Consolidated financial statements 31-12-2024

Free translation from the original prepared in Spanish for publication in Argentina

Page Independent auditor's report ....................................................................................................................... 2

Consolidated Statement of Comprehensive Income for the fiscal years ended December 31, 2024 and

2023 ............................................................................................................................................................ 7

Consolidated Balance Sheets as of December 31, 2024 and 2023 .............................................................. 8

Consolidated Statements of Changes in Equity for the fiscal years ended December 31, 2024 and 2023. 9

Consolidated Statements of Cash Flows for the fiscal years ended December 31, 2024 and 2023 ............ 10

Notes to the Consolidated Financial Statements ........................................................................................ 12

Auditor's report issued by independent auditors

To the shareholders, President, and Directors of Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A.

Legal address: Maipú 1 - 11th Floor City of Buenos Aires

Tax Code No. 30-66314877-6

We have audited the consolidated financial statements of Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. and its subsidiary ("the Company"), including the consolidated balance sheets at December 31, 2024 and the consolidated statements of statement of comprehensive income, of consolidated statements changes in equity, and of consolidated statements of cash flows for the year then ended, as well as the notes to the consolidated financial statements, which include material accounting policy information and other explanatory information.

In our opinion, the attached consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company at December 31, 2024, as well as the consolidated comprehensive income and consolidated cash flows for the fiscal year then ended, in accordance with IFRS Accounting Standards.

Basis for our opinion

We performed our audit in accordance with International Standards on Auditing (ISAs). These standards were adopted as audit standards in Argentina through Technical Pronouncement No. 32 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE), as approved by the International Auditing and Assurance Standards Board (IAASB). Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence

We are independent of the Company in accordance with the International Code of Ethics for Professional Accountants (including the International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code of Ethics) together with the requirements that are applicable to our audit of the consolidated financial statements in Argentina, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code of Ethics.

Price Waterhouse & Co. S.R.L., Bouchard 557, 8th floor, C1106ABG - City of Buenos Aires P: +(54.11) 4850.0000, https://www.pwc.com/ar

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the current year. These matters were addressed in the context of our audit of the consolidated financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Recoverability of long-lived non-financial assets

At December 31, 2024, the Company's Property, plant and equipment amounted to $621.618.151. As mentioned in Note 3.8 to the consolidated financial statements, the Company tests for the recoverability of its long-lived non-financial assets periodically, or when certain events or changes occur involving potential impairment of assets, compared to their recoverable value, which is measured as the value in use at year end. The value in use is calculated based on the projected discounted cash flows. Cash flow is prepared based on estimates of the future performance of certain variables that are sensitive to the determination of the recoverable value, such as: (i) the nature, timing, and modality of rate increases; (ii) demand projections; (iii) variations in the costs to be incurred; and (iv) macroeconomic variables, such as growth rates, inflation rates, and exchange rate, (v) discount rate used for cash flows. Additionally, to compare the expected cash flows with the carrying amount of long-lived non-financial assets, the Company has used an evaluation of scenarios based on the probabilities of occurrence to determine the expected value in use.

This is a key audit matter as it involves the exercise of critical judgment and material assumptions made by the Company's Management which are subject to uncertainty and future events. Moreover, it led to a high degree of judgment and effort by the auditor when performing the procedures to assess the cash flow projections made by the Company's Management and to test the significant assumptions.

The audit procedures performed relating to this key audit matter included, among others:

• assessing the estimation methodology;

• testing significant assumptions such as (i) the nature, timing, and modality of rate increases; (ii) demand projections; (iii) variations in the costs to be incurred; (iv) macroeconomic variables, such as growth rates, inflation rates, and exchange rate, (v) discount rate used for cash flows, and testing the integrity, precision, and relevance of the underlying data used. The significant assumptions were compared with available data on economic trends;

• assessing the history of estimates made by Management and the defined evaluation of scenarios; and carrying out sensitivity analyses on the significant assumptions to assess the value in use variations that would be produced due to changes in assumptions;

• testing the arithmetic correction of the model of discounted cash flows; and

• assessing the integrity of the disclosures included in the consolidated financial statements.

Skilled professionals specialized in the subject matter performed the assessment of the methodology and significant assumptions used in the projected cash flows estimated by the Company's Management.

Accompanying information to the consolidated financial statements ("Other information")

The other information comprises the Annual Report and Summary of Activity. The Company's Board of Directors is responsible for the other information.

Our opinion on the consolidated financial statements will not cover the Other information and, therefore, we do not express any audit conclusion.

In relation to our audit of the consolidated financial statements, our responsibility is to read the other information and, when doing so, consider whether such information is materially inconsistent with the consolidated financial statements or with our knowledge obtained in the audit or if for any other reason it appears to contain a material misstatement. Based on the work performed, and as regards those matters that are within our field of competence, if we consider that there is a material misstatement in the Other information, we have to report it. We have nothing to report in this regard.

Board of Directors and Audit Committee responsibilities relating to the consolidated financial statements

The Board of Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. is responsible for the preparation and fair presentation of the Consolidated Financial Statements in accordance with IFRS Accounting Standards, and for such internal control as the Board determines is necessary to enable the preparation of consolidated financial statements that are free of material misstatement, whether due to fraud or error.

In preparing these Consolidated Financial Statements, the Board is responsible for assessing the Company's ability to continue as a going concern, for disclosing, as applicable, matters relating to going concern and for using the going concern basis of accounting unless the Board either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Audit Committee is responsible for overseeing the Company's financial reporting process.

Auditors' responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance that the consolidated financial statements as a whole are free from material misstatements, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated financial statements.

As part of the audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. Also:

• We identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, we design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• We obtain an understanding of the internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

• We evaluate the appropriateness of accounting policies used, as well as the reasonableness of accounting estimates and related disclosures made by the Company's Board of Directors.

• We conclude on the appropriateness of Company's Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of issue of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• We evaluate the overall presentation, structure, and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Company as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performance for purposes of the Group audit. We remain solely responsible for our audit opinion.

We communicate with the Company's Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in the internal control that we may identify during our audit.

We also provide the Company's Audit Committee with a statement on our fulfillment of relevant ethical requirements regarding independence and communicate any relationship and other matters that might be thought to affect our independence and, when applicable, the actions taken to reduce threats or the related safeguards.

