Financial Statements 31.03.2025

(Stated in millions of constant pesos - Note 3)

Legal Information 4

Condensed Interim Separate Statement of Comprehensive Income 5

Condensed Interim Separate Statement of Financial Position 6

Condensed Interim Separate Statement of Changes in Equity 8

Condensed Interim Separate Statement of Cash Flows 9

Note 1 | General information 11

Note 2 | Regulatory framework 13

Note 3 | Basis of preparation 15

Note 4 | Accounting policies 16

Note 5 | Financial risk management 17

Note 6 | Critical accounting estimates and judgments 19

Note 7 | Contingencies and lawsuits 19

Note 8 | Revenue from sales and energy purchases 20

Note 9 | Expenses by nature 22

Note 10 | Other operating income (expense), net 23

Note 11 | Net finance costs 23

Note 12 | Basic and diluted earnings per share 24

Note 13 | Property, plant and equipment 25

Note 14 | Right-of-use assets 27

Note 15 | Inventories 27

Note 16 | Other receivables 27

Note 17 | Trade receivables 28

Note 18 | Financial assets at amortized cost 28

Note 19 | Financial assets at fair value through profit or loss 28

Note 20 | Cash and cash equivalents 29

Note 21 | Share capital and additional paid-in capital 29

Note 22 | Allocation of profits 29

Note 23 | Trade payables 30

Note 24 | Other payables 30

Note 25 | Borrowings 31

Note 26 | Deferred revenue 32

Note 27 | Salaries and social security taxes payable 33

Note 28 | Income tax and deferred tax 33

Note 29 | Tax liabilities 34

Note 30 | Provisions 34

Note 31 | Related-party transactions 35

Note 32 | Shareholders' Meeting 35

Note 33 | Events after the reporting period 36

The following definitions, which are not technical ones, will help readers understand some of the terms used in the text of the notes to the Company's Condensed Interim Separate Financial Statements.

Terms Definitions

BCRA Central Bank of Argentina

BNA Banco de la Nación Argentina

CABA City of Buenos Aires

CAMMESA Compañía Administradora del Mercado Mayorista Eléctrico S.A.

(the company in charge of the regulation and operation of the wholesale electricity market)

CNV National Securities Commission

CPD Distribution Own Cost

ENRE National Regulatory Authority for the Distribution of Electricity FACPCE Argentine Federation of Professional Councils in Economic Sciences GWh Gigawatt hour

IAS International Accounting Standards

IASB International Accounting Standards Board

IFRIC International Financial Reporting Interpretations Committee IFRS International Financial Reporting Standards

IGJ Inspección General de Justicia (the Argentine governmental regulatory agency of corporations)

IMF International Monetary Fund

INDEC National Institute of Statistics and Census

KWh Kilowatt hour

MEM Wholesale Electricity Market

MLC Free Foreign Exchange Market

MWh Megawatt hour

PBA Province of Buenos Aires

PEN Federal Executive Power

RECPAM Gain (Loss) on exposure to the changes in the purchasing power of the currency RT Electricity Rate Review

SACME S.A. Centro de Movimiento de Energía

SE Energy Secretariat

VAD Distribution Added Value

Agreement by which this public service is regulated

• of the Articles of Incorporation: August 3, 1992

• of the last amendment to the Bylaws: July 24, 2024

Legal address: 1252 Maipú St., 12th Floor - CABA

(amounts stated in pesos)

Class of shares

Subscribed and paid-in

(See Note 21) Common, book-entry shares, face value 1 and

1 vote per share

Class A 462,292,111

Class B (1) 442,566,330

Class C (2) 1,596,659

906,455,100

1. Includes 30,772,779 treasury shares as of March 31, 2025.

   
   
   

2. Relates to the Employee Stock Ownership Program Class C shares (Note 21).

(Stated in millions of constant pesos - Note 3)

Note 03.31.25 03.31.24

Restated (1)

(1) See Note 1: Retroactive restatement of the previously issued financial statements - Deferred tax liability generated by the Property, plant and equipment account.

The accompanying notes are an integral part of the Condensed Interim Separate Financial Statements.

(Stated in millions of constant pesos - Note 3)

The accompanying notes are an integral part of the Condensed Interim Separate Financial Statements.

(Stated in millions of constant pesos - Note 3)

C O N D E N S E D I N T E R I M S E P A R A T E F I N A N C I A L S T A T E M E N T S

Balance at December 31, 2023 restated

Income for the three-month period restated

Balance at March 31, 2024

Other Reserve Constitution - Share-based compensation plan

Payment of Other Reserve Constitution - Share-based compensation plan

Other comprehensive results

Gain for the nine-month complementary period

Balance at December 31, 2024

Income for the three-month period

Balance at March 31, 2025

The accompanying notes are an integral part of the Condensed Interim Separate Financial Statements.

