Fourth Quarter 2025 - Earning Release

‌EARNINGS RELEASE

Fourth Quarter 2025

March 2026

‌Buenos Aires, Argentina, March 6, 2026 - Empresa Distribuidora y Comercializadora Norte S.A. (NYSE / BYMA: EDN) ("edenor" or "the Company") Argentina's largest electricity distributor both in terms of number of customers and energy sales, announces its results for the fourth quarter of 2025.

All figures are stated in Argentine Pesos on a constant currency basis, and the information has been prepared in accordance with International Financial Reporting Standards ("IFRS"), except for what is expressly indicated in the Income Statement, which is expressed at historical values

Webcast Information

On Monday, 9th, 2026, at 10 am Buenos Aires / 9 am New York time, the Company will host a webcast to discuss Edenor's 4Q25 results. The presentation will be given by Germán Ranftl, Edenor's Chief Financial Officer. Those interested in participating in the webcast are required to register by clicking here. Questions will be answered exclusively through the webcast system.

Ticket: EDN

Ratio: 20 Shares Class B= 1ADR

DATE: March 9, 2026

TIME: 10am BA / 9 am Nueva York

Number of Shares Net of Treasury

875.7 Million of Shares | 43.8 Million of ADRs

Total Shares

906.5 Million of Shares | 45.3 Million of ADRs

4Q 2025

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Market Capitalization

ARS 1,634,898,893,307 | USD 1,144,954,634.71

Price

ARS 1867| USD 26,15 03/05/26

Germán Ranftl

Chief Financial Officer

Lucila Ramallo

Deputy Investor Relations Manager

https://www.edenor.com investor@edenor.com Tel: +54 (11) 4346-5511

EARNINGS RELEASE

FOURTH QUARTER 2025 2

• ‌Highlights & Regulatory Framework
• Financial Results
• Operating Indicators
• Investments
• Financial Debt
• Summary

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3

AGENDA

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01

HIGHLIGHTS & Regulatory Framework

‌WHAT CHANGED SINCE JANUARY 2025

Positive regulatory changes, 5-Year (2025-2030) Integral Tariff Review completed

Key Milestones Towards Edenor's Normalization

Revenues (in million of pesos)

11%

$2,687,708

12M24

$2,990,891

12M25

EBITDA (in million of pesos)

$571,975

$272,639

110%

12M24

12M25

‌IMPROVED FINANCIAL PERFORMANCE

The normalization of tariffs was reflected in EDENOR'S financial indicators.

Revenues (in million of pesos)

11%

EBITDA (in million of pesos)

$2,687,708

$2,990,891

110%

$571,975

$272,639

12M24

12M25

12M24

12M25

CAPEX (in million of pesos) Collectability (%)

95.32% 95.75%

$512,004

$394,892

12M24

12M25

12M24

12M25

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02

FINANCIAL RESULTS

‌IMPROVEMENT IN RESULTS.

EDENOR invested ARS 394,892 in 2025 and achieved improvements in main operating indicators.

Revenues: Rose to ARS 706,123 million in 4Q25 (+4% in constant currency vs. 4Q24). This was mainly due to the tariff regularization including the impact of February 2024 tariff adjustment (319.2%) and subsequent monthly adjustments since August 2024 (3.1% on average).

The number of clients at 4Q25 reached 3.39 million (+1% vs. 4Q24).

Energy Purchases: Reached ARS 385,999 million in 4Q25, representing a 1% decrease compared to the ARS 391,206 million recorded in the same period of the previous year, with a cumulative total of ARS 1,737,629 million (+13% vs. 12M24). The variation as of December 2025 is mainly explained by a rise in demand, higher generation prices, and a reduction in subsidies.

Distribution Margin: Reached ARS 320,124 million in 4Q25, representing an 11% increase compared to 4Q24. Accumulative distribution margin as of December 2025 totaled ARS 1,253,262 million (+9% vs. 12M24). This was mainly driven by tariff increases (3.1% average monthly) and higher demand.

Net Financial Results: During the year, financial results decreased by 38%, reaching ARS 377,238 million, mainly driven by a reduction in outstanding debt and lower interest expenses related to CAMMESA. Fourth quarter financial results rose, reaching ARS 61,445 million in 4Q25 (+50% vs. 4Q24).

Net Results: For 4Q25, a profit of ARS 45,675 million was recorded, compared to a loss of ARS 21,399 million in 4Q24. The main reasons for the difference are the positive impact of the tariff adjustment and the increase in RECPAM.

Investments: For 4Q25, capex was ARS 103,415 million with an accumulative total of ARS 394,892 million.

‌ENERGY SALES VOLUMES

Energy sales volume increased by 3.94% in 4Q25.

Sales volumes in 4Q25 totaled 5,379 GWh, (+3.94% vs. 4Q24) mainly due to the effect on demand from residential and small

Wheeling System Others

Public lighting

With the continuation of our efforts to improve market discipline, a total of 3,729 energy meters were installed in the

*4Q25: 876,768 customers benefited from Social Tariff

‌SALES

Trend in Sales

Sales variation in GWh 2025 vs

2024 for main segments.