Among the matters that have been subject to communication with the Company's Audit Committee, we have determined those of most significance in the audit of the consolidated financial statements of this fiscal year, which are, consequently, the key audit matters. We describe these matters in this audit report, except for those legal or regulatory provisions that prohibit the public disclosure of the matter or if, in extremely infrequent circumstances, we determine that a matter should not be disclosed in our report, because it is reasonable to expect that the adverse consequences of doing so would outweigh the public interest benefits thereof.

In compliance with the regulations in force, we report that:

1. except for the fact that they are pending transcription into the Inventory and Balance Sheet book, the consolidated financial statements of Compañía General de Combustibles S.A. are, as regards those matters that are within our competence, in compliance with the provisions of the General Companies Law and pertinent resolutions of the National Securities Commission;

2. except for the fact that the separate financial statements are pending transcription into the Inventory and Balance Sheet book and the entries for December 2024 are pending transcription into the Journal book, the separate financial statements arise from accounting records kept, in all formal respects, in conformity with legal regulations, which maintain the security and integrity conditions on the basis of which they were authorized by the National Securities Commission;

3. at December 31, 2024, the debt of Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. accrued in favor of the Argentine Integrated Social Security System, as shown by the Company's accounting records, amounted to $ 2.134.879.740,80, none of which was claimable at that date;

4. as required by Section 21, Subsection b), Chapter III, Part VI, Title II of the National Securities Commission regulations, we report that total fees for auditing and related services billed to Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. during the fiscal year ended on 31 December, 2024 account for:

   1. 65% of the total fees for services billed to Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. for all items during that year;

   2. 6% of the total fees for services for auditing and related services billed to Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A., its parent company, subsidiaries, and related companies during that year;

   3. 6% of the total fees for services billed to Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A., its parent company, subsidiaries, and related companies for all items during that year;.

City of Buenos Aires, March 5, 2025

PRICE WATERHOUSE & CO. S.R.L.

(Partner)

C.P.C.E.C.A.B.A. Tº 1 Fº 17

Dr. Miguel A. Urus Contador Público (UBA) C.P.C.E.C.A.B.A. T° 184 F° 246 Lic. en

Administración C.P.C.E.C.A.B.A. T° 28

F° 223

The accompanying notes are an integral part of these consolidated financial statements.

(Expressed in thousands of Argentine Pesos)

The accompanying notes are an integral part of these consolidated financial statements.

Free translation from the original prepared in Spanish for publication in Argentina

The accompanying notes are an integral part of these consolidated financial statements.

9

(Expressed in thousands of Argentine Pesos)

(Expressed in thousands of Argentine Pesos)

The accompanying notes are an integral part of these consolidated financial statements.

(In thousands of Argentine Pesos, except as otherwise indicated)

1. Economic environment in which the Company operates

2. Tariff Situation

3. Significant accounting policies

4. Financial and capital risk management

5. Segment reporting

6. Revenues

7. Expenses by nature

8. Other operating income/(expenses), net

9. Financial results

10. Current and deferred income tax

11. Property, plant and equipment

12. Other receivables

13. Trade accounts receivable

14. Cash and cash equivalents

15. Investments

16. Loans

17. Employee benefits payable

18. Trade accounts payable

19. Contract liabilities

20. Provisions

21. Taxes payable

22. Payroll and social securities taxes payable

23. Balances and transactions with related parties

24. Investment in Transener Internacional Ltda.

25. Financing structure

26. Income per share

27. Storage of documentation

28. Assets of restricted availability and limitation on the transferability of the shares

29. Foreign currency

1. Economic environment in which the Company operates

   The Company has been operating in a complex economic context in which the main variables have been affected by a strong volatility as a result of political and economic events at a national and international level.

   The main indicators in our country were the following:

   • A 2,1% and a 1,7% cumulative fall in the Gross Domestic Product at the third quarter of 2024 and 2023, respectively;

   • A cumulative year-on-year inflation of 117,7% and 211,4% (CPI); and

   • A peso depreciation of 27,7% and 356,3% as against the US dollar, at the Banco Nación exchange rate, for fiscal years 2024 and 2023, respectively.

   This context of volatility and uncertainty persists at the date of issue of these consolidated financial statements. Although during 2024 the current Government implemented measures aimed at deregulating the economy and reforming the State, at present, it is not possible to anticipate the effect of the related rules, or what new measures might be announced.

   Company Management permanently monitors the performance of variables affecting its business, to define the course of action and identify the potential impact on its economic and financial position.

   The Company's consolidated financial statements must be read in light of these circumstances.

2. Tariff Situation

   The National Executive Branch, through Decree No. 55 dated December 16, 2023, declared the emergency of the National Energy Sector regarding the electric energy generation, transmission, and distribution segments within the federal jurisdiction until December 31, 2024.

   Section 3 of the aforementioned Decree provided for the commencement of the rate review pursuant to Section 43 of Law No. 24065, in relation to electric energy transmission and distribution utility services companies within the federal jurisdiction, and that the new rate schedules would become effective on December 31, 2024, at the latest.

   In this regard, on January 2, 2024, through Resolution No. 3/2024, the ENRE called for a Public Hearing, which took place on January 29, 2024, to communicate and hear opinions on the concessionaires' proposals for the provision of the electric energy transmission utility service, aimed at a temporary rate adjustment, prior to defining the rates to be applied by concessionaires.

   Consequently, through Resolutions Nos. 104/2024 and 105/2024, the ENRE communicated the new hourly remuneration rates effective from February 19, 2024 (publication date in the Official Gazette), with increases of 179.7% and 191.1%, compared with the rates effective since November 2023 for Transener S.A. and Transba S.A., respectively. In addition, the rate adjustment was determined pursuant to a formula based on the Salaries, Wholesale Prices, and Consumer Prices Indexes, to be applied on a monthly basis as from May 2024.

   However, on May 9, 2024, the ENRE informed Transener S.A. and Transba S.A. that, following the Ministry of Economy's directive to the Secretariat of Energy, the rates adjustment outlined in ENRE Resolutions Nos. 104/2024 and 105/2024 would be suspended for May 2024. Both companies strongly rejected this decision, as it would significantly impact the necessary revenue to provide the service.

   On June 11, 2024, the Ministry of Economy instructed the ENRE to announce the suspension of the monthly rate adjustment scheduled for June 2024, and the modification of the monthly adjustment method as from July 2024, using a formula based on the projected inflation for the period from July to December 2024. Transener S.A. and Transba S.A. reiterated their opposition to these measures due to the uncertainty about the methodology and the

   lack of determination as to the sources of the indexes involved. In consequence, they requested that the ENRE take the necessary steps to restore their revenue in accordance with ENRE Resolutions Nos.104/2024 and 105/2024.