C O N D E N S E D I N T E R I M S E P A R A T E F I N A N C I A L S T A T E M E N T S

(Stated in millions of constant pesos - Note 3)

(Stated in millions of constant pesos - Note 3)

Note 03.31.25 03.31.24

Restated (1)

Adquisition of advances to suppliers, property, plant and equipment through increased trade payables

Adquisition of advances to suppliers, right-of-use assets through increased trade payables

(16,163) (9,958)

- (3,906)

1. See Note 1: Retroactive restatement of the previously issued financial statements - Deferred tax liability generated by the Property, plant and equipment account

   The accompanying notes are an integral part of the Condensed Interim Separate Financial Statements

   ‌Note 1 | General information

   Empresa Distribuidora y Comercializadora Norte S.A. (hereinafter "edenor" or "the Company") is a corporation (sociedad anónima) organized under the laws of the Argentine Republic, with legal address at 6363 Av. Del Libertador Ave - City of Buenos Aires, Argentina, whose shares are listed on Bolsas y Mercados Argentinos S.A. (ByMA) (Argentine Stock Exchange and Securities Market), traded on Mercado Abierto Electrónico S.A. (MAE) (electronic securities and foreign currency trading market), and the New York Stock Exchange (NYSE).

   The corporate purpose of edenor is to engage in the distribution and sale of electricity within its concession area. Furthermore, it may provide and sale telecommunication services, as well as assign the use of its facilities for that purpose, subscribe or acquire shares of other distribution companies and invest in companies related to the generation, distribution and sale of energy, whether conventional or renewable, as well as in digitization, artificial intelligence and critical minerals-related projects. In addition, the Company may provide advisory, training, maintenance, consulting, and management services, act as trust agent and serve as trustee in credit transactions related to the generation, distribution and sale of electricity. These transactions may be conducted directly by edenor or through subsidiaries or related companies, both domestically and internationally.

   The Company's economic and financial situation

   After the first three months of 2025, the trend towards improvement of the Company's economic performance that had begun in 2024 continues, driven mainly by the recent electricity rate increases. In this context, the Company is currently analyzing the impact of the 2025-2030 Electricity Rate Review (Note 2.a).

   During the first months of the current year, the periodic monthly adjustments of the CPD have continued, with increases of 4%, on average.

   On March 10, 2025, by means of Executive Order No. 179/2025 of the PEN, a new financing program with the International Monetary Fund was approved, earmarked for the following: (i) repaying debt with the BCRA; (ii) settling maturities and paying public credit obligations of the 2022 program;

   (iii) strengthening international reserves; (iv) maintaining a zero fiscal deficit; (v) ensuring that the funds from the new program are used to pay debts rather than for fiscal expenditures; (vi) reducing inflation and stabilizing the economy; (vii) lifting foreign currency restrictions and making progress with the foreign currency market flexibilization; and (viii) regaining international market access, improving the country's credit rating and facilitating its return to the global financial system. The Executive Order was approved by the Chamber of Representatives on March 20, 2025.

   In this regard, on April 11, 2025, the IMF approved a 48-month USD 20 billion arrangement with quarterly reviews of targets and a repayment term of 10 years. Of the total amount approved, USD 15 billion relates to unrestricted disbursements in 2025.

   Consequently, the BCRA provided for the ending of the so-called "cepo" foreign exchange controls and the implementation of a floating exchange rate system within bands as from April 14, 2025:

   • The cepo currency controls that restricted the purchase of dollars in the MLC to USD 200 per month since October 2019, are lifted.

   • A floating exchange rate band system, with the band ranging between ARS/USD 1,000 and ARS/USD 1,400, is adopted. The exchange rate will float freely based on supply and demand within the bands and the bands' limits will be gradually widened -1% and +1% per month, respectively.

   • The BCRA will buy or sell dollars when the exchange rate at the MLC operates outside the bands. This, which is largely possible thanks to the IMF's contribution of liquid funds mentioned in the preceding paragraph, would facilitate a transition without disruptions in the ongoing disinflation process.

   • All restrictions on access to the MLC related to government assistance received during the pandemic, subsidies, the public-sector employment and others are eliminated.

   • Imports of (a) goods and services may be paid through the MLC from the date of customs entry registration and from the date the service is rendered, respectively (previously, there was a 30-day waiting period); (b) capital goods may be paid through the MLC as follows: an advance payment of 30%, 50% from the date of shipment at the port of origin, and 20% from the date of customs entry registration; (c) services between related companies may be paid through the MLC after 90 days from the date the service is rendered (previously the timeframe was 180 days).

   • Access to the MLC is authorized for the purpose of paying dividends to non-resident shareholders in respect of realized earnings recognized in financial statements for fiscal years beginning on or after January 1, 2025.

Additionally, the BCRA and the Central Bank of China (PBOC) have agreed on a new 12-month extension of the currency swap bilateral agreement, equivalent to USD 5 billion.

