Empresa Distribuidora y Comercializadora Norte SA (EDN) 2025 Q3 法說會逐字稿

Good morning, and welcome. This is Lucila Ramallo, 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 third quarter that's ending September 30, 2025.

早安，歡迎。這是埃德諾公司投資者關係副經理盧西拉·拉馬洛。我們謹代表 Edenor，感謝各位參加本次電話會議，共同討論截至 2025 年 9 月 30 日的第三季業績。

We will also highlight important recent developments and advances in our efforts to strengthen our position as an energy leader. If you would like to receive our earnings 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 teams to request the documents.

我們也將重點介紹近期在鞏固我們作為能源領域領導者地位方面所取得的重要進展和成果。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。

This event is being recorded. (Event Instructions)

本次活動正在錄影。（活動須知）

Disclaimer. Before proceeding, let me mention that forward-looking statements are based on the belief and assumptions of Edenor management and on information currently available to the company. They involve risks, uncertainties, and assumptions because they relate to the future events, and therefore, depends on circumstances that may or may not occur in the future.

免責聲明。在繼續之前，我想說明的是，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獲得的資訊。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不會發生的情況。

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 forward-looking statement.

投資者應了解，總體經濟狀況、行業狀況和其他經營因素也可能影響 Edenor 的未來業績，並可能導致實際業績與此類前瞻性聲明中表達的業績存在重大差異。

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

現在，我將把電話交給我們的財務長 German Ranftl，他將為我們進行演示。謝謝。

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 Edenor's performance during the third quarter of 2025.

謝謝你，露西拉。早安，歡迎各位。您的蒞臨對我們非常重要，我們希望您能充分了解 Edenor 在 2025 年第三季的業績表現。

Highlights and relevant events. Before moving to the discussion of the details of our financial performance during the third quarter of 2025, I would like to take a few minutes to highlight that Edenor has demonstrated a major improvement in results over the last several years, led by a restoration of healthy regulatory environment and a substantial improvement in the economic situation of Argentina.

亮點及相關事件。在討論 2025 年第三季財務表現的細節之前，我想花幾分鐘時間強調，在過去幾年中，Edenor 的業績有了顯著改善，這得益於健康的監管環境的恢復和阿根廷經濟狀況的大幅改善。

These factors, combined with our focus on continuous operational improvements and modernization, has positioned the company well to take advantage of highly attractive growth opportunities in Argentina. We are very optimistic about the outlook for the coming years.

這些因素，再加上我們對持續營運改善和現代化的重視，使公司能夠很好地掌握阿根廷極具吸引力的成長機會。我們對未來幾年的前景非常樂觀。

The key factors underlying our optimism are as follows: EBITDA rose for the nine months ending September 2025 by 122% to $312 million, equivalent to ARS440 billion, up from $139 million in 2024. Excluding the CAMMESA impact, EBITDA was up 23% to $171 million for the nine-month period.

我們樂觀的關鍵因素如下：截至 2025 年 9 月的九個月，EBITDA 成長 122% 至 3.12 億美元，相當於 4,400 億阿根廷比索，高於 2024 年的 1.39 億美元。剔除 CAMMESA 的影響，前九個月的 EBITDA 成長 23% 至 1.71 億美元。

The five-year tariff review was completed with important monthly tariff adjustments that are being taking place. These have contributed to the 26% increase in VAT year to year through September, which is above the 22% rise in consumer prices inflation. Our working capital has also benefited from the improvement in revenue generation post the completion of the tariff normalization process.

五年關稅審查已經完成，目前正在進行重要的月度關稅調整。這些因素導致截至 9 月的增值稅年增 26%，高於消費者物價通膨率 22% 的漲幅。關稅正常化進程完成後，收入增加，我們的營運資金也從中受益。

On October 21, regulatory assets claim -- on October 21, a regulatory asset claim was filed with the government for past differences in tariffs adjustments since 2019 up to-date. The amount claims is 4 to 5 times the current balance with CAMMESA in payment plans. Our payment plans to CAMMESA for current energy purchases are on schedule. Plus, we are able to fulfill honoring our payment obligations for the three payments agreements to regularize our past obligations.