1,0%

5,7%

VS 2024

1,6%

0,1%

0,8%

-0,2%

Residential

Small Commercial

Medium

Commercial

Industrial Public Lighting

Low income neighborhoods

-0,2%

Residenciales Comercios Comercios Industriales Alumbrado Barrios

Pequeños Medianos y Peaje público Populares

LTM and monthly sales variation in GWh vs. prior year

1,2%

2,6%

-3,8%

-2,7%

-0,5%

-1,0%

4,2%

-0,3% -0,2%

-0,6%

1,0%

-2,9%

-1,5%

0,0%

-1,1%

-1,4%

-2,5%

-0,2%

-3,0%

-5,3%

-5,0%

16,7% 16,6%

Average temperature for Dec-25 was 1.5º lower than Dec-24

-10,1%

Variación TAM

Variación mensual

‌OPERATING EXPENSES

Lower operating expenses in 4Q25 (-6% vs. 4Q24)

Cost management improvements:

Operating expenses for 4Q25 decreased 6%, reaching a total of ARS 283,354 million. This was mainly driven by optimization and efficiency improvements in the use of materials and inventory (-81%), a 23% reduction in professional fees, and lower depreciation of right-of-use assets. On a cumulative basis, during 2025 salaries and social security expenses decreased by 6%, reflecting the implementation of a development and retirement plan aimed at promoting talent renewal.

At the end of December 2025, collectability was 95.75%, resulting in a period-end accrued bad debt of ARS 95,395 million.

‌EBITDA 12M2025 ARS 572 Billion

+110%

EBITDA 4Q25 ARS 97 Billion

+28%

• Includes an accumulated gain of ARS 218 billion due to the positive effect of the regularization agreement with CAMMESA for outstanding balances. Not including the CAMMESA gain, EBITDA was ARS 354 billion, up 30% YoY.

• Positive impact was due to higher revenues as a result of the 5-Year Tariff Review, including the initial adjustment (319.2% as of February 16, 2024), plus monthly adjustments (3.1% average).

• Increase in energy purchases due to the reduction of subsidies, which established limits of 250 kw in N3 and 350 kw in N2.

• Cost management contributed to the positive results, with focus on streamlining operations and

technology.

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12

EBITDA

2025

ARS 572 Billion

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03

OPERATING RESULTS

‌QUALITY STANDARDS

SAIDI hours / year / customer SAIFI times / year /customer

Real

Requested

At the end of the fourth quarter of 2025, the SAIDI and SAIFI indicators were

6.81 hours and 2.96 average outages per client, respectively, in the period, which are improvements of 75% and 67% , respectively, compared to 2017. These levels are the lowest observed since 2017 and are below the Regulator's requirements.

This recovery in service is mainly due to the strong investments that the Company has made over the last year. These investments have been focused on implementing improvements in operational processes and the adoption of technology applied to the operation and management of the network.

Note: SAIDI: Measures the number of hours a user is without service per year | SAIFI: Measures the number of times a user is without service per year.

‌ENERGY LOSSES

Energy losses LTM at December 2025 were 15.7%.

Driving Innovation and Efficiency in Loss Mitigation:

We continue to leverage the potential of analytical and artificial intelligence tools, strategically optimizing inspection routes and raising their efficacy. The mission of DIME ("market discipline") actions remains resolute: identifying and rectifying irregular connections, thwarting fraud, and curbing energy pilferage.

Measurable Strides in Inspection and Detection:

From October to December 2025, a substantial total of 66,822 inspections were conducted on Tariff 1 (Residential and General users), which showed an efficiency rate of 46.3%. This stands in comparison to the same period in the prior year when 130,635 inspections yielded an efficiency rate of 43.0%.

LTM

Recovery Initiatives and Redefining Balance:

To the inspections of MIDE and conventional meters was added the normalization of inactive accounts (that had been cancelled after the delinquency process had been exhausted) with MIDE meters.

Progress is being made in the implementation of a system that fully and efficiently integrates the growing number of country clubs and closed neighborhoods. Despite our consistent efforts, cases of repeat fraud have continued.