In this framework, the BCRA provides for a monetary system aimed at a tighter monitoring of the money supply, based on the non-financing of the fiscal policy by the BCRA, and of zero monetary issuance for the remuneration of the BCRA's remunerated liabilities. It is expected that the aforementioned measures, as a whole, will boost activity and investment, the recovery of domestic savings and credit to the private sector, increasing monetary predictability, exchange rate flexibility and unrestricted reserves that support the new economic program.

Finally, by means of the 2025 General Budget approved by Executive Order No. 186/2025, a new Special System for the Regularization of Payment Obligations with CAMMESA and/or with the MEM is implemented for the debts accumulated by electricity distribution companies as of November 30, 2024 (Note 2.b).

The Company's Management permanently monitors the development of the variables that affect the Company's business, in order to define its course of action and identify the potential impacts on its financial and cash position. Within the described context, despite the fact that in the last few fiscal years the Company recorded negative working capital, as a consequence of the insufficient adjustments of the electricity rate over the last few years, the Company continues making the investments necessary, both for the efficient operation of the network and for maintaining and even improving the quality of the service

As a result of that which was mentioned in the Separate Financial Statements as of December 31, 2024, the Company retroactively restated the impacted balances of its previously issued financial statements, correcting the error detected in the deferred tax calculation relating to the Property, plant and equipment account that generated an overstatement of the deferred tax liability, with the impacts on the condensed interim separate financial statements as of March 31, 2024 being as follow:

03.31.24

As previously

RECPAM

(Inflationary

03.31.24

Error correction

03.31.24

Restated

reported effect)

Profit and loss items of the "Adjustment" column are also included in both the Statement of Changes in Equity and the Statement of Cash Flows at the end of the period.

‌Note 2 | Regulatory framework

At the date of issuance of these condensed interim separate financial statements, there exist the following changes with respect to the situation reported by the Company in the Separate Financial Statements as of December 31, 2024:

1. Electricity rate situation

   On March 7, 2025, by means of Resolution No. 160/2025, the ENRE approved the values of the Company's electricity rate schedule, effective from the billing relating to the reading of meters subsequent to 12:00 AM on March 1, 2025, for Levels 1, 2 and 3, as well as for neighborhood and town clubs (CdByP) and public welfare entities, feed-in tariffs for User-Generators, and electricity rate values applicable to the self-managed metering system, in line with the new seasonal reference prices applicable in the March 1-April 30, 2025 period, approved by SE Resolution No. 110/2025.

   In this regard, and in accordance with the service quality regulations for the 2025-2030 five-year period, the aforementioned ENRE Resolution approves the average VAD values for the assessment of the service, technical product and commercial service-related penalties set in KWh, replacing the calculation methodology of the previous 2017 RT, as from March 1, 2025, as provided for in ENRE Resolutions Nos. 3 and 8/2025.

   Additionally, on April 1, 2025, by means of Resolution No. 224/2025, the ENRE approved the values of the Company's electricity rate schedule, effective from the billing relating to the reading of meters subsequent to 12:00 AM on April 1, 2025, with an average increase in the CPD of 3.5%.

   Furthermore, the scheduled date for the issuance of the resolutions that approve the Company's electricity rate schedules in the framework of the Five-year Electricity Rate Review (RT), which had been set for March 31, 2025, was postponed to April 30, 2025.

   Additionally, on April 3, 2025, by means of Resolution No. 237/2025, the ENRE revoked Section 2 of ENRE Resolution No. 4/2025 dated January 7, 2025, and approved a rate of return on assets in real terms and after taxes of 6.50%, equivalent to a rate in real terms before taxes of 9.99% (increase of 4.5%).

   Finally, on April 29, 2025, ENRE Resolution No. 304/2025 approves the electricity rate and regulatory framework for the 2025-2030 period relating to the Five-year Electricity Rate Review (RT).

   The aforementioned resolution provides for:

   • The approval of the Company's electricity rate schedule effective from the billing relating to the reading of meters subsequent to 12:00 AM on May 1, 2025, with a 3% increase in the CPD, plus a monthly increase of 0.42% in real terms starting on June 1, 2025, and continuing in the months thereafter through November 1, 2027. The adjustment will take into consideration the price effect determined by the indexation formula, with a monthly frequency, and the annual adjustment that may arise due to deviations from compliance with the investment plan.

   • The approval of the adjustment mechanism to be applied on a monthly basis to the CPD, resulting from the indexation formula based on price indexes (CPI and WPI).

   • The approval of the Efficiency Incentive Factor (E Factor).

   • The updating of the Company's Concession Agreement, by approving new texts of the Electricity Rate System, Electricity Rate Setting Procedure, and Quality Regulations and Penalties Sub-annexes, and the Supply Regulations, with the aim of adjusting the regulatory framework, effective from May 1, 2025.

