Empresa Distribuidora y Comercializadora Norte SA (EDN) 2026 Q1 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 first-quarter 2026. We will also have an important recent developments and advances in our efforts to strengthen our position as an energy leader.

早安，歡迎各位。我是 Lucila Ramallo，Edenor 投資人關係副理。我謹代表 Edenor，感謝各位參與本次電話會議，討論 2026 年第一季的業績結果。我們也將說明近期的重要發展與進展，以及我們強化作為能源領導者地位的努力。

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 team to request the documents. This event is being recorded. (Operator Instructions)

若您希望取得我們的財報新聞稿或簡報，可至我們網站 www.edenor.com 的投資人關係專區輕鬆下載，或聯繫投資人關係團隊索取文件。本活動將進行錄音。(接線員指示)

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

在開始之前，我想提醒各位，前瞻性陳述係基於 Edenor 管理層的信念與假設，以及公司目前可取得的資訊。此類陳述涉及風險、不確定性與假設，因其與未來事件相關，因此取決於未來可能發生或不發生的情況。

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

投資人應理解，一般經濟狀況、產業狀況及其他營運因素亦可能影響 Edenor 未來的業績，並可能導致實際結果與此等前瞻性陳述所表達者存在重大差異。接下來我把電話交給我們的財務長 German Ranftl，由他帶領我們進行簡報。

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 performance during the first quarter of 2026. Agenda, highlights and regulatory framework. Before moving to discussion of details of our financial performance during the first quarter of 2026,

謝謝你，Lucila。早安，歡迎各位。各位的出席對我們非常重要，我們希望能讓各位充分了解 Edenor 在 2026 年第一季的表現。議程：重點摘要與監管架構。在進入 2026 年第一季財務表現細節的討論之前，

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 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 a highly attractive growth opportunity in Argentina.

我想先用幾分鐘強調，Edenor 在過去幾年已展現出顯著的業績改善，主要受惠於健全監管環境的恢復，以及阿根廷經濟情勢的大幅改善。這些因素，加上我們持續推動營運改善與現代化的聚焦，使公司具備良好條件，得以把握阿根廷極具吸引力的成長機會。

We have now completed our full year since the approval of the implementation of the five-year tariff, including monthly automatic adjustments. By the end of April of 2025, the five-year tariff review process for 2025 and 2030 period was approved, which included an automatic adjustment based on a formula for the value-added distribution weighted 33% by a consumer price index and 67% by the wholesale price index, plus an additional of 0.42% above inflation in real terms.

自五年期電價（含每月自動調整）獲准實施以來，我們已完成第一個完整年度。截至 2025 年 4 月底，2025 至 2030 期間的五年期電價審查程序已獲核准，其中包含依公式自動調整的配電加值（VAD）：33% 以消費者物價指數加權、67% 以批發物價指數加權，並另加上以實質計 0.42% 的超通膨增幅。

On May 21, 2025, we normalized our debt with CAMMESA. We are, since April 2024, paying 100% of the current monthly invoices for energy purchases from CAMMESA and are fully complying with payments under our existing payment plan with CAMMESA that call for monthly payments over 64 and 62 remaining installments. In October 2025, Edenor submitted the regulatory asset claim for differences in tariff adjustments between 2019 and 2023 as calculated by independent third parties. The Secretary of Energy has been analyzing the company's complaints.

2025 年 5 月 21 日，我們已與 CAMMESA 完成債務正常化。自 2024 年 4 月起，我們支付向 CAMMESA 購電之當期每月帳單的 100%，並完全遵循與 CAMMESA 既有付款計畫之付款要求，該計畫規定按月支付，尚餘 64 期與 62 期分期款。2025 年 10 月，Edenor 依獨立第三方計算結果，就 2019 至 2023 年間電價調整差異提出監管資產請求。能源部正就公司提出的申訴進行分析。

In May 2026, a new law is being discussed in Congress regarding the specific claim. During 2025, the VAD increased a total of 37% against a 32% rise in the consumer price index and a 41% devaluation of the peso against the US dollar. The average monthly tariff adjustment since August of 2024 through year 2025 was 3.1%. In December of 2025, the regulatory entity authorized the company to modify the frequency of meter readings from bimonthly to monthly.

