Separate Financial Statements 30.09.2025

(Stated in millions of constant pesos - Note 3))

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 17

Note 4 | Accounting policies 18

Note 5 | Financial risk management 20

Note 6 | Critical accounting estimates and judgments 22

Note 7 | Contingencies and lawsuits 22

Note 8 | Revenue from sales and energy purchases 24

Note 9 | Expenses by nature 26

Note 10 | Other operating income (expense), net 27

Note 11 | Net finance costs 27

Note 12 | Basic and diluted earnings per share 28

Note 13 | Property, plant and equipment 29

Note 14 | Right-of-use assets 31

Note 15 | Inventories 31

Note 16 | Other receivables 31

Note 17 | Trade receivables 32

Note 18 | Financial assets at amortized cost 32

Note 19 | Financial assets at fair value through profit or loss 32

Note 20 | Cash and cash equivalents 33

Note 21 | Share capital and additional paid-in capital 33

Note 22 | Allocation of profits 33

Note 23 | Trade payables 34

Note 24 | Other payables 34

Note 25 | Borrowings 35

Note 26 | Deferred revenue 38

Note 27 | Salaries and social security taxes payable 38

Note 28 | Income tax and deferred tax 38

Note 29 | Tax liabilities 40

Note 30 | Provisions 40

Note 31 | Related-party transactions 40

Note 32 | Shareholders' Meeting 41

Note 33 | Events after the reporting period 41

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

AMBA Buenos Aires Metropolitan Area

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

MAT Term Market

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 September 30, 2025.

   
   
   

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

   edenor ‌Condensed Interim Separate Statement of Comprehensive Income for the nine and three-month period ended September 30, 2025 presented in comparative form

   (Stated in millions of constant pesos - Note 3)

   Nine months at Three months at

   Note 09.30.25 09.30.24

   Restated (1)

   09.30.25 09.30.24

   Restated (1)

   Revenue	8	2,118,337	1,861,603		740,837	732,638
   Energy purchases	8	(1,253,171)	(1,059,899)		(430,168)	(454,377)
   Distribution margin		865,166	801,704		310,669	278,261
   Transmission and distribution expenses	9	(396,967)	(419,033)		(110,098)	(143,810)
   Gross profit		468,199	382,671		200,571	134,451
   Selling expenses	9	(170,160)	(200,849)		(59,487)	(71,453)
   Administrative expenses	9	(209,084)	(148,178)		(87,456)	(53,088)
   Other operating income	10	47,791	31,931		21,781	11,884
   Other operating expense	10	(37,584)	(30,127)		(12,526)	(12,932)
   Loss from interest in joint ventures		(70)	(63)		(13)	-
   Operating result		99,092	35,385		62,870	8,862
   Agreement on the Regularization of Obligations	2.b	199,433	-		21,173	-
   Financial income	11	435	1,038		254	253
   Financial costs	11	(202,613)	(402,614)		(56,011)	(114,675)
   Other financial results	11	(90,630)	(120,585)		(43,287)	162,978
   Net financial costs		(292,808)	(522,161)		(99,044)	48,556
   Monetary gain (RECPAM)		209,782	694,600		56,722	118,116
   Income before taxes		215,499	207,824		41,721	175,534
   Income tax	28	(36,038)	143,920		(1,083)	(23,132)
   Income for the period		179,461	351,744		40,638	152,402
   Comprehensive income for the period attributable to:
   Owners of the parent		179,461	351,744		40,638	152,402
   Comprehensive income for the period		179,461	351,744		40,638	152,402
   Basic and diluted income per share:
   Income per share (argentine pesos per share)	12	205.10	401.99		46.44	174.17

   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

tal uity

Payment of Other Reserve Constitution - Share-based compensation plan

Income for the nine-month period restated

Balance at September 30, 2024

Other comprehensive results

Income for the three-month complementary period restated

Balance at December 31, 2024

Ordinary Shareholders' Meeting held on April 28, 2025: Appropiation of reserves (Note 32) Income for the nine-month period

Balance at Septiember 30, 2025

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

(Stated in millions of constant pesos - Note 3)

