edenor (NYSE: EDN) posts stronger Q1 2026 earnings and refinances debt

Rhea-AI Filing Summary

Empresa Distribuidora y Comercializadora Norte S.A. (edenor) reports strong first-quarter 2026 results in a hyperinflationary environment. Revenue was broadly stable at 846,710 million pesos, but lower energy purchases and operating costs lifted the distribution margin to 386,727 million and operating result to 134,364 million, up sharply from 30,612 million a year earlier.

Net income rose to 117,854 million pesos, compared with 47,620 million in the prior-year quarter, with basic and diluted earnings per share of 134.69 pesos. Monetary gain (RECPAM) of 110,796 million and improved net financial costs supported the bottom line.

Operating cash flow was 60,833 million pesos, below the prior-year level, while cash and cash equivalents were 165,474 million and total borrowings 1,148,467 million. Regulatory support continued through automatic tariff adjustments and new CPD increases after quarter-end, and edenor also recognized 20,440 million of income from a Framework Agreement on vulnerable neighborhood consumption.

Positive

• Profitability improved sharply, with net income rising to 117,854 million pesos from 47,620 million, driven by higher distribution margin and lower net financial costs.
• Capital structure strengthened through issuance of Class 10 Corporate Notes totaling USD 550 million (Series I and II) and cash redemption of USD 175 million of Class 7 notes, reducing near-term refinancing pressure.

Negative

• None.

Insights

Latin America utilities equity analyst

Edenor shows a sharp profit rebound and actively refinances hard-currency debt.

edenor delivered a much stronger Q1 2026, with net income of 117,854 million pesos versus 47,620 million a year earlier. Revenue was flat at about 846,700 million, but lower energy purchases and tighter operating costs expanded the distribution margin and lifted operating profit to 134,364 million.

Financial performance also benefited from a sizeable monetary gain (RECPAM) of 110,796 million pesos and reduced net financial costs of 70,532 million. Equity increased to 2,550,655 million pesos, while total borrowings declined to 1,148,467 million, mostly in US dollars, indicating ongoing but better-structured leverage.

Subsequent events are important: edenor issued Class 10 Corporate Notes for USD 523.34 million (Series I) and USD 26.66 million (Series II), and redeemed USD 175 million of Class 7 notes. These moves extend maturities and reshape the debt stack, though future filings will detail the full impact on interest expense and liquidity.

Key Figures

Revenue: 846,710 million pesos Net income: 117,854 million pesos Earnings per share: 134.69 pesos +5 more

8 metrics

Revenue 846,710 million pesos For the three-month period ended March 31, 2026

Net income 117,854 million pesos For the three-month period ended March 31, 2026 vs 47,620 million in 2025

Earnings per share 134.69 pesos Basic and diluted EPS for the three-month period ended March 31, 2026

Operating cash flow 60,833 million pesos Net cash flows generated by operating activities for Q1 2026

Total borrowings 1,148,467 million pesos Borrowings outstanding as of March 31, 2026

Cash and cash equivalents 165,474 million pesos Balance as of March 31, 2026 before overdraft adjustment

CPD increases 2.04% and 4.1% CPD adjustments approved for April 1 and May 1, 2026 electricity rates

Inflation rate 9.4% Inflation for January 1–March 31, 2026 used for IAS 29 restatement

Key Terms

RECPAM, CPD inflation adjustment formula, Framework Agreement, hyperinflationary economies, +2 more

6 terms

RECPAM financial

"RECPAM | Gain (Loss) on exposure to the changes in the purchasing power of the currency"

CPD inflation adjustment formula financial

"automatic monthly periodic adjustments have continued, using the CPD inflation adjustment formula (33% based on the consumer price index (IPC) and 67% based on the wholesale price index (IPIM))"

Framework Agreement regulatory

"the Federal Government entered into a new agreement on the recognition of electricity consumption in vulnerable neighborhoods… The above-mentioned agreement sets forth the consumption amounts to be recognized"

A framework agreement is a standing contract that lays out general rules, pricing ranges, and how the parties will work together when they later sign specific orders or projects — like an umbrella that covers future deals without fixing every detail up front. Investors watch these because they make future revenue more predictable, can speed up repeat business, and may signal the scale or stability of upcoming sales, reducing uncertainty about a company’s growth.

hyperinflationary economies financial

"in accordance with IAS 29 “Financial reporting in hyperinflationary economies”, using the indexes published by the FACPCE"

Hyperinflationary economies are countries where prices and the cost of goods and services rise extremely fast and the local currency loses value rapidly, so money buys much less over short periods. For investors this matters because company earnings, cash balances and investment returns can be wiped out by falling currency value and volatile prices, forcing special accounting adjustments and protective strategies—like needing a fast drain plug when a boat springs a leak.

management-defined performance measures financial

"The management-defined performance measures, as defined by IFRS 18, consist of measures that are subtotals of income and expenses"

fair value hierarchy financial

"The Company classifies the measurements of financial instruments at fair value using a fair value hierarchy that reflects the relevance of the variables used"

Form 6-K: How Foreign Companies Report to the SEC →

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 April, 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 MARCH 31, 2026 AND FOR THE THREE-MONTH PERIOD