2. Agreements on the Regularization of Payment Obligations with CAMMESA - Debt for the purchase of energy in the MEM

   On March 13, 2025, by means of Executive Order No. 186/2025, the PEN approved the 2025 General Budget, which, in its Section 7, provides for a Special System for the Regularization of Payment Obligations with CAMMESA and/or with the MEM for the debts accumulated by electricity distribution companies as of November 30, 2024. For the remaining debts, this system for the regularization of payment obligations provides for a Payment Plan consisting of up to 72 monthly installments, a 12-month grace period, and an interest rate equivalent to up to 50% of that in effect in the MEM.

   In this regard, the possibility of converting into pesos the already regularized debt denominated in MWh provided for in the second paragraph of Section 89 of Law No. 27,701 on the 2023 General Budget, which is effective for fiscal year 2025 pursuant to Section 27 of Law No. 24,156, as amended, should also be considered. As of March 31, 2025, the Company's debt relating to the Payment Plan denominated in MWh totals $ 122,422.

   As a condition subsequent of the agreements to be signed, electricity distribution companies must regularize and comply, in due time and in proper form, with the payment of the current billing with CAMMESA and with any other arrangements signed prior to the regularization system. Furthermore, in fulfillment of their obligations and responsibilities, different mechanisms will be implemented to promote the making of investments aimed at improving the electricity system. It is worth mentioning that since April 2024 the Company has been up to date with the payments of CAMMESA's current billing.

   Additionally, a Special System of Credits is implemented for those electricity distribution companies that as of December 31, 2024 have not had unregularized debt with CAMMESA and have settled all 2024 transactions, pursuant to the conditions set by the application authority.

   In this regard, on April 21, 2025, by means of Directive No. 1/2025, the Energy Under-secretariat approved the terms of the System for the Regularization of Payment Obligations, which include:

   1. the outstanding debts with the MEM not yet included in payment plans existing prior to November 30, 2024, payable in 72 monthly installments, with a 12-month grace period, and at the interest rate in effect in the MEM, reduced by 50%, which will be reviewed semi-annually if a variation of 500 basis points occurs;

   2. the outstanding debts with the MEM included in payment plans signed prior to the new system, in the framework of Section 87 of Law No. 27,591 and SE Resolution No. 642/2022, with the duly agreed-upon terms remaining in effect; and

   3. the outstanding debts with the MEM included in payment plans signed prior to the new system, in the framework of Section 89 of Law No.27,701, which provides for the conversion into pesos of the Payment plan in MWh, at the price applicable to the payment of the October 2024 installment, with all other duly agreed-upon terms remaining in effect.

      At the date of issuance of these condensed interim separate financial statements, the new Memorandum of Agreement has not been formalized, with the negotiations between the parties being currently underway.

3. Framework Agreement

In accordance with the Agreement entered by edenor, the Federal Government and the Province of Buenos Aires, and in connection with electricity consumption generated in 2025, the ENRE has been informed for validation purposes of the credits against the Federal Government and the Province of Buenos Aires for $ 2,065 million and $ 2,798 million, respectively.

At the date of issuance of these condensed interim separate financial statements, the amounts to be contributed by the Federal Government and the Province of Buenos Aires, whose crediting and/or offsetting against debts with CAMMESA for electricity consumption of 2024 is still pending, total

$ 2,617 and $ 4,378 respectively. Furthermore, the amount to be contributed by the Federal Government, whose crediting and/or offsetting against debts with CAMMESA for electricity consumption of 2023 is still pending, totals $ 352.

‌Note 3 | Basis of preparation

These condensed interim separate financial statements for the three-month period ended March 31, 2025 have been prepared in accordance with the provisions of IAS 34 "Interim Financial Reporting". They were approved for issue by the Company's Board of Directors on May 9, 2025.

By means of General Resolution No. 622/2013, the CNV provided for the application of Technical Resolution No. 26 of the FACPCE, which adopts the IFRS issued by the IASB, for those entities that are included in the public offering system of Law No. 17,811, as amended, whether on account of their capital or their corporate notes, or have requested authorization to be included in the aforementioned system.

These condensed interim separate financial statements include all the necessary information in order for the users to properly understand the relevant facts and transactions that have occurred subsequent to the issuance of the last Separate Financial Statements for the year ended December 31, 2024 and until the date of issuance of these condensed interim separate financial statements. The Company's Management estimates that they include all the necessary adjustments to fairly present the results of operations for each period. The results of operations for the three-month period ended March 31, 2025 and its comparative period as of March 31, 2024 do not necessarily reflect the Company's results in proportion to the full fiscal year. Therefore, the condensed interim separate financial statements should be read together with the audited Separate Financial Statements as of December 31, 2024 prepared under IFRS.

The Company's condensed interim separate financial statements are measured in pesos (the legal currency in Argentina) restated in accordance with that mentioned in this Note, which is also the presentation currency.

