Empresa Distribuidora y Comercializadora Norte SA (EDN) 2024 Q4 法說會逐字稿

Good morning. On behalf of Edenor, we would like to thank everybody for participating in this conference call to discuss the results of fiscal year 2024 and the fourth quarter ending December 21, 2024, that were released on Friday, March 7. We will also highlight important personal developments and advances in our efforts to strengthen our positions as an energy leader.

早安.我謹代表 Edenor 感謝大家參加本次電話會議，討論 3 月 7 日星期五發布的 2024 財年和截至 2024 年 12 月 21 日的第四季度業績。我們還將強調重要的個人發展和進步，以加強我們作為能源領導者的地位。

If you would like to receive our earning release or presentation, you can download them easily from the Investor Relations section of our website located at www.edenor.com or contact our Investor Relations team to request the documents. This event is being recorded. After the company's remarks are completed, there will be a question-and-answer session for which you may submit questions through the webcast chat.

如果您想收到我們的收益報告或簡報，您可以從我們網站 www.edenor.com 的投資者關係部分輕鬆下載，或聯絡我們的投資者關係團隊索取文件。正在記錄此事件。公司發言結束後，將有一個問答環節，您可以透過網路直播聊天提交問題。

Important before proceeding, let me mention that forward-looking statements are based on the belief and assumption of Edenor's management and on information currently available to the company. They involve risk, uncertainties, and assumptions because they relate to future events and therefore depend on circumstance 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 result of Edenor and could cause results to differ materially from those expressed in such forward-looking statements.

在繼續之前，重要的是，讓我提一下，前瞻性陳述是基於 Edenor 管理層的信念和假設以及公司目前可用的資訊。它們涉及風險、不確定性和假設，因為它們與未來事件有關，因此取決於未來可能發生或可能不會發生的情況。投資人應了解，一般經濟狀況、產業狀況和其他經營因素也可能影響 Edenor 的未來業績，並可能導致結果與此類前瞻性陳述中表達的結果有重大差異。

Now, let me pass the call to German Ranftl, our CFO, who will guide us through the presentation.

現在，讓我將電話轉給我們的財務長 German Ranftl，他將指導我們完成演示。

Thank you so much. Good morning and welcome to everybody. Your presence here is very important to us, and we hope to provide you with a good understanding of Edenor performance during the fiscal year 2024.

太感謝了。早上好，歡迎大家。您的到來對我們非常重要，我們希望讓您充分了解 Edenor 在 2024 財年的表現。

Highlight relevant events. Before moving to the discussion of our financial performance during the fourth quarter and the full 2024 numbers, I would like to take a few minutes to highlight some very relevant and positive recent developments as shown us in slide 5 that have occurred.

突出顯示相關事件。在討論我們第四季度的財務業績和 2024 年全年數據之前，我想花幾分鐘時間重點介紹幻燈片 5 中所示的一些非常相關且積極的近期發展。

Results for the fourth quarter and the full year 2024 reflected the impact of a transitory tariff increase and operations and financial improvements. EBITDA for the full year resulted in a profit of ARS207.3 billion, which reflects a sharp improvement in operating results as a result of the tariff increases, starting with a significant adjustment that was received in February and which was followed with an average monthly adjustments of 4% since August of this year -- sorry, of last year.

2024 年第四季和全年業績反映了暫時性關稅上調以及營運和財務改善的影響。全年 EBITDA 實現利潤 2073 億阿根廷比索，這反映了由於關稅上調導致的經營業績大幅改善，首先是 2 月份收到的重大調整，隨後自今年 8 月以來，平均每月調整 4%——對不起，是從去年開始的。

The five-year tariff review process that will define tariffs for 2025 to 2029 is well advanced. This should further enhance our financial performance and increase our opportunities for growth. The public hearing took place on February 27, and the final tariff scheme is expected to be announced by March 31 of this year, according to regulatory schedule.