ENDED MARCH 31, 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	11
Note 3 |   Basis of preparation	13
Note 4 |   Accounting policies	14
Note 5 |   Financial risk management	15
Note 6 |   Critical accounting estimates and judgments	18
Note 7 |   Contingencies and lawsuits	18
Note 8 |   Revenue from sales and energy purchases	18
Note 9 |   Expenses by nature	20
Note 10 |   Other operating income (expense), net	21
Note 11 |   Net finance costs	21
Note 12 |   Basic and diluted earnings per share	22
Note 13 |   Property, plant and equipment	23
Note 14 |   Right-of-use assets	25
Note 15 |   Inventories	25
Note 16 |   Other receivables	25
Note 17 |   Trade receivables	26
Note 18 |   Financial assets at amortized cost	26
Note 19 |   Financial assets at fair value through profit or loss	27
Note 20 |   Cash and cash equivalents	27
Note 21 |   Share capital and additional paid-in capital	27
Note 22 |   Allocation of profits	28
Note 23 |   Trade payables	28
Note 24 |   Other payables	29
Note 25 |   Borrowings	29
Note 26 |   Deferred revenue	32
Note 27 |   Salaries and social security taxes payable	32
Note 28 |   Income tax and deferred tax	32
Note 29 |   Tax liabilities	34
Note 30 |   Provisions	34
Note 31 |   Related-party transactions	34
Note 32 |   Shareholders’ Meeting	35
Note 33 |   Events after the reporting period	35

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
BCRA	Central Bank of Argentina
BNA	Banco de la Nación Argentina
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.
ENRE	National Regulatory Authority for the Distribution of Electricity
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
MEM	Wholesale Electricity Market
MWh	Megawatt hour
PBA	Province of Buenos Aires
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., 12^th 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 MARCH 31, 2026

(amounts stated in pesos)

Class of shares		Subscribed and paid-in (See Note 23)
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 March 31, 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 three-month period ended March 31, 2026

presented in comparative form

(Stated in millions of constant pesos – Note 3)

	Note		03.31.26		03.31.25
Revenue	8		846,710		846,740
Energy purchases	8		(459,983)		(504,147)
Distribution margin			386,727		342,593
Transmission and distribution expenses	9		(150,899)		(168,356)
Gross profit			235,828		174,237
Selling expenses	9		(66,890)		(68,209)
Administrative expenses	9		(64,306)		(73,732)
Other operating income	10		35,500		11,129
Other operating expense	10		(5,768)		(12,813)
Operating result			134,364		30,612
Financial income	11		2,033		115
Financial costs	11		(77,301)		(78,654)
Other financial results	11		4,736		(12,086)
Net financial costs			(70,532)		(90,625)
Monetary gain (RECPAM)			110,796		107,681
Income before taxes			174,628		47,668
Income tax	28		(56,774)		(48)
Income for the period			117,854		47,620
Comprehensive income for the period attributable to:
Owners of the parent			117,854		47,620
Comprehensive income for the period			117,854		47,620
Basic and diluted income per share:
Income per share (argentine pesos per share)	12		134.69		54.42

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 March 31, 2026 presented in comparative form

(Stated in millions of constant pesos – Note 3)

	Note		03.31.26		12.31.25
ASSETS
Non-current assets
Property, plant and equipment	13		4,538,484		4,524,265
Interest in joint ventures			221		221
Right-of-use asset	14		11,150		11,612
Other receivables	16		526		575
Financial assets at fair value through profit or loss	19		50,976		58,756
Total non-current assets			4,601,357		4,595,429
Current assets
Inventories	15		253,666		255,334
Other receivables	16		33,259		37,740
Trade receivables	17		497,976		543,120
Financial assets at amortized cost	18		30,264		25,752
Financial assets at fair value through profit or loss	19		573,808		619,081
Cash and cash equivalents	20		165,474		226,742
Total current assets			1,554,447		1,707,769
TOTAL ASSETS			6,155,804		6,303,198

6 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

edenor

Condensed Interim Consolidated Statement of Financial Position

as of March 31, 2026 presented in comparative form (continued)

(Stated in millions of constant pesos – Note 3)

	Note		03.31.26		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		1,069,255		1,069,255
Treasury stock	21		31		31
Adjustment to treasury stock	21		22,879		22,879
Additional paid-in capital	21		14,869		14,869
Cost treasury stock			(87,599)		(87,599)
Legal reserve			93,644		93,644
Voluntary reserve			1,063,365		1,063,365
Other comprehensive loss			(6,343)		(6,343)
Accumulated profits			379,679		261,825
TOTAL EQUITY			2,550,655		2,432,801
LIABILITIES
Non-current liabilities
Trade payables	23		5,600		5,451
Other payables	24		337,645		369,596
Borrowings	25		781,364		771,078
Deferred revenue	26		147,377		152,427
Salaries and social security payable	27		10,489		11,513
Benefit plans			18,121		18,575
Deferred tax liability	28		880,186		919,958
Income tax payable	28		96,545		-
Provisions	30		24,273		26,273
Total non-current liabilities			2,301,600		2,274,871
Current liabilities
Trade payables	23		522,414		615,106
Other payables	24		141,024		138,655
Borrowings	25		367,103		525,038
Deferred revenue	26		4,453		824
Salaries and social security payable	27		96,871		96,011
Benefit plans			2,010		2,200
Income tax payable	28		89,310		102,465
Tax liabilities	29		53,871		88,410
Provisions	30		26,493		26,817
Total current liabilities			1,303,549		1,595,526
TOTAL LIABILITIES			3,605,149		3,870,397
TOTAL LIABILITIES AND EQUITY			6,155,804		6,303,198

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 three-month period ended March 31, 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		1,069,255		31		22,879		14,869		(87,599)		74,055		717,148		(7,595)		365,806		2,169,724
Income for the three-month period	-		-		-		-		-		-		-		-		-		47,620		47,620
Balance at March 31, 2025	875		1,069,255		31		22,879		14,869		(87,599)		74,055		717,148		(7,595)		413,426		2,217,344
Ordinary Shareholders’ Meeting held on April 28, 2025: Appropiation of reserves	-		-		-		-		-		-		19,589		346,217		-		(365,806)		-
Other comprehensive results	-		-		-		-		-		-		-		-		1,252		-		1,252
Income for the complementary nine-month period	-		-		-		-		-		-		-		-		-		214,205		214,205
Balance at December 31, 2025	875		1,069,255		31		22,879		14,869		(87,599)		93,644		1,063,365		(6,343)		261,825		2,432,801
Income for the three-month period	-		-		-		-		-		-		-		-		-		117,854		117,854
Balance at March 31, 2026	875		1,069,255		31		22,879		14,869		(87,599)		93,644		1,063,365		(6,343)		379,679		2,550,655