The balances as of December 31 and March 31, 2024, as the case may be, disclosed in these condensed interim separate financial statements for comparative purposes, arise as a result of restating the annual Separate Financial Statements and the Condensed Interim Separate Financial Statements as of those dates, respectively, to the purchasing power of the currency at March 31, 2025, as a consequence of the restatement of financial information described hereunder. Furthermore, in addition to the situation reported in Note 1, certain amounts of the financial statements presented in comparative form have been reclassified in order to maintain consistency of presentation with the amounts of the current periods.

The condensed interim separate financial statements, including the figures relating to the previous year/period, have been stated in terms of the measuring unit current at March 31, 2025, in accordance with IAS 29 "Financial reporting in hyperinflationary economies", using the indexes published by the FACPCE. The inflation rate for the period of January 1, 2025 - March 31, 2025 was 8.6%.

‌Note 4 | Accounting policies

The accounting policies adopted for these condensed interim separate financial statements are consistent with those used in the Separate Financial Statements for the last financial year, which ended on December 31, 2024.

New accounting standards, amendments and interpretations issued by the IASB that are effective as of March 31, 2025 and have been adopted by the Company:

- IAS 21 "The effects of changes in foreign exchange rates", amended in August 2023. Guidelines are included in order to specify when a currency is interchangeable and how to determine the exchange rate to apply when it is not.

There are no new IFRS or IFRIC applicable as from this period that have a material impact on the Company's condensed interim separate financial statements.

New accounting standards, amendments and interpretations issued by the IASB that are not yet effective and have not been early adopted by the Company

• IFRS 18 "Presentation and disclosure in financial statements", issued in April 2024. It includes new requirements for all entities applying IFRS for the presentation and disclosure of information in financial statements. It introduces three defined categories of income and expenses (operating, investing and financing) that modify the structure of the statement of profit or loss, and requires companies to present new defined subtotals, including operating profit or loss, in order to analyze the companies' financial performance and facilitate comparison between companies. The standard requires companies to disclose explanations of those company-specific measures that are related to the statement of profit or loss, referred to as management-defined performance measures. It provides enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes. It requires that companies provide more transparency about operating expenses. The management-defined performance measures, as defined by IFRS 18, consist of measures that are subtotals of income and expenses. IFRS 18 does not require companies to provide management-defined performance measures but does require companies to explain them if they are provided.

  IFRS 18 replaces IAS 1 "Presentation of financial statements", but carries forward many requirements from IAS 1 unchanged. IFRS 18 is effective for annual reporting periods beginning as from January 1, 2027, with early adoption permitted. In this regard, the Company is currently assessing the impact of IFRS 18 and estimates that there will be significant changes in the disclosure of the Statement of Comprehensive Income and its related notes.

• IFRS 19 "Subsidiaries without public accountability: Disclosures", issued in May 2024. It specifies reduced disclosure requirements that an eligible entity is permitted to apply instead of the disclosure requirements in other IFRS. IFRS 19 applies to annual reporting periods beginning as from January 1, 2027, earlier application permitted.

• IFRS for SMEs: It includes amendments to key sections and incorporates a new section on fair value measurement. It aligns definitions and criteria with full IFRS (IFRS 3, 9, 10, 13 and 15), and introduces changes in assets, liabilities, control, revenue and business combinations concepts. It is effective for annual reporting periods beginning as from January 1, 2027, earlier application permitted.

‌Note 5 | Financial risk management Note 5.1 | Financial risk factors

The Company's activities and the market in which it operates expose the Company to a number of financial risks: market risk (including currency risk, cash flows interest rate risk, fair value interest rate risk and price risk), credit risk and liquidity risk.

Additionally, the difficulty in obtaining financing in international or national markets could affect certain variables of the Company's business, such as interest rates, foreign currency exchange rates and the access to sources of financing.

With regard to the Company's risk management policies, there have been no significant changes since the last fiscal year end.

1. Market risks

   1. Currency risk

      As of March 31, 2025 and December 31, 2024, the Company's balances in foreign currency are as follow:

      Amount in foreign

      Exchange

      Total

      Total

      Currency currency rate (1)

      03.31.25

      12.31.24

      ASSETS CURRENT ASSETS
      Other receivables	USD	7.1	1071.000	7,604		1,787
      Financial assets at fair value through profit or loss	USD	265.8	1071.000	284,672		319,289
      Cash and cash equivalents	USD	3.0	1071.000	3,213		15,640
      TOTAL CURRENT ASSETS				295,489		336,716
      TOTAL ASSETS				295,489		336,716
      LIABILITIES
      NON-CURRENT LIABILITIES
      Borrowings	USD	345.4	1074.000	370,944		385,360
      TOTAL NON-CURRENT LIABILITIES				370,944		385,360
      CURRENT LIABILITIES
      Trade payables	USD	24.6	1074.000	26,420		19,944
      	EUR	0.1	1162.390	116		116
      	CHF	0.2	1214.311	243		248
      Borrowings	USD	18.9	1074.000	20,302		13,550
      TOTAL CURRENT LIABILITIES				47,081		33,858
      TOTAL LIABILITIES				418,025		419,218

      (1) The exchange rates used are the BNA exchange rates in effect as of March 31, 2025 for United States dollars (USD), Euros (EUR) and Swiss francs (CHF).

