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  4. [6-K] EDENOR Current Report (Foreign Issuer)

EDENOR nine-month profit falls to 209B constant pesos

The USD 780 million Metrogas purchase remains subject to change-of-control approval and other closing conditions.

Available on EDGAR Accepted by SEC EDGAR
Filing Impact
(Moderate)
Filing Sentiment

Sentiment and the balance of points

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Form Type
6-K

Rhea-AI Filing Summary

EDENOR reported revenue of 3.051244 trillion constant pesos for the nine months ended September 30, 2026, versus 2.824769 trillion a year earlier. Operating result was 308.181 billion, compared with 132.137 billion; net income was 209.467 billion, versus 239.309 billion. Net cash generated from operating activities was 244.012 billion, compared with 181.507 billion.

On August 10, YPF S.A. accepted EDENOR’s offer to acquire 70% of Metrogas S.A. and 5% of MetroEnergía S.A. for USD 780 million. Closing is subject to conditions including ENReGE approval of the change of control and extension of the gas license for 20 years to 2047. EDENOR paid a USD 78 million deposit; Metrogas shareholders ratified the license extension on October 29, with PEN ratification pending.

EDENOR issued USD 550 million of Class No. 10 notes, USD 213.462519 million of Class No. 11 notes, and an additional USD 200 million of Class No. 10 notes. It redeemed USD 175 million of Class No. 7 notes for cash.

1 point · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 1 point

How the balance works

Positive

  • Moderate pointRevenue was 3.051244 trillion constant pesos, versus 2.824769 trillion.

Negative

  • Moderate pointNet income was 209.467 billion constant pesos, versus 239.309 billion.

Filing Explained

At September 30, 2026, reported borrowings were 2,444,948 million constant pesos, versus 1,464,197 million at December 31, 2025.

This Form 6-K reports that Law No. 27,828 provides a process to determine potential credits for EDENOR that could be applied against eligible CAMMESA payment-plan obligations; final amounts and implementation remain pending, and no effects were recognized in these statements.

The law directs the government to determine the differences between revenues received and those due under concession agreements, then instruct CAMMESA to apply any credit to covered payment-plan obligations; applying the mechanism is subject to waiving related judicial and administrative claims.

Reported borrowings were 2,444,948 million constant pesos at September 30, 2026, compared with 1,464,197 million constant pesos at December 31, 2025; comparative figures are restated to September 30 purchasing power.

Revenue 3.051244 trillion constant pesos Nine months ended September 30, 2026; 2.824769 trillion constant pesos in 2025
Operating result 308.181 billion constant pesos Nine months ended September 30, 2026; 132.137 billion constant pesos in 2025
Net income 209.467 billion constant pesos Nine months ended September 30, 2026; 239.309 billion constant pesos in 2025
Net cash generated from operating activities 244.012 billion constant pesos Nine months ended September 30, 2026; 181.507 billion constant pesos in 2025
Metrogas acquisition price USD 780 million Offer accepted by YPF S.A. on August 10, 2026
Class No. 10 notes principal issued USD 550 million Issued April 28, 2026
Class No. 11 notes principal issued USD 213.462519 million Issued July 3, 2026
Additional Class No. 10 notes principal issued USD 200 million Issued August 5, 2026
constant pesos financial
"Stated in millions of constant pesos"
Level 3 financial
"The applicable fair value category is Level 3"
Level 3 describes the lowest-confidence category in the accounting “fair value” hierarchy, covering assets or liabilities whose prices are not observable in the market and must be estimated using judgment and internal models. For investors, Level 3 items matter because they can introduce greater uncertainty and potential valuation swings—like valuing a unique antique versus checking a price tag on a supermarket shelf—so they signal higher model risk and lower liquidity.
cash tender offer financial
"launched a Cash Tender Offer to acquire"
A cash tender offer is a public proposal in which an individual or group offers to buy a set number of a company's shares directly from shareholders for a specified cash price during a limited time. It matters to investors because it gives a clear, immediate chance to sell shares at a known price — like a store offering to buy back items at a posted rate — and can affect the stock’s market price, ownership control and liquidity.
contingent credits regulatory
"recognition of any contingent credits in favor of the Company"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were EDN’s revenue and net income for the latest nine-month period?
For the nine months ended September 30, 2026, EDENOR reported revenue of 3.051244 trillion constant pesos and net income of 209.467 billion constant pesos. The comparable 2025 figures were 2.824769 trillion and 239.309 billion constant pesos, respectively.

What does EDN’s proposed Metrogas acquisition include, and what approvals remain?
The USD 780 million offer covers 70% of Metrogas S.A.’s share capital and voting rights and 5% of MetroEnergía S.A.’s share capital and voting rights. Closing is subject to conditions including ENReGE approval of the change of control and extension of the gas license for 20 years to 2047. Metrogas shareholders ratified the extension, with PEN ratification pending.

What are the repayment terms for EDN’s Class No. 10 notes?
The Class No. 10 notes bear interest at a fixed nominal annual rate of 9.5%, payable semiannually in arrears. Principal is scheduled to be repaid in three equal installments on April 28, 2031, April 28, 2032, and April 28, 2033.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of November, 2026

 

EMPRESA DISTRIBUIDORA Y COMERCIALIZADORA NORTE S.A. (EDENOR)

(DISTRIBUTION AND MARKETING COMPANY OF THE NORTH )

 

(Translation of Registrant's Name Into English)

 

Argentina

 

(Jurisdiction of incorporation or organization)

 

 

Av. del Libertador 6363,

12th Floor,

City of Buenos Aires (A1428ARG),

Tel: 54-11-4346-5000

 

(Address of principal executive offices)

 

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

 

Form 20-F  X     Form 40-F        

 

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

 

Yes          No  X  

 

(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-             .)

 

 
 

 


 

 

 

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

 

 

AS OF SEPTEMBER 30, 2026 AND FOR THE NINE AND THREE-MONTH PERIOD

ENDED SEPTEMBER 30, 2026

PRESENTED IN COMPARATIVE FORM

(Stated in millions of constant pesos – Note 3)

 

 

 

 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

 

Condensed Interim Consolidated Statement of Comprehensive Income 5
Condensed Interim Consolidated Statement of Financial Position 6
Condensed Interim Consolidated Statement of Changes in Equity 8
Condensed Interim Consolidated Statement of Cash Flows 9
Note 1 |   General information 11
Note 2 |   Regulatory framework 12
Note 3 |   Basis of preparation 14
Note 4 |   Accounting policies 15
Note 5 |   Financial risk management 16
Note 6 |   Critical accounting estimates and judgments 19
Note 7 |   Contingencies and lawsuits 20
Note 8 |   Revenue from sales and energy purchases 21
Note 9 |   Expenses by nature 23
Note 10 |   Other operating income (expense), net 24
Note 11 |   Net finance costs 24
Note 12 |   Basic and diluted earnings per share 25
Note 13 |   Property, plant and equipment 26
Note 14 |   Right-of-use assets 28
Note 15 |   Inventories 28
Note 16 |   Other receivables 28
Note 17 |   Trade receivables 29
Note 18 |   Financial assets at amortized cost 29
Note 19 |   Financial assets at fair value through profit or loss 30
Note 20 |   Cash and cash equivalents 30
Note 21 |   Share capital and additional paid-in capital 30
Note 22 |   Allocation of profits 31
Note 23 |   Trade payables 31
Note 24 |   Other payables 32
Note 25 |   Borrowings 32
Note 26 |   Deferred revenue 36
Note 27 |   Salaries and social security taxes payable 36
Note 28 |   Income tax and deferred tax 36
Note 29 |   Tax liabilities 38
Note 30 |   Provisions 38
Note 31 |   Related-party transactions 38
Note 32 |   Shareholders’ Meeting 39
Note 33 |   Acquisition of the majority stake in Metrogas 39
Note 34 |   Events after the reporting period 40

 

 

 

 

 

 

2 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

Glossary of Terms

 

The following definitions, which are not technical ones, will help readers understand some of the terms used in the text of the notes to the Company’s Condensed Interim Consolidated Financial Statements.

 

Terms Definitions
BNA Banco de la Nación Argentina
ByMA

Bolsas y Mercados Argentinos S.A.

(the Argentine stock exchange and securities market)
CABA City of Buenos Aires
CAMMESA

Compañía Administradora del Mercado Mayorista Eléctrico S.A.

(the company in charge of the regulation and operation of the wholesale electricity market)
CNV National Securities Commission
CPD Distribution Own Cost
edenor Empresa Distribuidora y Comercializadora Norte S.A.
ENARGAS National Regulatory Authority for the Distribution of Natural Gas
ENRE National Regulatory Authority for the Distribution of Electricity
ENReGE National Gas and Electricity Regulatory Authority
FACPCE Argentine Federation of Professional Councils in Economic Sciences
FNEE National Fund for Electric Power
GWh Gigawatt hour
IAS International Accounting Standards
IASB International Accounting Standards Board
IFRIC International Financial Reporting Interpretations Committee
IFRS International Financial Reporting Standards
IGJ Inspección General de Justicia (the Argentine governmental regulatory agency of corporations)
INDEC National Institute of Statistics and Census
IPC Consumer Price Index
IPIM Wholesale Price Index
KWh Kilowatt hour
MAE

Mercado Abierto Electrónico S.A.

(electronic securities and foreign currency trading market)
MEM Wholesale Electricity Market
MWh Megawatt hour
NYSE New York Stock Exchange
PBA Province of Buenos Aires
PEN Federal Executive Power
RECPAM Gain (Loss) on exposure to the changes in the purchasing power of the currency
SACME S.A. Centro de Movimiento de Energía
SE Energy Secretariat
VAD Distribution Added Value
   

 

 

 

 

3 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

 

Legal Information

Corporate name: Empresa Distribuidora y Comercializadora Norte S.A.

Legal address: 6363 Av. Del Libertador Ave., City of Buenos Aires

Main business: Distribution and sale of electricity in the area and under the terms of the Concession Agreement by which this public service is regulated

Date of registration with the Public Registry of Commerce:

·of the Articles of Incorporation: August 3, 1992
·of the last amendment to the Bylaws: July 24, 2024

 

Term of the Corporation: August 3, 2087

 

Registration number with the “Inspección General de Justicia” (the Argentine governmental regulatory agency of corporations): 1,559,940

 

Parent company: Empresa de Energía del Cono Sur S.A.

 

Legal address: 1252 Maipú St., 12th Floor - CABA

 

Main business of the parent company: Investment company and provider of services related to the distribution of electricity, renewable energies and development of sustainable technology

 

Interest held by the parent company in capital stock and votes: 51%

 

CAPITAL STRUCTURE

AS OF SEPTEMBER 30, 2026

(amounts stated in pesos)

Class of shares    Subscribed and paid-in
(See Note 21) 
Common, book-entry shares, face value 1 and 1 vote per share    
Class A        462,292,111
Class B (1)        442,566,330
Class C (2)           1,596,659
         906,455,100

 

(1)Includes 30,772,779 treasury shares as of September 30, 2026.
(2)Relates to the Employee Stock Ownership Program Class C shares (Note 21).