10 月 21 日，監管資產索賠－10 月 21 日，就 2019 年以來關稅調整的差額向政府提交了一份監管資產索賠。索賠金額是您在 CAMMESA 的分期付款計劃中當前餘額的 4 到 5 倍。我們向 CAMMESA 支付當前能源採購款項的計劃正在按期進行。此外，我們能夠履行三份付款協議的付款義務，以規範我們過去的債務。

The signing of those agreements with CAMMESA early in 2025 had a positive impact -- accounting impact in EBITDA of ARS199.4 billion. Our CapEx continues to drive modernization, sustainable developments, and continuous gains in efficiencies with investments of ARS283 billion for the first nine months of 2025, a plan that was presented to the regulatory entity.

2025 年初與 CAMMESA 簽署的這些協議產生了積極影響——對 EBITDA 的會計影響為 1994 億阿根廷比索。我們的資本支出將繼續推動現代化、永續發展和效率的持續提高，2025 年前九個月的投資額為 2,830 億阿根廷比索，該計畫已提交給監管機構。

Our debt ratings continues to improve, which has enabled us to lower our financial costs with lower rates and a new issue. Since September 2024, credit rating agencies have upgraded both national and global ratings by an average of 4 to 5 notches. In August of this year, we issued a $95 million bond -- local bond, sorry, and $80 million with an interest rate of 8.5%, which is the lowest rate of our debt outstanding.

我們的債務評級持續改善，這使我們能夠透過降低利率和發行新債券來降低財務成本。自 2024 年 9 月以來，信用評級機構已將國家和全球評級平均上調了 4 到 5 個等級。今年 8 月，我們發行了 9,500 萬美元的債券——抱歉，是地方債券，還有 8,000 萬美元的債券，利率為 8.5%，這是我們未償債務中利率最低的。

In September, we received a loan from ICBC for ARS65 billion with an interest rate of TAMCORI adjusted plus 7.7% with a 12-month grace period and maturing in September 2025.

9 月，我們從工商銀行獲得 650 億阿根廷比索的貸款，利率為 TAMCORI 調整後加 7.7%，寬限期為 12 個月，將於 2025 年 9 月到期。

Regulatory framework. As already highlighted, the tariff increases with the 319% initial adjustment in February of 2024 and the average monthly increases of 3% in August of 2024, followed by the implementation of the five-year tariff review process have driven a sharp rise in operating results with EBITDA for the first nine months of a year rising 141% to ARS440 billion from ARS182 billion in the third quarter of 2024.

監理框架。如前所述，關稅上調，包括 2024 年 2 月 319% 的初始調整以及 2024 年 8 月 3 日的平均每月 3% 的上調，隨後實施五年關稅審查程序，推動了經營業績的大幅增長，第一季度前九個月的 EBITDA 從 2024 年第三季度的 1820 億阿根廷比索。

The five-year tariff review granted the company a base increase of 14.35% in 30 installments plus a monthly adjustment of inflation using a formula that is weighted by 67% with wholesale price and 33% with consumer price, considering IPIM 67% and CPI, 33%.

五年關稅審查給予該公司 14.35% 的基本成長，分 30 期支付，外加每月通貨膨脹調整，調整公式為：批發價格佔 67%，消費者價格佔 33%，其中 IPIM 佔 67%，CPI 佔 33%。

This has contributed to the 43% rise in the VAD for August 2024 to September 2025 this year. Year-to-date, as of September 2025, tariffs have increased 26% against a 22% rise in the consumer prices index and a peso against devaluation of 34%. As we said, historically, wholesale prices follow devaluation effects normally. That's the case in Argentina always.