Note 09.30.25 09.30.24

Restated (1)

Adquisition of advances to suppliers, property, plant and equipment through (32,885) (16,357) increased trade payables

Adquisition of advances to suppliers, right-of-use assets through increased (2,476) (5,128) other payables

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

   The Company's economic performance has continued its trend of improvement during the current year. Since 2024, the electricity rate increases, including the approval of the 2025-2030 Electricity Rate Review (Note 2.a), have helped restore the Company's financial and equity structure. Furthermore, it is worth pointing out that during these fifteen months, the periodic monthly adjustments of the CPD have continued, with increases of 3.45%, 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, which, according to the National Government, will be 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.

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.

Furthermore, on May 21, 2025, the Company, the Federal Government and CAMMESA entered into a Memorandum of Agreement on the Regularization of Payment Obligations, whereby a Payment plan for the debts arising from energy purchases in the MEM was agreed upon, in respect of past due periods from November 2023 until March 2024. In addition, with regard to the Payment plan signed in July 2023 with CAMMESA, it was agreed that the measuring unit in which the installments were denominated would be changed from kWh to Argentine pesos (Note 2.b).

Additionally, on July 4, 2025, by means of Executive Order No. 450/2025, the PEN approved the reforms of Laws Nos. 15,336 and 24,065, which mainly provide for the deregulation of the electricity sector, including, among other measures, the complete openness to international electricity trade and the reinstatement of the possibility of purchase-and-sale agreements being entered into among private parties (Note 2.a).

Furthermore, on September 28, 2025, the BCRA implemented a change in the operation of the MLC, introducing a cross-market restriction that imposes a 90-day period during which purchasers of MEP or CCL dollars (financial dollars obtained via the stock exchange) are prohibited from operating with official dollars, and vice versa.

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, 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 in 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 September 30, 2024 being as follow:

09.30.24

As previously reported

RECPAM

(Inflationary effect)

09.30.24

Error correction

09.30.24

Restated

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, and in accordance with the service quality regulations for the 2025-2030 five-year period, the ENRE approved the average VAD values for the assessment of the service, commercial and technical product quality-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. As of September 30, 2025, the Company recognized a recovery due to the change in methodology, amounting to $ 10,556.

   Furthermore, 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%).

   Additionally, 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 (IPC -consumer price index-and IPIM -wholesale price index-).

   • 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.

   Furthermore, on May 30, 2025, by means of Executive Order No. 370/2025 of the PEN, the state of emergency in the National Energy Sector -originally declared by Executive Order No. 55 of December 16, 2023 and extended by Executive Order No. 1023 of November 19, 2024- is further extended, with respect to both the segments of electricity generation, transmission and distribution under federal jurisdiction and those of natural gas transmission and distribution, as well as the actions deriving therefrom, until July 9, 2026. The intervention of the ENRE is also extended until that date.

   Additionally, on July 4, 2025, by means of Executive Order No. 450/2025 of the PEN, the reforms -mainly of a deregulatory nature- of Laws Nos. 15,336 (Electricity System) and 24,065 (Electricity Regulatory Framework) were approved, which provide for a two-year transition framework toward: (i) the complete openness to international electricity trade, limiting the Federal Government's intervention solely to technical or safety-related issues concerning supply; (ii) the reinstatement of the possibility of purchase-and-sale agreements being entered into among private parties, where at least 75% of energy demand is to be contracted through the MAT; (iii) the restructuring of federal energy financing and advisory bodies; (iv) the prohibition against Distributors including in the bill (and thereby collecting) local taxes and charges unrelated to the goods and services effectively billed; (v) the recognition of energy storage agents as MEM agents; and (vi) the implementation of alternatives for the development of the electricity transmission infrastructure, with the aim of promoting private investment.

   Moreover, on July 4, 2025, by means of Executive Order No. 452/2025 of the PEN, the National Gas and Electricity Regulatory Authority (ENRGE) is set up, pursuant to Section 161 of Bases Law No. 27,742, which is to become operational within 180 calendar days, starting July 7, 2025, with its Board of Directors having been properly constituted.