 

 

 

 

 

 

4 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

edenor

Condensed Interim Consolidated Statement of Comprehensive Income

for the nine and three-month period ended September 30, 2026

presented in comparative form

(Stated in millions of constant pesos – Note 3)

 

 

       Nine months at     Three months at 
  Note   09.30.26   09.30.25   09.30.26   09.30.25
                   
Revenue 8          3,051,244          2,824,769          1,122,720             987,806
Energy purchases 8        (1,825,722)        (1,671,083)           (688,346)           (573,569)
Distribution margin     1,225,522   1,153,686   434,374   414,237
Transmission and distribution expenses 9           (498,627)           (529,350)           (166,143)           (146,796)
Gross profit     726,895   624,336   268,231   267,441
                   
Selling expenses 9           (244,370)           (226,906)             (91,664)             (79,318)
Administrative expenses 9           (243,386)           (278,811)             (90,180)           (116,614)
Other operating income 10               95,312               63,729               30,351               29,043
Other operating expense 10             (26,294)             (50,117)             (10,298)             (16,701)
Result from interest in joint ventures                       24                   (94)                        -                   (18)
Operating result               308,181             132,137             106,440               83,833
                   
Agreement on the Regularization of Obligations 2.b                        -             265,941                        -               28,223
                   
Financial income 11                 9,347                   580                 3,691                   339
Financial costs 11           (277,303)           (270,181)           (103,178)             (74,680)
Other financial results 11             (43,170)           (120,854)             (19,249)             (57,719)
Net financial costs             (311,126)           (390,455)           (118,736)           (132,060)
                   
Monetary gain (RECPAM)               277,270             279,742               70,435               75,628
                   
Income before taxes               274,325             287,365               58,139               55,624
                   
Income tax  28             (64,858)             (48,056)             (14,942)               (1,442)
Income for the period               209,467             239,309               43,197               54,182
                   
                   
Comprehensive income for the period attributable to:                  
Owners of the parent                209,467             239,309               43,197               54,182
Comprehensive income for the period               209,467             239,309               43,197               54,182
                   
                   
Basic and diluted income per share:                  
Income per share (argentine pesos per share) 12               239.39               273.50                 49.37                 61.92

 

 

The accompanying notes are an integral part of the Condensed Interim Consolidated Financial Statements.

 

5 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

edenor

Condensed Interim Consolidated Statement of Financial Position

as of September 30, 2026 presented in comparative form

(Stated in millions of constant pesos – Note 3)

 

 

  Note    09.30.26     12.31.25 
ASSETS          
Non-current assets           
Property, plant and equipment 13                 5,179,413                 5,110,974
Interest in joint ventures                             274                           250
Right-of-use asset 14                      11,886                      13,118
Other receivables 16                        1,364                           650
Financial assets at fair value through profit or loss 19                      55,988                      66,375
Total non-current assets                   5,248,925                 5,191,367
           
Current assets          
Inventories 15                    274,454                    288,447
Other receivables 16                    159,308                      42,633
Trade receivables 17                    551,903                    613,553
Financial assets at amortized cost 18                      68,662                      29,091
Financial assets at fair value through profit or loss 19                    771,582                    699,363
Cash and cash equivalents 20                 1,006,452                    256,147
Total current assets                   2,832,361                 1,929,234
TOTAL ASSETS                   8,081,286                 7,120,601

 

 

 

 

 

 

6 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

 

edenor

Condensed Interim Consolidated Statement of Financial Position

as of September 30, 2026 presented in comparative form (continued)

(Stated in millions of constant pesos – Note 3)

 

  Note    09.30.26     12.31.25 
EQUITY          
Share capital and reserve attributable to the owners of the Company           
Share capital 21                           875                           875
Adjustment to share capital 21                 1,208,033                 1,208,033
Treasury stock 21                             31                             31
Adjustment to treasury stock 21                      25,848                      25,848
Additional paid-in capital 21                      16,797                      16,797
Cost treasury stock                     (98,960)                   (98,960)
Legal reserve                      120,578                    105,789
Voluntary reserve                   1,482,253                 1,201,263
Other comprehensive loss                       (7,167)                     (7,167)
Accumulated profits                      209,467                    295,779
TOTAL EQUITY                   2,957,755                 2,748,288
           
LIABILITIES          
Non-current liabilities          
Trade payables 23                        6,892                        6,158
Other payables 24                    342,293                    417,526
Borrowings 25                 1,971,137                    871,072
Deferred revenue 26                    163,753                    172,194
Salaries and social security payable 27                      10,099                      13,006
Benefit plans                        19,910                      20,983
Deferred tax liability 28                    971,136                 1,039,259
Provisions 30                      29,897                      29,680
Total non-current liabilities                   3,515,117                 2,569,878
Current liabilities          
Trade payables 23                    734,561                    694,875
Other payables 24                    139,162                    156,635
Borrowings 25                    473,811                    593,125
Deferred revenue 26                        5,026                           931
Salaries and social security payable 27                      78,927                    108,461
Benefit plans                          2,010                        2,485
Income tax payable 28                      85,697                    115,753
Tax liabilities 29                      66,682                      99,875
Provisions 30                      22,538                      30,295
Total current liabilities                   1,608,414                 1,802,435
TOTAL LIABILITIES                   5,123,531                 4,372,313
           
TOTAL LIABILITIES AND EQUITY                   8,081,286                 7,120,601

 

 

The accompanying notes are an integral part of the Condensed Interim Consolidated Financial Statements.

 

 

 

 

 

7 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

edenor

Condensed Interim Consolidated Statement of Changes in Equity

for the nine-month period ended September 30, 2026

presented in comparative form

(Stated in millions of constant pesos – Note 3)

 

 

  Share capital   Adjustment to share capital   Treasury stock   Adjustment to treasury stock   Additional paid-in capital   Cost treasury stock   Legal reserve   Voluntary reserve    Other comprehen- sive results    Accumula- ted (losses) profits   Total equity
Balance at December 31, 2024 875   1,208,033   31   25,848   16,797   (98,960)   83,659   810,149   (8,581)   413,244   2,451,095
Ordinary Shareholders’ Meeting held on April 28, 2025: Appropiation of reserves -   -   -   -   -   -   22,130   391,114   -   (413,244)   -
Income for the nine-month period -   -   -   -   -   -   -   -   -   239,309   239,309
Balance at September 30, 2025 875   1,208,033   31   25,848   16,797   (98,960)   105,789   1,201,263   (8,581)   239,309   2,690,404
                                           
Other comprehensive results -   -   -   -   -   -   -   -   1,414   -   1,414
Income for the complementary three-month period -   -   -   -   -   -   -   -   -   56,470   56,470
Balance at December 31, 2025 875   1,208,033   31   25,848   16,797   (98,960)   105,789   1,201,263   (7,167)   295,779   2,748,288
                                           
Ordinary Shareholders’ Meeting held on April 29, 2026: Appropiation of reserves (Note 32)                    -                        -                     -                        -                        -                       -             14,789            280,990                        -          (295,779)   -
Income for the nine-month period                    -                        -                     -                        -                        -                       -                      -                       -                        -             209,467   209,467
Balance at September 30, 2026 875   1,208,033   31   25,848   16,797   (98,960)   120,578   1,482,253   (7,167)   209,467   2,957,755

 

The accompanying notes are an integral part of the Condensed Interim Consolidated Financial Statements.

 

8 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

edenor

Condensed Interim Consolidated Statement of Cash Flows

for the nine-month period ended September 30, 2026

presented in comparative form

(Stated in millions of constant pesos – Note 3)

 

  Note   09.30.26   09.30.25
Cash flows from operating activities          
Income for the period                209,467              239,309
           
Adjustments to reconcile net (loss) income to net cash flows from operating activities:          
Depreciation of property, plant and equipment 13              191,679              181,381
Depreciation of right-of-use assets 14                 6,273                 7,180
Loss on disposals of property, plant and equipment 13                 3,647                 7,263
Net accrued interest 11              256,129              262,994
Income from customer surcharges 10             (27,043)             (27,885)
Exchange difference 11               25,825               64,776
Income tax 28               64,858               48,056
Allowance for the impairment of trade and other receivables 9               27,040               28,543
Adjustment to present value of receivables 11                 2,867                 4,229
Provision for contingencies 30               17,013               27,863
Recovery of penalties 10                        -             (22,022)
Changes in fair value of financial assets and financial liabilities 11             (56,285)             (30,779)
Accrual of benefit plans 9                 4,588                 7,260
Net loss from the cancelattion of Corporate Notes 11                 5,414                      65
Loss on integration in kind of Corporate Notes 11                 1,709                        -
Income from non-reimbursable customer contributions 10               (4,064)               (1,489)
Result from interest in joint ventures                      (24)                      94
Agreement on the Regularization of Obligations 2.b                        -            (265,941)
Monetary gain (RECPAM)              (277,270)            (279,742)
Changes in operating assets and liabilities:           
Increase in trade receivables                (68,188)            (165,163)
Decrease in other receivables                  35,774               47,320
Decrease (Increase) in inventories                 13,189             (33,973)
Increase in deferred revenue                 10,113               24,219
Increase (Decrease) in trade payables                 51,427            (404,233)
Decrease in salaries and social security payable                 (9,221)               (1,309)
Decrease in benefit plans                 (1,652)                  (164)
(Decrease) Increase in tax liabilities               (89,168)                 2,471
(Decrease) Increase in other payables               (25,490)              466,323
Decrease in provisions 30             (12,114)               (5,139)
Payment of income tax payable              (112,481)                        -
Net cash flows generated by operating activities                244,012              181,507

 

 

 

9 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

edenor

Condensed Interim Consolidated Statement of Cash Flows

for the nine-month period ended September 30, 2026

presented in comparative form (continued)

(Stated in millions of constant pesos – Note 3)

 

  Note   09.30.26   09.30.25
Cash flows from investing activities          
Payment of property, plant and equipment              (242,229)            (333,635)
(Purchase) Sale net of Mutual funds and negotiable instruments            (157,492)               36,174
Advance paid for the acquisition of shares 33            (118,816)                        -
Payment for the acquisition of minority interest                          -             (40,978)
Net cash flows used in investing activities              (518,537)            (338,439)
           
Cash flows from financing activities          
Proceeds from borrowings             1,686,281              393,775
Payment of borrowings              (572,035)            (100,858)
Payment of lease liability 24               (7,281)             (12,777)
Payment of interests from borrowings              (106,241)             (56,389)
Payment of Corporate Notes issuance expenses               (51,599)               (4,471)
Cancelattion of Corporate Notes                 (5,414)               (4,403)
Net cash flows generated by financing activities                943,711              214,877
           
Increase in cash and cash equivalents     669,186   57,945
           
Cash and cash equivalents at the beginning of the year 20              174,474             (51,315)
Exchange difference in cash and cash equivalents                 25,371               14,736
Result from exposure to inflation               (11,277)                  (668)
Increase in cash and cash equivalents                669,186               57,945
Cash and cash equivalents at the end of the period 20   857,754   20,698
           
           
Supplemental cash flows information          
Non-cash activities          
Adquisition of advances to suppliers, property, plant and equipment through increased trade payables               (21,536)             (43,852)
           
Adquisition of advances to suppliers, right-of-use assets through increased other payables                 (5,041)               (3,302)

 

 

The accompanying notes are an integral part of the Condensed Interim Consolidated Financial Statements.