這導致今年 2024 年 8 月至 2025 年 9 月的 VAD 成長了 43%。截至 2025 年 9 月，今年迄今，關稅上漲了 26%，而消費者物價指數上漲了 22%，比索貶值了 34%。正如我們所說，從歷史經驗來看，批發價格通常會受到貨幣貶值的影響。阿根廷一直都是這種情況。

CAMMESA debt. As I mentioned earlier, the tariff increases have allowed us to pay 100% of the current monthly invoice of energy purchases since April 2024 and to fulfill and comply with all the payments under our financing plans with CAMMESA.

CAMMESA債務。正如我之前提到的，關稅上漲使我們能夠從 2024 年 4 月起支付 100% 的當前每月能源採購發票，並履行和遵守我們與 CAMMESA 的融資計劃下的所有付款。

On May 21, we signed a plan to regularize the debt for energy purchase that had been not included in the existing plans over a 72 installments plan with 12 months of grace period and an interest rate of 50% of the CAMMESA interest rate adjusted semiannually.

5月21日，我們簽署了一項計劃，將未納入現有計劃的能源採購債務正規化，分72期償還，寬限期為12個月，利率為CAMMESA利率的50%，每半年調整一次。

In addition, our prior existing plan whose installments were adjusted by -- on the domestic megawatt price, was converted into pesos at the energy price applicable to October 2024, with an interest of 50% of CAMMESA's interest rate with the same conditions as the current plan, 69 installments remaining as of September with no grace period. This is very important improvement because the debt was adjusted following the political decisions to reduce subsidies.

此外，我們先前現有的計劃（分期付款額根據國內兆瓦價格進行調整）已按 2024 年 10 月適用的能源價格轉換為比索，利率為 CAMMESA 利率的 50%，條件與當前計劃相同，截至 9 月還剩 69 期，沒有寬限期。這是一個非常重要的改進，因為債務是根據削減補貼的政治決定來調整的。

The positive impact of these agreements resulted in a gain of ARS199 billion, included in results for the first nine months of 2025. On October 21, a regulatory asset claim was filed with the government for the past differences in tariff adjustments. The amount claimed is 4 to 5 times the current balance with CAMMESA in payment plans.

這些協議的正面影響帶來了 1,990 億阿根廷比索的收益，計入 2025 年前九個月的業績中。10 月 21 日，針對過去關稅調整的差異，向政府提交了一份監管資產索賠申請。索賠金額是目前在 CAMMESA 還款計劃中的餘額的 4 到 5 倍。

Financial results, revenues. Revenues rose 1% in real terms in the third quarter of 2025 to ARS741 billion with -- versus ARS733 billion for the prior year. This was mainly due to the tariff normalization as explained earlier.

財務業績、收入。2025 年第三季營收實際成長 1%，達到 7,410 億阿根廷比索，而去年同期為 7,330 億阿根廷比索。這主要是由於前面提到的關稅正常化所造成的。

Energy sales evolution. As mentioned, the third quarter energy sales volume were down by 0.8% year to year to 5,958 gigawatts, led by the effect of lower temperature on demand from residential customers.

能源銷售發展歷程。如前所述，第三季能源銷售量年減0.8%至5958吉瓦，主因是氣溫下降導致居民用戶需求減少。

Edenor customers base of the third quarter of 2025 reaches 3,380,000 clients, up 2% versus the third quarter of 2025. This rise was mainly due to the increase in residential and medium-sized commercial clients. The rise was helped by market discipline measures, including the installation of 7,571 energy meters in the third quarter of 2025, which are designated to convert informal and unreported connections into fully transparent connections in the electricity distribution system.

2025 年第三季度，Edenor 的客戶群達到 3,380,000 人，比 2025 年第三季成長 2%。這一增長主要是由於住宅和中型商業客戶的增加。市場紀律措施促進了這一成長，其中包括在 2025 年第三季安裝 7,571 個電錶，旨在將非正式和未報告的連接轉換為電力分配系統中完全透明的連接。

Distribution margin. For the first nine months of 2025, our distribution margin rose 8% to ARS865 billion, mainly due to the increase in the tariff, partially offset by higher energy cost due to the reduction in subsidies. In the third quarter, the distribution margin was ARS399 billion, 12% higher than the ARS278 billion in the third quarter of 2024.