   2. Fair value estimate

      The Company classifies the measurements of financial instruments at fair value using a fair value hierarchy that reflects the relevance of the variables used for carrying out such measurements. The fair value hierarchy has the following levels:

      • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
      • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from the prices).
      • Level 3: inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).

      The table below shows the Company's financial assets and liabilities measured at fair value as of March 31, 2025 and December 31, 2024:

      	LEVEL 1	LEVEL 2
      At March 31, 2025
      Assets
      Other receivables
      Assigned assets and in
      custody	5,911	-
      Financial assets at fair value
      through profit or loss: Negotiable instruments	53,933	-
      Mutual funds	307,496	-
      Cash and cash equivalents:
      Mutual funds	1,058	-
      Total assets	368,398	-
      Liabilities
      Other liabilities:
      Payment plan - CAMMESA	-	122,422
      Total liabilities	-	122,422
      	LEVEL 1	LEVEL 2
      At December 31, 2024
      Assets
      Other receivables
      Transferred assets and in
      custody	9,711	-
      Financial assets at fair value
      through profit or loss:
      Negotiable instruments	124,305	-
      Mutual funds	270,182	-
      Cash and cash equivalents
      Mutual funds	487	-
      Total assets	404,685	-
      Liabilities
      Other liabilities:
      Payment plan - CAMMESA	-	142,758
      Total liabilities	-	142,758

   3. Interest rate risk

Interest rate risk is the risk of fluctuation in the fair value or cash flows of an instrument due to changes in market interest rates. The Company's exposure to interest rate risk is mainly related to its long-term debt obligations.

Indebtedness at floating rates exposes the Company to interest rate risk on its cash flows. Indebtedness at fixed rates exposes the Company to interest rate risk on the fair value of its liabilities. As of March 31, 2025 and December 31, 2024, except for the Class No. 6 Corporate Notes issued by the Company in Argentine pesos, at the private BADLAR floating interest rate plus an annual 7% fixed margin, the bank loans taken with Banco Ciudad and Banco Provincia banks (Note 25), and the Payment plan with CAMMESA that is disclosed in the Other payables account (Notes 2.b and 24), all the loans were obtained at fixed interest rates. The Company's policy is to keep the largest percentage of its indebtedness in instruments that accrue interest at fixed rates.

‌Note 6 | Critical accounting estimates and judgments

The preparation of the condensed interim separate financial statements requires the Company's Management to make estimates and assessments concerning the future, exercise critical judgment and make assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities and revenues and expenses.

These estimates and judgments are permanently evaluated and are based upon past experience and other factors that are reasonable under the existing circumstances. Future actual results may differ from the estimates and assessments made at the date of preparation of these condensed interim separate financial statements.

In the preparation of these condensed interim separate financial statements, there were no changes in either the critical judgments made by the Company when applying its accounting policies or the sources of estimation uncertainty used with respect to those applied in the Separate Financial Statements for the year ended December 31, 2024.

‌Note 7 | Contingencies and lawsuits

The provision for contingencies has been recorded to face situations existing at the end of each period that may result in a loss for the Company if one or more future events occurred or failed to occur.

At the date of issuance of these condensed interim separate financial statements, there are no significant changes with respect to the situation reported by the Company in the Separate Financial Statements as of December 31, 2024, except for the following:

• Legal action brought by the Municipality of Morón and other plaintiffs (7 4313-2025)

  The Company filed an appeal against this interim precautionary measure ("precautelar"), and on March 20, 2025, the Local (San Martín) Appellate Court in Administrative Matters upheld the appeal, partially reversing the resolution and directing the Company to inform users about the existence of this legal action when service provision is suspended due to non-payment.

• Protección a los Consumidores y Usuarios de la República Argentina Asociación Civil (Procurar) - Class action for the protection of a constitutional right ("amparo colectivo")

The court allowed the Company to extend the effects of the provisional measure until April 29, 2025.

‌Note 8 | Revenue from sales and energy purchases

We provide below a brief description of the main services provided by the Company:

Residential use

and public lighting (T1) Medium demand segment: Commercial and industrial customers (T2) Large demand segment (T3)

Other: (Shantytowns/ Wheeling system)

Relates to the highest demand average recorded over 15 consecutive minutes that is less than 10 kilowatts. In turn, this segment is subdivided into different residential categories based on consumption. This segment also includes a subcategory for public lighting. Users are categorized by the Company according to their consumption.