 

 

10 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

Note1 |        General information

 

Empresa Distribuidora y Comercializadora Norte S.A. (hereinafter “edenor” or “the Company”) is a corporation (sociedad anónima) organized under the laws of the Argentine Republic, with legal address at 6363 Av. Del Libertador Ave - City of Buenos Aires, Argentina, whose shares are listed on ByMA, traded on the MAE and the NYSE.

 

The Company’s corporate purpose is to engage in the provision of electricity distribution and sale services within the concession area and under the terms of the Concession Agreement by which this public service is regulated. The Company may also provide and/or sale telecommunication services; subscribe or acquire shares of other companies; hold equity interests in other companies engaged in activities related to the distribution and sale of electric power and/or the generation of electric power, whether renewable or conventional, critical minerals, digitalization, and/or artificial intelligence; provide advisory, training, operation and maintenance, consulting and management, and research and analysis services; as well as assign, for valuable consideration or free of charge, specialized know-how acquired in the development of its business activities.

 

The Company’s economic and financial situation

 

Throughout this nine-month period, the Company’s financial performance maintained the improving trend evidenced in the last few fiscal years. Since 2024, the electricity rate increases, including the approval of the 2025-2030 Electricity Rate Review, have helped restore the Company's capital and financial position.

 

Furthermore, and taking into consideration the expansion of the corporate purpose carried out in 2024, aimed at providing greater flexibility and actively capturing new business opportunities arising from the energy transition and sustainable mobility, the Company is currently acquiring and continuously evaluating other energy assets in accordance with its strategic plan to diversify, expand, and capitalize on opportunities in the energy sector, with the aim of strengthening its position in the energy industry and realizing long-term growth opportunities, including the potential acquisition—whether direct or indirect by the Company—of businesses in the power, electricity transmission, and hydrocarbons sectors, including complementary assets in the sale, final refining, and/or distribution (downstream) of hydrocarbons, oil, and their derivatives, as well as in the distribution and sale of natural gas.

 

In this regard, on August 10, 2026, YPF S.A. accepted the Company’s offer for the majority stake in Metrogas S.A. (Note 33). The Company believes that this acquisition will complement its existing operations, allow it to diversify into the natural gas distribution sector, and enable it to benefit from the creation of synergies across its regulated public utility operations in Argentina.

 

Additionally, in October 2026, Edenor Inversiones SAU was incorporated for the purpose of acquiring and managing equity interests in other companies, providing strategic services to those in which it holds an interest, and granting financing using its own funds, among other purposes.

 

Furthermore, Law No. 27,828 was enacted, which provides for the Economic and Financial Self-Sufficiency of the MEM and recognizes contingent credits in favor of the Company for revenues it would have been entitled to receive had the terms of its concession agreement been fulfilled (Note 2.b).

 

Finally, taking into consideration the impact of the electricity rate adjustments implemented, the results of operations for the period continue to reflect an improvement in the Company’s operational and financial performance. Within this framework, the Company has continued to make the investments necessary to maintain grid reliability and enhance service quality through technology and innovation, aimed at more efficient energy use.

 

11 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

 

Note2 |        Regulatory framework

 

At the date of issuance of these condensed interim consolidated financial statements, there exist the following changes with respect to the situation reported by the Company in the Consolidated Financial Statements as of December 31, 2025:

 

a)Electricity rate situation

 

During this period, the periodic monthly rate adjustments continued, applying the regulatory inflation-adjustment formula for the CPD (33% based on the IPC and 67% based on the IPIM), plus 0.42% above inflation in real terms. The following resolutions changed the situation reported in the Consolidated Financial Statements as of December 31, 2025, in connection with the Company’s electricity rate schedules and the seasonal reference prices (Stabilized Price of Energy and Reference Price for Capacity):

 

Resolution Date What it approves Effective as from VAD
ENRE No. 198/2026 March 30, 2026 Electricity rate schedules April 1 2.04%
SE No. 109/2026 April 30, 2026 Seasonal reference prices (1) May 1 -
ENRE No. 243/2026 May 4, 2026 Electricity rate schedules May 1 4.10%
ENReGE No. 26/2026 May 28, 2026 Electricity rate schedules June 1 4.75%
SE No. 151/2026 June 30, 2026 Seasonal reference prices July 1 -
ENReGE No. 206/2026 June 30, 2026 Electricity rate schedules July 1 2.95%
SE No. 190/2026 July 30, 2026 Seasonal reference prices August 1 -
ENReGE No. 375/2026 July 30, 2026 Electricity rate schedules August 1 1.78%
SE No. 222/2026 August 31, 2026 Seasonal reference prices September 1 -
ENReGE No. 534/2026 August 31, 2026 Electricity rate schedules September 1 1.67%
ENReGE No. 708/2026 September 30, 2026 Electricity rate schedules October 1 2.41%
SE No. 305/2026 October 29, 2026 Seasonal reference prices (2) November 1 -
ENReGE No. 886/2026 October 29, 2026 Electricity rate schedules November 1 3.18%

 

(1)It approves the Winter Seasonal Programming for the MEM, May 2026-October 2026 period.
(2)It approves the Winter Seasonal Programming for the MEM, November 2026-April 2027 period.

 

Furthermore, on May 4, 2026, by means of Executive Order No. 318/2026, the PEN appointed the board of directors of the new Gas and Electricity Regulatory Authority (ENReGE), and, accordingly, by means of Resolution No. 1/2026, the ENReGE resolved to approve the agency’s temporary organizational structure. Under the current legal framework, the new agency replaces and assumes the functions previously performed by the ENRE and the ENARGAS, which were responsible for the regulation and oversight of electricity and piped natural gas public services.

 

b)Agreements on the Regularization of Payment Obligations with CAMMESA – Debt for the purchase of energy in the MEM

 

On October 13, 2026, Law No. 27,828 was enacted, providing for the economic and financial self-sufficiency of the MEM and the recognition of any contingent credits in favor of the Company. To this end, the Federal Government will determine the adjusted differences between (i) the revenues received by distributors and transmitters under federal jurisdiction, including the Company, pursuant to the emergency laws enacted regarding electricity rates, which have been neither included in the different debt regularization agreements nor waived by those distributors or transmitters; and (ii) the revenues they would have been entitled to receive had the respective concession agreements been applied.

 

 

 

 

 

12 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

Once these differences have been determined, the Federal Government will instruct CAMMESA to apply the full amount of any contingent credit toward the settlement of payment obligations the distributors may have with CAMMESA for energy purchases in the MEM, provided that such payment obligations are included in payment agreements signed in the framework of debt regularization plans. The application of this mechanism will be subject to the distributors waiving all judicial and administrative claims related to the effects of the declared emergencies.

 

As of September 30, 2026, the outstanding balances relating to: (i) the Payment plan signed on December 29, 2022; (ii) the Payment plan signed on July 28, 2023 and converted from MWh into Argentine pesos on May 21, 2025; and (iii) the Payment plan signed on the previously mentioned date amount to $ 95,336, $ 108,685 and $ 183,006, respectively, and have been disclosed in the current and non-current Other payables account within the Statement of Financial position.

 

At the date of issuance of these condensed interim consolidated financial statements, the aforementioned payment plans fall within the scope of Law No. 27,828, with the determination of the final differences and the implementation of the credit for the subsequent settlement of the plans being pending. Accordingly, no effects were recognized in these Condensed Interim Consolidated Financial Statements.

 

c)Framework Agreement

 

On March 19, 2026, the Company and the Federal Government entered into a new agreement on the recognition of electricity consumption in vulnerable neighborhoods of the Province of Buenos Aires for the 2024-2026 period. This consumption represents 57.53% of the total consumption to be jointly recognized by the Federal Government and the Province. In this regard, the aforementioned consumption is supplied at the cost of energy, transmission and the FNEE, excluding the VAD.

 

The above-mentioned agreement sets forth the recognized consumption amounts for the year 2024 and the 2025 January-October period, totaling $ 7,708 and $ 12,938, respectively; the offsetting thereof against the invoice for energy purchases from the MEM; the recognition of the Federal Government’s obligation to pay for consumption of the subsequent months of 2025 and 2026 and the carrying out by the Company of certain works in accordance with the annual investment plan. On May 13 and September 3, 2026, respectively, CAMMESA offset the previously mentioned amounts against the invoice for energy purchases from the MEM.

 

Furthermore, on June 22, 2026, the Company and the Province of Buenos Aires entered into an identical agreement on the recognition of electricity consumption in vulnerable neighborhoods of the Province of Buenos Aires, representing the remaining 42.47% of the total consumption for the 2024 period, for an amount of $ 5,450, payable in four bimonthly installments, the first three of which were paid on July 13, August 19 and October 30, 2026, totaling $ 4,088. Furthermore, the Company reiterated its request to the Infrastructure Ministry of the Province of Buenos Aires to have the recognition for the 2025–2026 periods formalized, as was the case with the Federal Government.

 

Additionally, and with regard to the Federal Government’s obligation to pay for the subsequent months of 2025 and 2026, on August 26, 2026, the Company recognized consumption for the November 2025-April 2026 and May-September 2026 periods, amounting to $ 2,991 and $ 6,127, respectively. On October 9, 2026, the offsetting by CAMMESA of the amount corresponding to the November 2025-April 2026 period was carried out.

 

As of September 30, 2026, the Company has recognized income of $ 38,242 in respect of the matters described above, which is disclosed in the Other operating income account, within the Statement of Comprehensive Income.

 

 

13 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

 

Note3 |        Basis of preparation

 

These condensed interim consolidated financial statements for the nine-month period ended September 30, 2026 have been prepared in accordance with the provisions of IAS 34 “Interim Financial Reporting”. They were approved for issue by the Company’s Board of Directors on November 6, 2026.

 

By means of General Resolution No. 622/2013, the CNV provided for the application of Technical Resolution No. 26 of the FACPCE, which adopts the IFRS Accounting Standards issued by the IASB, for those entities that are included in the public offering system of Law No. 17,811, as amended, whether on account of their capital or their corporate notes, or have requested authorization to be included in the aforementioned system.

 

These condensed interim consolidated financial statements include all the necessary information in order for the users to properly understand the relevant facts and transactions that have occurred subsequent to the issuance of the last Consolidated Financial Statements for the year ended December 31, 2025 and until the date of issuance of these condensed interim consolidated financial statements. The Company’s Management estimates that they include all the necessary adjustments to fairly present the results of operations for each period. The results of operations for the nine and three-month period ended September 30, 2026 and its comparative period as of September 30, 2025 do not necessarily reflect the Company’s results in proportion to the full fiscal year. Therefore, the condensed interim consolidated financial statements should be read together with the audited Consolidated Financial Statements as of December 31, 2025 prepared under IFRS Accounting Standards.

