Results of 4Q24

1. Financial Situation

As of December 31st, 2024, Transener has no financial debts.

On October 30th, 2024, the National Securities Commission (CNV) authorized the creation of the Company's Global Bond Issuance Program, for an amount of up to USD 300,000,000 (or the equivalent in other currencies or units of value) (hereinafter, the "Program"). Under this Program, simple, non-convertible bonds may be issued, secured by common, special and/or floating guarantees, and/or other forms of collateral (including, but not limited to, third-party guarantees), whether subordinated or not.

Regarding Transener's ratings, Fix Scr S.A. Credit Rating Agency maintained the long-term issuer rating of A+ (arg) with stable outlook.

2. Tariff Situation

On December 16th, 2023, through Decree No. 55/2023, the National Executive Power declared the state of emergency of the National Energy Sector until December 31st, 2024 related to the generation, transmission and distribution of electric energy under federal jurisdiction.

Art.3 of the aforementioned decree established the beginning of the Tariff Review according to art. 43 of Law No. 24,065 applicable to the generation, transmission and distribution of electric energy under federal jurisdiction, and stipulated that the resulting tariff schedules must be enforced no later than December 31st, 2024.

On January 2nd, 2024, through Resolution No. 3/2024, the ENRE called for a Public Hearing, which took place on January 29th, 2024, with the purpose of informing and gathering opinions regarding the proposals of the public electric energy transmission service concessionaires for a temporary tariff adjustment, before finalizing the definition of the rates to be applied by the concessionaires.

Consequently, through Resolutions No. 104/2024 and 105/2024, the ENRE determined the remuneration hourly values effective as from February 19th, 2024, establishing an increase of 179.7% and 191.1%, over the tariff values of November 2023 for Transener and Transba, respectively. Additionally, a tariff adjustment formula based on salary variation index, wholesale prices and consumer prices was established, to be applied monthly starting in May 2024.

However, on May 9th, 2024, the ENRE informed Transener and Transba that, by instructions of the Ministry of Economy to the Secretariat of Energy, the planned tariff update for May, 2024 as per Resolutions No. 104/2024 and 105/2024, would be suspended. Transener and Transba strongly rejected this decision due to the adverse impact on their revenues, which are essential for the operation of the service.

On June 11th, 2024, by instruction of the Ministry of Economy, the ENRE suspended the monthly tariff update for June 2024 and modified the monthly update mechanism as from July 2024, based on the projected inflation for the July/December 2024 semester. Transener and Transba reiterated their rejection of these measures due to the uncertainty regarding the methodology and the lack of definition regarding the source of the involved indices, requesting that the ENRE take all necessary actions to restore revenues their revenues in line with Resolutions No. 104/2024 and 105/2024.

On July 2nd, 2024, by instruction of the Ministry of Economy, the ENRE suspended the monthly tariff update for July 2024, a measure that was also rejected by Transener and Transba, requesting the ENRE to promptly regularize the revenues update.

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On August 5th, 2024, by instruction of the Ministry of Economy, through Resolutions No. 512/2024 and 513/2024, the ENRE determined the hourly remuneration values effective from August 1st, 2024, establishing an increase of 6% over the values of February 2024 for Transener and Transba. Likewise, on August 30th, 2024, through Resolutions No. 581/2024 and 580/2024, an additional 6% increase was set, effective from September 1st, 2024, over the values of August. On October 1st, 2024, through Resolutions No. 696/2024 and 692/2024, a 2.7% increase was established, effective from October 1st, 2024, over the values of September. On November 1st, 2024, through Resolutions No. 901/2024 and 902/2024, a 6% increase was established, effective from November 1st, 2024, over the values of October. Additionally, on November 29th, 2024, through Resolutions No. 1016/2024 and No. 1015/2024, the ENRE determined a 5% increase starting on December 1st, 2024, over the values of November. Then, on December 27th, 2024, through Resolutions No. 1065/2024 and No. 1066/2024, it determined a 4% increase starting on January 1st, 2025, over the values of December. Finally, on January 30th, 2025, through Resolutions No. 85/2025 and No. 87/2025, the ENRE determined a 4% increase starting on February 1st, 2025, over the values of January.