確定2025年至2029年關稅的五年關稅審查進程目前進展順利。這將進一步提高我們的財務表現並增加我們的成長機會。此次聽證會已於2月27日舉行，依照監管安排，最終電價方案預計今年3月31日前公佈。

On October 25, 2024, we issued an international $184 million equivalent in class seven notes with a final maturity of six years with an amortization starting in year four, resulting in a five-year average life and a 9.75% coupon. This follows the issuance of $224 million equivalent in other notes in prior quarters of 2024.

2024 年 10 月 25 日，我們發行了價值 1.84 億美元的國際七級票據，最終期限為六年，攤提從第四年開始，平均期限為五年，票面利率為 9.75%。此前，該公司已於 2024 年前幾季發行了等值 2.24 億美元的其他票據。

We are pleased with our return to international markets in 2024 and ended the year with a substantial improvement in our debt profile. This has been reflected in our credit ratings, which have continued to improve, which will be discussed in more detail later.

我們很高興能在 2024 年重返國際市場，並在這一年結束時，我們的債務狀況得到了大幅改善。這反映在我們的信用評級上，信用評級持續改善，我們將在後面詳細討論。

We are fully committed to maintenance and further strengthen our credit ratings. Events at the company and in Argentina are moving forward in a favorable fashion. We expect this to lead to further improvements in our financial results and long-term outlook.

我們全力致力於維護並進一步加強我們的信用評級。該公司和阿根廷的各項活動正朝著有利的方向發展。我們預計這將進一步改善我們的財務表現和長期前景。

This will also enable us to continue our strong investment program and further improve our service quality regulatory framework. The national government continues to move forward on regulatory front to normalize tariffs and to deregulate the energy sector.

這也將使我們能夠繼續強有力的投資計劃，並進一步改善我們的服務品質監管框架。國家政府繼續在監管方面推動關稅正常化和能源部門放鬆管制。

The five-year tariff review process for 2025, 2029, is actively moving forward, as mentioned, and in the final steps of completion. In the framework of the 2025-'29, the tariff review process the ENRE set forth the criteria to be followed on the schedule of task and work plan to be carried out by the ENRE and Edenor.

如前文所說，2025年至2029年的五年關稅審查進程正在積極推進，並已進入最後完成階段。在 2025-'29 年框架內，ENRE 的關稅審查流程規定了 ENRE 和 Edenor 執行任務和工作計劃時應遵循的標準。

On January 7, 2025, by means of an ENRE Resolution Number 6, 2025, the last schedule was approved person to which; one, the distribution company must submit the final report on January 27, 2025. Second, the ENRE would call a public hearing on January 28, 2025. Third, the public hearing would be held on February 27, 2025. And fourth, ENRE will make its calculations and must present the new five-year tariff charts.

2025 年 1 月 7 日，根據 2025 年 ENRE 決議第 6 號，最後附表獲得批准；一、配電公司須於2025年1月27日前提交最終報告。第二，ENRE將於2025年1月28日舉行公開聽證會。第三，公開聽證會將於2025年2月27日舉行。第四，ENRE 將進行計算並必須提交新的五年關稅圖表。

As of today, the company has submitted all the required reports, including the projected demand and asset base, the investment plan, the operating expenses, the efficiency factor, the path through mechanisms of energy and power prices, and the VA adjustment. And the final report with the proposed tariff, together with a report prepared by FIEL, Fundación de Investigaciones Económicas Latinoamericanas, with the objections to the rate of -- sorry, the objections to the WACC, the rate of return previously set by the ENRE, which was appealed by Edenor.

截至今日，該公司已提交了所有必需的報告，包括預測需求和資產基礎、投資計劃、營運費用、效率因素、能源和電力價格機制路徑以及 VA 調整。最終報告包含擬議的關稅，以及拉丁美洲經濟調查基金會 (FIEL) 準備的一份報告，其中提出了對加權平均資本成本 (WACC) 的異議——對不起，是對加權平均資本成本 (WACC) 的異議，加權平均資本成本是 ENRE 先前設定的回報率，埃德諾 (Edenor) 對此提出了上訴。

It is important to highlight that our final report and proposal was prepared considering ENRE Resolution 4 of 25, which set a real post-tax WACC of 6.22%, reducing the 10.31% initially proposed by ENRE, which has assumed that the country risk premium for the calculation should be 500 basis points. Edenor appealed these values also presenting an analysis conducted by FIEL using a 2025 market data. This analysis supports that the work should be higher, reaching 8.27% after taxes.

