EDENOR

Edenor is an electricity distribution company operating in Argentina. In 2025, the company was the largest electricity distribution company in Argentina and one of the largest in Latin America based on the number of users and the volume of electricity sold, measured in both GWh and Pesos. Edenor holds an exclusive concession to distribute electricity to the northwestern part of the greater Buenos Aires metropolitan area and the northern part of the City of Buenos Aires. This service area covers 4,637 square kilometers and serves approximately 9 million people. As of December 31, 2025, Edenor served approximately 3.4 million users, and its sales increased by 11.3%. Edenor's demand for electricity, as a percentage of total demand in the Wholesale Electricity Market (WEM), was 19.3% in 2025, purchasing 27,256 GWh out of a total WEM demand of 141,249 GWh. This percentage has ranged from 19.1% to 20.2% between 2015 and 2025. The company's concession is scheduled to expire on August 31, 2087, after a 95-year term, and can be extended for an additional 10 years if requested at least 18 months prior to expiration. The concession is structured into management periods, with an initial 15-year period followed by 10-year periods. Six months before the end of each management period, an international public bidding procedure is initiated for the Class "A" shares, representing 51% of Edenor's share capital, currently held by Edelcos. If Edelcos matches the highest bid, it retains the Class "A" shares.