Pampa Energia SaBCBA: PAMP

Consolidated Financial Statements - December 2025

Mar 10, 2026 at 2:16 PM UTC · Issued by Pampa Energia SA

Free translation from the original prepared in Spanish for publication in Argentina

7 B24note

CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 AND 2024 FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023

(In millions of Argentine Pesos ("$"))

Independent auditor's report

To the Shareholders, President and Directors of Pampa Energía S.A.

Legal address: Maipú, 1

Autonomous City of Buenos Aires Tax Code No.: 30-52655265-9

Opinion

We have audited the consolidated financial statements of Pampa Energía S.A. and its subsidiaries (the "Group") which comprise the consolidated statement of financial position as at December 31, 2025, and the consolidated statement of comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows for the year then ended, and the notes to the consolidated financial statements, comprising material accounting policy information and other explanatory information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2025, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code) as applicable to audits of financial statements of public interest entities and the ethical requirements applicable to audit of financial statements in the Autonomous City of Buenos Aires (Local Code). We have fulfilled our other ethical responsibilities in accordance with the Local Code and the IESBA Code

Price Waterhouse & Co. S.R.L. Bouchard 557, 8th floor, C1106ABG

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter How our Audit addressed the key audit matter

Impact of Oil and Gas Reserve Estimates on Property, Plant and Equipment and on Goodwill of the Oil and Gas Segment

The consolidated financial statements as of December 31, 2025 include significant balances related to the oil and gas segment, including:

Property, plant and equipment of the segment (Note 11.1): $ 2,758,138 million
Goodwill (Note 11.2): $ 50,354 million
Depreciation expense of the segment (Note 11.1):
$ 348,639 million
As described in Note 6.1.7 to the consolidated financial statements, the Company's Management estimates the oil and gas reserves used in determining the depreciation of property, plant and equipment employed in oil and gas production areas, as well as in assessing the recoverability of those assets, including, where applicable, the goodwill allocated to the oil and gas segment. Numerous factors create uncertainty regarding the estimation of proved and unproved reserves, projected future production profiles, development costs, and prices, including several factors that are beyond the producer's control. The reserve calculation process is a subjective estimation of the crude oil and natural gas expected to be recovered from the subsurface and involves a certain degree of uncertainty. Reserve estimates are based on the quality of geological and engineering information available at the calculation date and its interpretation.
The oil and gas reserve estimates were developed by the Company's internal specialists, specifically reservoir engineers, and were audited by independent specialists engaged by the Company. This matter is considered key because developing oil and gas reserve estimates involves significant critical judgment by Management, including the use of specialists, which in turn required a
The audit procedures performed in relation to this key audit matter included, among others:
Obtained an understanding of, evaluated, and tested the effectiveness of controls related to Management's process for estimating oil and gas reserves.
Evaluated the methods and significant assumptions used by Management in developing these estimates, including those related to projected future production profiles, development costs, and prices.
Assessed the reasonableness of the proved oil and gas reserve estimates through the use of the work of the specialist engaged by Management to audit the reserves. As a basis for using such work, we evaluated the competence, capabilities, and objectivity of the specialists, as well as their methods and assumptions.
Tested the data used by the specialists engaged by Management and evaluated their findings.
Obtained evidence supporting the reasonableness of the significant assumptions, including whether the assumptions used were reasonable considering the Company's past performance and whether they were consistent
with the evidence obtained in other areas of the audit.
Tested that the oil and gas reserve estimates were appropriately incorporated into the determination of the Company's depreciation expense, as well as into the impairment assessment of non-current
high degree of auditor judgment and substantial effort in
performing procedures to evaluate the key assumptions used in developing those estimates, including projected future production profiles, development costs, and prices.
non-financial assets related to the oil and gas segment.
Impairment of Non-Current Non-Financial Assets of the Generation Segment
The consolidated financial statements include the following non-current non-financial assets as of December 31, 2025:
Property, plant and equipment of the generation segment (Note 11.1): $ 1,993,266 million
Reversal of impairment of property, plant and equipment of the generation segment (Note 11.1): $ 80,943 million
As described in Notes 4.8 and 6.1.1, Management assesses the recoverability of its non-current non-financial assets whenever an event or change in circumstances indicates that the carrying amount may not be recoverable. The recoverable amount is measured as the higher of fair value less costs of disposal and value in use. Management used value in use to determine the recoverable amount.
For purposes of assessing recoverability, assets are grouped into cash-generating units (CGUs). The value in use of each CGU is determined based on the present value of the net cash flows expected to be generated by the CGU, using discount rates that consider the business segment and the country in which the CGU operates.
As described in Note 11.1.1, the cash flows were prepared based on estimates regarding the future behavior of key assumptions used in determining value in use, related to the evolution of prices for spot market remuneration under Resolution SE No. 400/25, energy dispatch projections, cost trends -including fuel self-supply-and the discount rate.
As a result of the analysis performed, Management identified indicators of impairment and/or impairment reversal for the assets of the Generation segment as of
The audit procedures performed in relation to this key audit matter included, among others:
Obtaining an understanding of, evaluating, and testing the effectiveness of controls related to Management's process for assessing the recoverable amount of non-current non-financial assets.
Testing the appropriate identification of CGUs and the reasonable allocation of carrying amounts to each CGU.
Evaluating the reasonableness of Management's assessment regarding the existence of indicators of impairment or impairment reversal.
Testing Management's process for
developing the value-in-use estimate.
Evaluating the appropriate use of the discounted cash flow model and the mathematical accuracy of the calculations.
Testing the completeness, accuracy, and relevance of the underlying data and assumptions used by Management in the model, including assumptions related to the evolution of prices for spot market remuneration under Resolution SE No. 400/25, energy dispatch projections, cost trends considering fuel self-supply, and the discount rate.

This assessment included evaluating whether the assumptions used were reasonable considering (i) the current and historical performance of the CGUs, (ii) consistency with external market and industry data, and (iii) whether such assumptions were consistent with the evidence obtained in other areas of the audit.

December 31, 2025, and assessed their recoverability,

determining a reversal of previously recognized impairment losses of $ 80,943 million for the Central Térmica Piedra Buena CGU, as described in Note 11.1.1. This matter is considered key because both the determination of indicators of impairment / impairment reversal and the estimation of recoverable amounts involve the application of significant judgment and critical estimates by Management, which are subject to uncertainty and future events. This also required a high degree of judgment, subjectivity, and audit effort in performing procedures to evaluate Management's cash flow projections and the key assumptions related to the evolution of prices for spot market remuneration under Resolution SE No. 400/25, energy dispatch projections, cost trends -including fuel self-supply- and the discount rate.