值得強調的是，我們的最終報告和提案是在考慮了 ENRE 第 4 號決議（共 25 號決議）後製定的，該決議設定實際稅後加權平均資本成本為 6.22%，降低了 ENRE 最初提出的 10.31%，其中假設計算的國家風險溢價應為 500 個基點。Edenor 對這些價值提出了上訴，並提出了 FIEL 使用 2025 年市場數據進行的分析。該分析支持該工作應該更高，稅後達到8.27％。

It is worth noting that in the case of gas distribution within the ongoing five-year tariff review process, the WACC assumed by ENRE was 7.64% also after taxes. This means that the electricity sector is being penalized with a lower return against a fundamental constitutional principle: equality before the law.

值得注意的是，在正在進行的五年關稅審查過程中，對於天然氣分銷，ENRE 假設的稅後加權平均資本成本也為 7.64%。這意味著電力產業受到了較低的回報懲罰，違反了一項基本的憲法原則：法律面前人人平等。

Tariff proposals. The final proposal submitted to the regulatory includes an increase that for 80% of our clients represents an invoice of ARS29,544, an increase of ARS9,624 equivalent to the cost of three-quarters of a dozen of croissants or an individual pizza. A daily average of ARS320, which is above about a third of a croissant. The total monthly amount is significantly lower when compared to the fuel or diesel tank of ARS58,000, one tank of diesel or the cable TV and internet bill, which is close to ARS67,000, or a mobile phone service which is close to ARS107 million per month. This is lower than an average paid national wide for the same service at any of the current income levels like N1, N2, or N3.

關稅提案。提交給監管機構的最終提案包括增加費用，對於我們 80％ 的客戶來說，這意味著發票金額將增加 29,544 阿根廷比索，增加 9,624 阿根廷比索，相當於四分之三打羊角麵包或一個披薩的價格。每日平均價格為 320 阿根廷比索，大約相當於一個羊角麵包的三分之​​一。與 58,000 阿根廷比索的燃油或柴油費、一箱柴油、接近 67,000 阿根廷比索的有線電視和互聯網費用或接近 1.07 億阿根廷比索的手機服務費相比，每月總金額要低得多。這低於目前 N1、N2 或 N3 等任何收入水準下全國範圍內相同服務的平均收入。

The public hearing already has taken place on February 27, and the final tariff scheme is expected to be announced on March 31, 2025, according to the regulator schedule. Once completed, this should help to further enhance confidence in the regulatory environment. You may find the public hearing recording in YouTube and related documents in the ENRE webpage.

根據監管機構的時間表，公開聽證會已於 2 月 27 日舉行，最終關稅方案預計將於 2025 年 3 月 31 日公佈。一旦完成，這將有助於進一步增強對監管環境的信心。您可以在 YouTube 上找到公開聽證會的錄音，並在 ENRE 網頁上找到相關文件。

It is important to remember that this process began with a 319.2% transitional tariff increase that was effective on February 16, 2024, which has been followed by monthly increases to adjust for inflation that have an average of 4% since August 2024.

重要的是要記住，這一進程始於 2024 年 2 月 16 日生效的 319.2% 的過渡性關稅上調，此後自 2024 年 8 月以來，關稅每月均上調，以適應通貨膨脹，平均上調幅度為 4%。

These past increases have contributed to the large improvement in EBITDA on the operating margins that we have been seeing in 2024. The company has been paying its energy purchase cost to CAMMESA since April. It has also been paying on schedule the rescheduled payments for the past debt with CAMMESA.

