This is Lucila Ramacho, Investor Relations Deputy Manager at Edenor. On behalf of Edenor, we would like to thank everybody for participating in this conference call to discuss the results of the second quarter that ended on June 14, 2026. We will also have an important recent development and advances in our effort to strengthen our positions as an energy leader. If you would like to receive our earnings release or presentation, you can download them easily from the investor relations sections of our website located at www.etenor.com or contact our investor relations team to request the documents. This event is being recorded. After the company remarks are completed, there will be a question and answer section for which you might submit questions through the webcast chat. Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of Adenauer Management and on information currently available to the company. They involve risks, uncertainties and assumptions because they related to future events and therefore depends on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Edenor and could cause results to differ materially from those expressed in such formal look in statement. Now, let me pass the call to Germán Raste, our CFO, who will guide us through the presentation.

Thank you, Lucila. Good morning and welcome to everyone. Your presence here is very important to us, and we hope to provide you with a good understanding of Elenor's performance during the second quarter of 2026. Highlights Regulatory Framework Before moving to the discussion of the details of our financial performance during the second quarter of 2026, I would like to take a few minutes to highlight that Elenor has demonstrated a major improvement in results over the last several years. led by a restoration of a healthy regulatory environment and a substantially improved economic situation in Argentina. These factors, combined with our focus on continuous operational improvements and modernization, have positioned the company well to take advantage of highly productive growth opportunities in Argentina. We have now completed a full year since the approval and implementation of the five-year tariff review for the period 2025-2030 years. including monthly automatic adjustments. In April of 2026, the five-year tariff review for 2025 and 2030 was approved, which includes automatic adjustments based on a formula for the value-added distribution amount weighted 33% by Consumer Prices Index and 67% by Holster Price Index, plus an additional 0.42% monthly adjustment above inflation in real terms. In May of 2025, we normalized our debt with CAMESA. Since April of 2024, we have been paying full 100% of the current monthly invoices for energy purchased from CAMESA, and we are fully complying with the payments under our existing plans with CAMESA that call for monthly payments over 60 and 69 remaining installments. In October of 2025, Illinois submitted the regulatory asset claim for the difference in tariff adjustments between 2019 and 2023, as calculated by independent third parties. Following up on this, the government submitted a draft bill to the Oceanside Congress proposing a framework to regularize our regulatory assets for the past differences in tariffs from 2019 to 2023 period. During 2025, the value-added amount increased a total of 37% against 32% raise in the Consumer Price Index and the 41% devaluation of the peso against the U.S. dollar. The average monthly tariff adjustment since 2024, August through year-end 2025, was 3.1%. In December of 2025, the ENRE authorized the company to modify the frequency of meter readings from bimonthly to monthly. The regulation aims to provide users with a clearer, more transparent and more timely signal regarding their energy consumption. The impact was reflected in the first quarter of this year. For the second quarter of 2026, the accumulated monthly adjustments to the value-added distribution amount were 20% versus an inflation rate of 17%, and in July the VAT adjustment was 2.95% and in August was 1.78%. We believe that these events have positioned the company to be more dynamic, with more favorable financing results going forward. This will also enable us to continue our strong investment program and further improve our service level and service quality. In May of 2026, the government appointed the new authorities for the new Gas and Electricity Regulatory Agency, each of whom has strong background and broad experience in the energy field. The normalization of the target has translated into significant improvements in Edenon's financial performance. Excluding the one-off gain recognized of 224 billion pesos in June 2025 related to the Camesa settlement, EBITDA increased by 94% year-to-year during the first six months of 2026. The collectivity rate has consistently remained high, being 96.27% in the second quarter. Financial Results Revenues Revenues in the second quarter of 2026 were 918 billion pesos, which is up 10% year-over-year in real terms versus the prior year, helped by higher tariffs and reduction in subsidies. Energy Sales Evolution A denounced total number of customers in the quarter rose to 3.41 million clients, up