   On August 20, 2025, by means of SE Note No. 2025-91868608 addressed to CAMMESA, the "Guidelines for the normalization of the MEM and its gradual alignment" were submitted, with the aim of reconciling, mainly during the transition, the following aspects: (i) the development of a market with signals that promote efficiency, competition, self-management and investment in generation, (ii) an adequate control of the costs to be faced by electricity purchasers, and (iii) the possibility of extending free contracting options among MEM participants to allow for greater predictability of costs and revenues. Based on those guidelines, the SE will issue the necessary regulations to move forward with the normalization process, so that they can come into effect on November 1, 2025, date on which the Summer Seasonal Programming begins.

   Furthermore, on September 26, 2025, by means of SE Resolution No. 379/2025, and in line with Executive Order No. 450/2025 of the PEN, the Energy Secretariat created the "Energy Demand Management Program," which is voluntary, scheduled, and remunerated. It consists of a mechanism aimed at reducing or eliminating peak power demand in critical times of the year by encouraging Large Users of the system to voluntarily reduce their loads in exchange for a payment. The program seeks the participation of the MEM's Large Users (Major Large Users, Minor Large Users, and Large Users of Distributors) as Participating Users -for which purpose they must have an hourly metering system and maximum power demands exceeding 300 kW-. In each seasonal programing, they will formalize their proposal (up to 14 days per year and no more than 5 hours per day, only in the December-March and June-August periods) and will declare on a quarterly basis the amount of power they commit to reducing and the price they offer.

   Additionally, the Distributors may request that the proposals be implemented within 4 days -if they request reductions at nodes not selected by the Dispatch Agency (OED), they will bear the program's incremental costs-, whereas the OED may implement the reduction within 10 days. Participating Users will be remunerated with a fixed and a variable charge and will be penalized if they fail to comply. Distributors will charge a technical management fee.

   Finally, on October 31, 2025, by means of ENRE Resolution No. 730/2025, the modification of the current bimonthly reading methodology for the electricity metering equipment of Tariff 1 users to a monthly reading methodology was approved.

   The following resolutions have modified the situation reported in the Financial Statements as of December 31, 2024, in connection with the Company's electricity rate schedules and the seasonal reference prices (Stabilized Price of Energy and Power Reference Price):

   Resolution	Date	What it approves	Effective as from	VAD
   SE No. 110/2025	February 28, 2025	Seasonal reference prices	March 1	-
   ENRE No. 160/2025	March 7, 2025	Electricity rate schedules (1)	March 1	-
   ENRE No. 224/2025	April 1, 2025	Electricity rate schedules (2)	April 1	3.50%
   SE No. 171/2025	April 29, 2025	Seasonal reference prices (3)	May 1	-
   ENRE No. 304/2025	April 29, 2025	Electricity rate schedules (4)	May 1	3.00%
   SE No. 226/2025	May 29, 2025	Seasonal reference prices	June 1	-
   ENRE No. 401/2025	June 3, 2025	Electricity rate schedules	June 1	3.24%
   SE No. 281/2025	June 27, 2025	Seasonal reference prices	July 1	-
   ENRE No. 469/2025	June 30, 2025	Electricity rate schedules	July 1	0.75%
   SE No. 334/2025	July 30, 2025	Seasonal reference prices (5)	August 1	-
   ENRE No. 568/2025	July 31, 2025	Electricity rate schedules	August 1	2.10%
   SE No. 359/2025	August 27, 2025	Seasonal reference prices	September 1	-
   ENRE No. 614/2025	September 1, 2025	Electricity rate schedules	September 1	2.97%
   SE No. 383/2025	September 29, 2025	Seasonal reference prices	October 1	-
   ENRE No. 695/2025	October 1, 2025	Electricity rate schedules	October 1	3.13%
   SE No. 434/2025	October 31, 2025	Seasonal reference prices	November 1	-
   ENRE No. 745/2025	October 31, 2025	Electricity rate schedules	November 1	3.60%

   1. It approves the average VAD values for the assessment of the service, commercial and technical product quality-related penalties set in KWh, replacing the calculation methodology of the previous 2017 RT.