   On July 2, 2024, the Ministry of Economy and the Secretariat of Energy instructed the ENRE to communicate once more the suspension of the monthly rate adjustment set for July 2024, as per the new schedule. This measure was also rejected by Transener S.A. and Transba S.A., who requested once again that the ENRE regularize their revenue adjustment as soon as possible.

   On August 5, 2024, following the directive of the Ministry of Economy and the Secretariat of Energy, the ENRE issued Resolutions Nos. 512/2024 and 513/2024 establishing the hourly remuneration rates effective from August 1, 2024, with a 6% increase, compared to the rates effective from February 19, 2024, for Transener S.A. and Transba

   S.A. Similarly, on August 30, 2024, through Resolutions Nos. 581/2024 and 580/2024, the ENRE decided to set a 6% increase as from September 1, 2024, compared to the rates in August. On October 1, 2024, through Resolutions Nos. 696/2024 and 692/2024, it decided to set a 2.7% increase effective from October 1, 2024, compared to the rates in September. On November 1, 2024, through Resolutions Nos. 901/2024 and 902/2024, it decided to set a 6% increase, effective from November 1, 2024, compared to the rates in October. In addition, on November 29, 2024, through Resolutions Nos. 1016/2024 and 1015/2024, the ENRE decided to set an increase of 5%, effective from December 1, 2024, compared to the rates in November. Subsequently, on December 27, 2024, through Resolutions Nos. 1065/2024 and 1066/2024, it decided to set an increase of 4%, effective from January 1, 2025, compared to the rates in December. Finally, on January 30, 2025, through Resolutions Nos. 85/2025 and 87/2025, it decided to set an increase of 4%, effective from February 1, 2025, compared to the rates in January.

   On April 15, 2024, through Resolution No. 223/2024, the ENRE approved the "Rate review program for electric energy transport companies for 2024." This program outlines the criteria and the method for the five-year rate review process that transmission companies must take into account when submitting their rate proposals to be applicable from January 1, 2025. In this regard, the ENRE has formally requested, through a note, that the necessary information be submitted to determine the capital base, and to assess the costs and the investment plan. The information on the capital base, historical costs, fixed assets, easements status, and existing installations was duly submitted to the ENRE before May 17, 2024. In addition, the projected information on costs, investments, and annual expected remuneration was submitted to the ENRE on September 16, 2024.

   On August 21, 2024, the ENRE issued Resolution No. 554/2024 stating that the profit rate applicable to concessionaires providing the utility of transmission of high-voltage electric energy and trunk distribution system for 2025-2029 will be 10.14% after taxes.

   On October 2, 2024, through Resolution No. 705/2024, the ENRE called for a Public Hearing to communicate and hear opinions on the rate proposals submitted by concessionaires providing the electric energy transmission utility. Such hearing would be held on November 5 through a digital platform.

   However, on October 14, 2024, the ENRE, through Resolution No. 743/2024 decided that it would be reasonable and prudent to postpone the Public Hearing. Such decision was based on the positive effect on the economy in connection with the measures implemented by the Ministry of Economy and the significant slowdown in inflation evidenced at that date. Therefore, the notice included in ENRE Res. No. 705/2024 was rendered ineffective.

   In addition, on October 3, 2024, through Resolution No. 706/2024, the ENRE commenced the procedure to determine the remuneration of the Independent Transmission Companies, which will be applicable as from January 1, 2025. Transener S.A. is among these Independent Transmission Companies, as the operator for Cuarta Línea and the Choele Choel - Pto. Madryn interconnection, while Transba S.A. is included for its facilities related to Transportista Independiente de Buenos Aires (TIBA). Such process involved the submission of information on costs, investments, and the remuneration expected by the Independent Transmission Companies before November 20, with the opinion of the supervising transmission company.

   However, on November 19, 2024, the National Executive Branch issued Decree No. 1023 to extend until July 9, 2025 the emergency of the national energy sector that was declared through Decree No. 55 dated December 16, 2023.

   Additionally, on November 25, 2024, through note NO-2024-128973695-APN-ENRE#MEC, the ENRE informed that it was analyzing a new schedule to carry out the Electric Energy Transmission Rate Review, which was established on January 7, 2025 through Resolution No. 7/2025. Such schedule included the submission of the annual expected remuneration before January 20, 2025, the conduction of the Public Hearing on February 25, 2025, and the entry into force of the new rate schedule for April 1, 2025. Pursuant to ENRE Resolution No. 5/2025 dated January 7, 2025, these dates are applicable to the Independent Transmission Companies.

   In addition, on January 10, 2025, the ENRE issued Resolution No. 28/2025 stating that the profitability rate applicable to concessionaires providing the transmission of high voltage electric energy and trunk distribution system utility service, which had been determined under ENRE Res. No. 554/2024, will be 6.10% after taxes. Pursuant to the Rate Review schedule, on January 20, 2025, Transener S.A. and Transba S.A. ratified their expected rates, taking into account a profit rate of 10.14%.

   Finally, on January 21, 2025, the ENRE issued Resolution No. 74/2025 calling for the Public Hearing to communicate and hear opinions on the rate proposals submitted by the Transmission Companies on February 25, 2025 at 8.30 a.m. through a digital platform. Similarly, on January 28, 2025, through Resolution No. 80/2025, the ENRE called for the Public Hearing related to the Independent Transmission Companies to be held on February 26, 2025 at 8:30 a.m. Transener S.A. is among the Independent Transmission Companies, as the operator for Cuarta Línea and the Choele Choel - Pto. Madryn interconnection, while Transba S.A. is included for its facilities related to Transportista Independiente de Buenos Aires (TIBA).

3. Significant accounting policies

   The main accounting policies used in the preparation of these consolidated financial statements are explained below. These accounting policies have been applied consistently in all the years presented, except when otherwise indicated.

   1. Basis of preparation

      These consolidated financial statements have been prepared in accordance with the IFRS Accounting Standards (IFRS), issued by the IASB, and IFRIC Interpretations. All IFRS Accounting Standards (IFRS) effective at the date of preparation of these consolidated financial statements have been applied.

      These consolidated financial statements and notes to the consolidated financial statements are presented in thousands of Argentine pesos, except for income per share.

      These consolidated financial statements have been approved and authorized for issuance by the Board of Directors on March 5, 2025, within the framework of the remote meeting held, in accordance with Article 24 of the Bylaws.