過去的成長促成了我們在 2024 年看到的營業利潤率 EBITDA 的大幅提升。該公司自4月以來一直向CAMMESA支付能源購買費用。該公司還一直按時償還 CAMMESA 過去的債務的重新安排款項。

Additionally, it's negotiating a payment plan for the additional amounts due. In December 2024, the CAMMESA Board of Directors approved a new payment plan that is currently subject to approval by the competent authorities.

此外，它也正在協商額外應付款項的付款計劃。2024 年 12 月，CAMMESA 董事會批准了一項新的付款計劃，目前該計劃需經主管機關批准。

Finally, the national government is continuing its program to gradually reduce energy subsidies. In February 2025, a plan was established that runs through December 2025 to reduce the percentage subsidies for low-income level; and two, an average income level; and three, clients. Using the already established caps of 350 and 250 kilowatts per hour, respectively, while fully eliminating subsidies, high income level of M1 customers.

最後，國家政府正在繼續實施逐步減少能源補貼的計畫。2025年2月，制定了2025年12月的減少低收入水準補貼比例的計畫；二是平均收入水平；第三，客戶。使用已確定的350千瓦和250千瓦每小時的上限，同時完全取消補貼，M1客戶的高收入水準。

Now, let's look at our financial results. Revenues. Sales rose 97% year to year in the fourth quarter of 2024, in constant currency to ARS517.1 billion, partially upset by a lower 1.6% in the fourth quarter of 2024 -- lower volume, sorry.

現在，讓我們看看我們的財務結果。收入。2024 年第四季的銷售額年增 97%，以固定匯率計算達到 5,171 億阿根廷比索，部分原因是 2024 年第四季銷售額下降了 1.6%——抱歉，銷量較低。

Sales growth was mainly due to the impact of the February 2024 tariff adjustment, 319% on the monthly adjustment that averaged 4% starting in August. The distribution margin rose 126% in the fourth quarter to ARS219.5 billion that helped mainly by the tariff adjustments that were partially offset by lower sales volumes. Net earnings rose 23% year to year.

銷售額的成長主要歸因於2024年2月關稅調整的影響，8月開始的月調整平均增幅為4%，年增319%。第四季分銷利潤率上漲 126%，達到 2,195 億阿根廷比索，這主要得益於關稅調整，但部分抵消了銷售量的下降。淨利潤年增23%。

Energy sales evolution. Edenor's client base reached 3.34 million people. 1% growth versus the fourth quarter of 2023, which was mainly due to an increase in residential and small and medium commercial clients. In the quarter, we installlate a total of 6,386 energy meters that helped converting informal clients into full participants in the electricity distribution system.

能源銷售演進。Edenor 的客戶群已達 334 萬人。與 2023 年第四季相比成長 1%，這主要歸因於住宅和中小型商業客戶的增加。本季度，我們共安裝了 6,386 塊電錶，幫助非正規客戶轉變為電力分配系統的正式參與者。

Sales volume in the fourth quarter of 2024 total to 5,175 gigawatts, which has down 1.6% versus the fourth quarter of 2023 because of the effect of the economy on demand in the Commercial and Industrial segment. Residential demand also declined 3.1% monthly due to variations in temperature in the fourth quarter of 2024 versus the previous year. Collectibility remains at a healthy level of 95.32% in the fourth quarter, which continues a steadily improvement in each quarter during the year.

2024 年第四季的銷售量總計為 5,175 吉瓦，由於經濟對商業和工業領域需求的影響，與 2023 年第四季相比下降了 1.6%。由於 2024 年第四季氣溫與前一年相比變化，住宅需求每月也下降了 3.1%。第四季的回收率仍保持在 95.32% 的健康水平，並且全年每個季度都穩步提升。

Distribution margin. The distribution margin for the full year rose 66% to ARS876.7 billion. And for the fourth quarter, we saw a sharp 126% year-to-year rise to ARS219.5 billion. These large increases are largely a result of the tariff increases mentioned, which were partially offset by the effect of a 3.4% decrease in sales and the high purchases energy cost due to the reduction in subsidy.