 

The Company’s condensed interim consolidated financial statements are measured in pesos (the legal currency in Argentina), restated in accordance with that mentioned in this Note, which is also the presentation currency.

 

Comparative information

 

The balances as of December 31 and September 30, 2025, as the case may be, disclosed in these condensed interim consolidated financial statements for comparative purposes, arise as a result of restating the annual Consolidated Financial Statements and the Condensed Interim Consolidated Financial Statements as of those dates, respectively, to the purchasing power of the currency at September 30, 2026, as a consequence of the restatement of financial information described hereunder. Furthermore, certain amounts of the financial statements presented in comparative form have been reclassified in order to maintain consistency of presentation with the amounts of the current periods.

 

Restatement of financial information

 

The condensed interim consolidated financial statements, including the figures relating to the previous year/period, have been stated in terms of the measuring unit current at September 30, 2026, in accordance with IAS 29 “Financial reporting in hyperinflationary economies”, using the indexes published by the FACPCE. The inflation rate for the period of January 1, 2026 - September 30, 2026 was 23.6%.

 

 

 

 

 

 

 

14 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

 

 

Segment information

 

edenor‘s main activity consists of the provision of electricity distribution and sale services within the concession area. As of September 30, 2026, all the Company’s revenues, expenses, assets and liabilities are associated with a single operating and geographical segment. Accordingly, no additional disaggregation by business segment is presented, as internal management and decision-making are conducted based on a single segment.

 

The information disclosed in these condensed interim consolidated financial statements is presented in a single segment and refers to the entire Company.

 

Note4 |        Accounting policies

 

The accounting policies adopted for these condensed interim consolidated financial statements are consistent with those used in the Consolidated Financial Statements for the last financial year, which ended on December 31, 2025.

 

New accounting standards, amendments and interpretations issued by the IASB that are effective as of September 30, 2026 and have been adopted by the Company

 

- IFRS 7 “Financial Instruments: Disclosures” and IFRS 9 “Financial Instruments”, amended in May 2024. The amendments address matters identified during the post-implementation review of the classification and measurement requirements of financial instruments. The application of these amendments has had no impact on the Company’s results of operations or its financial position.

 

- Annual improvements to IFRS – Volume 11, issued in July 2024. It contains amendments to IFRS 1 “First-time adoption of IFRS”, IFRS 7 “Financial Instruments: Disclosures”, IFRS 9 “Financial Instruments”, IFRS 10 “Consolidated Financial Statements” and IAS 7 “Statement of Cash Flows”. The application of these amendments has had no impact on the Company’s results of operations or its financial position.

 

There are no new IFRS Accounting Standards or IFRIC applicable as from this period that have a material impact on the Company’s condensed interim consolidated financial statements.

 

New accounting standards, amendments and interpretations issued by the IASB that are not yet effective and have not been early adopted by the Company

 

In accordance with Title IV, Chapter III, Section 1 of CNV Regulations, the early adoption of IFRS and/or their amendments is not permitted, unless specifically allowed at the time of adoption.

 

- IFRS 18 “Presentation and disclosure in financial statements”, issued in April 2024. It includes new requirements for all entities applying IFRS for the presentation and disclosure of information in financial statements. It introduces three defined categories of income and expenses (operating, investing and financing) that modify the structure of the statement of profit or loss, and requires companies to present new defined subtotals, including operating profit or loss, in order to analyze the companies’ financial performance and facilitate comparison between companies. The standard requires companies to disclose explanations of those company-specific measures that are related to the statement of profit or loss, referred to as management-defined performance measures. It provides enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes. It requires that companies provide more transparency about operating expenses. The management-defined performance measures, as defined by IFRS 18, consist of measures that are subtotals of income and expenses. IFRS 18 does not require companies to provide management-defined performance measures but does require companies to explain them if they are provided.

 

15 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

IFRS 18 replaces IAS 1 “Presentation of financial statements” but carries forward many requirements from IAS 1 unchanged. IFRS 18 is effective for annual reporting periods beginning as from January 1, 2027, with early adoption permitted. In this regard, the Company is currently assessing the impact of IFRS 18 and expects significant changes in the presentation of the Statement of Comprehensive Income and its related notes.

 

- IFRS 19 “Subsidiaries without public accountability: Disclosures”, issued in May 2024. It specifies reduced disclosure requirements that an eligible entity is permitted to apply instead of the disclosure requirements in other IFRS. IFRS 19 is effective for annual reporting periods beginning as from January 1, 2027, with early adoption permitted. The Company does not expect the adoption of this standard to have any impact on its results of operations or financial position.

 

- IFRS 20 “Regulatory assets and regulatory liabilities”, issued in May 2026. It requires an entity subject to a regulatory agreement to recognize and provide information about its regulatory assets, regulatory liabilities, regulatory income and regulatory expense. IFRS 20 is effective for annual reporting periods beginning as from January 1, 2029. In this regard, the Company is currently assessing the impact of IFRS 20, and expects significant changes in the recognition and measurement of its regulatory assets and liabilities.

 

- IAS 21 “The effects of changes in foreign exchange rates”, amended in November 2025. It clarifies how companies should translate their financial statements from a non-hyperinflationary currency into a hyperinflationary one. The amendments are effective for annual reporting periods beginning as from January 1, 2027. The Company does not expect the adoption of these amendments to have any impact on its results of operations or financial position.

 

- IAS 28 “Investments in associates and joint ventures”, amended in June 2026. It clarifies which entities are eligible to measure investments using the fair value option. The amendments are effective for annual reporting periods beginning as from January 1, 2027. The Company does not expect the adoption of these amendments to have any impact on its results of operations or financial position.

 

 

Note5 |        Financial risk management

 

Note5.1 |        Financial risk factors

  

The Company’s activities and the market in which it operates expose the Company to a number of financial risks: market risk (including currency risk, cash flows interest rate risk, fair value interest rate risk and price risk), credit risk and liquidity risk.

 

Additionally, the Company could be exposed to difficulties in obtaining financing in international or domestic markets, which could affect certain business variables, such as interest rates, foreign currency exchange rates and the access to sources of financing.

 

With regard to the Company’s risk management policies, there have been no significant changes since the last fiscal year-end.

 

 

 

 

 

 

 

16 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

 

 

 

a.Market risks

 

i.Currency risk

 

As of September 30, 2026 and December 31, 2025, the Company’s balances in foreign currency are as follow:

    Currency    Foreign currency (in mill.)    Exchange rate (1)   09.30.26   12.31.25
           
ASSETS                    
CURRENT ASSETS                    
Other receivables   USD                87.1   1508.000              131,347                24,671
Financial assets at amortized cost   USD                 4.8   1508.000                  7,210                  5,543
Financial assets at fair value through profit or loss   USD              447.0   1508.000              674,081              641,626
Cash and cash equivalents   USD              559.9   1508.000              844,312              156,250
TOTAL CURRENT ASSETS                       1,656,950              828,090
TOTAL ASSETS                       1,656,950              828,090
                     
LIABILITIES                    
NON-CURRENT LIABILITIES                    
Borrowings   USD           1,280.3   1517.000           1,942,248              808,568
TOTAL NON-CURRENT LIABILITIES                       1,942,248              808,568
CURRENT LIABILITIES                    
Trade payables   USD                26.3   1517.000                39,900                40,655
    EUR                 0.1   1721.795                    109                  1,060
Borrowings   USD              131.8   1517.000              199,958              329,658
TOTAL CURRENT LIABILITIES                          239,967              371,373
TOTAL LIABILITIES                       2,182,215           1,179,941

 

(1)The exchange rates used are the BNA exchange rates in effect as of September 30, 2026 for United States dollars (USD) and Euros (EUR).

 

 

ii.Fair value estimate

 

The Company classifies the measurements of financial instruments at fair value using a fair value hierarchy that reflects the relevance of the variables used for carrying out such measurements. The fair value hierarchy has the following levels:

 

· Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.


· Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from the prices).


· Level 3: inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).

 

17 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

The table below shows the Company’s financial assets measured at fair value as of September 30, 2026 and December 31, 2025:

     LEVEL 1     LEVEL 3 
         
At September 30, 2026        
Assets        
Other receivables        
Assigned assets and in custody                 10,130                       -   
Financial assets at fair value through profit or loss:        
Negotiable instruments               187,434                       -   
Mutual funds               584,148                       -   
Shares                       -                    55,988
Cash and cash equivalents:        
Mutual funds               257,352                       -   
Total assets            1,039,064                 55,988
         
         
         
     LEVEL 1     LEVEL 3 
At December 31, 2025        
Assets        
Other receivables        
Assigned assets and in custody                 21,736                         -
Financial assets at fair value through profit or loss:        
Negotiable instruments               161,797                         -
Mutual funds               537,566                         -
Shares                         -                 66,375
Cash and cash equivalents        
Mutual funds                 74,867                         -
Total assets               795,966                 66,375

 

As of September 30, 2026, the Company has investments in equity instruments relating to minority interests in unlisted companies, engaged in the development of early-stage mining projects. As there is no active market for these shares, their fair value was classified within Level 3 of the hierarchy established by IFRS 13.

 

The fair value of these investments was determined on the basis of valuation reports prepared by independent experts, using a market approach based on recent comparable transactions involving properties at similar exploration stages, adjusted for specific conditions, such as location, degree of geological development, and macroeconomic environment. The applied method consisted of using per-hectare multiples, weighted according to the aforementioned factors.

 

Significant unobservable variables

 

Among the key unobservable inputs included in the valuation, the following stand out:

 

- Market value per hectare adjusted for geological prospectivity.

- Project development stage (pre-exploration or initial exploration).

- Exclusion of transactions in non-applicable geographic regions.

 

 

 

 

 

18 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

The properties comprise projects at the initial stage of exploration in the lithium, copper, and gold sectors, located in regions with high mining activity and strong discovery potential, such as the province of Catamarca (mountain range area and western salt flats) and border areas between Argentina and Chile. Due to the fact that most of these properties show little or no exploration development, and that there is no active market for this type of assets, their valuation was determined based on third-party comparable transactions carried out over the last five years. These transactions were adjusted according to the exploration stage, location, and other particular conditions of each project.

 

For lithium-related properties, mainly located in salt flats and brine areas, reference values range from USD 80 to USD 985 per hectare, taking into account geological prospectivity and the limited available information. As for copper and gold projects, located in areas with early exploration activity and high potential but without defined resources, the range considered varies between USD 200 and USD 1,000 per hectare, using comparable transactions in the region as a reference.

 

Sensitivity

 

Due to the fact that the fair value estimate is subject to significant uncertainties arising from the absence of an active market for these assets, reasonable changes in the variables used (for example, variations in reference multiples or in the assessment of the geological potential) could significantly impact the value assigned to the investments (Note 19).

 

iii.Interest rate risk

 

Interest rate risk is the risk of fluctuation in the fair value or cash flows of an instrument due to changes in market interest rates. The Company’s exposure to interest rate risk is mainly related to its long-term debt obligations.