Relates to the highest demand average recorded over 15 consecutive minutes that is equal to or greater than 10 Kilowatts but less than 50 Kilowatts. The Company agrees with the user the supply capacity.

Relates to the highest demand average recorded over 15 consecutive minutes that is greater than 50 Kilowatts. In turn, this segment is subdivided into categories according to the supply voltage -low, medium or high-, from voltages of up to 1 Kilovolt to voltages greater than 66 Kilovolts.

Revenue is recognized to the extent that a renewal of the Framework Agreement has been formalized for the period in which the service was accrued. In the case of the service related to the Wheeling system, revenue is recognized when the Company allows third parties (generators and large users) to access the available transmission capacity within its distribution system upon payment of a wheeling fee.

The KWh price relating to the Company's sales of electricity is determined by the ENRE by means of the periodic publication of electricity rate schedules (Note 2.a), for those distributors that are regulated by the aforementioned Regulatory Authority, based on the rate setting and adjustment process set forth in the Concession Agreement.

Connection and reconnection

Revenue is recognized to the extent that the rental value of the right of use of the poles used by the Company's electricity network has been agreed upon for the benefit of third parties.

Relate to revenue accrued for the carrying out of the electricity supply connection of new customers or the reconnection of already existing users.

charges

Energy purchase

Energy losses

The Company bills its users the cost of its purchases of energy, which includes charges for purchases of energy and power. The Company purchases electric power at seasonal prices approved by the SE. The price of the Company's electric power reflects the costs of transmission and other regulatory charges.

Energy losses are equivalent to the difference between energy purchased and energy sold. These losses can be classified into technical and non-technical losses. Technical losses represent the energy lost during transmission and distribution within the network as a consequence of the natural heating of the conductors and transformers that carry electricity from power generation plants to users. Non-technical losses represent the remainder of the Company's energy losses and are mainly due to the illegal use of its services or the theft of energy. Energy losses require that the Company purchase additional energy in order to meet the demand and its Concession Agreement allows it to recover from its users the cost of these purchases up to a loss factor specified in its concession for each rate category. The current loss factor recognized in the tariff by virtue of its concession amounts

approximately to 9.1%.

03.31.25 03.31.24

GWh $ GWh $

Sales of electricity

Small demand segment: Residential use and public lighting (T1)

Medium demand segment: Commercial and industrial (T2)

Large demand segment (T3)

Other: (Shantytowns/Wheeling system)

03.31.25 03.31.24

GWh $ GWh $

Energy purchases (1)7,045 (380,182) 7,004 (250,142)

(1) As of March 31, 2025 and 2024, the cost of energy purchases includes technical and non-technical energy losses for 1,098 GWh and 1,023 GWh, respectively.

‌Note 9 | Expenses by nature

The detail of expenses by nature is as follows:

The expenses included in the chart above are net of the Company's own expenses capitalized in property, plant and equipment as of March 31, 2025 for $ 8,289.

Expenses by nature at 03.31.24

The expenses included in the chart above are net of the Company's own expenses capitalized in property, plant and equipment as of March 31, 2024 for $ 9,292.

‌Note 10 | Other operating income (expense), net

(*) As of March 31, 2025 and 2024, $ 14,100 and $ 6,568, respectively, relate to Empresa de Energía del Cono Sur S.A. technical assistance.

‌Note 12 | Basic and diluted earnings per share

Basic

The basic earnings per share are calculated by dividing the profit attributable to the holders of the Company's equity instruments by the weighted average number of common shares outstanding as of March 31, 2025 and 2024, excluding common shares purchased by the Company and held as treasury shares.

The basic earnings per share coincide with the diluted earnings per share, inasmuch as there exist neither preferred shares nor Corporate Notes convertible into common shares.

03.31.25 03.31.24

Income for the period attributable to the owners

of the Company 35,911 113,542

Weighted average number of common shares

875 875

outstanding

Basic and diluted income per share - in

41.04 129.76

pesos

‌Note 13 | Property, plant and equipment

Lands and

High, medium and low voltage

Meters and Transformer chambers and

Tools, Furniture, vehicles, equipment and

Construction

Supplies and spare

buildings Substations lines platforms communications in process parts Total At 12.31.24

Cost 88,365 800,607 2,028,318 909,175 322,491 978,848 37,191 5,164,995

Accumulated depreciation (27,044) (339,172) (937,047) (433,851) (167,970) - - (1,905,084)

Net amount 61,321 461,435 1,091,271 475,324 154,521 978,848 37,191 3,259,911

Depreciation for the period (353) (6,997) (16,417) (8,445) (6,134) - - (38,346)

Net amount 03.31.25 64,527 468,802 1,127,308 481,159 142,005 977,919 37,192 3,298,912

Accumulated depreciation (27,397) (346,133) (952,398) (441,303) (173,690) - - (1,940,921)

Net amount 64,527 468,802 1,127,308 481,159 142,005 977,919 37,192 3,298,912

• During the period ended March 31, 2025, the Company capitalized as direct own costs $ 8,289.