2026 年 5 月，國會正在討論一項與該特定請求相關的新法案。2025 年期間，VAD 累計上調 37%，相較之下消費者物價指數上升 32%，披索兌美元貶值 41%。自 2024 年 8 月至 2025 年底，平均每月電價調整幅度為 3.1%。2025 年 12 月，監管機構核准公司將抄表頻率由雙月改為每月。

The regulation aims to provide us users with a clearer and more transparent and more time line signal regarding their energy consumption. The impact was reflected in the first quarter of 2026. The accumulated monthly adjustment VAD of 9% versus an inflation rate of 9% is the first-quarter 2026 numbers. In April, the VAD adjusted was 2.04% and in May, 4.1%, including the E-Factor.

該規範旨在為用戶提供更清楚、更透明且更即時的能源用量訊號。其影響已反映於 2026 年第一季。2026 年第一季數據顯示，VAD 的累計月度調整為 9%，對比通膨率亦為 9%。4 月 VAD 調整為 2.04%，5 月為 4.1%，其中包含 E-Factor。

In addition, as we mentioned above, the government also submitted a bill to the Argentine Congress proposing a framework to regularize our regulatory assets for past differences tariffs of 2019 to 2023. We believe that this event has positioned the company to be more dynamic with more favorable financial results going forward. This will enable us to continue our strong investment program and further improve our services.

此外，如前所述，政府亦向阿根廷國會提交法案，提議建立一套架構，以規範我們就 2019 至 2023 年過往電價差異所形成之監管資產。我們相信，此事件將使公司未來能更具動能，並帶來更有利的財務成果。這將使我們得以延續強勁的投資計畫，並進一步提升服務品質。

In May 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 tariff has been clearly reflected in improvement in Edenor's financial performance with 127% rise in EBITDA for the first three months of 2026. The collectivity rate has consistently remained high, being 95.68% in the first quarter of this year.

2026 年 5 月，政府任命新「天然氣與電力監管機構」的主管人員，皆具備深厚背景與廣泛能源領域經驗。電價正常化已清楚反映在 Edenor 財務表現的改善上：2026 年前三個月 EBITDA 年增 127%。收繳率持續維持高檔，今年第一季為 95.68%。

Financial results, revenues. Revenues in the first quarter of 2026 were ARS847 billion, which was flat in real terms versus the prior year which was due to benefits of higher tariffs and subsidies reduction, offset by a slight decline in volume and a lower energy purchase cost, which are direct pass-through to consumers. The quarter reflects the positive impact of the monthly measuring of energy consumption.

財務結果、營收。2026 年第一季營收為 8,470 億阿根廷披索（ARS），以實質計與前一年持平；原因在於較高電價與補貼減少帶來的效益，被用電量小幅下滑以及較低的購電成本（其為直接轉嫁給消費者）所抵銷。本季亦反映每月計量用電所帶來的正面影響。

Energy sales evolution. Edenor's total customers in the quarter rose to 3.4 million, up 1.4% versus the prior year. This rise was mainly due to an increase in residential and medium-sized commercial clients. The rise was helped by market disciplinary measures, including the installation of 2,765 energy meters in the first quarter of 2026, which are designated to convert informal and reported connections into a fully transparent connections in electricity distribution system.

售電量演變。本季 Edenor 客戶總數增至 340 萬戶，較前一年增加 1.4%。此增幅主要來自住宅用戶與中型商業客戶的增加。成長亦受惠於市場紀律措施，包括在 2026 年第一季安裝 2,765 具電表，用以將非正式及被通報的接線轉換為配電系統中完全透明的正式接線。

Energy sales for the first quarter were down 1.6% year to year to 5,853 gigawatts, mainly driven by the impact of lower demand from residential customers due to lower temperatures during the summer and for the effect of the economic and industrial demand.