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 three-month period ended March 31, 2026

presented in comparative form

(Stated in millions of constant pesos – Note 3)

	Note		03.31.26		03.31.25
Cash flows from operating activities
Income for the period			117,854		47,620
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation of property, plant and equipment	13		54,382		50,852
Depreciation of right-of-use assets	14		1,833		2,401
Loss on disposals of property, plant and equipment	13		1,104		2,720
Net accrued interest	11		71,669		78,694
Income from customer surcharges	10		(7,342)		(7,229)
Exchange difference	11		(14,445)		3,873
Income tax	28		56,774		48
Allowance for the impairment of trade and other receivables	9		4,611		8,387
Adjustment to present value of receivables	11		890		1,474
Provision for contingencies	30		3,353		7,922
Changes in fair value of financial assets and financial liabilities	11		(9,176)		(11,959)
Accrual of benefit plans	9		1,452		2,297
Income from non-reimbursable customer contributions	10		(1,194)		(275)
Monetary gain (RECPAM)			(110,796)		(107,681)
Changes in operating assets and liabilities:
Decrease (Increase) in trade receivables			1,092		(112,887)
Decrease in other receivables			2,695		20,343
Decrease (Increase) in inventories			1,565		(12,399)
Increase (Decrease) in deferred revenue			462		(107)
(Decrease) Increase in trade payables			(71,029)		139,543
Increase (Decrease) in salaries and social security payable			9,112		(18,505)
Decrease in benefit plans			(304)		(3)
(Decrease) Increase in tax liabilities			(68,174)		3,145
Increase in other payables			15,504		1,479
Decrease in provisions	30		(1,059)		(1,005)
Net cash flows generated by operating activities			60,833		98,748

9 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

edenor

Condensed Interim Consolidated Statement of Cash Flows

for the three-month period ended March 31, 2026

presented in comparative form (continued)

(Stated in millions of constant pesos – Note 3)

	Note		03.31.26		03.31.25
Cash flows from investing activities
Payment of property, plant and equipment			(48,585)		(83,859)
(Purchase) Sale net of Mutual funds and negotiable instruments			(22,151)		42,022
Net cash flows used in investing activities			(70,736)		(41,837)
Cash flows from financing activities
Proceeds from borrowings			176,124		24,388
Payment of borrowings			(159,355)		(32,353)
Payment of lease liability			(1,447)		(3,466)
Payment of interests from borrowings			(24,347)		(11,716)
Payment of Corporate Notes issuance expenses			(5,340)		(350)
Net cash flows generated by financing activities			(14,365)		(23,497)
(Decrease) Increase in cash and cash equivalents			(24,268)		33,414
Cash and cash equivalents at the beginning of the year	20		154,444		(45,423)
Exchange difference in cash and cash equivalents			(13,109)		1,415
Result from exposure to inflation			(2,404)		(760)
(Decrease) Increase in cash and cash equivalents			(24,268)		33,414
Cash and cash equivalents at the end of the period	20		114,663		(11,354)
Supplemental cash flows information
Non-cash activities
Adquisition of advances to suppliers, property, plant and equipment through increased trade payables			(21,120)		(21,433)
Adquisition of advances to suppliers, right-of-use assets through increased other payables			(1,371)		-

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

10 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

Note 1 | 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 Bolsas y Mercados Argentinos S.A. (ByMA) (Argentine Stock Exchange and Securities Market), traded on Mercado Abierto Electrónico S.A. (MAE) (electronic securities and foreign currency trading market), and the New York Stock Exchange (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

The Company’s economic performance has continued its trend of improvement during the first three months of this period. Since 2024, the electricity rate increases, including the approval of the 2025-2030 Electricity Rate Review, have helped restore the Company's financial and cash structure. Furthermore, it is worth pointing out that during this period, the automatic monthly periodic adjustments have continued, using the CPD inflation adjustment formula (33% based on the consumer price index (IPC) and 67% based on the wholesale price index (IPIM)), plus 0.42% above inflation in real terms, with average increases of 3%.

Additionally, 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 evaluating the acquisition of 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 the distribution and sale of natural gas, thus allowing for the integration of businesses in this new context.

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.

Note 2 | 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:

11 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

a) Electricity rate situation

On March 30, 2026, by means of Resolution No. 198/2026, the ENRE approved the values of the Company’s electricity rate schedule effective from the billing relating to the reading of meters subsequent to 12:00 AM on April 1, 2026, with a 2.04% increase in the CPD.

Furthermore, on April 30, 2026, by means of Resolution No. 109/2026, the SE approved the values of the Seasonal Price of Energy and the Power Reference Price, along with the definitive Winter Seasonal Programming for the MEM submitted by CAMMESA, relating to the May 1, 2026-October 31, 2026 period. In line with this, on May 4, 2026, by means of Resolution No. 243/2026, the ENRE approved the values of the Company’s electricity rate schedule effective from the billing relating to the reading of meters subsequent to 12:00 AM on May 1, 2026, with a 4.1% increase in the CPD.

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

As of March 31, 2026, the debts payable relating to: (i) the Payment plan signed on December 29, 2022; (ii) the Payment plan signed on July 28, 2023 and converted into Argentine pesos on May 21, 2025; and (iii) the new Payment plan signed on the previously mentioned date, amount to $ 89,783, $ 116,439 and $ 189,476, respectively, and have been disclosed in the current and non-current Other payables account within the Statement of Financial position.

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 consumption amounts to be recognized for 2024 and 2025 (January-October period), totaling $ 7,708 and $ 12,732, respectively; the offsetting thereof against the invoice for energy purchases from the MEM, and the carrying out of certain works in accordance with the annual investment plan, already completed by the Company in a timely manner.