to 1.3% versus the prior year. This rise was due to an increase in the number of residential, medium-sized and small-sized commercial clients, industrial and wheeling systems. The rise was helped by market discipline measures including the installation of 4,863 energy meters in the second quarter of 2026, which are designed to convert informal unreported connections into fully transparent connections in the electricity distribution system. Energy sales for the quarter were 1.9% year-to-year to 5,676 gigawatts driven by the impact of demand from residential customers due to lower temperature and demand from medium-sized commercial clients. Distribution Margin For the second quarter of 2026, our distribution margin rose 1% year to year to 335 billion pesos, and for the first six months, the accumulated distribution margin was 748 billion pesos, 7% more versus six months of 2025, due to the increase in the tariffs and the reduction in subsidies in the energy cost, which has averaged 3% per month. Evita. Looking at Evita, during the first six months of 2026, Evita totalized 314 billion pesos, compared to 386 billion pesos in the same period of 2025. The decline was because of the one-time gain of 225 billion pesos that was recognized in the second quarter of 2025, that was related to the settlement agreement with CAMESA for outstanding balances. Excluding this non-current effect, EBITDA would have increased 94% year-to-year. The improvement in EBITDA during the first six months of 2026, excluding the CAMESA settlement effect, was primarily driven by Stronger revenues as a result of the five-year tariff review including the 320% initial adjustment in February of 2024 plus additional monthly tariff adjustments since then that have an average of 3%. The accumulated VAT increase in 2025 was 37% versus inflation of 32%, and from January to June 2026 period, the VAT rose more than 20% in line with 17% inflation. Higher energy purchase cost, reflecting in the reduction in government subsidies. 27 billion pesos were recognized in June of 2026 for pending receivables from the national government under a mutual agreement based on the cost of energy consumed in lower-income neighborhoods during 2024 and 2025. I would like to take a highlight of our ongoing efforts to manage costs, where we saw important progress, which made an important contribution to the rise in EBITDA. Operating expenses for the first six months decreased by 8%, reaching a total of 603 billion pesos. Cost management contributed to the positive results with a focus on streamlining operations and technology. The savings are related to our OPEX review plan initiated in 2025, including the development and retirement plan aimed at promoting talent revenue and workforce optimization, which results in a 2% reduction in salary expenses and a 37% decrease in pension plan costs. Material consumption declined 39% due to inventory management optimization. ENRE penalties were done on a substantial of 24%, driven by changes in evaluation mechanisms as defined by the regulatory entity and improved service indicators. Net Financial Results In the second quarter, the net financial expenses declined 28%, 206 billion pesos due primarily to a reduced impact of interest expenses on the debt with CAMESA and the regularization of our debt obligation according to the signed agreement. This more than offset the higher interest expense on a new debt outstanding. Net results. The second quarter saw a profit of 31 billion pesos down 75% versus the second quarter of 2025, which was due to the comparison against the second quarter of 2025 profits of 224 billion pesos, which includes the gain from the settlement agreement with CAMESA. Adjusting for this, the underlying operating trends were positive because of the positive impact of tariff adjustments and cost reductions. CAPEX. We invested 92 billion pesos in the second quarter of 2026. We've accumulated CAPEX for the six months of 2026 was 167 billion pesos. Our investment spending reflects our firm commitment to improve service quality, which is reflected in the significant improvement in our main operating indicators. During 2024 and 2025, investments were above historical average level in order to complete the construction of new substations and continuing the enhancement of telecontrol and telesupervision, as well as the installed smart meters for all the large customers. We highlight our key projects that are underway, including the new substation in Moreno and the expansion of the Bancalari substation. We are also planning additional projects for 2026, including replacing the Newbury substation with the new facility and the interconnection to Colegiale substation in June of this year. We also continue to work to transform our network into a smart network by installing increasing number of remote control points, tele-supervision points, as well as smart meters. This allows us to quickly resolve problems that arise in the network remotely, which we do by isolating any part of the system experiencing a service problem and re-establishing service. Excuse me, the Colegiales substation will be connected during August of this year, not June