      3.2. Functional and presentation currency

      The items forming part of these consolidated financial statements are stated in the currency of the primary economic environment where the entity operates (functional currency). The financial statements are presented in Argentine pesos, which is the Company's functional and presentation currency.

      The consolidated financial statements at December 31, 2024, including comparative figures, have been restated to reflect the changes in the general purchasing power of the Company's functional currency, pursuant to IAS 29 -Financial Reporting in Hyperinflationary Economies (IAS 29) and General Resolution No. 777/2018 issued by the CNV. As a result, the financial statements are stated in the measuring unit prevailing at the end of the reporting period.

      To evaluate this quantitative condition and restate the financial statements, the CNV has established that the indexes to be used for purposes of the application of IAS 29 are the ones determined by the FACPCE. These indexes combine the National Consumer Price Index (CPI) published by the National Institute of Statistics and Census (INDEC) effective January 2017 (base month: December 2016) with the Wholesale Price Index (WPI) published by INDEC until that date, computing for November and December 2015 ―for which no information was provided by INDEC on the WPI variation― the CPI variation in the City of Buenos Aires. This index is published by the FACPCE on a monthly basis.

      Considering the above-mentioned index, the rate of inflation stood at 117.7% and 211.4% in the years ended December 31, 2024 and 2023, respectively.

      1. Consolidation

         The consolidated financial statements include the financial statements of the Company and its subsidiary Transba. Subsidiaries are all entities in relation to which the economic group is exposed or entitled to variable benefits from its activities and has the ability to influence that return through its power over them. Subsidiaries are fully consolidated from the date on which control is transferred to the group and deconsolidated from the date that control ceases.

         Significant consolidation adjustments are as follows:

         1. Elimination of balances of accounts of assets and liabilities between the controlling company and the subsidiary, so that the financial statements present balances maintained with third parties.

         2. Elimination of transactions/operations between the controlling company and the subsidiary, so that the financial statements present results with third parties.

         3. Elimination of the participations in the equity and the income / (loss) for each period corresponding to the subsidiary.

         4. Recognition of assets and liabilities identified in the processes of business combinations.

         The accounting policies of subsidiaries have been modified, if appropriate, to ensure consistency with the policies adopted by the group.

         Relevant information is disclosed below regarding the assets and liabilities of the subsidiary Transba S.A. at December 31, 2024 and 2023, and cash flows for the fiscal years ended December 31, 2024 and 2023, measured under IFRS.:

         	December 31, 2024	December 31, 2023
         Total assets	309,435,551	279,601,971
         Total liabilties	61,548,442	60,115,557
         Total Equity	247,887,109	219,486,414
         Total Comprehensive income of the year	28,400,695	16,384,556
         	December 31, 2024	December 31, 2023
         Net cash generated by operating activities	46,094,225	19,324,910
         Net Cash used in investing activities	(17,297,870)	(19,899,075)
         Financial results in cash and cash and equivalents	(3,686,544)	(1,136,681)
         Increase/(Decrease) of net cash and cash and equivalents	25,109,811	(1,710,846)

      2. Segment reporting

         The operating segments are consistent with the internal reporting provided to the highest authority in the Group in relation with operating decisions. The highest authority in relation with operating decisions, which is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer, who takes the strategic decisions.

      3. Foreign currency translation

         Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of transactions or valuation where items are re-measured. Assets and liabilities in foreign currency are converted to the functional currency at the exchange rate prevailing at the end of the fiscal year. Gains and losses on exchange differences resulting from the cancellation of such asset/liability or its conversion using other exchange rates than those used at the time of its incorporation (or at the end of the previous fiscal year), are recognized in the statement of operations in the line "Other financial results".

      4. Property, plant and equipment

         Property, plant and equipment are valued following the cost model. They are recorded at restated cost of acquisition in terms of the unit of measure current at the end of the reporting period, less accumulated depreciation and any accumulated impairment losses.

         Subsequent costs are included in the carrying amount of the asset or recognized as a separate asset, as appropriate, only when it is probable that the associated future economic benefits and cost can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when it is replaced. All other repairs and maintenance are recorded in profit or loss when incurred.

         Work in progress is valued on the basis of the degree of completion. Work in progress is recorded at restated cost in terms of the current unit of measure the end of the reporting period, less any impairment losses, if any.

         The residual value and remaining useful lives of the assets are reviewed and adjusted if appropriate at each year-end. When the carrying amount of an asset exceeds its estimated recoverable amount, the carrying amount is immediately reduced to its recoverable amount.

         Gains and losses on sales of property, plant and equipment are calculated by comparing the selling price with the carrying amount of the good, restated in terms of the measuring unit current at the end of the reporting fiscal year.

         1. Depreciation and useful lives

      Land is not depreciated. Depreciation on other assets is using the straight-line method, taking into consideration annual rates enough to extinguish the net carrying values at the end of useful lives, as follow:

      Buildings: 50 years

      Air and semi-heavy equipment: 15-25 years Substations and transmission lines: 30-50 years Vehícles: 5 years

      Furniture and fixtures: 10 years Lab and maintenance: 5-10 years Information systems: 3 years

      Communications equipment: 15 years Miscellaneous: 3 years

      Right of use assets: 3 years

      The asset´s residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. From the review performed, no adjustments were made to their value.

      The costs of financing, if appropriate, are activated within the cost of the works in progress in the measure that met the conditions laid down in IAS 23 "Borrowing costs".

      3.7. Inventories

      Inventories are valued at the lower of restated cost of acquisition in terms of the unit of measure current at year-end or net realizable value. Cost is determined by first in, first out (FIFO) method.

      Since the Company's inventories are not intended for sale, their valuation is considered based on the purchase price, import duties (if applicable) and other taxes (not subsequently recoverable by tax authorities), transportation, warehousing and other costs directly attributable to the acquisition of those assets.

      The evaluation of recoverable value is made at the end of the year, recording with charge to results the opportune correction of value when they are overvalued. As of December 31, 2024 and 2023, the valuation of inventories as a whole does not exceed their recoverable value.

      1. Impairment of long-term non-financial assets

         The Company tests for the recoverability of its long-lived assets periodically, or when certain changes occur involving potential impairment of assets, compared to their recoverable value, which is measured as the value in use at year end. Some of the indications the Company evaluates to determine whether there is evidence of impairment of the long-lived non financial assets are as follows:

         • A decrease in the market price of the assets

         • Decreases in the prices of the main services being sold

         • Changes in the regulatory framework

         • Significant increases in operating costs

         • Evidence of obsolescence or physical damage

         • The worsening of the macroeconomic situation in which the Company carries out its business activities, including significant variations in the sale prices of its services and in interest rates, among others.