Regarding consumption for the November-December 2025 period and for 2026, the amounts to be recognized are to be defined in order to subsequently proceed based on the provisions set forth in the aforementioned agreement.

Furthermore, the Company requested that the Infrastructure Ministry of the Province of Buenos Aires initiate the necessary administrative procedures in order to formalize an agreement for the 2024-2026 period, relating to the remaining 42.47% of the total consumption. At the date of issuance of these condensed interim consolidated financial statements, said agreement has not been formalized.

As of March 31, 2026, the Company has recognized income of $ 20,440 relating to the total amounts recognized, which is disclosed in the Other operating income account, within the Statement of Comprehensive Income.

Finally, on May 4, 2026, the National Economy Ministry, through the Energy Secretariat, instructed CAMMESA to apply the amount of $ 7,708 to offset the invoice for energy purchases from the MEM.

12 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

Note 3 | Basis of preparation

These condensed interim consolidated financial statements for the three-month period ended March 31, 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 May 8, 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 three-month period ended March 31, 2026 and its comparative period as of March 31, 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 March 31, 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 March 31, 2026, as a consequence of the restatement of financial information described hereunder. Furthermore, in addition to the situation reported in Note 1, 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 March 31, 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 - March 31, 2026 was 9.4%.

Segment information

edenor‘s main activity consists of the provision of electricity distribution and sale services within the concession area. As of March 31, 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.

13 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

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

Note 4 | 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 March 31, 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 impacted neither the Company’s results of operations nor 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 impacted neither the Company’s results of operations nor 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.

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 estimates that there will be significant changes in the disclosure of the Statement of Comprehensive Income and its related notes.

14 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

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.

- 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.

Note 5 | Financial risk management

Note 5.1 | 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 difficulty in obtaining financing in international or national markets could affect certain variables of the Company’s business, 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.

a. Market risks

i. Currency risk

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

		Currency		Amount in foreign currency		Exchange rate (1)		03.31.26		12.31.25
ASSETS
CURRENT ASSETS
Other receivables		USD		15.6		1373.000		21,419		21,839
Financial assets at amortized cost		USD		3.5		1373.000		4,806		4,906
Financial assets at fair value through profit or loss		USD		342.9		1373.000		470,802		567,971
Cash and cash equivalents		USD		82.8		1373.000		113,684		138,313
TOTAL CURRENT ASSETS								610,711		733,029
TOTAL ASSETS								610,711		733,029
LIABILITIES
NON-CURRENT LIABILITIES
Borrowings		USD		534.0		1382.000		738,031		715,749
TOTAL NON-CURRENT LIABILITIES								738,031		715,749
CURRENT LIABILITIES
Trade payables		USD		23.7		1382.000		32,753		35,988
		EUR		-		1598.283		-		938
Borrowings		USD		118.5		1382.000		163,805		291,816
TOTAL CURRENT LIABILITIES								196,558		328,742
TOTAL LIABILITIES								934,589		1,044,491

(1) The exchange rates used are the BNA exchange rates in effect as of March 31, 2026 for United States dollars (USD), and Euros (EUR).

15 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

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).

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

		LEVEL 1		LEVEL 3
At March 31, 2026
Assets
Other receivables
Assigned assets and in custody		17,111		-
Financial assets at fair value through profit or loss:
Negotiable instruments		149,454		-
Mutual funds		424,354		-
Shares		-		50,976
Cash and cash equivalents:
Mutual funds		9,086		-
Total assets		600,005		50,976
		LEVEL 1		LEVEL 3
At December 31, 2025
Assets
Other receivables
Assigned assets and in custody		19,241		-
Financial assets at fair value through profit or loss:
Negotiable instruments		143,224		-
Mutual funds		475,857		-
Shares		-		58,756
Cash and cash equivalents
Mutual funds		66,273		-
Total assets		704,595		58,756

As of March 31, 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.

16 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

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.

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 March 31, 2026, with the exception of both the Class No. 9 Corporate Notes issued by the Company in Argentine pesos, at a TAMAR floating interest rate plus an annual 6% fixed margin, and 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.

17 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

Note 6 | 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.

Note 7 | 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.

Note 8 | 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 ENRE 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.

18 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

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.

Energy purchases

Energy purchase

The Company bills its users the cost of its purchases of energy, which includes charges for purchases of energy and power. The Company purchases electric power at seasonal prices approved by the SE. The price of the Company’s electric power reflects the costs of transmission 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 tariff by virtue of its concession amounts approximately to 10%.

		03.31.26				03.31.25
		GWh		$		GWh		$
Sales of electricity
Small demand segment: Residential use and public lighting (T1)		3,368		536,582		3,444		557,052
Medium demand segment: Commercial and industrial (T2)		414		107,541		408		100,897
Large demand segment (T3)		866		175,776		892		165,382
Other: (Shantytowns/Wheeling system)		1,204		22,712		1,203		19,816
Subtotal - Sales of electricity		5,852		842,611		5,947		843,147
Other services
Right of use of poles				3,492				2,975
Connection and reconnection charges				607				618
Subtotal - Other services				4,099				3,593
Total - Revenue				846,710				846,740
		03.31.26				03.31.25
		GWh		$		GWh		$
Energy purchases (1)		6,814		(459,983)		7,045		(504,147)

(1) As of March 31, 2026 and 2025, the cost of energy purchases includes technical and non-technical energy losses for 962 GWh and 1,098 GWh, respectively.