第一季售電量年減 1.6% 至 5,853 吉瓦時，主要受住宅用戶需求下降影響，原因包括夏季氣溫較低，以及經濟與工業需求的影響。

Distribution margin. For the first quarter of 2026, our distribution margin rose 13% to ARS387 billion, mainly due to the increase in tariffs, which have average of 3% per month, as we said before. EBITDA. Looking at EBITDA for the first quarter of 2026, EBITDA rose 127% to ARS191 billion, an improvement from the ARS84 billion registered in the first quarter of 2026. The main improvement was due to a strong revenue as a result of the five-year tariff review, including a 320% increase initially adjusted in February of 2024, plus additional monthly tariff adjustments since then in an average of 3%.

配電毛利。2026 年第一季，我們的配電毛利增加 13% 至 3,870 億阿根廷披索（ARS），主要由電價上調所帶動；如先前所述，平均每月約上調 3%。EBITDA。就 2026 年第一季 EBITDA 而言，EBITDA 年增 127% 至 1,910 億阿根廷披索（ARS），較 2026 年第一季認列的 840 億阿根廷披索（ARS）有所改善。主要改善來自五年期電價審查所帶動的強勁營收，包括 2024 年 2 月初始調整上調 320%，以及此後平均每月約 3% 的額外電價調整。

The accumulated VAD increase in 2026 was 37% versus inflation of 32%. And for the January, March 2026 period, the VAD was rose 9% and inflation was 9%. Energy purchase costs in the first quarter declined 9% due to a lower demand from residential customers due to asset-low temperatures during the summer, lower economic activity at industrial clients and an adjustment in energy purchase price that were lower than inflation.

2026年累計VAD增幅為37%，相較之下通膨為32%。而在2026年1月至3月期間，VAD上升9%，通膨為9%。由於住宅客戶在夏季出現異常低溫導致需求下降、工業客戶經濟活動降低，以及能源採購價格調整幅度低於通膨，第一季能源採購成本下降9%。

I would like to take a few minutes to highlight our ongoing efforts to manage costs where we saw important progress, which made an important contribution to our rise in EBITDA. Operating expenses for the first quarter of 2026 decreased by 9%, reaching a total of ARS282 billion. 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 proportion current renewal and workforce optimization, which result in a 5% reduction in salaries expenses and a 37% decrease in pension cost plans.

我想花幾分鐘重點說明我們持續推動的成本管理工作；我們在此方面取得了重要進展，並對EBITDA的提升做出重要貢獻。2026年第一季營業費用下降9%，總額達2,820億阿根廷披索（ARS）。成本管理聚焦於精簡營運與科技，對正向成果有所貢獻。節省主要來自我們於2025年啟動的營業費用（OpEx）檢視計畫，包括發展與退休方案，旨在推動適當的更新與人力優化，使薪資費用降低5%，退休金成本計畫下降37%。

Material consumption declined 22% due to inventory management optimization and third-party services costs were down 14%. ENRE penalties were down substantially 45%, driven by the change in the valuation mechanisms as defined by the regulator and improved service indicators.

材料耗用因存貨管理最佳化而下降22%，第三方服務成本下降14%。ENRE罰款大幅下降45%，主要受監管機構所定義的估值機制變更以及服務指標改善所帶動。

Finally, in March of 2026, we recognized pending receivables from the national government for a total of ARS20 billion. This is a mutually agreement at Acuerdo Marco based on the cost of energy consumed in the lower income neighborhoods in 2024 and 2025.