Evaluating the sufficiency of the disclosures in the consolidated financial statements related to the assessment of the recoverable amount of non-current non-financial assets.

Additionally, the audit effort involved the use of professionals with specialized skills and knowledge to assist us in evaluating the discounted cash flow model and the discount rate.

Responsibilities of the Board of Directors and Audit Committee for the consolidated financial statements

The Board of Directors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Audit Committee is responsible for overseeing the Group's financial reporting process.

Auditor's responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the Group audit. We remain solely responsible for our audit opinion.

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide to the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Autonomous City of Buenos Aires, March 2, 2026

PRICE WATERHOUSE & CO. S.R.L.

(Partner)

Carlos Martín Barbafina

GLOSSARY OF TERMS

The following are not technical definitions, but they are helpful for the reader's understanding of some terms used in the

notes to the Consolidated Financial Statements of the Company.

Terms	Definitions
ADR	American Depositary Receipt
ARCA	Revenue Collection and Customs Control Agency
BCBA	Buenos Aires Stock Exchange
BCRA	Argentina's Central Bank
BNA	Banco de la Nación Argentina
BO	Official Gazette
BOE	Barrel
CAMMESA	Compañía Administradora del Mercado Eléctrico Mayorista S.A.
CB	Corporate Bonds
CC	Combined Cycle
CGU	Cash-Generating Unit
CIESA	Compañía de Inversiones de Energía S.A.
Citelec	Compañía Inversora en Transmisión Eléctrica Citelec S.A.
CNG	Compressed Natural Gas
CNV	National Securities Commission of Argentina
CPB	Piedra Buena thermal power plant
CPI	Consumer's price index
CSJN	Argentina' Supreme Court of Justice
CTB	CT Barragán S.A.
CTEB	Ensenada Barragán thermal power plant
CTG	Güemes thermal power plant

GLOSSARY OF TERMS: (Continuation)

Terms	Definitions
CTGEBA	Genelba thermal power plant
CTIW	Ingeniero White power plant
CTLL	Loma La Lata thermal power plant
CTPP	Parque Pilar power plant
EISA	Energía e Inversiones S.A.
EMESA	Empresa Mendocina de Energía S.A.
ENARGAS	National Regulator of Gas
ENARSA	Energía Argentina S.A.
ENRE	National Regulatory Authority of Electricity
ENRGE	National Regulatory Authority of Gas and Electricity
FNEE	National Electric Energy Fund
FLNG	Floating Liquefied Natural Gas
FTR	Five-Year Tariff Review
GASA	Generación Argentina S.A.
GU300	Large users with demand greater than 300 kW
GUDI	Large distribution company users
HB	Pumped Hydroelectric Power Plant
HI	Hydropower plants
HIDISA	Hidroeléctrica Diamante S.A.
HINISA	Hidroeléctrica Los Nihuiles S.A.
HPPL	Hidroeléctrica Pichi Picún Leufú
HR	Renewable Hydroelectric

GLOSSARY OF TERMS: (Continuation)

Terms Definitions

IAS International Accounting Standards

IASB International Accounting Standards Board

ICC International Chamber of Commerce

ICSID International International Centre for Settlement of Investment Disputes

IFRS International Financial Reporting Standards

IGJ Public Registry of Organizations

INDEC National Institute of Statistics and Censuses

IPIM Wholesale Domestic Price Index

LNG Liquefied Natural Gas

LPG Liquefied Petroleum Gas

M3Cubic meter

MAT WEM's Forward Market

MATER Renewable Energy Forward Market

MBTU Million of BTU

MCI Internal Combustion Engines

MECON Ministry of Economy of Argentina

MEyM Ministry of Energy and Mining

MWhrp Remunerated megawatt during capacity remuneration hours

MLC Foreign Exchange Market

MW Megawatt

MWh Megawatt - hour

NTC National Tax Court

NYSE New York Stock Exchange

OCP Oleoductos de Crudos Pesados Ltd

GLOSSARY OF TERMS: (Continuation)

Terms OCPSA Oldelval PAIS tax	Definitions Oleoductos de Crudos Pesados S.A. Oleoductos del Valle S.A. Tax for an Inclusive and Supportive Argentina
PB18	Pampa Bloque 18
PE Arauco	Arauco Wind Farm
PEB	Pampa Energía Bolivia S.A.
PECSA	Pampa Energía Chile S.A.
PEN	National Executive Branch
PEPE II	Pampa Energía II Wind Farm
PEPE III	Pampa Energía III Wind Farm
PEPE IV	Pampa Energía IV Wind Farm
PEPE VI	Pampa Energía VI Wind Farm
PESOSA	Pampa Energía Soluciones S.A.
PISA	Pampa Inversiones S.A.
PIST	Transportation System Entry Point
RDA	Rincón de Aranda
RIGI	Incentive Regime for Large Investments
SACDE	Argentine Society of Construction and Strategic Development
SCEyM	Energy and Mining Coordination Secretary
SE	Secretary of Energy
SESA	Southern Energy S.A.
TG	Gas Turbine
TGS	Transportadora de Gas del Sur S.A.

GLOSSARY OF TERMS: (Continuation)

Terms	Definitions
The Company / Pampa	Pampa Energía S.A.
The Group	Pampa Energía S.A. and its subsidiaries
TJSM	Termoeléctrica José de San Martín S.A.
TMB	Termoeléctrica Manuel Belgrano S.A.
Transba	Empresa de Transporte de Energía Eléctrica por Distribución Troncal de la Provincia de Buenos Aires Transba S.A.
Transener	Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A.
TV	Vapor Turbine
US$	U.S. dollar
VAR	Vientos de Arauco Renovables S.A.U.
VAT	Value Added Tax
VMOS	VMOS S.A.
WACC	Weighted Average Cost of Capital
WEM	Wholesale Electrical Market
YPF	YPF S.A.
$	Argentine Pesos

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the years ended December 31, 2025, 2024 and 2023

(In millions of Argentine Pesos ("$"))