分銷利潤。全年分配利潤上漲 66%，達到 8,767 億阿根廷比索。第四季度，該數字年增 126%，達到 2,195 億阿根廷比索。這些大幅成長主要是由於上述關稅上調，但銷售額下降 3.4% 和補貼減少導致的能源採購成本上升等因素部分抵消了這一增長。

EBITDA. For the fourth quarter, the EBITDA was ARS57.8 billion, which was a sharp swing from the negative EBITDA of ARS63.5 billion in the fourth quarter of 2023. This positive thing was due to higher earnings as a result of the tariff adjustments in February 2024, monthly discretional adjustments that averaged 4% starting in August. And these two very positive factors were partially offset by the increase in energy purchase due to the reduction of subsidies for low income and medium income customers and fully eliminating subsidies for the high-income clients.

息稅折舊攤提前利潤。第四季的 EBITDA 為 578 億阿根廷比索，與 2023 年第四季的負 EBITDA 635 億阿根廷比索相比大幅波動。這一正面因素是由於 2024 年 2 月關稅調整導致的收入增加，從 8 月開始，每月可自由支配的調整幅度平均為 4%。而這兩個非常積極的因素，由於減少對低收入和中等收入客戶的補貼並全面取消對高收入客戶的補貼而導致的能源購買量的增加，被部分抵消了。

Deferred taxes adjustment. It is worth mentioning that the year ended financing results included an adjustment in deferred taxes of [ARS276 billion] for the periods 2018 to 2024. Due to the company's improving financial performance, mainly driven by recent tariff increases and more favorable outlooks for normalization, management conducted an internal review of several processes.

遞延稅項調整。值得一提的是，年末融資結果包括 2018 年至 2024 年期間遞延稅務調整 [2,760 億阿根廷比索]。由於公司財務表現不斷改善，主要受到近期關稅上調和更有利的正常化前景的推動，管理層對幾個流程進行了內部審查。

During the preparation of the year-ended financial statements and it consistently was identified as of December 31, 2024, in the determination of the deferred tax liabilities. Current tax law allows for property, plant, and equipment acquired after January 1, 2018 to be adjusted for inflation by calculating depreciations, deductions for income tax purposes.

在編製年度財務報表時，在確定遞延所得稅負債時始終將 2024 年 12 月 31 日確定為遞延所得稅負債。現行稅法允許對 2018 年 1 月 1 日之後獲得的財產、廠房和設備進行通貨膨脹調整，透過計算折舊、所得稅扣除額進行調整。

However, for the deferred tax liabilities calculations since 2018, the tax base for that property and equipment have been based on historical value, overstating the deferred tax liability, a highly technical accounting issue. To correct this, we adjusted the original tax value for the periods for 2018 to 2024. The impacted balances were retroactively restated as of December 31, 2023, and 2022.

然而，自2018年起的遞延所得稅負債計算中，該等財產及設備的稅基均基於歷史價值，從而誇大了遞延所得稅負債，這是一個技術性很強的會計問題。為了修正這個問題，我們調整了 2018 年至 2024 年期間的原始稅值。受影響的餘額已追溯重述至 2023 年 12 月 31 日和 2022 年 12 月 31 日。

Full details are disclosed in Note 1 of the year-end financial statements for 2024. It is important to highlight that the Auditors issues a clean opinion for the financial statements who are mentioning a lack of internal controls specifically related to the deferred tax liabilities calculation, which has been corrected. This adjustment has null effect on the company's cash flow, null effect on the debt confidence, and null effect on the tax payments.

完整詳細資訊揭露於 2024 年年末財務報表註 1 中。值得強調的是，審計師對財務報表發表了無保留意見，並指出缺乏與遞延所得稅負債計算具體相關的內部控制，這一問題已得到糾正。此調整對公司現金流無影響，對債務信心無影響，對納稅無影響。

Net financial expenses. Financial results saw a sharp reduction to the net expenses of ARS31.2 billion, which was down from the net expenses of ARS192 billion in the fourth quarter of 2023. The improvement was principally a result of lower interest payments related to outstanding amounts owed to CAMMESA and reduced FX effects.