最後，在2026年3月，我們認列來自國家政府的應收款項，總額為200億阿根廷披索（ARS）。此為依據《框架協議》（Acuerdo Marco）之雙方協議，係以2024年與2025年低收入社區的能源消耗成本為基礎。

Net financial results. In the first quarter, the net financial expenses declined 23% to ARS71 billion due to primarily -- a reduction of the impact of interest expenses on the debt with CAMMESA and the realization of debt obligations according to the agreement signed with CAMMESA last year. The first quarter saw a profit of ARS118 billion, up 147% versus the first quarter of 2025, led by the positive impact of the tariff adjustments and the increase in RECPAM and lower operating expenses.

淨財務結果。第一季淨財務費用下降23%至710億阿根廷披索（ARS），主要原因為——與CAMMESA之債務利息費用影響降低，以及依據去年與CAMMESA簽署之協議履行債務義務。第一季獲利為1,180億阿根廷披索（ARS），較2025年第一季成長147%，主要受費率調整的正面影響、RECPAM增加以及營業費用下降所帶動。

CapEx. We invested ARS70 billion in the first three months of the year. Our investment spending reflects our firm commitment to improve service quality, which is reflected in significant improvements in our main operating indicators. We highlight our key projects that are underway, including the new substation in Moreno and the expansion of the Bancalari Substation.

資本支出（CapEx）。我們在今年前三個月投資700億阿根廷披索（ARS）。我們的投資支出反映出提升服務品質的堅定承諾，並已體現在主要營運指標的顯著改善上。我們重點推進中的關鍵專案包括Moreno新變電站以及Bancalari變電站擴建。

We are also planning additional projects for 2026, including replacement of Newbery Substation with the new facilities and the interconnection of the Colegiales Substation in June of this year. We also continue to work to transform our network into a smart network by installing increasing numbers of remote control points, the supervision points as well as smart meters. This allow us to quickly resolve problems that raise in the network remotely, which is where we do isolation of any part of the system experience a service problem and established service very quickly.

我們也規劃2026年的其他專案，包括以新設施汰換Newbery變電站，以及於今年6月完成Colegiales變電站的互聯。我們亦持續透過安裝更多遠端控制點、監測點以及智慧電表，推動電網轉型為智慧電網。這使我們能夠遠端快速解決電網中出現的問題；也就是在系統任何部分發生服務問題時進行隔離，並非常迅速地恢復供電。

Operating indicators. Now let's take a look of a few of the key operating indicators. Energy losses. Our energy losses for the first three months were 15.3%, down from 15.7% at the end of December of 2025. Reducing energy losses is a top priority for us. 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.

營運指標。現在讓我們看看幾項關鍵營運指標。能源損失。前三個月能源損失率為15.3%，低於2025年12月底的15.7%。降低能源損失是我們的首要任務。我們的跨領域團隊持續努力，尋找對抗能源損失的創新方法。這些努力並由我們的市場紀律措施加以補強，旨在抑制低效率與不規則情形。

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 the 15.3% total losses, a full of 9.62% are losses recognized by the regulatory entity in our tariff. The first three months of 2026 energy losses were 15.3%.

此外，由人工智慧驅動的分析工具提升了稽查效率，我們的市場紀律行動也持續偵測並矯正不規則接線。需要記住的是，在15.3%的總損失中，有9.62%為監管機構在我們費率中所認列的損失。2026年前三個月的能源損失率為15.3%。

Quality of service. As mentioned earlier, our investment plan is continuing to contribute the improvement in service quality by reducing the duration 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 regulatory entity.

服務品質。如先前所述，我們的投資計畫持續透過降低停電持續時間與停電頻率來改善服務品質；自2017年以來，這些指標一直呈下降趨勢。這些水準目前且一直都明顯優於監管機構要求的標準。

For the first quarter, the SAIDI and SAIFI service quality indicators show continued strong performance at 6.1 hours and 2.9 average outages per plant at record low levels and down 78% and 67%, respectively, compared to the 2017 levels. This recovery in service is mainly due to the strong consistent level of investment that the company has been doing for the last nine years.