 

Indebtedness at floating rates exposes the Company to interest rate risk on its cash flows. Indebtedness at fixed rates exposes the Company to interest rate risk on the fair value of its liabilities. As of September 30, 2026, with the exception of the bank loans in Argentine pesos (Note 25), all loans were obtained at fixed interest rates. The Company’s policy is to keep the largest percentage of its indebtedness in instruments that accrue interest at fixed rates.

 

Note6 |        Critical accounting estimates and judgments

 

The preparation of the condensed interim consolidated financial statements requires the Company’s Management to make estimates and assessments concerning the future, exercise critical judgment and make assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities and revenues and expenses. 

 

These estimates and judgments are permanently evaluated and are based upon past experience and other factors that are reasonable under the existing circumstances. Future actual results may differ from the estimates and assessments made at the date of preparation of these condensed interim consolidated financial statements.

 

In the preparation of these condensed interim consolidated financial statements, there were no changes in either the critical judgments made by the Company when applying its accounting policies or the sources of estimation uncertainty used with respect to those applied in the Consolidated Financial Statements for the year ended December 31, 2025, except for the following:

 

 

 

 

 

 

19 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

a.Impairment of long-lived assets

 

During the third quarter of 2026, the Company updated its assumptions and estimates used in the preparation of its projected future cash flows, including the following: (i) nature, timing, and modality of the electricity rate increases; (ii) demand for electricity projections; (iii) development of the costs to be incurred; (iv) investment needs in line with the service quality levels required by the regulatory authority; and (v) macroeconomic variables, such as growth rates, inflation rates and foreign currency exchange rates. The other variables have a low impact on the calculation and have been estimated by the Company using the best available information. Additionally, such projections were discounted using a rate that reflects current market conditions and the risks specific to the Company, for the purpose of assessing the recoverability of its carrying amount as of September 30, 2026.

 

As of the date of these condensed interim consolidated financial statements, the Company has recorded no additional impairments of property, plant and equipment.

 

Note7 |        Contingencies and lawsuits

 

The provision for contingencies has been recorded to face situations existing at the end of each period that may result in a loss for the Company if one or more future events occurred or failed to occur.

 

At the date of issuance of these condensed interim consolidated financial statements, there are no significant changes with respect to the situation reported by the Company in the Consolidated Financial Statements as of December 31, 2025, except for the following:

 

-Summary Proceedings concerning a sua sponte tax assessment by ARCA – Personal Assets Tax – Resolutions Nos. 154/2025, 180/2026 and 204/2026 (DV RRGC)

 

The Tax Collection and Customs Control Agency (“ARCA”) issued a sua sponte deficiency assessment on the Personal Assets Tax – Shares and Equity Interests for the 2019/2021 Fiscal Periods. This tax is assessed on shares or equity interests, and companies act as substitute taxpayers before the Tax Authority.

 

The sua sponte deficiency assessment issued by ARCA stems from differences in criteria concerning the determination of the taxable base for the Personal Assets Tax – Shares and Equity Interests. The Company believes that the tax return duly filed conformed to applicable regulations, and that there are solid technical and legal grounds to challenge the purported tax adjustment. Consequently, it filed an appeal before the National Tax Court, with the merits of the claim remaining in dispute.

 

For subsequent fiscal periods, the applicable system has been subject to regulatory amendments and clarifications that help specify the tax determination methodology. However, those amendments do not affect the position of the Company, which reaffirms that the tax returns duly filed were prepared in accordance with the regulations in effect during each period.

  

 

20 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

Note8 |        Revenue from sales and energy purchases

 

We provide below a brief description of the main services provided by the Company:

 

Sales of electricity

Small demand segment: Residential use and public lighting (T1) Relates to the highest demand average recorded over 15 consecutive minutes that is less than 10 kilowatts. In turn, this segment is subdivided into different residential categories based on consumption. This segment also includes a subcategory for public lighting. Users are categorized by the Company according to their consumption.
Medium demand segment: Commercial and industrial customers (T2) Relates to the highest demand average recorded over 15 consecutive minutes that is equal to or greater than 10 Kilowatts but less than 50 Kilowatts. The Company agrees with the user the supply capacity.
Large demand segment (T3) Relates to the highest demand average recorded over 15 consecutive minutes that is greater than 50 Kilowatts. In turn, this segment is subdivided into categories according to the supply voltage -low, medium or high-, from voltages of up to 1 Kilovolt to voltages greater than 66 Kilovolts.

Other: (Shantytowns/

Wheeling system)

 Revenue is recognized in the period in which the service provided to certain shantytowns is accrued. In the case of the service related to the Wheeling system, revenue is recognized when the Company allows third parties (generators and large users) to access the available transmission capacity within its distribution system upon payment of a wheeling fee.

 

The KWh price relating to the Company’s sales of electricity is determined by the ENReGE by means of the periodic publication of electricity rate schedules (Note 2.a), for those distributors that are regulated by the aforementioned Regulatory Authority, based on the rate setting and adjustment process set forth in the Concession Agreement.

 

 

Other services

Right of use of poles Revenue is recognized to the extent that the rental value of the right of use of the poles used by the Company’s electricity network has been agreed upon for the benefit of third parties.
Connection and reconnection charges Relate to revenue accrued for the carrying out of the electricity supply connection of new customers or the reconnection of already existing users.

 

 

21 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

 

Energy purchases

Energy purchase The Company bills its users for the cost of its energy purchases, which includes energy and capacity charges. The Company purchases electricity at seasonal prices approved by the SE. The Company’s electricity price reflects transmission costs and other regulatory charges.

Energy

losses

 Energy losses are equivalent to the difference between energy purchased and energy sold. These losses can be classified into technical and non-technical losses. Technical losses represent the energy lost during transmission and distribution within the network as a consequence of the natural heating of the conductors and transformers that carry electricity from power generation plants to users. Non-technical losses represent the remainder of the Company’s energy losses and are mainly due to the illegal use of its services or the theft of energy. Energy losses require that the Company purchase additional energy in order to meet the demand and its Concession Agreement allows it to recover from its users the cost of these purchases up to a loss factor specified in its concession for each rate category. The current loss factor recognized in the electricity rate by virtue of its concession amounts approximately to 10%.

 

 

    09.30.26   09.30.25
    GWh   $   GWh   $
Sales of electricity                
Small demand segment: Residential use and public lighting (T1)          10,277          1,956,123          10,245         1,857,829
Medium demand segment: Commercial and industrial (T2)            1,183             363,665            1,153            332,624
Large demand segment (T3)            2,498             633,995            2,578            555,428
Other: (Shantytowns/Wheeling system)
            3,661               83,462            3,596              65,529
Subtotal - Sales of electricity          17,619          3,037,245          17,572         2,811,410
                 
Other services                
Right of use of poles                   11,742                  11,207
Connection and reconnection charges                     2,257                    2,152
Subtotal - Other services                   13,999                  13,359
Total - Revenue              3,051,244             2,824,769
                 
                 
                 
    09.30.26   09.30.25
    GWh   $   GWh   $
                 
Energy purchases (1)         21,129         (1,825,722)         20,858         (1,671,083)

 

(1)As of September 30, 2026 and 2025, the cost of energy purchases includes technical and non-technical energy losses for 3,510 GWh and 3,286 GWh, respectively.

 

22 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

Note9 |        Expenses by nature

 

The detail of expenses by nature is as follows:

 

Expenses by nature at 09.30.26
 Description     Transmission and distribution expenses     Selling expenses     Administrative expenses     Total 
Salaries and social security taxes                 178,381                   19,604                 48,851              246,836
Pension plans                    3,316                       364                      908                  4,588
Communications expenses                    9,357                   10,328                      162                19,847
Allowance for the impairment of trade and other receivables                           -                   27,040                          -                27,040
Supplies consumption                   25,986                            -                   4,329                30,315
Leases and insurance                      3,377                         41                 10,170                13,588
Security service                  19,150                     1,633                   1,298                22,081
Fees and remuneration for services                102,177                   77,315               109,633              289,125
Public relations and marketing                           -                     5,212                          -                  5,212
Advertising and sponsorship                            -                     2,685                          -                  2,685
Reimbursements to personnel                            -                            -                       12                      12
Depreciation of property, plant and equipment              150,777                   22,468                 18,434              191,679
Depreciation of right-of-use asset                     627                     1,255                   4,391                  6,273
Directors and Supervisory Committee
members’ fees 		                         -                            -                   1,190                  1,190
ENRE penalties                    5,451                   13,225                          -                18,676
Taxes and charges                            -                   63,198                 43,451              106,649
Other                        28                           2                      557                    587
At 09.30.26                498,627                 244,370               243,386              986,383

 

The expenses included in the chart above are net of the Company’s own expenses capitalized in property, plant and equipment as of September 30, 2026 for $ 35,972.

 

Expenses by nature at 09.30.25
 Description     Transmission and distribution expenses     Selling expenses     Administrative expenses     Total 
Salaries and social security taxes                 177,270                   21,071                 50,178              248,519
Pension plans                    5,178                       616                   1,466                  7,260
Communications expenses                    8,963                   10,400                      398                19,761
Allowance for the impairment of trade and other receivables                           -                   28,543                          -                28,543
Supplies consumption                   38,394                            -                   3,496                41,890
Leases and insurance                      3,341                         55                 11,387                14,783
Security service                  30,702                       826                   2,123                33,651
Fees and remuneration for services                111,749                   65,570               134,117              311,436
Public relations and marketing                           -                     5,844                          -                  5,844
Advertising and sponsorship                            -                     3,011                          -                  3,011
Reimbursements to personnel                            -                            -                       12                      12
Depreciation of property, plant and equipment              142,672                   21,262                 17,447              181,381
Depreciation of right-of-use asset                       728                     1,457                   4,995                  7,180
Directors and Supervisory Committee
members’ fees 		                         -                            -                      844                    844
ENRE penalties                  10,323                   13,885                          -                24,208
Taxes and charges                            -                   54,358                 51,599              105,957
Other                        30                           8                      749                    787
At 09.30.25                529,350                 226,906               278,811           1,035,067

 

The expenses included in the chart above are net of the Company’s own expenses capitalized in property, plant and equipment as of September 30, 2025 for $ 37,126.

