Fourth Quarter 2025 - Presentation

EARNINGS PRESENTATION

March 9, 2026

• Highlights & Regulatory Framework
• Financial Results
• Operating Indicators
• Financial Debt
• Final Remarks

3

AGENDA

EARNINGS PRESENTATION FOURTH QUARTER 2025

EARNINGS PRESENTATION

FOURTH QUARTER 2025

Highlights & Regulatory Framework

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

5

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

12M24

12M25

12M24

12M25

EARNINGS PRESENTATION

FOURTH QUARTER 2025 6

EARNINGS PRESENTATION

FOURTH QUARTER 2025

Financial Results

Revenues

(in constant figures)

4Q24 4Q25

+4%

8

Revenues

Fourth Quarter sales increased 4% in real terms due to the tariff adjustments.

EARNINGS PRESENTATION FOURTH QUARTER 2025

Number of Customers Evolution

+1%

In thousands

Revenues Breakdown

Residential

Small Commercial Medium Commercial Industrial

Tolling System

Others

in GWh

Demand by type of customer │ YoY

5,379

9

Energy

Sales Evolution

4Q25 sales volumes rose

3.94% led by higher demand from residential and small commercial clients

EARNINGS PRESENTATION FOURTH QUARTER 2025

+9%

10

Distribution

Margin

In Million pesos (Constant figures)

The Distribution

margin rose 9% in 2025, driven by tariff increases and higher demand

EARNINGS PRESENTATION FOURTH QUARTER 2025

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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EBITDA

2025

ARS 572 Billion

EARNINGS PRESENTATION FOURTH QUARTER 2025

2024 2025

-377.238

-604.083

-38%

12

Net

Financial Results

In Million of pesos

Full year financial expense declined 38% YoY, mainly driven by a reduction in debt outstanding and lower interest rates.

EARNINGS PRESENTATION FOURTH QUARTER 2025

Net Results

(In million of pesos - in constant figures)

4Q 25

Revenues

Energy purchases

Distribution Margin

Operating Expenses

Other Op. Net income

Other Op. expense

Operating Results

Agreement with Cammesa

Net Financial

Results

RECPAM

Income Tax

Net Results

4Q 24

Revenues

Energy

purchases Distribution

Margin

Operating Expenses

Other Op. Net income

Other Op.

expense

Operating Results

Net Financial

RECPAM

Income

EARNINGS PRESENTATION

FOURTH QUARTER 2025

Results

Tax

Net Results

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

EARNINGS PRESENTATION

FOURTH QUARTER 2025

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EARNINGS PRESENTATION

FOURTH QUARTER 2025

Operating Indicators

Energy Losses

18,20%

Evolution % LTM of energy losses

19,90% 19,61%

17,62%

Total Losses

Recognized

15,89% 14,87% 15,18% 15,69%

Energy Losses of the main Argentine peer as of December 2025:19.56%

Evolution of unrecognized losses in GWh

2.332

2.722

2.636

2.188

1.725

1.441

1.487

1.664

+11%

EARNINGS PRESENTATION FOURTH QUARTER 2025

2018 2019 2020 2021 2022 2023 2024 dic-25

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

Real

Requested

Main Argentine peer as of December 2025: SAIDI: Actual: 18.56 | SAIFI: Actual: 9.1

Note: SAIDI: System Average Interruption Duration Index SAIFI: System Average Interruption Frequency Index

Quality of

Service

EARNINGS PRESENTATION FOURTH QUARTER 2025

EARNINGS PRESENTATION

FOURTH QUARTER 2025

Financial Debt

FINANCIAL DEBT

Total Financial Debt

Senior Notes as of December 2025

84%

16%

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.

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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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EARNINGS PRESENTATION

FOURTH QUARTER 2025

Final Remarks

FINAL REMARKS

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.