On the other hand, on April 15th, 2024, through Resolution No. 223/2024, the ENRE approved the "Program for the Tariff Review of Electricity Transmission in 2024", establishing the methodology and criteria for the Quinquennial Tariff Review to be considered by the electricity transmission companies when submitting their tariff proposals to be applied as from January 1st, 2025. The ENRE formally requested information in order to determine the capital base and to evaluate operating costs and the investment plan. The information of capital base, historical costs, property, plant and equipment, status of easements and existing facilities was to be submitted to the ENRE before May 17th, 2024, which was presented as requested, while the projected costs, investments and annual remuneration were submitted on September 16th, 2024.

On August 21st, 2024, the ENRE issued Resolution No. 554/2024, which established the rate of return applicable to the concessionaire companies of the public service of high-voltage electric transmission for the 2025-2029 period, determining that it will be 10.14% after taxes.

On October 2nd, 2024, through Resolution No. 705/2024, the ENRE called for a Public Hearing in order to inform and gather opinions regarding the tariff proposals presented by the concessionaire companies of the public electric energy transmission service. The hearing was scheduled to take place on November 5th, via a digital platform.

However, on October 14th, 2024, the ENRE, through Resolution No. 743/2024 and citing the positive reaction of the economy to the actions implemented by the Ministry of Economy, as well as the significant inflation slowdown observed to that point, considered reasonable and prudent to postpone the Public Hearing, thereby suspending the call made by Resolution No. 705/2024.

On the other hand, on October 3rd, 2024, through Resolution No. 706/2024, the ENRE initiated the procedure for determining the remuneration of Independent Transmission Companies, which would be applicable as from January 1st, 2025. This group of Independent Transmission Companies includes Transener, as the operator of the Fourth Line and the Choele Choel - Puerto Madryn Interconnection, as well as Transba for the facilities corresponding to the Independent Transmission Company of Buenos Aires (TIBA).

This process contemplated the submission of operating cost information, investments and the intended remuneration by the Independent Transmission Companies before November 20th, 2024, along with the opinion of the supervising Transmission Company.

However, on November 19th, 2024, through Decree No. 1023, the National Executive Power extended the national energy sector emergency, declared by Decree No. 55 on December 16th, 2023, until July 9th, 2025. Additionally, on November 25, 2024, through note NO-2024-128973695-APN-ENRE#MEC, the ENRE (National Regulatory Entity for the Energy Sector) informed that it was analyzing a new schedule for the Electricity Transmission Tariff Review, which was defined on January 7th, 2025, through Resolution No. 7/2025. This schedule includes the submission of the intended annual remuneration before January 20th, 2025, the Public Hearing on February 25th, 2025, and the entry into force of the resulting tariff schedule on April 1st, 2025. These dates, as established by the ENRE on January 7th, 2025, through Resolution No. 5/2025, are applicable to Independent Transmitters.

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On the other hand, on January 10th, 2025, the ENRE issued Resolution No. 28/2025, which modified and set the profitability rate applicable to the concessionary companies of the high-voltage electricity transmission and trunk distribution public service, as previously defined in Res. ENRE No. 554/2024. The new rate was set at 6.10% after taxes. Additionally, in accordance with the Tariff Review schedule, on January 20th, 2025, Transener and Transba reaffirmed their tariff proposals, considering a profitability rate of 10.14%.

Finally, on January 21st, 2025, the ENRE issued Resolution No. 74/2025, through which it called for a Public Hearing to inform and gather opinions on the tariff proposals presented by the Transmitters scheduled for February 25th, 2025, at 8:30 AM via a digital platform. Similarly, on January 28th, 2025, through Resolution No. 80/2025, the ENRE called for a Public Hearing on February 26th, 2025, at 8:30 AM regarding the Independent Transmitters, which includes Transener as the operator of the Fourth Line and the Choele Choel - Pto. Madryn Interconnection, as well as Transba for the facilities related to the Independent Transmitter of Buenos Aires (TIBA).