   2. It postpones the Five-Year Electricity Rate Review (RT) until April 30, 2025.

   3. It approves the Winter Seasonal Programming for the MEM submitted by CAMMESA, relating to the May 1, 2025-October 31, 2025 period.

   4. It approves the Five-Year Electricity Rate Review (RT).

   5. It approves the Winter Seasonal Reprogramming for the MEM submitted by CAMMESA, relating to the August 1, 2025-October 31, 2025 period.

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. Furthermore, 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.

   In this regard, on May 21, 2025, the Company, the Federal Government and CAMMESA entered into a Memorandum of Agreement on the Regularization of Payment Obligations -Special system for debts, whereby the Company recognizes that it owes CAMMESA the sum of $ 129,970 for past due periods from November 2023 until March 2024. The Company agrees to pay the aforementioned debt under a new Payment plan consisting of 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 semiannually should there exist a variation of 500 basis points (equivalent to 5%). The amount to be paid as of April 25, 2026, adjusted in accordance with the procedure set forth in SE Resolution No. 56/2023, amounts to $ 240,755.

   With regard to the Payment plan signed on December 29, 2022, in the framework of Section 87 of Law No. 27,591 and SE Resolution No. 642/2022, the duly agreed-upon terms remain in effect.

   As for the Payment plan signed on July 28, 2023, in the framework of Section 89 of Law No. 27,701, it provides for the conversion into Argentine pesos of the installments denominated in MWh, at the price applicable to the payment of the October 2024 installment, which results in a total debt of

   $ 158,037 as of the date of the agreement. The new Payment plan in Argentine pesos maintains the other duly agreed-upon terms, without a grace period, with 74 monthly installments still pending maturity.

   Pursuant to the Third Clause of the agreement, in the event of delinquency in payment of the current billing or the installments under the agreements, CAMMESA -after a 30-day period following the demand for payment notice- will automatically terminate the signed agreements, resulting in the loss of recognized benefits.

   The combined effect of the signed agreements amounts to $ 199,433, which has been disclosed in the Agreement on the Regularization of Payment Obligations line item of the Statement of Comprehensive Income. As of September 30, 2025, the outstanding debt corresponding to: (i) the payment plan entered into on December 29, 2022; (ii) the payment plan entered into on July 28, 2023 and converted into pesos on May 21, 2025; and (iii) the new payment plan entered into on the aforementioned date, amounts to $ 84,474, $ 124,454 and $ 172,478, respectively, and has been disclosed under Current and Non-current Other payables in the Statement of Financial Position.

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 $ 11,642 and $ 7,026, respectively.

   On August 11, 2025, the outstanding portion to be contributed by the Federal Government for electricity consumption of 2023, in accordance with CAMMESA's statement of accounts, for $ 367 was effectively paid.

   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 for electricity consumption of 2024, whose crediting and/or offsetting against debts with CAMMESA are still pending, total $ 7,708 and $ 5,450 respectively.

   ‌Note 3 | Basis of preparation

   These condensed interim separate financial statements for the nine-month period ended September 30, 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 November 6, 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 nine and three-month period ended September 30, 2025 and its comparative period as of September 30, 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.

   Comparative information

   The balances as of December 31 and September 30, 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 September 30, 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.

   Restatement of financial information

   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 September 30, 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 - September 30, 2025 was 22%.

   Segment information edenor's main activity consists of the provision of electricity distribution and sale services within the concession area. As of September 30, 2025, all the Company's revenues, expenses, assets and liabilities are associated with a single operating and geographical segment. Accordingly, no additional disaggregation by business segment is presented, as internal management and decision-making are conducted based on a single segment.

   The information disclosed in these condensed interim separate financial statements is presented in a single segment and refers to the entire Company.

   ‌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, except for the following:

   Financial assets at fair value

   As of September 30, 2025, the Company has investments in equity instruments relating to minority interests in unlisted companies, engaged in the development of early-stage mining projects. As there is no active market for these shares, their fair value was classified within Level 3 of the hierarchy established by IFRS 13.