分配利潤率。2025 年前九個月，我們的分配利潤增加了 8%，達到 8,650 億阿根廷比索，這主要是由於關稅上漲，但部分被補貼減少導致的能源成本上漲所抵消。第三季度，分配利潤為 3,990 億阿根廷比索，比 2024 年第三季的 2,780 億阿根廷比索高出 12%。

EBITDA. Looking at EBITDA for the third quarter of 2025, EBITDA rose 121% to ARS133 billion and improved from the ARS60.2 billion registered in the third quarter of 2024. The total accumulated EBITDA for the first nine months rose 141% to ARS439 billion. This includes accumulated gains of ARS199 billion due to the positive effect of the regularization agreement with CAMMESA for outstanding balances. Not including the CAMMESA gain, the EBITDA was ARS239 billion, up 31% year to year.

EBITDA。從 2025 年第三季的 EBITDA 來看，EBITDA 成長了 121%，達到 1,330 億阿根廷比索，比 2024 年第三季的 602 億阿根廷比索有所改善。前九個月累計 EBITDA 成長 141%，達到 4,390 億阿根廷比索。這其中包括由於與 CAMMESA 達成的未償餘額正規化協議的積極影響而累計獲得的 1,990 億阿根廷比索收益。不計入 CAMMESA 的收益，EBITDA 為 2,390 億阿根廷比索，較去年同期成長 31%。

The improvement was due to higher revenues as a result of the five-year tariff review and also the important adjustment that we received in February of 2024, plus the monthly tariff adjustments between August and September of 2024 that totalized 43%. Energy purchase cost for the nine months due to the reduction in subsidies, which established a limit of 250 kilowatts in N3 category and 350 kilowatts in N2 category.

這項改善是由於五年一次的關稅審查帶來的收入增加，以及我們在 2024 年 2 月收到的重要調整，再加上 2024 年 8 月至 9 月期間每月關稅調整，總計提高了 43%。由於補貼減少，九個月的能源採購成本增加，N3 類能源採購上限為 250 千瓦，N2 類能源採購上限為 350 千瓦。

I would like to highlight our efforts to manage costs, which contributed to raise the EBITDA. Personnel costs have declined due to the implementation of the development and retirement plan to promote talent, renewals, and workforce optimization. Salaries increased in 2025 have been below inflation.

我想重點介紹我們在成本控制方面所做的努力，這些努力有助於提高 EBITDA。由於實施了人才發展和退休計劃以促進人才更新和勞動力優化，人員成本有所下降。2025年薪資成長低於通貨膨脹率。

Contractual costs have been helped by the positive effect of our client experience digital strategy and the continuing expansion of the digital customers' interaction channels, which are leveraging artificial intelligence tools, a [new] digital app, chatbot, contact center, digital invoices, and social media.

合約成本的降低得益於我們的客戶體驗數位化策略的正面影響，以及數位化客戶互動管道的不斷擴展，這些管道利用了人工智慧工具、[新的]數位應用程式、聊天機器人、聯絡中心、電子發票和社交媒體。

This strategy also includes the closure of three commercial offices as only 2% of the customers visit in person. Our goal is to be able to close all the commercial offices in the near future. This will help to reduce our footprint.

該策略還包括關閉三個商業辦事處，因為只有 2% 的顧客會親自到訪。我們的目標是在不久的將來關閉所有商業辦事處。這將有助於減少我們的碳足跡。

We have also moved to reduce contractors' costs through efficiency gains and reorganizations of rentals, maintenance, and service contracts. At the same time, IT-related expenses have seen some growth due to the implementation of SAP S/4HANA implementation.

我們也透過提高效率和重組租賃、維護和服務合約來降低承包商的成本。同時，由於 SAP S/4HANA 的實施，IT 相關支出有所增加。

Material costs have benefited from reduced material consumption and improved inventory efficiencies supported by the use of climate and temperature data. Lower inventories levels due to the lifting of import restrictions. The acquisition of electric and new vehicles, which has helped to reduce our maintenance cost. Overall material consumption so far in 2025 did not exceed inflation for the period.