	Note	12.31.2025	12.31.2024	12.31.2023
Revenue	8	2,541,455	1,732,901	513,727
Cost of sales	9	(1,757,791)	(1,181,132)	(320,124)
Gross profit		783,664	551,769	193,603
Selling expenses	10.1	(125,307)	(68,713)	(19,338)
Administrative expenses	10.2	(244,301)	(225,718)	(62,721)
Exploration expenses	10.3	(501)	(20,711)	(1,859)
Other operating income	10.4	125,643	161,789	57,141
Other operating expenses	10.4	(86,605)	(80,822)	(29,374)
Recovery (Impairment) of property, plant and equipment, intangible assets and inventories		23,117	(34,058)	(30,784)
(Impairment) Recovery of impairment of financial assets		(29,303)	(48,932)	283
Share of profit from associates and joint ventures	5.1.2	198,856	145,570	4,541
Profit from sale/acquisition of companies´ interest		-	33,128	6,262
Operating income		645,263	413,302	117,754
Financial income	10.5	51,121	31,780	1,764
Financial costs	10.5	(244,453)	(168,927)	(105,359)
Other financial results	10.5	299,143	198,477	155,089
Financial results, net		105,811	61,330	51,494
Profit before income tax		751,074	474,632	169,248
Income tax	10.6	(253,882)	90,158	(132,557)
Profit of the year		497,192	564,790	36,691
Other comprehensive income
Items that will not be reclassified to profit or loss
Results related to defined benefit plans		278	145	(3,800)
Income tax		(97)	(51)	1,330
Exchange differences on translation		1,413,091	727,780	1,589,549
Items that may be reclassified to profit or loss
Derivative financial instruments		59,304	-	-
Income tax		(20,756)	-	-
Exchange differences on translation		(36,084)	155,270	(78,425)
Other comprehensive income of the year		1,415,736	883,144	1,508,654
Total comprehensive income of the year		1,912,928	1,447,934	1,545,345

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Continuation) For the years ended December 31, 2025, 2024 and 2023

(In millions of Argentine Pesos ("$"))

	Note	12.31.2025	12.31.2024	12.31.2025
Total profit of the year attributable to:
Owners of the company		495,789	564,587	34,488
Non-controlling interest		1,403	203	2,203
		497,192	564,790	36,691
Total comprehensive income of the year attributable to:
Owners of the Company		1,907,875	1,445,627	1,539,114
Non-controlling interest		5,053	2,307	6,231
		1,912,928	1,447,934	1,545,345
Earnings per share attributable to equity holders of the Company
Total basic and diluted earning per share	13.2	364.55	415.14	25.25

The accompanying notes are an integral part of these Consolidated Financial Statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION As of December 31, 2025 and 2024

(In millions of Argentine Pesos ("$"))

ASSETS NON-CURRENT ASSETS	Note	12.31.2025	12.31.2024
Property, plant and equipment	11.1	4,805,587	2,690,533
Intangible assets	11.2	130,376	99,170
Right-of-use assets	20.1.1	51,992	11,330
Deferred tax asset	11.3	62,442	161,694
Investments in associates and joint ventures	5.1.2	1,541,388	1,024,769
Financial assets at fair value through profit and loss	12.2	48,275	28,127
Other assets		467	366
Trade and other receivables	12.3	63,031	76,798
Total non-current assets		6,703,558	4,092,787
CURRENT ASSETS Inventories	11.4	335,514	230,095
Financial assets at amortized cost	12.1	-	82,628
Financial assets at fair value through profit and loss	12.2	533,116	877,623
Derivative financial instruments		75,562	979
Trade and other receivables	12.3	893,726	503,529
Cash and cash equivalents	12.4	1,054,459	761,231
Total current assets		2,892,377	2,456,085
Total assets		9,595,935	6,548,872

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continuation) As of December 31, 2025 and 2024

(In millions of Argentine Pesos ("$"))

	Note	12.31.2025		12.31.2024
SHAREHOLDERS´ EQUITY
Share capital	13.1	1,360		1,360
Share capital adjustment		7,126		7,126
Share premium		19,950		19,950
Treasury shares	13.1	4		4
Treasury shares adjustment		21		21
Treasury shares cost		(67,788)		(211)
Legal reserve		65,723		46,616
Voluntary reserve		3,489,126		1,708,688
Other reserves		3,497		2,475
Other comprehensive income		1,201,897		839,025
Retained earnings		511,531		766,073
Equity attributable to owners of the company		5,232,447		3,391,127
Non-controlling interest		12,336		9,167
Total equity		5,244,783		3,400,294
LIABILITIES
NON-CURRENT LIABILITIES
Provisions	11.5	145,551		141,436
Income tax and minimum notional income tax provision	11.6	38,534	77,284
Deferred tax liability	11.3	81,493		50,223
Tax liabilities	11.7	309,156		-
Defined benefit plans	11.8	38,417		31,293
Borrowings	12.5	2,683,747		1,416,917
Trade and other payables	12.6	124,931		87,992
Total non-current liabilities		3,421,829		1,805,145
CURRENT LIABILITIES
Provisions	11.5	18,552		10,725
Income tax liability	11.6	120,939		265,008
Tax liabilities	11.7	81,473		30,989
Defined benefit plans	11.8	9,279		7,077
Salaries and social security payable	11.9	52,327		40,035
Derivative financial instruments		-		2
Borrowings	12.5	69,942		728,096
Trade and other payables	12.6	576,811		261,501
Total current liabilities		929,323		1,343,433
Total liabilities		4,351,152		3,148,578
Total liabilities and equity		9,595,935		6,548,872

The accompanying notes are an integral part of these Consolidated Financial Statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the years ended December 31, 2025, 2024 and 2023

(In millions of Argentine Pesos ("$"))