of this year. Operating indicators. Now let's look at a few of the key operating indicators. Energy losses. Our energy losses for the second quarter of 2026 were 15.82%. Reducing energy losses is a top priority and our multidisciplinary teams are working constantly to find innovation ways to combat energy losses. These efforts are complemented by our market discipline initiatives that are aimed at curbing inefficiencies and irregularities. Also, analytical tools powered by artificial intelligence have improved inspection efficiency and our market discipline actions continue to detect and rectify irregular connections. It is important to remember that of the 15.82% total losses, a full of 9.56% are losses recognized by our regulatory entity in our tariff. Quality of service. As mentioned earlier, our investment plan is continuing to contribute to improvements in our service quality by reducing the duration and frequency of outages. which have been on a downward path since 2017. These levels are and have been comfortably exceeding the levels required by the regulatory entity. For the second quarter, the CIDI and CISI service quality indicators show continued strong performance at 5.6 hours and 2.7 hours average outages per client at a record low level and down 48% and 34% respectively compared to the levels of 2021 year. This recovery in service is mainly due to the strong and consistent levels of investment that the company has made over the last nine years. Investments have been focused on implementing improvements in operational processes and the adoption of technology applied to the operations and management of the network. The high and medium-term network can be operated remotely on 100%. Financial debt. As of the end of June, total senior notes plus loan outstanding was $1,159,000,000, which a net debt of June 30th of $303,000,000. A key position over the last few years, which continue in 2026, has been improved in our debt ratings in recent years as a result of the improvement in our risk profile. due to important changes in the regulatory framework. On June 26th of 2026, Standard & Poor's upgraded the company's issuer credit ratings national scale, issued rating and global medium term notes program rating from RAA plus to RAA minus, while revising the outlook from positive to stable. On August 7th of 2026, Fix Located Local raised the long-term rating from A-plus to A-minus, with a positive outlook. Also, on August 7 of 2026, Moody's upgraded the company's national scale rating from A-minus to A-plus. Financial Debt During July, we successfully executed two debt market transactions the issuance of $213 million in Class 11 notes, and on July we reopened the Class 10 notes, bringing the total outstanding amount to $750 million. These transactions reinforce our diversified funding strategy and improve flexibility to pursue strategic growth opportunities, including the potential acquisition of 70% of MetroGas. while we are also supporting our ongoing liability management strategy. On August 7th of 2026, we fully redeemed our class 9 senior notes, bringing our pro forma total senior notes outstanding, as of August 10th to approximately $1.4 billion. As you know and you can see, we maintain a very manageable debt maturity profile with no maturities during the next year. New Businesses We want to share our vision for new businesses and how we are positioning to the company for long-term expansion, diversification and value creation. As a starting point, in 2024, the company amended its corporate purpose to provide greater flexibility and to activate capture opportunities arising from the energy transition and the broader electrification of the economy. This was a deliberated and strategic decision that opens the door to a much wider set of growth avenues. Our business development is anchored in three core drivers. Capturing growth in the energy sector, expanding growth both vertical and horizontal integration, and continuing moving towards complementary diversification. In terms of strategy, we intend to capitalize on a dynamic energy M&A landscape, leveraging the ongoing privatization program which presents several competing opportunities across the energy value chain. We will also seek to drive synergies through integration with our core business while remaining alert to opportunities in complementary assets. In terms of scope, the sector we are targeting includes electric transportation and grid expansion, generation and storage, electric mobility including oil and gas downstream, energy infrastructure, and natural gas distribution and commercialization. A broad and well-diversified set of verticals align it with where we have the energy sector is heading. The bottom line is clear. This strategy is designed to deliver expansion, diversification and value for both our investors and our clients. Metrogas Acquisition Bidding offers were submitted on July 23. Our bid was submitted together with Andina Energy PLC to acquire its YPF stake in Metrogas. Distributora Y Comercializadora Norte S.A. Eleanor Offer has been accepted yesterday afternoon in the OIPF Board of Directors and the closing of the transaction is subject to