得益於氣候和溫度數據的運用，材料消耗減少，庫存效率提高，材料成本也因此受益。由於進口限制解除，庫存水準下降。購置電動車和新車，有助於降低我們的維修成本。截至2025年，整體材料消耗量尚未超過同期通貨膨脹率。

The collection rates improved by 1% among Tier 1 residential customers. And penalties also saw a significant improvement because the regulator agreed to accept the motion for reconsideration regarding the valuation mechanisms of penalties in kilowatts, resulting in a net positive adjustment for the company.

一級住宅用戶的收款率提高了 1%。此外，由於監管機構同意接受以千瓦為單位計算罰款估值機制的重新考慮動議，罰款也得到了顯著改善，從而給公司帶來了淨正調整。

Net financial expenses. Net financial expenses of ARS99 billion in the third quarter of 2025 compared to the profit in the third quarter of 2024. This was mainly due to higher interest rates, issuance expenses, and foreign exchange differences, whereas in the third quarter of 2024, a gain had been recorded from the calculation of the balance with CAMMESA.

淨財務費用。2025 年第三季淨財務支出為 990 億阿根廷比索，而 2024 年第三季則獲利。這主要是由於利率上升、發行費用和外匯差額，而 2024 年第三季度，由於與 CAMMESA 的餘額計算，已確認了收益。

Net results. On the net income line, posted a net profit of ARS40.6 billion compared to a profit of ARS152 billion in the third quarter of 2024. The difference is mainly due to a much lower accounting gain related to inflation adjustments due to the sharp year-to-year drop in inflation.

淨結果。淨利方面，公司公佈淨利為 406 億阿根廷比索，而 2024 年第三季淨利為 1,520 億阿根廷比索。主要原因是通貨膨脹率較去年同期大幅下降，導致與通貨膨脹調整相關的會計收益大幅降低。

CapEx. Through September 30, 2025, we invested ARS283 billion, in line with our 2025 CapEx plan and in line of the CapEx that we have presented to the regulatory entity. Our investment spending reflects our firm commitment to improve service quality, which is reflected in a significant improvement in our main operating indicators.

資本支出。截至 2025 年 9 月 30 日，我們已投資 2,830 億阿根廷比索，符合我們的 2025 年資本支出計劃，也符合我們向監管機構提交的資本支出計劃。我們的投資支出反映了我們對提高服務品質的堅定承諾，這體現在我們主要營運指標的顯著改善。

We highlight our key projects that are underway, including the expansion of Zappalorto Substation, the new 134 kilowatts -- sorry, Zappalorto-Merlo electroduct, new step-down transformation in Puertos del Lago and a new substation in the Buenos Aires substation Martinez. We are also planning additional projects for 2026, including replacement of the Newbery substation with the new facility and the interconnection with Colegiales substation, both planned for April of next year.

我們重點介紹正在進行的關鍵項目，包括 Zappalorto 變電站的擴建、新的 134 千瓦——抱歉，是 Zappalorto-Merlo 輸電線路、Puertos del Lago 的新降壓變電站以及布宜諾斯艾利斯 Martinez 變電站的新變電站。我們還計劃在 2026 年開展其他項目，包括用新設施取代紐伯里變電站，以及與科萊加萊斯變電站互聯，這兩項工程都計劃於明年四月進行。

Also, we are planning a new substation in Moreno and an expansion of the Bancalari substation later in the year to reach 440,000 clients. We also continue to work to transfer our network into a smart network by installing increasing numbers of remote control points, telesupervision points, and as well as smart meters.

此外，我們計劃在今年稍後在莫雷諾新建一座變電站，並擴建班卡拉里變電站，以服務 44 萬名客戶。我們也將繼續努力，透過安裝越來越多的遠端控制點、遠端監控點以及智慧電錶，將我們的網路改造為智慧網路。

This allows us to quickly resolve problems arise in the network remotely, which we can isolate any part of the system experiencing a service problem and reestablishing the service very quickly. We can be very often to do without sending team physically to the locations, which can be enabled service to be established within few minutes. Sorry for that.