	Equity holders of the company															Retained earnings
	Share capital	Share capital adjustment		Share premium		Treasury shares		Treasury shares adjustment		Treasury shares cost		Legal reserve		Voluntary reserve		Other reserves		Other comprehensive income		Unappropiated retained earnings		Equity attributable to owners		Non-controlling interest		Total equity
Balance as of December 31, 2022	1,380		7,231		19,950		4		21		(2,280)		8,137		171,243		(448)		113,720		84,505		403,463		1,157	404,620
Voluntary reserve constitution	-	-		-		-		-		-		(16)		84,521		-		-		(84,505)		-		-		-
Capital reduction	-	-		-		(20)		(105)		2,069		-		(1,944)		-		-		-		-		-		-
Treasury shares acquisition	(20)	(105)		-		20		105		-		-		-		-		-		-		-		-		-
Stock compensation plans	-	-		-		-		-		-		-		-		1,159		-		-		1,159		-		1,159
Dividens ditribution	-	-		-		-		-		-		-		-		-		-		-		-		(428)		(428)
Profit for the year	-	-		-		-		-		-		-		-		-		-		34,488		34,488		2,203		36,691
Other comprehensive income for the year	-	-		-		-		-		-		28,936		903,569		-		425,982		146,139		1,504,626		4,028		1,508,654
Balance as of December 31, 2023	1,360		7,126		19,950		4		21		(211)		37,057		1,157,389		711		539,702		180,627		1,943,736		6,960 1,950,696
Voluntary reserve constitution	-	-		-		-		-		-		(539)		181,166		-		-		(180,627)		-		-		-
Stock compensation plans	-	-		-		-		-		-		-		-		1,764		-		-		1,764		-		1,764
Dividens ditribution	-	-		-		-		-		-		-		-		-		-		-		-		(37)		(37)
Sale of company	-	-		-		-		-		-		-		-		-		-		-		-		(63)		(63)
Profit for the year	-	-		-		-		-		-		-		-		-		-		564,587		564,587		203		564,790
Other comprehensive income for the year	-	-		-		-		-		-		10,098		370,133		-		299,323		201,486		881,040		2,104 883,144
Balance as of December 31, 2024	1,360	7,126		19,950		4		21		(211)		46,616		1,708,688		2,475		839,025		766,073		3,391,127		9,167		3,400,294

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Continuation) For the years ended December 31, 2025, 2024 and 2023

(In millions of Argentine Pesos ("$"))

Equity holders of the company Retained earnings

Share capital

Share capital Share premium adjustment

Treasury shares

Treasury shares adjustment

Treasury Legal reserve shares cost

Voluntary Other reserves reserve

Other comprehensive income

Unappropiated retained earnings (losses)

Equity attributable to owners

Non-controlling interest

Total equity

Balance as of December 31, 2024	1,360	7,126	19,950	4	21	(211)	46,616	1,708,688	2,475	839,025	766,073	3,391,127	9,167	3,400,294
Voluntary reserve constitution	-	-	-	-	-	-	-	766,073	-	-	(766,073)	-	-	-
Treasury shares acquisition	-	-	-	-	-	(67,577)	-	-	-	-	-	(67,577)	-	(67,577)
Stock compensation plans	-	-	-	-	-	-	-	-	1,022	-	-	1,022	-	1,022
Dividens ditribution	-	-	-	-	-	-	-	-	-	-	-	-	(1,884)	(1,884)
Profit for the year	-	-	-	-	-	-	-	-	-	-	495,789	495,789	1,403	497,192
Other comprehensive income for the year	-	-	-	-	-	-	19,107	1,014,365	-	362,872	15,742	1,412,086	3,650	1,415,736
Balance as of December 31, 2025	1,360	7,126	19,950	4	21	(67,788)	65,723	3,489,126	3,497	1,201,897	511,531	5,232,447	12,336	5,244,783

The accompanying notes are an integral part of these Consolidated Financial Statements.

CONSOLIDATED STATEMENT OF CASH FLOWS For the years ended December 31, 2025, 2024 and 2023

(In millions of Argentine Pesos ("$"))

Cash flows from operating activities:	Note 12.31.2025		12.31.2024		12.31.2023
Profit of the year	497,192		564,790		36,691
Adjustments to reconcile net profit to cash flows from operating	14.1	498,754	141,600		203,877
activities
Changes in operating assets and liabilities	14.2	9,653		(324,433)		(63,469)
Net cash generated by operating activities		1,005,599		381,957		177,099
Cash flows from investing activities:
Payment for property, plant and equipment acquisitions		(1,205,311)		(394,783)		(194,270)
Collection for sales (Payment for purchases) of public securities and shares, net		726,165		(10,199)		84,011
Recovery (Suscription) of mutual funds, net		4,881		(7,446)		7,925
Capital integration in companies		(48,424)		(12)		-
Payment for companies´acquisitions		(623)		(42,642)		(481)
Collection for equity interests in companies sales		1,579		36,657		26,704
Collection for joint ventures´ share repurchase		-		30,135		-
Collections for property, plant and equipment sales		-		331		146
Collections for intangible assets sales		10,430		-		1,626
Dividends collection		35,265		6,955		75
Collection for equity interests in areas sales		9,526		8,895		-
Interests collection		10		-		-
Cash addition for purchase of subsidiary		-		67,447		472
Collection (Payment) of loans, net		4		-		(1,562)
Net cash used in investing activities		(466,498)		(304,662)		(75,354)
Cash flows from financing activities:
Proceeds from borrowings	12.5	1,273,514		1,123,558		104,018
Payment of borrowings		(403,609)		(222,972)		(67,911)
Payment of borrowings interests	12.5	(197,748)		(131,076)		(87,078)
Repurchase and redemption of corporate bonds	12.5	(967,000)		(296,858)		(1,335)
Dividends payment		(1,884)		(37)		(476)
Payment for treasury shares acquisition		(67,577)		-		-
Payments of leases		(30,029)		(3,466)		(311)
Net cash (used in) generated by financing activities		(394,333)		469,149		(53,093)
Increase in cash and cash equivalents		144,768		546,444		48,652
Cash and cash equivalents at the beginning of the year	12.4	761,231		137,973		18,757
Exchange and conversion difference generated by cash and cash equivalents		148,460		76,814		70,564
Increase in cash and cash equivalents	144,768		546,444		48,652

Cash and cash equivalents at the end of the year 12.4 1,054,459 761,231 137,973

The accompanying notes are an integral part of these Consolidated Financial Statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2025, 2024 and 2023

(In millions of Argentine Pesos ("$"))

