Empresa Distribuidora Y Comercializadora Norte S.a. Class B · BCBA:EDN
Empresa Distribuidora Y Comercializadora Norte S.a. Class B — Edenor — Q1 2026 Earnings Presentation
26 slides from Empresa Distribuidora Y Comercializadora Norte S.a. Class B's earnings presentation, May 11, 2026
Slide 1: Earnings Presentation First Quarter 2026
EARNINGS PRESENTATION EARNINGS PRESENTATION FIRST QUARTER 2026 May 11, 2026
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking Edenor undertakes no obligation to publicly update In particular, this presentation and the information The material that follows is a information and statements. Forward-looking its forward-looking statements, whether as a result contained herei
Slide 3: Agenda
AGENDA ❖ Highlights & Regulatory Framework ❖ Financial Results ❖ Operating Indicators ❖ Financial Debt ❖ Final Remarks EARNINGS PRESENTATION FIRST QUARTER 2026 3
Slide 4: Highlights & Regulatory Framework
EARNINGS PRESENTATION FIRST QUARTER 2026 01 Highlights & Regulatory Framework
Slide 5: What Changed Since April 2025
WHAT CHANGED SINCE APRIL 2025 First year completed following the implementation of the 2025–2030 tariff review (RQT). Key MilestonesTowards Edenor’s Normalization Revenues (in millions of constant pesos) • Approval of the 5-Year tariff review, including automatic monthly adjustments based on a $846.
Slide 6: New Authorities
NEW AUTHORITIES The new Board of Directors of the National Gas and Electricity Regulatory Agency (ENRGE) has been confirmed PRESIDENT VICE PRESIDENT Néstor MarceloLamgoglia Vicente Serra President of intelligence Energy Solutions. Former Intervener of the ENRE until his appointment Member of the adv
Slide 7: Improved Financial Performance
IMPROVED FINANCIAL PERFORMANCE The normalization of tariffs was reflected in EDENOR’S financial indicators. Revenues (in millions of constant pesos) EBITDA (in millions of constant pesos) $846.740 $846.710 127% $190.579 $83.865 1Q25 1Q26 1Q25 1Q26 CAPEX (in millionsof constant pesos) Collectability
Slide 8: Financial Results
EARNINGS PRESENTATION FIRST QUARTER 2026 02 Financial Results
Slide 9: Revenues
Revenues Revenues (in constant figures) 1Q25 1Q26 846,740 846,720 EARNINGS PRESENTATION FIRST QUARTER 2026 9
Slide 10: Energy Sales Evolution
Energy Number of Customers Evolution In thousands Revenues Breakdown Sales +1.4% Evolution Residential Small Commercial Medium Commercial Industrial Tolling System Others in GWh Demand by type of customer │ YoY EARNINGS PRESENTATION FIRST QUARTER 2026 10
Slide 11: Distribution Margin
Distribution Margin 44,135 In Million pesos (Constant figures) +13 % EARNINGS PRESENTATION FIRST QUARTER 2026 11
Slide 12: Net Financial Results
Net 1Q25 1Q26 Financial Results -23% In Million of pesos -90,625 -70,532 EARNINGS PRESENTATION FIRST QUARTER 2026 12
Slide 13: EBITDA
In million of Pesos EBITDA in constant figures Net operating income 1Q26 134,364 1Q25 30,612 ∆ AR$ 103,752 ∆% 339% Depreciation of property, plant and equipment 56,215 53,253 2,962 6% EBITDA 190,579 83,865 106,714 127% 1Q26 ARS 191 Billion EBITDA 1Q26 ARS 191 Billion +127% • The improvement was due
Slide 14: Net Results
Net Results (In million of pesos – in constant figures) 1Q 26 Revenues Energy Operating Other Op. Distribution Other Op. Operating Income purchases Expenses Net income expense RECPAM Margin Results Net Financial Tax Net Results Results 1Q 25 Energy Revenues Distribution Operating purchases Operating
Slide 15: CAPEX Investments
CAPEX ARS 105,292 M Investments Accumulated as of March: ARS 69.7 billion ARS 69,705M Electrical Investments + 1 New Substations (SE Moreno) Expected in July 2026 System and others + Bancalari Substations expansion scheduled for May 2026 Staff Cost PROJECTS EXPECTED IN 2026 • Expansion of Bancalari
Slide 16: Operating Indicators
EARNINGS PRESENTATION FIRST QUARTER 2026 03 Operating Indicators
Slide 17: Energy Losses
Energy Evolution % LTM of energy losses Losses 19.90% 19.61% 17.62% 15.89% 14.87% 15.18% 15.69% 15.32% Total Losses Recognized 9.00% 9.12% 9.32% 9.54% 9.67% 9.64% 9.58% 9.62% 2019 2020 2021 2022 2023 2024 2025 mar-26 Energy Losses of the main Argentine peer as of February 2026:19.39% Evolution of un
Slide 18: Quality of Service
SAIDI hours / year / customer SAIFI times / year /customer Quality of Service Main Argentine peer as of February 2026: SAIDI: Actual: 17.98 | SAIFI: Actual: 8.9 EARNINGS PRESENTATION FIRST QUARTER 2026 Note: SAIDI: System Average Interruption Duration Index SAIFI: System Average Interruption Frequen
Slide 19: Financial Debt
EARNINGS PRESENTATION FIRST QUARTER 2026 04 Financial Debt
Slide 20: Financial Debt & Ratings
FINANCIAL DEBT & RATINGS Breakdown of Debt as of Total Financial Debt as of March 2026 - in millions of USD March 2026 Class 3 Class 5 Class 7 Class 9 20% Amount US$ 96 US$ 82 US$ 475 US$ 15 Currency USD USD USD AR$ Law ARG ARG NY ARG Rate 9,75% 9,50% 9,75% TAMAR +6% 80% Oct – 28, Oct – Maturity Nov
Slide 21: Successful placement of USD 550 million in Senior Notes Class 10
SENIOR NOTES Senior Notes Class 10 ▪ Pricing Date: 22 April 2026 ▪ Total Nominal Value: USD 550 million ▪ Amount Senior Note 10 Series 1: USD 523.338.243 (total value of orders received USD 1,151,000,000) ▪ Senior Note 10 Series 2: USD 26.661.757 (total value of orders received of USD 26.661.757) Su
Slide 22: Senior Notes pro forma as of April 30, 2026
Senior Notes pro forma as of April 30, 2026 – in millions of USD Class 3 Class 5 Class 7 Class 9 Class 10 183 183 183 170 Amount US$ 82 US$ 70 US$ 300 US$ 15 US$ 550 Currency USD USD USD AR$ USD 97 100 100 100 Law ARG ARG NY ARG NY 15 183 183 183 Rate 9,75% 9,50% 9,75% TAMAR +6% 9,50% 100 100 82 70
Slide 23: New Businesses
EARNINGS PRESENTATION FIRST QUARTER 2026 05 New Businesses
Slide 24: New Businesses: Expansion, Diversification and Value Creation
NEW BUSINESSES: EXPANSION, DIVERSIFICATION AND VALUE CREATION In 2024, the Company’s corporate purpose was amended to provide greater flexibility and to capture opportunities related to the energy transition and the electrification of the economy. Business Development Stratey Scope Drivers • Capture
Slide 25: Final Remarks
EARNINGS PRESENTATION FIRST QUARTER 2026 06 Final Remarks
Slide 26: Final Remarks
FINAL REMARKS Edenor is in a solid position, benefiting from changes that have strengthened its financial profile, well-positioned for the energy transition (new technologies, improvements and efficiencies, environmental considerations). Improved long-term outlook Successful debt regularization Dive