這使我們能夠遠端快速解決網路中出現的問題，我們可以隔離系統中出現服務問題的任何部分，並非常迅速地恢復服務。我們通常無需派遣團隊親自前往現場，即可在幾分鐘內建立服務。抱歉。

Indicators. Now let's look at a few of the key operating indicators.

指標。現在我們來看幾個關鍵的營運指標。

Energy losses. Our energy losses for the 12 months were 15.37%, which are affected by the effect of a higher consumption in winter season. 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 curing inefficiencies and irregularities.

能量損失。我們過去 12 個月的能源損失為 15.37%，這主要是由於冬季消耗量較高所致。減少能源損失是重中之重，我們的多學科團隊正在不斷努力尋找創新的方法來應對能源損失。這些努力與我們的市場紀律措施相輔相成，旨在消除效率低下和不規範現象。

Also, analytical tools powered by artificial intelligence have improved inspection efficiencies. And our market discipline actions continue to detect and rectify irregular connections. It is important to remember that of the 15.37% total losses, a full of 9.61% are losses recognized by the regulatory entity in our tariff.

此外，人工智慧驅動的分析工具也提高了偵測效率。我們的市場紀律措施將繼續發現並糾正不規範的連結。值得注意的是，在 15.37% 的總損失中，有 9.61% 的損失已被監管機構在我們的關稅中確認。

Quality of service. As mentioned earlier, our investment plan is continued to contribute to improvement in service quality. We're reducing the degradation and frequency of outages, which have been a downward path since 2017. These levels are and have been comfortably exceeding the levels required by the regulator.

服務品質。如前所述，我們的投資計劃將繼續致力於提高服務品質。我們正在降低故障率和故障頻率，自 2017 年以來，故障率和故障頻率一直在下降。這些水準一直以來都遠遠超出監管機構要求的水準。

For the third quarter, the SAIDI and SAIFI service quality indicators show continued strong performance at 7.1 hours and 2.8 hours -- 2.8 average outages per client at the record levels and down 74% and 68%, respectively, compared to 2017 levels.

第三季度，SAIDI 和 SAIFI 服務品質指標顯示，服務品質持續強勁，平均每位客戶的服務中斷時間為 7.1 小時和 2.8 小時，達到歷史最高水平，與 2017 年相比分別下降了 74% 和 68%。

This recovery in services is mainly due to the strong levels of investment that the company has been doing since 2014. Investments have been focused on implementing improvements in operational process and adoption of technology applied to the operations and management of the network.

服務業的復甦主要歸功於該公司自 2014 年以來持續的大力投資。投資重點在於改善營運流程和採用應用於網路營運和管理的技術。

Financial debt. A key positive has been improvements in our debt ratings in the recent years. With the improvement in our risk profile due to important changes on the regulatory front, as we mentioned before, S&P raises its local scale rating from BBB- to A+ with a stable outlook.

金融債務。近年來，我們的債務評級有所改善，這是一個重要的利多因素。正如我們之前提到的，由於監管方面的重要變化，我們的風險狀況有所改善，標普將我們的本地評級從 BBB- 上調至 A+，展望穩定。

Since September 2024, credit ratings agencies have upgraded both national and global ratings by an average -- sorry, since September 2025, credit ratings have upgraded national and global ratings by an average of 4 to 5 notches.

自 2024 年 9 月以來，信用評級機構已將國家和全球評級平均上調了 4 到 5 個等級——抱歉，自 2025 年 9 月以來，信用評級機構已將國家和全球評級平均上調了 4 到 5 個等級。

Financial debt. In August, we canceled the notes Class C of $18 million, which make us a total of $54 million in notes canceled during 2025. In August of this year, we issued $95 million in local bonds with an interest rate of 8.5%, which is below our debt -- interest payment.