第一季SAIDI與SAIFI服務品質指標持續展現強勁表現，分別為6.1小時與每座廠平均2.9次停電，均處於歷史低點；相較2017年水準分別下降78%與67%。服務的回升主要歸功於公司過去九年持續且穩健的投資水準。

The investments have been focused on implementing improvements in operational process and the adoption of technology applied to the operations and management of the network. Financial debt. In February, the company reopened a senior note Class 7 for an amount of $90 million. This brought the total outstanding senior note 7 to $475 million. In March, the company prepared the senior notes Class 8 for $80 million plus interest.

投資重點在於推動營運流程改善，以及採用應用於電網營運與管理的技術。金融負債。2月，公司重新開放第7類優先票據（Senior Note Class 7），金額為9,000萬美元。使第7類優先票據未償餘額合計達4.75億美元。3月，公司發行第8類優先票據，金額為8,000萬美元加計利息。

As of the end of March, the total senior notes plus loans outstanding was $832 million with a net debt at March 31, 2026, total net debt is $463 million. A key positive over the last few years, which continues in 2026 has been improved in our ratings in recent years as a result of improvement in our risk profile due to important changes in the regulatory framework.

截至3月底，優先票據加計未償貸款總額為8.32億美元；截至2026年3月31日的淨負債總額為4.63億美元。過去幾年的一項關鍵正面因素（並在2026年持續）是我們的評等改善；這是由於監管框架的重要變更改善了我們的風險概況。

On March of 2026, Fitch upgraded the long-term issuance rates from A to A+ and the short-term issuance rate from A1 to A1+.

在2026年3月，惠譽（Fitch）將長期發行評等由A上調至A+，並將短期發行評等由A1上調至A1+。

Financial debt, recent developments. Last month, in April of 2026, we raised $550 million in a senior note Class 10 with offers of nearly $1.2 billion and completed a cash tender of $175 million in senior notes Class 7. The tender reduced the outstanding senior notes Class 7 to $300 million. Use of proceeds was applied for the cancellation of $175 million in senior notes Class 7 plus $26.7 million for a portion of senior notes Class 3 and 5. This enabled us to achieve a $200 million reduction in net debt.

金融負債：近期發展。上個月（2026年4月），我們發行第10類優先票據募得5.5億美元，認購要約接近12億美元，並完成以現金收購（cash tender）1.75億美元的第7類優先票據。此次收購使第7類優先票據未償餘額降至3億美元。募集資金用途用於註銷1.75億美元的第7類優先票據，另支付2,670萬美元用於部分第3類與第5類優先票據。這使我們的淨負債減少2億美元。

Financial debt position. This brought our total senior notes outstanding pro forma to USD1 billion. As you can see here, we have a very manageable maturity schedule with no maturities for the next years.

金融負債狀況。使我們的優先票據未償總額（備考）達10億美元。如各位所見，我們的到期結構非常可控，未來幾年沒有到期項目。

New businesses. We want to share with you our vision of new businesses and how we are positioning the company for a long-term expansion.

新業務。我們希望與各位分享我們對新業務的願景，以及我們如何為公司的長期擴張進行布局。

Diversification and value creation. As a starting point in 2024, the company amended its corporate bylaws for the purpose to provide greater flexibility and to actively capture opportunities arising from the energy transition and the broader electricity, electrification of the economy. This was a deliberate and strategic decision that opens the door to a much more wider set of growth avenues.

多元化與價值創造。作為2024年的起點，公司修訂了公司章程，以提供更大的彈性，並積極把握能源轉型以及更廣泛的電力與經濟電氣化所帶來的機會。這是一項審慎且具策略性的決策，為更廣泛的成長途徑打開了大門。

Our business development is anchored in two core drivers: capturing growth in the energy sector and expanding through both vertical and horizontal integration. In terms of strategy, we intend to capitalize on a dynamic energy M&A landscape, leveraging to an ongoing prioritization 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 the complementary assets.