NOTE 1: GENERAL INFORMATION

General information of the Company
The Company is an Argentine company, which participates in the energy sector, mainly in the production of oil and gas and power generation.
In the oil and gas segment, the Company develops an important activity in gas and oil exploration and production, reaching a production level of 12.4 million m3/day of natural gas and 11.7 thousand boe/day of oil (including the production from El Tordillo, La Tapera and Puesto Quiroga areas until its assignment in October 2025) and maintaining 9 productive areas and 2 exploratory areas in Argentina as of December 31, 2025. Its main production blocks are located in the Province of Neuquén. Additionally, the Company participates in SESA, an entity dedicated to natural gas liquefaction.
In the generation segment, the Company, directly and through its subsidiaries and joint ventures, has a 5,472 MW installed capacity as of December 31, 2025, which represents approximately 12% of Argentina's installed capacity, and being one of the largest independent generators in the country.
In the petrochemicals segment, the Company operates 2 high-complexity plants in Argentina producing styrene, synthetic rubber and polystyrene, with a share ranging between 86% and 98%, in the domestic market.
Finally, through the holding, transportation and others segment, the Company participates in the electricity transmission and gas transportation businesses. In the transmission business, the Company jointly controls Citelec, which has a controlling interest in Transener, a company engaged in the operation and maintenance of a 22,445 km high-voltage electricity transmission network in Argentina with an 86% share in the Argentine electricity transmission market. In the gas transportation business, the Company jointly controls CIESA, which has a controlling interest in TGS, a company holding a concession for the transportation of natural gas with 9,248 km of gas pipelines in the center, west and south of Argentina, and which is also engaged in the processing and sale of natural gas liquids through the Cerri Complex, located in Bahía Blanca, in the Province of Buenos Aires, in addition to shale gas transportation and conditioning at Vaca Muerta. Additionally, the Company participates in VMOS, an entity that will operate an oil pipeline connecting Vaca Muerta with an offshore export port. Finally, the segment includes advisory services provided to related companies.
Economic context

The Company operates in an economic context which main variables are experiencing volatility as a result of political and economic events both in the domestic and international spheres.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2025, 2024 and 2023 (Continuation) (In millions of Argentine Pesos ("$")) NOTE 1: (Continuation)

The Argentine economy recorded a 5.2% accumulated increase and a 2.6% accumulated decrease in the Gross Domestic Product as of the third quarter of 2025 and 2024, respectively, a 31.5% and 117.8% cumulative inflation considering the CPI and a 41% and 27.7% depreciation of the peso against the U.S. dollar, according to the BNA exchange rate, for fiscal years 2025 and 2024, respectively.

Under the economic stabilization plan, the Government maintained a primary fiscal surplus and implemented a series of measures to ease the exchange rate regime and strengthen the monetary system, aimed at reducing inflation and boosting economic activity. In 2025, the Argentine economy showed a strong recovery in the first semester of the year, followed by a slowdown in activity in the second semester.

The context of volatility and uncertainty continues as of the date of issuance of these Consolidated Financial Statements and it is not possible to foresee the macroeconomic and financial situation of Argentina or the international context' evolution or what new measures might be announced.

The Company's Management permanently monitors the evolution of the variables affecting its business to define its course

of action and identify potential impacts on its assets and financial position.

The Company's Consolidated Financial Statements should be read in the light of these circumstances.

NOTE 2: REGULATORY FRAMEWORK

On May 30, 2025, through Executive Order No. 370/25, the Federal Government extended the national emergency for the electricity generation, transmission and distribution, and the natural gas transportation and distribution segments through July 9, 2026.

On July 7, 2025, through Executive Orders No. 450/25 and No. 452/25, amendments were introduced to Laws No. 15,336 and No. 24,065, and the ENRGE was created to replace and unify ENARGAS and ENRE, respectively, in accordance with the guidelines set forth in the Bases Law (Law No. 27,742). As of the date of issuance of these Consolidated Financial Statements, this entity has not yet been effectively implemented.

Executive Order No. 450/25 establishes a 24-month transition period during which the SE must issue the regulations required, among other matters, to develop a competitive hydrocarbons market through the free contracting of fuel, and to establish the transfer mechanisms for contracts entered into by CAMMESA for the WEM's supply and demand sides. In addition, the SE is authorized to approve the execution of expansions of the transmission system within an existing concession, subject to prior consultation with CAMMESA, which may be financed with resources from the FNEE. Alternatively, network expansions may be carried out by private initiative and at the risk of the party executing them, with priority rights over the use of transmission capacity and the possibility of assigning it to third parties.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2025, 2024 and 2023 (Continuation) (In millions of Argentine Pesos ("$")) NOTE 2: (Continuation)

Within this framework, on September 26, 2025, SE Resolution No. 379/25 approved the "Energy Demand Management Program" to mitigate reserve shortfalls in the WEM or the distribution network through user demand management to be called by CAMMESA in line with seasonal programming. Successful tenders submitted by adhering large users will be remunerated with a fixed charge of US$ 1,000/MW-month, plus a variable charge and an additional incentive charge linked to commitment compliance. Failure to comply with CAMMESA's requirements will result in a penalty equivalent to three times the fixed charge.

Similarly, on October 21, 2025, SE Resolution No. 400/25 established the "Rules for the Normalization of the WEM and its Progressive Adaptation", which have been in effect since November 1, 2025. These rules introduce a new framework aimed at fostering competition among generators, promoting direct contracting of demand, and advancing toward a decentralized fuel supply scheme. It is worth highlighting that the implementation of certain changes requires additional regulation.

Regarding distributor demand, a new category of users subject to seasonal prices is established: the seasonalized demand (excluding large distribution company users, or "GUDI"). For this category, the distributor must maintain a minimum coverage of 75% of such demand. Seasonalized demand will be supplied through the assigned generation, with first priority given to the residential sector.

Additionally, the pricing regime for spot demand and the seasonal pricing for distributor demand have been modified. GUDI are allocated the seasonal spot energy costs and may opt to become WEM large users subject to a minimum one-year term of permanence, or to contract energy and power capacity with one or more generators through distributors.

Regarding services provided by generators in the WEM, new base and additional reliability reserve services are contemplated.

In addition, a mechanism is envisaged to transfer the costs of forced generation to the relevant jurisdiction until the additional costs incurred are properly allocated.

Finally, it is provided that any new WEM demand outside the scope of a distributor's concession connected to the transmission system and representing a relative increase exceeding at least 0.5% of the WEM's average demand must submit, together with its request for access to the WEM and the transmission capacity, a supply plan ensuring: i) at least 80% of new energy production; and ii) sufficient physical capacity backup to cover 80% of its consumption.