金融債務。8 月份，我們註銷了 1,800 萬美元的 C 類票據，這使得我們在 2025 年註銷的票據總額達到 5,400 萬美元。今年 8 月，我們發行了 9,500 萬美元的地方債券，利率為 8.5%，低於我們的債務利息支付。

In September, we signed with ICBC a loan of ARS65 billion, sorry, with an interest of TAMCORI corrected -- adjusted by 7.7% with 12% -- with a 12-month grace period and maturing in September 2028. We currently have a total financial debt of $557 million, included our senior notes plus the loans denominated in pesos converted into dollars.

9 月，我們與工商銀行簽署了一筆 650 億阿根廷比索的貸款，抱歉，利率為 TAMCORI 修正後的利率——調整為 12%（原為 7.7%）——寬限期為 12 個月，將於 2028 年 9 月到期。我們目前的總財務債務為 5.57 億美元，其中包括我們的優先票據以及以比索計價並折算成美元的貸款。

Closing remarks. We remain highly optimistic about our future. Results have benefited significantly from the completion of a five-year tariff review with an EBITDA rising 122% year to year to $312 million equivalent for the nine months ending September 2025, up from $139 million last year. Even excluding the CAMMESA impact, EBITDA was 23% higher to $171 million in 2025.

閉幕詞。我們對未來依然充滿信心。由於為期五年的關稅審查的完成，公司業績得到了顯著提升，截至 2025 年 9 月的九個月，EBITDA 同比增長 122%，達到 3.12 億美元，高於去年的 1.39 億美元。即使不考慮 CAMMESA 的影響，2025 年的 EBITDA 也將成長 23%，達到 1.71 億美元。

With the regularization of our debt with CAMMESA, all outstanding balances are now included in three payment plans to be paid over 72 and 66 installments and with a 2% -- two of the plans have 50% of the interest rate of the market. Our CapEx program remains robust with projected spending of close to $200 million as we seek to continue to adopt new technologies and take advantage of our growing market.

隨著我們與 CAMMESA 的債務正規化，所有未償餘額現在都包含在三個付款計劃中，分別分 72 期和 66 期償還，利率為 2%——其中兩個計劃的利率是市場利率的 50%。我們的資本支出計畫仍然強勁，預計支出將接近 2 億美元，因為我們將繼續採用新技術並利用我們不斷成長的市場。

Our improving financial results have improved the long-term outlook and provides more visibility to our debt rating. Since September of 2024, the credit rating agencies have upgraded both the national and global ratings by an average of 4.5 notches.

我們不斷改善的財務表現提升了長期前景，也提高了我們債務評級的透明度。自 2024 年 9 月以來，信用評級機構已將國家和全球評級平均上調了 4.5 個等級。

Our operating indicators continues to improve. Our working capital is now positive and has benefited from the improvement revenues generation. And on October 21, a regulatory asset claim was filed with the government for the past differences in tariff adjustments.

我們的營運指標持續改善。我們的營運資金目前為正，這得益於收入的改善。10 月 21 日，針對過去關稅調整的差異，向政府提交了一份監管資產索賠申請。

To conclude, I would like to take highly to recent pieces of importance of the regulatory news. The Secretary of Energy has approved our rules for the normalization of the wholesale electric market and its gradual implementation.

最後，我想高度重視近期一些重要的監管新聞。能源部長已批准我們關於電力批發市場正常化及其逐步實施的規則。

This regulation aims to reform the Argentine electricity market moving from a system with heavy regulatory involvement in prices to a system based on marginal prices and market prices. This should, over the time, increase the level of competition and transparency of the electricity market.

該法規旨在改革阿根廷電力市場，從價格受監管嚴重影響的體系轉向以邊際價格和市場價格為基礎的體系。從長遠來看，這應該會提高電力市場的競爭程度和透明度。

The National Electricity Regulatory Agency has approved a modification to the meter reading system for the users Tariff 1, small demand category to allow the measures of consumption on a monthly basis instead of bimonthly basis.