   Valuation methodology

   The fair value of these investments was determined on the basis of valuation reports prepared by independent experts, using a market approach based on recent comparable transactions involving properties at similar exploration stages, adjusted for specific conditions, such as location, degree of geological development, and macroeconomic environment. The applied method consisted of using per-hectare multiples, weighted according to the aforementioned factors.

   Significant unobservable variables

   Among the key unobservable inputs included in the valuation, the following stand out:

   • Market value per hectare adjusted for geological prospectivity.

   • Project development stage (pre-exploration or initial exploration).

   • Discounts for lack of liquidity and control.

     The properties comprise projects at the initial stage of exploration in the lithium, copper, and gold sectors, located in regions with high mining activity and strong discovery potential, such as the province of Catamarca (mountain range area and western salt flats) and border areas between Argentina and Chile. Due to the fact that most of these properties show little or no exploration development, and that there is no active market for this type of assets, their valuation was determined based on third-party comparable transactions carried out over the last five years. These transactions were adjusted according to the exploration stage, location, and other particular conditions of each project.

     For lithium-related properties, mainly located in salt flats and brine areas, reference values range from USD 80 to USD 985 per hectare, taking into account geological prospectivity and the limited available information. As for copper and gold projects, located in areas with early exploration activity and high potential but without defined resources, the range considered varies between USD 200 and USD 1,000 per hectare, using comparable transactions in the region as a reference.

     Sensitivity

     Due to the fact that the fair value estimate is subject to significant uncertainties arising from the absence of an active market for these assets, reasonable changes in the variables used (for example, variations in reference multiples or in the assessment of the geological potential) could significantly impact the value assigned to the investments (Note 19).

     New accounting standards, amendments and interpretations issued by the IASB that are effective as of September 30, 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. The application of this amendment does not have a significant impact on the Company's balances.

   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 is effective for annual reporting periods beginning as from January 1, 2027, with early adoption 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 September 30, 2025 and December 31, 2024, the Company's balances in

         foreign currency are as follow:

         Amount in foreign

         Exchange

         Currency

         currency rate (1) 09.30.25

         12.31.24

         ASSETS CURRENT ASSETS
         Other receivables	USD	7.5	1371.000	10,283		2,008
         Financial assets at amortized cost	USD	3.1	1371.000	4,250		-
         Financial assets at fair value through profit or loss	USD	253.9	1371.000	348,097		358,688
         Cash and cash equivalents	USD	2.5	1371.000	3,428		17,570
         TOTAL CURRENT ASSETS				366,058		378,266
         TOTAL ASSETS				366,058		378,266
         LIABILITIES
         NON-CURRENT LIABILITIES
         Borrowings	USD	349.3	1380.000	482,009		432,913
         TOTAL NON-CURRENT LIABILITIES				482,009		432,913
         CURRENT LIABILITIES
         Trade payables	USD	22.5	1380.000	31,050		22,405
         	EUR	0.1	1622.604	162		131
         	CHF	-	0.000	-		278
         Borrowings	USD	87.4	1380.000	120,556		15,222
         TOTAL CURRENT LIABILITIES				151,768		38,036
         TOTAL LIABILITIES				633,777		470,949

         (1) The exchange rates used are the BNA exchange rates in effect as of September 30, 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 September 30, 2025 and December 31, 2024:

         LEVEL 1 LEVEL 2 LEVEL 3

         At September 30, 2025 Assets
         Other receivables Assigned assets and in custody	8,073		- -
         Financial assets at fair value through profit or loss:
         Negotiable instruments	89,337		- -
         Mutual funds	347,807		- -
         Shares	-		- 33,792
         Cash and cash equivalents:
         Mutual funds	597		- -
         Total assets	445,814		- 33,792

         LEVEL 1 LEVEL 2 LEVEL 3

         At December 31, 2024 Assets
         Other receivables
         Transferred assets and in custody	10,910		-		-
         Financial assets at fair value
         through profit or loss:
         Negotiable instruments	139,643		-		-
         Mutual funds	303,522		-		-
         Cash and cash equivalents Mutual funds	547		-		-
         Total assets	454,622		-		-
         Liabilities
         Other liabilities:
         Payment plan - CAMMESA	-		160,373		-
         Total liabilities	-		160,373		-