我們的業務發展以兩大核心驅動因素為基礎：掌握能源產業的成長，以及透過垂直與水平整合擴張。在策略方面，我們打算把握充滿活力的能源併購（M&A）環境，並藉由持續的優先排序計畫加以運用；該計畫在能源價值鏈上呈現多項相互競爭的機會。我們也將在與核心業務整合的同時尋求推動綜效，並持續留意互補性資產的機會。

In the terms of scope, the sector we are targeting, including 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 and aligned with the energy sector.

就範疇而言，我們鎖定的領域包括電動運輸與電網擴建、發電與儲能、電動移動（電動交通），亦包括石油與天然氣下游、能源基礎設施，以及天然氣的配銷與商業化；這是一組廣泛且高度多元化、並與能源產業一致的垂直領域。

The bottom line is clear. This strategy is designed to deliver expansion, diversification, and value for both our investors and our consumers. Final remarks, we remain highly optimistic about our future. Results have benefited significantly from tariff normalization. We have now complemented a full year since the approval of the implementation of the five-year tariff review with an EBITDA raising a sharp of 127% year to year in the first quarter to $191 million.

結論很清楚。此策略旨在為投資人與消費者帶來擴張、多元化與價值。最後補充，我們對未來仍高度樂觀。業績已顯著受惠於費率正常化。自五年期費率審查實施獲核准以來，我們已完成一整年；第一季EBITDA年增127%，達到1.91億美元。

The overall improvement has underpinned an improvement in debt ratings and working capital. It has also enabled us to continue our investment program with positive results in all our main key operating indicators. With the realization of our debt with CAMMESA, all outstanding balances are now included in three payment plans to be paid over 64 and 72 remaining installments.

整體改善支撐了債信評等與營運資金的提升。也使我們得以持續推動投資計畫，且在所有主要關鍵營運指標上均取得正面成果。隨著我們與CAMMESA的債務完成重整，所有未清餘額目前均納入三項付款計畫，將於剩餘64期與72期分期支付。

This week, as we said, the national government also submitted a draft of a law to the Argentine Congress to provide a framework to regularize the regulatory asset claim for the difference of tariff adjustments since 2018 -- '19 and 2023. Our diversified financial strategy has also enabled us to have consistent access to local and international capital markets.

本週，如我們所述，國家政府亦向阿根廷國會提交了一項法律草案，旨在提供一個框架，以規範自2018年—2019年及2023年以來費率調整差額所產生的監管資產請求。我們多元化的財務策略也使我們能夠持續穩定地進入本地與國際資本市場。

Finally, I would like to mention that we remain committed to looking for other opportunities to take advantage of our enormous changes taking place in Argentina and in the global energy market. This was reflected in our change in 2024 in our strategy to provide increasing flexibility and capture opportunities related to energy transition and electrification of the economy.

最後，我想提到，我們仍致力於尋找其他機會，以把握阿根廷以及全球能源市場正在發生的巨大變化。這也反映在我們於2024年調整策略，以提供更高的彈性並掌握與能源轉型及經濟電氣化相關的機會。

With this, now we would like to open the call to your questions. (Event Instructions) We thank you very much for your support and your engagement as shareholders and also our bondholders.

接下來，我們想開放各位提問。(活動說明) 非常感謝各位作為股東以及債券持有人對我們的支持與參與。

Andrés Cirnigliaro from Balanz is asking, could you please provide more color on the project of the executive branch sent to the Congress regarding the regulatory date? What estimates are you working with?

Balanz的Andrés Cirnigliaro提問：能否請您就行政部門送交國會、關於監管日期的專案提供更多細節？您目前採用哪些估計？

Well, we know that in October of this -- of last year, sorry, we present the claim of the regulatory asset base. And the government has sent last week to Congress to pass a law regarding this consideration. And now this is in the process of the commission of the Congress of the Energy Commission analyzing the project of the law and then we go to deputies and then to Senators. So it would take probably one month or more than a month to come to an agreement with that from the government side.