國家電力監管局已批准對用戶電價等級 1（小需求類別）的抄表系統進行修改，允許按月而不是雙月計量用電量。

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

接下來，我們想向大家徵求問題。

(Event Instructions) We thank you very much for your support and your engagement as shareholder and bondholder.

（活動說明）非常感謝您作為股東和債券持有人的支持和參與。

Andrés Cirnigliaro from Balanz is asking, we saw that in Article 74 of the '26 Budget Bill, there is a provision intended to resolve the debt of electricity distributors with CAMMESA. If the bill is sanctioned favorably, could you provide further information as to the extent of this provision?

來自 Balanz 的 Andrés Cirnigliaro 問道，我們看到 2026 年預算案第 74 條中有一項條款旨在解決電力分銷商對 CAMMESA 的債務。如果該法案獲得通過，您能否提供有關該條款範圍的更多資訊？

Yes. Unfortunately, we cannot say much about that. That's why we filed -- as I said in the call, we filed a claim for the regulatory asset that we are claiming to the Secretary of Energy, but we don't have any things to say about the future of that process because we don't know if -- how the budget of the Argentine government will be approved. So we will remain after that to see exactly the results of that process.

是的。很遺憾，我們對此無法透露太多資訊。這就是為什麼我們提交了——正如我在電話中所說，我們向能源部長提交了我們所主張的監管資產索賠，但我們對這一進程的未來沒有任何評論，因為我們不知道阿根廷政府的預算是否會獲得批准。所以之後我們會繼續觀察，看看這個過程究竟會產生什麼結果。

Okay. We have another question. And what are your plans for possible new debt issuance now that the five-year tariff review is completed and market conditions seem to have improved significantly in Argentina?

好的。我們還有個問題。鑑於五年關稅審查已經完成，阿根廷市場狀況似乎也顯著改善，你們對未來可能發行的新債務有何計畫？

In August, we completed a debt issuance of $95 million in Class 8 and 9 notes, Argentine law. That $80 million was at 8.5% interest rate and a 12-month maturity and [ARS20,000 million] in TAMCORI plus 6% 12-month maturity.

8 月，我們完成了 9,500 萬美元的 8 級和 9 級債券的發行，符合阿根廷法律。那 8,000 萬美元的利率為 8.5%，期限為 12 個月；還有 [200 億阿根廷比索] 的 TAMCORI，利率為 6%，期限為 12 個月。

We are constantly monitoring market conditions to determine if there is an attractive opportunity to improve our debt profile and especially considering actual market conditions where peers are accessing to the international market, so we are potentially reviewing the possibility of reopening the international bonds as soon as the market is available for that. So we are looking into the market all the time.

我們一直在密切關注市場狀況，以確定是否有改善我們債務狀況的有利機會，尤其考慮到同行進入國際市場的實際市場狀況，因此，一旦市場開放，我們可能會考慮重新發行國際債券。所以我們一直在關注市場動態。

There is another question from [Facundo Pastor] (inaudible) how much will the CapEx during 2026 for efficiencies in distribution?

[Facundo Pastor] 還有一個問題（聽不清楚）：2026 年用於提高分銷效率的資本支出將是多少？

We are expecting that total CapEx for the next year is going to be close to $200 million, very similar to the amounts that we are having on average in the last 12 to 13 years. So it's going to be close to $200 million. That's the CapEx that we are planning for 2026.

我們預計明年的總資本支出將接近 2 億美元，與過去 12 到 13 年的平均金額非常相似。所以總額應該要接近2億美元。這是我們計劃在 2026 年進行的資本支出。

Okay. There are no more questions for the moment. So thank you very much for your participation in our quarterly conference call. Please do not hesitate to contact our Investor Relations team if you have any further inquiries or questions. We will be able to help you.

好的。目前沒有其他問題了。非常感謝您參加我們的季度電話會議。如有任何疑問或諮詢，請隨時聯絡我們的投資者關係團隊。我們一定能幫到你。

Thank you very much, and have a nice day.

非常感謝，祝您今天愉快。