淨財務費用。財務結果顯示，淨支出大幅減少至 312 億阿根廷比索，低於 2023 年第四季的 1,920 億阿根廷比索淨支出。改善的主要原因是與欠 CAMMESA 的未償還款項相關的利息支付減少以及外匯影響減少。

Net result. The net income for the fourth quarter of ARS18.2 billion compared to the earnings in the prior year period of ARS14.8 billion. The difference was primarily driven by the improvement in operating results and lower financial expenses, which was offset by lower adjustments for inflation and a swing from positive taxes in fourth quarter of 2023 to a net tax accrued in the fourth quarter of 2024.

最終結果。第四季淨收入為 182 億阿根廷比索，去年同期淨收入為 148 億阿根廷比索。差異主要歸因於經營業績改善和財務費用下降，但通膨調整幅度下降以及 2023 年第四季稅收從正數轉為 2024 年第四季應計淨稅額，抵消了這一影響。

CapEx. For the full year of 2024, Edenor's capital expenditures were ARS389.2 billion, which was up to 45% from 2023. Our investment program spending allocation is made to fulfill our commitment to meet rising demand, further improve service quality, and reduce non-technical losses.

資本支出。2024年全年，Edenor的資本支出為3,892億阿根廷比索，較2023年成長45%。我們的投資計畫支出分配是為了履行滿足不斷增長的需求、進一步提高服務品質和減少非技術損失的承諾。

Now, let's look at the operating indicators. Energy losses. Energy losses for the full year were 15.2%, which was modestly from 14.1% (sic - see slide 16, "14.9%") in 2023. Reducing energy losses is a top priority and our multidisciplinary teams are working constantly to find innovation ways to combat energy losses.

現在我們來看看運行指標。能量損失。全年能源損失為 15.2%，與 2023 年的 14.1%（原文如此 - 參見投影片 16，「14.9%」）相比略有下降。減少能源損失是首要任務，我們的多學科團隊正在不斷努力尋找創新方法來對抗能源損失。

These efforts are complemented by our market discipline initiatives that are aimed to curbing inefficiencies and irregularities. Also, analytical tools powered by artificial intelligence have improved inspection's efficiencies.

這些努力與我們的市場紀律措施相輔相成，旨在遏制低效率和違規行為。此外，人工智慧分析工具也提高了檢查效率。

And our market discipline actions continue to detect and rectify irregular connections. It is important to remember that the 15.2% total losses, a full 9.64%, are losses recognized by the regulatory entity in our targets.

我們的市場紀律行動將繼續發現和糾正不規範的連結。重要的是要記住，15.2％的總損失，即整整9.64％，是監管機構在我們的目標中承認的損失。

Quality of service. As mentioned earlier, our investment plan is continued to contribute improvements in service quality by reducing the duration and frequency of outages, which have been on a downward path since 2017. These levels are and have constantly comfortably exceeded the levels required by the regulator.

服務品質。如前所述，我們的投資計畫將繼續透過減少停機時間和頻率來改善服務質量，自 2017 年以來，停機時間一直呈下降趨勢。這些水準一直遠遠超過監管機構要求的水準。

At the end of the fourth quarter of 2024, the SAIDI and SAIFI indicators shows 8.7 hours of duration of outages and 3.5 average outages per client, respectively. The evolution of the indicators in this quarter was impacted by forced service interruptions and schedule outages.

截至 2024 年第四季末，SAIDI 和 SAIFI 指標分別顯示停電時長為 8.7 小時，每位客戶平均停電 3.5 次。本季指標的變化受到強制服務中斷和航班停駛的影響。

The increase in schedule outages is because of important maintenance tasks and important projects that we are carrying out in many municipalities, impacting on the current values of outages and durations aim to improve the quality of services for our company. The investment plan is focused on implementing improvements in operational process with the adoption of advanced technologies to better and more efficiently operate in and manage the network.