 

23 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

Note10 |        Other operating income (expense), net

 

  Note   09.30.26   09.30.25
Other operating income          
Income from customer surcharges                         27,043                     27,885
Commissions on municipal taxes collection                           3,158                       2,920
Fines to suppliers                              4,749                       2,173
Services provided to third parties                         15,478                       6,064
Recovery of penalties                                  -                     22,022
Income from non-reimbursable customer
contributions		                           4,064                       1,489
Expense recovery                           1,410                          377
Framework agreement 2.c                       38,242                          489
Disposals of property, plant and equipment                             139                               -
Other                           1,029                          310
Total other operating income                         95,312                     63,729
           
Other operating expense          
Gratifications for services                        (3,582)                   (13,159)
Cost for services provided to third parties                        (1,459)                     (1,153)
Severance paid                            (243)                        (197)
Provision for contingencies 30                    (17,013)                   (27,863)
Disposals of property, plant and equipment                                 -                     (5,960)
Other                        (3,997)                     (1,785)
Total other operating expense                      (26,294)                   (50,117)

Note11 |     Net finance costs

 

    09.30.26   09.30.25
Financial income        
Interest from assigned assets and placements     9,347   580
Total financial income     9,347   580
           
Financial costs        
Commercial interest     (62,278)   (149,517)
Borrowings interest     (188,038)   (102,248)
Penalties interest     (3,508)   (882)
Fiscal interest and other     (11,652)   (10,927)
Bank fees and expenses     (11,827)   (6,607)
Total financial costs     (277,303)   (270,181)
           
Other financial results        
Changes in fair value of financial assets     56,285   42,891
Changes in fair value of financial liabilities     -   (12,112)
Loss on integration in kind of Corporate Notes     (1,709)   -
Net loss from the cancelattion of Corporate Notes     (5,414)   (65)
Exchange differences     (25,825)   (64,776)
Adjustment to present value of receivables     (2,867)   (4,229)
Other financial costs (*)     (63,640)   (82,563)
Total other financial results     (43,170)   (120,854)
Total net financial costs     (311,126)   (390,455)

 

(*) As of September 30, 2026 and 2025, $ 63,640 and $ 63,595, respectively, relate to technical assistance from Empresa de Energía del Cono Sur S.A.

 

24 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

Note12 |        Basic and diluted earnings per share

 

Basic

 

The basic earnings per share are calculated by dividing the profit attributable to the holders of the Company’s equity instruments by the weighted average number of common shares outstanding as of September 30, 2026 and 2025, excluding common shares purchased by the Company and held as treasury shares.

 

The basic earnings per share coincide with the diluted earnings per share, inasmuch as there exist neither preferred shares nor Corporate Notes convertible into common shares.

 

 

    Nine months at   Three months at
    09.30.26   09.30.25   09.30.26   09.30.25
Income for the period attributable to the owners of the Company              209,467             239,309               43,197               54,182
Weighted average number of common shares outstanding                    875                    875                    875                    875
Basic and diluted income per share – in pesos               239.39               273.50                 49.37                 61.92

 

25 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

Note13 |        Property, plant and equipment

 

     Lands and buildings     Substations     High, medium and low voltage lines     Meters and Transformer chambers and platforms     Tools, Furniture, vehicles, equipment and communications     Construction in process      Supplies and spare parts     Total 
 At 12.31.25                                 
Cost             140,224            1,263,950                 3,309,435                   1,459,551                       483,616            1,482,952                  54,355             8,194,083
Accumulated depreciation             (42,659)             (550,639)              (1,499,436)                    (703,351)                     (287,024)                           -                            -           (3,083,109)
 Net amount                97,565               713,311                 1,809,999                      756,200                       196,592            1,482,952                  54,355             5,110,974
                                 
Additions                 1,617                      142                        3,238                          9,388                           3,159               246,221                            -                263,765
Disposals                         -                    (135)                        (823)                        (2,451)                            (238)                           -                            -                  (3,647)
Transfers               29,620               285,497                    451,921                      180,424                         64,726          (1,012,188)                            -                            -
Depreciation for the period               (2,320)               (35,751)                   (79,897)                      (41,977)                       (31,734)                           -                            -              (191,679)
 Net amount 09.30.26              126,482               963,064                 2,184,438                      901,584                       232,505               716,985                  54,355             5,179,413
                                 
 At 09.30.26                                 
Cost             171,461            1,549,396                 3,759,743                   1,645,822                       550,154               716,985                  54,355             8,447,916
Accumulated depreciation             (44,979)             (586,332)              (1,575,305)                    (744,238)                     (317,649)                           -                            -           (3,268,503)
 Net amount              126,482               963,064                 2,184,438                      901,584                       232,505               716,985                  54,355             5,179,413

 

·     During the period ended September 30, 2026, the Company capitalized as direct own costs $ 35,972.

 

 

 

 

 

 

 

 

 

26 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

 

     Lands and buildings     Substations     High, medium and low voltage lines     Meters and Transformer chambers and platforms     Tools, Furniture, vehicles, equipment and communications     Construction in process      Supplies and spare parts     Total 
 At 12.31.24                                 
Cost             132,375            1,199,336                 3,038,486                   1,361,974                       483,103            1,466,346                  55,712             7,737,332
Accumulated depreciation             (40,513)             (508,092)              (1,403,727)                    (649,923)                     (251,624)                           -                            -           (2,853,879)
 Net amount                91,862               691,244                 1,634,759                      712,051                       231,479            1,466,346                  55,712             4,883,453
                                 
Additions                 1,895                        81                        2,849                        13,618                           9,395               349,649                            -                377,487
Disposals                         -                 (2,540)                     (1,457)                        (2,975)                            (291)                           -                            -                  (7,263)
Transfers                 4,517                 38,954                    194,139                        65,860                         22,935             (326,405)                            -                            -
Depreciation for the period               (1,720)               (33,110)                   (77,338)                      (40,111)                       (29,102)                           -                            -              (181,381)
 Net amount 09.30.25                96,554               694,629                 1,752,952                      748,443                       234,416            1,489,590                  55,712             5,072,296
                                 
 At 09.30.25                                 
Cost             138,787            1,232,458                 3,223,107                   1,436,698                       511,693            1,489,590                  55,712             8,088,045
Accumulated depreciation             (42,233)             (537,829)              (1,470,155)                    (688,255)                     (277,277)                           -                            -           (3,015,749)
 Net amount                96,554               694,629                 1,752,952                      748,443                       234,416            1,489,590                  55,712             5,072,296

 

·      During the period ended September 30, 2025, the Company capitalized as direct own costs $ 37,126.

 

 

27 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

Note14 |        Right-of-use assets

 

The leases recognized as right-of-use assets in accordance with IFRS 16 are disclosed below:

 

   09.30.26     12.31.25 
Right-of-use assets under leases                     11,886                     13,118

 

The development of right-of-use assets is as follows:

 

   09.30.26     09.30.25 
Balance at beginning of the year                     13,118                     16,998
Additions                       5,041                       3,302
Depreciation for the period                     (6,273)                     (7,180)
Balance at end of the period                     11,886                     13,120

 

 

Note15 |     Inventories

 

    09.30.26   12.31.25
         
Supplies and spare-parts                    274,454                    288,447

 

 

Note16 |     Other receivables

 

  Note    09.30.26     12.31.25 
Non-current:          
Related parties  31.c                         1,364                           650
           
           
Current:          
Assigned assets and in custody (1)                        10,130                      21,736
Advance for the acquisition of shares 33                    117,625                                -
Judicial deposits                          4,487                        3,070
Security deposits                             891                           989
Prepaid expenses                          2,432                        6,368
Advances to suppliers                          7,821                        8,505
Tax credits                          2,958                        1,526
Debtors for complementary activities                          4,032                        2,545
Framework agreement 2.c                      11,843                                -
Other                         353                           152
Allowance for the impairment of other receivables                       (3,264)                     (2,258)
Total current                      159,308                      42,633

 

(1)As of September 30, 2026 and December 31, 2025, relate to Securities issued by private companies for NV 5,500,000 and NV 10,500,000, respectively, assigned to Global Valores S.A. The Company retains the risks and rewards of the aforementioned assets and may make use of them at any time, at its own request.

 

The value of the Company’s other financial receivables approximates their fair value.

 

The non-current other receivables are measured at amortized cost, which does not differ significantly from their fair value.

 

 

 

28 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

 

 

 

The roll forward of the allowance for the impairment of other receivables is as follows:

 

       09.30.26     09.30.25 
Balance at beginning of the year                          2,258                             84
Increase                          1,546                        2,499
Decrease                            (65)                                -
Result from exposure to inflation                          (475)                        (195)
Balance at end of the period                          3,264                        2,388

 

Note17 |     Trade receivables

 

       09.30.26     12.31.25 
Current:          
Sales of electricity – Billed                       398,867                    378,266
Receivables in litigation                          2,897                        1,896
Allowance for the impairment of trade receivables                     (44,908)                   (30,958)
Subtotal                      356,856                    349,204
           
Sales of electricity – Unbilled                      188,722                    233,118
PBA & CABA government credit                          6,323                      31,228
Fee payable for the expansion of the transportation and others                                 2                               3
Total current                      551,903                    613,553

 

The value of the Company’s trade receivables approximates their fair value.

 

The roll forward of the allowance for the impairment of trade receivables is as follows:

 

       09.30.26     09.30.25 
Balance at beginning of the year                        30,958                      18,483
Increase                        25,494                      26,044
Decrease                       (4,853)                     (5,091)
Result from exposure to inflation                       (6,691)                     (4,182)
Balance at end of the period                        44,908                      35,254

 

 

Note18 |     Financial assets at amortized cost

 

           
       09.30.26     12.31.25 
           
Negotiable instruments                        68,662                      29,091

 

 

 

29 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

Note19 |     Financial assets at fair value through profit or loss

 

       09.30.26     12.31.25 
Non-current          
Shares                        55,988                      66,375
           
Current          
Negotiable instruments                      187,434                    161,797
Mutual funds                       584,148                    537,566
Total current                      771,582                    699,363

 

 

The non-current shares relate to acquisitions of minority interests in the share capital of two companies engaged in the development of mining projects aimed at the exploration of critical minerals, such as lithium and copper, at an early-stage or pre-exploration phase, in the province of Catamarca, whose adjacent areas show high prospectivity. Those acquisitions represent 15% and 40% of those companies’ share capital, with political rights in the latter case being limited to 11.8%. The Company has recognized these investments at their fair value in accordance with IFRS 9.

 

The fair value of the shares as of September 30, 2026 amounts to $ 55,988 and has been determined on the basis of valuation reports prepared by independent experts, which take into consideration third-party comparable transactions involving properties at similar exploration stages. Due to the fact that there is no active market for the shares, a per-hectare multiples approach was used, adjusted for geological characteristics, location and market conditions. The applicable fair value category is Level 3 (Note 5).

 

Note20 |     Cash and cash equivalents

 

     09.30.26     12.31.25     09.30.25 
Cash and banks                    730,538                  169,270                   39,474
Time deposits                      18,562                    12,010                     9,505
Mutual funds                     257,352                    74,867                        796
Total cash and cash equivalents                 1,006,452                  256,147                   49,775

 

The reconciliation of the balances of cash and cash equivalents that are disclosed in the Statement of Cash Flows in accordance with the provisions of IAS 7 is as follows:

 

     09.30.26     12.31.25     09.30.25 
Balances as above                 1,006,452                  256,147                   49,775
Bank overdrafts (Note 25)                 (148,698)                 (81,673)                 (29,077)
Balances per statement of cash flows                    857,754                  174,474                   20,698

 

Note21 |     Share capital and additional paid-in capital

 

     Share capital     Additional paid-in capital     Total 
             
Balance at September 30, 2026 and at December 31, 2025               1,234,787                    16,797               1,251,584

 

 

As of September 30, 2026, the Company’s share capital amounts to 906,455,100 shares, divided into 462,292,111 common, book-entry Class A shares with a par value of one peso each and the right to one vote per share, 442,566,330 common, book-entry Class B shares with a par value of one peso each and the right to one vote per share, and 1,596,659 common, book-entry Class C shares with a par value of one peso each and the right to one vote per share.

