Cia De Transporte De Energia Electrica Class B · BCBA:TRAN
Cia De Transporte De Energia Electrica Class B — Transener — Investor Presentation (December 2025)
26 slides from Cia De Transporte De Energia Electrica Class B's investor presentation, December 2025
Slide 1: Compañía de Transporte de Energía Eléctrica en Alta Tensión TRANSENER S.A.
Compañía de Transporte de Energía Eléctrica en Alta Tensión TRANSENER S.A. December 2025
Slide 2: Legal Disclaimer
Legal Disclaimer The material that follows is a presentation of general information about TRANSENER as of the date indicated herein and is based on publicly available information. It is in summary form, does not purport to be complete, is not intended to be relied upon as advice to potential investo
Slide 3: Industry Overview
gy Transener = ) Industry Overview
Slide 4: Industry Drivers
Industry Overview Industry Drivers Promote private ownership and market-based economic incentives Reward efficiency and penalize non-availability Regulate natural monopolies for transmission and distribution Guarantee open access and safety of the grid Protect rights of users and monitor quality of
Slide 5: Transmission System
Industry Overview Transmission System The electric power transmission system connects the “supply” (generation) with the “demand” (users), determining the highest quality of service that the end user can receive through the operation and maintenance of the facilities. It provides the essential input
Slide 6: Argentine Electricity Market Players
Industry Overview Argentine Electricity Market Players CAMMESA is responsible for, among other things, billing and collecting charges from WEM agents and making payments for transmission and generation services. Market Clearing House & Supply Dispatch Center Demand (CAMMESA) Independent Generators T
Slide 7: Company Overview
erg Transener Company Overview
Slide 8: Company Overview
Company Overview + 13.245 km (8.230 miles) and supervises 2.116 km (1.315 miles) of independent transmitters 500 kV and 220 kV Lines + 1.170 Highly skilled employees developed through the organization’s own training programs. + 53 (supervises 7 of independent transmitters) Substations + 23.355 MVA (
Slide 9: Company Overview
| \ @ Company Overview \ \ \ 7 A OFERTA PUBLICA (evma) (pxenuseetm Ra \ ZN bo so > ANSES: 19,57% | 50% 1 51% Clase A 49% Clase B _| >INVERSORES:27,78% \ i \ | i A o } Transener —_ > TRANSENER: 99,9999995216% 99,9%——- > CITELEC: 0,0000004784% hs Transba ENERGIA WS nee
Slide 10: Company Overview
Company Overview 6.987 km (4.341 miles) 220 kV, 132 kV and 66 kV lines + 600 Highly skilled employees developed through the organization’s own training programs. + 115 Substations + 6.760 MVA of transformation capacity Own material resources for the execution of activities
Slide 11: Regulatory Overview
erg Transener Regulatory Overview
Slide 12: Regulated Transmission Tariff
Financial Overview Regulated Transmission Tariff Revenues are set ex-ante for each five-year tariff period. Operation and Maintenance Costs Tariff Model: Price Cap (does not ensure profitability). Investments (Capex) Regulated tariffs must allow for a reasonable rate of return Taxes and be consisten
Slide 13: Penalty System
Financial Overview Penalty System The Concession Agreements establish a system of penalties that we may incur if defined parts of the Networks are not available to transmit electricity. Non-availability is divided into two types: ○ Scheduled (which typically result from planned maintenance, incur a
Slide 14: Transener Concession Agreement
Financial Overview Transener Concession Agreement The Transener Concession Agreement may only be terminated: ○ by the Government if Transener becomes bankrupt On the Transener Transfer Date, Citelec created a pledge in favor of the Government over the Class A shares which constitute the Transener Co
Slide 15: Quality of service
Financial Overview Quality of service The most representative measurement of quality of service of transmission companies, which allows us to compare ourselves against other electric transmission utilities, is the failure rate every 100km of lines. 0,24 1,02 2.5 is the maximum fault limit permitted,
Slide 16: Evolution of the Regulatory Framework
Financial Overview Evolution of the Regulatory Framework Compliance with Regulation Non-compliance May-25 RTI 2017-2021 Start of RQT 2025-29 TARIFF | 11 years 1993 2002 2017 2019 2024 2025 ECONOMIC EMERGENCY | 20 years Feb-24 “Partial” reinstatement of 2017 RTI ECONOMIC EMERGENCIA Investment restric
Slide 17: Current regulatory situation
Financial Overview Current regulatory situation February 25th, 2025: The Public Hearing was held regarding the tariff proposals submitted by the Transmission Companies. April 3rd, 2025: the ENRE issued Resolution modifying the rate of return applicable to the concessionaire companies of the high- vo
Slide 18: Current regulatory situation (Cont.)
Financial Overview Current regulatory situation (Cont.) The ENRE issued the resolutions establishing the increases according to the following detail: Increase Resolution ENRE Date (resolution) Effective from Transener Transba Transener Transba RQT Increase CPI/PPI adjustment Total RQT Increase CPI/P
Slide 19: Regulatory Asset and Rate of Return in US$ MM
Financial Overview Regulatory Asset and Rate of Return in US$ MM Transener Year 1 Year 2 Year 3 Year 4 Year 5 Regulatory Asset 607 607 607 607 607 Rate of Return 6,96% 6,96% 6,96% 6,96% 6,96% $MM Net Income 42 42 42 42 42 Total Return 6,96% 6,96% 6,96% 6,96% 6,96% Regulatory Asset Return 6,48% 6,48%
Slide 20: RQT Tariff Schedule - Five year Projection in US$ MM
Financial Overview RQT Tariff Schedule- Five year Projection in US$ MM Transener Year 1 Year 2 Year 3 Year 4 Year 5 Average % Revenues 292 292 292 292 292 292 100% Penalties 6 6 6 6 6 6 2% Operating Costs 137 138 139 139 140 139 47% Capex 59 59 59 59 59 59 20% Income Tax 48 47 47 46 45 47 16% Net In
Slide 21: Current Annual Regulated Revenues in US$ MM
Financial Overview Current Annual Regulated Revenues in US$ MM Special equipments Reactive power eq. 4 0 1% 0% Reactive power eq. 46 16% Connections Lines 32 106 28% 36% Lines 61 53% Connections 73 25% Transformers 21 19% Transformers 63 22% Total US$MM 292 Total US$MM 114
Slide 22: Financial Overview
erg Transener Financial Overview
Slide 23: Business Overview
Financial Overview Business Overview Unique business in Argentina Operates 85% of the 500 kV extra high voltage network in Argentina. Transener Operation of 13,245 km of lines and 53 substations. Network Grid expansion projects supervision. Regulated Business Operates and maintains the transmission
Slide 24: Key Indicators - Evolution
Financial Overview Key Indicators - Evolution TOTAL EBITDA 250 200 46 150 100 151 160 147 50 102 54 41 38 0 2019 2020 2021 2022 2023 2024 2025 Actual EBITDA Projected EBITDA CAPEX SALARIES OPERATING COSTS Source: Transener
Slide 25: Financial debt evolution
Financial Overview Financial debt evolution 600,0 500,0 400,0 US$ millions 300,0 569 200,0 295 242 237 236 100,0 159 148 156 156 143 130 116 99 99 99 91 91 0,0 9 3 0,3 0,0 0,0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net of notes i
Slide 26: Thank you
Thank you