong performance at 6.91 hours and 2.96 average outages per client. At the record low levels, and down 75 and 67% respectively compared to 2017 levels. This recovery in services mainly due to the strong and consistent levels of investment that the company has been made for the last nine years. Investment have been focused on implementing improvements in operation processes and adoption of technology applied to operations and management of the network. Financial debt In 2025, in November, we raised $201 million in the Class VII corporate bond additional. This brought our total debt outstanding, including notes plus loans, as of December 31, 2025, of $782 million. Net debt was $657 million. In February of 2026, we issued an additional $90 million in Class VII. And on March 2, we fully prepaid senior notes Class VIII by approximately $80 million. A key positive over the last few years, which continues in 2026, has been improved in our debt ratings in recent years. With the improvement in our risk profile due to important changes in the regulatory front, as I mentioned before, Standard & Poor's raises local scale rating from BBB- to A+, with a stable outlook. Since September of 2024, credit ratings agents have upgraded both national and global ratings by an average of four to five notches. Final remarks. We remain highly optimistic about our future. Results have benefited significantly from the target normalization and the completion of the five-year target review, with EBITDA rising 110%, Thank you for watching. Thank you very much. Camisa Interestrate. Evenor filed a claim of regulatory asset calculated by independent third parties, and the Secretary of Energy is already analyzing this claim. Our diversified financial strategy has also enabled us to have consistent access to local and international capital markets. Finally, I would like to mention that we remain committed to look For opportunities that take advantage of our enormous changes taking place in Argentina and in the global energy markets. In 2024, the company corporate's purpose was amended to provide greater flexibility and to capture opportunities related to the energy transition and electrification of the economy. With this now, we would like to open the call for questions. To ask the questions, please send a written message to IR Eleanor through the questions and answers menu. Identify yourself and stating that you have a question. We thank you again for your support and your engagement as shareholder and bondholder.

There is a question from Andres Signigliano from Balance. Could you tell us how much do you estimate your CapEx expense will be during 2026?

For 2025 we invested a total of 395 billion pesos or 263 million dollars. This was higher than what we have expected, given that some spending for 2026 has moved to Thank you for your attention. Thank you for participating in our quarterly conference call and please do not hesitate in contact us or our investor relations department for any further inquiries you may have. Good morning to all of you and have a nice day.