Presentación corporativa (Investor Presentatio RS)

Investor Presentation

February 2026

No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness. All information in this presentation is subject to verification, correction, completion and change without notice. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. This presentation contains translations of certain Argentine peso amounts into U.S. Dollars at specified rates solely for the convenience of the reader. These convenience translations should not be construed as representations that the Argentine peso amounts actually represent such U.S. Dollar amounts or could be converted into U.S. Dollars at the specified rate or at any other rate.

In this presentation, the Issuer relies on and refers to certain information and statistics obtained from third-party sources which it believes to be reliable. The Issuer has not independently verified the accuracy or completeness of any such third-party information. The Recipient is cautioned not to give undue weight to such industry and market data.

This presentation is not intended to be distributed or otherwise made available to and should not be distributed or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); (ii) a customer within the meaning of Directive (EU) 2016/97 (the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (the "Prospectus Regulation"). Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation.

This presentation is not intended to be distributed or otherwise made available to, and should not be distributed or otherwise made available to, any retail investor in the United Kingdom ("UK"). For these purposes, a retail investor means a person who is neither: (i) a professional client as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union Withdrawal Act 2018 ("EUWA"); nor (ii) a qualified investor as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024 ("UK POATRs"). Consequently, no key information required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling securities or otherwise making them available to retail investors in the UK has been prepared and therefore this presentation and the offering or selling securities or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

No prospectus has been or will be filed in any Canadian province or territory in connection with any securities described herein. Any offering of the securities described herein to purchasers in Canada will be made on a private placement basis to certain qualified purchasers. This presentation is not, and shall not be construed to be, an offering memorandum or placement memorandum under applicable Canadian securities law.

2

Disclaimer (Cont'd)

Edenor at a glance

• Largest Electricity Distributor in Argentina:

  ~3.34 million customers, supplying ~20% of the country's electricity

• Exclusive Concession (4,637 km2): Operating in NW Greater Buenos Aires and northern Buenos Aires city until 2087 (+10 yrs optional)

• Strong Infrastructure: 83 substations, 30,109 MVA capacity, and 42,375 km of network, delivering 22,726 GWh as of 2024

• Strategic Ownership: 51% owned by EDELCOS since June 2021

• Remaining Stock Listed on NYSE and Buenos Aires Stock Exchange

Edenor serves a total population of +9mm people

99.9%

51.0%

26.8%

22.1%

Float

ANSES(3)

South American Energy LLP(4)

21%

42%

16%

3%

9% 9%

US$2,169mm

US$389mm

US$336mm

~US$1.4bn

1.8x

15.4%

Source: Company and ADEERA.

5 1) All figures converted to U.S. Dollars at the applicable FX rate (AR$/US$ 1,031 as of December 31st, 2024 and AR$/US$ 1,373 as of September 30th, 2025).

1. As of January 27th, 2026.

2. Argentina pension system.

3. Edelcos S.A. is a special purpose vehicle created solely for the purpose of acquiring and managing EDENOR by its ultimate parent South American Energy LLP, based in the United Kingdom.

4. Gross Financial Debt over LTM 3Q25 EBITDA.

Largest Electricity Distribution Company In Argentina

Positive regulatory changes, cemented in a 5-Year Integral Tariff Review, with material impact for EDENOR

$1,543

$1,356

9M24 9M25

9.8%

20.8%

$321

$133

9M24 9M25

6 Source: Company and public disclosures.

Note: All figures converted to U.S. Dollars at the applicable Official FX rate (AR$/US$ 1,373 as of September 30th, 2025).

What Changed Since January 2025

Recent tariff increases updated levels that had significantly lagged inflation in the past

Invoice Breakdown Average Tariff (US$/KWh)(2)

(Taxes, Services, Materials, and Investments)

US$73

Uruguay

30%

$88

44%

Perú

US$59

2%

$76

24%

Brazil

US$44

$60

$56

$48 $48

$39

$40

$40

$41

$42

$42

$43 $43

Average: US$38.5

$26 $26

$26

$27

$31

$32

$34

$16 $16

$10

$11

LA RIOJA

FORMOSA

EDESUR

SANTIAGO

LA PLATA

CHACO

MISIONES

CORRIENTES

SAN LUIS

PBA C. ATL.