The main regulations applicable to the Company's activities are detailed below. It is worth highlighting that this is not an

exhaustive list of all regulations the Company is subject to.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2025, 2024 and 2023 (Continuation) (In millions of Argentine Pesos ("$")) NOTE 2: (Continuation)

Oil and gas
1. Argentine Hydrocarbons Law
  Laws No. 27,007 and 27,742, enacted in 2014 and 2024 respectively, amended Hydrocarbons Law No. 17,319, enacted in 1967, establishing the general principles for the exploration, exploitation, industrialization, transportation and commercialization of hydrocarbon resources in Argentina. The most relevant aspects are as follows:
  - It empowers the Federal Government or the Provinces to grant exploration and exploitation permits and concessions to the private sector.
  - It establishes the terms for exploration permits: (i) conventional: term of 2 periods of up to 3 years each, plus 1 optional extension for up to 5 years; (ii) unconventional: term of 2 periods of 4 years each, plus 1 optional extension for up to 5 years; and (iii) on the continental shelf and in the territorial sea: term of 2 periods of 3 years each with the possibility of increasing by 1 year each.
  - It sets the terms for exploitation concessions: (i) conventional: 25 years; (ii) unconventional: 35 years; and (iii) on the continental shelf and in the territorial sea: 30 years.
  - It establishes that transportation concessions will be granted for the same term as the originating exploitation concession.
  - It empowers the Federal Government or the Provinces to grant authorizations for hydrocarbon processing, conditioning or separation and natural gas liquefaction, not necessarily linked to an exploitation concession.
  - It empowers the Federal Government to grant authorizations for underground storage of natural gas in natural reservoirs of depleted hydrocarbons.
  - This legislation sets the values of the exploration and exploitation canons payable at each stage by reference to the average price per oil barrel, adjustable annually based on the Brent quotation, and empowers the enforcement authority to establish the payment of extension and exploitation bonds.
  - It sets royalties at 12%, payable monthly to the grantor, on the proceeds from liquid hydrocarbons extracted at wellhead and on natural gas production, and establishes a 15% base royalty rate for new awards.
  - It establishes the setting of commercialization prices in the domestic market without the PEN's intervention and the
    free international trade of hydrocarbons, in the absence of an objection by the SE.
  - It restricts the Federal Government and the Provinces from reserving new blocks in favor of public or mixed companies or entities.
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2025, 2024 and 2023 (Continuation) (In millions of Argentine Pesos ("$")) NOTE 2: (Continuation)
2. Gas Market
  1. Argentine Natural Gas Production Promotion Plan ("GasAr Plan")
    Executive Order No. 892/20 approved the Argentine Natural Gas Production Promotion Program ("GasAr Plan") to promote the development of the Argentine gas industry based on a call for tenders mechanism. Within this framework, the national public call for tenders for the 2020-2024 GasAr Plan was launched, involving the execution of individual contracts among gas producers, distribution companies and CAMMESA, with the Federal Government taking on responsibility for paying directly to producers, on a monthly basis, the difference between the tendered price and the price under the tariff scheme through a price supplement.
    The Company was awarded: (i) Round 1: a base volume of 4.9 million m³/day of natural gas at an annual average price of US$ 3.60 per MBTU for the 2021-2024 period, and an additional 1 million m³/day volume at a price of US$ 4.68 per MBTU during the winter period; (ii) Round 2: volumes of 0.70 million m³/day, 0.90 million m³/day and 1 million m³/day for the months of June, July and August-September 2021, respectively, and 0.86 million m³/day to supply the 2022-2024 winter peak period, at a price of US$ 4.68 per MBTU; and (iii) Round 3: a volume of 2 million m³/day at a price of US$ 3.347 per MBTU for the 2022-2024 period.
    Subsequently, Executive Order No. 730/22 established the 2023 - 2028 Reinsurance and Enhancement Plan for Federal Hydrocarbon Production, Domestic Self-Sufficiency, Exports, Import Substitution and Expansion of the Transportation System for All Hydrocarbon Basins in the Country (the "Reinsurance Plan") with the following main objectives:
    1. consolidating a 70 million m³/day flat block (awarded under GasAr Plan's Rounds 1 and 3), excluding winter peaks; and
    2. developing demand for incremental volumes that may be evacuated using the new transportation capacity following the construction of the Perito Francisco Pascasio Moreno Gas Pipeline.
    The Company was awarded: (i) Round 4.1: the extension of the commitments under the GasAr Plan - Rounds 1 and 3 until 2028, maintaining the originally tendered prices; and (ii) Round 4.2: 4.8 million m³/day of demand associated with flat gas at a price of US$ 3.485 per MBTU from July 2023 to December 2028.
    The awards granted to the Company and the executed contracts represented a 13.8 million m³/day commitment under the Reinsurance Plan for fiscal years 2025 and 2024.
    Lastly, in Round 5.2, the Company, together with all partners of the Aguaragüe Joint Operation, was awarded an incremental 400,000 m³/day volume to be sold to ENARSA at a price of US$ 9.8 per MBTU from October 2023 to December 2026, and US$ 6 per MBTU from January 2027 to December 2028. The Company holds a 15% stake in this Joint Operation.
    NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2025, 2024 and 2023 (Continuation) (In millions of Argentine Pesos ("$")) NOTE 2: (Continuation)
  2. Withdrawal of Volumes from the GasAr Plan
    Through SE Resolution No. 501/25, complementary guidelines were established for producers holding contracts with CAMMESA and/or ENARSA to withdraw volumes under the GasAr Plan pursuant to SE Resolution No. 400/25.
    On December 12, 2025, the Company, in its capacity as owner of thermal generation units in the WEM and pursuant to SE Resolution No. 501/25, requested CAMMESA to assign in its favor GasAr Plan agreements for volumes of up to 4.9 million m³/day. On December 30, 2025, CAMMESA granted its consent to the assignment of the contractual position requested by the Company.
  3. Assignment of Contracts with ENARSA
    In late December 2025, SE Resolution No. 606/25 was issued, introducing adjustments to the GasAr Plan applicable to adhering producers.
    Adhering producers are required to accept the assignment of contracts with ENARSA to distributors and CAMMESA, through a procedure to be determined together with ENARSA, and with access to the following benefits: (i) an increase in the provisional payment percentage (GasAr Plan compensation paid by the Government) from 85% to 90%, based on the affidavit submitted by each producer; (ii) a reduction in the injection commitment along the production curve; and (iii) the discontinuation of the quarterly investment plan progress reporting regime.
    The opt-in procedure is carried out through the submission of a notice to the SE within 45 administrative business days from notification of the Resolution, and distributors must opt in within the same period. ENARGAS will oversee the assignment process and the allocation of volumes.
  4. Natural gas for the residential segment and CNG
    During 2025, the SE issued monthly resolutions establishing the update of the PIST price to be passed on to end users, pursuant to the agreements entered into under the GasAr Plan, for gas consumption made from January to December 2025 and on the tariff schemes published by ENARGAS´ effective date.
    It is worth highlighting that the PIST value updates increase the amount collectable by the Company directly from distributors, decreasing the price compensation payable by the Federal Government under the GasAr Plan.
    NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2025, 2024 and 2023 (Continuation) (In millions of Argentine Pesos ("$")) NOTE 2: (Continuation)
  5. Acquisition of Natural Gas for Generation
    SE Resolution No. 21/25, dated January 28, 2025, established that generators remunerated under the spot scheme may manage their own fuel. In the same sense, SE Resolution No. 400/25, effective as from November 1, 2025, modifies fuel management for power generation and the recognition of related costs, promoting generators' self-supply. CAMMESA will remain as the supplier of last resort until 2029, when fuel management will become the generators' exclusive responsibility, and the centralized scheme managed by CAMMESA will be fully discontinued.
  6. Natural Gas and Liquefied Natural Gas Exports
    (i) Natural Gas
    Current regulations establish a procedure to authorize natural gas exports delimiting four export zones: the Neuquina Basin and the Austral Basin, with summer quotas, and the Noroeste Basin and other zones, with no quota definition.
    The distribution of firm summer quotas among producers is made considering (i) the share of the producer's volume in the basin's total volume, and (ii) the highest discount in the weighted-average price discount per volume against the basin's incremental volume.
    An export quota was allocated for the 2025 summer periods (January-April and October-December) of 9 million m³/day for the Neuquina Basin and 2 million m³/day for the Austral Basin, with a minimum price equal to the simple average of Brent crude quotations for the first fifteen days of the month prior to delivery, multiplied by 5.5%. The Company was allocated an 892,589 m³/day volume for the 2025 summer period.
    In addition, the SE established the export quotas for the 2025 winter period (May-September), totaling 7 million m³/day. In line with its participation in the GasAr Plan, the Company was allocated a volume of 694,236 m³/day for the 2025 winter period.
    For 2026, an export quota of 7.7 million m³/day for the Neuquina Basin and 2 million m³/day for the Austral Basin was allocated for the summer periods (January-April and October-December), while for the winter period (May-September)
    7.4 million m³/day was allocated for the Neuquina Basin.
    For the Neuquina Basin, in both periods, the minimum price is equal to the average awarded price under all GasAr Plan rounds for the basin multiplied by the applicable seasonal adjustment factor.
    NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2025, 2024 and 2023 (Continuation) (In millions of Argentine Pesos ("$")) NOTE 2: (Continuation)
    The Company was allocated the following volumes:
    - 1,195,267 m³/day for the January-March 2026 period.
      - 1,215,267 m³/day for April 2026.
    - 989,809 m³/day for the May-August 2026 period.
    - 1,048,088 m³/day for September 2026.
    - 1,228,600 m³/day for the October-December 2026 period.
    It is worth highlighting that, as of the date of issuance of these Consolidated Financial Statements, there is an 8% tax on natural gas exports in effect.
    (ii) Liquefied Natural Gas (LNG)
    SE Resolution No. 145/25 approved the procedure for exporting LNG, establishing that a firm LNG export authorization will be granted for a term of up to 30 years from the commissioning of the liquefaction plant or its expansions. This authorization grants its holders the right to export the authorized volumes without interruptions, restrictions or redirection during its term.
  7. Compensation for Natural Gas Consumption Subsidies
    ENARGAS Resolution No. 125/25 restructures the compensation system for natural gas consumption subsidies applicable to natural gas distribution companies, modifying the recipient of such compensation. The new mechanism, effective as from February 1, 2025, provides that compensation will be received directly by natural gas producers and deducted from the producers' invoicing to distributors.
3. Oil market
  1. Crude oil price
    As of December 31, 2025, there is no reference price for the sale of crude oil in the domestic market. As with natural gas exports, there is an 8% export duty on crude oil.
    NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2025, 2024 and 2023 (Continuation) (In millions of Argentine Pesos ("$")) NOTE 2: (Continuation)