 

30 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

 

Note22 |     Allocation of profits

 

The restrictions on the distribution of dividends by the Company are those provided for by the Business Organizations Law and by the negative covenants established by the Corporate Notes program.

 

If the Company’s Debt Ratio were higher than 3.75, the negative covenants set out in the Corporate Notes program, which establish, among other issues, the Company’s impossibility to make certain payments, such as dividends, would apply.

 

Additionally, in accordance with Title IV, Chapter III, section 3.11.c of the CNV regulations, the amounts subject to distribution will be restricted to the amount equivalent to the acquisition cost of the Company’s own shares. In this regard, the Company has special-purpose reserves to cover the aforementioned restriction.

 

Note23 |     Trade payables

 

  Note    09.30.26     12.31.25 
Non-current          
Customer guarantees                          6,635                        5,848
Customer contributions                             257                           310
Total non-current                          6,892                        6,158
           
Current          
Payables for purchase of electricity - CAMMESA (1)                      282,478                    203,920
Provision for unbilled electricity purchases - CAMMESA                      224,209                    233,291
Suppliers                      200,421                    228,058
Related parties   31.c                       21,351                      23,190
Advance to customer                           6,064                        6,322
Customer contributions                               38                             47
Discounts to customers                                  -                             47
Total current                      734,561                    694,875

 

(1) As of September 30, 2026 and December 31, 2025, includes $ 950 and $ 50,442 relating to post-dated checks issued by the Company in favor of CAMMESA, respectively.

 

The value of the financial liabilities included in the Company’s trade payables approximates their fair value.

 

 

 

31 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

Note24 |     Other payables

 

  Note    09.30.26     12.31.25 
Non-current          
Payment plan - CAMMESA  2.b                     323,473                    403,562
ENRE penalties and discounts                          8,453                        8,672
Payment agreements with ENRE (1)                          6,398                                -
Financial Lease Liability  (2)                          3,969                        5,292
Total Non-current                      342,293                    417,526
           
Current          
Payment plan - CAMMESA  2.b                       63,554                      75,959
ENRE penalties and discounts                        64,152                      74,985
Payment agreements with ENRE (1)                          5,905                                -
Related parties  31.c                            306                           288
Advances for works to be performed                               13                             16
Financial Lease Liability  (2)                          5,144                        5,138
Other                               88                           249
Total Current                      139,162                    156,635

 

(1)Relates to an agreement entered into between the ENRE and the Company regarding penalties associated with feeders, payable in 30 monthly and consecutive installments.

 

The value of the rest of the financial liabilities included in the Company’s other payables approximates their fair value.

 

 

 

(2)The development of the finance lease liability is as follows:

 

   09.30.26     09.30.25 
Balance at beginning of the year                     10,430                     14,452
Increase                       4,652                       3,034
Payments                     (7,281)                   (12,777)
Exchange difference                          665                       4,682
Interest                       2,641                       3,874
Result from exposure to inlfation                     (1,994)                     (2,602)
Balance at end of the period                       9,113                     10,663

Note25 |     Borrowings

 

     09.30.26     12.31.25 
Non-current        
Corporate notes (1)                 1,942,248                    808,568
Financial loans (2)                      28,889                      62,504
Total non-current                 1,971,137                    871,072
         
Current        
Corporate notes (1)                    124,741                    333,227
Interest from corporate notes                      75,217                      23,827
Bank overdrafts (2)                    148,698                      81,673
Discounted own checks (3)                                -                      76,487
Financial loans (2)                    125,155                      77,911
Total current                    473,811                    593,125

 

(1)Net of debt issuance, repurchase and redemption expenses.

 

(2)The table below outlines the Company’s financing arrangements with banks:

 

32 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

 

     in ARS     in ARS     in ARS 
 Bank   Annual loan rate   Financial loans at 09/30/2026   Financial loans at 12/31/2025   Annual overdraft rate   Bank overdrafts at 09/30/2026   Bank overdrafts at 12/31/2025     Balances at 09/30/2026   Balances at 12/31/2025 
 Nación  30%                    20,513                24,957 23%               40,369                  6,173               60,882             31,130
 Credicoop  30%                    12,814                11,428 23%                 9,989                12,391               22,803             23,819
 Provincia  28%                    34,359                19,383 26%                 5,664                        -                  40,023             19,383
 ICBC  34%                    60,718                84,647 26%               12,469                  1,344               73,187             85,991
 Santa Fe  34%                    25,640                        -                            -                          -                           -                  25,640                     -   
 Ciudad                 -                               -                           -    24%               39,967                18,507               39,967             18,507
 Macro                 -                               -                           -    23%               40,240                37,089               40,240             37,089
 Industrial                 -                               -                           -                            -                          -                     6,169                       -                  6,169
 Total                     154,044              140,415               148,698                81,673             302,742           222,088

 

(3)Relate to post-dated checks issued by the Company to its own order and discounted with financial institutions. These discounting operations provide financing and accrue interest.

 

 

The fair values of the Company’s Corporate Notes as of September 30, 2026 and December 31, 2025 amount approximately to $ 2,194,062 and $ 1,233,551 respectively. Those values have been determined on the basis of the estimated market price of the Corporate Notes at the end of the period/year. The applicable fair value category is Level 1.

 

 

Issuance of Class No. 10 Corporate Notes

 

On April 15, 2026, in accordance with the provisions of the Prospectus Supplement, the Company approved the terms of issue of Class No. 10, US dollar-denominated Corporate Notes, due in 2031, 2032 and 2033, to be issued for an aggregate principal amount of up to USD 300,000,000, which may be increased to USD 550,000,000, in the framework of the Global Corporate Notes Issuance Program.

 

Furthermore, simultaneously with the issuance mentioned above, the Company launched a Cash Tender Offer to acquire up to USD 150,000,000 of its outstanding Class No. 7 Corporate Notes.

 

In this regard, on April 28, 2026, the Company issued Class No. 10 Corporate Notes for a principal amount of USD 550,000,000 -Series I for USD 523,338,243 and Series II for USD 26,661,757, respectively- with bids totaling USD 1,151,000,000. The notes were issued at a discount, with total proceeds amounting to USD 543,889,500.

 

In particular, Class No. 10 Series II Corporate Notes were settled in kind through the delivery of the Company's Class No. 3 and Class No. 5 Corporate Notes, which were subsequently canceled for an amount of USD 25,260,945.

 

The principal on Class No. 10 Corporate Notes will be repaid in three equal installments on April 28, 2031, 2032 and 2033. Furthermore, they will accrue interest at a fixed nominal annual rate of 9.5%, payable semiannually in arrears.

 

 

33 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

Additionally, as a result of the “Early Tender” within the framework of the Tender Offer for Class No. 7 Corporate Notes, the Company increased the maximum acceptance amount to USD 175,000,000, thereby accepting the tendered corporate notes on a pro-rata basis up to said amount. Consequently, on April 30, 2026, the Company redeemed USD 175,000,000 of the Class No. 7 Corporate Notes for cash, reducing the outstanding amount to USD 300,000,000.

 

Issuance of Class No. 11 Corporate Notes

 

On June 29, 2026, in accordance with the provisions of the Prospectus Supplement, the Company approved the terms of issue of Class No. 11, US dollar-denominated Corporate Notes, due in 2029, to be issued for an aggregate principal amount of up to USD 150,000,000, which may be increased to USD 230,000,000, in the framework of the Global Corporate Notes Issuance Program.

 

Consequently, on July 3, 2026, the Company issued Class No. 11 Corporate Notes for a principal amount of USD 213,462,519.

 

The principal on Class No. 11 Corporate Notes will be repaid in a lump sum on July 3, 2029. Furthermore, they will accrue interest at a fixed nominal annual rate of 7.5%, payable semiannually in arrears.

 

Issuance of Additional Class No. 10 Corporate Notes

 

On July 27, 2026, in accordance with the provisions of the Prospectus Supplement, the Company approved the terms of issue of Additional Class No. 10, US dollar-denominated Corporate Notes, due in 2031, 2032 and 2033, to be issued for a maximum principal amount of up to USD 300,000,000.

 

Consequently, on August 5, 2026, the Company issued Additional Class No. 10 Corporate Notes for a principal amount of USD 200,000,000. The notes were issued at a discount, with total proceeds amounting to USD 198,652,000.

 

Finally, on August 7, 2026, the Company repaid in full its Class No. 9 Corporate Notes, for a total principal amount of $ 20,000.

The Company is subject to covenants that limit its ability to incur indebtedness pursuant to the terms and conditions of Classes Nos. 3, 5, 7, 10 and 11 Corporate Notes, which indicate that the Company may not incur new Indebtedness, except for certain Permitted Indebtedness or when the Debt ratio is not greater than 3.75 or less than zero and the Interest Expense Coverage ratio is less than 2. As of September 30, 2026, the values of the aforementioned ratios meet the established parameters.

 

Based on the above, the Company’s Corporate Note debt structure as of September 30, 2026 is comprised of as follows:

 

 

34 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

                   
     in USD     in millions of $ 
 Corporate Notes   Class  Financial debt at 12/31/2025 Exchange Issue Payment / Repurchase Financial debt at 09/30/2026   Financial debt at 12/31/2025 Financial debt at 09/30/2026
 Fixed rate - Maturity 2026  3 95,762,688 (13,438,158)   - -   82,324,530    172,389  129,146
 Fixed rate - Maturity 2026  8 80,000,000  -   -  (80,000,000)  -    146,719  -
 Floating rate - Maturity 2026 (*)  9 13,745,704  -   -  (13,745,704)  -   26,094  -
 Fixed rate - Maturity 2028  5 81,920,187 (11,822,787)   - -   70,097,400    150,195  108,515
 Fixed rate - Maturity 2028/29/30  7  377,179,964  - 89,974,800   (172,439,486) 294,715,278    670,225  443,764
 Fixed rate - Maturity 2029   11    -  -  213,462,519 - 213,462,519    -  318,924
 Fixed rate - Maturity 2031/32/33   10    -  -  742,541,500 - 742,541,500    -  1,141,857
 Total     648,608,543 (25,260,945)  1,045,978,819   (266,185,190) 1,403,141,227    1,165,622  2,142,206
                   
                   
     in USD     in millions of $ 
 Corporate Notes   Class  Financial debt at 12/31/2024 Exchange Issue Payment / Repurchase Financial debt at 12/31/2025   Financial debt at 12/31/2024 Financial debt at 12/31/2025
 Floating rate - Maturity 2025 (*)  4 24,301,486  -   -  (24,301,486)  -   41,608  -
 Fixed rate - Maturity 2025  1   8,218,667  -   - (8,218,667)  -   13,941  -
 Floating rate - Maturity 2025 (*)  6 16,776,504  -   -  (16,776,504)  -   27,956  -
 Fixed rate - Maturity 2026  3 95,762,688  -   - -   95,762,688    159,708  172,389
 Fixed rate - Maturity 2026  8   -  - 80,000,000 -   80,000,000    -  146,719
 Floating rate - Maturity 2026 (*)  9   -  - 13,745,704 -   13,745,704    - 26,094
 Fixed rate - Maturity 2028  5 81,920,187  -   - -   81,920,187    133,690  150,195
 Fixed rate - Maturity 2028/29/30  7  179,947,186  -  197,232,778 - 377,179,964    293,183  670,225
 Total     406,926,718  -  290,978,482  (49,296,657) 648,608,543    670,086  1,165,622

 

(*) Issuance in ARS, translated into USD at the exchange rate detailed in Note 5.