計劃停機次數的增加是由於我們在許多城市進行重要的維護任務和重要項目，影響了停機時間和持續時間的當前值，旨在提高我們公司的服務品質。此投資計畫重點在於透過採用先進技術來改善營運流程，以便更好、更有效率地運作和管理網路。

Financial debt. In October 2024, we completed an international issuance of $184 million of which $135 million was new money, with the remaining $49 million of an exchange of Class 1 shares -- Notes, sorry. This insurance market, the company successfully returned to the international markets after more than 12 years and followed successful replacement in prior quarters at attractive rates.

財務債務。2024 年 10 月，我們完成了 1.84 億美元的國際發行，其中 1.35 億美元為新資金，剩餘的 4,900 萬美元為 1 類股票交換——對不起，是票據。在這個保險市場上，該公司時隔12年多後成功重返國際市場，並在前幾季以頗具吸引力的費率成功實現替代方案。

This was possible because of Edenor's improved credit profile. The company is proactively working to extend its debt profile to 2013 -- 2030 and improve its short-term liquidity position, which are important variables for a credit's perspective.

這是由於 Edenor 的信用狀況改善而實現的。該公司正積極努力將其債務狀況延長至 2013 年至 2030 年，並改善其短期流動性狀況，這對信貸前景而言是重要的變數。

Indebtedness. With the improvement in our risk profile due to important changes on the regulatory front, and improvement in the macro-outlook of Argentina, the rating agencies that cover us at global scale and national scale each recently made positive moves related to their ratings.

負債。由於監管方面的重大變化導致我們的風險狀況有所改善，以及阿根廷宏觀前景的改善，覆蓋我們全球和國家範圍的評級機構最近都對其評級做出了積極的調整。

At a global scale. Just recently, the February 6, 2025, Standard and Poor's global ratings raised the rating of the company local currency and foreign currency debt from CCC to CCC+ with a stable outlook. Moody's rating upgraded the company's rating from Caa3 to Caa1 with a stable outlook on January 14 of this year.

在全球範圍內。就在近日，2025年2月6日，標準普爾全球評級將該公司本幣和外幣債務評級由CCC上調至CCC+，展望為穩定。今年1月14日，穆迪評等將該公司的評等從Caa3上調至Caa1，展望為穩定。

Fitch upgraded the company's foreign currency and local currency IDRs to CC+ to CC from -- sorry, to CC+ from CC. Furthermore, on November 22, 2024, Fitch upgraded the company's bonds to B-, one notch above the FC IDRs.

惠譽將該公司的外幣和本幣 IDR 評級從 CC 上調至 CC+ 至 CC——抱歉，從 CC 上調至 CC+。此外，2024 年 11 月 22 日，惠譽將該公司的債券評級上調至 B-，比 FC IDR 高出一個級距。

At the national scale, Standard and Poor's global ratings on February 10, 2025, raised the institutional rating and the notes program rating of the companies to BB+ from B, representing an improvement of four notches with respect to its previous rating. Likewise, in maintaining its positive outlook. Moody's Local Argentina on October 1, 2024, averaged the company's long-term insurance rating in both local and foreign currency to A from BBB-, maintaining a stable outlook. We view these changes as a very positive signal.

國內方面，標準普爾全球評等於2025年2月10日將本公司的機構評等及票據計畫評等皆由B上調至BB+，較先前評等提升4級距。同樣，保持其積極的態度。穆迪阿根廷當地評等機構於2024年10月1日將該公司本幣及外幣長期保險評等平均為A，從BBB-升至A，展望維持穩定。我們認為這些變化是一個非常積極的信號。

Maturity scale. This is the maturity scale of the financial debt as of 31 of 2024 with $417 million in total debt. Our maturities are well spaced over the coming years, with only $55 million scheduled for 2025. Last week, we paid $26 million of these $55 million that are due in 2025.