TUCUMAN

ENTRE RIOS

CATAMARCA

PBA.NORTE

JUJUY

CORDOBA

PBA SUR

SALTA

SANTA FE

SAN JUAN

RIO NEGRO

MENDOZA

NEUQUEN

CHUBUT

7 Source: Company and ADEERA.

1. ADEERA information as of August 31st, 2025. N2 residential customers (Low income). Data converted to USD considering the end of period official FX rate of $1,322.

2. Includes taxes and is based on a consumption of 275 KWh per month.

Normalization of the Tariff Situation

Regulatory changes in 2025 had a material impact on EDENOR's financials

2.5%

23.3%

10.1%

9.8%

20.8%

$1,982

$1,356

$1,543

$1,354

$1,481

$345

$321

$201

$133

$33

2022 2023 2024 9M24 9M25 2022 2023 2024 9M24 9M25

$378

$261

$209

$224

$182

97.7%

95.8%

95.3%

95.0%

95.6%

2022 2023 2024 9M24 9M25 2022 2023 2024 9M24 9M25

8 Source: Company.

Note: All figures converted to U.S. Dollars at the applicable Official FX rate (AR$/US$ 808 as of December 31st, 2023, for 2022, AR$/US$ 1,031 as of December 31st, 2024 for 2023 and 2024 and AR$/US$ 1,373 as of September 30th, 2025 for 3Q24 and 3Q25).

Improved Financial Performance

Despite macro headwinds, the Company has continued to execute its investment program effectively, maintaining a strong asset base

• Edenor has invested ~US$4.7bn between 1992 and 2024 (~US$147mm per year) and expects to invest US$200mm by 2025E (accumulated US$182mm as of September 2025)

• In the last 12 years, the Company invested ~US$2.7bn (~US$221mm per year) aiming to transform the existing

electrical grid

5,926

km of network

5,747

MVA of installed power

18

Substations

9 Source: Company.

Stable Investment Program

SAIDI and SAIFI indicators land at the lowest point since 2017 and have been consistently below regulatory requirement levels

9.7

9.1

8.4

7.4

6.9

6.0

6.2

5.4

5.2

5.2

5.5

4.6

(Hours / Clients per Year) (Frequency / Clients per Year)

30.3

27.6

22.7

28.9

26.3

15.9

21.8

13.7 10.4 10.0 10.0 10.3

9.0

Sep-25

Sep-25

(Annual Average Rate)

19.9% 19.6%

18.2%

17.1%

17.6%

Main Argentina Peers: 17.7%

15.9%

14.9%

15.2%

15.4%

10 Source: Company.

1. SAIDI: System Average Interruption Duration Index.

2. SAIFI: System Average Interruption Frequency Index.

Enhanced Service Quality

(US$mm)

$240

$191

$15

$30

$80

$128

$158

$30

$158

$30

$96

$128

$128

$0

$0

$82

2025 2026 2027 2028 2029 2030

Source: Company.

11 Note: AR$ denominated Notes were converted to USD at the exchange rate reported in their respective Notice of Results.

1. EDENOR reopened the Class 7 notes in October 2025 adding $201mm. Total outstanding of $385mm, as of January 2026.

2. Class 7 re-tap assumes US$90mm new money. Excludes bank loans. Considers an outstanding principal of $385mm for Class 7 notes.

3. Adding the $201mm Class 7 notes issued in October 2025, Total Existing Notes + Loans Outstanding ~US$755mm (Net Debt of ~US$441mm).

Diversified Funding Strategy and History of Market Access

12 Source: Company website, as of February 2nd, 2026.

Note: Last updated information.

EDENOR current ratings

#

42

Edgardo Volosin

Executive Director

13 Source: Company.

Years of Experience

Seasoned and Highly Experienced Management Team

Free Installation

There are no additional charges of any kind.

Lowest Tariff

The MIDE customer consumes the lowest rate in the tariff scheme, with social tariff up to 700Kwh.

Wide Availability

The customer has more than 5,000 charging stations and several digital applications.

Saving

The customer administers the consumption, and the energy load as needed.

Safety and Emergency Credit

Edenor specialists install the service and leave The MIDE with 150KwH of emergency credit.

Useful

The recharge ticket is aligned with financial inclusion as it serves as a verification document to access other services

14 Source: Company.

Strong Commitment to Sustainable Development

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

15

Source: Company.

Closing Remarks

Para continuar a leer este documento, haga clic aquí para la versión original.