 

The undiscounted maturities of the Company’s borrowings and its exposure to interest rates are as follow:

 

     09.30.26     12.31.25 
Fixed rate        
Less than 1 year                    348,656                    519,932
From 1 to 2 years                    108,515                                -
From 2 to 5 years                 1,833,733                    808,568
Total fixed rate                 2,290,904                 1,328,500
Floating rate        
Less than 1 year                    125,155                      73,193
From 1 to 2 years                      28,889                      62,504
Total floating rate                    154,044                    135,697

 

The Company’s borrowings are denominated in the following currencies:

 

     09.30.26     12.31.25 
Argentine peso                    302,742                    325,971
US dollars                 2,142,206                 1,138,226
Total borrowings                 2,444,948                 1,464,197

 

On October 7, 2026, the Company’s Board of Directors resolved to increase the amount of the Global Corporate Notes Issuance Program to up to USD 2,400,000,000.

 

 

 

35 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

Note26 |     Deferred revenue

 

           
       09.30.26     12.31.25 
Non-current          
Nonrefundable customer contributions                        29,418                      34,403
Investment plan - Agreement on the
Regularization of Obligations (1)		                      134,335                    137,791
Total non-current                      163,753                    172,194
           
           
Current          
Nonrefundable customer contributions                          5,026                           931

 

(1)As of September 30, 2026 and December 31, 2025, includes $ 115,680 and $ 118,802 relating to the investment plan of the Agreement on the Regularization of Payment Obligations entered into in May 2019, and $ 18,655 and $ 18,989 relating to the investment plan of the Agreement on the Regularization of Payment Obligations entered into in December 2022, respectively.

 

Note27 |     Salaries and social security taxes payable

 

     09.30.26     12.31.25 
Non-current        
Seniority-based bonus                      10,099                      13,006
         
Current        
Salaries payable and provisions                      43,943                      61,960
Social security payable                      31,665                      42,398
Early retirements payable                        3,319                        4,103
Total current                      78,927                    108,461

 

The value of the Company’s salaries and social security taxes payable approximates their fair value.

 

Note28 |     Income tax and deferred tax

 

The breakdown of income tax, determined in accordance with the provisions of IAS 12, is as follows:

 

    09.30.26   09.30.25
Deferred tax                        68,121                       75,821
Current tax                    (137,400)                    (127,761)
Difference between provision and tax return                          4,421                         3,884
Income tax expense   (64,858)   (48,056)

 

 

The detail of the income tax expense for the period includes two effects: (i) the current tax for the period payable in accordance with the tax legislation applicable to the Company; and (ii) the effect of applying the deferred tax method on the temporary differences arising from the valuation of assets and liabilities for accounting and tax purposes.

 

 

 

 

 

The breakdown of deferred tax assets and liabilities is as follows:

 

 

36 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

  09.30.26   12.31.25
Deferred tax assets      
Trade receivables and other receivables 17,487   12,549
Trade payables and other payables 9,681   -
Salaries and social security payable and Benefit plans 15,769   12,061
Tax liabilities 501   141
Provisions 18,386   21,033
Deferred tax asset 61,824   45,784
       
Deferred tax liabilities      
Property, plant and equipment (915,211)   (963,517)
Financial assets at fair value through profit or loss (97,435)   (108,874)
Trade payables and other payables -   (2,664)
Borrowings (20,314)   (9,988)
Deferred tax liability (1,032,960)   (1,085,043)
       
Net deferred tax liability (971,136)   (1,039,259)

 

Based on the guidelines provided for in IFRIC 23 “Uncertainty over income tax treatments”, the Company has restated for inflation the cumulative tax losses and fixed assets depreciation for additions prior to January 1, 2018, using the wholesale price index, general level (IPIM) and the consumer price index, general level (IPC), respectively. This criterion has been adopted taking into consideration that the effective income tax rate shows a confiscatory result, in line with the Supreme Court of Justice of Argentina’s decision rendered in the case entitled “Telefónica de Argentina SA and Another vs/EN-AFIP-DGI, General Tax Bureau” on October 25, 2022.

 

The reconciliation between the income tax expense recognized in profit or loss and the amount that would result from applying the applicable tax rate to the accounting income before taxes, is as follows:

 

    09.30.26   09.30.25
Income for the period before taxes                      274,325                     287,365
Applicable tax rate   35%   35%
Result for the period at the tax rate   (96,014)   (100,578)
Gain on net monetary position                      131,126                     127,453
Adjustment effect on tax inflation                    (104,117)                      (78,454)
Non-taxable income                            (274)                           (361)
Difference between provision and tax return                          4,421                         3,884
Income tax expense   (64,858)   (48,056)

 

The income tax payable, net of withholdings is as follows:

 

     09.30.26     12.31.25 
Current        
Tax payable                    137,400                    144,532
Tax withholdings                   (51,703)                   (28,779)
Total current                      85,697                    115,753

 

 

 

 

 

37 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

 

Note29 |     Tax liabilities

 

    09.30.26   12.31.25
Non-current        
Current        
Provincial, municipal and federal contributions and taxes                        5,136                        6,070
Tax withholdings                      19,170                      24,709
SUSS withholdings                         396                           477
VAT payable                    34,527                      61,894
Municipal taxes                        7,453                        6,725
Total current                      66,682                      99,875

Note30 |     Provisions

 

Included in non-current liabilities      
  For contingencies
  09.30.26   09.30.25
Balance at the beggining of the year 29,680   34,971
Increases 6,447   3,048
Result from exposure to inflation for the period (6,230)   (7,182)
Balance at the end of the period                    29,897                      30,837
       
       
Included in current liabilities      
       
  For contingencies
  09.30.26   09.30.25
Balance at the beggining of the year 30,295   13,163
Increases 10,566   24,815
Decreases (12,114)   (5,139)
Result from exposure to inflation for the period (6,209)   (3,220)
Balance at the end of the period                    22,538                      29,619

 

 

Note31 |     Related-party transactions

 

The following transactions were carried out with related parties:

 

a.Expense

 

Company   Concept   09.30.26   09.30.25
             
EDELCOS S.A.   Technical advisory services on financial matters                 (63,640)                 (63,595)
SACME   Operation and oversight of the electric power transmission system                   (5,242)                   (4,399)
Quantum Finanzas S.A.   Legal fees                   (2,658)                   (4,191)
                      (71,540)                 (72,185)

 

 

 

38 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

b.Key Management personnel’s remuneration

 

    09.30.26   09.30.25
         
Salaries                    24,763                   24,497

 

The balances with related parties are as follow:

 

c.Receivables and payables

 

    09.30.26   12.31.25
Other receivables - Non current        
SACME                     1,364                        650
                      1,364                        650
         
Trade payables      
EDELCOS               (21,351)                 (23,190)
                (21,351)                 (23,190)
Other payables        
SACME                      (306)                      (288)
                       (306)                      (288)

 

Note32 | Shareholders’ Meeting

 

The Company’s Annual Ordinary Shareholders’ Meeting held on April 29, 2026 resolved, among other issues, the following:

 

-To approve the Company’s Annual Report and Financial Statements as of December 31, 2025.
-To allocate the $ 239,236 profit for the year ended December 31, 2025 (which at the purchasing power of the currency at September 30, 2026 amounts to $ 295,799) as follows: $11,962 to the setting up of the Statutory Reserve, and $ 227,274 to the setting up of the Discretionary Reserve (which at the purchasing power of the currency at September 30, 2026 amount to $ 14,789 and $ 280,990, respectively), in accordance with the terms of section 70, 3rd paragraph, of Business Organizations Law No. 19,550.
-To approve the actions taken by the Directors and Supervisory Committee members, together with their respective remunerations.
-To appoint Directors, Supervisory Committee members and the external auditors for the current fiscal year.

 

Furthermore, the Company’s Ordinary Shareholders’ Meeting held on July 27, 2026, resolved to approve the increase in the amount of the Company’s Global Corporate Notes Issuance Program to up to USD 1,700,000,000.

 

Finally, on October 7, 2026, the Board of Directors called an Ordinary Shareholders’ Meeting of the Company to consider increasing the amount of the Company’s Global Corporate Notes Issuance Program to up to USD 2,400,000,000.

 

Note33 | Acquisition of the majority stake in Metrogas

 

The Company submitted an irrevocable offer to YPF S.A. to acquire the shares of Metrogas S.A., representing 70% of its share capital and voting rights, and the shares representing 5% of the share capital and voting rights of MetroEnergía S.A., a subsidiary of Metrogas S.A.

 

 

39 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

 

On August 10, 2026, YPF S.A. accepted the Company’s offer, for a total of USD 780,000,000. The transaction will be deemed closed upon satisfaction of the conditions precedent set forth in the share purchase agreement, including, among others, the approval of the change of control by the ENReGE and the extension of the natural gas distribution license for an additional 20 years, until 2047. It is worth pointing out that the aforementioned agreement does not grant the Company, directly or indirectly, any rights to control or direct the operations of Metrogas S.A. prior to the closing date of the transaction.

 

Furthermore, the Company disbursed USD 78,000,000 to YPF S.A. as a deposit, amount which will be applied toward the purchase price and is disclosed in the Other Receivables account of the Statement of Financial Position (Note 16).

 

Finally, on October 29, 2026, the Extraordinary Shareholders’ Meeting of Metrogas S.A. ratified the Extension Agreement regarding its natural gas distribution license for an additional 20 years, until 2047, and approved the waivers, relinquishments, and other commitments set forth in that agreement, with ratification by the PEN remaining pending. At the date of issuance of these condensed interim consolidated financial statements, applications for approval of the transaction have been submitted to the relevant regulatory authorities, including the ENReGE.

 

 

Note34 | Events after the reporting period

 

The following are the events that have occurred subsequent to September 30, 2026:

 

-Enactment of Law No. 27,828, Note 2.b.
-Increase in the amount of the Global Corporate Notes Issuance Program, Note 24.
-Incorporation of Edenor Inversiones SAU, Note 1.
-Extension Agreement of the natural gas distribution license, Note 33.
-Amendment to both the seasonal reference prices and the values of the Company’s electricity rate schedules – SE Resolution No. 305/2026 and ENReGE Resolution No. 886/2026, Note 2.a.

 

 

DANIEL MARX
Chairman

 

 

 

40 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

Empresa Distribuidora y Comercializadora Norte S.A.

 

 

 

 

 

 

 

By:

 /s/ Germán Ranftl

 

Germán Ranftl

 

Chief Financial Officer

 

 

Date: November 11, 2026

Source: View Original Filing on SEC EDGAR

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