成熟度量表。這是截至 2024 年 31 日的金融債務到期規模，總債務為 4.17 億美元。我們的債務在未來幾年的到期間隔很大，預計 2025 年的債務到期金額僅為 5,500 萬美元。上週，我們支付了 2025 年到期的 5,500 萬美元中的 2,600 萬美元。

Closing remarks. To close, I would like to reiterate several key points. We are an industry leader in Argentina with a leading 20% market share in electricity distribution company. We highlight our commitment to continue to improve our service quality levels.

結束語。最後，我想重申幾個要點。我們是阿根廷的行業領導者，在電力分銷公司中佔有 20% 的市場份額。我們強調我們致力於繼續提高我們的服務品質水準。

We are in the final stage of a five-year tariff review process, which should result in a material improvement in EBITDA and net income, as well as enable us to maintain and invest program for further improve the quality of service as we continue to transform our grid with technology and innovation.

我們正處於五年期關稅審查過程的最後階段，這將導致 EBITDA 和淨收入的大幅改善，同時使我們能夠維持和投資計劃，以進一步提高服務質量，同時我們將繼續利用技術和創新來改造我們的電網。

We remain focused on future transformational growth opportunities as we take advantage of opportunities to benefit from the energy transition in our distribution business and potential growth opportunities in other segments of non-regulated business such as energy generation storage, and critical minerals. [Nortek], a subsidiary, was created to perform such activities. So far, they are not projects to be shared with you.

我們將繼續關注未來的轉型成長機會，利用分銷業務中能源轉型帶來的機會以及能源發電儲存和關鍵礦物等其他非監管業務領域的潛在成長機會。成立子公司[Nortek]就是為了進行此類活動。到目前為止，它們還不是可以與您分享的項目。

With this, now, we would like to open the call for questions.

現在，我們想開始提問。

To ask the questions, please send written message to IR Edenor to the question-and-answer menu. Identify yourself stating that you have a question. We thank you very much for your support and your engagement as shareholder and one holder.

欲提問，請透過問答選單向 IR Edenor 發送書面訊息。請表明您的身份，說明您有一個疑問。我們非常感謝您作為股東和持有者的支持和參與。

Thank you for the call and congratulations on the good results. Can you please speak more about your CapEx plans for 2025 and beyond?

謝謝您的來電，並祝賀您取得的好成績。能否詳細談談 2025 年及以後的資本支出計畫？

The CapEx plan for 2025 and 2029 proposed in the five-year tariff review was ARS127 billion in December 2023 currency, considering a demand growth rate of 2.2% based on the demand studies that was submitted. Respect to quality services, quality service, our goal is to continue to improve our quality service, which has steadily improved since the five-year tariff review in 2017, with our indicators, SAIDI and SAIFI below the regulatory requirements.

五年關稅審查中提出的 2025 年和 2029 年資本支出計畫為 1,270 億阿根廷比索（以 2023 年 12 月的貨幣計算），根據提交的需求研究，考慮到需求成長率為 2.2%。關於優質服務，優質服務，我們的目標是繼續提高我們的優質服務，自 2017 年五年期關稅審查以來，我們的優質服務穩步改善，我們的指標 SAIDI 和 SAIFI 低於監管要求。

Our 2024 CapEx was, as I said before, ARS389.7 billion (sic - see slide 18, "ARS389.2"), 45% higher than 2023. Since 2013, our annual CapEx average was ARS221 million -- sorry, dollars, $221 billion.

正如我之前所說，我們 2024 年的資本支出為 3897 億阿根廷比索（原文如此 - 參見幻燈片 18，“3892 億阿根廷比索”），比 2023 年高出 45%。自 2013 年以來，我們的年度資本支出平均值為 2.21 億阿根廷比索 - 對不起，是美元，2210 億美元。

Okay. Thank you, everybody, for your participation in our quarterly conference. Please do not hesitate to contact our Investor Relations Department and further inquiries you may have. Good morning for everybody and have a nice day.

好的。感謝大家參加我們的季度會議。如有任何疑問，請隨時聯絡我們的投資者關係部。大家早安，祝大家有美好的一天。