           The value in use is sensitive to the significant variation in the assumptions applied, including the determination of future rates by the Argentine Government for the high-voltage electric power transmission.

           This value in use is determined based on the projected discounted cash flows by applying discount rates that reflect the time value of money and the specific risks attaching to the assets under consideration. Cash flow is prepared based on estimates of the future performance of certain variables that are sensitive to the determination of the recoverable value, such as: (i) the nature, timing and modality of rate increases; (ii) demand projections; (iii) variations in the costs to be incurred; and (iv) macroeconomic variables, such as growth rates, inflation rates, exchange rate, among others. The discount rate used for cash flows is the weighted average cost of capital (WACC), measured in United States dollars.

           The projections used in the calculation of the recoverable value of long-lived non-financial assets give consideration to alternatives evaluated in connection with: (i) the status of negotiations with the ENRE; (ii) the right-of-use and associated maintenance contract; (iii) the Company Management's expectations for the transitional rate increase to be granted until the end of the new RTI; (iv) the Company's expectations for the opportunity and outcome of the new RTI process; and (v) the impact of a cost control scheme to enable making monthly adjustments to the current rates.

           The Company has prepared three different estimates of the expected cash flows by performing a sensitivity analysis of its main variables and assigning probabilities of occurrence, based on experience and considering the current social and economic context. Those estimates are the following:

         • Base case scenario: a 60% probability of occurrence.

         • Optimistic scenario: a 20% probability of occurrence.

         • Pessimistic scenario: a 20% probability of occurrence.

           In all scenarios, the discount rate used (WACC) after tax is 12.27%, measured in United States dollars.

           To compare the expected cash flows with the carrying amount of long-lived non-financial assets, the Company has used an evaluation of scenarios according to the abovementioned probabilities, to determine the expected value in use.

           The carrying amount of long-lived non-financial assets at December 31, 2024 does not exceed recoverable value.

           The estimated recoverable values are sensitive to the significant variation in the assumptions applied. In any case, it is not possible to assure that the actual cash flows derived from these circumstances will be in line with the assumptions applied in determining the values in use. Therefore, significant differences could arise in the future in relation to the estimated values in use.

           The Company considers that impairment exists when the carrying amount of an asset exceeds its recoverable value. In that case, the Company recognizes an impairment loss on that asset. When the conditions that gave rise to the recognition of an impairment loss disappear, the carrying amount of the asset is taken to its new estimated recoverable value, without exceeding the carrying amount that would have resulted if the impairment loss had not been recorded. The reversal of an impairment loss is recognized in profit or loss.

      2. Financial Instruments

         In accordance with IFRS 9, the Company classifies its financial instruments at initial recognition under the following categories: (i) amortized cost; (ii) fair value through other comprehensive income (FVTOCI); (iii) fair value through profit or loss (FVTPL); and (iv) financial liabilities at amortized cost. This classification depends on the business model of the Company to manage its financial assets and the characteristics of the financial assets' contractual cash flows.

         1. Financial assets at amortized cost

            Financial assets must be classified in this category if (i) they are financial assets that are framed within a business model that aims to keep the assets to obtain contractual cash flows, and (ii) the financial asset contractual terms give rise, on specified dates, to cash flows that are only principal and interest payments over the outstanding principal amount.

         2. Financial assets at fair value through other comprehensive income (FVTOCI)

            Financial assets are held within a business model the objective of which is attained by obtaining contractual cash flows and selling financial assets, and the contractual conditions of the financial asset give rise, on specific dates, to cash flows that are only principal and interest payments over the outstanding principal amount.

         3. Financial assets at fair value through profit or loss (FVTPL)

            Financial assets measured at fair value through profit or loss are assets held for sale. A financial asset is classified under this category if it has been acquired mainly with the aim of being sold in the short term.

         4. Financial liabilities

         Financial liabilities (including financial debts and trade accounts payable) are consequently measured at amortized cost using the effective interest rate method.

         The effective interest rate method is used to calculate the amortized cost and allocate the interest income in the right period. The effective interest rate is the exact discount rate of the future cash flow payment (including all expenses paid or received to form an integral part of the effective rate, the transaction costs and other premiums or discounts) over the estimated period of the financial liability or (if appropriate) for a shorter period, at the carrying amount on initial recognition.

         Recognition and measurement:

         Purchases and regular sales of financial assets are recognized at the date of negotiation, date in which the Company commits to purchase or sell the asset. Investments are initially recognized at fair value plus the transaction costs for all financial assets that are not registered at fair value through profit or loss. Financial assets recognized at fair value through profit or loss are initially recognized at fair value and transaction costs are recognized as an expense in the statements of comprehensive income.

         Investments are not recognized any more when the rights to receive cash flows from investments expire or are transferred and the Company has transferred substantially all the risks and benefits of their property. Financial assets at fair value through profit or loss are subsequently recorded at their fair value.

         Gains and losses arising from changes in the fair value of financial assets at fair value through profit or loss are included in the statement of income under the caption "other financial results", in the year in which the changes in fair value occur.

         The Company's financial assets include the following:

         • Cash and cash equivalents

           For the presentation in the consolidated statement of cash flows, cash and cash equivalents include cash on hand, sight deposits in banks and other short-term highly liquid investments originally falling due within three months or less, which are readily converted to known amounts of cash and subject to low material risk of changes in value.

           Available cash and unrestricted bank deposit balances are valued at amortized cost and mutual fund balances, at reasonable cost.

         • Investments at fair value

           Investments at fair value include mutual funds.

         • Trade accounts receivable and other receivables

         Trade accounts receivable and other receivables are initially recognized at fair value and subsequently valued at amortized cost using the effective rate method, net of the allowance for uncollectibility. The allowance for uncollectibility is established using the simplified expected loss method. For this purpose, it groups customers according to the shared credit risk characteristics, the existence of guarantees, the history of arrears and the existence of legal proceedings to obtain collection.

         If trade accounts receivable and other receivables are expected to be receivable in one year or less, they are classified as current assets, otherwise they are presented as non-current assets.

         The fair value of financial assets is similar to the amortized cost included in these consolidated financial statements.

      3. Impairment of financial assets at amortized cost

         To calculate the impairment of trade accounts receivable and other receivables, the Company uses the simplified expected loss method. For this purpose, it groups customers according to the shared credit risk characteristics, the existence of guarantees, the history of arrears and the existence of legal proceedings to obtain collection. Once each group was defined, an expected uncollectibility rate was assigned, calculated on the basis of historical default rates adjusted to future economic conditions.