19 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

Note 9 | Expenses by nature

The detail of expenses by nature is as follows:

Expenses by nature at 03.31.26
Description		Transmission and distribution expenses		Selling expenses		Administrative expenses		Total
Salaries and social security taxes		51,762		5,480		12,847		70,089
Pension plans		1,072		114		266		1,452
Communications expenses		2,851		2,834		-		5,685
Allowance for the impairment of trade and other receivables		-		4,611		-		4,611
Supplies consumption		10,374		-		1,271		11,645
Leases and insurance		1,029		14		3,252		4,295
Security service		3,948		341		297		4,586
Fees and remuneration for services		34,391		21,706		27,155		83,252
Public relations and marketing		-		1,566		-		1,566
Advertising and sponsorship		-		807		-		807
Reimbursements to personnel		-		-		2		2
Depreciation of property, plant and equipment		42,778		6,375		5,229		54,382
Depreciation of right-of-use asset		183		367		1,283		1,833
Directors and Supervisory Committee members’ fees		-		-		367		367
ENRE penalties		2,504		3,918		-		6,422
Taxes and charges		-		18,757		12,205		30,962
Other		7		-		132		139
At 03.31.26		150,899		66,890		64,306		282,095

The expenses included in the chart above are net of the Company’s own expenses capitalized in property, plant and equipment as of March 31, 2026 for $ 9,834.

Expenses by nature at 03.31.25
Description		Transmission and distribution expenses		Selling expenses		Administrative expenses		Total
Salaries and social security taxes		52,206		6,433		15,150		73,789
Pension plans		1,625		200		472		2,297
Communications expenses		2,551		2,917		173		5,641
Allowance for the impairment of trade and other receivables		-		8,387		-		8,387
Supplies consumption		13,765		-		1,126		14,891
Leases and insurance		700		11		3,123		3,834
Security service		8,597		190		427		9,214
Fees and remuneration for services		43,588		19,792		33,813		97,193
Public relations and marketing		-		1,718		-		1,718
Advertising and sponsorship		-		885		-		885
Reimbursements to personnel		-		-		3		3
Depreciation of property, plant and equipment		39,998		5,963		4,891		50,852
Depreciation of right-of-use asset		240		480		1,681		2,401
Directors and Supervisory Committee members’ fees		-		-		260		260
ENRE penalties		5,073		6,590		-		11,663
Taxes and charges		-		14,639		12,462		27,101
Other		13		4		151		168
At 03.31.25		168,356		68,209		73,732		310,297

The expenses included in the chart above are net of the Company’s own expenses capitalized in property, plant and equipment as of March 31, 2025 for $ 10,992.

20 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

Note 10 | Other operating income (expense), net

	Note		03.31.26		03.31.25
Other operating income
Income from customer surcharges			7,342		7,229
Commissions on municipal taxes collection			822		1,089
Fines to suppliers			1,549		606
Services provided to third parties			2,243		1,895
Income from non-reimbursable customer contributions			1,194		275
Expense recovery			26		20
Framework agreement	2.c		20,440		-
Other			1,884		15
Total other operating income			35,500		11,129
Other operating expense
Gratifications for services			(288)		(728)
Cost for services provided to third parties			(724)		(1,795)
Severance paid			(73)		(67)
Provision for contingencies	30		(3,353)		(7,922)
Disposals of property, plant and equipment			(834)		(2,268)
Other			(496)		(33)
Total other operating expense			(5,768)		(12,813)

Note 11 | Net finance costs

			03.31.26		03.31.25
Financial income
Interest from assigned assets and placements			2,033		115
Total financial income			2,033		115
Financial costs
Commercial interest			(20,153)		(51,047)
Borrowings interest			(50,620)		(24,239)
Penalties interest			(972)		(631)
Fiscal interest and other			(1,957)		(1,701)
Bank fees and expenses			(3,599)		(1,036)
Total financial costs			(77,301)		(78,654)
Other financial results
Changes in fair value of financial assets			9,176		13,032
Changes in fair value of financial liabilities			-		(1,073)
Exchange differences			14,445		(3,873)
Adjustment to present value of receivables			(890)		(1,474)
Other financial costs (*)			(17,995)		(18,698)
Total other financial results			4,736		(12,086)
Total net financial costs			(70,532)		(90,625)

(*) As of March 31, 2026 and 2025, $ 17,995 and $ 18,698, respectively, relate to Empresa de Energía del Cono Sur S.A. technical assistance.

21 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

Note 12 | 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 March 31, 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.

		03.31.26		03.31.25
Income for the period attributable to the owners of the Company		117,854		47,620
Weighted average number of common shares outstanding		875		875
Basic and diluted income per share – in pesos		134.69		54.42

22 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

Note 13 | 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		124,127		1,118,855		2,929,532		1,292,003		428,100		1,312,718		48,115		7,253,450
Accumulated depreciation		(37,762)		(487,428)		(1,327,309)		(622,611)		(254,075)		-		-		(2,729,185)
Net amount		86,365		631,427		1,602,223		669,392		174,025		1,312,718		48,115		4,524,265
Additions		311		13		135		2,493		706		66,047		-		69,705
Disposals		-		-		(328)		(662)		(114)		-		-		(1,104)
Transfers		12,436		35,576		22,896		13,569		10,903		(95,380)		-		-
Depreciation for the period		(643)		(10,000)		(22,933)		(11,856)		(8,950)		-		-		(54,382)
Net amount 03.31.26		98,469		657,016		1,601,993		672,936		176,570		1,283,385		48,115		4,538,484
At 03.31.26
Cost		136,874		1,154,444		2,950,546		1,307,090		439,224		1,283,385		48,115		7,319,678
Accumulated depreciation		(38,405)		(497,428)		(1,348,553)		(634,154)		(262,654)		-		-		(2,781,194)
Net amount		98,469		657,016		1,601,993		672,936		176,570		1,283,385		48,115		4,538,484

· During the period ended March 31, 2026, the Company capitalized as direct own costs $ 9,834.