3. Operating Information

The Company continues to carry out the execution of the investment plan, maintaining as of December 31st, 2024 commitments for the acquisition of capital expenditures for an amount of approximately AR$ 15,000 million.

Transener, as the concessionaire of the extra high voltage electric power transmission network, is in charge of the follow-up of the expansions requested by the users of the network.

Here follows the most significant works in progress under Transener's supervision:

• Works to be undertaken by the Wholesale Electricity Market (WEM) Agents
  Resistencia Substation - Bays 01 and 02 for 132kV Line Outputs
  The completion of the adaptation of both 132kV line outputs, which includes equipment updates for the improvement of Secheep's service, is scheduled for mid-2025. Progress is being made on the remaining engineering tasks and the final testing plan for commissioning.
  Cobos Substation - AGD Hub Node (Puna Solar-Altiplano Solar-Cauchari Solar Generators)
  The installation of the Concentrator Node at Cobos Substation and its communication links to connect the photovoltaic generators to the DAG NOA automation system at El Bracho Substation are in the final testing stage.
  Puerto Madryn Substation Expansion - Transformation Capacity (Goldwing Loma Blanca VI Eolic Park)
  Installation of a 600 MVA transformer bank in 500/138/34.5kV (T3PY), foreseeing the commissioning schedule for March 2025, which will enable the export of renewable energy to the SADI (Argentine Interconnection System).
  Rosario Oeste Substation Expansion (for EPESF) - Bay Output in 132 kV DL HVL to Godoy Substation Commissioning of Bay No. 4 of the 132kV Rosario Oeste Substation yard for new line output to the Provincias Unidas Substation in Santa Fe Province, via underground cable.
  Gran Mendoza Substation - 220 kV Outputs to Cruz de Piedra
  On August 17th, 2024, fields 05 and 06 of the 220kV yard were energized to link the 220kV lines from Gran Mendoza to Cruz de Piedra, becoming operational with new busbar protection systems.

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Here follows the most significant works in progress under Transba's supervision:

• Works to be undertaken by the Wholesale Electricity Market (WEM) Agents

Sur Substation

New Sur Substation in Bahía Blanca with two 45/30/45 MVA transformers in 132/33/13.2kV and the opening of the Chañares - Petroquímica 132kV HVL. Estimated commissioning date: March 2025.

Ayacucho Substation

New Ayacucho Substation with capacity of 2x30/20/30 MVA, to be connected to the Tandil - Las Armas 132kV HVL, including the construction of a 3.4 km double-circuit, and new 4x33 kV + 4x13.2kV outputs. Estimated commissioning date: July 2025.

San Nicolás Norte Substation

Electromechanical assembly of the new San Nicolás Norte 132/33/13.2kV - 2x40/40/40 MVA + 6Px33- 8Px13.2 Substation, which sections the San Nicolás - General Lagos 132kV HVL, and includes a third connection from the Laminados Industriales HVL. Estimated commissioning date: April 2025.

Gonzales Chaves Substation Expansion

In March 2024, works for the installation of 2 132/33/13 kV-15MVA transformers were commenced. One will replace the 10 MVA T1CH transformer and the other one replaces a 5MVA 33/13 kV transformer. Estimated commissioning date: T1CHA in April 2025 - T2CHA in August 2025.

New Cangrejales Substation

Replacement of the current Profertil Substation with the New Cangrejales Substation. This new facility will feature a double busbar system in 132kV with an interior GIS coupler technology, providing two outputs to the Profertil Plant and three line outputs to Petroquímica Bahía Blanca Substation. Estimated commissioning date: October 2025.

New Guaminí Substation

In May 2024, the construction of the New Guaminí 132/33/13.2 kV - 2x30/30/20 MVA Substation was started, along with the connection of a 132kV HVL of 63km to Coronel Suárez Substation. Estimated commissioning date: September 2026.