Generation

Generation units

Generation units are remunerated under: i) sales contracts with large users within the MAT and supply agreements with CAMMESA and ii) sales to the spot market. The Company's generating units, held directly and through its subsidiaries and joint ventures, are detailed below:

In operation as of 12.31.2025:

Generator	Generating unit	Tecnology	Fuel	Power	Applicable regime
CTG	GUEMTG01	TG	Gas	100 MW	Resolution No. 400/25 (*)
CTG	GUEMTV11	TV	Gas	63 MW	Resolution No. 400/25
CTG	GUEMTV12	TV	Gas	63 MW	Resolution No. 400/25
CTG	GUEMTV13	TV	Gas	135 MW	Resolution No. 400/25
Piquirenda	PIQIDI 01-10	MCI	Gas	30 MW	Resolution No. 400/25
CPB	BBLATV29	TV	Dual	310 MW	Resolution No. 400/25
CPB	BBLATV30	TV	Dual	310 MW	Resolution No. 400/25
CT Ing. White	BBLMD01-06	MCI	Dual	100 MW	Resolution No. 21/16
CTLL	LDLATG01/TG02/TG03/TV01	CC	Gas	555 MW	Resolution No. 400/25
CTLL	LDLATG04	TG	Gas	105 MW	Res. No. 220/07 (75%)
CTLL	LDLATG05	TG	Gas	105 MW	Resolution No. 21/16
CTLL	LDLMDI01	MCI	Gas	15 MW	Resolution No. 400/25
CTGEBA	GEBATG01/TG02/TV01	CC	Gas	685 MW	Resolution No. 400/25
CTGEBA	GEBATG03	TG	Gas	169 MW	Resolution No. 400/25 (*)
CTGEBA	GEBATG03/TG04/TV02	CC	Gas	400 MW	Resolution No. 287/17
Ecoenergía	CERITV01	TV	Vapor	14 MW	Resolution No. 400/25 (*)
CT Parque Pilar	PILBD01-06	MCI	Dual	100 MW	Resolution No. 21/16
CTB	EBARTG01 - TG02	TG	Dual	569 MW	Resolution No. 400/25
CTB	EBARTV01	TV	Dual	279 MW	Resolution No. 220/07
HIDISA	AGUA DEL TORO	HI	-	150 MW	Resolution No. 602/25
HIDISA	EL TIGRE	HR	-	14 MW	Resolution No. 602/25
HIDISA	LOS REYUNOS	HB	-	224 MW	Resolution No. 602/25
HINISA	NIHUIL I - II - III	HI	-	265 MW	Resolution No. 400/25
HPPL	PPLEHI	HI	-	285 MW	Resolution No. 602/25
PEPE II	PAMEEO	Wind	-	53 MW	MATER Res. No. 281/17
PEPE III	BAHIEO	Wind	-	53 MW	MATER Res. No. 281/17
PEPE IV	PEP3EO - PE32EO	Wind	-	81 MW	MATER Res. No. 281/17
PE Arauco - PEPE V	AR21EO	Wind	-	100 MW	Renovar
PEPE VI	PEP6EO	Wind	-	140 MW	MATER Res. No. 281/17