23 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

		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		117,178		1,061,659		2,689,686		1,205,627		427,645		1,298,018		49,318		6,849,131
Accumulated depreciation		(35,862)		(449,765)		(1,242,587)		(575,316)		(222,740)		-		-		(2,526,270)
Net amount		81,316		611,894		1,447,099		630,311		204,905		1,298,018		49,318		4,322,861
Additions		230		3		83		4,971		2,045		97,959		1		105,292
Disposals		-		(4)		(621)		(2,095)		-		-		-		(2,720)
Transfers		4,491		19,049		70,095		16,063		(10,508)		(99,190)		-		-
Depreciation for the period		(468)		(9,279)		(21,771)		(11,199)		(8,135)		-		-		(50,852)
Net amount 03.31.25		85,569		621,663		1,494,885		638,051		188,307		1,296,787		49,319		4,374,581
At 03.31.25
Cost		121,899		1,080,659		2,757,829		1,223,248		418,632		1,296,787		49,319		6,948,373
Accumulated depreciation		(36,330)		(458,996)		(1,262,944)		(585,197)		(230,325)		-		-		(2,573,792)
Net amount		85,569		621,663		1,494,885		638,051		188,307		1,296,787		49,319		4,374,581

· During the period ended March 31, 2025, the Company capitalized as direct own costs $ 10,992.

24 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

Note 14 | Right-of-use assets

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

	03.31.26		12.31.25
Right-of-use assets under leases	11,150		11,612

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

	03.31.26		03.31.25
Balance at beginning of the year	11,612		15,047
Additions	1,371		-
Depreciation for the period	(1,833)		(2,401)
Balance at end of the period	11,150		12,646

Note 15 | Inventories

		03.31.26		12.31.25
Supplies and spare-parts		253,666		255,334

Note 16 | Other receivables

	Note		03.31.26		12.31.25
Non-current:
Related parties	31.c		526		575
Current:
Assigned assets and in custody (1)			17,111		19,241
Judicial deposits			2,817		2,718
Security deposits			805		876
Prepaid expenses			3,116		5,637
Advances to suppliers			6,375		7,529
Tax credits			1,234		1,351
Debtors for complementary activities			2,696		2,253
Other			1,005		134
Allowance for the impairment of other receivables			(1,900)		(1,999)
Total current			33,259		37,740

(1) As of March 31, 2026 and December 31, 2025, relate to Securities issued by private companies for NV 10,500,000, 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.

25 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

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

			12.31.25		03.31.25
Balance at beginning of the year			1,999		74
Increase			75		640
Result from exposure to inflation			(174)		(5)
Balance at end of the period			1,900		709

Note 17 | Trade receivables

			03.31.26		12.31.25
Current:
Sales of electricity – Billed			332,572		334,843
Receivables in litigation			1,916		1,679
Allowance for the impairment of trade receivables			(28,270)		(27,405)
Subtotal			306,218		309,117
Sales of electricity – Unbilled			177,614		206,358
PBA & CABA government credit			14,142		27,643
Fee payable for the expansion of the transportation and others			2		2
Total current			497,976		543,120

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:

			12.31.25		03.31.25
Balance at beginning of the year			27,405		16,362
Increase			4,536		7,747
Decrease			(1,369)		(1,319)
Result from exposure to inflation			(2,302)		(1,383)
Balance at end of the period			28,270		21,407

Note 18 | Financial assets at amortized cost

			03.31.26		12.31.25
Negotiable instruments			30,264		25,752

26 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

Note 19 | Financial assets at fair value through profit or loss

			03.31.26		12.31.25
Non-current
Shares			50,976		58,756
Current
Negotiable instruments			149,454		143,224
Mutual funds			424,354		475,857
Total current			573,808		619,081

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 March 31, 2026 amounts to $ 50,976 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).

Note 20 | Cash and cash equivalents

		03.31.26		12.31.25		03.31.25
Cash and banks		143,335		149,838		7,821
Time deposits		13,053		10,631		4,763
Mutual funds		9,086		66,273		1,403
Total cash and cash equivalents		165,474		226,742		13,987

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:

		03.31.26		12.31.25		03.31.25
Balances as above		165,474		226,742		13,987
Bank overdrafts (Note 25)		(50,811)		(72,298)		(25,341)
Balances per statement of cash flows		114,663		154,444		(11,354)

Note 21 | Share capital and additional paid-in capital

		Share capital		Additional paid-in capital		Total
Balance at March 31, 2026 and at December 31, 2025		1,093,040		14,869		1,107,909

As of March 31, 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.

27 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

Note 22 | 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.

Note 23 | Trade payables

	Note		03.31.26		12.31.25
Non-current
Customer guarantees			5,347		5,177
Customer contributions			253		274
Total non-current			5,600		5,451
Current
Payables for purchase of electricity - CAMMESA (1)			161,031		180,510
Provision for unbilled electricity purchases - CAMMESA			182,325		206,511
Suppliers			155,991		201,878
Related parties	31.c		18,024		20,528
Advance to customer			5,005		5,596
Customer contributions			38		41
Discounts to customers			-		42
Total current			522,414		615,106

(1) As of March 31, 2026, is disclosed net of the credits recognized in the Framework Agreement for $ 20,440 (Note 2.c). As of March 31, 2026 and December 31, 2025, includes $ 950 and $ 44,651 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.