好的。我們知道在今年—抱歉，是去年10月，我們提出了監管資產基礎（regulatory asset base）的請求。政府於上週將相關事項送交國會，擬通過一項法律以進行此項認定。目前該案正由國會的委員會程序進行中，由能源委員會分析該法律草案，之後將送交眾議院，再送交參議院。因此，從政府端達成協議可能需要約一個月或超過一個月。

Another question from Andrés Cirnigliaro from Balanz is, how much should we expect for CapEx to be during 2026?

Balanz的Andrés Cirnigliaro的另一個問題是：2026年的資本支出（CapEx）預期會是多少？

Okay. Investment in the first quarter was ARS70 billion, approximately $49 million. For 2026, we anticipate CapEx will be in the range of $170 million, $180 million. This is somewhat lower than 2025 spending, which was higher for specific reasons, particularly the certain market conditions in 2024 and 2025. We expect our CapEx program will be -- remain very robust and solid with projects spending in the current project range. This should enable us to continue to expand the network and in coming years to take advantage of our growing market and continue to adapt for new technologies.

好的。第一季投資為700億阿根廷披索，約4,900萬美元。對於2026年，我們預期資本支出將落在1.70億至1.80億美元之間。這比2025年的支出略低；2025年因特定原因而較高，特別是2024與2025年的某些市場狀況。我們預期資本支出計畫將—在目前的專案範圍內—維持非常強勁且穩健。這將使我們能持續擴展網路，並在未來幾年把握市場成長，同時持續因應新技術。

There is another question from (inaudible). First of all, congratulations on the strong set of results delivered this quarter regarding the operational performance aside from the [ARS20 billion] nonrecurring gain related to Acuerdo Marco, were there any other onetime benefits impacting the margin expansion? Furthermore, are there other relevant drivers you would highlight any further information to help isolate the running run rate and better understand the margin sustainability for the rest of the year would be greatly appreciated.

還有另一個問題來自(聽不清)。首先，恭喜本季在營運表現方面交出一組強勁的成果；撇除與Acuerdo Marco相關的200億阿根廷披索一次性收益之外，是否還有其他一次性因素影響了利潤率擴張？此外，是否還有其他您想強調的關鍵驅動因素？若能提供更多資訊以協助區分經常性運行水準（run rate），並更好理解今年剩餘期間利潤率的可持續性，將不勝感激。

Okay. Thank you for the congratulations. We are very proud that we have a very good results for this quarter. I'm completely according to what you said is the ARS20 billion effect of Acuerdo Marco is one-time effect. And there is another effect that is the metering of -- monthly metering instead of bi-monthly metering has also increased the revenue base of this quarter, and it's also a one-time effect.

好的。謝謝您的恭喜。我們對本季取得的良好成果感到非常自豪。我完全同意您所說的，Acuerdo Marco帶來的200億阿根廷披索影響屬於一次性效果。另外還有一個影響因素：抄表改為每月抄表而非雙月抄表，也提高了本季的收入基礎，這同樣是一次性效果。

So we are expecting for EBITDA according to what the rating agencies have established. The rating agencies are thinking that our EBITDA for the year -- full year is going to be close to $300 million, $320 million. So that will be the run rate that we suggest you to consider when you do your projections.

因此，關於EBITDA，我們的預期與信評機構所建立的看法一致。信評機構認為我們全年EBITDA將接近3.00億至3.20億美元。因此，當您進行預測時，我們建議將此作為您應考量的經常性運行水準（run rate）。

Okay. If there are no more questions, thank you very much for participating in our quarterly conference call. And please do not hesitate to contact us or our investor relations department for any further inquiries you may have.

好的。如果沒有更多問題，非常感謝各位參與我們的季度電話會議。如有任何進一步問題，請隨時與我們或投資人關係部門聯繫。

Good morning to everybody, and have a nice weekend -- a nice week, sorry.

各位早安，祝大家週末愉快—抱歉，是祝大家本週愉快。