(*) Additionally, it markets capacity and energy under residual Energy Plus contracts pursuant to Resolution No. 1,281/06.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2025, 2024 and 2023 (Continuation) (In millions of Argentine Pesos ("$")) NOTE 2: (Continuation)

Sales contracts with large users within the MAT and Supply agreements with CAMMESA
1. New MAT Regime
  SE Resolution No. 400/25 modified the MAT as from November 1, 2025, promoting free contracting among agents and establishing two markets: MAT Power Capacity and MAT Energy.
  Thermal and hydroelectric generation installed before January 1, 2025 may sell, under contracts, up to 100% of generated energy to distributors to cover unmet seasonalized demand, or up to 20% of generated energy to WEM large users or to distributors for GUDI. Starting in 2030, these generators may freely contract with any demand segment.
  Thermal generation installed after January 1, 2025 with self-managed fuel supply or with additional firm gas transportation capacity may contract with any demand segment without limitations. Renewable-source generation maintains the MATER conditions. Storage projects may enter into contracts without restrictions.
2. Renewable Energy Term Market ("MATER" Regime)
  SE Resolution No. 281/17 regulated the regime for large users and large demands by WEM distribution agents (covered by Section 9 of Law No. 27,191) to meet their renewable-source demand supply obligation through individual contracting under the MATER, under terms and conditions to be agreed between the parties.
  Within the framework of this regulation, the Company, through its PEPE II, III, IV and VI wind farms, sells energy for a maximum of 327 MW. Additionally, during 2025, renewable energy from third-party generators was commercialized for a total volume of 1.25 MW.
3. Energy Plus Contracts
  SE Resolution No. 1,281/06 set a specific regime for new generation capacity installed by certain agents, which enabled the execution of Energy Plus contracts in the MAT at prices negotiated with GU300.
  In 2025, SE Resolution No. 21/25 limited the submission or renewal of Energy Plus contracts until October 31, 2025. As a result, the Energy Plus market will cease to be in force upon the expiration of the contracts submitted or renewed up to that date.
  As of December 31, 2025, the Company, through its CTG, EcoEnergía and CTGEBA power plants, sells power capacity and energy under residual Energy Plus contracts, mainly denominated in U.S. dollars or, alternatively, adjusted based on CAMMESA price variations. The Company's Energy Plus contracts will expire during 2026.
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2025, 2024 and 2023 (Continuation) (In millions of Argentine Pesos ("$")) NOTE 2: (Continuation)
4. Supply Agreements with CAMMESA - Specific Regimes
  Aiming to promote new generation capacity and/or combined-cycle closing projects at existing facilities, SE Resolutions No. 220/07, No. 21/16 and No. 287/17 authorized CAMMESA to enter into long-term power supply agreements with certain agents and/or awarded projects.
  Under these regulations, the Company holds supply agreements with CAMMESA remunerating: (i) 79 MW from CTLL and 279 MW from the closed cycle of CTEB, owned by CTB, maturing in July 2026 and February 2033, respectively, under SE Resolution No. 220/07; (ii) 305 MW of power capacity and energy generated by CTLL, CTPP and CTIW thermal power plants, maturing between August and December 2027, under SE Resolution No. 21/16; and (iii) 400 MW of power capacity and energy generated by the CTGEBA thermal power plant, maturing in July 2035, under SE Resolution No. 287/17.
  SE Resolution No. 501/25 introduced a fuel self-managed regime applicable to thermal units operating with gas assigned by producers under the GasAr Plan. However, this regime does not modify the centralized fuel management scheme applicable to the specific supply agreements executed under SE Resolutions No. 220/07, No. 21/16 and No. 287/17, which remain under CAMMESA's administration pursuant to SE Resolution No. 21/25.
5. Renovar Programs
  In order to meet the objectives set forth by Laws No. 26,190 and No. 27,191 promoting the use of renewable energy sources, the MEyM called for open rounds for the procurement, within the WEM, of electricity generated from renewable sources (Renovar Programs). For awarded projects, renewable electricity supply agreements were executed for the commercialization of an annual committed electricity block over a 20-year term.
  The Company has a power supply agreement with CAMMESA in place for the PE Arauco for a total of 100 MW, maturing in March 2040.
Remuneration at the spot market
1. New Spot Regime

Pursuant to SE Resolution No. 400/25, the remuneration scheme for generation in the spot market was modified as from November 1, 2025, making a distinction by energy source.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended December 31, 2025, 2024 and 2023 (Continuation) (In millions of Argentine Pesos ("$")) NOTE 2: (Continuation)

Generated energy is remunerated based on the variable production cost ("CVP") and the adjusted marginal rent ("RMA"). The RMA reflects the hourly marginal cost ("CMgh"), adjusted, where applicable, by the loss factor ("FP") corresponding to the relevant node and by an adapted rent factor ("FRA"), that is: RMA = (CMgh x FP - CVP) x FRA.

For thermal generation, a minimum rent scheme is established, equivalent to US$ 2/MWh and US$ 7/MWh for existing generation with a CVP below US$ 60/MWh, and a CVP equal to or exceeding US$ 60/MWh, respectively. The applicable adapted rent factors are as follows:

FRA	Installed generation
	2025 onwards	up to 2024
		With fuel self-management	with gas supplied by CAMMESA	with no fuel management (*)
2025 and 2026	1	15%	12%	0
2027		25%	15%
2028 onwards		35%	17.50%

(*) CVP equivalent to regulated values.

For hydroelectric and renewable generation, a minimum RMA of US$ 22/MWh and US$ 32/MWh, respectively, is established for units commissioned before January 1, 2025, with no minimum or maximum established for units commissioned after that date. Additionally, a CVP = 0 is assumed, and the following adapted rent factors are applied:

FRA	Commissioned generation
FRA	2025 onwards	up to 2024
2025 and 2026	1	15%
2027		25%
2028 onwards		35%

Additionally, available capacity ("PPAD") is remunerated based on 90 weekly hours at a rate of US$ 12/MWhrp, adjusted

by a seasonal correction factor ("FCE"):

FCE	Thermal generation		Hydros	Renewable sources
	with fuel self-management
	natural gas	Alternative fuels
Winter / Summer	1.1	1.5	0.5	0
Remaining periods	0.9	1

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