the complementation of certain present conditions, like the 20-year extension of the concession license until 2047 and other government approvals. We cannot assure our estimate when the closing and the transaction and the take of control will take place. We would not be operating the company until the change of control is completed, so the information available is limited to what is publicly available. Synergies and Rationals As we explained before, the company corporate purpose was amended to provide complementary diversification. We view this transaction as an opportunity to consolidate our position as a leading energy company in Argentina, combining its existing electricity distribution with MetroGas, premier natural gas distribution network, by bringing together two of the largest utility companies servicing the Buenos Aires metropolitan area, with 5.8 million customers of electricity and natural gas. Eleanor is a unique position to unlock significant operations, commercial and institutional synergies, including commercial operations and administration. We are strongly committed with a long-term view and vision of our business in the country, and we are committed to maintain and improve Metrobus governance standards and quality of service according to Eleanor's high-quality standards. We emphasize El Norte's deep institutional knowledge of Argentinian regulatory environment and the operational demands of large-scale utility concessions. We recognize METROGRAS has a strong market position, extensive infrastructure and a loyal customer base as a key asset that will underpin substantial growth, while the combination of both networks enables A comprehensive view of the household energy consumption across the AMBA and a platform for value-added services going forward. Elenor brings to this transaction its extensive experience operating large-scale electricity distribution network under the Argentina regulatory framework, as well as an established institutional relationship with regulators, government authorities, and key stakeholders in the energy sector, including its operational experience and deep knowledge of the AMBA market. Final Remarks We remain highly optimistic about our future. Edenor is in a solid position, benefiting from recent changes that have strengthened its financial profile and positioning the company for an extended period of positive performance. We believe we are prepared to show strong growth in the coming years. Long term, we were well prepared for the coming energy transitions, new technologies, increasing efficiencies, and environmental considerations. Elenor's long-term concession and strong market presence provide a stable foundation for sustainable growth and competitive advantage. We have a dominant market position. The company is the largest electricity distribution company in Argentina, operating under a long-term concession in the highest income and most densely populated areas of the country. Economic equilibrium was restored following the completion of the five-year tariff review, which will guide tariffs until 2030, including automatic monthly adjustments above inflation, which follow a significant tariff increase granted in February of 2024, and monthly increases onwards, being of 37% in 2025 and 20% year-to-date through June of 2026. We also, as mentioned, were able to normalize current payments with CAMESA since April of 2024, plus honoring all pending PASS obligations with CAMESA in 72 and 75 installments payment plans. We have a strong commitment to excellence. Elenor has consistently prioritized and sustained a stable investment program over many years, which has contributed to its significant improvement in service quality. The company's investment program allows Elenor to maintain its leading position and to take advantage of opportunities offered by new technologies that will help us for further enhanced growth opportunities. The company maintains a strong capital structure and conservative policies, supporting by an almost 30% track record in the international equity market and established access to debt capital markets in the local market and in the international market. Elenor expects to take advantage of market opportunities in the distribution business, including the implementation of new technologies, Norte S.A. Norte S.A. Our improving financial results have improved the long-term outlook and provide more feasibility for our debt ratings. Since September of 2024, the credit rating agencies have upgraded both the national and global ratings by an average of 4 and 5 notches. Our operating indicators continue to improve. Our working capital is now positive and has benefits from the improved revenues generation. and in October of 2025, a regulatory asset claim was filed with the government for the past differences in tariff adjustments calculated by the independent third parties, and the executive branch submitted a draft bill to Congress to propose a regulatory asset regularization framework. With this, now, we would like to open the call for you for questions. To ask questions, please send a written message to I.R. Eleanor Okay, thank you very much. We have some questions.