      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 September 30, 2025, except for the Class No. 9 Corporate Notes issued by the Company in Argentine pesos, at the TAMAR floating interest rate published by the BCRA plus an annual 6% fixed margin, and the bank loans taken with ICBC, Ciudad and Nación banks (Note 25), 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:

In 2021, the ENRE filed a complaint against the Company in connection with the compliance, by the Issuer, with the "Law on Agreement Renegotiation" regarding disputes related to the payment date of certain penalties that were reimbursed to the Company's users in a timely manner. The stage for producing evidence concluded and, on September 18, 2025, the court adopted a procedural measure to clarify and/or supplement the evidence ("medida de mejor proveer") prior to rendering judgement. The Company's management believes there exist reasonable grounds to believe that edenor should prevail in this case.

- ENRE vs EDENOR, Summary Proceedings in connection with Resolution No. 198/18

The Company is required to comply with certain quality levels that are monitored by the ENRE on a semiannual basis. In the framework of this regulatory system, when those quality levels are not met, the ENRE imposes fines and penalties. All the fines and penalties are paid in due time.

In this particular case, the ENRE imposed an additional penalty on the Company that was not included among those provided for under the original regulatory framework; therefore, the Company filed an appeal to the Supreme Court, arguing that that penalty was imposed based on a number of service quality-related concepts for which the Company had already been penalized, thereby constituting a duplication of concepts.

These proceedings, which are pending in Federal Court in Fiscal Enforcement Matters No. 5, Clerk's Office No. 17, refer to the quality of the technical service provided to the Company's users between March and August 2024. On July 18, 2025, a final judgment was rendered in favor of the plaintiff, and the parties are currently negotiating a payment plan. As of September 30, 2025, the Company has set up a provision for this case amounting to $ 5,959, plus expenses and court costs.

• Asociación Civil de Protección del Consumidor y del Usuario de la República Argentina (Procurar) - Class action for the protection of a constitutional right ("Acción Colectiva de Amparo") (Court record No. 040504/2022)

  The subject matter of the complaint was considered moot due to the existence of a payment regularization agreement with CAMMESA. Notwithstanding this, Procurar filed an amended complaint to include a new fact. The court ordered that notice of the complaint be served upon the defendants and issued a provisional measure ("medida interina" -specific form of provisional measure granted in disputes in which the Federal Government or a government agency is a party to the case-), directing the defendants to not only ensure, while the 'Almacenamiento AlmaGBA' program is in effect, that the electricity rate schedule fully includes the seasonal prices necessary to cover the cost associated with the Storage Generation Agreement with MEM Distributors for the Buenos Aires Metropolitan Area (AMBA), in accordance with the provisions of section 6 of SE Resolution No. 67 dated February 14, 2025, and section 40 of Law No. 24,065, but also refrain, where applicable, from directly and/or indirectly affecting the revenues recognized in favor of edenor pursuant to the Five-Year Electricity Rate Review, approved by RESOL-2025-304-APN-ENRE#MEC, with additional or incremental costs that are not transferable to tariffs.

  The Company's management believes there exist reasonable grounds to believe that, even if the plaintiff's claim were to prevail, no harm whatsoever would be caused to edenor.

• Asociación de Defensa de Derechos de Usuarios y Consumidores - ADDUC- Class action (Court record No. 6818/2017)

  The Company has answered the complaint in due time and in proper form, and, as a result, the issue has been joined. The Company's management believes there exist reasonable grounds to believe that edenor should prevail in this case.

• Energy Secretariat vs EDENOR and Another, Proceeding for the Determination of a Claim (Court record No. 1049/2025)

On September 11, 2025, the Company answered the complaint in due time and in proper form and filed a counterclaim regarding the regulatory asset involved in the 'Agreement on the regularization of obligations for the transfer of concession holders to the local jurisdictions.' At present, the matter is at issue.