28 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

Note 24 | Other payables

	Note		03.31.26		12.31.25
Non-current
Payment plan - CAMMESA	2.b		326,762		357,236
ENRE penalties and discounts			7,019		7,675
Financial Lease Liability  (1)			3,864		4,685
Total Non-current			337,645		369,596
Current
Payment plan - CAMMESA	2.b		68,936		67,240
ENRE penalties and discounts			67,423		66,378
Related parties	31.c		106		255
Advances for works to be performed			13		14
Financial Lease Liability  (1)			4,495		4,548
Other			51		220
Total Current			141,024		138,655

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

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

	03.31.26		03.31.25
Balance at beginning of the year	9,233		12,794
Increase	1,290		-
Payments	(1,447)		(3,466)
Exchange difference	(783)		562
Interest	863		1,426
Result from exposure to inlfation	(797)		(1,010)
Balance at end of the period	8,359		10,306

Note 25 | Borrowings

		03.31.26		12.31.25
Non-current
Corporate notes (1)		738,031		715,749
Financial loans (2)		43,333		55,329
Total non-current		781,364		771,078
Current
Corporate notes (1)		151,557		294,974
Interest from corporate notes		32,910		21,092
Bank overdrafts (2)		50,811		72,298
Discounted own checks (3)		21,737		67,707
Financial loans (2)		110,088		68,967
Total current		367,103		525,038

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

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

29 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

		in ARS			in ARS			in ARS
Bank	Annual loan rate	Financial loans at 12/31/2025	Financial loans at 12/31/2024	Annual overdraft rate	Bank overdrafts at 12/31/2025	Bank overdrafts at 12/31/2024		Balances at 12/31/2025	Balances at 12/31/2024
Nación	33%	20,145	22,092	23%	4,998	5,464		25,143	27,556
Credicoop	37%	15,995	10,116	-	-	10,968		15,995	21,084
Provincia	36%	24,898	17,158	-	-	-		24,898	17,158
ICBC	40%	67,005	74,930	24%	7,187	1,191		74,192	76,121
Santa Fe	42%	25,378	-	-	-	-		25,378	-
Ciudad	-	-	-	22%	12,969	16,382		12,969	16,382
Macro	-	-	-	23%	25,657	32,832		25,657	32,832
Industrial	-	-	-	-	-	5,461		-	5,461
Total		153,421	124,296		50,811	72,298		204,232	196,594

(3) Relates 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 March 31, 2026 and December 31, 2025 amount approximately to $ 992,762 and $ 1,091,947 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.

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 and 9 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 March 31, 2026, the values of the aforementioned ratios meet the established parameters.

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

		in USD						in millions of $
Corporate Notes	Class	Financial debt at 12/31/2025	Exchange	Issue	Payment / Repurchase	Financial debt at 03/31/2026		Financial debt at 12/31/2025	Financial debt at 03/31/2026
Fixed rate - Maturity 2026	3	95,762,688	-	-	-	95,762,688		152,600	143,471
Fixed rate - Maturity 2026	8	80,000,000	-	-	(80,000,000)	-		129,876	-
Floating rate - Maturity 2026 (*)	9	13,745,704	-	-	-	13,745,704		23,099	20,662
Fixed rate - Maturity 2028	5	81,920,187	-	-	-	81,920,187		132,954	115,335
Fixed rate - Maturity 2028/29/30	7	377,179,964	-	89,974,800	-	467,154,764		593,286	643,030
Total		648,608,543	-	89,974,800	(80,000,000)	658,583,343		1,031,815	922,498
		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)	-		36,832	-
Fixed rate - Maturity 2025	1	8,218,667	-	-	(8,218,667)	-		12,341	-
Floating rate - Maturity 2025 (*)	6	16,776,504	-	-	(16,776,504)	-		24,747	-
Fixed rate - Maturity 2026	3	95,762,688	-	-	-	95,762,688		141,374	152,600
Fixed rate - Maturity 2026	8	-	-	80,000,000	-	80,000,000		-	129,876
Floating rate - Maturity 2026 (*)	9	-	-	13,745,704	-	13,745,704		-	23,099
Fixed rate - Maturity 2028	5	81,920,187	-	-	-	81,920,187		118,343	132,954
Fixed rate - Maturity 2028/29/30	7	179,947,186	-	197,232,778	-	377,179,964		259,527	593,286
Total		406,926,718	-	290,978,482	(49,296,657)	648,608,543		593,164	1,031,815

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

30 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

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

		03.31.26		12.31.25
Fixed rate
Less than 1 year		236,353		460,247
From 1 to 2 years		115,335		-
From 2 to 5 years		622,696		715,749
Total fixed rate		974,384		1,175,996
Floating rate
Less than 1 year		130,750		64,791
From 1 to 2 years		43,333		55,329
Total floating rate		174,083		120,120

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

		03.31.26		12.31.25
Argentine peso		246,631		288,551
US dollars		901,836		1,007,565
Total borrowings		1,148,467		1,296,116

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 in 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 Program for the Issuance of Simple Corporate Notes, in accordance with the provisions of the Prospectus Supplement dated April 15, 2026.

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 -Series I and II- Corporate Notes for a principal amount of USD 523,338,243 and USD 26,661,757, respectively (with bids totaling USD 1,151,000,000).

In particular, the Class No. 10 Series II Corporate Notes were paid in kind through the delivery of the Company's Class No. 3 and Class No. 5 Corporate Notes, which were subsequently canceled for the aforementioned amount.

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.

31 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

Note 26 | Deferred revenue

			03.31.26		12.31.25
Non-current
Nonrefundable customer contributions			26,424		30,454
Investment plan - Agreement on the Regularization of Obligations (1)			120,953		121,973
Total non-current			147,377		152,427
Current
Nonrefundable customer contributions			4,453		824

(1) As of March 31, 2026 and December 31, 2025, includes $ 104,243 and $ 105,164 relating to the investment plan of the Agreement on the Regularization of Payment Obligations entered into in May 2019, and $ 16,710 and $ 16,809 relating to the investment plan of the Agreement on the Regularization of Payment Obligations entered into in December 2022, respectively.

Note 27 | Salaries and social security taxes payable

		03.31.26		12.31.25
Non-current
Seniority-based bonus		10,489		11,513
Current
Salaries payable and provisions		51,563		54,848
Social security payable		41,989		37,531
Early retirements payable		3,319		3,632
Total current		96,871		96,011

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

Note 28 | Income tax and deferred tax

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

		03.31.26		03.31.25
Deferred tax		39,771		22,521
Current tax		(96,545)		(22,129)
Difference between provision and tax return		-		(440)
Income tax expense		(56,774)		(48)

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.