  Lands and

  High, medium and low voltage

  Meters and Transformer chambers and

  Tools, Furniture, vehicles, equipment and

  Construction

  Supplies and spare

  buildings Substations lines platforms communications in process parts Total At 12.31.23

  Cost 86,690 780,696 1,960,297 869,592 276,967 769,269 14,210 4,757,721

  Accumulated depreciation (24,782) (312,095) (870,273) (396,115) (144,803) - - (1,748,068)

  Net amount 61,908 468,601 1,090,024 473,477 132,164 769,269 14,210 3,009,653

  Additions	284	1	156	3,067	1,032	72,007	-	76,547
  Disposals	-	-	(108)	(165)	(95)	-	-	(368)
  Transfers	608	1,439	8,352	5,773	(7,652)	(13,820)	5,300	-

  Depreciation for the period (591) (7,330) (16,964) (8,944) (5,119) - - (38,948)

  Net amount 03.31.24 62,209 462,711 1,081,460 473,208 120,330 827,456 19,510 3,046,884

  At 03.31.24
  Cost	87,582	782,139	1,967,203	878,181	270,068	827,456	19,510	4,832,139

  Accumulated depreciation (25,373) (319,428) (885,743) (404,973) (149,738) - - (1,785,255)

  Net amount 62,209 462,711 1,081,460 473,208 120,330 827,456 19,510 3,046,884

• During the period ended March 31, 2024, the Company capitalized as direct own costs $ 9,292.

‌Note 14 | Right-of-use assets

The leases recognized as right-of-use assets in accordance with IFRS 16 are disclosed below:

03.31.25 12.31.24

Right of uses asset by leases 9,535 11,347

The development of right-of-use assets is as follows:

‌Note 15 | Inventories

(1) As of March 31, 2025 and December 31, 2024, relate to Securities issued by private companies for NV 5,000,000 and NV 8,000,000, respectively, assigned to Global Valores S.A. The Company retains the risks and rewards of the aforementioned assets and may make use of them at any time, at its own request.

The value of the Company's other financial receivables approximates their fair value.

The non-current other receivables are measured at amortized cost, which does not differ significantly from their fair value.

The roll forward of the allowance for the impairment of other receivables is as follows:

‌Note 17 | Trade receivables

Fee payable for the expansion of the transportation 2 2

and others

The value of the Company's trade receivables approximates their fair value.

The roll forward of the allowance for the impairment of trade receivables is as follows:

‌Note 18 | Financial assets at amortized cost

03.31.25 12.31.24

Negotiable instruments 426 11,073

‌Note 19 | Financial assets at fair value through profit or loss

‌Note 20 | Cash and cash equivalents

The reconciliation of the balances of cash and cash equivalents that are disclosed in the Statement of Cash Flows in accordance with the provisions of IAS 7 is as follows:

‌Note 21 | Share capital and additional paid-in capital

Additional

Share capital paid-in capital Total

Balance at December 31, 2024 824,277 11,148 835,425

Payment of Other reserve constitution -Share-based compensation plan

Balance at December 31, 2024 and at March 31, 2025

- 65 65

824,277 11,213 835,490

As of March 31, 2025, the Company's share capital amounts to 906,455,100 shares, divided into 462,292,111 common, book-entry Class A shares with a par value of one peso each and the right to one vote per share, 442,566,330 common, book-entry Class B shares with a par value of one peso each and the right to one vote per share, and 1,596,659 common, book-entry Class C shares with a par value of one peso each and the right to one vote per share.

‌Note 22 | Allocation of profits

The restrictions on the distribution of dividends by the Company are those provided for by the Business Organizations Law and by the negative covenants established by the Corporate Notes program.

If the Company's Debt Ratio were higher than 3.75, the negative covenants set out in the Corporate Notes program, which establish, among other issues, the Company's impossibility to make certain payments, such as dividends, would apply.

Additionally, in accordance with Title IV, Chapter III, section 3.11.c of the CNV, the amounts subject to distribution will be restricted to the amount equivalent to the acquisition cost of the Company's own shares.

‌Note 23 | Trade payables

(1) As of March 31, 2025 and December 31, 2024, includes $ 156,447 and $ 57,798 relating to post-dated checks issued by the Company in favor of CAMMESA, respectively.

The value of the financial liabilities included in the Company's trade payables approximates their fair value.

‌Note 24 | Other payables

The fair values of the payment plan with CAMMESA, adjusted in accordance with the development of the MWh value (Note 2.b) as of March 31, 2025 and December 31, 2024 amount to

$122,422 and $142,758, respectively. Such values have been determined on the basis of the MWh monomic price published by CAMMESA at the end of each period. The applicable fair value category is Level 2.

The value of the rest of the financial liabilities included in the Company's other payables approximates their fair value.