The Company believes there exist reasonable grounds to believe that the complaint should not prevail, and, if that proves not to be the case, that the counterclaim should be upheld.

‌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%.

09.30.25 09.30.24

Sales of electricity

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

Medium demand segment: Commercial and

(1) As of September 30, 2025 and 2024, the cost of energy purchases includes technical and non-technical energy losses for 3,286 GWh and 3,223 GWh, respectively.

‌Note 9 | Expenses by nature

The detail of expenses by nature is as follows:

Expenses by nature at 09.30.25

The expenses included in the chart above are net of the Company's own expenses capitalized

in property, plant and equipment as of September 30, 2025 for $ 27,841.

Expenses by nature at 09.30.24

The expenses included in the chart above are net of the Company's own expenses capitalized

in property, plant and equipment as of September 30, 2024 for $ 30,241.

‌Note 10 | Other operating income (expense), net

Changes in fair value of financial assets

Changes in fair value of financial liabilities

Loss on integration in kind of Corporate Notes

Net loss from the cancelattion of Corporate Notes

(49) -

Exchange differences (48,577) (14,682)

Adjustment to present value of

(3,171) (5,169)

(*) As of September 30, 2025 and 2024, $ 47,691 and $ 36,976, 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 September 30, 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.

Income for the period attributable to the owners of the Company

Weighted average number of common shares

Nine months at Three months at

09.30.25 09.30.24 09.30.25 09.30.24

outstanding

Basic and diluted income per share - in pesos 205.10 401.99 46.44 174.17

‌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

buildings Substations lines platforms communications in process spare parts Total At 12.31.24

Cost 99,270 899,400 2,278,607 1,021,365 362,286 1,099,635 41,779 5,802,342

Accumulated depreciation (30,381) (381,026) (1,052,676) (487,387) (188,697) - - (2,140,167)

Net amount 68,889 518,374 1,225,931 533,978 173,589 1,099,635 41,779 3,662,175

Depreciation for the period (1,290) (24,829) (57,996) (30,080) (21,823) - - (136,018)

Net amount 09.30.25 72,406 520,913 1,314,566 561,268 175,792 1,117,065 41,779 3,803,789

At 09.30.25

Cost 104,077 924,239 2,417,058 1,077,401 383,726 1,117,065 41,779 6,065,345

Accumulated depreciation (31,671) (403,326) (1,102,492) (516,133) (207,934) - - (2,261,556)

Net amount 72,406 520,913 1,314,566 561,268 175,792 1,117,065 41,779 3,803,789

• During the period ended September 30, 2025, the Company capitalized as direct own costs $ 27,841.

  Lands and

  High, medium and low voltage

  Meters and Transformer chambers and

  Tools, Furniture, vehicles, equipment and

  Construction

  Supplies and

  buildings Substations lines platforms communications in process spare parts Total At 12.31.23

  Cost 97,388 877,037 2,202,192 976,896 311,144 864,195 15,963 5,344,815

  Accumulated depreciation (27,840) (350,610) (977,663) (444,995) (162,672) - - (1,963,780)

  Net amount 69,548 526,427 1,224,529 531,901 148,472 864,195 15,963 3,381,035

  Additions	1,038	14	2,292	11,379	19,815	288,635	-	323,173
  Disposals	-	(2,980)	(1,774)	(275)	(87)	-	-	(5,116)
  Transfers	575	15,950	54,046	19,449	1,132	(109,940)	18,788	-

  Depreciation for the period (1,944) (26,091) (60,524) (31,555) (18,264) - - (138,378)

  Net amount 09.30.24 69,217 513,320 1,218,569 530,899 151,068 1,042,890 34,751 3,560,714

  At 09.30.24
  Cost	99,001	884,953	2,252,614	1,007,344	331,185	1,042,890	34,751	5,652,738

  Accumulated depreciation (29,784) (371,633) (1,034,045) (476,445) (180,117) - - (2,092,024)

  Net amount 69,217 513,320 1,218,569 530,899 151,068 1,042,890 34,751 3,560,714

• During the period ended September 30, 2024, the Company capitalized as direct own costs $ 30,241.