         If a write-down is recognized, the carrying amount of the asset is reduced through a provision account and the amount of the loss is recognized in the income statement when it occurs. If in subsequent periods the amount of the impairment loss decreases, the reversal is also recorded in the Consolidated Statement of Comprehensive Income.

         The following table shows the ratios used by the Company according to the maturity of the credits:

         Maturity	Uncollectibility ratio
         From 0 to 60 días	0.5%
         From 61 to 90 días	1%
         From 91 to 120 días	3%
         From 121 to 180 días	5%
         From 181 to 360 días	10%
         Over 360 días	100%

      4. Loans

         Loans are initially recognized at fair value less direct transaction costs incurred. Subsequently, they are measured at amortized cost. Any difference between the funds obtained (net of direct transaction costs) and the amount due at expiration is recognized in income over the term of the loans using the effective interest method.

         Loans are derecognized when the obligation specified in the contract is forgiven, cancelled or expires. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including assets other than cash transferred or liabilities assumed, is recognized in profit or loss as other finance income or costs.

      5. Equity

         The accounting for movements in equity has been carried out in accordance with the respective decisions of assemblies, legal or regulatory standards.

         1. Share capital

            The share capital represents the issued capital, which is formed by the committed contributions and/or made by the shareholders, represented by shares, including the shares in circulation at their nominal value. These ordinary shares are classified within equity. Their restatement in terms of the unit of measure current at the end of the reporting year has been made since the date of their subscription.

         2. Legal reserve

            In accordance with the provisions of Law No. 19,550 on Commercial Companies, not less than 5% of the net income arising from the statement of comprehensive income for the year, adjustments to prior years, transfers from Other comprehensive income to unallocated income and accumulated losses from prior years must be allocated to the legal reserve until the same reaches 20% of share capital and the corresponding share capital adjustment. When for any circumstance the amount of this reserve is reduced, no dividends may be distributed until such amount is paid in. It is exposed to its nominal value in the opening balance sheet of the first application of IAS 29 and is subsequently restated in terms of the unit of measurement current at the end of the reporting year. The constitution of reserves subsequent to the opening balance sheet of the first application of IAS 29, are restated from the closing date of the previous fiscal year to which they refer.

         3. Optional Reserve

            Corresponds to the allocation made by the Shareholders' Meeting in which a specific amount is allocated to cover the needs of funds required by the projects and situations that may occur in relation to the Company's policy. It is exposed to its nominal value in the opening balance sheet of the first application of IAS 29 and is subsequently restated in terms of the unit of measurement current at the end of the reporting year. The reserves created after the opening balance sheet of the first application of IAS 29 are restated from the closing date of the previous year to which they relate.

         4. Other reserves

            It is exposed to its nominal value in the opening balance sheet of the first application of IAS 29 and the reserves created after the opening balance sheet of the first application of IAS 29 are restated from the closing date of the previous financial year to which they relate.

         5. Retained earnings

            The retained earnings comprise the accumulated profits or losses without specific allocation, which being positive can be distributed through the decision of the Shareholders' Meeting, as long as they are not subject to legal and/or contractual restrictions. These results include the result of previous years that were not distributed and the amounts transferred from Other comprehensive income and the adjustments from previous years due to the application of IFRS. Their value arises from the difference in initial equity in the first application of IAS 29, from the restatement of assets, liabilities and the rest of the components of equity. These values are subsequently restated in terms of the unit of measure current at the end of the reporting year.

            In accordance with CNV regulations, Shareholders at meetings discussing financial statements where the account "Unappropriated retained earnings/(losses)" -restated as per CNV Resolution No. 777/2018- shows earnings, must expressly decide how to allocate them, whether as dividends, capitalization, the creation of reserves, or a possible combination of them. The Company's Shareholders at a Meeting complied with the aforementioned provision.

         6. Other comprehensive income

         Included are the results generated by the actuarial gains and losses corresponding to the defined benefit plans and their corresponding tax effects, restated in terms of the unit of measurement current at the end of the reporting year.

      6. Employee benefits

         The Company operates several defined benefit plans. The defined benefit plans establish the amount of benefit that an employee will receive at the time of retirement, depending on one or more factors such as age, years of service and remuneration. In accordance with the conditions established in each plan, the benefit may involve payment of a single sum, or the making of payments complementary to those of the pension system.

         The benefits considered are as follows: a) a bonus for years of seniority to be paid, which consists of paying one salary after 20 years of continued employment and for every 5 years up to 40 years; and b) a bonus for those workers who have credited years of service in order to obtain the Ordinary Pension. The amounts and conditions may vary according to each collective bargaining agreement and for those workers, who are not included in them.

         The amount recognized as a liability in the balance sheets in respect of defined benefit plans represents, at year-end, the sum of the present value of the obligation and the current value of the plan assets, with which the obligations will be settled directly. The present value of the defined benefit plan obligation is determined by discounting estimated future cash outflows using actuarial assumptions about the demographic and financial variables that influence the determination of the amount of such benefits.

         Liabilities related to accumulated seniority plans and to benefits given to employees before mentioned have been determined contemplating all rights accrued by the beneficiaries of the plans until the end of the years ended December 31, 2024 and 2023 respectively, based on an actuarial study conducted by an independent professional. The carried out actuarial method used by the Company is the projected unit credit method.

         The before mentioned concepts are exposed under Employee benefits payable.

         Actuarial gains and losses arising from experience and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise.

         Past service expenses are recognized immediately in income/loss. Liabilities for labor costs accrue in the period of time in which the employees have rendered the service that gives rise to such consideration.

         The cost of defined benefit plans is recognized periodically, in accordance with the contributions made by the Company.

      7. Income tax

         The income tax charge for the year comprises current and deferred taxes. Income tax is recognized in profit or loss, except to the extent that it relates to items recognized in Other comprehensive income or directly in equity. In this case, the income tax is also recognized in Other comprehensive income or directly in equity, respectively.

         The current income tax charge is calculated based on tax laws enacted or nearing enactment on the closing date. The Company's management periodically evaluates the positions taken in the tax returns with respect to situations in which the applicable tax regulation is subject to interpretation, and, if necessary, establishes provisions according to the amount it estimates will have to be paid to the tax authorities.

         The deferred tax is determined in its entirety, by the liability method, on temporary differences arising between the tax bases of assets and liabilities and their respective accounting values. However, deferred tax liabilities will not be recognized if such difference arises from the initial recognition of goodwill, or of an asset or liability in a transaction that is not a business combination and if, at the time it was carried out, it did not impact the accounting or tax profit.