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04

INVESTMENTS

‌INVESTMENTS

ARS 512,004 M

Accum 12M25 ARS 395 Billion

4Q25 ARS. 103 Billion

+ 2 New Substations

+ 8,156 smart meters installed in all of

Edenor's T3 clients

ARS 394,892 M

PROJECTS COMMISSIONED

• 132 kV busbar expansion at Zappalorto Substation

• 132 kV underground transmission line (8.75 km) connecting Zappalorto - Merlo

• New Puertos del Lago Substation (33/13.2 kV, 2x20 MVA)

  
  
  

• New Martínez Substation (132/13.2 kV, 2x80 MVA)

  PROJECTS EXPECTED IN 2026

• Expansion of Bancalari Substation (132/13.2 kV) to 2x80 MVA - May 2026

• New 132 kV busbar at Paso del Rey Substation - June 2026

• Decommissioning of Newbery Substation (27.5 kV) and interconnection with Colegiales Substation -

  June 2026

• New Moreno Substation (132/13.2 kV, 2x80 MVA) - July 2026

• Installation of a third 300 MVA transformer at Zappalorto Substation (220/132 kV) - September 2026

New Supplies

Network Structure

Energy Recovery

Others

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05

FINANCIAL DEBT

‌FINANCIAL DEBT

Total Financial Debt

Senior Notes as of December 2025

84%

16%

Notes

Loans

Notes: (1) Edenor reopened Class 7 Notes in February 2026, adding USD 90 million. Total outstanding Class 7 Notes as of February 2026: USD 474 million. (2) On March 2, 2026,

Class 8 Notes were fully precancelled.

AR$ denominated Notes were converted to USD at the Exchange rate reported in their respective Notice of Results. ARS-denominated loans were converted into USD using an exchange rate of ARS 1,446.

‌FINANCIAL DEBT & RATINGS

Senior Notes as of December 2025

210.33

191

128.33 128.33

2026 2028 2029 2030

Ratings

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06

SUMMARY

‌FINAL REMARKS

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Edenor is in a solid position, benefiting from changes that have strengthened its financial profile, well-positioned for the energy transition (new technologies, improvements and efficiencies, environmental considerations).

Improved long-term outlook driven by tariff normalization, with a positive impact on financial performance, credit ratings and working capital.

The investment plan continues and is reflected in improvements in operational indicators.

Successful debt regularization with CAMESSA. Edenor filed a claim of "Regulatory Asset".

Diversified financing strategy with a solid track record of accessing local and international capital markets

New Businesses: In 2024, the Company's corporate purpose was amended to provide greater flexibility and to capture opportunities related to the energy transition and the electrification of the economy.

‌ABOUT EDENOR

Empresa Distribuidora y Comercializadora Norte S.A. (edenor) is the largest electricity distribution company in Argentina in terms of number of customers and electricity sold (in GWh).

Through a concession, edenor distributes electricity exclusively in the northwest of Greater Buenos Aires and in the northern area of the City of Buenos Aires, to

3.39 million customers (a population of approximately 9 million inhabitants) in an area of 4,637 square kilometers. In 4Q25, edenor sold 5,379 GWh of electricity and purchased 6,398 GWh (including demand from the toll system), registering revenues for 4Q25 of ARS 706,123 million. Net earnings for the fourth quarter 2025 were a profit of ARS 45,675 million.

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‌INVESTOR RELATIONS CONTACTS

German Ranftl | Chief Financial Officer

Lucila Ramallo | Deputy Investor Relations Manager

investor@edenor.com | Tel. + 5 4 (11) 4346 5511

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‌Consolidated Statement of Comprehensive Income.

For the twelve-month period ended on December 31, 2025 and 2024

Values expressed in constant currency basis.

‌Consolidated Statement Comprehensive Income.

For the twelve-month period ended on December 30, 2025 and 2024.

Values expressed at historical values

‌Values expressed in constant currency

basis.

For the twelve-month period ended as of

December 31, 2025 and December 31,

2024

Consolidated Statement of Financial Position

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‌Condensed Interim Consolidated Statement of Cash Flows.

For the twelve-month period ended on December 31, 2025 and 2024

Values expressed in constant currency

basis.

‌DISCLAIMER

The material that follows is a presentation of general background information about Edenor as of the date of the presentation. It is information in summary form and does not purport to be complete. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of this information.

This presentation contains forward-looking information and statements. Forward-looking statements are statements that are not historical facts. These statements are only predictions based in our current assumptions, expectations and projections about future events. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "target," or similar expressions. While Edenor's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Edenor, which could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements."

Further, if Edenor's actual results are less favorable than those shown in the projections or if the assumptions used in the projections prove to be incorrect, Edenor may not be able to make dividend payments in the amount forecasted, or at all. Edenor undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise, nor makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied upon as a promise or representation. Management is not making and you should not infer any representation about the likely existence of any particular future set of facts or circumstances.

This presentation does not constitute or form part of, and should not be construed as, any offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Edenor nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of Edenor.

Persons who intend to purchase or subscribe for securities of Edenor in any potential future offering are reminded that any such purchase or subscription may be made solely on the basis of the information contained in the prospectus or offering circular in connection with such proposed offering. In particular, this presentation and the information contained herein are not an offer of securities for sale in the United States.

The market and competitive position data, including market forecasts, used throughout this presentation was obtained from internal surveys, market research, publicly available information and industry publications. Although we have no reason to believe that any of this information or these reports are inaccurate in any material respect, we have not independently verified the competitive position, market share, market size, market growth or other data provided by third parties or by industry or other publications. Edenor does not make any representation as to the accuracy of such information.