Andres Zimigliano from Balance is asking, in case of the Congress approves the bill of the regulatory assets, how do you expect the debt with CAMESA will regularize? What assumptions are you working with?

In case it is approved, we will be able to write off the debt with CAMESA and in the Congress draft documentation also stables that is going to be included the effect of the income tax effect of writing off this debt of Camisa. So it will improve our balance sheet because the debt of Camisa will be not more in the records of the company.

Just two additions. One of them is the debt to be written off eventually Okay. We have another question from Shannon Cole.

Hello, regarding the Metrobus acquisition announced yesterday, Edenor's bid remains being shown free with Andina PLC. When is the transaction expected to be closed?

One press to... Two answers to it. One of them, yeah. The bid was submitted jointly in our offer, jointly with Andina, that's correct, although Adenor would be acquiring the full stake that would be sold by YPF. So in terms of shares control and cash flow as well, would be borne by Edenor as such. Second timing, well, yesterday we signed the SPA, so then, as was mentioned, it's subject to some regulatory approval and the extension of the concession time framework, and we expect this to occur Before year-end, maybe towards around the third quarter of this year.

There is another question regarding the mandatory tender offer from Balance, from Andresi Migliano, regarding MetroGap. Could you provide more color on how the OPA or OTPs from the minority shares will take place? And there is another related question regarding from Alaria on the same way. It's saying, regarding CMV regulations, will the acquisition of MetroGas, if approved, trigger the mandatory tender offer for the remaining 30% stake in MetroGas? Will the offer price for test and mine on the higher between the deep price and the 180 day average trading price? And then, secondly... Adjecting for the post-quarter, please ask the question and then go to the next question.

Yes, it's going to be an OPA process, of course, but that will be implemented after the transaction is closed. 30 days after the transaction is closed, we will start the OPA process. And in terms of the procedure, how we will calculate it, yes, exactly, it will be The average of 180 days and the price that we have paid. That's going to be the... Yes.

According to the rules. Yeah, yeah. According to the rules of... Yeah, regulations of the local SEC called CNV. OPA is tender, just in case. But, yeah, we are going to follow the regulations that will be in place at that point. And the current ones are... subject to some interpretation.

Julian also is asking about adjusting for the post-quarter end bond issuance and the payment of MetroGas. What would be the pro forma net financial debt look like? We can tell how it is as of today.

As of today, as we said in the presentation, I think it's in page Just a reminder also that our EBITDA for the year

Not necessarily would be the linear extrapolation from what we had first half of the year, but it's going to be, we expect, higher than the previous year, taking out the one-time commission effect.

Another important thing is that once we have the acquisition completed, if that happens, we will consolidate because of accounting rules and we are having the controlling stake the numbers of MetroGas so our EBITDA will be different.

See, yeah, and MetroGas as such, last year had an EBITDA of $175 million equivalent this year should be higher as explained and MetroGas as such has net indebtedness of Norte S.A. Norte S.A. Norte S.A. Norte S.A.

And there is a final question from Dimitrios from Levan Howard asking what is your refinance strategy and our priorities?

The financial strategy we think what we are now We raise the money to execute the neutral access action. We expect that to be closed, but we're still pending regulatory and other approvals. So the other things that are under consideration are relatively minor, and we will... in the next several months essentially is working with what we have on our plate nowadays which was mentioned in the presentation the scope there but it won't be requiring significant amounts of liquidity other than the metrogas transaction so we have a relatively good Profile in our indebtedness after this. There are almost no majorities next year. And, well, there will be a rollover to some extent in 28, but we'll improve a bit the profile within MetroGas when and if we get there, given the fact that we think we can optimize Distribuidora Y Comercializadora Norte S.A.

Distribuidora Y Comercializadora Norte S.A. Thank you. There are no more questions. Thank you for participating in our quarterly conference call. And please do not hesitate to contact our team of Investor Relations Department for any further inquiries you may have. And good morning to all of you and have a nice day.