         Deferred assets are only recognized to the extent that future tax benefits against which the temporary differences can be used occur.

         Balances of deferred tax income assets and liabilities are compensated when there is enforceable legal right to compensate current tax assets with current tax liabilities and when deferred income tax assets and liabilities relate to the same tax authority already is the entity or different taxable entities in where there is intention to liquidate a net basis balances.

      8. Provisions

         The Company is a party to various claims, lawsuits and other legal proceedings, including customer's claims, where third parties seek compensation, payment for damages or reimbursement for losses. The potential responsibility of the Company with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. The Management, with the aid of the legal counsel (lawyers) periodically reviews the status of each significant matter and assesses the potential financial exposure. If the loss arising from a lawsuit or claim is considered probable and the amount can be reasonably estimated, a provision is set up.

         Provisions for contingent losses reflect a reasonable estimate of the losses that will be incurred, based on information available to management at the date of preparation of the financial statements, and considering litigation and resolution/settlement strategies. These estimates are mainly prepared with the assistance of legal advisors. However, if management's estimates prove to be incorrect, the current provisions may be inadequate and may incur a charge to earnings that could have a material effect on the consolidated balance sheets, consolidated statements of comprehensive income, changes in equity and cash flows.

      9. Trade accounts payable

         Trade accounts payable are initially recognized at fair value and subsequently measured at amortized cost, according to the effective interest rate method.

      10. Contract liabilities

          Customer advances consist in prepayments for services performed by customers with the aim of financing their contractual service provision; initial recognition is made at fair value. Subsequently, they are valued at amortized cost based on projections of agreed upon service provisions to settle them, restated as mentioned in Note 3.2.

      11. Balances and transactions with related parties

          Trade receivables and payables with related parties arise from transactions carried out under market conditions.

          Persons and companies covered by the Law N° 26,831 (Capital Market) and regulations of the National Securities Commission have been included as related parties.

      12. Revenue recognition

          Revenue from customer contracts includes the current value of the consideration received or to be received for the sale of goods and services to customers net of value added tax, withholdings and discounts. Revenue from sales is recognized when control of the goods and services is transferred to the customer at the fair value of the consideration received or receivable.

          IFRS 15 incorporates a five-step model for the recognition and measurement of income: i) identify the contract with the customer; ii) identify contract performance obligations; iii) determine the transaction price; iv) allocate the transaction price among the contract performance obligations; and v) recognize revenue when the entity satisfies the performance obligations.

          The operating revenue is derived principally from two sources: (i) regulated revenues and (ii) non-regulated revenues.

          1. Regulated revenues

             Electric power transmission service, net consists of tariffs paid to the Company by CAMMESA on a monthly basis for putting its transmission assets at the SADI's disposal. Revenues by service of electric power transmission include (a) income by transmission capacity (to operate and maintain the transmission equipment comprising networks), (b) income per connection (for operating and maintaining the connection and transformation equipment), (c) revenue from reactive equipment (for operating and maintaining reactive power equipment, such as reactors, capacitors and synchronous compensators) and (d) revenue from automation (for operating and maintaining the control and communications equipment related to the automation intended to maintain the stability of the SADI before regional failures).

             In addition, the Company generates revenues derived from (a) the supervision of the expansion of the SADI and

             (b) the supervision of operations and maintenance of the independent transmitters.

             Regulated sales revenues are recognized as services are provided.

          2. Non-regulated revenues

             The Company receives net other revenues from services provided to third-party. These net other revenues derive from (a) the construction and installation of structures and electrical equipment, (b) operation and maintenance of the lines outside of the network, (c) operation and maintenance of the Fourth Line and (d) other services. Net other revenues and costs related to them, except the service referred to in (a) are recognized as a result to these services are provided. The revenues generated by the construction and installation of electrical equipment and assets are recognized accounted for according to the degree of progress of work.

          3. Penalties and Prizes

          The Concession Contract establishes a system of penalties that Transener S.A. may incur if certain parts of the Networks are not available for the transport of electricity. The lack of availability is divided into two types: scheduled and forced. Scheduled service departures, which are generally for the purpose of performing planned maintenance, incur a reduced penalty of 10% of the penalties applicable to forced service departures described below.

          The penalties applicable to forced departures are proportional to the regulated revenues corresponding to the unavailable equipment in question, taking into account the following factors: (i) time of the duration of the service's output (ii) economic impact on the system as a consequence of unavailability (case of lines and transformers) and

          1. sanction coefficient corresponding to the type of equipment.

             The penalties that Transener S.A. may be required to pay in any calendar month may not exceed 50% of their monthly Regulated Income (determined by dividing the annual Regulated Income by twelve) and, in relation to any twelve-month period, 10% of such annual Regulated Income. It is the Company's accounting policy to record a provision for penalties on the basis of information relating to the duration of an exit from service and the best estimate of the penalty to be imposed. This provision is shown under "Other operating income / (expenses), net".

             The penalties of Transener S.A. accrue interest from the 39th day following the last day of the month in which the event that resulted in the determination of penalties occurred, until the date on which CAMMESA withholds the amount of the penalty from the Regulated Income payments it makes to the Company. This interest is calculated at a variable daily rate published by Banco de la Nación Argentina, determined in accordance with the regulations issued by the Secretariat of Energy, which is the same rate applied to all debts of MEM Agents. The interest that accrues the penalties is shown under "Finance costs".

             CAMMESA is responsible for supervising the availability of the Networks, recording all incidents of unavailability and deducting penalties from the Company's revenues.

             The Penalty System also establishes a system for increasing the penalties to be applied to Transener S.A. if they do not exceed a minimum level of service quality established on a monthly basis.

             In addition, the Company has an Awards Scheme as an incentive to improve the quality of the service provided. It establishes the payment of a prize (with a maximum established) when the Company exceeds the minimum level of quality of service calculated on a monthly basis.

             It is Transener S.A.'s accounting policy to record a provision for prizes on the basis of the information referring to the level of service quality recorded in the period. This provision is shown under "Other operating income / (expenses), net".

          2. Interest

          Interest income is recognized on a time-elapsed basis using the effective rate method. When the value of an account receivable becomes impaired, the Company reduces its carrying amount to its recoverable amount, which is the estimated future cash flow discounted at the instrument's original effective interest rate and continues to reverse the discount as interest income. Interest income from loans granted or provisioned placements is recognized using the instrument's original effective rate.