32 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

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

	03.31.26		12.31.25
Deferred tax assets
Trade receivables and other receivables	11,386		11,108
Trade payables and other payables	5,215		-
Salaries and social security payable and Benefit plans	14,676		10,676
Tax liabilities	1,954		125
Provisions	17,802		18,619
Deferred tax asset	51,033		40,528
Deferred tax liabilities
Property, plant and equipment	(838,196)		(852,911)
Financial assets at fair value through profit or loss	(84,293)		(96,376)
Trade payables and other payables	-		(2,358)
Borrowings	(8,730)		(8,841)
Deferred tax liability	(931,219)		(960,486)
Net deferred tax liability	(880,186)		(919,958)

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:

		03.31.26		03.31.25
Income for the period before taxes		174,628		47,668
Applicable tax rate		35%		35%
Result for the period at the tax rate		(61,120)		(16,684)
Gain on net monetary position		50,851		47,229
Adjustment effect on tax inflation		(46,460)		(29,957)
Non-taxable income		(45)		(196)
Difference between provision and tax return		-		(440)
Income tax expense		(56,774)		(48)

33 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

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

		03.31.26		12.31.25
Non-current
Tax payable 2026		96,545		-
Total non-current		96,545		-
Current
Tax payable 2025		116,903		127,941
Tax withholdings		(27,593)		(25,476)
Total current		89,310		102,465

Note 29 | Tax liabilities

		03.31.26		12.31.25
Non-current
Current
Provincial, municipal and federal contributions and taxes		3,727		5,373
VAT payable		19,529		21,873
Tax withholdings		521		423
SUSS withholdings		24,450		54,789
Municipal taxes		5,644		5,952
Total current		53,871		88,410

Note 30 | Provisions

Included in non-current liabilities
	For contingencies
	03.31.26		03.31.25
Balance at the beggining of the year	26,273		30,957
Increases	285		5,068
Result from exposure to inflation for the period	(2,285)		(2,464)
Balance at the end of the period	24,273		33,561
Included in current liabilities
	For contingencies
	03.31.26		03.31.25
Balance at the beggining of the year	26,817		11,651
Increases	3,068		2,854
Decreases	(1,059)		(1,005)
Result from exposure to inflation for the period	(2,333)		(927)
Balance at the end of the period	26,493		12,573

Note 31 | Related-party transactions

The following transactions were carried out with related parties:

34 

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES

a. Expense

Company		Concept		03.31.26		03.31.25
EDELCOS S.A.		Technical advisory services on financial matters		(17,995)		(18,698)
SACME		Operation and oversight of the electric power transmission system		(868)		(1,313)
Quantum Finanzas S.A.		Legal fees		(73)		-
				(18,936)		(20,011)

b. Key Management personnel’s remuneration

		03.31.26		03.31.25
Salaries		10,311		9,164

The balances with related parties are as follow:

c. Receivables and payables

		03.31.26		12.31.25
Other receivables - Non current
SACME		526		575
		526		575
Trade payables
EDELCOS		(18,024)		(20,528)
		(18,024)		(20,528)
Other payables
SACME		(106)		(255)
		(106)		(255)

Note 32 | Shareholders’ Meeting

The Company’s Annual General 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 March 31, 2026 amounts to $ 261,825) 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 March 31, 2026 amount to $13,091 and $248,734, 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.

Note 33 | Events after the reporting period

The following are the events that occurred subsequent to March 31, 2026:

- Issuance of Class No. 10 Corporate Notes and redemption of Class No. 7 Corporate Notes, Note 25.

- Amendment to both the seasonal reference prices and the values of the Company’s electricity rate schedules – SE Resolution No. 109/2026 and ENRE Resolution No. 243/2026, Note 2.a.

- Shareholders’ Meeting, Note 32.

- Recognition of electricity consumption Framework Agreement, Note 2.c.

DANIEL MARX

Chairman

35 

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: May 11, 2026

FAQ

How did edenor (EDN) perform financially in Q1 2026?

edenor reported net income of 117,854 million pesos for Q1 2026, up from 47,620 million a year earlier. Revenue was stable at 846,710 million pesos, while lower energy purchases and operating costs significantly improved operating profit and margins.

What were edenor (EDN) revenues and margins for Q1 2026?

edenor generated 846,710 million pesos in revenue for Q1 2026, similar to 846,740 million a year earlier. Distribution margin increased to 386,727 million pesos from 342,593 million, reflecting lower energy purchase costs and more efficient operations.

What is edenor’s earnings per share for the first quarter of 2026?

Basic and diluted earnings per share were 134.69 pesos in Q1 2026, compared with 54.42 pesos a year earlier. This jump mirrors the strong increase in net income, with the weighted average number of shares unchanged at 875 million equivalent units.

How strong is edenor’s balance sheet as of March 31, 2026?

As of March 31, 2026, edenor reported total assets of 6,155,804 million pesos and equity of 2,550,655 million. Total borrowings were 1,148,467 million pesos, mostly in US dollars, indicating material but manageable leverage supported by improved earnings.

What major financing actions did edenor take after Q1 2026?

After quarter-end, edenor issued Class 10 Corporate Notes for USD 523.34 million (Series I) and USD 26.66 million (Series II). It also redeemed USD 175 million of Class 7 notes in cash, reshaping its debt profile and reducing outstanding Class 7 principal to USD 300 million.

How did regulatory changes affect edenor’s Q1 2026 results?

edenor benefited from continued electricity tariff updates, including automatic monthly CPD adjustments tied to inflation indices. It also recognized 20,440 million pesos of income under a Framework Agreement for vulnerable neighborhoods, which supported other operating income and overall profitability.