Chivilcoy 2 Substation

Construction of the New Chivilcoy 2 Substation, with Transformers of 2x 30/20/30 MVA + 16,2km of double line circuit, sectioning the existing 1CIVM1 line, therefore this new substation will be bound to Chivilcoy and 25 de mayo substations. Estimated commissioning date: November 2026.

New 9 de Julio Substation

In September 2024, the construction of the new 9 de Julio 132/33/13.2kV - 2x30/30/20 MVA Substation began, along with the connection of a 98-kilometer, high-voltage 132kV overhead line to the 25 de Mayo Substation. Estimated commissioning date: September 2028.

La China Substation field 132kV

In January 2025, the expansion of the 05 field of 132kV at La China Substation is planned to connect the 100 MW La Rinconada Eolic Park. Estimated commissioning date: July 2025.

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Business Development

Given its position as a leader in electricity transmission, Transener is involved in the supply of operation and maintenance services, engineering, testing and commissioning of lines and substations for new works or for the expansion of existing works in the 500kV system. Likewise, it maintains installations of communications that are affected by dark fiber lease contracts.

Transener maintains its main contracts with the following customers:

• Minera Alumbrera Ltd.
• AES Argentina Generación S.A.
• Nucleoeléctrica Argentina S.A.
• Silica Networks Argentina S.A.
• Capex S.A.

Rate of failures

The following charts show the rate of failures of Transener and Transba as from December 2019.

Transener and Transba Concession Agreements state a maximum rate of failures of 2.5 and 7.0 outages per 100 km over a 12-month period, respectively.

Transener

3,0

2,5

2.5 FAILURE LIMIT

2,0

1,5

COMPANY FAILURES

1,0

0,0

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4. Significant Financial Information

4.1 Consolidated Statements of Operations

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5. Analysis of results for fiscal year ended on December 31st, 2024 compared to last year

Revenues

Consolidated revenues for fiscal year ended on December 31st, 2024 amounted to AR$ 340,072 million, 19.7% higher than the AR$ 284,076 million for last year.

Consolidated regulated revenues for fiscal year ended on December 31st, 2024 totaled AR$ 301,260 million, 19.0% higher than the AR$ 253,256 million for last year, due to the effect of the tariff adjustments, net of inflation.

Consolidated non-regulated revenues for fiscal year ended on December 31st, 2024 reached AR$ 38,811 million, 25.9% higher than the AR$ 30,820 million for last year, due to the effect of the tariff adjustments for Fourth Line, Choel-Choel - Puerto Madryn and TIBA, net of inflation.

Operating and administrative expenses

Consolidated operating and administrative expenses for fiscal year ended on December 31st, 2024 amounted to AR$ 232,888 million, 7.3% lower than the AR$ 251,345 million for last year, mainly due to a decrease in equipment maintenance costs (which had been higher in 2023 due to the repairs of synchronous compensators No. 3 and 4 in Ezeiza Substation) and in labor costs.

Other operating income/(expenses), net

Consolidated other operating income/(expenses), net for fiscal year ended on December 31st, 2024 resulted in a profit of AR$ 5,684 million, compared to a loss of AR$ 2,665 million for last year, mainly due to an increase in insurance claim recoveries and gains from asset sales.

Operating profit

Consolidated operating profit for fiscal year ended on December 31st, 2024, amounted to AR$ 112,867 million, 275.4% higher than the AR$ 30,066 million for last year, as a result of aforementioned factors.

Financial results

Consolidated financial results for fiscal year ended on December 31st, 2024 resulted in a loss of AR$ 6,813 million, 19.9% higher than the AR$ 5.685 million for last year, mainly due to a higher loss from exchange rate differences and a decrease in late payments interest from CAMMESA, net of inflation.

Income tax

Consolidated income tax for fiscal year ended on December 31st, 2024 resulted in a loss of AR$ 35,812 million, 256.1% higher than the AR$ 10,057 million for last year, mainly due to a higher profit before tax.

You may find additional information on the Company at:

www.transener.com.ar

www.transba.com.ar

www.cnv.gob.ar

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