      13. New accounting standards, amendments and interpretations issued by the IASB adopted by the Company

          The Company has applied the following standards and/or amendments for the first time since January 1, 2024:

          • IAS 1 Presentation of Financial Statements, amended in July 2020 and February 2021. It includes amendments to the classification of liabilities into current or non-current liabilities and to information to be disclosed on accounting policies.

          • IAS 7 Statement of cash flows and IFRS 7 Financial instruments: Disclosures. The amendments include new qualitative and quantitative reporting requirements regarding financing agreements with financial suppliers that enable the analysis of the effects of such agreements on liabilities, cash flows, and exposure to liquidity risk. The amendments are effective for annual reporting periods beginning as from January 1, 2024. The amendments do not require disclosures of comparative information.

          • IFRS 16 - Leases: amended in September 2022. It incorporates amendments related to sale and leaseback transactions. Amendments are applicable for annual periods beginning on or after January 1, 2024, and their early adoption is permitted. Application of these standards will not have an impact on the results of operations or the financial position of the Company.

            The New accounting standards, amendments, and interpretations issued by the IASB that became effective as from January 1, 2024 have not affected the Company's consolidated financial statements.

      14. New standards, amendments, and interpretations published but not yet entered into force for years beginning on or after January 1, 2025, and which have not been adopted early:

          The CNV, through GR 972/2023, revised its Restated Text to indicate that the early adoption of IFRS Accounting Standards and/or any amendments thereto is not permitted, unless expressly accepted.

          • Amendment to IAS 21 - Lack of Exchangeability The amendment requires that entities apply a consistent approach to assess whether a currency is exchangeable into another currency and, if not, the determination of the exchange rate to be used for measurement purposes, as well as the disclosures required in their financial statements. Amendments are applicable for annual periods beginning on or after January 1, 2025.

          • IFRS 18 - Presentation and disclosure in financial statements This new standard introduces new requirements to improve companies' reporting of financial performance and give investors a better basis for analyzing and comparing companies. IFRS 18 introduces three defined categories for income and expenses-operating, investing and financing-to improve the structure of the income statement, and requires all companies to provide new defined subtotals, including operating profit. In addition, it requires companies to disclose explanations of those company-specific measures that are related to the income statement, referred to as management-defined performance measures, which will be subject to audit. It also sets out enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes. IFRS 18 is effective for the annual periods beginning on or after January 1, 2027.

            IRFS 19 - Subsidiaries without public accountability

            IFRS 19, published by the IASB, addresses the financial reporting of subsidiaries without public accountability. This standard permits these subsidiaries to disclose reduced information as against other IFRS, which simplifies the preparation of their financial statements and reduces costs, while maintaining the usefulness of the information for users.

            A subsidiary is eligible if:

            • It is not publicly accountable; and

            • An ultimate or intermediate parent prepares consolidated financial statements available for public use that comply with IFRS Accounting Standards.

              The amendments are effective for annual reporting periods beginning on or after January 1, 2027. Earlier adoption is permitted.

              Amendment to IFRS 9 and IFRS 7 - Classification and measurement of financial instruments

              These amendments address the following:

              • clarifying the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;

              • clarifying and adding further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;

              • adding new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement environment, social and governance (ESG) targets); and

              • updating the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

              It was approved in May 2024 and the effective date is set for annual periods beginning on or after January 1, 2026 (earlier adoption is available).

      15. Risk policies and accounting estimates

      In preparing these financial statements, the Company has applied risk policies consistently with those of the previous year. The risk analysis showed no significant variations at December 31, 2024, as compared with the previous year.

4. Financial and capital risk management
   1. Financial risk factors

Financial risk management is part of the policies of the Company which focuses on the uncertainty of global financial markets and tries to minimize the potential adverse effects on its financial profitability.

Financial risk management is controlled by the Administration and Finance Office which identifies, evaluates, and covers financial risks through risk management policies.

1. Markets risks

   1. Exchange rate risk

      The exchange rate risk is the risk that the fair value or future cash flows of a financial will fluctuate as a result of variations in the exchange rate of the Argentine peso in respect with a foreign currency. The Company receives most of their income in Argentine pesos in accordance with rates that are not indexed in relation to the US dollar.

      Although imports and some accounts payable are denominated in foreign currency, they are not significant at December 31, 2024, which reduces the risk of loss derived from a peso devaluation.

      The Company valued its assets and liabilities at the exchange rates in effect at December 31, 2024 and 2023 (see Note 29).

   2. Price risk

      The Company is exposed to the risk of fluctuations in the prices of their investments maintained and classified in the balance sheet at fair value through profit and loss. The Company is not exposed in their income to the risk of the commodity prices. To manage their exposure to price risk arising from their investments, the Company diversifies its portfolio. Diversification of the portfolio is made according to limits and parameters pre-established by the Administration and Finance Department.

      In addition, the Company is exposed to the risk of rising prices of inputs used in the ordinary course of its business. In particular, since the tariffs collected by the Company from its customers are regulated, is exposed to the risk of not being able translate to tariffs increases in its operating costs. To manage their exposure to this risk, the management has business practices targeted to the selection of most suitable providers to ensure that minimize the costs of purchase of inputs without resign the quality of them.

2. Credit risk

Credit risk represents the exposure to possible losses derived from the non-compliance of commercial or financial counterparties with respect to their obligations to the Company.

Credit risk arises from cash and cash equivalents, deposits in banks and financial institutions, as well as exposure to the credit of customers, which includes the outstanding accounts receivable balances and committed transactions. With regard to banks and financial institutions, it is accepted only to institutions whose independent risk ratings are "Investment grade". In the case of the non-regulated business customers, if there are no independent risks ratings the Company evaluates the credit quality of the customer, taking into account its financial position, past experience and other factors. As of December 31, 2024, the accounts receivable debts amounted to approximately $ 606.5 million (2023: $ 15,728.3 million). As of December 31, 2024, the financial statements included an estimate of $

597.2 million (2023: $1,209.8 million).

In the case of the regulated business, credit concentration focuses mainly on the balances held with CAMMESA, and accordingly the answer to the credit risk in this business is not subject to decisions or internal credit assessments of the Company.

In relation to the accounts receivable, the Company's credit portfolio is distributed mainly between the balances held with CAMMESA and other clients. The concentration of appropriations focuses mainly on the balances held with CAMMESA, representing 96.2% of the total portfolio of accounts receivable of the Company to December 31, 2024 (2023: 96.2%).